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Much like their residential counterparts, commercial leases have a reputation problem. Although often derided as painfully dull and mundane documents, residential leases have begun to be interrogated by socio-legal scholarship with renewed interest. This paper aims to continue this line of work in the commercial context through a detailed examination of a widespread form of leasehold in the pub sector: the “tied lease”.

The paper draws on interviews with 14 publicans and archival research.

The author argues that the lease is a decisive actor in determining the balance of power between publicans and pub-owning companies and shaping the physical environment of pubs in the UK.

The author’s broader agenda is to argue that socio-legal scholars’ renewed interest in leases should not be confined to the residential context: commercial leases warrant far greater socio-legal scholarly attention.

The primary purpose of this Practice Briefing is to examine the implications of the recommendations of the Royal Institution of Chartered Surveyors (RICS) Review of Investment Valuations to shift towards (explicit) discounted cash flow (DCF) valuations on valuers, clients, risk management and market data.

This Practice Briefing will develop a conceptual framework to articulate the impact of the shift towards explicit modelling assumptions in valuations. A comparative analysis is conducted to contrast traditional valuation approaches with an explicit DCF approach.

The proposed shift to DCF valuations in the real estate industry carries both subtle and profound implications. While on the surface, the move appears to bring minimal change since current valuations are already DCF-based, a deeper exploration reveals a potential transformation to the understanding, analysis and measurement of pricing and risks in commercial real estate.

The traditional techniques adopted in valuations have become pervasive in the industry, hindering more sophisticated modelling and analysis of individual assets and portfolios. Explicitly modelling assumptions in both the initial years of cash flow and perpetuity calculations would unveil fundamental relationships and rationales that have previously been buried within, and perhaps ignored by, an All Risks Yield (ARY).

This briefing identifies the cause of confusion when interpreting ARY differentials on implied target returns and risk and demonstrates how a change to explicit assumptions, such as growth and letting periods, would enhance transparency, enabling more informed client–valuer discussions, which in-turn will boost confidence in valuation accuracy, lead to more sophisticated asset modelling, market data, forecasting and market analysis.

Scholars, activists, and policymakers have paid increasing attention to housing instability, especially where eviction is a cause. Housing instability is a dynamic process rather than a discrete catastrophic event, and eviction imposes vulnerability on consumers. Even the threat of it can trigger the onset of a crisis. In this project, we deepen the understanding of eviction by exploring its use in property management practice. We begin by summarizing its definition and causes from a cross-disciplinary and still-evolving literature. We then provide an extended example of how eviction can be used to pursue strategic and financial goals using rental markets in Arkansas as an example. Arkansas is characterized by a quintessentially laissez-faire regulatory environment that imposes few restrictions on property owners. We conclude by posing questions that should be at the forefront of a vulnerability-focused, policy-oriented research agenda on eviction.

Using data spanning 145 years for Sweden, the authors investigate the benefits of holding multi-family properties for investors who aim to hedge wage growth.

The authors assess the risk-adjusted excess return that results from adding multi-family properties to a mixed-asset portfolio that aims to track wage growth. The authors also analyse the macroeconomic determinants of asset returns. Finally, the authors test whether a causal relationship exists between the growth rate of real wages and that of real net operating income.

The benefits from holding multi-family properties are the greatest for low-risk allocation approaches. For more risky strategies, the role of real estate is more muted, and it varies greatly over time. Holding real estate was most beneficial during the first two decades of the 21st century. Multi-family properties are found to be the only asset class to be positively related to wage growth. The authors show that the net operating income acts as the transmission channel between wages and property returns.

The paper assesses whether the growing interest of pension funds for multi-family properties is warranted in the context of a portfolio that aims to track wage growth.

Using long term data makes it possible to use a rolling windows approach and hence to consider multiple outcomes for an allocation strategy over a typical investment horizon. This permits to assess the dispersion of performance across several periods rather than just one as is commonly done in the literature. The results show that the conclusions that would be drawn from looking at the past two or three decades of data differ substantially from those for earlier time periods.

The purpose of this study is to extend the research on fashion renting (FR) by investigating how personal and social motives (i.e. “subjective norms”, “perceived behavioural control”, “sustainable orientation” and “FR benefits”) affect consumers’ attitudes and intentions towards it. In addition, personality traits are investigated as potential antecedents of FR, resulting in the proposal of an overall framework that combines the theory of planned behaviour with the trait theory approach.

Data were collected in Italy from a sample of 694 consumers, mainly females (88%), with an average age of 28.8 years and coming from all over the country. The collected data were then processed via structural equation modelling.

The results indicated that intention towards FR is influenced by attitude, which, in turn, is affected by social norms, perceived behavioural control, sustainable orientation and FR benefits. Furthermore, only fashion leadership acts as a direct antecedent of FR attitude, while the need for uniqueness and materialism plays critical roles as predictors of personal and social motives. Subjective norms and perceived behavioural control also serve as mediators of the significant relationships between personality traits and attitudes towards FR.

The study provides useful implications for fashion rental companies in attracting consumers and offers a foundation for further research on transforming traditional consumption into a more sustainable one.

The study presents new knowledge on the rental phenomenon in the fashion sector by responding to the call to deepen the analysis of factors that influence consumers’ adoption of FR from the perspectives of personal and social motives and personality traits.

The retail investment landscape in the UK has drastically changed. Understanding owners’ responses to this structural change is critical to gain insight into protecting investment performance. This paper identifies and evaluates the tactics and strategies being adopted.

