Means, motive and opportunity? Disentangling client influence on performance measurement appraisals

This paper investigates the extent to which clients were able to influence performance measurement appraisals during the downturn in commercial property markets that began in the UK during the second half of 2007. The sharp change in market sentiment produced speculation that different client categories were attempting to influence their appraisers in different ways. In particular, it was recognised that the requirement for open‐ended funds to meet redemptions gave them strong incentives to ensure that their asset values were marked down to market. Using data supplied by Investment Property Databank, we demonstrate that, indeed, unlisted open‐ended funds experienced sharper drops in capital values than other fund types in the last quarter of 2007, after the market turning point and at the time when redemptions were at their highest. These differences are statistically significant and cannot simply be explained by differences in portfolio composition. Client influence on appraisal forms one possible explanation of the results observed: the different pressures on fund managers resulting in different appraisal outcomes.

Means, motive and opportunity? Disentangling client influence on performance measurement appraisals

This paper investigates the extent to which clients were able to influence performance measurement appraisals during the downturn in commercial property markets that began in the UK during the second half of 2007. The sharp change in market sentiment produced speculation that different client categories were attempting to influence their appraisers in different ways. In particular, it was recognised that the requirement for open-ended funds to meet redemptions gave them strong incentives to ensure that their asset values were marked down to market. Using data supplied by Investment Property Databank, we demonstrate that, indeed, unlisted open ended funds experienced sharper drops in capital values than other fund types in the second half of 2007, after the market turning point. These differences are statistically significant and cannot simply be explained by differences in portfolio composition. Client influence on appraisal forms one possible explanation of the results observed: the different pressures on fund managers resulting in different appraisal outcomes.

Self-defence: A state of mind for states?

This paper focuses upon a comparatively overlooked issue with regard to the scope of self-defence in international law: whether the subjective ‘psychological’ positions of the states concerned in a dispute involving the use force have any impact upon the lawfulness of an action avowedly taken in self-defence. There exists a long standing conception that the motives of a state responding in self-defence are relevant to the lawfulness of that response. The purity (or impurity) of a state's motive forms the basis of a distinction for many writers between a lawful self-defence action and an unlawful armed reprisal. Similarly, in recent decisions of the ICJ, the implication has been that the subjective intention of the attacking state may be relevant to the question of whether the attack perpetrated by that state can trigger the right of self-defence. The conclusion is reached here that the lawfulness of an avowed self-defence action should be premised upon objective criteria alone. Moreover, this reflects the law as it is in fact applied in practice. It is argued that the subjective ‘psychological’ position of either the responding or attacking state has no place in the final analysis of whether an action in self-defence was lawful or unlawful.

Vermillion Vortex

An animated film commissioned and screened by Art Review Magazine on their website (Oct-Dec 2010), and a double page comic strip (Art Review, Oct 2010. The project addresses a key problem with contemporary debates regarding ideas of ‘performativity’ and ‘fictioning’ (Foucault/Deleuze/Butler) whereby the structural requirement for an ‘End’ pre-determines or back-codes the ‘story’ or progression of events leading up to this ‘End’ and therefore cuts against the potentials claimed for ‘performance’ and ‘performativity’. Film credits Primary soundtrack: Music: Rose Kallal. Spoken word: Mark Beasley Voices: Katie Barrington, Marnie Watts, Maria Deegan & John Russell Sound engineer: Bob Geal PLUS Special bonus track: (after 'The End'): 'Strychnine Motive' (2011) by Gum Takes Tooth

Beyond tokenism? Community-led planning and rational choices: findings from participants in local agenda-setting at the neighbourhood scale in England

The article confronts some key issues raised in the literature on public participation via a series of interrogatory questions drawn from rational choice theory. These are considered in relation to the design and process of public participation opportunities in planning and wider processes of local governance at the neighbourhood scale. In doing this, the article draws on recent research that has looked in some depth at a form of community-led planning (CLP) in England. The motives and expectations of participants, the abilities of participants, as well as the conditions in which participation takes place are seen as important factors. It is contended that the issues raised by rational choice theory are pertinent to emerging efforts to engage communities. As such, the article concludes that advocates of public participation or community engagement should not be afraid of responding to the challenges posed by questions of motive and reward of participants if lasting and worthwhile participation is to be established. Indeed, questions such as 'what's in it for me?' should be regarded as legitimate, necessary and indeed standard, in order to co-devise meaningful and durable participation opportunities and appropriate institutional environments. However, it is also maintained that wider considerations and capacity questions will also need to be confronted if participation is to become embedded as part of participatory neighbourhood-scale planning.

