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This paper examines the adverse selection problem associated with the pre‐completion marketing of property developments. When developers choose to finance their projects by pre‐selling in a pooling equilibrium, they pass on the risk of failure to the buyers and increase expected profits. Pre‐selling not only places buyers at a potential disadvantage if unexpected negative price shocks occur, but encourages more less‐profitable projects to be undertaken by bad developers. In addition, pre‐selling aggravates the building boom and bust cycle. However, the adverse selection problem can be eliminated if good developers choose to separate themselves by not pre‐selling under the appropriate conditions. This paper also examines interesting comparative statics and policy implications.

The purpose of this study is to explore women project managers as a group in order to generate new understanding about the present project context within which they work and to promote new research‐based ideas for optimizing their potential in business organizations. To this end, the paper explore their demographics and project characteristics, their project challenges and issue selling moves, and their perspectives on the advantages and disadvantages for women in this profession.

Data were collected using quantitative and qualitative questionnaire items of 211 female project managers in North America.

The research results show significant associations among women project managers' career, age, cost of their projects, and their professional certifications. In addition, their challenges and issue‐selling moves produce six factors related to their influence of others. Lastly, the results reveal women's self‐described advantages and disadvantages in the project management profession showing that while women project managers do continue to experience marginalization from gender bias, they are leveraging particular job challenges and issue selling circumstances to their advantage in moving through gender bias.

The results of this study contribute to our knowledge of important real‐world challenges and career development opportunities for women managing contemporary projects. Several implications for future research that build on women's issue selling in project management are discussed. Suggestions for broadening the sample in future research are also included.

This paper highlights several important ways in which business organizations can strengthen and optimize their women project managers, and offset second‐generation gender bias.

This is only the second study to consider the real‐world contextual factors of women's projects, and the first study to explore their perspective specifically in terms of their job challenges, issue selling, and self‐described disadvantages and advantages in managing projects. Business organizations are in a unique historical position to uplift their project management capacity and leadership talent through developing and promoting women project managers.

The subject of political risk for project‐selling firms has not been as thoroughly studied as it has for other international modes. This research aims to discuss the behavio‐of project‐selling firms when facing a sudden political crisis. It examines how political turmoil forces the firms to either stay in the market or exit from it and discusses why there is variety in their responses. The study presents three historical cases about three project‐selling firms and discusses the variety in their activities before, during, and after a political crisis. For the analysis, this paper employs the concepts of knowledge and commitment from the network model for the internationalization process. The case analysis is intended to generate a hypothesis about the types of business responses and the reasons for them.

While an operation's unlevered value is objective, the value of the debt tax shield is subjective since it depends on the capital structure policy of the firm that owns the operation. The purpose of this paper is to explore the implications of this subjective nature of debt tax shield value for corporate investment decisions.

The study develops a simple theoretical model.

The paper shows that even a low probability of selling a project in the future to a firm with a different tax shield value can significantly affect a project's weighted average cost of capital (WACC) and total value.

Managers should be aware of this issue when making corporate investment decisions.

This is the first study to address the implication of the subjective nature of debt tax shield value.

This paper aims to investigate whether developers’ ask lower prices on homes in redevelopment sites than they do on similar units in smaller developments completed over a shorter time span. It also investigates whether developers price units differently at different stages of the redevelopment process. The development of designated redevelopment areas often consists of multiple projects spread across several years, some in parallel, some sequential. New units are put on the market in a piecemeal fashion, and infrastructure, shared green spaces and shared facilities are installed successively.

A hedonic price model is used to analyse sales prices of 7,000 new apartments in Oslo sold between 2011 and 2015, all else being equal. The paper distinguishes between infill as one-stage projects, and multi-staged competitive and multi-staged monopolistic redevelopments.

Dwellings in redevelopment projects sell at a lower price than similar dwellings in infill projects. In competitive redevelopments, those in charge of the last projects put a slightly higher price on apartments. In redevelopments involving only one developer, the last stages ask the lowest prices.

This research expands our understanding of developers’ pricing behaviour. Developers supplying housing for the private market through redevelopments land are willing to take risks particularly in the initial stage.

The findings indicate that credit institutions financing developers’ projects need to take into account the structure of selling prices, including lower prices and higher risk of pursuing redevelopment projects.

Gaining a better understanding of developers’ pricing behaviour deepens our insights into the dynamics of market-led urban brownfield developments; this knowledge may moreover inform policies on sustainable urban growth.

