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This paper examines whether technological changes that promote communications between investors and managers help bridge the gap in the cost of equity capital among firms in different regions.

We use the online interaction platforms of listed firms in China and utilize brokerage presence (BP) to capture the geographic distribution of financial factors. We explore whether online interactions would reduce the cost of equity to a greater extent for firms located in low brokerage presence regions (hereafter “low-BP firms”) than those in high brokerage presence regions (hereafter “high-BP firms”).

We find low-BP firms benefit more from an improved information environment created by online interactions. We also find that posts about low-BP firms are more value-relevant and useful in processing corporate disclosures. Further, a higher number of interactions significantly enhances more informational efficiency for low-BP firms, and the effect of reducing the gap in financing costs is more pronounced when corporate information is complex.

We conclude that online interactions alleviate geography-induced information frictions and create a relatively level playing field for firms located in all regions.

Analyst team forecasts are the most frequent form of earnings expectations available to investors, with teams issuing more than 70% of research reports in 2016. Prior research provides differing evidence on whether analyst teams issue higher or lower quality forecasts than individual analysts.

I use a sample of more than 17,000 hand-collected analyst reports representing 7,586 forecasts from 89 companies in three industries from 1994–2005.

I document that analyst teams benefit from an assembly bonus, and issue more accurate forecasts than individual analysts only in time periods when teams would be expected to benefit from an assembly bonus.

I outline multiple factors within the control of brokerage houses that impact teams’ relative forecast quality, such as the number of members in the team, how long the team has worked as a unit and the costliness of integrating information when forming a forecast.

Given the preponderance of analyst teams and the strength of market reaction to their forecasts, it is valuable to document factors both in the past and present likely to affect analyst teams’ relative forecast accuracy.

The purpose of this paper is to analyze if gained trust is intrinsically motivating and whether it is correlated to subjective person-job fit and occupational turnover intentions among Swedish real estate brokers.

The empirical data was gathered via a survey targeting all real estate brokers in Sweden and analyzed using structural equation modeling.

The results indicated that brokers are motivated by gained trust from their sellers and that gained trust is a vital part of person-job fit among brokers. In addition, the results show that higher levels of person-job fit reduce the occupational turnover intentions among brokers.

Being a real estate broker in Sweden might differ from being a broker in many other otherwise comparable countries. Another limitation is the lack of measurements of job satisfaction and/or intrinsic motivation connected to other job characteristics besides customer relations and gained trust. The high mean values of person-job fit, and intrinsic motivation connected to gained trust from customers are contributing to a more nuanced description of brokerage.

This study gives insights about intrinsic motivation and its connection to person-job fit. Awareness of what drives brokes can be used by both workers and managers to reduce occupational turnover.

This study is interesting from a person-job fit theory advancement perspective since the focus is given to the connection between specific situational work characteristics and person-job fit.

The paper aims is to see why social conflict caused by class segregation did not occur in Gading Serpong? What factors prevent conflict from occurring? This research seeks to find the causes of the nonoccurrence of social conflict due to class segregation in the Gading Serpong cluster area and explore the factors that restrain conflict there.

This research is qualitative research with data collection techniques through in-depth interviews with several parties identified as brokerages in the research object area. In this context, one of the media and analytical tools is to recognize agents or brokers who connect two groups of people. Brokerage occurs in sectors, patterns or forms of informal, personal relationships; to understand it, one must pay close attention to micro-level relationships and social psychological processes. However, brokerage can have a significant impact on macro-level social relations, as it is generally associated with social integration processes.

The lack of involvement of developers in overcoming social conflicts that occur between Gading Serpong natives and migrants in Gading Serpong housing has given rise to new actors. These new actors are what we can call brokers, where they have a role as brokers who are able to connect between migrants and natives in the Gading Serpong area. The broker phenomenon is actually familiar in academia, where in practice the broker acts as someone who is able to find solutions to problems. The broker is the reason even social segregation is created between migrant citizens and native citizens in Gading Serpong but never becomes a conflict between them.

Even if the brokerage phenomenon is the reason why there is no conflict over social segregation brokerage is not the only factor in this nonconflict segregation. Therefore, to cover the larger area of these suburban segregation problems, there must be further research on this topic.

The practical implication of this research is to encourage the housing developers that create urban housing, such as clusters or other gated communities, to evaluate the social factors, such as potential segregation and conflict management. Also to encourage the developers to get involved and create some social engineering systems, like brokerage, market and other social agents, to create some nonconflict segregation or even more inclusive communities.

