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Article
Publication date: 7 June 2019

Daramola Thompson Olapade, Benjamin Gbolahan Ekemode and Abel Olaleye

Earlier studies have suggested the creation of a central database of concluded property transactions as a panacea to the property data debacle. It is in this regard that…

Abstract

Purpose

Earlier studies have suggested the creation of a central database of concluded property transactions as a panacea to the property data debacle. It is in this regard that the purpose of this paper is to examine the perception of potential users of centralised property database on the consideration for the design and management of such database.

Design/methodology/approach

Questionnaires were administered on 190 property practitioners (referred as estate surveying and valuation firms) in Lagos property market. Frequency index, frequency distribution and percentage were employed for data analysis.

Findings

The result showed that respondents preferred a web-based databank and free access to the information in the databank by those who recorded their market data in it. They also preferred uniform recording standard in the databank, an interface that must be user friendly and secure to prevent unauthorised user from gaining access, amongst others. The practitioners also preferred that their professional body manage the databank when it is created.

Practical implications

The paper provides useful insights into creating a property database that will improve accessibility to property data in opaque markets.

Originality/value

There is still little or no empirical research on framework/end-users’ requirements for the creation of property transaction database in emerging property markets.

Details

Journal of Property Investment & Finance, vol. 37 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 14 August 2018

Daramola Thompson Olapade and Abel Olaleye

With a focus on Lagos property market, the purpose of this paper is to examine the factors that influence accessibility to data for valuation and investment analysis in…

Abstract

Purpose

With a focus on Lagos property market, the purpose of this paper is to examine the factors that influence accessibility to data for valuation and investment analysis in Nigeria. This was with a view to improving accessibility to property data in the market, thereby enhancing investment appraisal practice.

Design/methodology/approach

Primary data utilized for the study were sourced through the use of questionnaire administered on property practitioners (referred to as estate surveying and valuation (ESV) firms) in Lagos property market. A total of 190 ESV firms were selected using stratified random sampling based on their geographical location. Relative significance index (RSI), frequency distribution and principal component analysis (PCA) were employed for data analysis.

Findings

A total of 19 factors were identified as affecting accessibility to data. Confidentiality attached to property data by practitioners was ranked as the most significant factor with RSI of 0.81. The next three factors were lack of cooperation within members of professional body (0.79), accuracy of data (0.76) and duty of care to client (0.75), while the least ranked factor was duplication of data set (0.63). All the 19 variables were further grouped into six principal factors using PCA, namely, economic, attitudinal, ethical, legal, administrative and technical factors; with each factor explaining the following variance, 16.75, 16.1, 13.64, 12.78, 10.51 and 7.95, respectively.

Practical implications

The paper’s results will enable stakeholders to address the challenges to data accessibility in Lagos property market and similar opaque markets elsewhere thereby enhancing property data accessibility and investment analysis.

Originality/value

The paper is an attempt to examine the factors affecting accessibility to data identified in different studies holistically together in a single study and from the perspective of an emerging property market like Nigeria.

Details

Property Management, vol. 37 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 11 May 2020

Kittiphod Charoontham and Kessara Kanchanapoom

This paper aims to study a strategic decision of banks in Thailand to signal their types to the market and derive the optimal credit derivatives contract to guarantee…

Abstract

Purpose

This paper aims to study a strategic decision of banks in Thailand to signal their types to the market and derive the optimal credit derivatives contract to guarantee their loans and credibly signal their quality under different economic determinants, namely, the maximum credit risk investment constraint, opportunity cost and opaqueness of the credit derivative market.

Design/methodology/approach

Contract theory is deployed to derive the expected payoff of different bank types under different economic and financial constraints. Hence, different bank types offer derivatives contracts to signal their loan quality and resell their loans in the secondary loan markets of Thailand.

Findings

The optimal derivatives contract is constructed on a basis of asymmetric information when banks have more private information concerning quality of their loans. A digital credit default swap is an optimal derivatives contract to send credible signal when banks are restricted to the maximum investment constraint. Moreover, profit of banks is reduced, as the optimal derivatives contract is more costly when banks are subjected to positive opportunity cost and opacity of the credit derivatives market. These results depict impact of changes of the maximum credit risk investment constraint on Thai credit derivatives market.

Originality/value

The optimal credit derivatives design that signifies bank types and facilitates loan purchase agreement has not been studied in Thai secondary loan markets before. In addition, this study provides insights of banks' strategic decisions to signal their types and transfer risk to risk buyers in Thai markets.

Details

Journal of Asia Business Studies, vol. 14 no. 5
Type: Research Article
ISSN: 1558-7894

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Article
Publication date: 9 March 2020

Aylin Ecem Gürşen

In this study, art is considered as a product subjected to marketing activities. In this context, this study aims to present a conceptual framework covering the research…

Abstract

Purpose

In this study, art is considered as a product subjected to marketing activities. In this context, this study aims to present a conceptual framework covering the research areas related to art marketing, the relation of art product with brand and consumer and how internet technologies can transform the art market. Finally, the situation of art marketing and its progressing process in a developing country and its potential horizons was discussed.