Children, futurity, and value: 'Adventures of Huckleberry Finn'

A recurrent but relatively unquestioned element in the canonisation of Adventures of Huckleberry Finn is that the novel is about securing a meaningful way forward for the American child. The sense is that the novel deserves to live and to have a future because it is about a child, and tied in with the need for the young nation to project and to determine its future. This might seem, to apply the terms of queer debate, to lend weight to ‘reproductive futurism’: the child and ‘American family values’ are to the fore, while sexual minorities and alternative social models are excluded. The present essay re-reads Huckleberry Finn and Twain’s other Huck narratives, using the coordinates of queer theory. The result is a more equivocal picture. Twain does use Huck to assert the rights of the white American family, but he also uses him to explore alternative ideas of social organisation. More fundamentally, Twain increasingly finds that the idea of the child is no longer a sufficient motive for believing in and projecting a future. Rather, his writing leads the reader towards the impossibility of the future, both for the nation and its child.

Shopping motives as antecedents of e-satisfaction and e-loyalty

Customer loyalty is fundamental to the profitability and survival of e-tailers. Yet research on antecedents of e-loyalty is relatively limited. This study contributes to the literature by investigating the effect of motives for online shopping on e-satisfaction and e-loyalty. A structural equations model is developed and tested through data from an online survey involving 797 customers of two UK-based e-tailers focussing on hedonic products. The results suggest that convenience, variety seeking, and social interaction help predict e-satisfaction, and that social interaction is the only shopping motive examined with a direct relationship to e-loyalty. Data also show that e-satisfaction is a strong determinant of e-loyalty. These findings are discussed in the light of previous research and avenues of future research are proposed.

Can sentiment surveys pre-empt real estate market activities?

We evaluate a number of real estate sentiment indices to ascertain current and forward-looking information content that may be useful for forecasting the demand and supply activities. Our focus lies on sector-specific surveys targeting the players from the supply-side of both residential and non-residential real estate markets. Analyzing the dynamic relationships within a Vector Auto-Regression (VAR) framework, we test the efficacy of these indices by comparing them with other coincident indicators in predicting real estate returns. Overall, our analysis suggests that sentiment indicators convey important information which should be embedded in the modeling exercise to predict real estate market returns. Generally, sentiment indices show better information content than broad economic indicators. The goodness of fit of our models is higher for the residential market than for the non-residential real estate sector. The impulse responses, in general, conform to our theoretical expectations. Variance decompositions and out-of-sample predictions generally show desired contribution and reasonable improvement respectively, thus upholding our hypothesis. Quite remarkably, consistent with the theory, the predictability swings when we look through different phases of the cycle. This perhaps suggests that, e.g. during recessions, market players’ expectations may be more accurate predictor of the future performances, conceivably indicating a ‘negative’ information processing bias and thus conforming to the precautionary motive of consumer behaviour.

Good practice transfer within small construction specialist trade contractors

Government and institutionally-driven ‘good practice transfer’ initiatives are consistently presented as a means to enhance construction firm and industry performance. Two implicit tenets of these initiatives appear to be: knowledge embedded in good practice will transfer automatically; and, the potential of implementing good practice will be capitalised regardless of the context where it is to be used. The validity of these tenets is increasingly being questioned and, concurrently, more nuanced knowledge production understandings are being developed which recognise and incorporate context-specificity. This research contributes to this growing, more critical agenda by examining the actual benefits accrued from good practice transfer from the perspective of a small specialist trade contracting firm. A concept model for successful good practice transfer is developed from a single longitudinal case study within a small heating and plumbing firm. The concept model consists of five key variables: environment, strategy, people, technology, and organisation of work. The key findings challenge the implicit assumptions prevailing in the existing literature and support a contingency approach that argues successful good practice transfer is not just adopting and mechanistically inserting into the firm, but requires addressing ‘behavioural’ aspects. For successful good practice transfer, small specialist trade contracting firms need to develop and operationalise organisation slack, mechanisms for scanning external stimuli and absorbing knowledge. They also need to formulate and communicate client-driven external strategies; to motive and educate people at all levels; to possess internal or accessible complementary skills and knowledge; to have ‘soft focus’ immediate/mid-term benefits at a project level; and, to embed good practice in current work practices.