This research is uncovering the main reason why social segregation between migrant and native people in Gading Serpong, which could potentially lead to conflict, is never a conflict. The main reason is social actors like brokerage.

The purpose of this paper is to demonstrate how network theory and methods can provide insights into the forces shaping architectural learning agendas and knowledge construction in architectural schools.

The methodology involves conceptualising learning as a constructivist process and the agenda as an interconnected network of actors, concepts and relations. Network analysis techniques, including centrality and brokerage metrics, are used to identify roles and knowledge flows using the data locally collected from Turkish universities as well as from the OpenSyllabus open-source database.

The analysis reveals the enduring influence of early modernists, signalling imbalanced canon formation in the architectural learning system. However, marginal voices highlight struggles in integrating unconventional perspectives. Limited integration of local figures indicates a consolidation of Eurocentric epistemes. Identifying these hidden forces is vital for reimagining learning agendas and socio-culturally engaged forms of learning. Pioneering figures demonstrate potential for synthesis when situated as brokers, not bifurcated schools.

The outcomes are limited by the geographical and temporal boundaries of the data and the analysis method employed. Despite limitations, the diagnostic network framework reveals architectural learning as an open, contested ecosystem demanding pluralistic pedagogies concerning not only the global but the local, both canonical and marginal. Further research covering more data could enrich the understanding of qualitative complexities.

The network perspective prompts critical reflexivity about power, ideology and exclusion in knowledge construction. Strategic inclusion and diversification of voices provide pathways to bridge divides and ground learning locally.

This research offers a methodology model to examine forces and influences shaping architectural education by elucidating hidden and remote roles and knowledge gaps in learning agendas. Extending the techniques more widely can enable strategic interventions toward inclusive, impactful learning across disciplines, time and geographies.

In this study, we examine the influence of a firm’s environmental, social, and governance (ESG) performance on analysts’ stock recommendations and earnings forecast accuracy in the Chinese context.

We take a textual analysis approach to analyst research reports issued between 2010 and 2019, and differentiate between two distinct analyst categories: “sustainability analysts,” which refer to those more inclined to incorporate ESG information into their analyses, and “other analysts.”

Our evidence indicates that sustainability analysts tend to be significantly more likely than others to provide positive stock recommendations and demonstrate enhanced accuracy in forecasting earnings for companies with superior ESG performance. Our additional analyses reveal that this finding is particularly prominent for analysts who graduated from institutions emphasizing the protection of the environment, those recognized as star analysts, those affiliated with ESG-oriented brokerages, and forecasts made by analysts in the later part of the sample period. Our findings further indicate that sustainability analysts exhibit a more pronounced negative response when confronted with a negative ESG event.

In general, the evidence from this study reveals the interplay between ESG factors and analyst behavior, offering valuable implications for both financial analysts and sustainable investment strategies.

The study aimed to determine the impact rate of the COVID-19 pandemic on Vietnam’s commercial housing demand as compared to other factors and proposes several policies to increase housing demand as a result of the pandemic.

The study randomly investigated 400 homebuyers during the COVID-19 pandemic. The structural equation model, SPSS20.0 and AMOS24.0 software were used to determine the impact of factor groups on housing demand.

The COVID-19 pandemic has a second impact after housing prices on commercial housing demand, followed by 10 other factors. The impact rates of factors range from 3.45% to 15.74%.

The study has only determined the extent of the impact of the COVID-19 pandemic on housing demand in Hanoi city, so it is necessary to continue to study this issue in other provinces and cities of Vietnam. The proposed research method would be consulted when it is necessary to determine the factors affecting housing demand in other countries around the world.

The study proposes some implications related to commercial housing demand in the context of the COVID-19 pandemic such as fighting the epidemic, supporting housing investors; reducing loan interest rates; increasing the time to pay for housing; supporting enterprises to stabilize production; strengthening real estate brokerage and carrying out administrative procedures online.

Investors and the State can use the implications to make the right housing decisions to provide housing for people and maintain social stability.

To the best of the authors’ knowledge, this paper presents for the first time a method to determine the impact of the COVID-19 pandemic on commercial housing demand in Vietnam. The paper also points out some specific factors affecting commercial housing demand that are different from those shown in previous research.

This study aims to investigate the relationship between market share and rent levels to understand the supply structure in the Japanese private rental housing market.

