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Article
Publication date: 1 December 2004

Richard Corgel, John Geron and John Riley

The impact of recent corporate scandals has been serious and far‐reaching. The popular news coverage has been unequalled by any other business issue. The result is that…

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Abstract

The impact of recent corporate scandals has been serious and far‐reaching. The popular news coverage has been unequalled by any other business issue. The result is that the investment community has lost its trust in corporate governance and financial reporting systems that less than two years ago were the envy of the world. Shareholders are insisting on changes that include enhancements to corporate governance, adherence to ethical standards and strict accountability. In response, the government, the investment community and the public in general have focused greater scrutiny on the corporate financial reporting function.

Details

Handbook of Business Strategy, vol. 5 no. 1
Type: Research Article
ISSN: 1077-5730

Keywords

Article
Publication date: 1 May 2004

Sherif Roubi and David Litteljohn

The purpose of this paper is to develop a hedonic valuation model for hotel properties in the UK. Regression and hotel property transactions in the UK between 1996 and…

3798

Abstract

The purpose of this paper is to develop a hedonic valuation model for hotel properties in the UK. Regression and hotel property transactions in the UK between 1996 and 2002 are used to estimate a value equation that predicts property values and reveals value drivers in the UK. Results are compared to a US study and are found to be similar. It was confirmed in both studies that physical facilities and local economic conditions are significant in explaining value and they both had positive relationship with sale prices. The size of the property, economic conditions, recreational facilities and year of sale explained 73 percent of hotel values where meeting and banqueting facilities, chain affiliation, food and beverage operations and location only explained 27 percent of total value.

Details

International Journal of Contemporary Hospitality Management, vol. 16 no. 3
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 14 August 2007

Kerry D. Vandell

This paper aims to trace the evolution of the theory and practice of valuation of real estate interests. Using a historical perspective, especially in the context of…

2838

Abstract

Purpose

This paper aims to trace the evolution of the theory and practice of valuation of real estate interests. Using a historical perspective, especially in the context of recent events, it identifies an emerging unification of thought and application that has important implications for the future.

Design/methodology/approach

The paper identifies and synthesizes the contributory literature to the philosophical underpinnings of value theory and practice as applied to real estate. From pre‐history to the present, it traces classical concepts and the way these are related to the recent innovations in economic and financial valuation theory.

Findings

Recent contributions to value theory hold the promise of unifying and transforming the practice of real estate appraisal to one that is state‐of‐the‐art in terms of its contemporary relevance. However, numerous issues remain as obstacles, including insufficient recognition of the “real” nature (as opposed to “capital” nature) of real estate; a lag in educational standards to bring the profession up to date; an excessive reliance on models and data rather than judgment and common sense; and “silo‐ization” of specialties. Promising directions for future research are identified.

Originality/value

The task of valuation of interests in real property has taken on an increasingly important role, as the market for real estate has grown and become more liquid and complete. This paper provides a perspective on where it has come from and where it must go in the future in terms necessary changes in theory and practice to remain viable and relevant.

Details

Journal of Property Investment & Finance, vol. 25 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 23 June 2020

Nan Hua, Arthur Huang, Marcos Medeiros and Agnes DeFranco

This study aims to examine how operator type moderates the relationship between hotel information technology (IT) expenditures and operating performance.

Abstract

Purpose

This study aims to examine how operator type moderates the relationship between hotel information technology (IT) expenditures and operating performance.

Design/methodology/approach

By adapting and extending O’Neill et al.’s (2008) and Hua et al.’s (2015) research, this study constructed an empirical model and tested proposed hypotheses, with Newey and West (1994) errors computed to accommodate potential heteroscedasticity and autocorrelation issues.

Findings

Operator type moderates the impact of hotel IT expenditures on operating performance. In particular, it appears that the operator type of franchising exerts a stronger moderating effect compared with other operator types explored.

Practical implications

This study, as the first of its kind, shows that the choice of operator type shapes how a hotel can effectively use IT expenditures to improve operating performance. This finding can be beneficial for hotel owners when making operator type decisions. In addition, operator type moderates the direct impact of IT expenditures on revenues and gross operating income. This study’s results show that franchised hotels seem to use IT expenditures more effectively compared with independently owned hotels.

Originality/value

This study contributes both theoretically and practically to understand how operator type moderates the relationship between IT expenditures and hotel performance. The research outcome provides a more holistic view that governs the relationships between IT expenditures, operator type and operating performance.

