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The authors analyzed annuitization preferences when retired people extract cash from their homes. Based on 2,608 viager (home reversion) transactions, the authors study the relations between annuitization, negotiation, cash extraction, age, gender and marital status.

A database comprising 2,608 transactions is used. The three-stage least squares (3SLS) and moderation models are implemented, with a focus on potential adverse selection issues.

The authors found that difficulties in selling a property generally result in increased annuitization. The single men's group endures gender inequality, suffering from limitations in their possibility to extract wealth and annuitize, as well as an additional price discount during negotiation. Young single men, as compared to young single women and young couples, must consent to a substantial price reduction if they prefer a high down payment and limited price reductions if they prefer annuities. Elderly single men, as compared to young single men, have less capacity to negotiate, a concern that is reinforced when they prefer annuities.

Among the home equity conversion products, the academic real estate literature has intensely analyzed the reverse mortgage. The viager is distinct from a mortgage in that it consists of the true sale of a property without bank involvement. This product deserves reinforced attention in an aging continental Europe. It exists in numerous countries (France, Belgium, Germany, Italy, Spain, etc.).

In this article, the aim is to document the divergences/convergences between the market perceptions of quality and the financial estimations for office buildings relative to the notion of centrality and the distance to the central business district (CBD).

Based on a hierarchical approach that decomposes and estimates the perceived quality of buildings from the stakeholders’ perspectives, we study the geographies of perceived quality measures in the Greater Paris Metropolis and compare them to the financial geography.

The perceived location quality decreases with distance from the CBD whereas judgments on the built structure and the workplace do not, exhibiting a ring-shaped pattern. The gradient of the components of the perceived quality are heterogeneous, having positive, negative or null values. Appraisers tend only to consider the quality of location in their estimations.

This article raises the issue of fair spatial judgments by appraisers and the financial market. Monocentricity is not the rule in the market perceptions of quality. It suggests that financial estimates are strongly biased, with mental representation of centrality as a judgmental heuristic.

The purpose of this study is to highlight the determinants of market rents and to build a hedonic market rent index for each urban area and rental sector in France for the period 1970–2013. The authors also analyse the market rent dynamics over this period, with a special attention to the turning points in the French housing policy.

For this purpose, the authors implement a hedonic model, called stratified time dummy variable, using the Box–Cox transformation as a functional form.

The contribution of this study to the housing research is threefold: First, the study improves our understanding of the French’s rental submarket specificities and their valuation. It sheds new light on the determinants of rents. Second, this study builds a hedonic market rent index over the period 1970–2013 for each geographical and sectoral segment (Paris urban area, urban areas of more and less than 100,000 inhabitants and private and public rental sectors). Third, this study explains rent dynamics focusing on the turning points in the French housing policy.

Finally, the authors provide the first long-term market rent index in France by submarket (geographical and sectoral). In the case of the French market, no long-term market rent exists. The only long series available is an indexed rent.

This paper aims to explore the relationship between the financialisation dynamics of listed property companies (LPCs) and their participation in the metropolisation dynamics, in ten European countries between 2000 and 2017. The study takes place in a context of globalised real estate markets and modification of traditional urban economics.

The measure of financialisation corresponds to a beta increase, in the sense of the capital asset pricing model, and is corroborated by an informativeness index. LPC-owned properties are classified along two spatial segmentations. Panel models are used to analyse the relation between financial and urban hierarchies (through building arbitrages).

Financialisation is generally associated with a decrease in the number of assets owned, especially in the Netherlands and the UK, whereas non-financialised companies tend to increase their number of assets, especially in “flight-to-quality” countries such as Germany and Switzerland. In the first case, non-urban spaces and small and medium urban areas are arbitraged in favour of urban cores and metropoles. In the second, investments are reallocated towards hinterlands and the lower segments of the urban hierarchy. Over the study period, the parallelism between the financial hierarchy and the urban hierarchy was reinforced. Spain illustrates the risks of this evolution, whereas Sweden and Belgium present specificities.

This paper illustrates how LPCs function as transmitting channels in the new spatial and urban organisation.

This paper aims to analyze the statistical characteristics of changes in property forward prices. As highlighted in a survey conducted at the MIT Center for Real Estate in 2006, the relatively weak understanding in their prices is one of the most important barriers in their use. In this context, the analysis of the forward price term structure is essential. Do the short- and long-term forward prices behave similarly? Do property derivatives behave like other derivative assets or other related assets? This study also investigates the lead–lag relationship between spot and forward returns for different maturities.

