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This study aims to measure the degree of volatility comovement between stock market liquidity and informational efficiency across Asia, Europe, North-South America, Africa, and the Pacific Ocean over three decades. In particular, the authors analyze the extent of the time-varying nexus between different aspects of stock market liquidity and multifractal scaling properties of the stock return series across various regions and diversified market conditions. This study further investigates several factors altering the degree of dynamic conditional correlations (DCCs) between the efficiency and liquidity of the domestic stock markets.

The study measures five aspects of stock market liquidity – tightness, depth, breadth, immediacy, and adjusted immediacy. The authors evaluate the multifractal scaling properties of the stock return series to measure the level of stock market efficiency across the regions and diversified market conditions. The study uses the dynamic conditional correlation-multivariate generalized autoregressive conditional heteroscedasticity framework to quantify the degree of volatility comovement between liquidity and efficiency over the period.

The study finds the presence of stronger volatility comovement between inefficiency and illiquidity due to the price impact characteristics of the stock markets irrespective of different regions and diversified market conditions. The extent of time-variation increased following the shock periods, indicating the significant role of the financial crisis in increasing the volatility comovement between inefficiency and illiquidity. The highest degree of time-varying correlation is observed in the developed stock markets of Northwestern and Northern Europe compared to the regional and emerging counterparts. On the other hand, weak DCCs are observed in the emerging stock markets of Europe.

The output of the present study assists investors in identifying diversification opportunities across the regions. Additionally, the study has significant implications for market regulators, aiding in predicting future troughs and peaks. The prediction, in turn, helps formulate capital market development plans during dynamic economic situations.

The present study delves into the causes of relatively lower retail participation in the Indian REIT market. Specifically, it investigates investors' attitudes and perceptions towards REITs as a unique asset class. This paper provides a comprehensive understanding of the perception and factors influencing Indian retail investors' reluctance to participate in the REIT market.

Qualitative research was conducted through semi-structured interviews to gather insights from non-investors in REITs. The data were transcribed and analyzed using content analysis techniques. Finally, coding techniques were used to identify broad study themes.

According to the study results, many retail investors are unfamiliar with REITs. Even among those knowledgeable about REITs and with a favorable view, it is not commonly seen as a feasible investment option due to its early stage, unattractive returns and limited number of REITs.

Developed countries have established REIT markets, while it is still in its infancy in developing countries such as India. Financial advisors, fund houses and the media should focus on educating investors to increase awareness.

The study is the first qualitative investigation into the perception of retail investors to understand the reasons for lower retail engagement in the Indian REIT market.

Since 1966, the Severn crossing has been connecting England and Wales. In January 2018, its ownership returned to the UK Government, and this marked the start of a toll-free journey across the two countries and made commuting between the regions more affordable. In this paper, we examine the impact of the toll removal on the property market.

We employ property-level data from the Land Registry and a difference-in-differences (DiD) empirical model for the periods 2016–2018 and 2019–2021 to capture the pre- and post-toll removal dynamics. The DiD estimation allows us to examine the causal relationship between policy changes and property prices.

Our findings suggest that property prices in Newport and Monmouthshire (South East Wales) are positively affected by the policy, which results in a statistically significant increase of 5.8% more than those located in the South West England (Bristol and South Gloucestershire) region in the period 2019–2021. The impact can reach up to 13.1% for properties located in a 10 km radius of the bridge. The results indicate that the toll removal enables the ripple effect across the two markets by reducing commuting costs.

This is the first paper that examines the Severn Crossing case study. Its contribution is significant since we provide empirical evidence on how reduced transportation costs increase property prices in the lowest income region and have the opposite effect on the area with higher incomes and economic activity levels.

With revolutions in the telecommunication sector having led to wide unprecedented consequences in all facets of human life, this paper aims to examine the relationship between cell phone tower base stations (CPTBSs) and residential property prices within the City of Johannesburg (CoJ), South Africa.

The authors align their work with global literature and assess how the impact of CPTBSs influences residential property values in South Africa. The authors use a semi-log hedonic pricing model to test the hypothesis that proximity of CPTBSs to residential properties does not account for any variation in residential property prices.

The results show a significant impact that proximity of CPTBS has on residential property sale prices. However, the impact of CTPBSs’ proximity on residential property prices depends on their distance from the residential properties. The closer a residential property is to the CTPBS, the greater the impact that the CTPBS will have on the selling price of the residential property.

