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This paper aims to investigate the foreclosure discount for the German residential market in the years from 2008 to 2011.

The determinants of the foreclosure discount are estimated in a hedonic price model. The analysis is based on a unique data set compiled from three different data sources with 135,000 foreclosed properties.

The findings reveal that residential units in foreclosures are sold at a discount of 19 per cent compared to residential units with similar characteristics that are not in foreclosure. Second, a regional pattern can be observed, with discounts being negatively correlated to unemployment risk and liquidity. Third, the model with interaction terms shows that foreclosure discounts are linked to specific property characteristics. Fourth, these object-related risks are typically smaller than regional risks or locational risks.

Given the highly fragmented system of Gutachterausschüsse in Germany, who are responsible for collecting transaction data, we were not able to directly analyze transaction data, but only a proxy for this price information.

The results can be important for financial institutions that are trying to assess the risk of lending for a specific object in a specific location. So far, banks primarily try to assess the default risk of private lenders by analyzing the debtor’s financial position and the quality of the property. The analysis provides insights into which characteristics of a property might imply additional risk, and in which region these risks are biggest.

To the best of the authors’ knowledge, this is the first attempt to analyze the foreclosure discount for the German housing market.

Germany has a polycentric city structure. This paper aims to reduce complexity of this structure and to find a reliable classification scheme of German housing markets at city level based on 17 relevant market parameters.

This paper uses a two-step clustering algorithm combining k-means with Ward’s method to develop the classification scheme. The clustering process is preceded by a principal component analysis to merely retain the most important dimensions of the market parameters. The robustness of the results is investigated with a bootstrapping method.

It is found that German residential markets can best be segmented into four groups. Geographic contiguity plays a specific role, but is not a main factor. Our bootstrapping analysis identifies the majority of pairwise city relations (88.5%) to be non-random.

A deeper discussion concerning the most relevant market parameters is required. The stability of the clusters is to be re-investigated in the future, as the bootstrapping analysis indicates that some clusters are more homogeneous than others.

The developed classification scheme provides insights into opportunities and risks associated with specific city groups. The findings of this study can be used in portfolio management to reduce unsystematic investment risks and to formulate investment strategies.

To the best of the authors’ knowledge, this is the first paper to offer insights into the German housing markets which applies principal component, cluster and bootstrapping analyses in a sole integrated approach.

Adverse childhood experiences (ACEs) are a broad conceptual framework in the social sciences that have only recently been studied within criminology. The purpose of this paper is to utilize this framework by applying it to one of the most potentially dangerous forensic populations.

Archival data from 225 federal sex offenders was used to perform descriptive, correlational, and negative binomial regression models.

There was substantial evidence of ACEs including father abandonment/neglect (36 percent), physical abuse (nearly 28 percent), verbal/emotional abuse (more than 24 percent), and sexual abuse (approximately 27 percent). The mean age of sexual victimization was 7.6 years with the youngest age of victimization occurring at the age of 3. Offenders averaged nearly five paraphilias, the most common were pedophilia (57 percent), pornography addiction (43 percent), paraphilia not otherwise specified (35 percent), exhibitionism (26 percent), and voyeurism (21 percent). The offenders averaged 4.7 paraphilias and the range was substantial (0 to 19). Negative binomial regression models indicated that sexual sadism was positively and pornography addiction was negatively associated with serious criminal violence. Offenders with early age of arrest onset and more total arrest charges were more likely to perpetrate kidnaping, rape, and murder.

ACEs are common in the life history of federal sex offenders, but have differential associations with the most serious forms of crime.

Sexual sadism is a well-known risk factor for severe forms of sexual violence including sexual homicide and serial sexual homicide. The research is decidedly mixed about the association between sexual sadism and other, nonsexual forms of criminal conduct. The paper aims to discuss these issues.

Drawing on data from a census of 225 federal sex offenders from a jurisdiction in the Midwestern USA, the current study examined whether sexual sadism had a spillover effect into nonsexual crimes using correlation, ANOVA, and negative binomial regression models.

Sexual sadism was strongly associated with diverse forms of nonsexual criminal behavior, and sexual sadists had more extensive and versatile criminal careers than sex offenders without a formal diagnosis.

Practitioners should be aware of sexual sadism as a criminogenic risk factor. Sexual sadism is associated with sexual deviance and sexual violence. Sexual sadism also has spillover effects where it is associated with nonsexual offending.

Sexual sadism can be a useful risk factor for other forms of crime and recidivism and has broad application in applied correctional and research settings.

Purpose – This chapter explores the m+eaning and significance of family business social responsibilities (FBSRs) using a metasystem approach, placing emphasis on the role of the family.

Design/Methodology/Approach – We employ a revelatory case study to investigate the complexity of family business (corporate) social responsibility. The main case, a German shoe retailer, is supplemented by other case illustrations that provide additional insights into FBSR.

Findings – To fully understand social responsibility in a family firm context, we need to include social initiatives that go beyond the actual family business as a unit. This FBSR connects family members outside and inside the business and across generations. As FBSR is formed through individual and family-level values, its character is idiosyncratic and contrasts the often standardized approaches in widely held firms.

Practical Implication – Family businesses need to go beyond the business as such when considering their engagement in social responsibility. Family ownership implies that all social initiatives conducted by family members, regardless if they are involved in the firm or not, are connected. This includes a shared responsibility for what family members do at present and have done in the past.

Nobody concerned with political economy can neglect the history of economic doctrines. Structural changes in the economy and society influence economic thinking and, conversely, innovative thought structures and attitudes have almost always forced economic institutions and modes of behaviour to adjust. We learn from the history of economic doctrines how a particular theory emerged and whether, and in which environment, it could take root. We can see how a school evolves out of a common methodological perception and similar techniques of analysis, and how it has to establish itself. The interaction between unresolved problems on the one hand, and the search for better solutions or explanations on the other, leads to a change in paradigma and to the formation of new lines of reasoning. As long as the real world is subject to progress and change scientific search for explanation must out of necessity continue.