An original investigation of housing transactions in urban brownfield sites in Oslo provides fresh insights into developers’ pricing behaviour.

Postulates that project financing from pre‐completion marketing accentuates the tendency for the property developer to shirk from exercising the optimal level of care and effort, and leads to a higher incidence of building defects. Evaluates the disincentive effects of pre‐completion marketing against the mitigatory effects of providing defect warranty by way of a simple model of effort aversion. Derives the condition under which defect warranty can eliminate pre‐selling disincentive effects. Concludes that three policy implications follow from this model. The problem of building defects can be alleviated by imposing a longer defect warranty period; tightening building inspection standards; and limiting the extent to which developers can sell their property development prior to completion.

This paper aims to explain a new system of accounting for partnership financing that applies in Rastin profit and loss sharing banking. In this system, the interest rate is not used in calculations and accounting, and instead, the “time value” of capital based on the amount and duration of the partnership is used.

Rastin Partnership Accounting principles have been founded on off-balance-sheet items and on the basis of the institutions’ obligations to the depositors and receivers of financial resources, and they are in compliance with the nature of the financial intermediary activity (a partnership of depositor in the yields of the fund receiver via the bank).

The distribution of profit among stakeholders (including workforce and capital owners) is accomplished according to the share of each beneficiary in the created value added. In this regard, Euler’s theorem, as the best mathematical-economic innovation for distribution of income is applied.

This system is novel, and it is required to be more elaborated for further practical development and adjustment.

In this accounting system, the return of the partnership is distributed among sharers based on the amount and duration of their partnership. The penalty for delay in payment is calculated from the amount of the incurred loss due to negligence or blameworthy of the undertaker and not upon a penalty interest rate.

Interest rate as an essential factor in conventional accounting is not usable in Islamic banking and other similar institutions that work based on partnership, such as mutual funds and saving and loan associations. The proposed system removes this shortage and is fairer than the conventional accounting.

Approach of this accounting system is fully different from the conventional accounting because of intrinsic characteristics of the intermediary role of financial partnership institutions and Islamic banks.

This paper has the purpose of looking into the role that financing and abandonment options play in the value of Chinese real estate development projects.

The paper is based on library research, which is used to support and extend the authors' personal knowledge and experience.

The paper finds that financing and abandonment options create important value in the real estate projects of China, and produce enormous profits for the developers.

The paper indicates that the Chinese government should improve the legislative and regulatory frameworks to control excessive value produced by the financing and abandonment options, and restrict the ability of developers to amass social wealth by exploiting legal loopholes.

The paper examines the financing and abandonment options embedded in Chinese real estate development projects, measures the specific value of the two options based on a case study, and analyzes some factors affecting the value of the two options.

Many types of commercial professional services are commonly sold as projects. Therefore this article draws on the project marketing literature to elucidate the international marketing of professional service projects. After an initial literature review, the project marketing milieu concept’s a priori territorial definition is critically examined on the basis of cases concerning the internationalization of Nordic architectural firms. It is hypothesized that territoriality plays the biggest role in situations where a firm is moving from one national milieu with well‐established norms, rules, and representations to another national milieu with similarly well‐developed norms, rules, and representations, yet that there also exist global milieux. Managerial implications concerning professional service firms’ preparation for entering a foreign milieu as well as subsidiary or office establishment abroad are provided.

Technological developments are having an impact on the construction sector and are creating a paradigm shift in project delivery methods. Traditional project delivery systems are inadequate in current project development processes. A more integrated project delivery system and the establishment of contractual and financial structures are needed. The purpose of this study is to incorporate integrated project delivery and real estate certificate concepts and propose a model for real estate development.

As a methodology, both integrated project delivery and real estate certificate concepts are reviewed individually, and a case to real estate certificate in Turkey is examined.

A real estate certificate is a new method for financing the development process. The system covers the financial dimension of the integrated project delivery system. When these two concepts are combined, they provide an alternative to the real estate development process.

This study is a preliminary study and lays the foundation for future studies.

In theory, both concepts have many advantages, in practice, it is essential to create the necessary legal basis for these advantages to be valid. As this process requires significant planning and contract management, the proposed model must be properly designed at the start of the project.

This study proposes a new model for real estate development by combining integrated project delivery and real estate certificate concepts.