This paper employs a mixed methods research approach, using data collected from semi-structured interviews with professionals involved in the retail investment process. This is supplemented by secondary market data analysis.

The paper assesses the practical responses made by retail property owners/managers, structured around emerging sub-themes. Actions include mitigating short-term risks through greater use of temporary tenants/licensees and independent retailers, preparing generic “white box” retail space to capture remaining tenant demand, exploiting the tenant mix to provide “the retail experience,” and applying new technologies and processes in a sector where systematic risk remains high. A new framework for retail asset management has been developed.

This study contributes to the retail asset management literature and understanding of the way the contemporary retail landscape is shaping investment management behaviour.

The developed framework provides guidance to real estate managers developing a retail real estate management strategy and will help them recognise tactics to better support the evolving retailing market.

The new framework adds new insights to understanding the process for managing retail assets and the actions necessary for asset managers to address economic/functional obsolescence and sustain asset investment values.

Effective safety supervision plays a crucial role in ensuring safe production within coal mines. Conventional coal mine safety supervision (CMSS) in China has suffered from the problems of power-seeking, excessive resource consumption and poor timeliness. This paper aims to explore the Internet+ CMSS mode being emerged in China.

The evolution of CMSS systems underwent comprehensive scrutiny through a blend of qualitative and quantitative approaches. First, evolutionary game theory was used to analyze the necessity of incorporating Internet+ technology. Second, a system dynamics model of Internet+ CMSS was crafted, encompassing a system flow diagram and equations for various variables. The model was subsequently simulated by taking the W coal mine in Shanxi Province as a representative case study.

It was revealed that the expected safety profit from the Internet+ mode is 296.03% more than that from the conventional mode. The precise dissemination of law enforcement information was identified as a pivotal approach through which the Internet+ platform served as a conduit to foster synergistic collaboration among diverse elements within the system.

The outcomes of this study not only raise awareness about the potential of Internet+ technology in safety supervision but also establish a vital theoretical foundation for enhancing the efficacy of the Internet+ CMSS mode. The significance of these findings extends to fostering the wholesome and sustainable progress of the coal mining industry.

This research stands out as one of the limited studies that delve into the influence of Internet+ technology on CMSS. Building upon the pivotal approach identified, to the best of authors’ knowledge, a novel “multi-blind” working mechanism for Internet+ CMSS is introduced for the first time.

The purpose of this paper is to examine a recent comprehensive corporate real estate (CRE) alignment model which was derived from previous CRE alignment models. This study proposes several modifications and additions based on business and decision-making literature to increase the framework’s multidisciplinary strength and extend its implementation phase.

Literature from various fields is reviewed and “lessons” incorporated into the framework. The business literature review began with corporate strategy theories cited in CRE alignment theory and extended to critiques of those and more recent theories. Likewise, decision-making and implementation both began with material cited in CRE literature and “rippled” out to encompass pertinent material.

The model used provides a robust framework, and this study has identified several areas that would appear to improve that model from a theoretical and practical perspective. Areas of further research are identified that appear to offer opportunities to further develop the framework.

Historically, there has been a tendency for new CRE alignment models to be created rather than existing ones being developed further. Here, a framework derived from a meta-study of CRE alignment models is reviewed, and improvements are proposed to further develop CRE alignment theory and its application in practice through the addition of viewpoints from the business field and more focus on the implementation phase of the model.

The study utilized the consumption value theory to explore the motivational factors that define and differentiate the users and nonusers of fashion rental services

A focus group was conducted to generate an initial list of measurement items. These items were refined through a pretest and then used in a self-administered online questionnaire to collect data from a total of 300 users and 300 nonusers. The collected data were analyzed using factor analysis to identify the factors that define users and nonusers. A MANOVA was then conducted to explore the differences in the identified factors between users and nonusers.

Using factor analysis, nine factors were extracted across the five consumption values (functional, social, emotional, conditional and epistemic). MANOVA revealed a significant difference between users and nonusers across all factors. Further analyses suggested that the most differentiating factors are two emotional value factors and one social value factor.

Despite existing studies of fashion rental services, it is debatable whether the phenomenon is fully understood since previous studies primarily focus on consumers who engage in fashion renting services – there is a lack of focus on nonusers. This study provides unique contributions by exploring the phenomenon from both the user's and the nonuser's perspective.

The purpose of this paper is to review the utilization of game theory in the entrepreneurship literature. Game theory can potentially be employed to assess strategies incentivizing productive entrepreneurial activities and subsequent economic development. Therefore, the author reviews entrepreneurship articles and explores the application of game-theoretic models and concepts in the literature.

First, the author provides an overview of the entrepreneurship ecosystem concept, highlighting key challenges in its study. The author also briefly highlights successful applications of game theory in the innovation literature. Second, the author systematically reviews and synthesizes entrepreneurship research employing game-theoretic models and concepts. The author's objective is to provide a state-of-the-art overview of the use of game theory in entrepreneurship.

Broadly, the author categorizes entrepreneurship-game theory articles into three groups based on their scope and purpose: entrepreneurial policy applications, inter-firm applications and entrepreneurship theory applications. Entrepreneurial policy applications include entrepreneurs and the government or policy as the main players in a game. Inter-firm applications encompass games between entrepreneurs and other private entities. Entrepreneurship theory applications include articles that utilize game theory to advance the author's understanding of entrepreneurial behavior and/or mechanisms in the market.

To the best of the author's knowledge, no previous paper has reviewed the use of game-theoretic approaches and models in entrepreneurship literature. This study addresses this research gap.