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The built environment has high potential to reduce overall greenhouse gas emissions and with around 1‐2 per cent of new buildings added to the total stock annually, the scope for reductions lies with adaptation of existing stock. Existing buildings comprise a variety of attributes and present challenges and opportunities with regards to adaptation and sustainability, and integrating retrofit measures that lessen energy, water and resource consumption.

Through a quantitative analysis of a Building Adaptation database, this paper addresses the questions; what is the nature of adaptations in relation to Premium quality office building stock in the Central Business District (CBD) and, what is the extent and scope for sustainable retrofits to Premium grade office buildings.

The nature and extent of adaptations to Premium office buildings are identified and quantified in respect of attributes such as adaptation level, building age, location, construction form, envelope, shape and height and operating costs.

The findings provide an insight for policy makers and others in respect of the nature and type of adaptations typically undertaken in Premium office buildings. The research identifies the typical attributes found in buildings undergoing adaptation and specifies the type of sustainable retrofit measures particularly suited to buildings with those attributes.

The research is based on an analysis of “all” office building adaptations from 1998 to 2008, which facilitates a unique study of what has occurred with regards to adaptation practices. From this starting point it is possible to determine where opportunities lie to capitalise on work being undertaken.

Achieving sustainable development in the twenty‐first century will be won or lost in the world's urban settlements, informed adaptation of existing stock is vital. Local Authorities are encouraging adaptation to reduce building related carbon emissions. The City of Melbourne aims to retrofit 1,200 central business district (CBD) properties by 2020 to become carbon neutral. As Australian cities date from the early 1800s and the adaptation of buildings is not as entrenched as in Europe, there is a pressing need for greater knowledge of what happens to buildings over time. The purpose of this study is to examine building adaptation from 1998 to 2008. This paper concentrates on the question; what is the pattern of adaptation within premium grade office buildings over time?

Using the Melbourne CBD as a case study, the research analysed all commercial building adaptations. After a uni‐variate statistical analysis of all premium office adaptations, two case studies were selected and profiled to discover what happened to them during the period and to ascertain what may be learned as a result to inform future adaptation strategies and policies.

This research has established that there is a high rate of adaptations to existing commercial buildings which leads to the disposal of functional and serviceable fixtures and fittings to landfill sites. This practice results in the unnecessary loss of embodied carbon which compromises efforts to deliver carbon neutrality in its widest sense. In the short term we need to learn to take advantage of existing behaviour patterns in respect of adaptation and to learn how buildings adapt and to incentivise the needed behavioural changes.

The selection of case studies allowed an examination of the data at a deeper level, though it is acknowledged that the depth does not equal that achieved in a purely qualitative approach whereby stakeholders are interviewed or surveyed directly and this is a limitation of the approach.

This research is based on an analysis of all adaptation activity within a distinct geographical area over an extended period of time. The analysis shows what does happen to a defined sector of the stock; in this case premium office property and highlights the types and patterns of adaptation as buildings evolve through their lifecycles.

The Equal Pay Act 1970 (which came into operation on 29 December 1975) provides for an “equality clause” to be written into all contracts of employment. S.1(2) (a) of the 1970 Act (which has been amended by the Sex Discrimination Act 1975) provides:

The purpose of this paper is to expand our understanding of processes governing commercial property cycles, and to provide tools, which enable identification of property cycles’ turning points’ location.

This paper is divided into three parts. The first looks at the demand-supply dynamics and the location of two characteristic cyclic points, the market bottom and the cycle commencement. In the second part a property relevant formula for entropy is derived, and its relation to the cycle overheated stage and the market peak is studied. In the third part, we discuss still another characteristic point of the cycle, which relates to the stage when developers elect to undertake new projects. This analysis is done by employing the chaos theory, and its relation to the cyclic evolution.

It is found that some markets cycle, while others fluctuate only. A clear method for distinguishing among these is provided. The bottom of a cycle may overlap or be time separated from the start of a subsequent cycle. Market peaks are characterised by a sharp decrease in financial component to entropy for top quality building grades. A cycling market is characterised by crossing of a distinct vacancy rate during the cycle progression.

The tools developed in the paper allow for clear characterisation of the market types and their cyclic behaviour. This in turn allows for timely characterisation of the market state and for short time-frame forecasting. The depth of a cycle may be calculated and the subsequent correction level estimated.

The paper utilises cross-field approach by taking methods from both physics and mathematics and applying them to property markets. It breaks new ground both in property research and in applied mathematics by showing how the current frontier in pure mathematics may be applied to property.

When extended to sovereign issuers, the Merton‐type structural model suggests a negative relationship between sovereign credit default swap (CDS) spreads and stock prices. In practice, capital structure arbitrage that exploits such relationships should foster the integration of CDS and the stock market and improve price discovery. This paper studies the dynamic relationship between sovereign CDS spreads and stock prices for seven Asian countries for the period from January 2001 to February 2007. We find a strong negative correlation between the CDS spread and the stock index for most Asian countries. A long‐run equilibrium price relationship is found for China, Korea, and Thailand. The limited integration in other countries may arise from market frictions and model applicability. In terms of price discovery, CDS markets play a leading role in five out of seven countries. Therefore, equity investors should span the CDS market for incremental information. The stock market has a feedback effect for two countries and dominates price discovery for only one country.

