Hedonic price indices for the Paris housing market

Summary: In this paper, we calculate a transaction–based price index for apartments in Paris (France). The heterogeneous character of real estate is taken into account using an hedonic model. The functional form is specified using a general Box–Cox function. The data basis covers 84 686 transactions of the housing market in 1990:01–1999:12, which is one of the largest samples ever used in comparable studies. Low correlations of the price index with stock and bond indices (first differences) indicate diversification benefits from the inclusion of real estate in a mixed asset portfolio.*This paper has been developed at the Research Program Real Estate Finance at Goethe-University of Frankfurt/Main (Germany). We gratefully acknowledge iii Internationales Immobilien Institut, IVG Holding AG and Stiftung Rheinische Hypothekenbank for their financial support. For further information, see www.real-estate-finance.de. We thank the participants of the 8th Conference of the European Real Estate Society (ERES), the International Conference of the American Real Estate and Urban Economics Association (AREUEA), the 10th Global Finance Conference 2003 and the anonymous referees for helpful comments, which improved the paper substantially.     

The Infant Orienting With Attention Task: Assessing the Neural Basis of Spatial Attention in Infancy

Infant visual attention develops rapidly over the first year of life, significantly altering the way infants respond to peripheral visual events. Here, we present data from 5‐, 7‐, and 10‐month‐old infants using the Infant Orienting With Attention (IOWA) task, designed to capture developmental changes in visual spatial attention and saccade planning. Results indicate rapid development of spatial attention and visual response competition between 5 and 10 months. We use a dynamic neural field (DNF) model to link behavioral findings to neural population activity, providing a possible mechanistic explanation for observed developmental changes. Together, the behavioral and model simulation results provide new insights into the specific mechanisms that underlie spatial cueing effects, visual competition, and visual interference in infancy.     

Clustering of electrical transmission systems based on network topology and stability

A proper understanding and modelling of the behaviour of heavily loaded large-scale electrical transmission systems is essential for a secure and uninterrupted operation. In this paper, we present methods to cluster electrical power networks based on different criteria into regions. These regions are useful for the efficient modelling of large transcontinental electricity networks, switching operation decisions or placement of redundant parts of the monitoring and control system. In alternating current electricity networks, power oscillations are normal, but they can become dangerous if they build up. The first approach uses the correlation between results of a stability assessment for these oscillations at every node for the cluster criterion. The second method concentrates on the network topology and uses spectral clustering on the network graph to create clusters where all nodes are interconnected. In this work, we also discuss the problem how to choose the right number of clusters and how the discussed clustering methods can be used for an efficient modelling of large electricity networks or in protection and control systems.     

Murphy Scale: A locational equivalent intensity scale for hazard events

Empirical cross-hazard analysis and prediction of disaster vulnerability, resilience, and risk requires a common metric of hazard strengths across hazard types. In this paper, the authors propose an equivalent intensity scale for cross-hazard evaluation of hazard strengths of events for entire durations at locations. The proposed scale is called the Murphy Scale, after Professor Colleen Murphy. A systematic review and typology of hazard strength metrics is presented to facilitate the delineation of the defining dimensions of the proposed scale. An empirical methodology is introduced to derive equivalent intensities of hazard events on a Murphy Scale. Using historical data on impacts and hazard strength indicators of events from 2013 to 2017, the authors demonstrate the utility of the proposed methodology for computing the equivalent intensities for earthquakes and tropical cyclones. As part of a new area of research called hazard equivalency, the proposed Murphy Scale paves the way toward creating multi-hazard hazard maps. The proposed scale can also be leveraged to facilitate hazard communication regarding past and future local experiences of hazard events for enhancing multi-hazard preparedness, mitigation, and emergency response.     

Representations of Social Work in the Australian News Media

How the news media constructs social work has been an area of great concern for the social work profession for several decades. It is a discussion within the professional literature that has been dominated by the assumption that the media has portrayed an unfairly critical representation of the profession. To address a significant dearth of knowledge surrounding this highly discussed but poorly researched topic, this article presents the findings from a study that analysed 12 months of social work coverage in Melbourne, Australia. The findings indicate that coverage was not necessarily unfairly critical, but rather relatively absent. Furthermore, the analysis found that existing reporting constructed the profession as being highly diverse in fields, practice methods, and worker demographics. The findings have significant implications for how the professional community understands the relationship, challenging dominant assumptions, but also informing future action and engagement with the news media.     

