Search results

1 – 10 of over 40000
Content available
Article

Moshe Szweizer

The purpose of this paper is to extend the studies of commercial property yields by providing a cross-field approach through the implementation of methods used in physics.

Abstract

Purpose

The purpose of this paper is to extend the studies of commercial property yields by providing a cross-field approach through the implementation of methods used in physics.

Design/methodology/approach

Based on the equations used to describe real gases in physics, the commercial property yields are expressed through a model, as a product of two terms. The first term estimates the influence of the income change and investment on yields. The second estimates the yield variation as a function of property size. Additionally, the model combines the macroeconomic and microeconomic components influencing yield adjustment. Calculation of each component involves procedures developed in physics, with the investment volume being linked to the amount of gas and the microeconomic yield being linked to the gas compressibility.

Findings

The model was applied to the Auckland office and industrial markets, both to the historic and current cycle. At the macro-level, it was found that the use of accumulation of investment over a relevant cycle, results in a high data to model correlation. When modelling the yields at the micro-level, a relationship between the outlying properties and the yield softening was observed.

Practical implications

The paper provides an enhanced modelling power through association of the cyclic and investment activity with the yield change. Moreover, the model may be used to decouple the local and the international investment components and the extent of their influence on the local property market. Furthermore, it may be used to estimate the influence of the property size on the yield.

Originality/value

This research provides a new cross-field application of modelling techniques and enhances the understanding of factors influencing yield adjustments.

Details

Journal of Property Investment & Finance, vol. 37 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

To view the access options for this content please click here
Book part

Prasit Imtanavanich and Surendra M. Gupta

In this paper, we consider the disassembly-to-order (DTO) problem, where a variety of returned products are disassembled to fulfill the demand for specified numbers of…

Abstract

In this paper, we consider the disassembly-to-order (DTO) problem, where a variety of returned products are disassembled to fulfill the demand for specified numbers of components and materials. The objective is to determine the optimal numbers of returned products to disassemble so as to maximize profit and minimize costs. We model the DTO problem using a multi-criteria decision-making approach. Since the conditions of returned products are unknown, the yields from disassembly are considered to be stochastic. To solve the stochastic problem, we use one of the two heuristic approaches (viz., one-to-one approach or one-to-many approach) that converts the problem into a deterministic equivalent. We compare the performance of the two heuristic approaches using a case example.

Details

Applications of Management Science: In Productivity, Finance, and Operations
Type: Book
ISBN: 978-0-85724-999-9

To view the access options for this content please click here
Article

Stephen Lee

The purpose of this paper is to empirically examine the issue of convergence in the monthly returns, rental growth and yields for ten market segments in the UK direct real…

Abstract

Purpose

The purpose of this paper is to empirically examine the issue of convergence in the monthly returns, rental growth and yields for ten market segments in the UK direct real estate market, using monthly data over the period from January 1987 to December 2014.

Design/methodology/approach

The methodology used to determine convergence is principal component analysis as it provides an assessment of the extent to which the variance of the market segments can be represented by a single common factor, explaining their long-run behaviour, and the degree of independence between the market segments.

Findings

The results suggest that there is strong evidence of convergence over the entire sample period in relation to monthly returns and yields but less evidence of convergence in rental growth, which confirms the findings in previous studies in international markets.

Practical implications

The evidence also suggests that convergence has increased over the sample period and that convergence is period specific and was particularly strong during and after the period of the Global Financial Crisis, which implies that the UK direct real estate market is largely integrated and as a consequence the extent of diversification potential in the market is still severely limited.

Social implications

The convergence in returns has crucial implications for investors as it leaves investors exposed to the same structural shocks and so magnifies the importance of volatility spillover effects, limits their ability to create well-diversified portfolios and make it more difficult for fund managers to outperform the market.

Originality/value

This is the first paper to examine the convergence in the UK direct real estate market.

Details

Journal of Property Investment & Finance, vol. 35 no. 4
Type: Research Article
ISSN: 1463-578X

Keywords

To view the access options for this content please click here
Article

Oğuzhan Çepni, Selçuk Gül, Muhammed Hasan Yılmaz and Brian Lucey

This paper aims to investigate the impact of oil price shocks on the Turkish sovereign yield curve factors.

Abstract

Purpose

This paper aims to investigate the impact of oil price shocks on the Turkish sovereign yield curve factors.

Design/methodology/approach

To extract the latent factors (level, slope and curvature) of the Turkish sovereign yield curve, we estimate conventional Nelson and Siegel (1987) model with nonlinear least squares. Then, we decompose oil price shocks into supply, demand and risk shocks using structural VAR (structural VAR) models. After this separation, we apply Engle (2002) dynamic conditional correlation GARCH (DCC-GARCH (1,1)) method to investigate time-varying co-movements between yield curve factors and oil price shocks. Finally, using the LP (local projections) proposed by Jorda (2005), we estimate the impulse-response functions to examine the impact of different oil price shocks on yield curve factors.

