Search results

1 – 10 of 42
To view the access options for this content please click here
Article
Publication date: 25 September 2009

Anthony J. De Francesco and Luke R Hartigan

The Australian REIT (A‐REIT) market has undergone significant change over the past ten years with a shift from passive investment strategies to more active investment…

Downloads
1468

Abstract

Purpose

The Australian REIT (A‐REIT) market has undergone significant change over the past ten years with a shift from passive investment strategies to more active investment strategies in an attempt to deliver higher return performance. However, this has dramatically changed the risk characteristics of A‐REITs. Essentially, the sector has become more risky. Factors contributing to the increasing risk profile include: rising gearing levels; greater offshore exposure; evolving management structure towards stapled trusts, and growing market concentration. This paper aims to address these issues.

Design/methodology/approach

In an attempt to gauge the impact of the changing risk characteristics over time the paper employs two formal risk measures: time‐varying beta and news impact curves. Both measures indicate that the sector has become more risky. Indeed, it could be argued that the pronounced fall in A‐REIT prices during late 2007 reflects a re‐rating of risk on the upside. The post credit crisis financial climate warrants a review of investment strategies; in particular, growth style investments that may be carrying a high level of embedded risk and opaque income streams.

Findings

Current market sentiment suggests that investors have become more risk averse, and as such, will refocus on A‐REITs that cater for defensive style investments. Such vehicles will have low to moderate gearing levels, hold quality property assets in their portfolio, limited off‐shore exposure, and employ sound management practices.

Originality/value

The heightened risk‐averse environment presents opportunities for new investment products that provide partial exposure to direct property investment as a way to mitigate excessive equity market volatility.

Details

Journal of Property Investment & Finance, vol. 27 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

To view the access options for this content please click here
Article
Publication date: 2 October 2007

Anthony J. De Francesco

The aim of the paper is threefold: to provide an overview of gearing in the Australian real estate investment market; formally examine the relationship between property…

Downloads
2504

Abstract

Purpose

The aim of the paper is threefold: to provide an overview of gearing in the Australian real estate investment market; formally examine the relationship between property returns, risk and gearing; and provide some guidance in evaluating “optimal” gearing levels for real estate investment.

Design/methodology/approach

A mathematical modelling framework is presented for evaluating the relationship between investment returns, risk and gearing levels.

Findings

The study highlights that risk rises with rising gearing levels and that risk‐adjusted returns fall with rising gearing. Furthermore, it is shown that the gearing‐risk relationship is influenced not only by the cost of debt structure but also the interdependency between ungeared returns and interest rates.

Research limitations/implications

The study suggests that current gearing levels from Australian listed property trusts and unlisted wholesale property funds are relatively conservative. This implies that current gearing could be increased, in particular for wholesale funds, without taking on substantially more risk whilst enhancing returns.

Practical implications

The paper is of value to industry and academia as it offers an extended framework for evaluating the relationship between risk and gearing. In particular, the framework provides insight for gauging gearing levels when constructing real estate investment strategies.

Originality/value

Importantly, the paper shows that the interdependency between ungeared returns and interest rates significantly impacts the relationship between risk and gearing.

Details

Journal of Property Investment & Finance, vol. 25 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

To view the access options for this content please click here
Article
Publication date: 9 May 2008

Anthony J. de Francesco and Deborah Levy

The purpose of this paper is to investigate the key drivers affecting property investment decisions within a context of sustainability and how these drivers are likely to…

Downloads
2280

Abstract

Purpose

The purpose of this paper is to investigate the key drivers affecting property investment decisions within a context of sustainability and how these drivers are likely to change the investment product landscape and the management of existing property investment portfolios.

Design/methodology/approach

Examples from the Australian property market are discussed in order to demonstrate how sustainability principles may form part of the wider agenda of corporate property investment strategy and social responsibility.

Findings

A full understanding of the impact of sustainability on the property investment landscape can only be found by adopting an holistic approach, including the behavioural effects of economic, social, ecological, policy and regulative environments.

Originality/value

This paper provides important new insights as to the effect that sustainability may have on future investment decisions and the future investment product landscape.

Details

Journal of European Real Estate Research, vol. 1 no. 1
Type: Research Article
ISSN: 1753-9269

Keywords

To view the access options for this content please click here
Article
Publication date: 1 December 2001

Martha Zarate

Looks at the first 100 years of Italian cinema examining its role in Italy’s recent history. Provides a bibliography of major film directors, Italian cinema sources…

Downloads
2814

Abstract

Looks at the first 100 years of Italian cinema examining its role in Italy’s recent history. Provides a bibliography of major film directors, Italian cinema sources, reference works, histories, themes, theory and criticism and articles in journals.

