Value added KPI service delivery with quality function deployment: Multiple case study in asset & real estate management

The aim of this study is to investigate value added service concept for an asset and real estate management case company. The initial purpose was to recognize the most value adding key performance indicators (KPIs) information delivered for its customers, real estate investors with value added service. The multiple case study strategy included two focus group interviews with five case interviews in total. Additionally, quality function deployment (QFD) was used in order to form up the service process. The study starts with introduction and methodology explaining the demand for the thesis study. The subsequent chapter presents the theoretical background on real estate management KPIs in four main points of views and quality function deployment from the service development point of view. The chapter also defines research gap for the case study. According to the case study interviews, the most favored KPIs to deliver for the clients are income maturity of lease agreements and leasing activity. These KPIs and quality characteristics are translated into the QFD. In total, the service QFD explains the service planning, process control, and action plan phases.

Life-related negative customer emotions in real estate agent encounters

The goal of this study was to explore how do customers’ life-related negative emotions affect real estate business. This was divided into two research questions: 1. What life-related negative emotions can be recognised in real estate customer encounters? 2. How do the recognised emotions affect customer encounters and the realtor’s work? 3. How can the realtor take the emotions into account in customer service? The theoretical background consists of two main lines of study: emotions and customer encounters. A wide literary review on emotions research was conducted from a cognitive psychology point of view, focusing on negative emotions. Emotions research was then combined into the field of customer encounters. Qualitative study was chosen as the methodological basis of the study. Empirical material of this study was collected through in-depth interviews with 13 successful Finnish real estate agents. Narrative research was used as a method for the study. Four life-related emotion categories were recognized in real estate customer encounters: sadness, anger, anxiety and shame. These emotions rose from issues varying from death of a close one to divorce and from major changes in life stages to deep emotional attachment to an old home. The study also found that these incidental negative emotions do affect customer encounters and realtors’ work. The emotions affected the decision making of customers and sometimes overshadowed reason. Some emotions made the customer passive and slow to make any decisions, while others made their decision making fast and hasty. Even though the incidental emotions might not have had anything to do with the real estate deal, they could affect the outcome of the customer encounter and the whole real estate deal. Interestingly enough, the study found that not all successful real estate agents knowingly serve customers in an emotional level. The study does, however, suggest that in fact it may be an ethical decision of the customer server to take into account the emotional state of the customer. Attending to the emotional side of customers does not only increase pleasantness of the customer encounter, but may improve and balance customer decision making and prevent hasty decisions possibly leading to improved customer satisfaction. This study also gave practical managerial implications to customer service providers on how negative incidental emotions can be attended to in a customer encounter. This study could be useful not only to real estate agents, but also in other types of customer service, especially with vulnerable populations or other types of home-related business.

The effect of governance mechanism and structure on fees and performance of Mutual Funds in Canada

Taking advantage of the unique Canadian setting, this study empirically analyzes the impact of presence of the board of directors, as an internal governance mechanism, on fees and performance of mutual funds. Further, the impact of the board structure on fees and performance of corporate class funds is analyzed. We find that corporate class funds, which have a separate board of directors for the fund, charge higher fees; however, they also provide superior performance than trust funds. Furthermore, we find that for corporate class funds, smaller board, with higher percentage of independent directors, and with the fund CEO acting as the chairman of the board is likely to charge lower fees. Also, more independent boards are strongly associated with superior fee-adjusted performance.

ASSESSING THE PERFORMANCE OF EMERGING MARKET MUTUAL FUNDS IN CANADA

Emerging markets have received wide attention from investors around the globe because of their return potential and risk diversification. This research examines the selection and timing performance of Canadian mutual funds which invest in fixed-income and equity securities in emerging markets. We use (un)conditional two- and five-factor benchmark models that accommodate the dynamics of returns in emerging markets. We also adopt the cross-sectional bootstrap methodology to distinguish between ‘skill’ and ‘luck’ for individual funds. All the tests are conducted using a comprehensive data set of bond and equity emerging funds over the period of 1989-2011. The risk-adjusted measures of performance are estimated using the least squares method with the Newey-West adjustment for standard errors that are robust to conditional heteroskedasticity and autocorrelation. The performance statistics of the emerging funds before (after) management-related costs are insignificantly positive (significantly negative). They are sensitive to the chosen benchmark model and conditional information improves selection performance. The timing statistics are largely insignificant throughout the sample period and are not sensitive to the benchmark model. Evidence of timing and selecting abilities is obtained in a small number of funds which is not sensitive to the fees structure. We also find evidence that a majority of individual funds provide zero (very few provide positive) abnormal return before fees and a significantly negative return after fees. At the negative end of the tail of performance distribution, our resampling tests fail to reject the role of bad luck in the poor performance of funds and we conclude that most of them are merely ‘unlucky’.

Broadside advertising a Real Estate Auction in the Village of Niagara Falls [New York], July, 1836.

Benjamin Rathburn (1790-1873) was a builder, banker and hotel-keeper who was well-known for his work in the development and expansion of Buffalo in the 1830s. He also conducted business in the Village of Niagara Falls. He purchased large tracts of land (largely on credit) with the intent to sell the land at a profit. However, the sales did not meet his expectations and Rathburn found himself over-extended on credit, ultimately leading to his financial ruin.Jesse P. Haines (1793-1877) was an American cartographer who is credited with mapping the Villages of Lockport and Niagara Falls, New York.

Broadside advertising a Real Estate Auction in the Village of Niagara Falls [New York], July, 1836.

Benjamin Rathburn (1790-1873) was a builder, banker and hotel-keeper who was well-known for his work in the development and expansion of Buffalo in the 1830s. He also conducted business in the Village of Niagara Falls. He purchased large tracts of land (largely on credit) with the intent to sell the land at a profit. However, the sales did not meet his expectations and Rathburn found himself over-extended on credit, ultimately leading to his financial ruin. Jesse P. Haines (1793-1877) was an American cartographer who is credited with mapping the Villages of Lockport and Niagara Falls, New York.

Cogswell, Maria, includes: Application for loan on Real Estate, Insurance Policy, Mortgage Loan Envelope

Cogswell, Maria, includes: Application for loan on Real Estate, Feb. 20, 1882; Insurance Policy no. 2199780 from the Royal Insurance Company of Liverpool, March 17, 1887 and Mortgage Loan Envelope for mortgage no. 1535 from March 1, 1882 – March 1, 1887.

Conklin, Pearl J., includes: Application for loan on Real Estate

Conklin, Pearl J., includes: Application for loan on Real Estate, Aug. 11, 1882.

Dennis, George W. and Mary E. Dennis, includes: Application for Loan on Real Estate, and Abstract of Title

Dennis, George W. and Mary E. Dennis, includes: Application for Loan on Real Estate, July 10, 1882; and Abstract of Title, Sept. 2, 1882.

Rogers, Stephen A., Application for a Loan on Real Estate

Rogers, Stephen A., Application for a Loan on Real Estate, April 4, 1882.

Sampson, Albert, includes Application for a Loan on Real Estate, and an envelope with Mr. Sampson’s name crossed out

Sampson, Albert, includes Application for a Loan on Real Estate, April 19, 1882 and an envelope with Mr. Sampson’s name crossed out and postmarked Sept. 1882.

Williams, Thomas J., Application for a Loan on Real Estate

Williams, Thomas J., Application for a Loan on Real Estate, April 1, 1882.