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Starts from the basic principles of property investment and shows that the initial yield conceals estimates of a risk premium, expected income growth and expected depreciation. Suggests that an explicit valuation procedure which can be used at any level ranging from a single property to the aggregate market may be constructed. Concludes that the surveying profession is under threat from those able to meet the growing demand for such explicit analyses.

Considers the role of property in a multi‐asset portfolio and highlights the need for property to be subject to the same analytical framework as other assets in the portfolio. Discusses the principles of portfolio construction, consisting of development of economic scenarios; forecasts of return on asset classes; asset allocation and portfolio construction; and stock selection. Sets out a strategic framework for the construction of a property portfolio, which involves an explicit consideration of risk and return relative to an appropriate benchmark. States that both the structure and stock of the fund need to be considered. Suggests that most of the published work on the subject is seriously flawed by inadequate data.

Analyses data from the USA and UK to determine whether diversification within a region by property type is better than diversification between regions within a property type. Compares both strategies to full diversification by both property type and region. Calculates and compares property type and regional correlation matrices. Produces efficient frontiers and calculates principal components to determine if there are dominant property type or regional dimensions to real estate returns. Suggests that for the USA a purely retail portfolio diversified over all regions would have been almost as effective as a fully diversified portfolio. In the UK, there is less diversity across regions within retail property. Overall, there is no simple conclusion applicable to all regions and all property types in either country.

Addresses the issue of valuation variation. The fundamental research question is to establish the range of valuations which a group of qualified valuers operating in the same market and using the same basic assumptions would produce in their estimation of price. It significantly extends the approach adopted by Hager and Lord and draws conclusions about different market sectors, locations and size of firms. The results of the survey show a wide variation in value across both rack rented and reversionary interests. In terms of the former over 80 per cent of all valuations produced a variation from the mean of less than 20 per cent with a corresponding figure of over 90 per cent for the reversionary investments. These levels of accuracy fall short of the contention that valuers can value to within 5‐10 per cent of market value.

Responds to “A note on ‘The initial yield revealed: explicit valuations and the future of property investment’” published in an earlier issue of the Journal of Property Valuation & Investment. Addresses issues raised and develops and extends the organizations of the original paper, in particular: definitions of certain concepts; the determination of value; the need for explicit valuations; price formation in the property market; and the influence of valuation on price. Reiterates the purposes of the original worked example of valuations; produces a corrected version; and in an appendix presents extended solutions and a fuller discussion of the central issues.

Climate change, deforestation and hydropower dams are contributing to environmental change in the Lower Mekong River region, the combined effects of which are felt by many rural Cambodians. How people perceive and manage the effects of environmental change will influence future adaptation strategies. The objective of this research was to investigate whether the use of a low-cost, explicitly spatial method (participatory mapping) can help identify locally relevant opportunities and challenges to climate change adaptation in small, flood-prone communities. Four villages along the banks of the Mekong River in Kratie Province, Cambodia, were the subject of this research. To identify perceived environmental hazards and adaptive responses, eight workshops were conducted using focus-group interviews and participatory mapping. The communities’ responses highlight the evolving nature of environmental hazards, as droughts increase in perceived importance while the patterns of wet season flooding were also perceived to be changing. The attribution of the drivers of these hazards was strongly skewed towards local factors such as deforestation and less towards regional or global drivers affecting the hydrology of the Mekong and climate patterns. Combining participatory mapping with focus-group interviews allowed a greater depth of understanding of the vulnerabilities and opportunities available to communities than reliance on a single qualitative method. The study highlights the potential for a bottom-up transfer of information to strengthen existing climate change policies and tailor adaptation plans to local conditions.

Based on a multivariate analysis of long‐term total returns and inflation data over the period 1963‐1993, shows that commercial property total returns reflect both expected and unexpected components of inflation in the long term. There is no evidence that property returns systematically provide, on an annual basis, hedging characteristics against either of these components.

Mathematics can be a challenging content area for all students and especially for students with disabilities. Assistive technology can support the access, participation and achievement of students with disabilities in mathematics in general and in inclusive mathematics settings in particular. In this chapter, assistive technology to academic and functional mathematics will be discussed; particularly, manipulatives, calculators and other technology-mediated mathematics interventions (e.g., apps or computer programs) will be highlighted.

This study examines the impacts of three individual values on the willingness to pay and perceived fairness of use tax on Internet purchases. Analysis of survey data collected from 114 taxpayers reveals that while a strong sense of national identity is significantly correlated with fairness perceptions of use tax, it is not significantly related to perception of willingness to pay use tax. Our findings suggest that taxpayers with a high level of religiosity are more willing to pay use tax, although they do not perceive the use tax to be fair.