Search results

The purpose of this paper is to review the cancellation of Australia's National Soccer League (NSL) competition and its replacement in 2004 with the corporatist A‐League which is based on the North American model of “one team one city”, no promotion and relegation, and private‐equity clubs. The authors believe that one of the aims of the A‐League and its “ground‐zero” ideology was to institute exclusion of the ethnic clubs that had formed the backbone of the NSL for 30 years.

Extensive literature search, participant‐observation, one personal interview and two group interviews were employed. People interviewed were the President of the Croatian community's Melbourne Knights Football Club, the Club Secretary of Melbourne Knights, and three leaders of Melbourne Knights’ MCF hooligan firm.

The authors observe the Football Federation Australia hiding behind the perceived scientific nature and technical veracity of budgeted accounting numbers to set the financial bar too high for the ethnic clubs to find a place in the brave new world that has been called “Modern Football”. However, capitalism creates its own discontents. Online forums and homemade fence banners are the new vehicles for dissent for the supporters of “Old Soccer”.

There is still only a small academic literature on Australian football and most of this has been written by humanities lecturers. The paper offers a business school perspective.

The City of Melbourne seeks to retrofit 1,200 CBD properties by 2020 as part of the strategy to become carbon neutral, whilst Amsterdam aims to cut CO₂ emissions 40 per cent by 2025. Oversupply in the Amsterdam office market makes conversion to residential use viable. In examining converted buildings in Amsterdam and the Melbourne CBD typical attributes of converted stock can be identified to target retrofit measures. This paper seeks to focus on these initiatives.

In Amsterdam five case studies were undertaken to reveal and define building attributes that explain the viability of these conversions. On the other hand, the Melbourne study was based on a database assembled containing all Melbourne CBD office building adaptations carried out between 1998 and 2008. The research analysed the conversion of office buildings and the scope for sustainable retrofit evaluating a limited number of attributes known to be important in adaptation.

The outcomes of this research showed similarities and differences in scope, which are relevant to all urban areas where adaptation of office buildings can mitigate the impacts of climate change and enhance a city for another generation of citizens and users.

The outcomes highlight the property attributes that explain conversion viability and that are most strongly associated with conversions. In addition the research identifies some sustainability measures that are possible with this type of stock.

The paper compares and contrasts qualitative data from a small sample of buildings in Amsterdam with quantitative data from a census of all change of use adaptations in Melbourne from 1998 to 2008. The contrasting approaches make it possible both to explain the driving forces of adaptations and to deliver statistical evidence of what is described in the case studies. Despite the differing approaches it is possible to compare and contrast the attributes of properties from both cities.

Foreign firms entering into the domestic real estate industry and foreign investment control are significant in global hot markets such as Australia. Despite their market impact and policy sensitivity, developer choice is rarely studied. The purpose of this paper is to study domestic and overseas property developers for their motive and preference in response to market growth and market barriers including regulatory constraint.

International trade theory suggests local and overseas firms can vary significantly for their risk profile when engaging in location-specific development opportunities. Using a comprehensive decision factor system for the residential development process, the authors conducted an experimental survey to collect the prime data to measure stated preference of domestic and overseas developers in the context of the Melbourne residential market.

Results suggest high consistency between the samples of domestic and overseas developers. Possible explanations include vertical integration by innovative contracting, strict regulatory constraint dictates domestic and overseas firms’ preference or sample selection bias. This micro-analysis of developer stated preference highlights their entrepreneurial ability to combine substitution and integration for innovative contractual strategy. This ability to join asset holding and project management enables firm flexibility to mitigate business risk in rapidly globalising capital and factor markets.

These insights of firm-level decision making contribute to the decision literature of real estate developers and are relevant to the broader literature of industrial economics and international trade. Government may evaluate policy strategies based on the explicit entrepreneur (e.g. developer) preference for their “comparative advantage”.

This paper highlights developer’s ability to jointly consider investment and project management for decision making. It found that other than political cost such as national interest and domestic interest group pressure, domestic and overseas developers in the Melbourne residential market actually think quite alike. It suggests that irrespective of property ownership conditions, market integration occurs in the Melbourne residential sector.

Uncertainties in residential property investment performance require that real estate assets are designed in a flexible manner to respond to impacts of market dynamics. Though estimating the cost of flexibility is straightforward, assessing the economic value of flexibility is not. The purpose of this study is to explore the potential practical application of real option analysis to determine the economic value of a switching output flexibility embedded in a residential property investment in Australia. The study involves the exploration of an optimal strategy for investment in a residential development through real option analysis and valuation of a mixed use investment.

The real option valuation model developed by McDonald and Siegel (1986) is adopted for the evaluation because the switching output flexibility is likened to a perpetual American call option with dividend payout.

Through real option analysis, the economic value of switching output flexibility of the mixed use building was determined to be higher than the initial upfront costs. Moreover, a payoff of about $4million was determined to be the value of the switching output flexibility, therefore justifying upfront investments in flexibility as an uncertainty and risk management tool.

This application is an important demonstration of the practical use of options pricing techniques (real options analysis) and delivers further evidence needed to support the adoption of real option valuation in practice. Flexibility can also enhance risks and uncertainty management in residential property investment better than the adjustment of discount rates.

There is limited evidence on the use of real options techniques for the valuation of switching output flexibility in practice, and this comes as an original application; both the case study and data are all initial applications of switching flexibility in the Australian property market.

