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The purpose of this paper is to discuss how reproductivity (child‐rearing) fits into ethics. It aims to use objectivist ethics (OE) specifically as the framework for considering this.

The approach is conceptual in nature. Economic concepts are used to analyze and extend an ethical issue and the cardinal values within OE, which includes productive purpose, are reviewed.

The paper argues that reproductivity is sufficiently different from productivity to be a separate category. Then using the trader principle, the objectivist case for inheritance, and capital theory, the case is made that reproductivity is required of each person in the same sense that productivity is.

This is an original argument made by the author in Then Athena Said: Unilateral Transfers and the Transformation of Objectivist Ethics. In that work, reproductivity is linked to human capital replacement, depreciation, the sinking fund, and Irving Fisher's conception of standard income. This paper also relates it to permanent income. Also, the conclusions are more inclusive than those in the previous work in that other forms that the replacement of human capital can take in addition to reproduction are considered.

The purpose of this paper is to provide a real asset management investment appraisal of the performance of containerships as a primary segment within international shipping, to facilitate Islamic equity investment through a shipping fund. The objectives are to evaluate the risks and returns of shipping under the framework of Islamic equity finance, and to analyze the performance of investing in containerships over the long term, to appeal to retail and institutional clients of Malaysian asset management institutions.

Accordingly, the methodology adopts an investment analysis of a full population of historical data over a period of 20 years, to evaluate performance involving a maritime return on investment (MROI), internal rate of return (IRR), net yield and standard deviation measures of risk and return.

The findings reveal that while earnings are volatile in comparison to capital market expectations, unlevered, tax-free returns on containership investments outperform financial and other real assets.

Shipping is a strong growth industry with about 84 per cent of global trade carried out by the international shipping industry. The problem is that many Islamic asset management institutions and investors have essentially no exposure to Islamic investment in international shipping.

However, shipping is a highly capital-intensive industry, and currently 75 per cent of ship lending has been conducted by European banks and financed on a conventional basis. Post-financial crisis, ship owners, ship lenders and shipyards have all been exposed to the impact of over-levered balance sheets and debt finance. There is a demand for alternative sources of finance.

By communicating risk and reward more effectively, retail and institutional investors, as well as Islamic finance institutions, will realize that the social benefit of equity finance on the basis of profit sharing is more efficient at allocating investible resources than debt finance at interest, thereby increasing investment and economic growth.

The significance is that Islamic equity finance, rather than debt at the time-value of money, should enhance the development of international shipping.

Notes that the development appraisal seeks to establish the potential use value of land as a golf course. Points out that achieving optimum productivity may be seriously hampered by the “conservatism” of planning authorities reluctant to allow added value in the form of other facilities, particularly any associated housing development and especially in metropolitan greenbelts. Concludes that developers will recognise the need to initiate market researched appraisal‐led schemes and planners will have to reconcile market forces with environmental objectives.

“Economics is a Serious Subject.” Edwin Cannan.

Investment analysis is still a young and imperfect science, but the opinions of the analyst are often crucial in deciding what new issues the capital market is prepared to accept. Is the analyst using the correct criteria to assess a share or company loan stock? If not, there is some doubt whether companies who can use capital most efficiently are those most likely to be able to obtain it from the market.

Decreasing profitability, plus expectations of rapidly escalating capital and operating costs have forced management to reconsider the trade‐off between growth and company value. Esmark, RCA, GAF Corporation, and U.S. Industries recently confronted this issue and opted for major divestment strategies.

Examines the problems of valuing properties in China, as part of an ongoing research project on the developing of the socialist market economy in China. Identifies these problems by examining the valuation reports in the listing documents of the Chinese State enterprises issuing what is termed “H‐shares” in Hong Kong′s Stock Exchange. Comments on the approaches adopted in these valuation reports from both legal and theoretical points of view. Makes reference also to the property laws in China and the guidelines issued by the Hong Kong Stock Exchange for valuation of property in developing markets including China. Despite the different terminology used by Chinese officials, China is moving towards being a capitalist economy. This is evident in many events that have been happening in China. One such event, which started a number of years ago, is the land reform in China which allows private ownership and transfer of land use rights. As a result, nowadays most listed companies in Hong Kong possess, in one form or other, land use rights in China. On the other hand, despite the speed of such changes, China is still very different from other capitalist economies in terms of the organization and operation of its “markets” including the “property market”. Another more recent event is the “privatization” of state‐owned enterprises by way of listing in the stock exchanges of capitalist economies such as Hong Kong and New York, with the former predominating. These two changes have given rise to an issue which is of interest to both academic and practising surveyors: how should property which is situated in China and owned by the state enterprises be valued for the purpose of listing in Hong Kong′s Stock Exchange?

This case is one of a pair of cases used in a merger negotiation. It is designed to be used with “British Petroleum, Ltd.” (UVA-F-1263). One-half of the class prepares only the British Petroleum (BP) case, and one-half uses this case. BP and Amoco are considering a merger, and are in the process of negotiating a merger agreement. Macroeconomic assumptions, particularly forecasting future oil prices in an uncertain environment, and assumptions about Amoco's ability to reduce exploration and production costs make Amoco's future cash flows difficult to predict.