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Article
Publication date: 2 May 2017

Berna Keskin, Richard Dunning and Craig Watkins

This paper aims to explore the impact of a recent earthquake activity on house prices and their spatial distribution in the Istanbul housing market.

Abstract

Purpose

This paper aims to explore the impact of a recent earthquake activity on house prices and their spatial distribution in the Istanbul housing market.

Design/methodology/approach

The paper uses a multi-level approach within an event study framework to model changes in the pattern of house prices in Istanbul. The model allows the isolation of the effects of earthquake risk and explores the differential impact in different submarkets in two study periods – one before (2007) and one after (2012) recent earthquake activity in the Van region, which although in Eastern Turkey served to alter the perceptions of risk through the wider geographic region.

Findings

The analysis shows that there are variations in the size of price discounts in submarkets resulting from the differential influence of a recent earthquake activity on perceived risk of damage. The model results show that the spatial impacts of these changes are not transmitted evenly across the study area. Rather it is clear that submarkets at the cheaper end of the market have proportionately larger negative impacts on real estate values.

Research limitations/implications

The robustness of the models would be enhanced by the addition of further spatial levels and larger data sets.

Practical implications

The methods introduced in this study can be used by real estate agents, valuers and insurance companies to help them more accurately assess the likely impacts of changes in the perceived risk of earthquake activity (or other environmental events such as flooding) on the formation of house prices in different market segments.

Social implications

The application of these methods is intended to inform a fairer approach to setting insurance premiums and a better basis for determining policy interventions and public investment designed to mitigate potential earthquake risk.

Originality/value

The paper represents an attempt to develop a novel extension of the standard use of hedonic models in event studies to investigate the impact of natural disasters on real estate values. The value of the approach is that it is able to better capture the granularity of the spatial effects of environmental events than the standard approach.

Details

Journal of European Real Estate Research, vol. 10 no. 1
Type: Research Article
ISSN: 1753-9269

Keywords

Content available
Article
Publication date: 1 February 2003

Craig Watkins and Michael White

Abstract

Details

Journal of Property Investment & Finance, vol. 21 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 June 2001

Neil Dunse, Chris Leishman and Craig Watkins

In this paper, it is argued that neo‐classical location theory is of limited value in conceptualising the structure of urban office markets. Rather there are sound…

Abstract

In this paper, it is argued that neo‐classical location theory is of limited value in conceptualising the structure of urban office markets. Rather there are sound theoretical and technical arguments for segmenting office markets into distinct submarkets. It is further argued that submarkets, rather than being based on prior knowledge of agents or researchers, should be derived empirically. As an illustration the authors use principal components analysis and cluster analysis to construct office submarkets. The results reported are based on the analysis of a unique dataset of asking rents, physical and locational characteristics of properties on the market in the cities of Glasgow and Edinburgh in the 1990s. From the empirical evidence, it is clear that different factors are important in influencing the structure of the office market in Scotland’s major urban centres.

Details

Journal of Property Investment & Finance, vol. 19 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 4 October 2011

Colin Jones, Craig Watkins and David Watkins

The purpose of this paper is to address both the measurement of affordability and variations in affordability between local housing market areas (HMAs).

Abstract

Purpose

The purpose of this paper is to address both the measurement of affordability and variations in affordability between local housing market areas (HMAs).

Design/methodology/approach

The practical data issues that arise from measuring local affordability are reviewed by reference to studies in the UK. The paper argues that local measures should relate to a functional geography of HMAs rather than simply local authority boundaries. This approach is shown to be more theoretically sound but faces data constraints. An empirical case study of the North West of England then follows as a demonstration based on a tiered geography of HMAs. It addresses the constraints on local income data by measuring affordability by reference to a particular household type and associated income.

Findings

Local UK affordability indicators are shown to be primarily about access to home ownership rather than a wider view of local house price structures on affordability. The paper also draws out the importance of affordability measures linked to functional market areas. The results of the analysis presented highlight that there are local differences in house price structures and hence associated differential affordability of house types between local HMAs.

