Search results

1 – 10 of over 80000
Article
Publication date: 19 December 2023

Sunday Olarinre Oladokun and Manya Mainza Mooya

Challenges of property data in developing markets have been reported by several authors. However, a deep understanding of the actual nature of this phenomenon in developing…

Abstract

Purpose

Challenges of property data in developing markets have been reported by several authors. However, a deep understanding of the actual nature of this phenomenon in developing markets is largely lacking as in-depth studies into the actual nature of data challenge in such markets are scarce in literature. Specifically, the available literature lacks clarity about the actual nature of data challenges that developing markets pose to valuers and how this affects valuation practice. This study provides this understanding with focus on the Lagos property market.

Design/methodology/approach

This study utilises a qualitative research approach. A total of 24 valuers were selected using snowballing sampling technique, and in-depth semi-structured interviews were conducted. Data collected were analysed using thematic analysis with the aid of NVivo 12 software.

Findings

The study finds that the main data-related challenge in the Lagos property market is the lack of database of market property transactions and not the lack or absence of transaction data as it has been emphasised in previous studies. Other data-related challenges identified include weak property rights institution with attendant transaction costs, underhand dealings among professionals, undocumented charges, undisclosed information, scarcity of data relating to specialised assets and limited access to the subject property and required documents during valuation. Also, the study unbundles the factors responsible for these challenges and how they affect valuation practice.

Practical implications

The study has implication for practice in the sense that the deeper knowledge of data challenges could provide insight into strategy to tackle the challenges.

Originality/value

This study contributes to the body of knowledge by offering a fresh and in-depth perspective to the issue of data challenges in developing markets and how the peculiar nature of the real estate market affects the nature of data challenges. The qualitative approach adopted in this study allowed for a deep enquiry into the phenomenon and resulted into an extended insight into the peculiar nature of data challenges in a typical developing property market.

Details

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

Keywords

Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way…

9284

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

Keywords

Article
Publication date: 10 July 2017

Kevin Grecksch and Jessica Holzhausen

This paper aims to show how property rights predominantly shape discussions about the governance of natural resources and thereby neglect questions of (collective) identities and…

Abstract

Purpose

This paper aims to show how property rights predominantly shape discussions about the governance of natural resources and thereby neglect questions of (collective) identities and alternative solutions to govern natural resources. The purpose is to introduce narratives as an alternative approach to the discussion about the governance of natural resources.

Design/methodology/approach

Guided by the question of how we acquire property and what that tells us about our understanding of to whom natural resources belong to, the paper reviews the history of property rights by looking into property theories starting from Thomas Hobbes, John Locke, Adam Smith, Immanuel Kant and Pierre-Joseph Proudhon. It then takes a closer look at The Economics of Ecosystems and Biodiversity (TEEB) study and the Nagoya Protocol with regard to property rights. Second, the paper introduces the concept of narratives surrounding property rights in the past and present.

Findings

Property rights are a social concept dominant in the industrialised world. This has strong implications when looking at the way indigenous people look at natural resources. Mostly, property rights are unknown to them or alternative concepts exist. Yet, documents such as the Nagoya Protocol or the TEEB study presuppose an understanding of property rights originating in European property concepts. A narrative approach to property rights introduces new ideas and looks beyond legislation and policies at the stories people tell about property and natural resources, at property stereotypes and identities and what this might entail for future natural resource governance.

Originality/value

The paper fulfils a need to find alternative approaches to govern natural resources against the background of global environmental challenges.

