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The purpose of this paper is to assess the robustness of capital flows into European commercial property markets during the global financial crisis (GFC) – over 2007‐2008; particularly highlighting differences between the developed and developing European markets.

Using the Real Capital Analytics database of over 49,000 commercial property transactions valued at over $1.5 trillion in 2007‐2008, the robustness of capital flows into the European commercial property markets is assessed during the GFC. The impact of the GFC on capital flows is assessed in both a regional context and global context, as well as between the developed and developing markets in Europe.

This paper assesses the robustness of the capital flows into the commercial property markets in Europe over 2007‐2008. Clear differences emerge regarding the relative impact in Europe in a regional and global context, as well as between the developed and developing European markets. The results highlight the robustness, stature and significant relative contribution of capital flows into the European commercial property markets across a range of property investment characteristics during the GFC.

Given the importance of commercial property as an asset class for institutional investors, this paper assesses the robustness of capital flows into the commercial property markets in Europe. By embedding this in a regional and global context, the robustness, stature, relative impact and significant contribution by European commercial property markets in the uncertainty and volatility of the environment of the global financial crisis is articulated for global property investors. Clear differences between the developed and developing markets in Europe are identified.

Using over 49,000 commercial property transactions, this paper is the first attempt to rigorously and empirically assess the robustness of capital flows into global commercial property markets, with a specific focus on the European commercial property markets during this unique international event of the GFC. Given the significance of commercial property as an institutional asset class, this empirically validated research enables a more informed and critical understanding of the impact of the GFC on capital flows into the commercial property markets in Europe, as well as identifying global property investor considerations regarding the ongoing significance for capital flows in their commercial property investment strategies in Europe and globally.

The purpose of this study is to contribute to the literature on team management and flow theory by framing shared flow in teams (SFT) as a unique construct of much interest for team performance, as well as by proposing team vibration as a metaphor and measurable property of SFT.

An inductive approach is used to identify the occurrence of SFT by means of team vibration, and scale development procedures are used to offer an instrument to measure team vibration.

The current state of knowledge does not allow researchers and team leaders to assume that flow in teams depends on team members being in full flow too. Accordingly, it is shown that SFT is an emergent phenomenon of the complex interaction of team members, thus not corresponding to the mere aggregation of flow of individual team members. Moreover, it is also shown that the emergent property of team vibration is an efficient surrogate measure for SFT because it enables better communication in measurement.

Team managers should hire professionals that contribute to high levels of vibration in teams because this is expected to leverage desirable team processes and outcomes. Such individuals possess an ideal balance of individual and group focus. However, the authors warn that managers should be careful in assuming that individuals in full state of flow are necessary for the occurrence of flow in teams.

This study frames SFT as a unique construct in the literature of flow in groups, in addition to developing a metaphor and surrogate measure (team vibration) and a measurement instrument.

Contrary to the traditional technology project perspective, real estate investors see building-specific renewable energy (on-site energy) investments as part of the property and as something affecting the property’s ability to produce a (net) cash flow. This paper aims to show the value-influencing mechanism of on-site energy production from a professional property investors’ perspective.

The value-influencing mechanism is presented with a case study of a prime logistics property located in the Helsinki metropolitan area, Finland. The case study results are compared with the results of a survey answered by over 70 property valuation professionals in the Finnish real estate market.

Current valuation practice supports the presented value-creation mechanism based on the capitalisation of the savings generated by a building’s own energy production. Valuation professionals see benefits beyond decreased operating expenses such as enhanced image and better saleability. However, valuers acted more conservatively than expected when transferring these additional benefits to the cash flows of the case property.

Because the savings in operating expenses can be capitalised into the property value, property investors should consider on-site energy production when the return of on-site energy exceeds the return of the property. This enhances the profitability of on-site energy, especially in urban areas with low initial yields.

This is the first research paper to open the value-influencing mechanism of on-site energy production from a professional property investors’ perspective in commercial properties and to confirm it from a market study.

This paper aims to better understand and structure the process of business model (BM) redesign in dynamic industry contexts by exploring the interactions of BM components through a configuration and design-science lens. While these interactions have been investigated broadly in the BM literature, detailed studies on their properties and structures are limited.

