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Article
Publication date: 18 February 2021

Larry Wofford, Elaine M. Worzala and David Wyman

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Journal of Property Investment & Finance, vol. 39 no. 2
Type: Research Article
ISSN: 1463-578X

Abstract

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Journal of Property Investment & Finance, vol. 35 no. 6
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 3 April 2017

Elaine M. Worzala and Larry Wofford

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Journal of Property Investment & Finance, vol. 35 no. 3
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 August 1998

Sandy Bond, William N. Kinnard, Elaine M. Worzala and Steven D. Kapplin

While numerous studies have been carried out in the US to determine the character and scope of the effects of contaminated, threatened or “stigmatized” properties on the…

Abstract

While numerous studies have been carried out in the US to determine the character and scope of the effects of contaminated, threatened or “stigmatized” properties on the terms and availability of debt financing, little appears in the published literature dealing with the attitudes, policies and requirements of equity investors. Hence, the extent of opposition from both institutional lenders and equity investors toward contaminated property is still uncertain. This paper summarises the results of parallel studies undertaken within New Zealand (NZ) and the USA to answer the question of how those who lend on, and invest in, property affected or impacted by contamination perceive the risks associated with this type of investment and evaluate its impacts. Of particular interest are the perceived effects of on‐site contamination on property investment and its financing.

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Journal of Property Valuation and Investment, vol. 16 no. 3
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 June 1997

Elaine M. Worzala, Richard D. Johnson and Colin M. Lizieri

Uses Monte Carlo simulation to demonstrate the benefits of employing a currency swap to hedge the exchange rate exposure in a single international real estate investment…

Abstract

Uses Monte Carlo simulation to demonstrate the benefits of employing a currency swap to hedge the exchange rate exposure in a single international real estate investment. The only cashflow exposed to the currency fluctuations is the appreciation associated with the investment. Shows that this hedging technique has some potential for protecting the investor from adverse currency fluctuations if an international real estate investment is made. However, promises to explore unresolved issues in future research. Demonstrates that some elements of exchange rate risk may be hedged, resulting in improved risk‐adjusted returns. Thus extends earlier research in international property investment and suggests that international real estate strategies based on diversification (as opposed to currency plays) may be more effective than has been argued in previous research.

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Journal of Property Finance, vol. 8 no. 2
Type: Research Article
ISSN: 0958-868X

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Article
Publication date: 30 September 2013

David Wyman, Elaine Worzala and Maury Seldin

The purpose of this exploratory paper is to examine the lack of reliability of traditional neo-classical models and to argue that it is due to the hidden complexity and…

Abstract

Purpose

The purpose of this exploratory paper is to examine the lack of reliability of traditional neo-classical models and to argue that it is due to the hidden complexity and non-linearity that may operate at times in residential housing markets. As a result, market efficiency may be a special case, rather than the prevailing rule. An alternative framework that incorporates the higher order concepts of complexity – based on the non-linear, emergent behavior of multiple agents – is required to model discontinuities and imbalances in the housing markets.

Design/methodology/approach

The paper examines the building block concepts required to model the complexity of the housing market and analyzes their implications. These implications can be counter-intuitive and help explain the failure of policy makers to model the recent bust in global housing markets.

Findings

The paper finds that policy makers need to adopt an analytical framework that incorporates non-linearity, emergence and other building blocks of complexity in order to construct representative financial models that help understand systemic imbalances that may afflict residential housing markets.

Originality/value

This is the first paper to one's knowledge that argues that policy makers should adopt an alternative theoretical framework based on complexity concepts in order to create more effective financial models; such models should include indicators that provide early warning signals of potential discontinuities in housing markets.

