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In the light of past financial and economic turmoil, there has been a marked increase in the volatility in real estate markets. This has impacted on the pricing of property assets, partly through market sentiment and particularly concerning risk. It also limits modelling accuracy model accuracy. The purpose of this paper is to create a new variable and model to enhance analysis of what drives real estate yields incorporating market sentiment to risk.

This paper specifically considers the modelling of property pricing within a volatile economic environment. The theoretical context begins by analysing the relationship between property yields and government bonds. The analytical context then moves on to specifically include a measurement of risk which stresses its role and importance in investment markets since the Global Financial Crisis. The model thus incorporates macroeconomic and real estate data, together with an international risk multiplier, which is calculated within the paper.

The paper finds the use of measurements of market sentiment and risk are more powerful tools for modelling yields than previous techniques alone.

This is an initial paper outlining the creation of sentiment and risk measurements in the financial market and showing an example of its application to a commercial real estate market. The implication is that this could add a major new explanatory variable to modelling of yields.

The paper highlights the importance of risk in the pricing of commercial real estate, over and above normal variables. It highlights how this can help explain over and undershooting of yields within commercial real estate which would be of great importance in the investment world.

This paper attempts to explicitly measure market sentiment, pricing of risk and how this impacts real estate pricing.

This chapter uses stated tourist preferences as a proxy of visitor yield measures, in order to analyse and understand the yield potential of different markets’ preferences. A literature review revealed that there is much progress to be made in terms of discussion, consensus and stability of methodology for the measurement of visitor yield. The aim of the visitor yield analysis, in the current chapter, is also to bring another dimension into yield analysis and discussion, contributing with a new form of measuring yield potential. Since the objective is to identify yield patterns based on tourist preferences over a period of time, dynamics may be captured from the fluctuation patterns, or expressed as volatility of visitor yield and length of stay throughout the years. Destination management organisations and tourist companies may potentially adopt this visitor yield matrix in order to support future strategic decisions.

Yield should be equally considered alongside usage rate and monetary value when managing materials. The precise impact that good yield management (or the lack of it) has on a company will vary from business to business depending on the sensitivity to variations in yield achievement. In order to be effectively managed, production yield performance must be planned and controlled, and this can only be achieved if accurate yield information is available to management. Yield performance data should be collected from each and every stage of the manufacturing process for which it is determined to be measurable, then analysed and comparisons made with established yield standards. The information should be presented to management as “exception reports”, thus emphasising priorities.

It is well recognised that the UK commercial property market has traditionally used nominal market benchmarks such as the all‐risk yield based on the assumption that rents are received annually in arrears. Obviously, the reality of the market is that rents are invariably received quarterly in advance and it has been suggested that valuers should move towards valuation techniques that reflect the actual timing of the cash flow. The Investment Property Forum issued a paper in September 1999 promulgating the use of quarterly in advance valuations. Parry’s Tables provides quarterly in advance formulae that reflect the reality of rental income and indicates that an annual effective yield should be used instead of a nominal yield to compensate for the subsequent compounding resulting from an income received quarterly. However, as will be shown, the effective yield formula provided by Parry’s does not reflect quarterly payments that are received in advance so compromising the accurate transition from annually in arrears to quarterly in advance formulae based valuations. Tables produced by the IPF have rectified this problem in part as they correctly work on the premise that capital values will not change as the profession changes to a quarterly approach. It is the yield which will be expressed differently. The use of an all risk yield technique for valuation is actually a comparative method. The way in which the yield is expressed is not the critical issue, it is the multiplier against the rent which will determine value. This paper provides the formula required to accurately transfer annually in arrears data into quarterly in advance data together with the formulae required for contemporary growth explicit discounted cash flows (DCF).

In this paper, quasi‐Tresca yield surfaces are reviewed. In order to do elasto‐plastic analysis, a new yield criterion is presented. The proposed yield surface can be used in nonlinear three‐dimensional analysis of structures. Function of the yield surface is presented in principal stress space and also Cartesian one. A computer program has been developed for nonlinear analysis in C++. Numerical examples have been solved by the proposed yield surface and good results have been obtained.

A method is presented by which elastoplastic constitutive relations for the solid material equivalent to a perforated plate can be obtained, by performing numerical experiments employing the finite element method. The method is applied to a plate of elastic‐perfectly plastic material, perforated in an equilateral triangular penetration pattern of circular holes. The following situations are considered: plane stress, as existing in thin plates under in‐plane loading, generalized plane strain, which approximates the behaviour of thick plates subjected to in‐plane loading and the plate bending condition. First results have been obtained for the plane stress situation. These results show that, for the case of monotonic loading, the elastoplastic behaviour is nearly isotropic in the plane of the plate, whereas under cyclic loading below the limit load, the equivalent solid material exhibits distortional hardening.