A design-science methodology was utilised to conceptualise a BM design artefact based on literature, the components' interactions of which were investigated and iteratively validated through a case study of an organisation going through a BM change. The artefact served as a framework to capture the case firm's BM and value proposition through semi-structured interviews.

The results suggest that the interaction of BM components is represented by the value proposition as an integrating mechanism, which can be expressed as a combination of tangible, intangible and monetary inter-component flows. The value proposition, rather than being pre-determined and static, is dynamic and evolves as its flows are exchanged across the value creation, delivery, customer and capture components of the BM. These exchanges and interactions are facilitated by the components' input-process-output capabilities and drive BM reconfiguration through five value flow “properties”, expressed in terms of change in quantity, speed/frequency, composition, quality and value.

While developed with inputs from a complex business environment that provides a rich research context, this work acknowledges the trade-off between in-depth single case analysis in theory building, and the need for follow-on research to address the limiting contextual variables and extend generalisability.

The study offers a framework-based sequence of activities that managers can adopt for the BM design process in dynamic industry environments.

This work contributes to BM theory by setting out a mechanism that helps better understand interactions of BM components in dynamic environments, while also challenging the established definition of the value proposition concept – a key BM component – thus presenting significant implications for theory.

The purpose of this paper is to evaluate differences between the results of constant property and variable property approaches in solving the problem of Al2O3-water nanofluid heat transfer in an annular microchannel. Also, the effect of nanoparticle diameter on flow and heat transfer characteristics is investigated.

Thermo-physical properties of the nanofluid including density, specific heat, viscosity and thermal conductivity are assumed to be temperature dependent. Governing equations are descritized using the finite volume method and solved by SIMPLE algorithm.

The results reveal that the constant property assumption is unable to predict the correct trend of variations along the microchannel for some of the characteristics, especially when the range of temperature change near the wall is considerable. In the fully developed region, constant property solution overestimates the values of shear stress near the walls of the microchannel. In addition, the values of Nusselt numbers are different for the two solutions. Furthermore, a decrease in wall’s shear stress has been observed as a result of increasing nanoparticle size.

This paper reflects that how the friction factor and heat transfer vary along the microchannel in temperature dependent modeling, which is not reflected in the results of constant property approach. To the best of the authors’ knowledge, there is no similar investigation of the effect of nanofluid variable properties with Pr=5 or in annular geometry.

The purpose of this research is to ascertain the extent to which the income capitalization approach reflects the pattern of emerging rental income in Enugu property market.

The survey research design was used in this study. Data from the field was gathered through a data collection pro forma administered to 40 valuers in Enugu metropolis in the manner of conducting interviews. This study used key valuation details of 54 sampled income generating properties valued by the respondent valuers between 2015 and 2022 using the income capitalization approach. The same sampled properties were then revalued by the researchers using annuity due assumption/formulas of the income capitalization approach. Descriptive and inferential statistics were used to analyze the data.

The study revealed that the income capitalization approach used by most valuers in Enugu does not reflect the property rental income pattern prevailing in Enugu property market where rents are paid in advance. The study further shows that the application of the income capitalization approach for valuation of annually in-advance property rental income cash flow results in a higher capital value of 3.49% in Enugu property market.

The limitations to this study are that past valuation done by valuers were used in the analysis instead of actual property sales and a relatively small number of sampled valuers and properties are used in the study The implication of the study is that ordinary annuity assumptions or formulas is inaccurate and not suitable for valuation of income generating property in an emerging market like Nigerian where timing of cash flow is annually in advance. Based on the result of this study it seems that ordinary annuity approach negate the principle of estimating value using income capitalization method by converting future cash flow from income generating property into an estimate of property value.

The study advocates the adoption of the use of annuity due formulas in the valuation of income generating properties in Nigeria as its practice standard to avoid undervaluation as this assumption is logical and provides more accurate value due to prevailing lease structure and rent payments patterns in the country. The implication of the study is that the use of ordinary annuity assumptions or formulas is inaccurate and not suitable for the valuation of income generating property in an emerging market like Nigerian where timing of cash flow is annually in advance.

This is one of the very few empirical studies carried out in Nigeria to ascertain the extent to which the income capitalization approach used by valuers reflects the rental income pattern that prevails in the Nigeria property market.