The purpose of this paper is to investigate the role of spatial dependency in the construction of a price index for the transactions of whole office buildings. It examines transactions of office buildings over a 15-year period and addresses an under-researched area in investment property analysis.

The study examines data relating to transactions of all office buildings in the Melbourne (Australia) central business district between 2000 and 2015. The methodology uses a spatial weights matrix to construct a hedonic model, spatial error model, spatial lagged model and an office building transactional price index.

The findings confirm the existence of spatial dependency for the transactions of office buildings. In addition, incorporating the effect of spatial dependency by constructing spatial error and spatial lagged model improved the accuracy of the estimated transactional price index for office buildings.

These findings make an important contribution to the literature by highlighting the importance of the issue of spatial autocorrelation in the estimation of valuation models and price indexes for office buildings. Until now the focus has predominantly been on individual office units rather than whole office buildings, where the barrier has traditionally been access to comprehensive data. The analysis did not consider leasing details as this information is not accessible in the Australian market.

The research will assist stakeholders including valuers, investors and market regulators to improve their understanding of movements in the office property transactional market. The findings provide an insight into trends associated with the transfer of office buildings. It will assist future decisions about the location of a new office building developments in order to optimise their proximity to transport and other buildings.

The study will assist planners to ensure the location of office buildings are optimised from a social sustainability perspective. This equates to buildings located in close proximity to transport facilities and also supporting the development of office buildings in locations, which are associated with lower future risk.

The construction of an accurate and reliable property index is critically important for practitioners to understand the movement in both the property market and also in the broader economy. A substantial increase in whole office building acquisitions has been observed in recent years, especially after the 2007 Global Financial Crisis (Lizieri and Pain, 2014) although there has remained limited research undertaken in this area.

eXtensible Business Reporting Language (XBRL) is an internet-based interactive form of reporting language that is expected to enhance the usefulness of financial reporting (Yuan and Wang, 2009). In the UK and the USA, XBRL is mandatory, and in Australia, it is voluntarily adopted. It has been reported that in the not too distant future, XBRL will be the standard format for the preparation and exchange of business reports (Gettler, 2015). Using an experimental approach, this study assesses the usefulness of financial reports with XBRL tagged information compared to PDF format information for non-professional investors. The authors investigate participants’ perceptions of usefulness in relation to the qualitative characteristics of relevance, understandability and comparability.

This paper uses an experimental approach featuring a profit-forecasting task to determine if participants perceive XBRL-tagged information to be more useful compared to PDF-formatted information.

Results reveal that financial information presented with XBRL tagging is significantly more relevant, understandable and comparable to non-professional investors.

The authors address a gap in the literature by examining XBRL usefulness in Australia where XBRL adoption will be mandated within the not too distant future. Currently, the voluntary adoption of XBRL by preparers and users is low, possibly, because of a lack of awareness about XBRL and its potential benefits. This study yields significant implications for the accounting regulators in creating more awareness on the benefits of using XBRL and to create an impetus for XBRL adoption.

A significant issue in jury research has been the use of individual jurors to analyse jury decision‐making. This paper aimed to examine the applicability of computer‐mediated communication to a mock jury deliberation study.

Groups of three to five Australian residents anonymously attended a secure chat room and participated in a semi‐structured discussion about a simulated child sexual assault scenario. Deliberation transcripts were analysed thematically using NVivo. A hermeneutic framework was used to analyse the deliberation transcripts.

Five interrelated themes were revealed, each reflecting the tools online juries used to communicate, create meaning, and arrive at a verdict. Electronic jury deliberation promoted an understanding of how people make sense of child sexual assault cases in Australia today.

This study advanced the understanding of online decision making in a child sexual assault scenario. It demonstrated that knowledge of how juries deliberate and create meaning could improve our understanding of how verdicts are achieved. Electronic mock juries are a valuable adjunct to traditional jury deliberation studies because they are cost effective, time efficient, and offer wider recruitment opportunities.

In Family Law Court decisions in Australia, following divorce, the female party is frequently disadvantaged financially in the long term. This paper provides a critical assessment of valuation evidence as a data source in research and discusses valuation accuracy, valuation variation and valuation bias, as well as the Australian family court system and the role of valuers as expert witnesses. In particular, valuation in family law, as it relates to gender inequality, is discussed. The study aims to determine whether the current system of valuation in the Family Law Courts disadvantages women. This paper was important to reveal information that stakeholders in family law cases use on a day-to-day basis.

A database of 658 cases was developed and analysed to examine the influence of valuations of the matrimonial home provided by both the male and female parties on the final decision of the court.

Findings showed that valuations from the female party had marginally more influence on the outcome. However, financial disadvantages for the female party persist despite this. This raises several questions for future research, regarding reasons for this persistent disadvantage.

Research limitations included a time-consuming process.

Further researchers can use the findings from this paper to further research.

Social implications include the ability of the research to impact on society. In this regard, it was the matrimonial home in relation to divorce proceedings.

The originality of this paper stems from the analysis of a database that was created from a large number of cases from Austlii database family law cases.

Buy/sell decisions in the property market, as in most markets, are based on individual or professional opinions that the exchange price is below or above the individual’s opinion of worth. This article considers the RICS definition of worth and explores other definitions and meanings in the property investment market. It reviews the current provision for DCF in standards or information papers and concludes that, while the International Valuation Standard Committee’s definition of market value is now recognised on a world basis, confusion over the meaning of “worth” and the use of DCF will continue if similar international standards are not agreed.