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This paper aims to explore the drivers behind the accuracy of self-reported home valuations in the Warsaw (Poland) housing market.

In order to achieve the research goal, firstly, unique data on subjective residential property values estimated by their owners were compared with market-justified ones. The latter was calculated using geographically weighted regression, which allowed for taking into account spatially heterogeneous buyers' housing preferences. An ordered logit model was then used to identify the factors influencing the probability of the occurrence of bias towards over or undervaluation.

The results of the study revealed that, on average, homeowners overvalued their properties by only 1.94%, and the fraction of interviewees estimating their properties accurately ranges from 20% to 68%, depending on the size of the margin of error adopted. The drivers of the valuation bias variation were the physical, locational and neighbourhood attributes of the property as well as the personal characteristics of the respondents, for which their age and employment situation played a key role.

In contrast to previous studies, this is the first to examine drivers behind the accuracy of self-reported home valuations in a Central and Eastern Europe country. In addition, this work is the first to consider heterogeneous housing preferences when calculating objective property values.

Research on employee non-/compliance to information security policies suffers from inconsistent results and there is an ongoing discussion about the dominating survey research methodology and its potential effect on these results. This study aims to add to this discussion by investigating discrepancies between what the authors claim to measure (theoretical properties of variables) and what they actually measure (respondents’ interpretations of the operationalized variables). This study asks: How well do respondents’ interpretations of variables correspond to their theoretical definitions? What are the characteristics of any discrepancies between variable definitions and respondent interpretations?

This study is based on in-depth interviews with 17 respondents from the Swedish public sector to understand how they interpret questionnaire measurement items operationalizing the variables Perceived Severity from Protection Motivation Theory and Attitude from Theory of Planned Behavior.

The authors found that respondents’ interpretations in many cases differ substantially from the theoretical definitions. Overall, the authors found four principal ways in which respondents interpreted measurement items – referred to as property contextualization, extension, alteration and oscillation – each implying more or less (dis)alignment with the intended theoretical properties of the two variables examined.

The qualitative method used proved vital to better understand respondents’ interpretations which, in turn, is key for improving self-reporting measurement instruments. To the best of the authors’ knowledge, this study is a first step toward understanding how precise and uniform definitions of variables’ theoretical properties can be operationalized into effective measurement items.

The purpose of this paper is to introduce a numerical investigation used to calculate the J-integral of the main crack behavior emanating from a semicircular notch and double semicircular notch and its interaction with another crack which may occur in various positions in (TiB/Ti) functionally graded material (FGM) plate subjected to tensile mechanical load.

For this purpose the variations of the material properties are applied at the integration points and at the nodes by implementing a subroutine USDFLD in the ABAQUS software. The variation of the J-integral according to the position, the length and the angle of rotation of cracks is demonstrated. The variation of the J-integral according to the position, the length and the angle of rotation of cracks is examined; also the effect of different parameters for double notch FGM plate is investigated as well as the effect of band of FGM within the ceramic plate to reduce J-integral.

According to the numerical analysis, all parameters above played an important role in determining the J-integral.

The present study consists in investigating the simulation used to calculate the J-integral of the main crack behavior emanating from a semicircular notch and double semicircular notch and its interaction with another crack which may occur in various positions in (TiB/Ti) FGM plate under Mode I. The J-integral is determined for various load applied. The cracked plate is joined by bonding an FGM layer to TiB plate on its double side. The determination of the gain on J-integral by using FGM layer is highlighted. The calculation of J-integral of FGM’s involves the direction of the radius of the notch in order to reduce the J-integral.

This paper aims to introduce a novel method for the analysis of open cell porous components fabricated by laser-based powder bed metal additive manufacturing (AM) for the purpose of quality control. This method uses photogrammetric analysis, the extraction of geometric information from an image through the use of algorithms. By applying this technique to porous AM components, a rapid, low-cost inspection of geometric properties such as material thickness and pore size is achieved. Such measurements take on greater importance, as the production of porous additive manufactured orthopaedic devices increases in number, causing other, slower and more expensive methods of analysis to become impractical.

Here the development of the photogrammetric method is discussed and compared to standard techniques including scanning electron microscopy, micro computed tomography scanning and the recently developed focus variation (FV) imaging. The system is also validated against test graticules and simple wire geometries of known size, prior to the more complex orthopaedic structures.

The photogrammetric method shows an ability to analyse the variability in build fidelity of AM porous structures for use in inspection purposes to compare component properties. While measured values for material thickness and pore size differed from those of other techniques, the new photogrammetric technique demonstrated a low deviation when repeating measurements, and was able to analyse components at a much faster rate and lower cost than the competing systems, with less requirement for specific expertise or training.

The advantages demonstrated by the image-based technique described indicate the system to be suitable for implementation as a means of in-line process control for quality and inspection applications, particularly for high-volume production where existing methods would be impractical.

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.

This paper aims to explore the impact of a recent earthquake activity on house prices and their spatial distribution in the Istanbul housing market.

The paper uses a multi-level approach within an event study framework to model changes in the pattern of house prices in Istanbul. The model allows the isolation of the effects of earthquake risk and explores the differential impact in different submarkets in two study periods – one before (2007) and one after (2012) recent earthquake activity in the Van region, which although in Eastern Turkey served to alter the perceptions of risk through the wider geographic region.

