Can institutional investors bias real estate portfolio appraisals? Evidence from the market downturn

This paper investigates the extent to which institutional investors may have influenced independent real estate appraisals during the financial crisis. A conceptual model of the determinants of client influence on real estate appraisals is proposed. It is suggested that the extent of clients’ ability and willingness to bias appraisal outputs is contingent upon market and regulatory environments (ethical norms and legal and institutional frameworks), the salience of the appraisal(s) to the client, financial incentives for the appraiser to respond to client pressure, organisational culture, the level of moral reasoning of both individual clients and appraisers, client knowledge and the degree of appraisal uncertainty. The potential of client influence to bias ostensibly independent real estate appraisals is examined using the opportunity afforded by the market downturn commencing in 2007 in the UK. During the market turbulence at the end of 2007, the motivations of different types of owners to bias appraisals diverged clearly and temporarily provided a unique opportunity to assess potential appraisal bias. We use appraisal-based performance data for individual real estate assets to test whether there were significant ownership effects on performance during this period. The results support the hypothesis that real estate appraisals in this period reflected the differing needs of clients.

Institutional legacies and capabilities: work practices and employment relations in Portugal and Mozambique

This is a study of institutional change and continuity, comparing the trajectories followed by Mozambique and its formal colonial power Portugal in HRM, based on two surveys of firm level practices. The colonial power sought to extend the institutions of the metropole in the closing years of its rule, and despite all the adjustments and shocks that have accompanied Mozambique’s post-independence years, the country continues to retain institutional features and associated practices from the past. This suggests that there is a post-colonial impact on human resource management. The implications for HRM theory are that ambitious attempts at institutional substitution may have less dramatic effects than is commonly assumed. Indeed, we encountered remarkable similarities between the two countries in HRM practices, implying that features of supposedly fluid or less mature institutional frameworks (whether in Africa or the Mediterranean world) may be sustained for protracted periods of time, pressures to reform notwithstanding. This highlights the complexities of continuities which transcend formal rules; as post-colonial theories alert us, informal conventions and embedded discourse may result in the persistence of informal power and subordination, despite political and legal changes.

Institutional investors: arbitrageurs or rational trend chasers?

This paper studies the relationship between institutional investor holdings and stock misvaluation in the U.S. between 1980 and 2010. I find that institutional investors overweigh overvalued and underweigh undervalued stocks in their portfolio, taking the market portfolio as a benchmark. Cross-sectionally, institutional investors hold more overvalued stocks than undervalued stocks. The time-series studies also show that institutional ownership of overvalued portfolios increases as the portfolios' degree of overvaluation. As an investment strategy, institutional investors' ride of stock misvaluation is neither driven by the fund flows from individual investors into institutions, nor industry-specific. Consistent with the agency problem explanation, investment companies and independent investment advisors have a higher tendency to ride stock misvaluation than other institutions. There is weak evidence that institutional investors make positive profit by riding stock misvaluation. My findings challenge the models that view individual investors as noise traders and disregard the role of institutional investors in stock market misvaluation.

Concentric characterization and classification of complex network nodes: Application to an institutional collaboration network

Differently from theoretical scale-free networks, most real networks present multi-scale behavior, with nodes structured in different types of functional groups and communities. While the majority of approaches for classification of nodes in a complex network has relied on local measurements of the topology/connectivity around each node, valuable information about node functionality can be obtained by concentric (or hierarchical) measurements. This paper extends previous methodologies based on concentric measurements, by studying the possibility of using agglomerative clustering methods, in order to obtain a set of functional groups of nodes, considering particular institutional collaboration network nodes, including various known communities (departments of the University of Sao Paulo). Among the interesting obtained findings, we emphasize the scale-free nature of the network obtained, as well as identification of different patterns of authorship emerging from different areas (e.g. human and exact sciences). Another interesting result concerns the relatively uniform distribution of hubs along concentric levels, contrariwise to the non-uniform pattern found in theoretical scale-free networks such as the BA model. (C) 2008 Elsevier B.V. All rights reserved.