Details

International Journal of Contemporary Hospitality Management, vol. 32 no. 8
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 7 March 2008

Amidu Abdul‐Rasheed, Aluko Bioye Tajudeen, Nuhu Muhammad Bashar and Saibu Muibi Olufemi

Quite a substantial number of academic papers have examined the performance of both direct and indirect real estate relative to other investment assets. While these…

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Abstract

Purpose

Quite a substantial number of academic papers have examined the performance of both direct and indirect real estate relative to other investment assets. While these studies are valuable in the field of real estate investment performance measurements, a gap still exist in the literature on the comparative performance of investment assets in the various sectors of the stock markets of most emerging economies. This paper aims to fill the gap by providing analysis of the historical performance of real estate and other securities in the Nigerian capital market.

Design/methodology/approach

Annual open and closing market prices of shares and dividend of sampled listed companies in addition to data on all share index (ASI), consumer price index (CPI) and yield on 90‐days T‐Bill were obtained for the period 1999‐2005. These were then analysed using descriptive, risk‐adjusted measures and regression models.

Findings

The empirical evidence suggests that while real estate outperformed the market on a nominal basis, it underperformed the market stock on a risk‐adjusted basis over the time period of analysis. Unexpectedly, real estate security did not provide a good protection against inflation and is also uncorrelated with the stock market.

Originality/value

This paper provides empirical evidence of the investment characteristic of indirect real estate investment in Nigeria. The results suggest that real estate security does not after all provide a good substitute to direct real estate investment.

Details

Journal of Property Investment & Finance, vol. 26 no. 2
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 6 February 2017

Clive M.J. Warren, Peter Elliott and Jason Staines

Focusing on the externality effects of historic districts, this paper aims to assess and compare the impact of historic district designation on the value of residential…

Abstract

Purpose

Focusing on the externality effects of historic districts, this paper aims to assess and compare the impact of historic district designation on the value of residential vacant land property.

Design/methodology/approach

Hedonic regression is used to analyze data from 4,233 residential vacant site transactions to measure the influence of historic district designation on the price of residential vacant site properties.

Findings

Results support established theory and research on other residential property types, showing a significant and positive relationship between designation in a historic district and property prices. Residential vacant sites located in a designated historic district sold at a 10-11 per cent premium compared to similar vacant sites not located in a historic district.

Originality/value

This is the first empirical study of the influence of historic districts on residential vacant land property. The paper extends limited previous literature on the externality effects of historic districts through detailed analysis of a large Australian housing market (Brisbane).

Details

International Journal of Housing Markets and Analysis, vol. 10 no. 1
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 25 April 2008

Andrew Baum and Steven Devaney

The purpose of this paper is to consider prospects for UK REITs, which were introduced on 1 January 2007. It specifically focuses on the potential influence of…

4869

Abstract

Purpose

The purpose of this paper is to consider prospects for UK REITs, which were introduced on 1 January 2007. It specifically focuses on the potential influence of depreciation and expenditure on income and distributions.

Design/methodology/approach

First, the ways in which depreciation can affect vehicle earnings and value are discussed. This is then set in the context of the specific rules and features of REITs. An analysis using property income and expenditure data from the Investment Property Databank (IPD) then assesses what gross and net income for a UK REIT might have been like for the period 1984‐2003.

Findings

A UK REIT must distribute at least 90 per cent of net income from its property rental business. Expenditure therefore plays a significant part in determining what funds remain for distribution. Over 1984‐2003, expenditure has absorbed 20 per cent of gross income and been a source of earnings volatility, which would have been exacerbated by gearing.

Practical implications

Expenditure must take place to help UK REITs maintain and renew their real estate portfolios. In view of this, investors should moderate expectations of a high and stable income return, although it may well still be so relative to alternative investments.

Originality/value

Previous literature on depreciation has not quantified amounts spent on portfolios to keep depreciation at those rates. Nor, to our knowledge, has its ideas been placed in the indirect investor context.

Details

Journal of Property Investment & Finance, vol. 26 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

Article
Publication date: 6 March 2009

Majd Al‐Homoud, Salem Al‐Oun, Ayat Smadi and Al‐Mutasem Al‐Hindawi

In the housing sector in Jordan, sales advertisings are rarely used, though they, potentially, increase profits and sales and expand development geographically. The…

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Abstract

Purpose

In the housing sector in Jordan, sales advertisings are rarely used, though they, potentially, increase profits and sales and expand development geographically. The purpose of this paper is to investigate the use of sales advertising in the emerging housing market in the city of Irbid, Jordan. The aim is to reveal the effect of the use of advertising on sales and production of housing, and the obstacles that developers may face when advertising.

