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The purpose of this paper is to investigate the role of distinct types of heating technology and their price impact in German residential real estate markets, considering a wide range of other housing market determinants. The authors aim to test and to verify specifically, whether the obsolescence of heating technology leads to a significant price discount and whether higher technological standards (and environmental friendliness) come with a price premium on the market.

The authors create housing market models for rental and sales segments by constructing generalized additive models with explicit multi-layered spatial components. To elaborate a profound and contemporary answer using these models, the authors perform large-sample regression analyses based on more than 400,000 observations covering German residential properties in 2015.

First and foremost, the heating system indeed shows significant explanatory importance for measuring housing rents and purchasing price. Second, the authors find that it makes a difference whether clean “green” technologies are implemented or whether “brown” systems with obsolete technology or fossil energy sources is on hand. Ultimately, the authors conclude that while low energy consumption indeed comes with a price premium, this needs to be interpreted together with the property’s heating type, as housing markets seem to outweigh the “green premium” by “brown discounts” if low energy consumption figures are powered by a certain type of heating technology system.

Aside of a possible omitted variable bias, the main research limitation is constituted by the integration of asking prices in the analysis, as actual transaction prices are not systematically transparent on national level in Germany. Limitations are discussed at the end of the paper.

This work supports investors who face the challenge of making environmental- and energy-related decisions as well as appraisers who deliver financial fundamentals for such. Third, the paper supports both asset managers as well as investment strategists in argumentation pro-environmental investments beyond all ecological necessity.

This paper contributes to the current discussion on climate change and the eclectic role of real estate in this context. The authors deliver evidence on pricing effects as a measure of socioeconomic acceptance of progressive heating technology and environmental friendliness as an imperative of twenty-first century societies.

This is the first study on “green premiums” or “brown discounts” that includes heating technology as a potential and distinct driver of value and rents. It is a contemporary contribution and delivers original information on the quantitative impact of contemporary and anachronistic technology in heating to researchers as well as investors and appraisers.

The purpose of this paper is to quantify the impact of 100-year flood risk on both property rents and values in Germany, exemplified by the market of the historic city of Regensburg, and therefore supports investors in understanding market behavior patterns in both rental and investment context.

The authors construct two generalized additive models for rents and purchasing prices with spatial components and under inclusion of both typical property characteristics (as control variables) and a 100-year flood risk parameter in order to estimate its effect on the rents and property price structure. The authors apply the methodology to a four-year data set of more than 16,500 observations.

The analysis shows that flood risk is a highly significant parameter when estimating both the rent as well as the sales price model. The authors also find that purchase prices for one square meter of living area are, on average, EUR299 lower if the property is located in the flood risk zone. In addition, also rental markets come with a respective, but rather low, discount.

The authors provide transparency to investors in terms of the impact that a flood risk location has on property rents as well as purchasing prices. The study supports investors by providing evidence on reaction patterns in German real estate markets and helps quantifying the financial impact that comes with flood risk in Germany.

This is the first study that aims to empirically test and to quantify the impact of flood risk on property rents and purchasing prices in Germany. Related research has been performed for the USA, Ireland and New Zealand and largely refers to event-driven work or rather conceptual in the context of property valuation.

This study aims to analyze whether urban tourism affects Berlin housing rents. Urban tourism is of considerable economic importance for many urban destinations and has developed very strongly over the past few years. The prevailing view is that urban tourism triggers side-effects, which affect the urban housing markets through a lack of supply and increasing rents. Berlin represents Germany’s largest rental market and is particularly affected by growing urban tourism and increasing rents.

The paper considers whether urban tourism hotspots affect Berlin’s housing rents, using two hedonic regression approaches, namely, conventional ordinary least squares (OLS) and generalized additive models (GAM). The regression models incorporate housing characteristics as well as several distance-based measures. The research considers tourist attractions, restaurants, hotels and holiday flats as constituents of tourism hotspots and is based on a spatial analysis using geographic information systems (GIS).

The results can be regarded as a preliminary indication that rents are, indeed, affected by urban tourism. Rents seem to be positively correlated with the touristic attractiveness of a particular location, even if it is very difficult to accurately measure the real quantity of the respective effects of the urban tourism amenities, as the various models show. GAM outperforms the results of OLS and seems to be more appropriate for spatial analysis of rents across a city.

To the best of the authors’ knowledge, the paper provides the first empirical analysis of the effects of urban tourism hotspots on the Berlin housing market.

The purpose of this paper is to investigate the functionality and main results of the ImmoRisk tool. The aim of the project of the Federal Ministry for Transport, Building and Urban Development (BMVBS), in corporation with the Federal Institute for Research on Building, Urban Affairs and Spatial Development (BBSR), was to develop a user-friendly tool that provides a sound basis with respect to the risk situation caused by extreme weather events.