Drivers of private-label purchase behavior across quality tiers and product categories

Private labels hold a substantial share of consumers’ wallets and their popularity is still growing as they spread into various product categories and quality tiers. To determine the right branding strategy, in terms of offering uniform or different private-label brands across product categories, retailers have to know whether consumers use their private-label experience across product categories and private-label tiers. Therefore, we examine different determinants of consumers’ consideration sets. We apply proneness for certain private-label tiers, product categories purchased, purchase frequency, and variety seeking as internal determinants, which contribute to consumers’ knowledge and experience with private labels. Further, we use consumers’ price consciousness and promotion sensitivity as external determinants, which the retailer can use to influence consumers’ consideration sets in the short run. Our analyses are based on large-scale loyalty program data for a period of 24 months. In particular, we use the first 12 months to derive the determinants of consumers’ share of wallets regarding different private-label quality tiers in the second half of the sample. We conduct our analyses for 12 different product categories and aggregate the results by using meta-analytic techniques. Notably, some determinants show dissimilar effects across product categories (e.g., price consciousness and promotion sensitivity), while others (e.g., private-label proneness) are rather similar. We find that consumers’ general proneness for certain private-labels tiers leads to a propensity to purchase them in a specific category and in adjacent quality tiers. Further, we reveal that product category characteristics moderate the determinants of private-label share.     

Internal audit function quality and financial reporting: results of a survey on German listed companies

Most prior studies on internal audit function (IAF) quality and financial reporting have focused on the US setting and have found a positive association between IAF quality proxies and both financial reporting quality and audit efficiency. In this study, we apply the German setting that is characterized by a two-tier board system of corporate governance and different prerequisites for the serving-two-masters problem. This might weaken the IAF’s ability to monitor financial reporting-related processes. To analyze this, we use survey data to measure IAF quality in the German setting and run multiple regressions to examine the association of several IAF quality characteristics and a self-developed IAF quality score with financial reporting quality and audit efficiency. The results show that also in a two-tier system, a high-quality IAF is able to contribute to both financial reporting quality and audit efficiency. Our findings support the notion that the IAF serves as an essential element of effective corporate governance and plays an important role in financial reporting. Moreover, as a practical implication of interest to regulators and managers, we identify that the external certification of the IAF and internal audit-related certifications of IAF employees may contribute to higher financial reporting quality and lower audit fees.     

Leveraging global sources of knowledge for business model innovation

This article explores the concept of leveraging global knowledge for business model innovation, whereby knowledge is transferred across space and firm boundaries for the reconfiguration of an incumbent firm's business model. Considering the implications of an ever-increasing fragmentation of global value chains and the associated dispersion of global knowledge sources, we propose that supply chain partners at foreign locations can provide valuable knowledge that incumbents can leverage to change their business model. Integrating insights from global supply chain, business model, and organizational learning literature, we theorize and empirically test how different organizational capabilities enable firms to acquire knowledge from foreign partners, integrate external with internal knowledge, transform knowledge through experimentation, and finally apply global knowledge in the form of business model innovation. We conclude with suggestions for future research.     

Contextual movement models based on normalizing flows

AStA Advances in Statistical Analysis - Movement models predict positions of players (or objects in general) over time and are thus key to analyzing spatiotemporal data as it is often used in...     

Interactive production planning and ergonomic assessment with Digital Human Models--introducing the Editor for Manual Work Activities (ema)

The aging workforce is a risk factor for manufacturing industries that contain many jobs with high physical workloads. Thus, ergonomic risk factors have to be avoided in early phases of production planning. This paper introduces a new tool for simulating manual work activities with 3D human models, the so-called emaΦ. For the most part, the emaΦ software is based on a unique modular approach including a number of complex operations that were theoretically developed and empirically validated by means of motion capturing technologies. Using these modules for defining the digital work process enables the production planner to compile human simulations more accurately and much quicker compared to any of the existing modeling tools. Features of the emaΦ software implementation, such as ergonomic evaluation and MTM-time analyses, and the workflow for practical application are presented.