The analysis shows that there are variations in the size of price discounts in submarkets resulting from the differential influence of a recent earthquake activity on perceived risk of damage. The model results show that the spatial impacts of these changes are not transmitted evenly across the study area. Rather it is clear that submarkets at the cheaper end of the market have proportionately larger negative impacts on real estate values.

The robustness of the models would be enhanced by the addition of further spatial levels and larger data sets.

The methods introduced in this study can be used by real estate agents, valuers and insurance companies to help them more accurately assess the likely impacts of changes in the perceived risk of earthquake activity (or other environmental events such as flooding) on the formation of house prices in different market segments.

The application of these methods is intended to inform a fairer approach to setting insurance premiums and a better basis for determining policy interventions and public investment designed to mitigate potential earthquake risk.

The paper represents an attempt to develop a novel extension of the standard use of hedonic models in event studies to investigate the impact of natural disasters on real estate values. The value of the approach is that it is able to better capture the granularity of the spatial effects of environmental events than the standard approach.

The purpose of this study is to investigate a new and innovative sandwich material evaluating its capability for use in space habitat structural components in deployable and foldable configurations. The main habitat requirements were considered in the preliminary design of a typical space outpost, proposing a preliminary architecture.

The stiffness properties of the innovative sandwich (MAdFlex ®) were evaluated using numerical and experimental investigations. Four-point bending tests were performed for complete sandwich characterization. Numerical FE simulations were performed using typical material properties and performance. The application to a space habitat main structure as a basic material has also been discussed and presented.

MAdFlex basic stiffness performances have been determined considering its double behavior: sufficiently stiff if loaded in a specific direction, flexible if loaded in the opposite direction and enhanced folding performance. Successful application to a typical space habitat confirms the validity and convenience of such a material in designing alternative structures.

The innovative material demonstrates wide potential for structural application and design in demanding space situations under operating conditions and in stored ones at launch.

Several simple deployable structural components can be designed and optimized both for the space environment and for the more traditional terrestrial applications.

Simplification in structural design can be derived from deployable low-weight items.

Innovative customized material in sandwich configuration has been proposed and investigated with the aim to demonstrate its potentiality and validity in alternative design architecture.

The paper aims to shed light on the effects of inflation on gold price and exchange rate in Vietnam by using time-varying cointegration.

Using cointegration techniques with fixed coefficient and time-varying coefficient, the study exams the impacts of inflation in models and compares the results through coefficient estimates.

A significant inflation impacts are found with the time-varying cointegration but not with the fixed coefficient cointegration models. Moreover, monetary policy affects exchange rate not only directly via its instruments as money supply and interest rate but indirectly via inflation. Also, interest rate is one of the determinants of gold price.

To the best of our knowledge, this paper is the first to use time-varying cointegration to analyze the impact of inflation on the gold price and exchange rate in Vietnam. Gold price and exchange rate fluctuations are always the essential and striking issues, which have been emphasized by economists and policymakers. In macroeconometric researches, cointegration models are often used to analyze the long-term relations between variables. Attentionally, applied models show a limitation when estimating coefficients are fixed. This characteristic might not really match with the data properties and the variation of the economy. Currently, time-varying cointegration models are emerging method to solve the above issue.

This paper aims to investigate whether developers’ ask lower prices on homes in redevelopment sites than they do on similar units in smaller developments completed over a shorter time span. It also investigates whether developers price units differently at different stages of the redevelopment process. The development of designated redevelopment areas often consists of multiple projects spread across several years, some in parallel, some sequential. New units are put on the market in a piecemeal fashion, and infrastructure, shared green spaces and shared facilities are installed successively.

A hedonic price model is used to analyse sales prices of 7,000 new apartments in Oslo sold between 2011 and 2015, all else being equal. The paper distinguishes between infill as one-stage projects, and multi-staged competitive and multi-staged monopolistic redevelopments.

Dwellings in redevelopment projects sell at a lower price than similar dwellings in infill projects. In competitive redevelopments, those in charge of the last projects put a slightly higher price on apartments. In redevelopments involving only one developer, the last stages ask the lowest prices.

This research expands our understanding of developers’ pricing behaviour. Developers supplying housing for the private market through redevelopments land are willing to take risks particularly in the initial stage.

The findings indicate that credit institutions financing developers’ projects need to take into account the structure of selling prices, including lower prices and higher risk of pursuing redevelopment projects.

Gaining a better understanding of developers’ pricing behaviour deepens our insights into the dynamics of market-led urban brownfield developments; this knowledge may moreover inform policies on sustainable urban growth.

An original investigation of housing transactions in urban brownfield sites in Oslo provides fresh insights into developers’ pricing behaviour.

This paper aims to empirically verify the impact of the mandatory dividend law on the investment of publicly traded companies.

The sample includes 212,595 observations from publicly traded companies from 47 different countries over the period from 2000 to 2016. The authors estimated a regression model by panel data methods to show the impact of the mandatory dividend on firm’s investment, more specifically in their sensitivities of investment to cash flow and to growth opportunities. In addition, the average treatment effect on the treated was estimated through sample matching.

The results indicate that the mandatory dividend have a direct and indirect impact on corporate investment.

Legislators and economic agents can use the results of the present research to evaluate the continuity or implementation of this legal mechanism (mandatory dividend) to evaluate economic moments favorable to its use or to create different legal rules to smooth the impact of this mechanism on the investment of companies.