The study calculates the municipal-level market share of a dominant rental housing operator in Japan and ascertained the overall market rent and the dominant operator’s rent premium at the municipal level by using a major web portal’s listing data of rental houses.

The study shows that, as market share increased, overall market rent tends to decrease, and analyzed by market share, there is no significant difference between the rent of the dominant operator and the overall market rent.

The results of the study suggest that dominant operators may have lowered the rent of their own property to prioritize filling vacancies, which, in turn, causes the overall level of market rent to decline. This is an outcome of rental housing operators’ strategy to maximize long-term rental income under sublease contracts with individual owners, which ensures stable rental income for owners regardless of the occupation status of the apartments.

Previous research on regional monopolies in mortgage sales and brokerage businesses in the USA implies that rental housing operators in a position of great influence over the market can control and keep the market rents at high levels, that is, at large costs for consumers. The findings of the study are novel in showing the inverse relationship in the Japanese private rental market.

This study aims to investigate the influence of inventors’ abilities to acquire external knowledge, provide broad and professional knowledge and patenting output (i.e. different types of inventors) on the formation of structural holes.

The authors collected 59,798 patents applied for and granted in the USA by 33 of the largest firms worldwide in the pharmaceutical industry between 1975 and 2014. A random-effects tobit model was used to test the hypotheses.

The inventors’ ability to acquire external knowledge contributes to the formation of structural holes. While inventors’ ability to provide broad knowledge positively affects the formation of structural holes, their ability to provide professional knowledge works otherwise. In addition, key inventors and industrious inventors are more likely to form structural holes than talents.

The results identify individual factors that affect the formation of structural holes and improve the understanding of structural hole theory. This study is unique in that most scholars have studied the consequences of structural hole formation rather than their antecedents. Studies on the origin of structural holes neglect the effect of inventors’ knowledge abilities and patenting output. By addressing this gap, this study contributes to a more comprehensive theoretical understanding of structural holes. The results can guide managers in managing structural holes in accordance with inventors’ knowledge abilities and patenting outputs, which optimize the allocation of network resources.

This study reviews the teaching of real estate in the USA for the first 100 years after the foundational curriculum was laid down in 1923 by three key institutions: the National Association of Real Estate Boards (NAREB), the Institute for Research in Land Economics and Public Utilities (The Institute) and the American Assembly of Collegiate Schools of Business (AACSB). Its line of investigative pursuit is the persistent lamentation by American real estate scholars that real estate is not getting the respect it deserves as an academic discipline compared to its peers in the school of business such as accounting, finance and marketing. The study addresses a fundamental question: What is the cause of this endless “search for a discipline”? This is motivated by the belief that identification of the root cause of this “search for a discipline” will lead to the requisite solution: the intellectual foundation of the real estate discipline.

The study used qualitative document analysis to review two primary documents published in 1959 as reports on business education in the USA: (1) Higher Education for Business, financed and sponsored by the Ford Foundation, and (2) The Education of American Businessmen – financed and sponsored by the Carnegie Corporation of New York. The impacts of the publications on the teaching of real estate to date have been reviewed in the context of scholarly actions and literature that has been generated in relation to the two documents.

The two primary documents impacted negatively on the teaching of real estate. The committee members who produced the two reports had indicated that real estate did not fit into the business curriculum hence should not be taught in business school. This conclusion led to unintended negative outcomes for real estate education. The negative impact of the reports arose principally because the teachers of real estate misinterpreted the outcome to mean that they should tweak the real estate curriculum to fit in the pedagogical framework of the business school. This reaction is responsible for perpetuating the identity crisis that has plagued real estate as an academic discipline since its inception as a subject of study in 1923. Secondly, at the inception of the real estate education in 1923, while the AACSB accepted real estate as a discipline in the school of business, Richard T. Ely wrote the curriculum under land economics which has led to the persistent collegiate dilemma regarding the teaching of the discipline.

The study sheds light on the situation of business education in the USA and AACSB-accredited colleges internationally. It draws attention to the incoherent body of knowledge of business education and will help schools of business to redesign their curricula to include course contents that rightly reflects the business oriented academic disciplines.

The study is timely as it has been done 100 years since the development of the first standard collegiate real estate curriculum following the 1923 conference at Madison. The study has reviewed the first 100 years in terms of the persistent quest: “in search of a discipline”. In so doing, it has uncovered the root cause of this search during the first centennium; and to end the search, it proposes that real estate should not be taught as a business discipline.