Design/methodology/approach

This study uses a literature review to present a conceptual framework about art marketing activities and their potential horizons in an emerging country.

Findings

Globalization, digitalization, democratization of access to art products, art becoming a subject for marketing, open up new horizons for western markets as well as for developing countries. Developing countries constitute a new market segment for the art market. Addressing the changes and the transformations in art market in terms of these markets will provide important opportunities for marketing researchers and practitioners.

Originality/value

This study elaborates the art marketing concept in a developing country. The marketing of art is a subject studied and elaborated mostly in western countries. It is thought that this study is differentiated in terms of addressing these dynamics from a developing country point of view.

Details

Arts and the Market, vol. 10 no. 1
Type: Research Article
ISSN: 2056-4945

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Article
Publication date: 8 February 2021

Timothy Oluwafemi Ayodele and Abel Olaleye

This paper aims to investigate the flexible decision pathways adopted by development advisors in the management of uncertainty in property development. Specifically, the…

Abstract

Purpose

This paper aims to investigate the flexible decision pathways adopted by development advisors in the management of uncertainty in property development. Specifically, the study examines the quantitative techniques adopted by development advisors, the level of adoption of real options analysis (ROA) vis-à-vis the level of adoption of heuristics. Finally, the types of options exercised in property development were analysed. This was with a view to providing information that could mitigate the challenges of risk and uncertainty and increasing investment failure associated with property development in Nigeria, an emerging market.

Design/methodology/approach

The study adopted a survey method and was conducted on development advisors in property development companies/estate surveying and valuation firms in Nigeria. A total of 195 development advisors participated in the survey. The respondents were required to rate, on a five-point Likert scale, the level of adoption of the quantitative models, heuristics and the types of flexibility exercised during development. The data were analysed using mean rating, one-sample t-test and analysis of variance.

Findings

The results revealed that there was a preference for the use of traditional techniques, while probabilistic appraisal models and other contemporary methods such as ROA are seldom adopted by development advisors. While there was a significantly high level of adoption of heuristics, the stratified analysis examining the profile of the respondents and the level of adoption of ROA and heuristics suggests that years of experience influenced the level of adoption of both the ROA and heuristics by the development advisors. The analysis of the types of flexibility showed that staging/phasing and changing the initial use/design were the most prevalent flexibility pathways adopted during the development. However, the study found that there was no significant difference concerning the choice of flexibility being adopted by development advisors who used ROA and those who did not.

Practical implications

The study provides an understanding of the decision pathways adopted by development advisors in an emerging market like Nigeria.

Originality/value

The paper contributes to studies on decision-making pathways in the management of uncertainty under dynamic conditions by development advisors in emerging markets.

Details

Journal of Financial Management of Property and Construction , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1366-4387

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Article
Publication date: 14 August 2017

Hsiangting Shatina Chen, Tun-Min (Catherine) Jai and Jingxue Yuan

The purpose of this study is to investigate how the levels of perceived information influence consumers’ purchase evaluations and intentions when making hotel reservations…

Abstract

Purpose

The purpose of this study is to investigate how the levels of perceived information influence consumers’ purchase evaluations and intentions when making hotel reservations on an opaque-selling travel website. Because of the uniqueness of the opaque-selling model, consumers must book a hotel room without knowing the hotel’s identity. Thus, consumers’ decision-making process is intricate and substantially influenced by the limited information provided by the websites.

Design/methodology/approach

This study used an experimental design approach that used promotional and preventative messages to manipulate the information levels. In total, 402 completed questionnaires were collected and analyzed by using quantitative research method.

Findings

The results indicated that perceived risks and perceived benefits lead toward different paths in regard to purchase intentions and information inquiries. To make a final booking decision, consumers have to go through a “debating” process, which involves assessing the overall value of the hotel deal claimed on the website.

Practical implications

To reduce consumers’ perceived risks and increase the likelihood of purchasing, opaque-selling websites should cautiously choose what information is displayed on their websites and also improve communications and interactions with the consumers.

Originality/value

This study contributes to the limited literature on information levels and its role in consumer’s evaluative process in the context of opaque-selling travel websites. In addition, this study has presented insights into opaque-buying behavior so that hotel manager may develop more appropriate pricing strategies for their target customer group.

Details

International Journal of Contemporary Hospitality Management, vol. 29 no. 8
Type: Research Article
ISSN: 0959-6119

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Article
Publication date: 3 April 2018

Daramola Thompson Olapade and Abel Olaleye

With a focus on Lagos, Nigeria property market, the purpose of this paper is to examine the willingness of property practitioners towards property data sharing and…

Abstract

Purpose

With a focus on Lagos, Nigeria property market, the purpose of this paper is to examine the willingness of property practitioners towards property data sharing and assemblage with a view to improving accessibility to commercial property data in Nigerian property market.

