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Foreword
Get PDF[Excerpt] Welcome to this SPECIAL EDITION devoted to the Cornell real estate case study series. Real estate case studies have been a component of the Cornell Real Estate Review since 2003, but this SPECIAL EDITION marks the culmination of real estate case studies at Cornell into an established series aimed at providing practice-oriented studies and resources to academics, practitioners, and companies
Navigating the Self in Diverse Work Contexts
No full textNavigating the self is critical for working in a diverse world, in which different identities interact in social space. This chapter presents five theoretical perspectives on how individuals navigate the self in diverse organizational contexts—social identity, critical identity, (role) identity, narrative-as-identity, and identity work. We review these five prominent theoretical perspectives on identity processes in diverse contexts to explicate various ways in which individuals actively participate in the co-construction of their identities in diverse contexts. As a next step in research, identity, diversity, and relationship scholars are encouraged to inquire into the generativity of proposed tactics for navigating the self in order to identify pathways for cultivating more positive identities in diverse work settings. The examination of positive relational identities is considered a promising path for further inquiry in this domain
On Indexing Commercial Real Estate Properties and Portfolios
No full textCommercial real estate indices play an important role in performance evaluation and overall investment strategy. However, the issue of how representative they are of the returns on portfolios of commercial properties is an open issue. Our study addresses this topic by analyzing a sample of 12,427 repeat sales transactions between Q4 2000 and Q2 2011.We find that the aggregate real estate indices (Moody’s REAL CPPI) do a good job of tracking real returns when portfolios of more than 20 properties are considered. At this level, tracking is somewhat less effective than our benchmark of the S&P500 and its component stocks. Compared to the average root mean squared deviation (RMSD) from one asset, randomly selected portfolios with 20 assets reduce the RMSD by 75 % for the S&P500 compared to 66 % for the aggregate index. These results suggest that the aggregate indices can be effective in hedging and evaluating the performance of direct real estate investment. We further find that tracking at the property type level provides little benefit over using an aggregate index. However, indexing using a property type and location matched index provides lower tracking error for any level of diversification
The Indirect Effects of Tipping Policies on Patronage Intentions through Perceived Expensiveness, Fairness, and Quality
No full textMany service firms allow their employees to be directly compensated by customers via the institution of tipping despite the fact this practice exposes firms to substantial risks, such as collusion between employees and customers against the firm. This paper examines a potential reason businesses may accept these risks. Specifically, it reports on a study finding that voluntary tipping policies increase potential demand by reducing perceived expensiveness, increasing perceived tipping policy fairness, and increasing a-priori expectations of service quality
Toward a Broader – But Still Rigorous – Definition of Leader Integrity: Commentary
No full text[Excerpt] The impetus for this special issue of The Leadership Quarterly grew out of the desire of a small but enthusiastic group of leadership scholars who were interested in the concepts of integrity in general and behavioral integrity (the consistency between words and actions) in particular. Guest Editor Tony Simons\u27 (2002) theoretical article in Organization Science had sparked a great deal of interest in behavioral integrity, including the interest of a then-doctoral student at Binghamton University, Guest Editor Mike Palanski. Palanski was seeking advice for his dissertation, and Simons wished to build a cadre of scholars with an interest in leader behavioral integrity. A year or so later, Palanski had the “misfortune” of presenting a paper on integrity as the final presenter in the final session on the final day of the 2006 Academy of Management conference in Atlanta. To his surprise, the room was packed, and it quickly became clear that others also wished to study leader integrity in more depth
Black-White Wage Gap Among Restaurant Servers: A Replication, Extension, and Exploration of Consumer Racial Discrimination in Tipping
No full textThere is a rich history of social science research centering on racial inequalities that continue to be observed across various markets (e.g., labor, housing, and credit markets) and social milieus. Existing research on racial discrimination in consumer markets, however, is relatively scarce and that which has been done has disproportionately focused on consumers as the victims of race-based mistreatment. As such, we know relatively little about how consumers contribute to inequalities in their roles as perpetrators of racial discrimination. In response, in this paper we elaborate on a line of research that is only in its’ infancy stages of development and yet is ripe with opportunities to advance the literature on consumer racial discrimination and racial earnings inequities among tip dependent employees in the United States. Specifically, we analyze data derived from a large exit survey of restaurant consumers (n=378) in an attempt to replicate, extend, and further explore the recently documented effect of service providers’ race on restaurant consumers’ tipping decisions. Our results indicate that both White and Black restaurant customers discriminate against Black servers by tipping them less than their White coworkers. Importantly, we find no evidence that this Black tip penalty is the result of interracial differences in service skills possessed by Black and White servers. We conclude by delineating directions for future research in this neglected but salient area study
The 2009 Cornell Real Estate Conference Highlights
No full textThe 27th annual Cornell Real Estate Conference was held on September 24 and 25, 2009 in New York City featuring key note speaker Wes Edens, Founder and Co-Chair of Fortress Investment Group
Institutional Holding Periods
Get PDFWe find wide dispersion in trade holding periods for institutional money managers and pension funds, using a large database of fund-level transactions. All of the institutional funds execute round-trip trades lasting over a year; 96% of them also execute trades lasting less than one month, although short duration trades have negative returns on average. We find only limited evidence that institutions choose trade holding periods based on portfolio optimization and no evidence that short-duration institutional trades are driven by the disposition effect. Our results are consistent with the agency problem that arises when clients cannot distinguish when a manager is “actively doing nothing” versus “simply doing nothing” as well as managers having overconfidence in their own short-term trading ability
Emerging Trends in Restaurant Ownership and Management
Get PDFIn a wide-ranging discussion of issues facing the U.S. restaurant industry, two major themes emerged, relating to the need to maintain a community oriented brand and to the tension between growth and the maintenance of brand values and corporate culture. One spark for examining these issues is the changing ownership structure of franchise companies, in which private equity firms have invested in various franchise systems. On the marketing side, roundtable participants considered the importance of connecting the brand to its community