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Establishing the strength of a novel variable–mortgage debt as a fraction of US gross domestic product (GDP)–on forecasting capitalisation rates in both the US office and…
Abstract
Purpose
Establishing the strength of a novel variable–mortgage debt as a fraction of US gross domestic product (GDP)–on forecasting capitalisation rates in both the US office and multifamily sectors.
Design/methodology/approach
The authors specify a vector error correction model (VECM) to the data. VECM are used to address the nonstationarity issues of financial variables while maintaining the information embedded in the levels of the data, as opposed to their differences. The cap rate series used are from Green Street Advisors and represent transaction cap rates which avoids the problem of artificial smoothness found in appraisal-based cap rates.
Findings
Using a VECM specified with the novel variable, unemployment and past cap rates contains enough information to produce more robust forecasts than the traditional variables (return expectations and risk premiums). The method is robust both in and out of sample.
Practical implications
This has direct implications for governmental policy, offering a path to real estate price stability and growth through mortgage access–functions largely influenced by the Fed and the quasi-federal agencies Fannie Mae and Freddie Mac. It also offers a timely alternative to interest rate-based forecasting models, which are likely to be less useful as interest rates are to be held low for the foreseeable future.
Originality/value
This study offers a new and highly explanatory variable to the literature while being among the only to model either (1) transactional cap rates (versus appraisal) (2) out-of-sample data (versus in-sample) (3) without the use of the traditional variables thought to be integral to cap rate modelling (return expectations and risk premiums).
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Zsuzsanna Árendás, Judit Durst, Noémi Katona and Vera Messing
Purpose: This chapter analyses the effects of social stratification and inequalities on the outcomes of transnational mobilities, especially on the educational trajectory of…
Abstract
Purpose: This chapter analyses the effects of social stratification and inequalities on the outcomes of transnational mobilities, especially on the educational trajectory of returning migrant children.
Study approach: It places the Bourdieusian capital concepts (Bourdieu, 1977, 1984) centre stage, and analyses the convertibility or transferability of the cultural and social capital across different transnational locations. It examines the serious limitations of this process, using the concept of non-dominant cultural capital as a heuristic analytical tool and the education system (school) as a way of approaching the field. As we examine ‘successful mobilities’ of high-status families with children and racialised low-status families experiencing mobility failures, our intention is to draw attention on the effect of the starting position of the migrating families on the outcomes of their cross-border mobilities through a closer reading of insightful cases. We look at the interrelations of social position or class race and mobility experiences through several empirical case studies from different regions of Hungary by examining the narratives of people belonging to very different social strata with a focus on the ‘top’ and the ‘bottom’ of the socio-economic hierarchy. We examine the transnational mobility trajectories, strategies and the reintegration of school age children from transnationally mobile families upon their return to Hungary.
Findings: Our qualitative research indicates that for returning migrants not only their available capitals in a Bourdieasian sense but also their (de)valuation by the different Hungarian schools has direct consequences on mobility-affected educational trajectories, on the individual outcomes of mobilities, and the circumstances of return and chances for reintegration.
Originality: There is little qualitative research on the effects of emigration from Hungary in recent decades. A more recent edited volume (Váradi, 2018) discusses various intersectionalities of migration such as gender, ethnicity and age. This chapter intends to advance this line of research, analysing the intersectionality of class, ethnicity and race in the context of spatial mobilities through operationalising a critical reading of the Bourdieusian capitals.
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Sadali Rasban, Adam Abdullah and Aznan Hasan
This paper aims to examine the current practice in Singapore regarding an inheritance issue: disposal of the residual net estate to the bayt al-māl, which is identified as the…
Abstract
Purpose
This paper aims to examine the current practice in Singapore regarding an inheritance issue: disposal of the residual net estate to the bayt al-māl, which is identified as the Islamic Religious Council of Singapore (Majlis Ugama Islam Singapura, MUIS). The issue arises when the deceased leaves farḍ (fixed-share) heir(s) and/or dhawū al-arḥām (outer family members) but there is no ʿaṣabah (agnatic residuary heir by blood). Farḍ legal heirs are those beneficiaries for whom the Qurʾān prescribes inheritance of a pre-determined share. Disposal of the residual net estate to the bayt al-māl results in a reduction in the share due to the farḍ legal heir or worse, a total loss to the dhawū al-arḥām legal heirs.
