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Exploring the non-linear dynamics between Commercial Real Estate and systemic risk
Get PDFThe commercial real estate (CRE) market significantly influences financial stability, given its size, use as collateral, and cyclicality. This study explores macro-financial vulnerabilities arising from the CRE market, revealing that adverse developments in CRE capital values amplify systemic risk across financial sub-sectors, namely, banks, insurance companies and investment trusts, consistent with the collateral channel hypothesis. The CRE and financial markets relationship, however, displays nonlinearities. We introduce a UK CRE Misalignment index which integrates various market indicators to assess deviations from fundamental values in the CRE sector. We find that during market misalignments, the link between systemic risk and CRE growth weakens, suggesting that further property price increases in an overheated market could lead to a bubble and heightened systemic risk, in line with the deviation hypothesis. Finally, we employ a quantile regression model that captures another aspect of this non-linear relationship. We find that positive (negative) developments in the CRE market decrease (increase) the right tail of the historical systemic risk distribution, but CRE variation has a weak impact on the left tail and cannot effectively reduce systemic risk in periods of growth
Intentional hedonic consumption motivates prosocial behavior
Get PDFConsumers frequently engage in hedonic experiences either intentionally, driven by their own volition, or unintentionally, motivated by situational factors. This research investigates the effect of the intentionality of hedonic consumption on subsequent prosocial behavior. We propose and find that consumers are more likely to exhibit prosocial behavior after engaging in intentional, versus unintentional, hedonic consumption. This effect arises because intentional hedonic consumption leads consumers to infer that they cultivated self-compassion, which in turn motivates them to behave prosocially. Seven experiments demonstrate convergent evidence for this effect, using monetary as well as non-monetary prosocial behavior, generalizing across several hedonic consumption domains, and ruling out alternative mechanisms. Importantly, the effect occurs specifically following intentional hedonic (vs. non-hedonic) consumption, and only when the prosocial behavior is not unduly effortful. These findings provide meaningful implications for consumer welfare, marketers of hedonic offerings, and nonprofit organizations
Supply base complexity in times of crisis: Moderating the negative impact of the Russia-Ukraine war
Get PDFPurpose – The Russia-Ukraine war (RUW) has disrupted the operations of global supply chains, highlighting the need to enhance resilience against large-scale disruptions. Building on the dual nature of supply base complexity (SBC), this study examines the extent to which the war has impacted automotive firms and explores how horizontal and vertical SBC differently moderates its negative effects.
Design/methodology/approach – This study conducts an event study to estimate the abnormal stock returns of 837 automotive firms headquartered in 41 countries following the RUW. This is followed by regression modeling to estimate the moderating effect of SBC. Further, a panel regression with fixed effects is used to estimate the effect propagated from automotive firms to their suppliers and customers in other industries.
Findings – Overall, we find that automotive firms experienced a 6.16% (4.73%) reduction in mean (median) market value following the outbreak of the war, with this effect propagating to their customers and, to a lesser extent, their suppliers. The study further reveals that the negative impact is exacerbated for firms with high horizontal SBC but alleviated for those with high vertical complexity.
Originality/value – This study provides evidence of the negative financial impact of the RUW and contributes to the supply chain literature on large-scale exogenous disruptive events. It further expands the boundary conditions of SBC by demonstrating that SBC can serve both as a cost burden and as a source of resilience in times of crisis, depending on whether its structure is more horizontally focused or vertically oriented
A Rationale for Enhanced Trade Relations Among the BRICS+ Countries
Get PDFWe consider the room and case for trade and supply chain integration among BRICS+ countries. We describe a scenario based on these emerging countries’ dissatisfaction with a unipolar world that they see as biased against their growth. The BRICS+ countries view themselves as vulnerable to financial and other geo-politically motivated Western actions. Developing countries find it risky to be overly dependent on Western financial infrastructure despite seeking development aid from the West. Moreover, they perceive the threat of being abruptly cut out from world trade. Some of the larger emerging economies banded together to find ways to reduce their economic risks, leveraging their growing economies. The resulting BRICS (and now BRICS+) a#liation aims to push for a multipolar world order that could shape supply networks and global supply chains in the coming decades
Beyond buying: Extending the concept of acquisition in consumption