Details

Collection Building, vol. 20 no. 4
Type: Research Article
ISSN: 0160-4953

Keywords

To view the access options for this content please click here
Article
Publication date: 1 January 1954

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

Abstract

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

Details

Aslib Proceedings, vol. 6 no. 1
Type: Research Article
ISSN: 0001-253X

To view the access options for this content please click here
Book part
Publication date: 16 December 2017

Riccardo Bellofiore and Scott Carter

Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers…

Abstract

Resurgent interest in the life and work of the Italian Cambridge economist Piero Sraffa is leading to New Directions in Sraffa Scholarship. This chapter introduces readers to some of these developments. First and perhaps foremost is the fact that as of September 2016 Sraffa’s archival material has been uploaded onto the website of the Wren Library, Trinity College, Cambridge University, as digital colour images; this chapter introduces readers to the history of these events. This history provides sharp relief on the extant debates over the role of the archival material in leading to the final publication of Production of Commodities by Means of Commodities, and readers are provided a brief sketch of these matters. The varied nature of Sraffa scholarship is demonstrated by the different aspects of Sraffa’s intellectual legacy which are developed and discussed in the various entries of our Symposium. The conclusion is reached that we are on the cusp of an exciting phase change of tremendous potential in Sraffa scholarship.

Details

Including a Symposium on New Directions in Sraffa Scholarship
Type: Book
ISBN: 978-1-78714-539-9

Keywords

To view the access options for this content please click here
Book part
Publication date: 16 July 2018

Gary W. Florkowski

Three decades of academic and professional discourse on HR technologies (HRTs) have produced continued disagreement over construct definitions and research streams that…

Abstract

Three decades of academic and professional discourse on HR technologies (HRTs) have produced continued disagreement over construct definitions and research streams that are highly fragmented. These realities suggest that greater consistency in meanings is sorely needed if we are to integrate and upgrade knowledge in this area. This chapter draws on the findings of a systematic research review to properly define the content domains of human resource information systems (HRIS), virtual human resources (virtual HR), electronic human resource management (e-HRM), and business-to-employee (B2E) systems. An integrative synthesis was performed on 242 system-level writings that appeared in the literature from 1983 to 2017. The weight of the evidence strongly supports treating HRIS, virtual HR, e-HRM, and B2E systems as independent, complimentary constructs. While the first three comprise a firm’s HRT system, the fourth construct is more appropriately positioned in the business-collaborative system. The sample was further evaluated with an analytic framework to detect patterns of practice in research designs. This revealed that much more attention has been focused on system actions and outcomes than on attitudes and system characteristics. Different units of analysis were well represented aside from trans-organizational studies. Finally, a case is made for better contextualizing HRT research by recognizing differences in assimilation stage, functional penetration, and collective proficiency. These factors are rarely mentioned, let alone studied, raising additional concerns about measurement error. Detailed suggestions are offered on ways to incorporate them. Together, these materials should promote more sophisticated and generalizable assessments of technology, improving our ability to understand its impacts.

Details

Research in Personnel and Human Resources Management
Type: Book
ISBN: 978-1-78756-322-3

Keywords

To view the access options for this content please click here
Article
Publication date: 1 September 1900

There are very few individuals who have studied the question of weights and measures who do not most strongly favour the decimal system. The disadvantages of the weights…

Downloads
70

Abstract

There are very few individuals who have studied the question of weights and measures who do not most strongly favour the decimal system. The disadvantages of the weights and measures at present in use in the United Kingdom are indeed manifold. At the very commencement of life the schoolboy is expected to commit to memory the conglomerate mass of facts and figures which he usually refers to as “Tables,” and in this way the greater part of twelve months is absorbed. And when he has so learned them, what is the result? Immediately he leaves school he forgets the whole of them, unless he happens to enter a business‐house in which some of them are still in use; and it ought to be plain that the case would be very different were all our weights and measures divided or multiplied decimally. Instead of wasting twelve months, the pupil would almost be taught to understand the decimal system in two or three lessons, and so simple is the explanation that he would never be likely to forget it. There is perhaps no more interesting, ingenious and useful example of the decimal system than that in use in France. There the standard of length is the metre, the standard of capacity the cubic decimetre or the litre, while one cubic centimetre of distilled water weighs exactly one gramme, the standard of weight. Thus the measures of length, capacity and weight are most closely and usefully related. In the present English system there is absolutely no relationship between these weights and measures. Frequently a weight or measure bearing the same name has a different value for different bodies. Take, for instance, the stone; for dead meat its value is 8 pounds, for live meat 14 pounds; and other instances will occur to anyone who happens to remember his “Tables.” How much simpler for the business man to reckon in multiples of ten for everything than in the present confusing jumble. Mental arithmetic in matters of buying and selling would become much easier, undoubtedly more accurate, and the possibility of petty fraud be far more remote, because even the most dense could rapidly calculate by using the decimal system.

Details

British Food Journal, vol. 2 no. 9
Type: Research Article
ISSN: 0007-070X

To view the access options for this content please click here
Book part
Publication date: 16 September 2019

Richard Rymarz and Leonardo Franchi

Abstract

Details

Catholic Teacher Preparation
Type: Book
ISBN: 978-1-78756-007-9

To view the access options for this content please click here

Abstract

Details

The Development of the Maltese Insurance Industry: A Comprehensive Study
Type: Book
ISBN: 978-1-78756-978-2

1 – 10 of 42