Using four years and nine months of data on the UK Investment Property Databank (IPD), all property total return swaps are examined. We strip the swaps into their forwards and study their statistical characteristics (the first four moments and their autocorrelation levels). The relationships among the forward contracts, the underlying asset (IPD index and IPD unsmoothed) and other assets (risk-free rate, listed real estate) are explored. Using the Yiu et al. (2005) methodology, the lead–lag relationship between the spot and the forwards is assessed.

The index appears to be significantly less volatile and less efficient, in terms of correlation than its own derivative contracts. Moreover, changes in forward prices are leading indicators of the IPD index. Their risks tend to converge with the implied volatility of the REIT’s operating asset but without being affected by the general stock market risks. Regarding the forward price–discovery function, investors should collect information not only from the spot market but also, maybe primarily, from the derivative market.

In this paper, we use a never-exploited database that is relative to the quotes of the UK IPD swaps. It is the first attempt to analyze the statistical characteristics of their changes. Our results show that these prices are clearly superior to the spot series, in terms of risks but without behaving affected by the tyranny of the past values. These findings may conduct to consider new methods to unsmooth current real estate indices. Characterized by a strong sensitivity to the changes in the information set, property derivative-based indicators should lead to increased efficiency in the spot market.

The analysis of organizations has a debt vis-à-vis the sociologist Max Weber who built its theoretical foundations. The concept of limited rationality was later proposed by Herbert Simon and then followed by sociologists of organizations. This paper tries to go beyond that approach. It uses a psychoanalytical perspective based on Jacques Lacan's work and on the case studies of two high-tech companies. We focus on signifiers and the role of the unconscious process inside organizations. We then propose an alternative model of interpretation of organizational dynamics different from the mainstream, which is dominated by the reference to instrumental rationality.

Current research aims to investigate whether it would be possible to identify all information security policy (ISP) writing styles and how these would influence ISP compliance. Almost all businesses use ISPs to establish boundaries and require secure behaviour from their employees. Unfortunately, professional surveys and academic research demonstrate a high level of non-compliance with the ISP. While the justification for the employee’s behaviour has been discussed, very few research papers have investigated whether the ISP writing style impacted the intent to comply with ISP. The research methodology incorporates content analysis and a quantitative descriptive review of published papers on ISP and non-IS policy compliance. The theoretical research allowed the identification of five major ISP writing styles: belonging, deterrence, goal, motivation, and specialist, as well as writing style influencers such as timeliness and readability. To achieve a higher level of compliance with the ISP, it was suggested that the writing styles of belonging, goal, and motivation be used primarily. Deterrence is generally discouraged. The study enabled us to determine when ISP writing styles were mentioned and the type of influence on the intent to comply with ISP. It also allowed for comparison and possible differences in ISPs versus standard workplace policies. There are proposals on which writing styles to put forward, along with recommendations on creating an ISP.

This paper aims to examine how residues of ancient images have influenced one’s perspectives on management. Increased attention has been given to the absence of bodies within discussions of organisations; however, far less attention has been given to the interplay between organisations and images of one’s body.

By comparing the perceived benefits of studying sport (e.g. passion, embodiment and action) with the tensions that existed between athletic performances and an ancient image of the body, this paper draws attention to residuals that exist within discussions of organisations.

In a context where an image of the body encouraged moderation, the appropriate levels of heat, and the development of an immaterial and eternal soul, athletic performances, which were physical, extreme, focused on the body and generated excessive heat, were often problematic. These problems are then examined within the literature discussing current issues in management.

Sport has the potential to facilitate one’s understanding of issues that management, consistent with ancient images of the body, has traditionally neglected (i.e. extremes, passion) and the possibilities of using embodied cognition to enhance our understandings of performance, teams and leading are discussed.

As scientists become increasingly concerned about the long-term consequences of the reduced opportunities for cultural programs (sport, art, music, etc.), revisiting one’s assumptions is increasingly important, especially as athletics and philosophy once shared the same physical space.

By describing how residues from historical images of the body have influenced the thinking about organizing, this paper highlights the connection between the social and the biological and demonstrates how vestiges from the past influence contemporary discussions.

The purpose of this chapter is to explore aspects of both enabling and coercive control usages and to extend the literature stream by integrating relevant ethical variables at both the level of the individual and the group. We also provide multiple ideas for future research studies.

An overview of prior literature in management control systems is presented with an aim toward identifying gaps in research knowledge.

As a result of our investigation into the intersection between management control and ethics, it is evident that there are many future areas ripe for enquiry.

This study contributes theoretically by conceptualizing the integration of ethical considerations with how control systems are used, and then offering ideas for future research directions.

Our research investigates the intersection between management control and ethics. To the best of our knowledge, we are the first to delve into this critical area.