Design/methodology/approach

Primary data were sourced through the use of questionnaire administered on property practitioners (referred as estate surveying and valuation (ESV) firms) in Lagos property market. In total, 190 ESV firms were selected using stratified random sampling based on their geographical location, frequency distribution, percentage, and cross-tabulation were employed for data analysis.

Findings

The results showed that majority of the practitioners (68.1 per cent) were willing to share property data among themselves while 52.6 per cent of the practitioners were in support of data assemblage. The result also revealed the higher the experience of the practitioners, the more they are averse to data sharing. It was also revealed that the bigger firm are more averse to data assemblage than the smaller firms. Meanwhile, majority of the practitioners (93.3 per cent) were in support of creation of a central database.

Practical implications

The study concluded that without the willingness of practitioners to support data assemblage, the data debacle in property market might not be resolved.

Originality/value

The paper is an attempt towards the possibility of creating database of concluded transactions, which will improve accessibility to property data in opaque property market.

Details

Journal of Property Investment & Finance, vol. 36 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 4 July 2016

Graeme Newell

Real estate market transparency is an important factor in real estate investment and occupier decision making. The purpose of this paper is to assess real estate…

Abstract

Purpose

Real estate market transparency is an important factor in real estate investment and occupier decision making. The purpose of this paper is to assess real estate transparency over 2004-2014 to determine whether the European real estate markets have become more transparent in a regional and global context.

Design/methodology/approach

Using the JLL real estate transparency index over 2004-2014, changes in real estate market transparency are assessed for 102 real estate markets. This JLL real estate market transparency index is also assessed against corruption levels and business competitiveness in these markets.

Findings

Improvements in real estate transparency are clearly evident in many European real estate markets, with several of these European real estate markets seen to be the major improvers in transparency from a global real estate markets perspective.

Practical implications

Institutional investors and occupiers see real estate market transparency as a key factor in their strategic real estate investment and occupancy decision making. By assessing changes in real estate transparency across 102 real estate markets, investors and occupiers are able to make more informed real estate investment decisions across the global real estate markets. In particular, this relates to both investors and occupiers being able to more fully understand the risk dimensions of their international real estate decisions.

Originality/value

This paper is the first paper to assess the dynamics of real estate market transparency over 2004-2014, with a particular focus on the 33 European real estate markets in a global context to facilitate more informed real estate investment and occupancy decision making.

Details

Journal of Property Investment & Finance, vol. 34 no. 4
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 10 April 2009

David Weitzner and James Darroch

This paper aims to explore the linkages between greed and governance failures in both financial institutions and financial markets.

Abstract

Purpose

This paper aims to explore the linkages between greed and governance failures in both financial institutions and financial markets.

Design/methodology/approach

The paper described how innovation changed the US financial system through an analysis of recent events, and employs the philosophic concepts of hubris and greed to explain certain developments.

Findings

The development of the shadow banking system and opaque products was motivated in part by greed. These developments made governance at both the institutional and market levels extremely difficult, if not impossible. In part the findings are limited by the current opacity of the markets and the dynamics of events.

Practical implications

The implication of the research is to reinforce the need for transparency if the risk of innovation in the financial system is to be both identified and managed. The creation of central clearing houses and/or exchanges for new products is clearly indicated.

Originality/value

Understanding the linkages between greed, hubris and governance in the development of opaque products provides insights of value to those trying to understand the current crisis – from academics to practitioners.

Details

Critical perspectives on international business, vol. 5 no. 1/2
Type: Research Article
ISSN: 1742-2043

Keywords

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Article
Publication date: 5 May 2015

Matthew Ntow-Gyamfi, Godfred Alufar Bokpin and Albert Gemegah

– The purpose of the study is to examine the influence of corporate governance on the flow of firm-specific information in an emerging market.

Abstract

Purpose

The purpose of the study is to examine the influence of corporate governance on the flow of firm-specific information in an emerging market.

Design/methodology/approach

Synchronicity is estimated under assumptions of contemporaneous and non-contemporaneous relationship between individual stock returns and the market return. Possible thin-trading effect is also corrected using the Dimson’s Beta approach to estimate synchronicity. In the main empirical model, both the Panel-Corrected Standard Errors and the Generalized Least Square estimations were used to provided robust evidence of governance influencing transparency.

Findings

Corporate governance was found to broadly influence the release of firm-specific information in a relatively opaque market through the information environment. However, no evidence in support of the “auditor-reputation effects” theory was found. As well, CEO duality does not create an individual powerful enough to reduce the monitoring role of boards. We further document the presence of noise trading on the Ghana Stock Exchange.

Practical implications

This study suggests that specific corporate mechanism practices have implications for stock selection in a relatively high information asymmetry Capital Market. Investors require transparency; hence, firms with governance mechanisms that elicit such transparency are likely to attract investors.

Originality/value

This study is the first to examine the relationship between governance and transparency while using stock return synchronicity as a proxy for transparency in an emerging Ghanaian Capital Market.

Details

Journal of Financial Economic Policy, vol. 7 no. 2
Type: Research Article
ISSN: 1757-6385

Keywords

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