PRACTICALLY everyone engaged in work study concentrates on new methods and the measurement of work. We pause to wonder whether enough attention is paid to the unmeasurable factors because these outweigh those which can be observed. The unseen factors of boredom, social maladjustment, and other emotional facets create fatigue and stress—especially in female workers. Why are there not more female work study practitioners to operate in factories where female labour predominates? Such women, after being properly trained in time and motion study, should receive psychological training and, as a result, female operatives would rise to a greater level of co‐operation and ultimate working efficiency. The notion that only men should work study female operatives is a myth which should be exploded. Let there be more female work study practitioners. And the sooner the better.

Prior research (e.g Holthausen and Leftwich, 1986) has found that firms’ stock prices react negatively to announcements of downgrades of their bond ratings. Our study examines whether stock prices react negatively to downgrades because the rating agency conveys adverse private information about the firm through the downgrade (the information provision hypothesis) and/or because the downgrade imposes significant costs on the firm (the cost imposition hypothesis). The results of a cross‐sectional model support both hypotheses. Specifically, we find that firms’ stock returns are positively related with their institutional stockholdings and negatively related with their debt‐to‐equity ratios. This suggests that the rating agency is an important information provider for firms with low institutional stockholdings, and that the downgrades significantly impact firms’ borrowing costs.

Using a unique data set, the purpose of this paper is to test the hypothesis that tenants pay increased accommodation costs for space in energy efficient office property.

The authors obtain lease contracts for office space in central Sydney, Australia. Empirical data on annual gross face rent and contract terms from each lease are combined with building characteristics and measured energy performance at the time of lease. Hedonic regression isolates the effect of energy performance on gross face rent.

No significant price differentials emerged as a function of energy performance, leading to a conclusion that tenants are not willing to pay for energy efficiency. Six factors – tenancy floor level, submarket location, proximity to transit, market fixed effects, building quality specification and, surprisingly, outgoings liability – consistently explain over 85 per cent of gross face rent prices in Sydney.

Rent premiums from an asset owner's perspective could emerge as a result of occupancy premiums, market timing or agent bias combined with statistically insignificant rental price differentials.

Tenants are likely indifferent to energy costs because the paper demonstrates that energy efficiency lacks financial salience and legal obligation in Sydney. This means that split incentives between owner and tenant are not a substantial barrier to energy efficiency investment in this market.

This study is the first to thoroughly examine energy efficiency rent price premiums at the tenancy scale in response to disclosure of measured performance. It also presents evidence against the common assumption that rent premiums at the asset scale reflect tenant willingness to pay for energy efficiency.

The purpose of this paper is to illustrate the potential for green roof retrofit to commercial buildings in a city centre to property managers and other property professionals.

This paper addresses the research question: what is the potential of existing buildings in the CBD to accommodate a retrofitted green roof? Furthermore, it questions how many buildings are suitable for green roofs? The researchers compile a unique building database incorporating information about 536 commercial buidings and evaluate the potential suitability of each building to undergo a green roof retrofit. Assisted by other commercially available databases and software, the researchers are able to assess each roof based on criteria derived from an extensive literature review.

A relatively small proportion of roofs are found to be suitable, partly a result of local climate conditions and rainfall patterns, and the physical property stock. On a purely physical assessment, only a very small proportion of CBD stock is found to be suited. These buildings are most likely to be in low secondary locations, ungraded or B grade buildings, privately owned, concrete framed and not overshadowed by adjoining properties.

Property managers and other property professionals can now determine the potential of their portfolio stock for green roof retrofit based on the review of building attributes required for success adaptation in this paper. It possible that greater potential for green roof retrofit exists in the suburbs or regional towns where lower rise buildings may reduce the amount of overshadowing found in city centres. Follow‐up research could focus on a comparison of regional and suburban developments.

This is the first study of its kind and has assessed such a large number of buildings for their suitability for green roof retrofit; the findings provide a reliable guide for policymakers regarding the potential number of city centre buildings which would be possible to retrofit. Such findings should influence policymaking and incentives to target effective sustainability policies with regards to existing buildings.

The purpose of this paper is to investigate the performance of the arbitrage pricing theory (APT) in the Istanbul Stock Exchange (ISE) on a monthly basis, for the period January 2001 to September 2005.

This study examines six pre‐specified macroeconomic variables which are: the term structure of interest rate, unanticipated inflation, risk premium, exchange rate and money supply. All these are the same as those used by Chen, Roll and Roll for the US market. In this study, the authors develop one more variable namely unemployment rate, which has a relation with the stock return.

Using the OLS technique, the authors observed that there are some differences among the market portfolios. Before starting to comment on the result of OLS, the serial correlation problem was discussed by using Durbin‐Watson statistics. In this study, the critical values were ranged from between 1.33 and 1.81 (T=57, K=6). Our test results confirmed that in ten out of the 13 there were no serial correlations. Our results show that there are big differences among market portfolios against macroeconomic variables through the variation of R². In the remaining portfolios; there was no evidence to suggest.

In this paper, the authors face a problem that was no corporate bond in Turkey's market.

This analysis appears to be the first empirical test of APT using the CAPM formula for finding the risk premium point for ISE.