Design/methodology/approach
A qualitative approach based on library and case study research has been adopted to elaborate practices that fall under the purview of the Administration of Muslim Law Acts (AMLA), Chapter 3.
Findings
The current practice seems biased against, especially, women and spouses. It creates high dissatisfaction in the community, especially those affected by such practices. This paper elaborates on the practice of residual net estate distribution in Singapore and the contemporary practices of the four Sunni madh-habs – the Ḥanafī, Mālikī, Shāfiʿī and Ḥanbalī jurisprudential schools – in other countries.
Research limitations/implications
In Singapore, Muslim law is defined and implemented by the civil court, not the Syariah Court or MUIS. The recommendation to change from the current classical practice by the Syariah Court and MUIS to the contemporary practice that is relevant to today’s context lies with the civil court and Government of Singapore. The choice for the Syariah Court and MUIS to adopt the contemporary practice as per Ḥanafī School by rule of the court or the government is beyond this research. Zayd ibn Thābit, Caliph Abū Bakr and a small number of companions held the view that the residue net estate asset must go to the bayt al-māl, the current classical practice. The contemporary practice adopted by Sayyidina ʿUthmān ibn ʿAffān, Jābir ibn Zayd and majority of the companions’ view, is not in favour of the residue net estate asset to go to the bayt al-māl; rather they view that it must be returned to the legal heirs.
Practical implications
Awareness in the community in the current controversial practice in Singapore when the residue net estate through the farāʾiḍ law was giving to bayt al-māl instead of returning to farḍ or dhawū al-arḥām in the absence of the ʿaṣabah legal heir as stated in the Inheritance Certificate issued by Syariah Court.
Social implications
To understand the contemporary Muslim law and the practical and just application in today’s Singapore context as supported by the AMLA, Chapter 3.
Originality/value
This is the first study that challenges the current practice by the Syariah Court and MUIS in Singapore, thereby endeavouring to restore justice to the community.
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Nadina R. Luca, Marsha Smith and Sally Hibbert
“Social eating initiatives” are framed as a specific type of community-based food service that provides opportunities for people to eat together in local spaces using surplus…
Abstract
“Social eating initiatives” are framed as a specific type of community-based food service that provides opportunities for people to eat together in local spaces using surplus food. These initiatives provide a meal that is fresh, affordable and more environmentally friendly than fast or convenience foods. In this research, we build upon the food well-being model to explore how food consumption is experienced in these community settings and the role of social eating projects in shaping the different dimensions of people's foodscapes. We adopted a community-based participatory approach and engaged in a series of dialogues with staff volunteers and coordinators at four “social eating initiatives”. We also conducted 45 interviews with service users and volunteers at three sites in the Midlands region.
The role of community-based food initiatives responding to hunger by utilising surplus food to feed local populations is often conceptualised critically. However, closer attention to the experiences of staff, volunteers and customers at these spaces, reveals them as sites where knowledge and experience of food is being developed with this contributing to a sense of well-being beyond nutrition. Shared food practices and eating together contribute to social capital and are important dimensions of food well-being that are significantly restricted by food insecurity. The “food well-being” model envisages a shift in focus from health, defined as the absence of illness, towards well-being as a positive relationship with food at the individual and societal level. In the concluding remarks of this article, it is suggested that this holistic conception is required to understand the role and function of social eating initiatives.
