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This study aims to consider the theoretical potential for client influences to bias valuations, and assess the validity of the resulting framework by seeking input from practising valuers and commissioning clients.

Reports upon a series of individual interviews with senior New Zealand property executives responsible for the management of large portfolios of institutional‐grade property assets.

The results indicate that clients with expertise and a high level of knowledge of the property market are able to influence valuers by way of expert and information power. Opportunities to exert influence are afforded by the control the client has over the valuation process including the common practice in New Zealand of permitting clients to review draft valuations prior to their formalisation.

The general aim of this paper is to build on the theory as opposed to testing theory. In order to achieve this aim a qualitative approach was taken, this permits a focus on the search for meaning and understanding. As in most qualitative research therefore it does not claim that the findings can be generalised to a wider population, but it provides theory for later testing. The results however, not only provide a more in‐depth understanding of the process, motivation and opportunities for client influence but also help to highlight the justification for further theoretical and empirical research in this area in order to achieve a more in‐depth knowledge of the valuation process.

This paper succeeded in its objective of developing an holistic and deeper understanding of valuation by gaining insights from clients involved directly in the commissioning of valuations for property funds in New Zealand. The results suggest that there are a number of specific influences that have not been previously documented, but appear to have the potential to affect valuation outcomes and valuations that are ultimately reported to stakeholders.

Suggests that a form of modified variable rate mortgage (VRM) should be the type of mortgage that is most attractive to the majority of owner‐occupiers in New Zealand. VRMs are shown to be lenders′ choice of mortgage because their traditional reliance on retail deposits and other forms of short‐term finance necessitates that their assets be of similar duration. In exchange for unilateral rate‐setting powers, lenders compensate borrowers (to a degree) with relatively low administration costs. Though it appears that the range of mortgage products available in New Zealand is now too narrow, this is beginning to be rectified by new products that offer more conservative borrowers the ability to reduce risk. Finally, analysis of historic mortgage margins indicates that there are differences between lenders. Solely on the basis of rate‐setting practice, though no lender appears to have been able to charge significantly higher margins than all of the other lenders, one institution has offered significantly lower margins.

In a recent article, Dr Michael J. Crean (1993) asserts that reinvestment rates of interest must be explicitly taken into account when using internal rate of return (IRR) to compare mutually exclusive investment opportunities. To that end and to measure the risk perceived to be associated with reinvestment, Dr Crean presents two new concepts, namely the combined result of externally averaged numbers (CREAN) and the reinvestment rate risk ratio (R⁴). Presents a response to Dr Crean′s article. Begins by showing that the bulk of Dr Crean′s analysis is a reproduction of research that appeared in the finance literature more than two decades ago. It is also shown that variants of IRR which explicitly take reinvestment opportunities into account are of low economic validity. Such measures offer no benefit to naïve investors, since they are forced to assume that the spot rates of interest determined in the financial markets already incorporate a consensus view of future reinvestment opportunities. Selective investors are also not well served by such measures as the CREAN, as they (just like IRR) cannot be used as an absolute measure of investment attractiveness or to compare mutually exclusive alternatives in the absence of information on the market price of risk. Concludes by taking issue with Dr Crean′s assertion that duration and the R⁴ should both be used to gauge and compare the attractiveness of investments.

The literature on appraisal smoothing and valuer behaviour contains frequent references to the “political pressures” faced by valuers. However, the vast majority of these are either unsubstantiated or based on anecdotal evidence or media reports. Recent research focusing on the issue of pressure similarly suffers from either a lack of formal evidence that particular sources of pressure (e.g. client) actually exist or preconceptions concerning the effect of such pressures. This paper reports on the results of a study which seeks to redress these shortcomings by identifying the non‐methodological factors that affect the values reported to, and ultimately accepted by, clients. The study consists of a series of individual in‐depth interviews with senior New Zealand Registered Valuers addressing the topic of “non‐methodological factors affecting reported values to clients”. Our results indicate that the primary factors affecting the degree to which clients influence valuations, are the type of client, the characteristics of valuers and valuation firms, the purpose of a valuation and the information endowments of clients and valuers.

Investigates the importance of English language sources of Friedrich Theodor Althoff (1839‐1908), a German of great influence both in his own country and, indirectly, in the United States. Explores some measures of his influence in education and international understanding. Examines a wide variety of sources. Explains how it could happen that an influential person would end up in intellectual history with almost no recognition. Challenges several conventional assessments. Althoff′s most important contributions are in print and more almost certainly exist in university archives, but the material is scattered and unorganized. Because we do not yet have the full story of this remarkable and complex man, firm conclusions about his influence are not yet possible.