The tool calculates the annual expected losses (AEL) for different types of extreme weather hazard and the damage rate as the proportion of AEL on building value, based on a trinomial approach: natural hazard, vulnerability and the value of the property.

The paper provides property-specific risk profiles of both the present and future risk situation caused by various extreme weather events.

The approach described in the paper can serve as a model for the realization of subsequent tools in further countries bound with other climatic risks.

The real estate industry is affected by a significant rise in monetary damages caused by extreme weather events. Accordingly, the approach is suitable for implementation in the companies’ real estate risk management systems.

The tool offers homeowners a profound basis for investment decisions with regard to adaptation measures.

The approach pioneers fourfold: first, by meeting the needs of the housing and real estate industry based on a trinomial approach; second, by using a property-specific bottom-up approach; third, by offering both a comprehensive risk assessment of the hazards storms, flood and hailstorm and finally, by providing results with respect to the future climatic risk situation.

Social movements can create profound change in social systems. These movements are often, however, based on grievances and use contentious strategies to achieve their objectives. This study examines two movements that were started using Appreciative Inquiry. These “appreciative movements” are contrasted with a typical, grievance-based social movement. Five attributes of appreciative social movements are proposed, and contrasted with contentious social movements. Appreciative movements are based on aspirations, not grievances; collective responsibility, not blame; use of instead of conflict with existing social structures; collaborative instead of contentious methods of change; and co-optation by the mobilized instead of by elites. These attributes show the possibility from positive forms of mass mobilization, and highlight the potential impact from integrating research and practice on social movements and Appreciative Inquiry.

The purpose of this paper is to critically review and explore how organizations knowledgeably respond to unfavorable institutional environments that exert institutional pressures and thereby limit their decision-making and eventually their actual behavior.

Based on a thorough structuration and analysis of the literature in management and related fields, the authors present a comprehensive synthesis of organizational knowledgeable responses to institutional pressures.

Based on the review, the authors categorize organizational knowledgeable responses into three major types – passively responding to avoid non-conformity, reactively mitigating institutional pressures and proactively developing institutional environments toward less interfering setups.

The authors discuss the enabling conditions for the categorized organizational knowledgeable responses as well as limitations to their application. They identify research gaps and formulate research questions to offer promising avenues for future work. The authors expect this detailed synthesis to lay the framework for investigating how the knowledge-based view of the organization influences its knowledgeable response to institutional pressure.

The authors elaborate on distinct passive, reactive and proactive strategies, which firms can apply to cope with institutional pressures. The contribution of this study will be of relevance to practitioners managing organizations in the face of unfavorable institutional setups, as well as to policymakers engaged in the development of institutions and interacting with affected organizations.

This study provides a valuable overview on developments in institutional theory, particularly on contributions to the “nascent literature” that examines heterogeneous organizational knowledgeable responses to institutional pressures.

This paper aims to illuminate mechanisms through which memorable experiences with brands create lasting preferences. It is based on the proposition that intense positive (negative) affective consumption in the consumer’s youth creates powerful imprints, which influence brand preference (distaste) throughout life.

Autobiographical memories with Nutella are retrieved from three different user groups, i.e. heavy-, light- and non-users. The retrieved memory narratives are analysed using conditioning theory, i.e. operant, classical or no conditioning are identified and compared across groups.

The research’s central proposition is affirmed, yet the dominant form of conditioning mechanism differs per group. Operant conditioning outperforms classical conditioning in creating strong and lasting preferences. Heavy- and non-users predominantly exhibit in-tensely positive and negative operant conditioning, respectively. Light-users on the other hand recall less affectively intense consumption experiences, mainly featuring classical conditioning. The light-users’ recollections suggest a mere exposure effect to be more appropriate in describing the preference formation in this user group.

Users not having experienced affectively intense consumption, i.e. light-users, are likely to be influenced in their preference over time through other factors, which this paper does not focus on.

Memory elicitation and exploration provides valuable insights to shape both promotional as well as advertising strategies.

The study extends existing theory on conditioning in marketing by first using a novel qualitative approach to analyse conditioning procedures in real-life settings, and second, it highlights operant conditioning’s superior ability in creating lasting preferences.

How can organizations use strategic frames to develop support for illegal and stigmatized markets? Drawing on interviews, direct observation, and the analysis of 2,497 press releases, I show how pro-cannabis activists used distinct framing strategies at different stages of institutional development to negotiate the moral boundaries surrounding medical cannabis, diluting the market’s stigma in the process. Social movement organizations first established a moral (and legal) foothold for the market by framing cannabis as a palliative for the dying, respecting moral boundaries blocking widespread exchange. As market institutions emerged, activists extended this frame to include less serious conditions, making these boundaries permeable.