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Article
Publication date: 25 April 2024

Muhammad Tariq, Muhammad Azam Khan and Niaz Ali

This study aims to investigate the effect of monetary policy on housing prices for US economy. It specifically examines whether nominal or real interest rates are the key drivers…

Abstract

Purpose

This study aims to investigate the effect of monetary policy on housing prices for US economy. It specifically examines whether nominal or real interest rates are the key drivers behind fluctuations in housing prices in US.

Design/methodology/approach

Monthly data from January 1991 to July 2023 and various appropriate analytical tools such as unit root tests, Johansen’s cointegration test, vector error correction model (VECM), impulse response function and Granger causality test were applied for the data analysis.

Findings

The Johansen cointegration findings reveal the presence of a long-term relationship among the variables. VECM results indicate a negative correlation between nominal and real interest rates and housing prices in both the short and long terms, suggesting that a strict monetary policy can help in controlling the housing price increase in the USA. However, housing prices are more responsive to changes in nominal interest rates than to real interest rates. Additionally, the study reveals that the COVID-19 pandemic contributed to the upsurge in housing prices in the USA.

Originality/value

This study contributes by examining the role that nominal or real interest rates play in shaping housing prices in the USA. Moreover, given the recent significant upsurge in housing prices, this study presents a unique opportunity to investigate whether these price increases are influenced by the Federal Reserve's monetary policy decisions regarding nominal or real interest rates. Additionally, using monthly data, this study provides a deeper understanding of the fluctuations in housing prices and their connection to monetary policy tools.

Details

International Journal of Housing Markets and Analysis, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 30 April 2024

Samson Edo and Osaro Oigiangbe

The purpose of this study is to empirically investigate how external debt vulnerability has affected the economy of emerging countries over time, with particular reference to…

Abstract

Purpose

The purpose of this study is to empirically investigate how external debt vulnerability has affected the economy of emerging countries over time, with particular reference to Sub-Saharan African countries. It also deals with the policy issues associated with the economic effects.

Design/methodology/approach

The techniques of dynamic ordinary least squares and fully modified ordinary least squares are used in this investigation, covering the period 1990–2022. A panel of 43 Sub-Saharan African countries is used in the study.

Findings

The estimation results reveal that external debt vulnerability impacted negatively on economic growth, thus validating the concerns raised about the debt problem in Sub-Saharan Africa. Furthermore, the results revealed that domestic credit and openness of economy played a passive role and were therefore unable to cushion the adverse effect of debt vulnerability. Capital stock, however, stands out as the only variable that played a significant positive role in facilitating economic growth. The results are considered to be highly reliable for short-term forecast of economic growth and formulation of relevant policies.

Originality/value

Over the years, economic analysts and stakeholders have expressed concern about the inadequate ratio of foreign reserves to external debt in developing countries. The effect of this external debt vulnerability on the economy of these countries has yet to be given sufficient attention by researchers. In view of this perceived void, this current study is carried out to determine the economic and policy consequences of the problem.

Details

Journal of Financial Economic Policy, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 22 September 2022

Rafiq Ahmed, Hubert Visas and Jabbar Ul-haq

This study aims to explore the impact of oil prices on housing prices using Pakistani annual data from 1973 to 2021.

Abstract

Purpose

This study aims to explore the impact of oil prices on housing prices using Pakistani annual data from 1973 to 2021.

Design/methodology/approach

The Augmented Dickey–Fuller (ADF) and Phillips–Perron (PP) tests were used for unit-root testing, whereas the johansen-juselius test was used for cointegration. For the short-run, the error correction model is used and the robustness of the model is checked using the dynamic ordinary least squares (DOLS) and fully modified OLS (FMOLS). The cumulative sum (CUSUM) and CUSUM of Squares tests were used to check the stability of the model, while parameter instability was confirmed by the Chow breakpoint test. Finally, the impulse response function was used for causality.

Findings

According to the findings, rising oil prices, among other things, have an impact on housing prices. Inflation is the single most important factor affecting not only the housing sector but also the entire economy. Lending and exchange rates have a significant impact on housing prices as well. The FMOLS and DOLS results suggest that the OLS results are robust. According to the variance decomposition model, housing prices and oil prices are bidirectionally related. The Government of Pakistan must develop a housing policy on a regular basis to develop the country’s urban housing supply and demand.

