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1 – 3 of 3Evangelos Vasileiou, Elroi Hadad and Georgios Melekos
The objective of this paper is to examine the determinants of the Greek house market during the period 2006–2022 using not only economic variables but also behavioral variables…
Abstract
Purpose
The objective of this paper is to examine the determinants of the Greek house market during the period 2006–2022 using not only economic variables but also behavioral variables, taking advantage of available information on the volume of Google searches. In order to quantify the behavioral variables, we implement a Python code using the Pytrends 4.9.2 library.
Design/methodology/approach
In our study, we assert that models relying solely on economic variables, such as GDP growth, mortgage interest rates and inflation, may lack precision compared to those that integrate behavioral indicators. Recognizing the importance of behavioral insights, we incorporate Google Trends data as a key behavioral indicator, aiming to enhance our understanding of market dynamics by capturing online interest in Greek real estate through searches related to house prices, sales and related topics. To quantify our behavioral indicators, we utilize a Python code leveraging Pytrends, enabling us to extract relevant queries for global and local searches. We employ the EGARCH(1,1) model on the Greek house price index, testing several macroeconomic variables alongside our Google Trends indexes to explain housing returns.
Findings
Our findings show that in some cases the relationship between economic variables, such as inflation and mortgage rates, and house prices is not always consistent with the theory because we should highlight the special conditions of the examined country. The country of our sample, Greece, presents the special case of a country with severe sovereign debt issues, which at the same time has the privilege to have a strong currency and the support and the obligations of being an EU/EMU member.
Practical implications
The results suggest that Google Trends can be a valuable tool for academics and practitioners in order to understand what drives house prices. However, further research should be carried out on this topic, for example, causality relationships, to gain deeper insight into the possibilities and limitations of using such tools in analyzing housing market trends.
Originality/value
This is the first paper, to the best of our knowledge, that examines the benefits of Google Trends in studying the Greek house market.
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Keywords
David M. Herold, Lorenzo Bruno Prataviera and Katarzyna Nowicka
During the supply chain disruptions caused by COVID-19, logistics service providers (LSPs) have invested heavily in innovations to enhance their supply chain resilience…
Abstract
Purpose
During the supply chain disruptions caused by COVID-19, logistics service providers (LSPs) have invested heavily in innovations to enhance their supply chain resilience capabilities. However, only little attention has been given so far to the nature of these innovative capabilities, in particular to what extent LSPs were able to repurpose capabilities to build supply chain resilience. In response, using the concept of exaptation, this study identifies to what extent LSPs have discovered and utilized latent functions to build supply chain resilience capabilities during a disruptive event of high impact and low probability.
Design/methodology/approach
This conceptual paper uses a theory building approach to advance the literature on supply chain resilience by delineating the relationship between exaptation and supply chain resilience capabilities in the context of COVID-19. To do so, we propose two frameworks: (1) to clarify the role of exaptation for supply chain resilience capabilities and (2) to depict four different exaptation dimensions for the supply chain resilience capabilities of LSPs.
Findings
We illustrate how LSPs have repurposed original functions into new products or services to build their supply chain resilience capabilities and combine the two critical concepts of exploitation and exploration capabilities to identify four exaptation dimensions in the context of LSPs, namely impeded exaptation, configurative exaptation, transformative exaptation and ambidextrous exaptation.
Originality/value
As one of the first studies linking exaptation and supply chain resilience, the framework and subsequent categorization advance the understanding of how LSPs can build exapt-driven supply chain resilience capabilities and synthesize the current literature to offer conceptual clarity regarding the varied implications and outcomes linked to the repurposing of capabilities.
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Giuseppe Nicolò, Giovanni Zampone, Giuseppe Sannino and Paolo Tartaglia Polcini
This study aims to investigate the relationship between corporate sustainable development goals (SDGs) disclosure and analyst forecast quality.
Abstract
Purpose
This study aims to investigate the relationship between corporate sustainable development goals (SDGs) disclosure and analyst forecast quality.
Design/methodology/approach
The study focuses on a sample of 95 Italian-listed companies preparing the mandatory non-financial declaration (NFD) according to the Global Reporting Initiative (GRI) standards over a five-year period (2017–2021), corresponding to an unbalanced sample of 438 observations. Analyst forecast quality was proxied by earnings forecast accuracy (FA) and earnings forecast dispersion (FD), built on data retrieved from the Refinitiv database. A manual content analysis was performed on NFDs to derive an SDG disclosure score (SDGD) for each sampled company.
Findings
This study provides empirical evidence suggesting that voluntary SDG disclosure matters to the capital market in that it helps enhance the information environment of companies, evidenced by improved analyst forecast quality. In particular, this study highlighted that SDG disclosure positively influences analyst FA while negatively affecting analyst FD.
Research limitations/implications
This study focuses on the Italian context, which has idiosyncratic characteristics regarding the structure of the financial market, the composition of corporate ownership and experience in non-financial reporting practices.
Practical implications
This study indicates to corporate managers that following GRI standards may represent the right way to better integrate SDG disclosure in corporate non-financial reports and increase the relevance of such information for investors and other capital market participants.
Originality/value
To the best of the authors’ knowledge, this is the first study that empirically examines the association between SDG disclosure and analyst forecast quality.
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