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Philippos Nikiforou, Thomas Dimopoulos and Petros Sivitanides
The purpose of this study is to investigate how the degree of overpricing (DOP) and other variables are associated with the time on the market (TOM) and the final selling price…
Abstract
Purpose
The purpose of this study is to investigate how the degree of overpricing (DOP) and other variables are associated with the time on the market (TOM) and the final selling price (SP) for residential properties in the Paphos urban area.
Design/methodology/approach
The hedonic pricing model was used to examine the association of TOM and SP with various factors. The association of the independent variable of DOP and other independent variables with the two dependent variables of TOM and SP were investigated via ordinary least squares (OLS) regression models. In the first set of models the dependent variable was TOM and in the second set of models the dependent variable was SP. A sample of N = 538 completed transactions from Q1 2008 to Q2 2019 was used to estimate the optimum DOP that a seller must apply on the current market value of a property in order to achieve highest SP price in the shortest TOM.
Findings
The results of this study also suggest that the degree of overpricing in thin and less transparent markets is higher than that in transparent markets with high property transaction volumes. In mature markets like the USA and the UK where the actual sold prices are published, the DOP is around 1.5% which is much lower than the 11% DOP identified in this study.
Practical implications
It was found that buyers are willing to pay more for the same house in a bigger plot than a bigger house in the same plot. The outcome is that smaller houses sell faster at a higher price per square meter than larger houses. Smaller houses are more affordable than larger houses.
Social implications
There is a large pool of buyers for smaller houses than bigger houses. Higher demand for smaller houses results in a higher price per square meter for smaller houses than the price per square meter for bigger houses. Respectively the TOM for smaller houses is shorter than the TOM for bigger houses.
Originality/value
The database used is unique, from an estate agent located in Paphos that managed to sell more than 27,000 properties in 20 years. This data set is the most accurate information for Cyprus' property transactions.
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This paper aims to present the theoretical and conceptual framework of a new method in public finance called “participation based tax increment financing (P-TIF)” by combining…
Abstract
Purpose
This paper aims to present the theoretical and conceptual framework of a new method in public finance called “participation based tax increment financing (P-TIF)” by combining conventional tax increment financing (TIF) within the Sharīʿah-compliance structure.
Design/methodology/approach
This study develops a benchmark model for P-TIF, which offers a participative contract between both lender and borrower. With the help of this model, a financing schema in P-TIF is established by incorporating stochastic modelling. Possible implications and alternative options of application are also explored with a discussion of challenges.
Findings
The results mainly indicate that P-TIF promises lenders to be a part of increment from tax earnings, in return for a reduced interest rate. They show how a rise in participation of the lender in a given contract lowers the interest rate. Under the base case scenario, the interest rate is reduced to zero when the participation of the lender in tax increment is set at 50%.
Practical implications
With the feature of being interest-free, P-TIF can be implied also within the Sharīʿah-compliance framework, thanks to the model it is based on. Additionally, as the model in this paper is parametric, it can be applicable to various cases in Islamic finance.
Originality/value
To the best of our knowledge, this is the first paper in the literature in the sense that it provides a conceptual idea and respective model for TIF method within a Sharīʿah-compliance framework.
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Property management in commercial real estate (CRE) is an important operational function that needs to be managed because it brings large cost implications to the organization. As…
Abstract
Purpose
Property management in commercial real estate (CRE) is an important operational function that needs to be managed because it brings large cost implications to the organization. As India aspires to become a developed real estate market, analysis of the growing importance of automating property services and technology acceptance by stakeholders are two key concerns that need to be explicitly addressed. This study aims to examine the extent of property technology (PropTech) adoption in India and propose a technology-enabled stakeholder management model in Indian CRE.
Design/methodology/approach
The research is qualitative in nature and follows the grounded theory approach. Research data were collected by conducting a series of semi-structured interviews with 18 property management professionals from different prominent Indian companies using PropTech.
