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Article
Publication date: 1 May 2007

Howard Day and Rupert Kelton

The purpose of this paper is to explain the rationale and methodology applied to the rental valuation of wet led (i.e. pub or bar) retail leisure outlets. The paper does not cover…

2061

Abstract

Purpose

The purpose of this paper is to explain the rationale and methodology applied to the rental valuation of wet led (i.e. pub or bar) retail leisure outlets. The paper does not cover the valuation of other leisure property (e.g. restaurants, hotels).

Design/methodology/approach

The paper opens with a brief outline of the factors and legislative changes which have shaped the public house market over the past 15 years. This is followed by a explanation of the rental valuation methods in use in the pub and bar sector and examination of the impact of some current issues – in particular the impact of the full implementation of the Licensing Act 2003 along with other legislative and regulatory changes. Finally the paper comments on some of the issues relevant to freehold investment purchases of public houses and bars.

Findings

As a consequence of the nature of the industry, profits based valuations continue to dominate the market and this raises difficult questions of method and interpretation particularly, as the market is further complicated by legislative and regulatory changes introducing greater uncertainty. With regard to public house and bar freehold investment changes in the structure of the market have had a significant impact on perceptions of the investment quality of the leisure sector with consequences both for flows of capital and the structure of yields in the market place.

Practical implications

Valuers need to be aware that freehold investment values in this sector have potentially peaked and that investment decisions in the sector should be based upon sustainable rent.

Originality/value

The paper is of use to all valuers in this niche market and provides a practical understanding of the profits test method of valuation from which a sustainable rent may be derived.

Details

Journal of Property Investment & Finance, vol. 25 no. 3
Type: Research Article
ISSN: 1463-578X

Keywords

Book part
Publication date: 14 December 2023

Akwasi A. Ampofo, Reza Barkhi and Joseph Nketia

We develop and test an innovative approach to teaching financial statement analysis (FSA) and assessing student learning outcomes based on making complex stock investment…

Abstract

We develop and test an innovative approach to teaching financial statement analysis (FSA) and assessing student learning outcomes based on making complex stock investment decisions compared to professional analysts. We train students to apply FSA and emphasize interdisciplinary factors and high integrative complexity. Our innovative FSA teaching approach, which we apply in an MBA financial reporting course, involves the instructor lecturing on FSA as a tool for integrative and complex decision making, students researching and applying FSA to public companies, and presenting the rationale for individual and group stock investment decisions. The instructor gives high-quality and timely feedback on the students’ application of FSA with a focus on investment judgments involving critical thinking, problem-solving, and teamwork skills. Our detailed efficacy analysis shows that our FSA teaching approach is effective. Students who perceive a public company to have credible management, effective competitive strategy, and an acceptable level of financial flexibility make comparable individual and group stock investment decisions as professional analysts.

Details

Advances in Accounting Education: Teaching and Curriculum Innovations
Type: Book
ISBN: 978-1-83797-172-5

Keywords

Article
Publication date: 1 June 1964

ANYBODY whoses daily work involves the planning and spending of money must at all times be concerned by efforts to ensure that value is being obtained for the money spent. Those…

Abstract

ANYBODY whoses daily work involves the planning and spending of money must at all times be concerned by efforts to ensure that value is being obtained for the money spent. Those of us who, as librarians, are spending the money of fellow tax‐payers, are naturally doubly concerned about this problem. In addition, the very phrase “value for money” to a Yorkshireman is a continual challenge, and a point on which he instinctively feels, rightly or wrongly, that he has some secret inborn knowledge.

Details

New Library World, vol. 65 no. 12
Type: Research Article
ISSN: 0307-4803

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