With international studies offering mixed findings on the impact of CPTBSs on residential property values, there is limited research on their impact in South Africa. The findings of this study offer crucial insights for the real estate practitioners, property owners, telecommunications companies and the public, providing a nuanced understanding of the relationship between CPTBSs and property values. This research helps property owners understand the effects of CPTBSs on their properties, and it assists property valuers in gauging the impact of CPTBSs on property values.

This study investigates the economic outcomes of the strategic deviation (SD), the fundamental and crucial question in institutional theory and strategic management. Previous studies have yielded contradictory findings. This study reconciles conflicting results by distinguishing the effects of the SD on financial and market performance, examining the mechanism of financing constraints and the boundary condition of institutional investor heterogeneity.

This research collected data from Chinese A-shares listed manufacturing firms from 2009 to 2021 from the CSMAR and Wind databases. This study conducted empirical tests using OLS models with Stata 15.

Empirical results demonstrate that the SD has different impacts on different dimensions of performance. The SD negatively impacts financial performance while positively impacts market performance. Financing constraints mediate the main effects. Moreover, transactional institutional investors positively moderate the negative effect of the SD on financial performance, whereas stable institutional investors negatively moderate the positive effect of the SD on market performance.

By systematically revealing how the SD has different effects on financial and market performance, this study reconciles the debate on the SD between institutional theorists and strategy scholars. This research makes contributions to the research stream by providing reasonable explanations for conflicting conclusions. Furthermore, by introducing the overlooked perspective of financing constraints, this research identifies crucial mediating mechanisms and highlights the double-edged effect of financing constraints, enriching our understanding of financing constraints. Finally, this study investigates the moderating effects of institutional investor heterogeneity, thereby making valuable contributions to the comprehension of boundary conditions.

In social marketplaces, follower ego networks are integral social capital assets for online sellers. While previous research has underscored the positive impact of the follower number on seller performance, little attention has been given to the structure of follower networks and their value implications. This research investigates two structural properties of follower networks—network centralization and density—and examines their main and contingent effects on sellers’ sales performance.

A 13-month panel dataset of 1,150 sellers in Etsy, a social marketplace for handmade and vintage products, was collected and analyzed. A fixed effects model was adopted to validate the hypotheses on the main effect of centralization and density, as well as the moderating effects of two store attributes: store age and product diversification.

We find that both network centralization and density negatively impact sellers’ sales performance, and these effects vary across store age and product diversification levels. Specifically, the negative effect of network centralization is less pronounced for older stores than young ones, whereas the negative effect of density is more severe for stores with high product diversification.

This research contributes to social commerce research by highlighting the significance of network structure, alongside network size, in assessing the value of followers and offers practical guidance for sellers in social marketplaces seeking to optimize their follower networks.

In the backdrop of an increase in market-based banking activities, this paper aims to study operational efficiency of Indian banking sector during 2009–2010 through 2017–2018 considering Capital Gain and Gain from Forex Market (as desirable outputs) and Slippage (as undesirable byproducts) simultaneously, along with Advances – a desirable output considered in the traditional banking performance assessment literature. This enables to have an assessment of performance (as captured by the measured efficiency scores) of Indian Banks following an alternative viewpoint about the banking activities. The authors also explain such efficiency scores in terms of bank-specific factors, banking industry competition scenario and interest rate channel.

Using data envelopment analysis (DEA) method, the authors estimate six alternatives but interlinked operational efficiency scores (TES) of the Indian domestic commercial banks. In the second stage, they explain such TES in terms of bank-specific factors, banking industry competition scenario and interest rate channel.

The authors observe that the private sector banks as a group outperform those under public ownership. Moreover, although the private sector banks could maintain somewhat consistency in their operational efficiency performance over the sample period, public sector banks clearly show a declining tendency. The second stage econometric estimation results show that the priority sector lending has a negative effect on efficiency. Interestingly, the authors get varying results for the relationship between maturity and efficiency score depending on banks’ strategies on stressed assets management. Furthermore, the analyses result that banks are not so efficient in managing relatively larger-volume loans. It is also observed that banks’ efficiency positively depends on the Credit-to-Deposit (CD) ratio. It is found that the overall operational efficiency of the banks to manage their credit risk portfolio improves with a reduction in the lending rate (LR). However, the interaction of lending activities and capital market shows that with the increase in LR, corporate borrowers may switch to capital market to explore for desired funds, which may induce the banking sector to investment in capital markets and create a positive market sentiment.