Practical implications

It is suggested that in Pakistan, the rising oil prices is a problem for the housing prices as well as many other sectors. The government needs to explore alternative ways of energy generation rather than the heavy reliance on imported oil.

Originality/value

Pakistan has been experiencing rising oil prices and housing prices with the rapid urbanisation and rural–urban migration. The contribution to the literature is that neither attempt (as to the best of the authors’ knowledge) has been made to check the impact of rising oil prices on housing sector development in Pakistan.

Details

International Journal of Housing Markets and Analysis, vol. 17 no. 2
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 19 September 2023

Smitha Girija, Devika Rani Sharma, Thorani Yeediballi and Chudamani Sriramneni

Co-working spaces bundle all real estate services into a package and leverage shared economy trend to create new opportunities for growth. This sector is anticipated to expand…

Abstract

Purpose

Co-working spaces bundle all real estate services into a package and leverage shared economy trend to create new opportunities for growth. This sector is anticipated to expand significantly due to changes in mobility and office design driven by the development of remote or hybrid work settings. The current study attempts to identify key motivating factors for users in emerging economies in choosing co-working spaces.

Design/methodology/approach

Using analytic hierarchy process (AHP) methodology and the self-determination theory framework, a total of 4 criteria-level factors, along with 13 sub-criteria level factors were identified as key motivators for adapting to co-working spaces.

Findings

The study highlights a few factors and their relative importance, which could help firms/organizations to start or offer co-working spaces within emerging economies.

Originality/value

The study contributes to literature by advancing the understanding of key motivators for users of co-working spaces within the ambits of emerging economies. In the process, the authors enlist a few factors vis-à-vis their relative importance, which could help firms/organizations to start or offer co-working spaces within emerging markets.

Details

Property Management, vol. 42 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Article
Publication date: 29 December 2023

Parvathy S. Nair and Atul Shiva

The study explored various dimensions of overconfidence bias (OB) among retail investors in Indian financial markets. Further, these dimensions were validated through formative…

Abstract

Purpose

The study explored various dimensions of overconfidence bias (OB) among retail investors in Indian financial markets. Further, these dimensions were validated through formative assessments for OB.

Design/methodology/approach

The study applied exploratory factor analysis (EFA) to 764 respondents to explore dimensions of OB. These were validated with formative assessments on 489 respondents by the partial least square path modeling (PLS-PM) approach in SmartPLS 4.0 software.

Findings

The major findings of EFA explored four dimensions for OB, i.e. accuracy, perceived control, positive illusions and past investment success. The formative assessments revealed that positive illusions followed by past investment success among retail investors played an instrumental role in orchestrating the OBs that affect investment decisions in financial markets.

Practical implications

The formative index of OB has several practical implications for registered financial and investment advisors, bank advisors, business media companies and portfolio managers, besides individual investors in the domain of behavioral finance.

Originality/value

This research provides a novel approach to provide a formative index of OB with four dimensions. This formative index can acts as an overview for upcoming researchers to investigate the OB of retail individual investors.

Highlights

  1. Overconfidence bias is an important predictor of retail investors' behavior

  2. Formative dimensions of the overconfidence bias index.

  3. Accuracy, perceived control, positive illusions and past investment success are important dimensions of overconfidence bias.

  4. Modern portfolio theory and illusion of control theory support this study.

Overconfidence bias is an important predictor of retail investors' behavior

Formative dimensions of the overconfidence bias index.

Accuracy, perceived control, positive illusions and past investment success are important dimensions of overconfidence bias.

Modern portfolio theory and illusion of control theory support this study.

Details

Managerial Finance, vol. 50 no. 5
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 28 July 2023

Mohammad Omar Aburumman, Rateb Sweis and Ghaleb J. Sweis

The construction industry sector is developing rapidly, especially with the increasing pace of the Fourth Industrial Revolution in this sector. Construction projects can benefit…

Abstract

Purpose

The construction industry sector is developing rapidly, especially with the increasing pace of the Fourth Industrial Revolution in this sector. Construction projects can benefit from greater integration and collaboration between their technologies and processes to reap the advantages and keep pace with the recent significant technological and managerial techniques developments. Therefore, this study aims to delve into and investigate building information modeling (BIM) and Lean Construction (L.C.) with a concentration on the potential BIM–lean interactions synergy and integration in the Jordanian construction industry.

