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In the current low-interest market environment, more and more asset managers have started to consider to invest in property markets. To implement adequate and forward-looking risk management procedures, this market should be analyzed in more detail. Therefore, this study aims to examine the housing market data from the UK. More specifically, sentiment data and house prices are examined, using techniques of time-series econometrics suggested by Toda and Yamamoto (1995). The monthly data used in this study is the RICS Housing Market Survey and the Nationwide House Price Index – covering the period from January 2000 to December 2018. Furthermore, the authors also analyze the stability of the implemented Granger causality tests. In sum, the authors found clear empirical evidence for unidirectional Granger causality from sentiment indicator to the house prices index. Consequently, the sentiment indicator can help to forecast property prices in the UK.

By investigating sentiment data for house prices using techniques of time-series econometrics (more specifically the procedure suggested by Toda and Yamamoto, 1995), the research question whether sentiment indicators can be helpful to predict property prices in the UK is analyzed empirically.

The empirical results show that the RICS Housing Market Survey can help to predict the house prices in the UK.

Given these findings, the information provided by property market sentiment indicators certainly should be used in a forward-looking early warning system for house prices in the UK.

To authors’ knowledge, this is the first paper that uses the procedure suggested by Toda and Yamaoto to search for suitable early warning indicators for investors in UK real estate assets.

This paper aims to investigate the long-term relationships of long-term European Monetary Union (EMU) government bond yields. From an asset managers’ or risk managers’ perspective during the euro crisis, the relevance of sovereign credit and redenomination risk became a major issue. Furthermore, it has to be differentiated between core and non-core EMU member countries.

Methods of applied time series analysis are used to investigate EMU government bond yields and EMU government bond yield spreads for Spain, Italy, The Netherlands, Austria and Germany. Both standard unit root testing procedures and breakpoint unit root tests are used to examine cointegrating relationships and structural changes in these relationships.

The empirical results deliver clear evidence for structural shifts in the long-term relationship between German and the two non-core EMU countries (Italy and Spain). The timing of the breaks coincides with the timing of the euro crisis. On the contrary, the results for Austria and The Netherlands are different from the findings for the two non-core countries.

One major limitation of the study is the limited availability of data regarding to the reaction of asset managers or risk managers to the euro crisis. Especially in the context of the discussion with regard to the relevant risk-free rate for investors, this strand of research is relatively new.

A deeper understanding of changes in the long-term relationship between government bond yields and the re-emergence of redenomination risk is important for asset managers and risk managers in the financial services industry. This is especially true for German life insurers.

The study provides various empirical contributions to the literature on the euro crisis and sovereign credit risk. First, previous results with regard to the structural changes in the long-term relationship between German and Spanish, German and Italian, German and Austrian as well as Germany and Dutch government bond yields are confirmed using unit root breakpoint tests. Second, investigating the autoregressive coefficient and the timing of the breaks delivers evidence that non-core countries have been more exposed to the fear of redenomination risk. Third, we raise the question which risk free interest rate is relevant for the affected countries.

This study aims to build on embedded approaches to stakeholder management and examines how organizational decision-makers consider social responsibility toward proximal stakeholders in crises that encompass an entire system of stakeholder relationships.

Within a criterion-based sample of eight Latin American private universities, this paper develops in-depth exploratory case studies to examine the prioritization of stakeholders in higher education institutions’ decision-making during the outbreak of the COVID-19 crisis.

Contrary to the notion that during crises organizations prioritize stakeholders that provide resources that are critical to survival, this study finds that in contextual crises stakeholder management is informed by social responsibility. In addition, the findings suggest that crises may be tipping points for changes toward mission-driven approaches to governance.

Acknowledging the roles of social responsibility and proximity in stakeholder management during contextual crises allows for more informed governance of organizations that face disruptions in their system of stakeholder relations.

This study contributes unique insights into the decision-maker’s prioritization of stakeholders during the COVID-19 crisis. The uncertainty associated with the emerging “new normal” allowed for an extreme test of socially embedded versus resource-oriented approaches to stakeholder management.