Findings
The findings suggested the nine most typical automated property management functions in Indian CRE. The result of this research is the automated property services model for stakeholder management in CRE. The model demonstrates the value of implementing technology in property services in India.
Practical implications
The study provides useful insights into how artificial intelligence (AI) in property management can be applied to address property-related challenges, various stakeholder needs and improve property performance in accordance with energy efficiency policies.
Originality/value
This paper attempts to add to the limited body of literature on technology in the property management domain. The model demonstrates how automated property services meet the needs of different stakeholders in CRE and provides remote working procedures within the COVID-19 pandemic context.
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This paper aims to explore the contours of the future intellectual property (IP) protocol of the African Continental Free Trade Area (AfCFTA) Agreement.
Abstract
Purpose
This paper aims to explore the contours of the future intellectual property (IP) protocol of the African Continental Free Trade Area (AfCFTA) Agreement.
Design/methodology/approach
This paper frames the IP protocol within the architecture of the AfCFTA Agreement, meaning that it will follow the structure of other protocols and will be guided by the Agreement’s foundational principles and objectives. With the place, shape and form of the protocol so established, the paper considers the substantive aspects that ought to be addressed. It also considers provisions on technical assistance, capacity building and cooperation.
Findings
The paper finds that the Tripartite Free Trade Phase 2 IP agenda is a credible starting place, which must be broadened to better meet gendered challenges and the continent’s developmental priorities. This will entail including provisions on specific aspects enumerated in the paper, which must be aligned with provisions on technical assistance, capacity building and cooperation to enhance implementation. The best outcomes in the negotiation, adoption and implementation of the IP protocol will be achieved by an inclusive approach incorporating all national, sub-regional and regional institutions guided by coherent policy and coordinated to ensure efficiency in resources and capacity mobilisation.
Originality/value
To the best of the author’s knowledge, this is the first paper to formally consider both the architecture and substantive provisions of the future AfCFTA IP protocol with specific focus on gendered dimensions.
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Tuvana Rua, Zeynep Aytug and Leanna Lawter
Based on Behavioral Theory of Negotiations (Walton & McKersie, 1965), the purpose of this paper is to discuss the existing gap between negotiation theory and pedagogy and presents…
Abstract
Purpose
Based on Behavioral Theory of Negotiations (Walton & McKersie, 1965), the purpose of this paper is to discuss the existing gap between negotiation theory and pedagogy and presents an experiential teaching tool that closes this gap. The tool is a ‘serious game’ (Abt, 1975) that reinforces all four core negotiation subprocesses while allowing students to practice their negotiation skills and several critical business competencies in a realistic and improvisational context.
Design/methodology/approach
After successfully using NegotioPoly for five years, qualitative and quantitative data were collected in three sections of negotiation classes to assess student learning and behaviors while playing NegotioPoly and to collect student feedback on the effectiveness of NegotioPoly in teaching and reinforcing key negotiation skills.
Findings
Findings support that NegotioPoly is highly effective in engaging students in a series of realistic negotiations, joint problem solving and strategic decision-making. Results show that, during the game, students demonstrate their negotiation skills and learnings, and they practice all four negotiation subprocesses of distributive, integrative and intraorganizational bargaining and attitudinal structuring.
Practical implications
NegotioPoly enables students to engage in distributive and integrative bargaining, multiple levels of negotiations and coalitions in quick succession. Students practice organizational politics and adjust their negotiations based on relationships and social realities, as they demonstrate advanced deal-making behaviors and core business competencies of problem solving, decision-making, analytical skills and ability to work with others.
Social implications
NegotioPoly reinforces core business competencies such as negotiation, problem solving, analytical skills and the ability to work in teams that employers look for and, therefore, is a useful tool for preparing students for the business world.
Originality/value
NegotioPoly is an experiential learning tool that closes the gap between negotiation theory and pedagogy while providing deep learning and realistic practice opportunities for students where they can use their negotiation skills in a gaming environment that uses multi-party and multi-round negotiations.
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