European Business School London

About: European Business School London is a based out in . It is known for research contribution in the topics: Real estate investment trust & Empirical research. The organization has 323 authors who have published 636 publications receiving 17446 citations. The organization is also known as: EBS London.

Geographic Proximity and Managerial Alignment: Evidence from Asset Sell-Offs by Real Estate Investment Trusts

Abstract: While the relation between geographic dispersion and firm value has been extensively studied, there are intriguing aspects that we do not yet understand. For example, Bernile, Kumar and Sulaeman (2015) report that, “local investors may perceive an informational advantage where there is in fact none.” Additionally, when we talk of local assets versus distant assets, there is little data showing what that means. REITs offer a unique and more complete data source of evidence about the proximity issue and value. In our unique panel dataset of more than 800,000 property-year observations, we find that local must be carefully evaluated as in most cases these REITs own a wide pool of geographically diversified assets. We apply a two-stage sequential choice model to mitigate selection bias at the firm-level and property-level. We find that REITs tend to dispose of distant properties and there is a negative relation between distance and cumulative abnormal returns. The top-ten MSAs in our disposition sample were over 860 miles (1,388 kilometers) from their REIT headquarters (HQs). The average cumulative abnormal return (CAR) was over three times as large and statistically significant for those dispositions that were below the median distance compared to those farther. However, further analyses show that headquarters that were in smaller areas (below the mean by population) were the only REITs to have positive abnormal returns. Thus, the gain is to firms that are located in smaller areas and who dispose of properties closer to their HQs. The gains are monotonically declining by distance from their HQs. This evidence is supportive of managerial alignment theory in the literature.Further, informational and social factors explain corporate decisions on asset sell-offs: this social interaction effect exists for those HQs located in less-populated areas. Consistent with the hypothesis of Landier, Nair and Wulf (2009), we find a positive and significant relation between aggregated proximity of a firm’s property holdings (Geographic HHI) and employee friendliness, indicating proximity between a particular firm’s headquarters and its underlying properties is associated with poor shareholder protection due to better employee protection. Together, these findings suggest a dominant role for the managerial alignment hypothesis. We find in particular that for HQs in less-populated MSAs, the managerial alignment effect dominates the information asymmetry effect.

Definition und Typologie von Wissensnetzwerken

Abstract: Der vorliegende Beitrag konstruiert einen analytischen Rahmen, der das Realphanomen Wissensnetzwerk beschreibt und in einen theoretischen Gesamtzusammenhang einordnet. Dabei werden Aspekte des Netzwerkansatzes und der okonomischen Theorie des Wissens miteinander verbunden. Die Analyse ist in zwei Teile gegliedert. Zum einen werden Wissensnetzwerke definiert und gegen andere — ahnliche — Phanomene abgegrenzt. Zum anderen wird anhand der beiden Grunddimensionen „Knoten = Akteure“ und „Kanten = Inhalte“ von Wissensnetzwerken eine erste Typologie abgeleitet. Diese Typologie wird in den folgenden Beitragen des Readers anhand der empirischen Ergebnisse uberpruft und erweitert.

Is the proof of the pudding in the eating? » - Comparaison entre l’Alternative Investment Market et Alternext

Abstract: En matiere d’organisation boursiere dediee aux petites et moyennes entreprises (PME), lesucces de l’Alternative Investment Market (AIM) aurait etabli ce segment du London Stock Exchange comme le benchmark, dont l’Alternext serait une declinaison manquee. Cet article tend a infirmer cette proposition. D’abord, la performance d’Alternext (2005-2012) est moins mauvaise que ce qu’ont pu faire accroire les critiques formulees, notamment lorsqu’on la compare a celle de l’AIM au meme stade de developpement. Ensuite, les caracteristiques de l’AIM ne permettent pas de l’eriger en modele d’organisation boursiere dediee aux entreprises moyennes ou petites : le succes semble se fonder moins sur les services que l’AIM fournit a des societes modestes ou innovantes que sur l’arbitrage reglementaire qu’accomplissent des capitalisations assez importantes. Ce constat pose avec acuite la question de la nature et de l’organisation d’un marche boursier adapte aux specificites des PME.

The Strategic Management of Open‐ended Property Funds

Abstract: German open‐ended property fund shows that a strategic management of property investment is indispensable. Suggests that it is possible and fruitful to adapt the instruments for strategic management used by industrial companies to fit the needs of property companies (such as the five‐forces model and the value chain developed by Porter, the strategic portfolio analysis developed by McKinsey, etc.). In the long‐term perspective of institutional investors, dynamic factors such as use, flexibility, productivity and competitive advantages play a much more important role. These thoughts have led to the need to build an operational model for the analysis and “strategic” valuation of property portfolios. This kind of portfolio approach emerges as an effective and flexible instrument for identifying and visualizing strategic development potentials and problem configurations within the assets of open‐ended property funds and other institutional investors.

Information processing, motivation, and group creativity

Abstract: According to an information processing perspective, group creativity results from the combination of individual resources into a (creative) group product. This involves information processing at the individual as well as the group level (by means of communication). This chapter first discusses how individual-level information processing is affected by group interaction in terms of both cognitive interference and cognitive stimulation. It then discusses (1) the evidence linking group-level information processing (i.e., communication, information sharing, collaborative problem solving) to group creativity and (2) the factors that stimulate or reduce group-level information processing. It is argued that many research findings can be explained by assuming that group creativity involves motivated information processing of members.