This paper aims to provide insights into the internationalization strategic responses to the COVID-19 pandemic by higher education institutions (HEIs) in Latin America.

This study is based on information from eight leading Latin American private universities. The data were obtained from official sources such as institutional communications and university administrators.

The authors identify two main issues that HEIs should consider while responding to the pandemic. First, greater attention and resource allocation to the universities' main local stakeholders can affect traditional internationalization activities. Second, a focus on revitalizing foreign partnerships and strengthening “virtual internationalization” can help maintain and eventually increase international presence.

While this study analyses how these Latin American HEIs responded during the initial stages of the COVID-19 outbreak, it is important to conduct follow-up studies to shed light on how HEIs are adapting to the COVID-19 crisis as it continues to unfold.

This study is based on unique information gathered from leading private, not-for-profit HEIs in Latin America, which, contrary to state-owned HEIs or other private institutions in developed economies, have exhibited different means and conditions to respond to the coronavirus outbreak. Finally, the authors contribute to the literature on the internationalization of HEIs by discussing the role of a significant disruptive event on the internationalization of higher education and, particularly, business schools.

Este artículo discute las respuestas estratégicas de internacionalización frente a la pandemia del COVID-19 implementadas por Instituciones de Educación Superior (IES) en América Latina.

Este estudio se basa en información de ocho universidades privadas líderes en América Latina. La información fue obtenida de fuentes oficiales tales como comunicados institucionales y autoridades.

Identificamos dos temas principales que las IES deben considerar mientras responden al COVID-19. Primero, una mayor atención y reubicación de recursos hacia los principales grupos de interés local puede afectar las actividades tradicionales de internacionalización. Segundo, revitalizar las alianzas extranjeras y fortalecer la “internacionalización virtual” puede ayudar a mantener y eventualmente incrementar la presencia internacional.

Si bien este estudio analiza cómo un grupo de IES Latinoamericanas respondieron durante las etapas iniciales del COVID-19, es importante continuar analizando cómo las IES se siguen adaptando a medida que la crisis COVID-19 avanza.

Este estudio se basa en datos únicos obtenidos de IES privadas, sin fines de lucro, y líderes en América Latina que, al contrario de las universidades públicas u otras IES en economías desarrolladas, exhiben medios y condiciones diferentes para responder a la expansión del coronavirus. Finalmente, este trabajo contribuye a la literatura sobre internacionalización de IES mediante la discusión del rol de un evento disruptivo de escala mundial en la internacionalización de universidades y, particularmente, escuelas de negocios.

This study identifies measures to recover economic growth and build sustainable societies and markets in post-COVID-19 scenarios – with a perspective of resilience and adaptability to climate change and massive biodiversity loss. Additionally, this study uncovers the interventions implemented to address economic, environmental and social consequences of past crises based on a systematic literature review. Specifically, this chapter provides answers to the following six questions:

1. What has been done in the past to rebuild social, economic and environmental balance after global crises?

2. Where (geographical region) did the analysis on measures taken concentrate?

3. When have scholars analysed past measures to rebuild business and society after a global crisis?

4. How did the past measures to rebuild business and society after the global crisis take place?

5. Who promotes the measures to rebuild business and society after a global crisis takes place?

6. Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

What has been done in the past to rebuild social, economic and environmental balance after global crises?

Where (geographical region) did the analysis on measures taken concentrate?

When have scholars analysed past measures to rebuild business and society after a global crisis?

How did the past measures to rebuild business and society after the global crisis take place?

Who promotes the measures to rebuild business and society after a global crisis takes place?

Why is it important to study the previous literature on past measures to rebuild business and society after a global crisis takes place?

Finally, this chapter identifies future research opportunities to rebuild business and society after the past global crises.