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Vicki Catherine Waye, Collette Snowden, Jane Knowler, Paula Zito, Jack Burton and Joe McIntyre
The purpose of this paper is to examine whether mandatory disclosure of information accompanying the sale of real estate achieves its aim of informed purchasers.
Abstract
Purpose
The purpose of this paper is to examine whether mandatory disclosure of information accompanying the sale of real estate achieves its aim of informed purchasers.
Design/methodology/approach
Using a case study approach focused on mandatory disclosure in South Australia data was collected from interviews and focus groups with key personnel in the property industry involved in the production of information required to fulfil vendors’ disclosure obligations.
Findings
The authors found that purchasers are ill-served by a long and complex form of mandatory disclosure with a short time frame that prevents the use of the information provided. Without good form design and increased digital affordances provided by the cadastral and conveyancing systems, mandatory disclosure is insufficient to ensure minimisation of information asymmetry between vendor and purchaser.
Originality/value
To the best of the authors’ knowledge, this is the first Australian qualitative study that examines the utility of mandatory vendor disclosure in real estate sales and the first to consider the impact of the digitalisation of cadastral and conveyancing systems upon the efficacy of mandatory disclosure regimes.
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Bart Valks, Elizabeth Blokland, Catelijne Elissen, Iris van Loon, Danko Roozemond, Paul Uiterdijk, Monique Arkesteijn, Alexander Koutamanis and Alexandra Den Heijer
Across the world, many universities are dealing with a pressure on resources, caused by both organisational developments and ageing campuses. Space utilization studies have a…
Abstract
Purpose
Across the world, many universities are dealing with a pressure on resources, caused by both organisational developments and ageing campuses. Space utilization studies have a strategic role, providing information on how space is being used, thereby informing decisions about the type and scale of facilities that are needed.
Design/methodology/approach
This study reports on the space use measurements conducted at TU Delft over the past five years, complemented by their use to make decisions about the university's real estate portfolio.
Findings
The education spaces of the university are found to perform well in terms of frequency rates and can be improved in terms of occupancy rates. The information helped to support short- and long-term decision-making. The study places of the university have a satisfactory occupancy in some types of study places, while in others there is room for improvement. More research is needed here to understand the relationship between space norms and space use.
Practical implications
The space utilization studies have supported discussions with the student council and decision makers on which interventions are required and which current facilities meet students' needs best.
Originality/value
Not much space utilisation studies are reported in the academic literature, and those that do have several limitations. This study may serve as a best practice for benchmarking by other universities and as evidence in other research for the planned and actual use of university facilities.
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Jie Meng and Fenghua Wu
As a crucial institutional form established since the Chinese economic reform, the system of competitive local governments has been shaping the characteristics of China's…
Abstract
Purpose
As a crucial institutional form established since the Chinese economic reform, the system of competitive local governments has been shaping the characteristics of China's socialist market economy to a considerable degree.
Design/methodology/approach
This study not only adopts the view of existing studies that attribute the economic motive of local governments to rent and consider land public finance as a means through which local governments carry out strategic investment but also attempts to further develop the view within a Marxist analytical framework.
Findings
As a result, the local governments have helped to maintain an incredibly high investment rate over a considerable period of time, facilitating the continuous, rapid growth of the Chinese economy.
Originality/value
This study concludes that China's local governments function as the productive allocator and user of rent in the strategic investment based on land public finance and thereby embed themselves in the relative surplus-value production initially arising from competition amongst enterprises, forming the dual structure of relative surplus-value production unique to China's economy.
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The aim of the present study is to shed light on the role of legal practitioners, namely, lawyers and notaries, in the fight against money laundering: Are they considered as…
Abstract
Purpose
The aim of the present study is to shed light on the role of legal practitioners, namely, lawyers and notaries, in the fight against money laundering: Are they considered as facilitators or obstacles against money laundering? How does the global and the EU legal framework deal with the legal professionals?
