Barry A. Diskin

College Courses in Ethics: Do They Really Make a Difference?.

Ethics in business is an issue that has long received considerable attention. As a result of accreditation requirements, many universities have attempted to address this issue by making a course in ethics a part of business programs. This paper examines the values of current college students studying business with regard to professional and business ethics. Attitudes of students who have taken a course in ethics are compared with those who have not.

Ethical perspectives: are future marketers any different?

The notion of ethics in business continues to receive considerable attention. Many universities and professional organizations have attempted to address the issue of ethics by adding ethics courses to the curriculum and by creating codes of ethics for individuals working in that field. A study of students in Australia has shown that students majoring in marketing are more prone to less-than-ethical behavior than are other students. In an attempt to better understand the attitudes of future marketers in the US, we examine the attitudes of marketing majors interms of an ethical practices code and with respect toa set of ethical value statements. The ethical perspectives of marketing majors are compared to thoseof other business majors. In addition, the effect of taking a course in ethics is examined.

Suffering the Loss of an Anchor Tenant

The loss of an anchor tenant in a shopping center can have far-reaching effects. Not only are the remaining local tenants affected by the reduction in drawing power of the center, but the community in which the center is located can be affected by the erosion of its tax base. This chapter examines the effect of the loss of a shopping center anchor tenant on the remaining tenants and the value of the shopping center. Of special interest is the effect on rental rates for remaining tenants. We present the scenario of an actual Central Florida condemnation case. The result of losing the anchor tenant, a nationally known department store, is examined. We attempt to show a systematic method for measuring the effect on the occupancy rate and the rents. Two alternative regression procedures are applied to data for neighborhood shopping centers in Georgia and Florida. The results estimate that rental rates for nonanchor tenants decline approximately 25 percent in response to the loss of an anchor tenant.

Application of Logit Analysis to the Determination of Tenant Absorption in Condominium Conversion

Frequently, when an analyst is faced with categorical or nominal data, the statistical technique selected is limited to crosstabulation (contingency table) analysis. Logit analysis overcomes some of the problems typically associated with the contingency table-type analyses. This paper demonstrates the application of logit analysis to solve a real estate marketing problem. Specifically, logit analysis is used to assist in the identification of tenant-buyers in condominium conversion projects. Copyright American Real Estate and Urban Economics Association.

Lusht, Kenneth M., Real Estate Valuation: Principles and Applications

Real Estate Valuation: Principles and Applications is a fine new addition to the appraisal literature. It is a well thought out, superbly organized textbook that is appropriate for most senior-level and graduate-level college courses dealing with real estate appraisal. Professor Lusht has accomplished a clarity of thought that few have been able to reach in the past. Part I is a fairly traditional explanation of the process, the need for real estate appraisal, and the notion of value. Although the chapter dealing with market value is well done, it is not remarkably distinct from previous work. It is in Part II where the departure from the norm begins. The author embarks on an exposition of real estate economics that is relevant to the prospective value analyst. This is done with straightforward explanations, pertinent examples, and useful tables and graphs. Of particular significance is his handling of the highest and best use concept. He points out that the idea of expected use may be more reflective of how marketplace participants really respond and that the strict interpretation of highest and best use may no longer be as useful. Dr. Lusht is careful, however, to point out that the greater percentage of the appraisal community still clings to the conventional interpretation of highest and best use. The presentation of the direct sales comparison approach begins in Part III and is quite good. It combines the typical subject matter with a novel approach to explaining the procedure. He carefully intertwines theory with fresh examples that deal with issues ranging from age of the subject and comparable sales to sample size. The discussion of the adjustment process is simply superb. There is an elaborate discussion of the matched-pairs operation; it is intuitive as well as practical. (A stylistic advantage of this textbook is the authors decision to present the theory and, when necessary, illustrate why that theory is difficult to apply, not cost effective or simply impractical. He does this throughout the book.) At Chapter 7, Dr. Lusht introduces statistical analysis as a means of executing the direct sales comparison method. He provides a helpful refresher/primer for basic statistics. More important, the reader is given reasons why statistical analysis is useful to the appraiser/ analyst. The examples again are easy to absorb and the level of detail is on target. In Chapter 8, the application of regression analysis to the sales comparison process is introduced. The discussion takes a topic that is frequently avoided by students and makes it elegantly understandable. Sample runs, both simple and multiple regression, expose the reader to the power of the tool in the face of inferior comparable data. The author shows the mechanics as well as the logical basis for applying the technique. He does an especially good job pointing out the benefits and the limitations. For example, his discussion of multicollinearity removes the fog factor from the concept. A careful read of the chapters dealing with statistical inference can help students overcome the typical confusion and aversion to using these procedures in real estate appraisal. The chapter dealing with site valuation is adequate. While Professor Lusht is innovative in many parts of the text, this section is fairly typical of prior work on the topic. Part IV is a thorough discussion, three chapters, of the cost approach. He begins with an overview and then devotes one chapter to estimating costs and another chapter to clarifying the mystery of depreciation. …