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Real estate market transparency is an important factor in real estate investment and occupier decision making. The purpose of this paper is to assess real estate transparency over 2004-2014 to determine whether the European real estate markets have become more transparent in a regional and global context.

Using the JLL real estate transparency index over 2004-2014, changes in real estate market transparency are assessed for 102 real estate markets. This JLL real estate market transparency index is also assessed against corruption levels and business competitiveness in these markets.

Improvements in real estate transparency are clearly evident in many European real estate markets, with several of these European real estate markets seen to be the major improvers in transparency from a global real estate markets perspective.

Institutional investors and occupiers see real estate market transparency as a key factor in their strategic real estate investment and occupancy decision making. By assessing changes in real estate transparency across 102 real estate markets, investors and occupiers are able to make more informed real estate investment decisions across the global real estate markets. In particular, this relates to both investors and occupiers being able to more fully understand the risk dimensions of their international real estate decisions.

This paper is the first paper to assess the dynamics of real estate market transparency over 2004-2014, with a particular focus on the 33 European real estate markets in a global context to facilitate more informed real estate investment and occupancy decision making.

The purpose of this paper is to investigate consumers’ evaluation of non-focal overlay images appearing closer than the focal point (e.g. a transparent brand logo appearing in front of an online news article).

Three experiments identify factors on both task-side and image-side that influence consumers’ liking of non-focal overlay images.

The findings show that study participants evaluate the non-focal overlay image more favorably when they are engaged in a primary task that is challenging rather than unchallenging, and when the primary task and the non-focal overlay images require different processing modes (e.g. a conceptual primary task paired with a perceptual image) rather than similar processing modes (e.g. a conceptual primary task paired with a conceptual image).

A caveat is that Experiment 1 lacked a baseline condition. Another limitation is that we conducted all three experiments in a controlled laboratory environment, without real-world marketing stimuli. Therefore, further research should be conducted in a field setting to validate how extensively our theoretical insights apply to real-world marketing contexts. Future research may replicate the findings on various platforms such as YouTube and The Wall Street Journal to provide immediate, readily applicable suggestions to online marketers.

The current research provides marketers with a framework for identifying optimal vehicles for the marketing message. Transparent overlay ads can bolster or damage later evaluations of the advertised objects. Online marketers, in their desire to persuade consumers to perceive products positively, must consider what types of activities consumers are pursuing at a target website, what kinds of activities the website promotes and how meaningful are the images.

The current work extends to the work on fluency effects and persuasion knowledge model, both of which have typically shown that subtle exposure to marketing communications positively affects subsequent judgments about products and brands. The findings extend this line of evidence by demonstrating that marketing communications may exert even greater influence when the primary task requires greater cognitive processing.

The outlook for investment yields is one of the key uncertainties facing the real estate investor at any time. By examining the relationship of yields to other factors across a large number of office markets, in many countries, over five years, the paper aims to establish relationships with important explanatory factors.

The paper uses a panel estimation to pick up both the relationship between yields and the explanatory variables both in different locations and at different times. By using both a time and location dimension it is thought that a “truer” generic relationship can be estimated. Using this method aggregates all the available information simultaneously to establish the relationship between office yields and explanatory variables.

The results show that: locations with higher short‐term interest rates will on average have higher yields; liquid markets tend to have lower yields and similarly, transparent markets and markets with longer leases have lower yields.

As well as the practical applications of this analysis, it makes an academic contribution as yields remain poorly understood and most studies examine time series data in only one country. This international study is the fist of its kind.

Business group affiliation seems to make a firm more opaque. The benefits of group affiliation (internal market transactions) and the negative aspects of group affiliation (agency problems of group control) both may make group firms more opaque than non-group firms. Using the opacity index developed by Anderson, Duru, and Reeb (2009), this paper reports that Korean group firms are more transparent than non-group firms after the Asian financial crisis (1997–1998) and this leads to better performance of group firms. The improved transparency results from disappeared internal market benefits and diminished agency problems. These results are robust after controlling for the size of internal markets of groups, industry diversification, the existence of group inside financial institutions, and endogeneity.

The intent of this paper is to identify the role that comparable evidence plays in property valuation and how the availability and use of comparable evidence varies between different countries and jurisdictions across Europe.

The paper is an overview of the role of comparable evidence, in all its forms, in property valuation. Through a survey of individuals and professional valuation associations, the relevant importance of different forms of market evidence was assessed and ranked according to the business transparency of the market in question.

The findings of this study helped inform The European Group of Valuers' Associations (TEGOVA) when setting the European Valuation Standards (EVS). The definition of Comparable Evidence should not be so narrow as to only include transactional evidence.

The role of the professional property valuer is to provide value estimates for a range of purposes but when that purpose is to assess Market Value, the importance of pricing to market cannot be over-stated.

This provides guidance on how to identify and use comparable evidence to undertake valuations for Market Value.

The purpose of this paper is to examine the changes in the price impact of trades in the major Korean stock market following the introduction of disclosure to all traders of the top five brokers on the buy-side and the top five brokers on the sell-side of trades in real time for each stock in the KOSDAQ market.

The paper uses several alternative metrics for the price impact of trades. The study applies estimation methodology that accounts for the potential endogeneity of other market quality proxies, which are used as control variables in price impact regressions, by utilizing two-stage-least-square methods with fixed effect specification.