Sine ira et studio : En kvalitativ analys av institutionaliseringsprocessens konsekvenser inom den nypaganistiska rörelsen Church of All Worlds

Uppsatsen har för avsikt att undersöka hur den nypaganistiska, och i första hand nordamerikanska, rörelsen Church of All Worlds reagerar mot förändring och institutionalisering. För att förstå institutionaliseringsprocessens bakomliggande krafter och identifiera dess konsekvenser, är det övergripande syftet med uppsatsen att utifrån en fallstudie av Church of All Worlds undersöka hur organisationen under sina verksamhetsår förändrats i fråga om (1) förhållande till samhället, (2) ideologi, (3) organisatorisk struktur och (4) ledarskap. Utgångspunkten är att betrakta rörelsen som dels religiös och spirituell, dels organisatorisk och ekonomisk, varför uppsatsen lutar sin teoribildning mot både religions- och samhällsvetenskapen och mot organisationsteorin. Som samhälleliga samt organisatoriska faktorer till Church of All Worlds institutionalisering finner vi den postmoderna motreaktionen mot industrisamhällets missförhållanden samt kritiken mot existensen av den objektiva sanningen. Institutionaliseringens följder är emellertid att rörelsen slutligen upptas som en del av det sen-moderna samhällssystemet. Förändringen märks i första hand då rörelsen under 80-talet förvandlas till en ekonomiskt intresserad organisation med tjänstehierarkier och reglerat ansvar som påföljder. Den byråkratiska arbetsordningen urlakar inte bara rörelsens ideologi, utan tvingar också den nu demokratiskt tillsatte ledaren till radikala åtgärder för att återfå sin makt, något som når sin kulmen i en konflikt med ledarens sorti som yttersta konsekvens.

Globalization, Agency, and Institutional Innovation: The Rise of Public-Private Partnerships in Global Governance

Public and private actors increasingly cooperate in global governance, a realm previously reserved for states and intergovernmental organizations (IOs). This trend raises fascinating theoretical questions. What explains the rise in public-private institutions and their role in international politics? Who leads such institutional innovation and why? To address the questions, this paper develops a theory of the political demand and supply of public-private institutions and specifies the conditions under which IOs and non-state actors would cooperate, and states would support this public-private cooperation. The observable implications of the theoretical argument are evaluated against the broad trends in public-private cooperation and in a statistical analysis of the significance of demand and supply-side incentives in public-private cooperation for sustainable development. The study shows that public-private institutions do not simply fill governance gaps opened by globalization, but cluster in narrower areas of cooperation, where the strategic interests of IOs, states, and transnational actors intersect.

"Vox Populi, Vox Dei" - A Discussion of Dissent Within the Modern Catholic Church

The final question is: what happens in the meantime? Is it effective to dissent while conservatives hold power and clearty are not about to make any major changes? What good does it do to repeatedly bang one's head against the wall when progress is not being made? There is no one simple answer to this question, but rather several applicable ones. The first possible answer is that dissent currently does little good. The conservative hierarchy is still the dominant force within Catholicism. This hierarchy has made a habit, evidenced by the birth control debate, of pressing its conservative agenda despite popular opposition. Many people think, that if this hierarchy has not given in to the mass of opinion against it yet, dissent is futile and useless. Why argue with someone who does not listen to your argument?

Opening the Windows of the Church to the World: The Creation of Nostra Aetate and Its Impact on the Christian-Jewish relationship

It is important to assert that this study is not a work to inflict guilt on the Catholics or Catholicism for their silence and indifference during the Holocaust. Instead, this study is about the process of moving on from the Catholic Church's past to where the Jewish community's theological existence was finally recognized and the Jewish people were no longer seen as the Others who killed Christ. This was, achieved through a church declaration titled Nostra Aetate (In Our Time). This study records the journey traversed by this declaration, the insurmountable odds it faced in its creation until its promulgation and the impact it has on the Jewish-Christian relationship.

The Nine Circles of Surveillance Hell: An Institutional View of Information Flows and Information Threats in Libraries

In the past few years, libraries have started to design public programs that educate patrons about different tools and techniques to protect personal privacy. But do end user solutions provide adequate safeguards against surveillance by corporate and government actors? What does a comprehensive plan for privacy entail in order that libraries live up to their privacy values? In this paper, the authors discuss the complexity of surveillance architecture that the library institution might confront when seeking to defend the privacy rights of patrons. This architecture consists of three main parts: physical or material aspects, logical characteristics, and social factors of information and communication flows in the library setting. For each category, the authors will present short case studies that are culled from practitioner experience, research, and public discourse. The case studies probe the challenges faced by the library—not only when making hardware and software choices, but also choices related to staffing and program design. The paper shows that privacy choices intersect not only with free speech and chilling effects, but also with questions that concern intellectual property, organizational development, civic engagement, technological innovation, public infrastructure, and more. The paper ends with discussion of what libraries will require in order to sustain and improve efforts to serve as stewards of privacy in the 21st century.

Institutional Support for Experiential Learning

This brief details institutional support structures and program structures for experiential learning at small colleges. It also examines credit structures associated with experiential learning, experiential learning as a graduation requirement, and program assessments.