Originality/value

This is the first study that examines affordability at the local level based on functional areas rather than local authority administrative boundaries. This approach gives a truer picture of the variability in local affordability. The applied analysis tackles the data constraints of functional areas and has the potential to be adapted and extended.

Details

International Journal of Housing Markets and Analysis, vol. 4 no. 4
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 1 February 2002

Chris Leishman and Craig Watkins

This paper argues that the methods of constructing house price indices for UK markets lag behind those employed in Europe, Australasia and North America. This is…

Abstract

This paper argues that the methods of constructing house price indices for UK markets lag behind those employed in Europe, Australasia and North America. This is particularly evident in terms of the range and level of technical sophistication of the index construction methodologies. Importantly, the paper argues that the absence of reliable house price indicators undermines the decision‐making ability of policy makers and investors operating in urban housing markets. The paper suggests that this can, in part, be remedied by the construction of a system of local house price indices for British cities. The empirical research presents the first UK application of the repeat sales method to UK data. Indices are constructed for four cities and a range of diagnostic tests are used to establish the reliability and accuracy of the indices as a means of monitoring house price change. The research concludes by suggesting that the methods used here should be tested further on data from major metropolitan regions in England and Wales.

Details

Journal of Property Investment & Finance, vol. 20 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 May 1999

Craig Watkins

Since the 1980s UK academics have promoted the use of multiple regression analysis in property valuation. Recently, however, there has been growing recognition that…

Abstract

Since the 1980s UK academics have promoted the use of multiple regression analysis in property valuation. Recently, however, there has been growing recognition that regression models will be subject to aggregation bias if they fail to accommodate the existence of housing market segmentation (submarkets). In this study, we compare the empirical performance of a standard hedonic house price regression model for the city of Glasgow with a segmented model which recognises the importance of understanding the underlying market structure and, in particular, the existence of submarkets for different dwelling types. The results show that the (weighted) standard error of the segmented model is significantly lower than that of the market wide model. Consequently, we propose a two‐stage approach to the application of MRA techniques to residential valuation. First, following traditional institutional analysis of housing markets, the market should be subdivided into distinct structurally differentiated market segments. These segments can usefully be identified by principal components factor analysis which allows the identification of the most important common components in the housing bundle. Second, separate house price equations should be estimated for each market segment. Although the best‐fit equation may vary from sector to sector this is likely to reflect the behavioural realities of the property market, and will provide the basis for more accurate valuations.

Details

Journal of Property Investment & Finance, vol. 17 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 August 2004

Chris Leishman and Craig Watkins

Typically, studies of the occupiers' choice of office property have focused on the influence of location. Following the standard behavioural assumptions of neo‐classical…

Abstract

Typically, studies of the occupiers' choice of office property have focused on the influence of location. Following the standard behavioural assumptions of neo‐classical economics, the firm is assumed to make the rational profit‐maximising decision on the basis of full information. All firms are implicitly assumed to be homogeneous. This general approach eliminates much of the complexity from the decision‐making process. This paper uses evidence from a survey of over 100 office occupiers in Edinburgh to examine the influence of a broader range of factors on individual firms' choice of office. Using logistic regression techniques on the survey data, the empirical analysis shows that by taking account of heterogeneity of firms, it is possible to identify the type of property occupied. Firms' decisions are closely related to their size, business type and whether the market they serve is local, regional or national.

Details

Journal of Property Investment & Finance, vol. 22 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 February 2005

Alastair Adair, Jim Berry, Stanley McGreal, Joanna Poon, Norman Hutchison, Craig Watkins and Kenneth Gibb

Property performance indices have invariably focused upon prime markets with a variety of approaches used to measure investment returns. However, there is relatively…

Abstract

Purpose

Property performance indices have invariably focused upon prime markets with a variety of approaches used to measure investment returns. However, there is relatively little knowledge regarding the investment performance of property in regeneration areas. Indeed, there is a perception that such locations carry increased risk and that the returns achieved may not be sufficient to offset the added risk. The main objective of this paper, therefore, is to construct regeneration property performance indicators consistent with the CBRE rent index and average yield monitor.