This study finds that the permanent price impact (information effect) of both buyer- and seller-initiated trades increases, which indicates that information is disseminated quicker in a transparent market. Uninformed trades have a larger permanent price impact than informed trades on both the buy and sell sides. The liquidity price effects are found to be mixed for buys and sells.

The study supports the current policy of the Korean Exchange to publicly display the five most active broker IDs on both the buy and sell sides, as it attracts both informed and liquidity traders, leading to faster price discovery in a more transparent market. However, a future study which analyzes the change in the market quality in both local markets would provide a complete picture of the effects of the policy.

Earlier studies documenting the effect of broker ID disclosure on market quality used effective spreads, market depth or order book imbalance as market quality measures. This study contributes to the existing literature by examining the changes in direct measures of the private information effect and liquidity effect of trades in a stock market – the Korean Stock Exchange – when the other part of the exchange (the KOSDAQ stock market) shifts to public broker ID transparency at the same transparency level.

The purpose of this paper is to focus on the specific “shareholder's” concept of transparency.

It considers that indirect securities holding systems limit the degree of “post-trading” transparency. The main concern is that an adverse effect of globalized capital markets is that the actual shareholders are not registered in the official registries and registrations are effected in the name of intermediaries acting on their behalf. It further considers that new EU legislative action should be taken to address the legal issues of securities holdings as a key parameter for EU integration.

A new architecture of the securities holding system is proposed in this paper to be adopted at the EU level on the basis of the analyzed direct registration, i.e. registration of all the actual shareholders in the registries. It is considered that this architecture will promote securities holdings transparency for all systems, either direct or indirect, and hence enhance investors' protection and financial confidence in the markets. Focusing on the financial crisis of the recent years, it is worthy of note that a key parameter in solving this crisis problem could be considered not only the imposition of more possible regulatory requirements on all financial players but also the improvement credibility of the markets by making their operation more transparent. Direct registration could be defined as a method of making the markets more transparent in this regard.

In the light of the financial crisis of 2007-2009, this is one of the first studies, which clearly argues that direct registration could be considered the appropriate method of making the financial markets more transparent. Therefore, it calls for the EU legal intervention should therefore be accelerated. By delaying improvement in the efficiency of the available infrastructures mainly by utilizing all the advantages that technology offers, the markets accept the additional cost of higher risk coverage.

The debate over the possible extension of transparency regulation in Europe to include sovereign bonds has opened up a number of other issues in need of serious consideration. One such issue is the appropriateness of the entire infrastructure supporting the trading of European sovereign bonds. In recent years, sovereign issuers have supported the development of an electronic inter‐dealer market but have remained unconcerned with the opacity of dealer‐to‐customer trading. The degree of segmentation in this market is high relative to what exists in nearly all other financial markets. The purpose of this paper is to outline the transparency proposals for European sovereign bond markets.

This paper explores why European sovereign bond markets have developed in such a segmented way and considers how this structure could be altered to improve transparency without adversely affecting liquidity, efficiency or the benefits enjoyed by primary dealers and issuers.

It is suggested that the structure of the market could be improved greatly if the largest and most active investors were permitted access to the inter‐dealer electronic trading platforms. This would solve a number of market imperfections and increase the proportion of market activity that is conducted in a transparent way.

The paper argues that sovereign issuers in Europe have the means to provide incentives that would influence dealers to support reduced segmentation. Some practical examples of how this could be achieved are provided and the potential benefits are outlined.

This study aims to explore the failures of Tunisian secondary corporate bond market liquidity to understand the determinants of corporate bond market liquidity at large.

We adopted a qualitative approach to studying the Tunisian Stock Exchange. Dealers’ perceptions were collected through semi-structured face-to-face interviews; the data was recorded, transcribed and thematically analysed.

Secondary corporate bond market failures are due, in part, to microstructural choices – especially the use of an over-the-counter market as a trading venue. The absence of a corporate bond yield curve, a narrow investor base, market participants’ lack of financial education and authorities’ attitudes are equally responsible.

This study is useful to researchers, policymakers and practitioners, as it identifies microstructural and other factors affecting the Tunisian secondary corporate bond market. We interviewed only Tunisian dealers while ignoring other categories of market participants. Furthermore, a focus group discussion could have improved our understanding of the determinants of the Tunisian secondary corporate bond market.

This paper aimed to qualitatively discuss several issues related to the Tunisian secondary corporate bond market. To date, little academic research has addressed this topic in the illiquid and non-transparent corporate bond markets.

This purpose of this paper is to investigate the current level of transparency based on the customised transparency matrix (TM) amongst the top listed property companies in Malaysia, based on capital market value. Furthermore, this paper discusses the concept of transparency from the perspective of Malaysian property markets.

Data for this research were collected from the top 30 property companies in Malaysia through their annual reports and corporate websites. The indicator of transparency was developed based on various literature surveys and other research findings. Using the developed indicators, the study analysed the transparency attributes from TM of the top 30 listed property companies in Malaysia.

In terms of transparency levels and widely implemented transparency elements, the findings revealed that Malaysian property companies were within a “good level” range.

The research is based on a study of the top 30 listed property companies in Malaysia based on market capital values as at 30th June 2010.

This paper examines the transparency level of property companies in Malaysia based on each company's current annual report. The findings provide some insights and guidelines for the industry as well as academics on the transparency level particularly in Malaysian property business.