Literature, although scanty, is there dealing stressed assets of a bank as some undesirable byproducts of its operational and business activities. However, such literature mostly done within the traditional framework of banking business activities and modern market-based business activities are almost absent in the literature. The authors have done it in the present study.

The purpose of this study is to examine the buyers’ preferences influencing the purchase of privately developed affordable housing in Kolkata and to determine whether unsold houses result from misalignment with these preferences.

The literature review and user-opinion survey identified 119 independent variables that indicate buyers’ preferences. A questionnaire survey of 383 households in affordable housing units from 32 housing complexes in Kolkata recorded buyers’ preferences and satisfaction against the independent variables grouped under five levels of characteristics. The product weights of variables derived from the rank sum method and percentage satisfaction give the Utility Score. Multivariate regression and univariate linear regressions were conducted to determine the significance of each Level of characteristics and each variable, identifying the significant variables that would affect the sale of affordable houses.

The multivariate regression analysis has indicated that 68.56% of the variation in the percentage of unsold houses was explained by the five utility scores, which affirms that misalignment with buyers’ preferences significantly affects the sale of privately developed affordable houses. Furthermore, building and neighbourhood-level utility show the highest significance as predictors, while city-level and miscellaneous utility have moderate significance, but housing complex-level utility lacks statistical significance.

This study addresses a research gap in privately developed affordable housing in Kolkata, enhancing understanding of buyer preferences in this segment.

The study aims to assess the effectiveness of prevailing methods for quantifying physical climate risks. Its goal is to evaluate their utility in guiding financial decision-making within the real estate industry. Whilst climate risk has become a pivotal consideration in transaction and regulatory compliance, the existing tools for risk quantification frequently encounter criticism for their perceived lack of transparency and comparability.

We utilise a sequential exploratory mixed-methods analysis to integrate qualitative aspects of underlying tool characteristics with quantitative result divergence. In our qualitative analysis, we conduct interviews with companies providing risk quantification tools. We task these providers with quantifying the physical risk of a fictive pan-European real estate portfolio. Our approach involves an in-depth comparative analysis, hypothesis tests and regression to discern patterns in the variability of the results.

We observe significant variations in the quantification of physical risk for the pan-European portfolio, indicating limited utility for decision-making. The results highlight that variability is influenced by both the location of assets and the hazard. Identified reasons for discrepancies include differences in regional databases and models, variations in downscaling and corresponding scope, disparities in the definition of scores and systematic uncertainties.

The study assists market participants in comprehending both the quantification process and the implications associated with using tools for financial decision-making.

To our knowledge, this study presents the initial robust empirical evidence of variability in quantification outputs for physical risk within the real estate industry, coupled with an exploration of their underlying reasons.

This paper aims to empirically investigate the effect of facility–maintenance service quality on tenants’ satisfaction and their subsequent willingness to pay higher rent in the National Capital Region (NCR), India.

The data for this study was collected from 1,692 tenants in NCR, India. SmartPLS4.0 was used to analyze the data using structured equation modeling.

The study findings indicate that all parameters of facility–maintenance service quality (tangibles, service personnel quality and empathy) positively impact tenants’ satisfaction. Further, satisfied tenants are willing to pay higher rentals. In addition, customer satisfaction partially mediates the relationship between facility–maintenance service quality and willingness to pay higher rent.

The study extends evidence-based research in the service industry to provide empirical evidence that facility–maintenance service quality positively impacts customer satisfaction in real estate settings in emerging markets (India). This research will guide future researchers to explore other dimensions to support evidence-based research in real estate settings.

Based on the data collected online after personal interaction in residents’ meetings, the study findings provide significant insights for stakeholders such as policymakers, practitioners, landlords, associations and builders. With rising housing demand because of rural migrations toward urban or metro locations coupled with the government’s inability to expand the infrastructure simultaneously, the government has enhanced the role of public–private partnership (PPP) in housing development. The findings will help policymakers incorporate the service angle into key performance indicators in PPP contracts. Additionally, with rising competition in the housing sector, understanding these factors will help landlords and resident associations improve service quality standards, thus enhancing the residential societies’ word-of-mouth publicity and attracting high-paying residents.

To the best of author’s knowledge, this is a pioneer study to empirically investigate the impact of facility–maintenance service quality standards on tenants’ satisfaction and willingness to pay higher rent in a residential setting in India.