When we reach June in normal years we are expectant of some definite particulars of the Annual Meeting of the Library Association. The place of meeting is usually known from the year previously, and an outline of the prospective proceedings has been circulated. This year, we are given to understand, there is to be a meeting, although it will be briefer than usual, no public hospitality will be asked or expected, and it will be held at some place which is not a great town or city, so that we may escape the possibility of such hospitality being offered. In these circumstances there can hardly be any objection to a meeting, and we can see many advantages in it. If a place in Derbyshire, in Wales, or in some other district where there is beautiful scenery, can be selected, we hope that it will be, so that librarians, who many of them greatly need a brief holiday, may be able to include the Annual Meeting in their holiday programme. We shall await more particulars with interest, and we hope that they may not be long delayed.

CONFERENCES are to inspire, to re‐invigorate, to recharge the batteries. Admitted that some of us are pretty flat batteries to start with, this conference would not have recharged a sixpenny torch battery from Woolworth's.

THE topics of the Library Association Conference and the election of the Council of the Association naturally absorb a great deal of attention this month. To deal with the second first: there were few novelties in the nominations, and most of the suggested new Councillors are good people; so that a fairly good Council should result. The unique thing, as we imagine, about the Library Association is the number of vice‐presidents, all of whom have Council privileges. These are not elected by the members but by the Council, and by the retiring Council; they occupy a position analagous to aldermen in town councils, and are not amenable to the choice or desires of the members at large. There are enough of them, too, if they care to be active, to dominate the Council. Fortunately, good men are usually elected, but recently there has been a tendency to elect comparatively young men to what are virtually perpetual seats on the Council, simply, if one may judge from the names, because these men occupy certain library positions. It, therefore; is all the more necessary that the electors see that men who really represent the profession get the seats that remain.

Argues that not only quantitative, but also qualitative evaluation has become a necessity today to legitimize the effectiveness and efficiency of integrated communication activities to CEOs. The integration of computational psycholinguistics can improve corporate communication, and thus becomes a new strategic tool. An electronic dictionary has been created of basic, negative connotations for press releases and other communication tasks, which can be updated with client‐specific words. The focus on negative messages has the objective of detecting who, why and how publics are criticized, to learn from the vocabulary of opinion leaders and to improve issues management proactively. Suggests a new form of analysis called “computational linguistic context analysis” (CLCA) by analysing nominal groups of negative words, rather than monitoring content analysis in the traditional way.

The purpose of this study is to investigate the presence of ethnic bias in residential tenancy and the relationship between ethnic bias tendency of property managers/landlords and their demographic features.

Data for the study were gathered from administration of questionnaires, designed with items measuring bias tendency and the driving factors on the perceived wave of discrimination on residential tenancy. The structured questionnaires were administered on an intact sample of licensed property managers/agents (practicing Estate Surveyors and Valuers) at annual Mandatory Continuing Professional Development Programme (MCPD) held in metropolitan Ibadan, the largest indigenous city in West Africa and one of the commercial nerve‐centres in the country. Data collected were analyzed using descriptive analysis, chi square and factor analysis.

The study confirmed a significant relationship between the ethnic status of the principal managers (managing directors) who were mainly Yoruba aliens and the tenants selected to fill vacancies, which implies that there is presence of ethnic discrimination in tenant selection in the area. It is also confirmed that landlord/property manager (agents) experience, environmental influence and landlord/property manager preference are the most driving factors for discriminating against tenants in the city. It is further revealed that there is a significant relationship between two demographic features; professional qualifications and ages of the property managers’ firms and bias tendency.

The research is limited to the metropolitan city of Ibadan, a city with expatriates and diverse ethnic groups working at different sectors of the economy. Further research and statistical tests that covers all the 36 capital cities of the country are required to examine the tenancy nature of other classes of property.

The implication of the study to the practice is reinforced by the consensus character of the study with the professional body (property managers). Insight and findings prove useful in developing a blueprint for curbing acts of discrimination which needs to be well addressed in property management practice. It implies that effective property rights that protect the rights and rental market planning policy in the developing nations require further reform.

Emphasis on tenants’ rights, campaign against racism and discrimination in the developing nations which support equal housing right for all races is the feature and uniqueness of this study.