Design/methodology/approach

This study takes exploratory nature, followed by the deductive research approach, and is designed to be a mono-quantitative research methodology. Moreover, the sampling technique is non-probability convenience sampling, and the research strategy is implemented through a questionnaire used and analyzed by using Statistical Package for Social Science to conduct descriptive and inferential statistical analysis and verify the reliability and validity through proper tests.

Findings

The BIM–lean interactions synergy and integration findings revealed that eliminating waste (time, cost, resources), promoting continuous improvement (Kaizen) and standardizing as lean construction principles are the most significant and agreeable toward achieving BIM–lean interactions synergy. On the other hand, “High 3D Visualization Modelling” was the most significant BIM function, followed by “Rapid and Auto-Generation of Documents and Multiple Design Alternatives” and “Maintenance of Information and Design Model Integrity.” Moreover, based on the relative importance index (RII) values, “Lack of Technical Expertise in BIM-LEAN” is the most significant challenge with a 0.89 value of RII, followed by “Lack of Government Direction and Standard Guidelines” with a 0.88 value of RII and “Financial considerations” with a 0.83 value of RII.

Originality/value

This study will help provide a new detailed overview that investigates the effects and expected benefits of integrating BIM processes and technological functionalities with lean construction principles within a synergetic environment. Moreover, the study will increase the awareness of using new technologies and management approaches in the architectural, engineering and construction industry, seeking to achieve integration between these technologies to reach ideal results in terms of the outputs of construction operations.

Details

International Journal of Lean Six Sigma, vol. 15 no. 2
Type: Research Article
ISSN: 2040-4166

Keywords

Article
Publication date: 26 March 2024

Seunghee Lee and Suk-Kyung Kim

This study examines the impact of outdoor environments in public rental housing complexes on residents’ psychological restoration, taking into account the interconnectedness of…

Abstract

Purpose

This study examines the impact of outdoor environments in public rental housing complexes on residents’ psychological restoration, taking into account the interconnectedness of physical and psychological factors in human health. Drawing on Kaplan and Kaplan’s Attention Restoration Theory and Ulrich’s Supportive Design Theory, the research investigates the factors influencing residents’ psychological restoration within these outdoor spaces.

Design/methodology/approach

The Perceived Restorativeness Scale (PRS), which is based on the Attention Restoration Theory and the Zuckerman Inventory of Personal Reactions (ZIPERS) are used to assess residents’ restorative experiences. Field research was conducted to collect data on the outdoor environments, and surveys were administered to the residents. The study analyzes the data using SPSS, including both factor and correlation analyses, to explore the relationship between the restorative effect and emotional factors.

Findings

The study verified a significant influence of positive emotions in ZIPERS on PRS’ overall restorative effect, thus supporting the utilization of both PRS and ZIPERS factors together to assess comprehensively the impact of outdoor environments on residents’ psychological restoration.

Originality/value

By employing a multidimensional approach involving residents’ experiences and emotions, this study quantified emotional and psychological data, which were hard to quantify. These results provide a basis for developing more objective restoration environment design guidelines and programs in the future.

Details

Archnet-IJAR: International Journal of Architectural Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2631-6862

Keywords

Article
Publication date: 5 April 2024

Ather Azim Khan, Muhammad Ramzan, Shafaqat Mehmood and Wing-Keung Wong

This paper assesses the environment of legitimacy by determining the role of institutional quality and policy uncertainty on the performance of five major South Asian stock…

Abstract

Purpose

This paper assesses the environment of legitimacy by determining the role of institutional quality and policy uncertainty on the performance of five major South Asian stock markets (India, Pakistan, Bangladesh, Sri Lanka, and Nepal) using 21 years data from 2000 to 2020. The focus of this study is to approach the issue of the environment of legitimacy that leads to sustained market returns.

Design/methodology/approach

Panel cointegration tests of Kao and Pedroni are applied, and the Dynamic Panel Vector Autoregressive (PVAR) model is used to determine the estimates.

Findings

ADF P-Values of both Kao and Pedroni tests show that the panels are cointegrated; the statistical significance of the results of the Kao and Pedroni panel cointegration test confirms cointegration among the variables. After determining the most appropriate lag, the analysis is done using PVAR. The results indicate that institutional quality, policy uncertainty, and GDP positively affect stock market return. Meanwhile, government actions and inflation negatively affect stock market returns. On the other hand, stock market return positively affects institutional quality, government action, policy uncertainty, and GDP. While stock market return negatively affects inflation.