Get PDFThe consumption process constitutes a sequence of acquisition, use/consumption, and disposal. Over the last two decades, acquisition has transformed due to digitization and sharing economy innovations. Consumers obtain goods and services through several practices beyond buying, including renting, sharing, streaming, borrowing, and gifting. Access constitutes equal options to ownership, and non-market-mediated exchanges have become alternatives to market exchanges. While research has begun to study these practices, it remains fragmented, and we lack a unifying conceptual framework of acquisition. This gap risks marketers overlooking the acquisition phase, the essential first touchpoint in the customer journey. We develop a new conceptual acquisition framework organized by the levels of ownership transfer and market mediation. It distinguishes four acquisition modes: market-mediated ownership, market-mediated access, non-market-mediated ownership, and non-market-mediated access. We extend the acquisition concept beyond buying and market exchange, contributing to research on access, sharing, and customer journey, and we advance a future research agenda
Two hits or two misses? A critical comment on a combined psychological and biological origin of dissociative amnesia and repressed memory
Get PDFRepressed Memory and Dissociative Amnesia: The Unidentified Anomalous Phenomenon of Memory Loss
Get PDFArt collectors as venture-stage investors
No full textGiven the growing understanding in cultural economics of artists as entrepreneurs, we consider whether art collectors can be modeled as fellow risk-takers, that is, analogous to venture-stage investors. Employing a unique dataset of the collection of twentieth-century United States-based collectors Burton and Emily Hall Tremaine, we build a conceptual framework of criteria for collectors as venture-stage investors. We consider risk (how early in an artist’s career they are collecting), reputation (collectors’ museum-related strategy), and rebalancing (donation and sales). Regarding risk, we find that 69% of works in our study were purchased within a year of when the works were made indicating venture-stage risk-taking, though with notably longer holding periods than within a traditional venture “exit” strategy. Regarding reputation, we consider the market impact of the 1984 Twentieth Century Masters show of the Tremaine collection and find the value of the artworks rose fivefold from the museum exhibition to the auction four years later. We build an index of artists whose works were in the 1988 and 1991 Tremaine auctions and also find strong indications of the importance of the timing of those sales to the returns achieved. Regarding rebalancing, we look at museum donation strategy as part of investment analysis, and find substantially different patterns of annualized ROI and holding period for auctioned and donated works. This study contributes to our understanding of art collectors as risk-takers and to the portfolio management of art collections
Adult national diagnostic reference levels for common computed tomography examinations in Zambia: A preliminary study with findings from public hospitals
No full textIntroduction: While many European and American countries have established national diagnostic reference levels (NDRLs), few African countries have. Therefore, this study aimed to propose adult NDRLs for common computed tomography (CT) examinations in Zambia.
Methods: 1360 CT patient data for the brain, chest, abdomen and pelvis were collected from 10 public CT facilities. The CT images were assessed for acceptable image quality and patient anthropometry was done, with patients' anteroposterior diameter used as the patient parameter. NDRLs were set at the 75th percentile of the distribution of volume-based CT dose index (CTDIvol) and dose length product (DLP) and were compared to countries’ NDRLs.
Results: NDRLs for CTDIvol in mGy were calculated as follows; non-contrast brain 70.5, contrast brain 56.74, non-contrast chest 20.24, contrast chest 20, non-contrast abdomen/pelvis, 21.3, contrast abdomen/pelvic 21.3, non-contrast chest/abdomen/pelvis 20 and contrast chest/abdomen/pelvis 19.1. The corresponding NDRLs for DLP in mGy.cm are 1455, 1206, 745.8, DLP 666.7, 1103, 1103, 1237 and 1141. Variations in DLP values between facilities were statistically significant (p <0.0001). NDRLs for the brain and chest were higher than those from other countries but lower for the abdomen/pelvis and chest/abdomen/pelvis. Correlations between the CT scanner’s number of detector rows and CTDIvol were (r = 0.08285, p <0. 0.0022) and (r = 0.5038, p <0.0001) between patients’ AP diameter and CTDIvol.
Conclusion: The proposed NDRLs confirmed the need to optimise CT scan parameters and protocols in Zambia. Therefore, extensive training of all CT radiographers in optimising CT image acquisition parameters and regular dose audits is recommended.
Implication of practice: NDRLs will likely provide a benchmarking mechanism for dose optimisation practices among CT radiographers in Zambia and beyond
Exploring facilitator perspectives on four participatory music-based interventions for perinatal mental health: a qualitative study
Get PDFBackground
Participatory music-based interventions can promote mental health and connectedness across diverse contexts, including in the perinatal period. However, research on participatory music-based perinatal interventions is limited and typically focused on postnatal depression. This study explores the various elements of four music-based interventions supporting different severities of perinatal mental health needs.
Methods
Five musician leads and two clinicians were interviewed from four music-based perinatal interventions. Interviews explored the key features, goals, impacts and challenges of each intervention.
Results
A reflexive thematic analysis identified four themes: (1) Incorporating varied musical activities; (2) Fostering a supportive community; (3) Affecting psycho-emotional change; and (4) Strategies for accessibility.
Conclusions
This study demonstrates the multiple mechanisms through which participatory music interventions can promote perinatal mental health, including emotional regulation, self-compassion and coping skills. These findings can be used to guide future interventions for a wider spectrum of severities and types of perinatal mental health
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