Design/methodology/approach
The research follows a deductive approach attempting to respond to questions such as: How do the lawyers’ and notaries’ societies react in front of the anti-money laundering measures that concern them and why? What are the discrepancies between the lawyers’ professional secrecy and the obligations that EU anti-money laundering legislation assigns them?
Findings
This study disclosures the response of the European union and international legal and regulatory framework as well as the reflexes of the international and European legal professionals’ associations to this danger. It also demonstrates the reaction of lawyers against European union anti-money laundering legislation, to the point that it limits not only the confidentiality principle but also the position of the European judicial systems to the contradiction between this principle and the lawyers’ obligation to report their suspicions to the authorities.
Research limitations/implications
To fulfil the study goals, it was necessary to overcome some obstacles, like the limitation of existing sources. Indeed, transnational empirical research considering the professionals who facilitate money laundering is narrow. Besides, policymakers and academics only recently expressed more interest in money laundering and its facilitators.
Originality/value
This paper fulfils an identified need to study the legal professionals’ role not only in money laundering practices but also in anti-money laundering policies.
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Norazlina Abd. Wahab, Selamah Maamor, Zairy Zainol, Suraiya Hashim and Kamarul Azman Mustapha Kamal
This paper aims to develop the best practices of Islamic estate planning for Muslims. Islamic estate planning is a fixed proposal for the management and outlook of an individual’s…
Abstract
Purpose
This paper aims to develop the best practices of Islamic estate planning for Muslims. Islamic estate planning is a fixed proposal for the management and outlook of an individual’s assets throughout their life and upon their passing, created by means of existing Islamic estate planning tools, for instance, farāʾiḍ (inheritance), waṣiyyah (will), hibah (gift) and waqf (endowment).
Design/methodology/approach
The paper used an interview method to obtain information on the best practices of Islamic estate planning. Semi-structured interviews were conducted with the respondents and estate planning providers in the northern region of Peninsular Malaysia. The data gathered was analysed using thematic analysis which involved five phases to construct the best practices of Islamic estate planning.
Findings
The paper identifies important elements in Islamic estate planning. The elements were outlined as the crucial things that Muslims should do to plan for intergenerational transfer and earning a good share in the hereafter.
Research limitations/implications
The first limitation of the paper is that the best practices were developed based on a qualitative method. There is no evidence of its validity, which is a gap that can be explored in the future. Second, it involves the perceptions of two types of respondents (individuals and Islamic estate planning providers), which may be broadened to other related stakeholders such as regulators, in future studies.
Originality/value
This paper presents a framework of best practices of Islamic estate planning, it being one of the first studies to do so, which is not only useful and relevant for Malaysian Muslims but also for Muslims in other countries.
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Charles Martinez, Christopher N. Boyer, Tun-Hsiang Yu, S. Aaron Smith and Adam Rabinowitz
The authors examined the impact of the Market Facilitation Program (MFP) and Coronavirus Food Assistance Program (CFAP) payments to United States agricultural producers on…
Abstract
Purpose
The authors examined the impact of the Market Facilitation Program (MFP) and Coronavirus Food Assistance Program (CFAP) payments to United States agricultural producers on non-real estate agricultural loans.
Design/methodology/approach
The authors used quarterly, state-level commercial bank data from 2016–2020 to estimate dynamic panel models.
Findings
The authors found MFP and CFAP payments not associated with the percentage of non-real estate agricultural loans with payments over 90 days late. However, these payments associated with the percentage of non-real estate agricultural loans with payments between 30 and 89 days late. The available data utilized cannot consider when producers received the actual payment and what they specifically did with those funds.
Originality/value
The contribution of this study is for US policymakers and agricultural lenders. The findings could be helpful in designing and implementing future ad hoc payment programs and provide an understanding of potential shortcomings of the current safety net for agricultural producers in the Farm Bill. Additionally, findings can assist agricultural lenders in predicting the impact of ad hoc payments on their distressed loan portfolios.
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