In this chapter, we analyse the role of women in armed Basque nationalist and separatist terrorist group Euskadi Ta Askatasuna (ETA) from a gender perspective. ETA women were essential agents in the armed conflict, but their image in the mass media and society has been very different from that of their male colleagues (Rodríguez Lara, 2017). Also, their role in the terrorist gang has described a sexually based functional specialisation. In addition, this chapter seeks to contribute to the area of feminist studies on women and political violence. Women's role in one of the most important armed nationalist groups in Europe, ETA, stands as a suitable case study to understand how the mass media (press, journalism), audiovisual content, and social representations of ETA have portrayed these women. The final conclusion of this chapter is that women were not portrayed in the same way as their male colleagues. Women of ETA were doubly penalised because they were women and because they were terrorists.

This paper aims to explore the relationship between clustering and hotel competitiveness in emerging economy destinations by analyzing potential mediation of the management innovations implemented.

This empirical study is based on hotel-level information from a survey including 131 hotels in 2014. Colombia was chosen as a representative of Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa (CIVETS) emerging destinations. The relationships were analyzed by structural modeling and partial least squares.

Clustering has a positive direct impact on hotel competitiveness and innovation, and there is a positive effect of innovation on competitiveness. Therefore, the link between clustering and competitiveness is partially mediated through implementation of management innovations.

Hotels should actively participate in agglomerated destinations and build relationships with established firms by clustering. Interaction with related firms and implementation of management innovations will lead to increased levels of economic competitiveness. Public policymakers should foster collaborative strategic networking in the hospitality industry of emerging economy destinations.

This paper focused on separating the direct and indirect effects of clustering on hotel competitiveness. Implementation of management innovations was considered as an outcome derived from clustering in emerging tourist destinations, using the example of Colombia. Clustering stimulates and eases management innovations within the location, and that combination reinforces the role that cooperating while competing plays in hotel competitiveness for destinations with lagging innovation.

The objective of this study was to evaluate and compare how school heads and teachers perceived the impact of implementing ISO 9001 Standards on the dimensions management and planning and support and recognition.

The study included 2,192 subjects (86.2% teachers and 13.8% heads) belonging to 85 schools in four Spanish autonomous communities (Castilla y León, Community of Madrid, Andalusia and Community of Valencia). We used an instrument made up of 25 items evaluating both dimensions (Cronbach's α = 0.961). We conducted descriptive and differential analyses (applying ANOVA and calculating the effect size) overall and for the assessments by heads and teachers.

Results show a higher impact in small private schools with state subsidies, with 9–11 years of ISO implementation and receiving internal aid or none at all. The impact was medium–high on the management and planning system and medium–low on support and recognition, with heads evaluating at a significantly higher level the impact of ISO 9001 standards on improvement of preparation of classroom timetables, meetings, analysis of staff expectations and recognition of staff achievements.

Implementation of quality management systems in education has increased significantly in the last decades, and it is thus necessary to find evidence on how the resulting improvements are generated in schools. This study provides conclusions to the scientific and professional community about how school heads and teachers perceived the impact of implementing ISO 9001 standards on the dimensions management and planning and support and recognition.

This study provides a new look at the late 19th-century university issue in Spain. Loss of self-government among universities and the state’s centralization brought a conflict between science and religion to the fore in the process of the secularization of knowledge.

We first delve into the anti-Darwinian framework associated with the scientific professionalization process, focusing on the case of the jurist Antonio Hernández Fajarnés (1851–1909). Secondly, we study the idea of the university that emerged from the Ateneo de Madrid, analyzing key speeches from the jurist Francisco Fernández de Henestrosa (1855–s.d.) given in 1887/88 and from the pharmacist José Rodríguez Carracido (1856–1928).

The study concludes that the Restoration Era in Spain was characterized by a generalized desire – shared by neo-Scholastics, conservatives and liberal rationalists – to improve the public university system. In this context, French influence was no doubt decisive; however, the Humboldtian university idea had already begun to have notable influence.

This article analyzes sources yet unknown to international research, such as the Ateneo de Madrid debates and Spanish university rectors’ inaugural speeches. It opens up a critical examination of the so-called displacement of educational principles in Spain toward a state-centered system of doctrinal moderantismo as opposed to the nation-centered system of the Cádiz liberalism. At the same time, it identifies key pockets of resistance relative to Spanish university transformation toward increased methodological secularization.