Details

International Journal of Law in the Built Environment, vol. 9 no. 2
Type: Research Article
ISSN: 1756-1450

Keywords

Article
Publication date: 1 December 1998

Neil Dunse, Colin Jones, Allison Orr and Heather Tarbet

Property analysts and researchers have a fundamental requirement for reliable property market data. Historically, data on the commercial and industrial property market are weak…

1911

Abstract

Property analysts and researchers have a fundamental requirement for reliable property market data. Historically, data on the commercial and industrial property market are weak, although a number of property indices have now been published for 20 years. Considerable debate has arisen as to the appropriateness of these data for meaningful and reliable econometric analysis. A particular problem is the existence of serial correlation. This paper considers the form and the nature of spatial data and examines the implications for their interpretation and analysis. The primary concern is with rent and yield data with a particular focus on those derived from valuations. It is concluded that the use of valuation data does not appear to be a constraint or the source of serial correlation. In addition, its existence parallels that found in other economic time series data of longer standing. A possible solution is the disaggregation of the data to the local level, which may reduce the smoothing induced by aggregation.

Details

Journal of Property Valuation and Investment, vol. 16 no. 5
Type: Research Article
ISSN: 0960-2712

Keywords

Book part
Publication date: 3 August 2011

Ethan MacAdam

This chapter addresses the alienability or inalienability of the bodily self by looking at continuing legal, economic, and cultural issues surrounding three case studies: the…

Abstract

This chapter addresses the alienability or inalienability of the bodily self by looking at continuing legal, economic, and cultural issues surrounding three case studies: the growth of cell lines, live organ transfer, and the practices of “forced prostitution” as a contemporary form of slavery. The essay contends that it is, ironically, Locke and Hegel's shared hyperliberal notion of the self as inalienable property that sustains a potential basis, in law and in culture, for troubling cases of self-alienation which persist in the case studies offered.

Details

Special Issue Human Rights: New Possibilities/New Problems
Type: Book
ISBN: 978-1-78052-252-4

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 Nigeria…

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

Keywords

Article
Publication date: 27 September 2011

David Parker

The purpose of the paper is to investigate issues associated with the application of international and national accounting and valuation standards to owner occupied property for…

1830

Abstract

Purpose

The purpose of the paper is to investigate issues associated with the application of international and national accounting and valuation standards to owner occupied property for financial reporting purposes.

Design/methodology/approach

The regulatory framework and relevant literature are reviewed and analysed in order to hypothesise a theoretical framework, comprising an order of classification and tests for application by valuers to owner occupied property. The hypothesised approach is then tested in principle for the valuation of airports and specifically for the valuation of a part building and underlying land.

Findings

While the hypothesised approach requires development through the proposition of further tests, it is found to be supported in application to both a part building, being the retailing area within an international terminal, and to the operational land underlying an airport.

Research limitations/implications

The research provides a theoretical framework for the application of accounting and valuation standards to owner occupied property for financial reporting purposes and highlights limitations therein for further research.

Practical implications

The hypothesised approach provides valuers with a globally consistent theoretical framework for application to the valuation of owner occupied property for financial reporting purposes.

Social implications

As airports grow and move from government ownership, the measurement of their value for financial statements becomes progressively more important if a robust basis for stakeholder decision making and the optimal allocation of capital is to be provided

Originality/value

The paper seeks to improve property appraisal, finance and investment skills by promoting awareness of new theories, applications and related concepts and their implications to market conditions in the context of airports.

Details

Journal of Property Investment & Finance, vol. 29 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 15 February 2016

Hongbin Huang, Guanghui Jin and Jingnan Chen

The purpose of this paper is to expand the investor sentiment’s effect on investment efficiency to the layer of “credit financing,” studying whether investor sentiment can affect…

1771

Abstract

Purpose

The purpose of this paper is to expand the investor sentiment’s effect on investment efficiency to the layer of “credit financing,” studying whether investor sentiment can affect credit financing level and the inner mechanism of the effect.

Design/methodology/approach

The authors obtain firm-level data from the Shanghai and Shenzhen stock markets and using panel estimation techniques examine whether investor sentiment can affect credit financing level and the inner mechanism of the effect.