Design/methodology/approach

Local market experts were asked to estimate rents and yields for hypothetical standardised offerings for a range of regeneration locations throughout the UK, covering the period 1995 to 2002.

Findings

The results show that rental growth was similar in regeneration locations compared to the prime market. However, the analysis highlights a major yield shift for property in regeneration areas in the short to medium term. The downward pressure in yields would suggest that once a regeneration area becomes established and rental growth emerges, investor interest is stimulated resulting in increased competition and a shortening of yields.

Originality/value

The significance of this research is the quantification of property investment performance from regeneration areas that previously has not been available to investment institutions and decision makers. From a policy perspective this analysis is of relevance in confirming the maturing of locations that have received high levels of public sector support and indicating the effectiveness of regeneration policy mechanisms in creating sustainable urban environments capable of meeting private sector investment goals.

Details

Journal of Property Investment & Finance, vol. 23 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 16 November 2012

Linden Dalecki

This paper seeks to explore a host of straight‐to‐DVD and direct‐download motion picture marketing, production, and distribution strategies deployed by Florida‐based…

Abstract

Purpose

This paper seeks to explore a host of straight‐to‐DVD and direct‐download motion picture marketing, production, and distribution strategies deployed by Florida‐based Maverick Entertainment. The focus is Maverick's most prominent and successful sub‐genre “urban teen gangsta” films.

Design/methodolgy/approach

The somewhat wide‐ranging and eclectic approach taken in this paper draws from two emergent academic subdisciplines: consumer culture theory (CCT), largely on the business‐school side, and media industry studies (MIS), largely on the communications‐school side. The project thus attempts to bridge the interpretive poetics and eclecticism of CCT with the interpretive aesthetics and eclecticism of MIS and relies on a blend of filmic, marketing, PR, journalistic, trade publication, and academic evidence.

Findings

It is argued that “marketing mimicry” – where Maverick imitates specific successful urban‐teen themed cross‐over film marketing strategies of major and mini‐major Hollywood studio titles – was crucial to the start‐up's success.

Research limitations/implications

Marketers outside the USA will find it somewhat difficult to glean generalizable lessons based on the strategies and principles evaluated here. Future research should be conducted in the area of direct‐download of urban teen filmed content, particularly vis‐à‐vis Maverick's new direct‐download partners such as Hulu, YouTube, Amazon VOD, Facebook Store, and Gigaplex. Future research should also look into the extent to which the somewhat pervasive notion of a “global teen audience” is valid for this sub‐genre of films.

Practical implications

Marketers are advised to thin‐slice the appeals of their teen‐themed product‐lines to maximize the appeal to given sub‐segments. Marketers may beneifit by developing ethical non‐harmful iterations of marketing‐mimicry in their market space.

Social implications

Scholars who analyze teen‐themed marketing strategies often tend to construct some version of the “global teenager”. The current paper focuses largely on African American and Latino American teens.

Originality/value

This is the first paper to analyse how a small firm successfully markets to the urban American teen film audience. It is also the first academic paper to explore the concept of marketing‐mimicry.

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Article
Publication date: 9 October 2007

William C. Gibbons

This paper aims to identify a variety of titles and resources to offer both public and academic librarians guidance in establishing and maintaining a definitive core…

Abstract

Purpose

This paper aims to identify a variety of titles and resources to offer both public and academic librarians guidance in establishing and maintaining a definitive core collection of past and present materials.

Design/methodology/approach

The annotated bibliography includes CD recordings, films, documentaries, serials, monographs and web sites on rap music and hip‐hop culture. The entries chosen were culled from rap music periodicals, reference works, catalogs and journals.

Findings

These resources showcase the innovation of rap's formative years. They trace the broad scope of rap musical styles and document and critique hip‐hop culture.

Originality/value

These selected titles capture distinctive periods in hip‐hop history and help librarians stay current and conscious of what to include in their collections as rap becomes more mainstream and more respectable.

Details

Collection Building, vol. 26 no. 4
Type: Research Article
ISSN: 0160-4953

Keywords

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