Achievement motives and goals: a developmental analysis

Achievement motivation represents the energization and direction of competence-based behavior. Despite the ubiquity and importance of achievement motivation across the life span, developmental research in this area is quite sparse. In this chapter, we discuss developmental considerations and provide an overview of the developmentally relevant research that has been conducted on achievement motivation. Our review focuses specifically on the two most prominent constructs that have emerged in the achievement motivation literature in the past century: Motive dispositions (the need for achievement and fear of failure) and goals (mastery-approach, performance-approach, mastery-avoidance, and performance-avoidance achievement goals). (PsycINFO Database Record (c) 2012 APA, all rights reserved)(chapter)

Asymmetric information, credit market condition, and entrepreneurial finance

The issue of imperfect information plays a much more important role in financing “informationally opaque” small businesses than in financing large companies.1 This chapter examines the asymmetric information issue in entrepreneurial finance from two perspectives: the effects of relationship lending and the impacts of credit market concentration on entrepreneurial financial behavior. These two perspectives are strongly linked to each other via the asymmetric information issue in entrepreneurial finance. Existing literature has recognized the important role played by relationship lending in alleviating the problem of asymmetric information. However, mixed empirical results have been reported. For example, it has been found that the development of relationship lending can improve the availability of finance for small businesses borrowers (Petersen and Rajan, 1994) and reduce the costs of finance (Berger and Udell, 1995). Meanwhile, with monopoly power, banks may extract rents, in terms of charging higher-than-market interest rates, from small businesscustomers who have very concentrated banking relationships (Ongena and Smith, 2001). In addition, both favorable and unfavorable effects of credit market concentration on financing small businesses have been acknowledged. Small business borrowers may have to pay a higher-than-market price on loans (Degryse and Ongena, 2005) and are more likely to be financially constrained (Cetorelli, 2004) than in competitive markets. On the other hand, empirical studies have shown that market concentration create a strong motive for lenders to invest in private information from small business customers, and therefore a concentrated market is more efficient in terms of private information acquisition (Han et al., 2009b). The objective of this chapter is to investigate, by reviewing existing literature, the role played by relationship lending and the effects of market concentration on financing entrepreneurial businesses that are supposed to be informationally opaque. In the first section we review literature on the important role played by asymmetric information in entrepreneurial finance from two perspectives: asymmetric information and relationship lending, and the theoretical modeling of asymmetric information. Then we examine the relationship between capital market conditions and entrepreneurial finance and attempt to answer two questions: Why is the capital market condition important for entrepreneurial finance? and What are the effects of capital market conditions on entrepreneurial financial behavior in terms of discouraged borrowers, cash holding, and the availability and costs of finance?

Earnings management in firms seeking to be acquired

Empirical evidence regarding accrual-based earnings management around mergers and acquisitions has been setting-specific as far as target firms are concerned. This might be due to the fact that target firms cannot always anticipate an acquisition proposal, and thus lack the motive and the time necessary to manage their earnings in order to facilitate or impede the deal. In this paper, we provide clear evidence of downward earnings management by a sample of target firms that have both time and motive to engage in such actions. These are firms that publicly announce their intention to be acquired. Publicly ‘seeking a buyer’ represents a rather unusual corporate event, and we find that these firms engage in downward earnings management in the years surrounding the ‘announcement year’. To some extent, this result is explained by overrepresentation of low performance and growth among these firms, and it can be interpreted under alternative explanations. Furthermore, we show that such downward earnings management negatively affects the probability for a ‘seeking buyer’ firm to secure an acquisition within a reasonable amount of time, a possible indication of efficient diligence by prospective buyers having a preference for firms ‘seeking buyer’ with no informationally obscure earnings.

Impression management and achievement motivation: investigating substantive links

In the present research we investigate impression management (IM) as a substantive personality variable by linking it to differentiated achievement motivation constructs, namely achievement motives (workmastery, competitiveness, fear of failure) and achievement goals (mastery-approach, mastery-avoidance, performance-approach, performance-avoidance). Study 1 revealed that IM was a positive predictor of workmastery and a negative predictor of competitiveness (with and without self-deceptive enhancement (SDE) controlled). Studies 2a and 2b revealed that IM was a positive predictor of mastery-approach goals and mastery-avoidance goals (without and, in Study 2b, with SDE controlled). These findings highlight the value of conceptualizing and utilizing IM as a personality variable in its own right, and shed light on the nature of the achievement motive and achievement goal constructs.