Findings

This paper finds that credit financing plays the role of partial media in the process of investor sentiment affecting investment efficiency. Based on the funds increasing effect, with the high-investor sentiment and increasing credit financing, corporations alleviate the financing constraints, but also provide a convenient for the abuse of corporate funds. So, investor sentiment positively associates with enterprises’ overinvestment, while investor sentiment negatively associates with enterprises’ underinvestment. Relying on the particular system background and property right environment in China, this paper finds that investor sentiment has an effect on the overinvestment of state-owned enterprises and the underinvestment of private enterprises through credit financing channel, while it does not function in the overinvestment of private enterprises. The reason of the difference is that under the soft budget constraint in the country, the credit preference of state-owned enterprises and the creditor’s rights management of banks are partially absent.

Research limitations/implications

By fusing the special financial environment and institutional background, this thesis further includes in the analysis frame the difference in governance effect by credit financing between state-owned and privately owned listed companies, and further analyzes the difference in impact on investment efficiency in enterprises of different natures after investor sentiment has affected enterprise credit financing.

Practical implications

This paper has verified the constraint assumption and deepened the research work on bank credit supply and answered practical questions such as whether the banks in the country exercise supervision function over the listed companies and on which kind of listed companies the supervision function plays a more effective role.

Social implications

As an unofficial substitution mechanism, bank-enterprise relationship can elevate the investment efficiency by private owned enterprises. Based on the timely research results on credit financing, reference is provided for private listed companies to utilize investor sentiment to improve its investment efficiency.

Originality/value

This paper has proved the specific path which creates the dual effects on resources allocation by investor sentiment, that is, the intermediary transmission in credit financing, clarifying the mechanism of action by which investor sentiment affects the efficiency of enterprise investment and making incremental contribution to the research of how investor sentiment affects the efficiency of enterprise investment.

Details

China Finance Review International, vol. 6 no. 1
Type: Research Article
ISSN: 2044-1398

Keywords

Article
Publication date: 1 December 2004

Nick French

Provides a brief overview of the methods that used in real estate valuation with a particular emphasis on the valuation of specialised property. Proposes that the underlying…

9773

Abstract

Provides a brief overview of the methods that used in real estate valuation with a particular emphasis on the valuation of specialised property. Proposes that the underlying requirement is to estimate market value and that the role of the valuer is to choose the method that is the best model to achieve this objective. Concludes that a valuer must work with the recognised techniques and, in the case of specialised property, these are methods that go back to analysing value from first principles by identifying the value of the property to the business.

Details

Journal of Property Investment & Finance, vol. 22 no. 6
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 1 April 2014

Abdul Jalil Omar and Christopher A. Heywood

This paper aims to explore how branding theory can be used to understand corporate real estate management's (CREM's) relationships with its customers. Specifically, the…

2109

Abstract

Purpose

This paper aims to explore how branding theory can be used to understand corporate real estate management's (CREM's) relationships with its customers. Specifically, the perspectives of CREM executives and customers are used to develop a statement of a CREM brand.

Design/methodology/approach

A multiple case study approach from four industry sections that consist of telecommunications, logistic, retail, and education from an emerging real estate market (Malaysia) and a mature real estate market (Australia). CREM executives and CREM customers from each case were interviewed to obtain information on CREM within organisations.

Findings

The findings indicate that CREM supports the business by managing organisations' strategic real estate resources as its brand. CREM executives focus more on the technicality of real estate functions, while CREM customers expect corporate real estate (CRE) to support their business functions.

Research limitations/implications

A CREM brand is important to CREM relationship building with the targeted customers. Successful brand development is able to increase CREM visibility to customers and at the same time gain appreciation of its contributions to the organisations.

Originality/value

This is the first study that investigates CREM from a branding perspective. The mechanism for communicating CREM contributions using branding helps to increase acceptance from the customers.

Details

Journal of Corporate Real Estate, vol. 16 no. 1
Type: Research Article
ISSN: 1463-001X

Keywords

1 – 10 of over 80000