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International Journal of Housing Markets and Analysis, vol. 6 no. 4
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 1 March 1997

Margarita M. Lenk, Elaine M. Worzala and Ana Silva

Compares the predictive performance of artificial neural networks to hedonic pricing models, a more traditional valuation tool. The results document similar predictive…

Abstract

Compares the predictive performance of artificial neural networks to hedonic pricing models, a more traditional valuation tool. The results document similar predictive performance evidenced from both techniques, which contradicts some of the earlier studies which support a position of artificial neural network superiority. Demonstrates that at least 18 per cent of the “normal” property predictions and over 70 per cent of the “outlier” property predictions contained valuation errors greater than 15 per cent of the actual sales price. The combination of these substantial errors and the model‐optimization costs incurred motivate a message of caution before artificial neural networks are adopted by the real estate valuation and/or lending industries.

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Journal of Property Valuation and Investment, vol. 15 no. 1
Type: Research Article
ISSN: 0960-2712

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Article
Publication date: 1 February 2013

Larry Wofford and Michael Troilo

The aim of this study is to examine the divide between academicians and professionals in the applied field of real estate in the USA and the impact of this divide on the…

Abstract

Purpose

The aim of this study is to examine the divide between academicians and professionals in the applied field of real estate in the USA and the impact of this divide on the use of best evidence by professionals. Its purpose is to introduce the concept of evidence‐based management to the discipline of real estate, to propose a framework for gathering best evidence, and to develop a stream of translational research to bridge the academic‐professional divide.

Design/methodology/approach

The paper takes an interdisciplinary conceptual approach regarding the gap between academic theory and practice, and its resolution. The authors apply the idea of best evidence and its management from the field of medicine to construct guidelines appropriate for real estate scholars and practitioners.

Findings

The paper offers a framework as a starting point for handling the academic‐professional divide. The paper borrows the concept of translational research from medicine to discuss how basic theoretical knowledge may be communicated to real estate professionals to improve performance.

Originality/value

The main contribution is to suggest means for building relevant, practical knowledge in real estate. Application of the evidence‐based method can make the work of researchers more rewarding by solving pragmatic, real‐world concerns. Real estate professionals can allocate scarce resources more effectively by following the evidence‐based approach. The use of evidence separates fact from fiction and enables prioritization of concerns.

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Journal of Property Investment & Finance, vol. 31 no. 1
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 April 2002

Elaine M. Worzala, Anne M. McCarthy, Tim Dixon and Andrew Marston

Presents findings from separate research projects conducted in the UK and the USA on the impact of e‐commerce on retailers and retail property. Examines differences…

Abstract

Presents findings from separate research projects conducted in the UK and the USA on the impact of e‐commerce on retailers and retail property. Examines differences between UK and US retailers along several dimensions: Internet strategies, perceptions of the Internet, barriers to e‐commerce growth, and future space requirements. Overall, findings indicate that UK and US retailers have similar attitudes about e‐commerce. Specifically, retailers in both samples perceive little threat or impact from e‐commerce. Second, barriers to e‐commerce growth are similar for UK and US retailers and include fulfillment and security issues. Third, UK and US retailers indicate that their retail space needs will remain the same or increase in the short term, despite the threat of e‐commerce. Finally, both sets of retailers believe that entertainment is an important strategy if shopping centers are to remain viable.

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Journal of Property Investment & Finance, vol. 20 no. 2
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 August 1997

William N. Kinnard, Margarita M. Lenk and Elaine M. Worzala

Documents evidence of a loss of independence in the commercial appraisal industry in the USA. Utilizes a survey methodology to elicit the reactions of commercial…

Abstract

Documents evidence of a loss of independence in the commercial appraisal industry in the USA. Utilizes a survey methodology to elicit the reactions of commercial appraisers to controlled scenarios of client pressure. This methodology was borrowed from established behavioural research that tested independent auditors for related independence agency issues. Results indicate significant valuation effects related to the amount of business a client brings to the appraisal firm, but no significant effect related to the size of the client‐requested value adjustment, or to the interaction of the amount of client business and the size of the requested value adjustment. Suggests that changes in fee structures and institutional reforms may be necessary to resolve the loss of independence.

Details

Journal of Property Valuation and Investment, vol. 15 no. 3
Type: Research Article
ISSN: 0960-2712

Keywords

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