Research limitations/implications

The sample is taken only from a limited number of South Asian countries, and the period is also limited to 21 years.

Practical implications

Based on our research findings, we have identified several policy implications recommended to enhance and sustain the performance of stock markets.

Originality/value

This paper uses a unique analytical tool, which gives a better insight into the problem. The value of this work lies in its findings, which also have practical implications and theoretical significance.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

Article
Publication date: 21 December 2023

Rahul Priyadarshi

The countryside population has always been depended on the revenues earned from agricultural yields. These yields often suffer losses in the absence of coordination guidelines in…

Abstract

Purpose

The countryside population has always been depended on the revenues earned from agricultural yields. These yields often suffer losses in the absence of coordination guidelines in the post-yield supply chains (PYSC). This study aims to identify, address and mitigate the post-yield supply chain impediments (PYSCIs) that lead to enormous amounts of waste and revenue losses. These are the parameters that require government and stakeholders’ attention for alleviation from losses.

Design/methodology/approach

Structural equation modelling (SEM) was performed to categorise the identified PYSCIs as “standard measures”. The motive for SEM results is to attract the stakeholders’ attention toward PYSCIs for business sustainability. The PYSCIs were clustered into three “standard measures” (i.e. strategic, tactical and operational measures) for revenue generation and reduced fresh produce spoilage in the countryside.

Findings

The SEM results suggest that the focus should be on revising minimum support prices and government support for initiatives, subsidy schemes and incentives at the strategic level. Tactical initiatives focus on linking markets including exports, research and development, attitude towards certification, value addition process adoption and reduced number of stages in the supply chain. The operational initiatives are attitudes towards agriculture and entrepreneurship, transportation infrastructure, supply chain coordination, information visibility, scientific design for packaging and handling and storage space availability for both long and short term at the village level.

Research limitations/implications

This study was performed in India; thus, the research outcomes of this study are restricted to adaption into the developing sub-continents with sub-tropical climates.

Practical implications

The existing level of losses in the PYSC demands introspection and policy changes at the farm level. In the era of cold chains, the Internet of Things, and other advanced mechanisms, a few elementary parameters must be worked upon to reduce PYSC losses. These parameters were identified as impediments to PYSC, requiring public, government and stakeholders’ attention. There is an urgent need for guidelines to be issued to mitigate losses. SEM was performed to attract the public, government and stakeholders’ attention toward impediments to fresh produce spoilage, opportunity generation and business sustainability.

Originality/value

This study uses a novel SEM approach where the PYSCIs were identified and empirically validated in an Indian context. The SEM approach will help in effective decision-making. Similar studies to manage the PYSCIs to reduce fresh produce spoilage with standard measures have not been reported in the literature.

Details

Journal of Global Operations and Strategic Sourcing, vol. 17 no. 1
Type: Research Article
ISSN: 2398-5364

Keywords

Article
Publication date: 26 March 2024

Richard John Boulton, Lia Louise Boulton and Michael John Boulton

High levels of interior water vapour lead to condensation and black mould that in turn represent significant risks to residential properties and their occupants. Beliefs about…

Abstract

Purpose

High levels of interior water vapour lead to condensation and black mould that in turn represent significant risks to residential properties and their occupants. Beliefs about window opening are good predictors of the degree to which householders will actually open windows to purge their homes of water vapour, including water vapour that they themselves generate. The present study tested if a short information-giving intervention could enhance householders’ beliefs that foster window opening as purge ventilation and, in turn, lead to greater window opening.

Design/methodology/approach

Data were collected from 242 UK householders with robust psychometrically sound measures embedded in an online self-report survey that also presented the intervention information.

Findings

The intervention led participants, and males in particular, to have significantly greater concerns about condensation and mould and significantly less concerns about heat loss costs arising from opening windows, and these altered beliefs in turn predicted a greater intention to open windows in the future.

Practical implications

By sharing simple information, surveyors and other building professionals can help householders take the simple step of opening their windows and so reduce the threats that condensation and mould present to themselves and their homes.

Originality/value

This is the first study to test (1) a time-based model that predicted the intervention would have a positive effect on specific window opening attitudes and that those new attitudes would in turn affect window opening intentions, and (2) if the intervention had different effects on men and women.

Details

International Journal of Building Pathology and Adaptation, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2398-4708

Keywords

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