In this two-part case, Richard Davis and Stephen Hodgetts, co-owners of D&H Management LLC, are trying to come to terms with changes in the real estate market‐changes that have made their rental homes worth less than their mortgages and at best yielding at most a break-even cash flow. In Part A Davis and Hodgetts are weighing the following options: (1) sell all of the properties, assume a loss (walk away with nothing), and avoid the negative cash flow; (2) walk away from all of the properties, assume a loss (walk away with nothing), and avoid the negative cash flow; (3) delay paying the mortgage on some of the homes, allow these properties, if necessary, to go into foreclosure, and in the interim use the positive cash flow to shore up some of the more positive cash flow homes; (4) contact all of the lenders and try to renegotiate the mortgages so as to have lower monthly rates.

In Part B Davis proposes that he and Hodgetts go their separate ways. Davis walks away with the two properties that have mortgages in his name, while Hodgetts obtains the four properties that have mortgages in his. From Hodgettsʼ perspective this is a losing proposition since (1) he would have to take over the management of four “loser” properties rather than Davisʼs two, an ʼunfairʼ split of the liabilities; (2) he had no interest in managing properties; and (3) he and Davis would be splitting up a long-standing team.

This study examines the financing methods used by corporations to acquire real estate for their operations. It also examines the opinion of managers about the factors that they consider in choosing financing methods. The data were provided by a survey questionnaire that was sent to members of the International Association of Corporate Real Estate Executives. It was found that companies rely on internal financing (operating cash flows) and external financing such as long‐term leasing, joint ventures, property mortgages and sale/leaseback arrangements. The top‐ranked methods of finance include operating cash flows, property mortgages, leasing and sales/leasebacks. Use of real estate investment trusts, collateralised mortgage obligations and mortgage‐backed securities were the lowest‐ranked forms of financing. Managers tend to look at tax advantages of debt and availability of cash flows in deciding which financing methods to use, rather than theoretical corporate finance factors such as bankruptcy cost. There were significant differences in opinion by industry and by company size regarding the use of cash flows and the impact of debt financing on common stock prices.

This paper aims to determine how the viscosity and curing agent content affect the flowability of moist silica sand granules. In addition, a coating device was designed according to the flow properties of silica sand granules.

The flowability of silica sand granules premixed with two curing agents of different viscosities is studied using a Jenike shear apparatus. An open-ended device was used in discharge testing of sand granules with a design based on the variable dip angle of the two plates and variable outlet size.

The test results show that increasing the curing agent content would significantly decrease the flowability of silica sand granules, and a curing agent of higher viscosity has a greater effect on the flowability of silica sand. The presence of a curing agent strengthens the cohesion among sand granules, lubricates them and restrains their deformation. The shape function of the coating device was obtained by theoretical derivation.

The flow properties provide a valuable theoretical guidance for the design of coating device for sand mold printing.

This paper deals with experimental work on flow properties of silica sand granules with different viscosities and curing agent content. The shape function of a wedge-shaped coating device is obtained based on experimental data.

To further understand the granular flow lubrication mechanism in metal contact pairs, the effect of sliding-rolling ratio on the force chain properties was investigated.

The parallel inter-plate model of the granular flow lubrication was established with discrete element method. Then, the correlation law between sliding-rolling ratio and force chain evolution properties was calculated and analyzed with PFC2D software platform.

Numerical calculation results show that the dynamic fluctuation property of force chain is existed, and the shock frequency of it is increased with the increase of sliding-rolling ratio. The same evolution law is also occurred for the bearing rate of strong force chain in the initial expansion and final compression phases, and the opposite phenomena is obtained for the overall expansion phase. Moreover, the directivity of strong force chain is changed by the sliding-rolling ratio. With the increase of sliding-rolling ratio, the directivity of strong force chain is first tended to y-axis, and then inclined to the x-axis in the whole phases. The basic reason is that a clamping up and downward movement impact for the neighbor particles are the essence of the above phenomenon.

The main contribution of this work is to lay a theory foundation of interfacial lubrication mechanism with granular flow.

The peer review history for this article is available at: https://publons.com/publon/10.1108/ILT-05-2023-0133/