Design/methodology/approach

The study elicited data through long, face‐to‐face interviews using semi‐structured and open‐ended questionnaires with 25 private sector developers. The data collected included companies' profiles; housing annual production; geographical location; sales and prices; and marketing and advertising.

Findings

The major finding of the study is that the use of sales advertising in the housing market in Irbid is low. The major advertising methods include public relations and word of mouth along with a limited use of newspaper and on‐site advertising. The obstacles developers face include lack of conviction, unawareness about advertising effect, lack of advertising professionals, lack of skills in advertisement designs and inability to afford it.

Research limitations/implications

Future research is needed to undertake statistical references through a comprehensive survey of a large sample of developers from different geographical areas around Jordan.

Practical implications

The study recommends finding means to encourage developers to use advertising and to introduce new media such as the internet.

Originality/value

As the first of its kind, the research pinpoints to developers the value of sales advertising, as marketing concepts, to attract buyers, increase sales and profit and to expand geographically around Jordan.

Details

International Journal of Housing Markets and Analysis, vol. 2 no. 1
Type: Research Article
ISSN: 1753-8270

Keywords

Article
Publication date: 8 May 2017

Maria Golubovskaya, Richard N.S. Robinson and David Solnet

This paper explores how hospitality frontline employees understand, interpret and practice “hospitality” in a hotel industry context.

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Abstract

Purpose

This paper explores how hospitality frontline employees understand, interpret and practice “hospitality” in a hotel industry context.

Design/methodology/approach

Framed by interpretivist and phenomenological approaches a dual-stage semi-structured interview study design was conducted. A sample was drawn from hotel employees in Australia.

Findings

Findings support the proposition that the hospitality workforce tends to favor service management and service processes as the guiding paradigm. The essence of what it means to be hospitable, and the host-guest model, appears to be largely absent in practice.

Research limitations/implications

This paper contributes to a scarcity of literature exploring the understanding of hospitality, and how this understanding can translate into hospitable behavior, from the employee perspective. Our main implication is that service management terminology colonizes hospitality within a commercial context, while the essence of hospitality and the “hospitality” lexicon is concomitantly diminishing. The authors advocate for developing an inter-paradigmatic view of hospitality management.

Practical implications

While the study revealed that the majority of frontline hotel employees struggle with grasping and verbalizing their understandings and perceptions of the hospitality construct, although some acknowledged the importance of hospitality as being an integral component to service delivery. We identified consistent organizational practices and intrinsic employee traits that either enabled or obstructed hospitable behavior in hotel settings.

Originality/value

The study reveals tensions between the hospitality and service paradigms in hospitality literature and practice. We uncover hotel management practices that may help to conserve and foster the essence of hospitality in hospitality organizations.

Details

International Journal of Contemporary Hospitality Management, vol. 29 no. 5
Type: Research Article
ISSN: 0959-6119

Keywords

Article
Publication date: 7 August 2017

Maurizio d’Amato

This paper aims to propose a new valuation method for income producing properties. The model originally called cyclical dividend discount models (d’Amato, 2003) has been…

Abstract

Purpose

This paper aims to propose a new valuation method for income producing properties. The model originally called cyclical dividend discount models (d’Amato, 2003) has been recently proposed as a family of income approach methodologies called cyclical capitalization (d’Amato, 2013; d’Amato, 2015; d’Amato, 2017).

Design/methodology/approach

The proposed methodology tries to integrate real estate market cycle analysis and forecast inside the valuation process allowing the appraiser to deal with real estate market phases analysis and their consequence in the local real estate market.

Findings

The findings consist in the creation of a methodology proposed for market value and in particular for mortgage lending determination, as the model may have the capability to reach prudent opinion of value in all the real estate market phase.

Research limitations/implications

Research limitation consists mainly in a limited number of sample of time series of rent and in the forecast of more than a cap rate or yield rate even if it is quite commonly accepted the cyclical nature of the real estate market.

Practical implications

The implication of the proposed methodology is a modified approach to direct capitalization finding more flexible approaches to appraise income producing properties sensitive to the upturn and downturn of the real estate market.

Social implications

The model proposed can be considered useful for the valuation process of those property affected by the property market cycle, both in the mortgage lending and market value determination.

Originality/value

These methodologies try to integrate in the appraisal process the role of property market cycles. Cyclical capitalization modelling includes in the traditional dividend discount model more than one g-factor to plot property market cycle dealing with the future in a different way. It must be stressed the countercyclical nature of the cyclical capitalization that may be helpful in the determination of mortgage lending value. This is a very important characteristic of such models.

Details

Journal of European Real Estate Research, vol. 10 no. 2
Type: Research Article
ISSN: 1753-9269

Keywords

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