The purpose of this paper is to assess the production risk for winter wheat producers in Beijing, China, particularly in its 13 districts.

A parametric approach is used to model wheat‐yield distribution for samples and the Kolmogorov‐Smirnov test is used to choose the most appropriate yield distribution. Parameters of the special yield distribution are estimated through the maximum likelihood estimation approach.

The Burr distribution is found to be the most appropriate parametric distribution to model winter wheat‐production risks for the districts of Beijing, except in the districts of Fengtai and Shunyi. Findings also show that the Johnson family distribution is the most appropriate model for these two districts (SB for the Fengtai District and SU for the Shunyi District). The wheat‐production loss ratios of the Beijing districts are between 6 and 15 percent, which is considered medium range in most regions. The highest production risks are located in the Western regions of Beijing (Mentougou and Fengtai) while the lowest production risk is located in the Southeastern region of Beijing (Daxing District).

To generate an objective yield trend and an accurate production risk assessment, linear moving average, instead of linear (or quadratic) regression, is used in this paper.

In Part One of this paper, the logical basis of the conventional approach was examined and found to be wanting. The contemporary approaches have a more logical basis but the application of technique has a serious flaw in the analysis stage. While the conventional techniques require no subjectivity at the analysis stage of the valuation process, the contemporary models require a subjective choice of an equated yield, prior to calculation of implied growth rate and capitalisation rate. This choice of equated yield must be made regardless of whether the comparable is rack rented or reversionary. In the use of comparables, both conventional and contemporary techniques do not have any serious flaws when the comparison is perfect. To be perfect the comparison must not only be similar in locational and physical characteristics, but it must also be identical in lease structure, that is to say it must have the same unexpired term and rent received to CRV ratio. Where the perfect comparison exists, investment valuation techniques are irrelevant: direct capital comparison can take over. The debate regarding the use of techniques for market valuation must therefore revolve around the use and manipulation of non perfect comparables and the second part of this paper investigates the objectivity and logic of the application of technique to the valuation of reversionary freehold investments.

The authors determine the effectiveness of the Rainfall Index Annual Forage Program (RIAFP) in offsetting yield risk of winter annual forage growers. The authors also evaluate the effectiveness in reducing risk of potential alternative weather indices.

The RIAFP is designed to compensate forage producers when yield losses occur. Prior research found weak correlation between the rainfall index and actual winter annual forage yields. The authors use long-term small-plot variety trials of rye, ryegrass, wheat, triticale and oats with rainfall recorded on site and measure the correlation of the index with actual rainfall and actual yields. The alternative indices include frequency of precipitation events and of days with temperature below freezing.

The correlation between actual rainfall and the current RMA index was strongly positive as in previous research. Correlations between forage yields and monthly intervals of the current RMA index were mostly statistically insignificant, and many had an unexpected sign. All indices had some correlations that were inconsistent across time intervals and forage variety. The inconsistent signs suggest a nonlinear relationship with weather and forage yield, indicating that rainfall can be too much or too little. The number of days below freezing has the most potential of the three measures examined.

Producers should view the winter forage RIAFP as a risk-increasing income-transfer farm program. A product to reduce the risk for forage producers may need to use a crop growth simulation model or another approach that can capture the nonlinearity.

Considerably more data were considered than in past research. Past research did not consider alternative weather indices. The program should be continued if its goal is to serve as disguised income transfer, but it should be discontinued if its goal is to reduce risk.

This paper presents an integrated overview of the empirical literature on the impact of all forms of unconventional monetary policy on macroeconomic variables and on markets.

This survey covers the findings concerning portfolio rebalancing, signaling, liquidity, bank lending and confidence channels.

The positive effect of QE announcements on stock and bond prices seems to be unified across studies. A contagion effect from US QE to other emerging markets is identified, while currency devaluation is present in most cases for the country that its central bank adopted such policies. Moreover, impacts of non-conventional practices on GDP, inflation and unemployment are examined. The studies presenting weak instead of strong positive effects on inflation are more, and these studies, also, present weak positive effects on GDP growth.

Based on the large body of research on non-conventional action taking, this is the first survey including effects of each country that adopted quantitative easing (QE) measures and that provides results from every methodology employed in order to estimate unconventional practices' impacts.