Findings

Our results demonstrate that the various oil price shocks influence the yield curve factors quite differently. A supply shock leads to a statistically significant increase in the level factor. This result shows that elevated oil prices due to supply disruptions are interpreted as a signal of a surge in inflation expectations since the cost channel prevails. Besides, unanticipated demand shocks have a positive impact on the slope factor as a result of the central bank policy response for offsetting the elevated inflation expectations. Finally, a risk shock is associated with a decrease in the curvature factor indicating that risk shocks influence the medium-term bonds due to the deflationary pressure resulting from depressed economic conditions.

Practical implications

Our results provide new insights to understand the driving forces of yield curve movements induced by various oil shocks to formulate appropriate policy responses.

Originality/value

The study contributes to the literature by two main dimensions. First, the recent oil shock identification scheme of Ready (2018) is modified using the “geopolitical oil price risk index” to capture the changes in the risk perceptions of oil markets driven by geopolitical tensions such as terrorism and conflicts and sanctions. The modified identification scheme attributes more power to demand shocks in explaining the variation of the oil price compared to that of the baseline scheme. Second, it provides recent evidence that distinguishes the impact of oil demand and supply shocks on Turkey's yield curve.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

To view the access options for this content please click here
Article

Mohammad Sadak Ali Khan, A. Suresh and N. Seetha Ramaiah

The purpose of this paper is to evaluate the performance of the semi-active fluid damper. It is recognized that the performance of such a damper depends upon the magnetic…

Abstract

Purpose

The purpose of this paper is to evaluate the performance of the semi-active fluid damper. It is recognized that the performance of such a damper depends upon the magnetic and hydraulic circuit design. These dampers are generally used to control the vibrations in various applications in machine tools and robots. The present paper deals with the design of magneto-rheological (MR) damper. A finite element model is built to analyze and understand the performance of a 2D axi-symmetric MR damper. Various configurations of damper with modified piston ends are investigated. The input current to the coil and the piston velocity are varied to evaluate the resulting change in magnetic flux density (B), magnetic field (H), field dependent yield stress and magnetic force vectors. The simulation results of the various configurations of damper show that higher magnetic force is associated with plain piston ends. The performance of filleted piston ends is superior to that of other configurations for the same magnitude of coil current and piston velocity.

Design/methodology/approach

The damper design is done based on the fact that mechanical energy required for yielding of MR fluid increases with increase in applied magnetic field intensity. In the presence of magnetic field, the MR fluid follows Bingham’s plastic flow model, given by the equation τ = η γ•+τ y (H) τ > τ y . The above equation is used to design a device which works on the basis of MR fluid. The total pressure drop in the damper is evaluated by summing the viscous component and yield stress component which is approximated as ΔP = 12ηQL/g3W + CτyL/g, where the value of the parameter, C ranges from a minimum of 2 (for ΔPτ ΔPη less than approximately 1) to a maximum of 3 (for ΔPτ/ΔPη greater than approximately 100). To calculate the change in pressure on either side of the piston within the cylinder, yield stress is required which is obtained from the graph of yield stress vs magnetic field intensity provided by Lord Corporation for MR fluid −132 DG.

Findings

In this work, three different finite element models of MR damper piston are analyzed. The regression equations, contour plots and surface plots are obtained for different parameters. This study can be used as a reference for selecting the parameters for meeting different requirements. It is observed from the simulation of these models that the plain ends model gave optimum magnetic force and 2D flux lines with respect to damper input current. This is due to the fact that the plain ends model has more area when compared with that of other models. It is also observed that filleted ends model gave optimum magnetic flux density and yield stress. As there is reduced pole length in the filleted ends model, the MR fluid occupies vacant area, and hence results in increased flux density and yield shear stress. The filleted ends assist the formation of dense magnetic flux lines thereby increasing the flux density and yield stress. This implies that higher load can be carried by the filleted ends damper even with a smaller size.

Originality/value

This work is carried out to manufacture different capacities of the dampers. This can be applied as vibration controls.

To view the access options for this content please click here
Article

JON ROBINSON

One form of property development incentive is the provision of tax shelters by way of tax depreciation allowances for buildings and parts of buildings. Since a tax…

Abstract

One form of property development incentive is the provision of tax shelters by way of tax depreciation allowances for buildings and parts of buildings. Since a tax depreciation allowance can only be claimed against income from the subject property, or from another source, in order to assess the effect of the allowance, some form of after tax analysis is required. After tax analysis for both capitalisation and cash flow techniques is described and illustrated. Furthermore, slices of equated yield attributable to the main components of return from real property are demonstrated.

Details

Journal of Valuation, vol. 5 no. 1
Type: Research Article
ISSN: 0263-7480

To view the access options for this content please click here
Article

Zhiwu Hong, Linlin Niu and Gengming Zeng

Using a discrete-time version of the arbitrage-free Nelson–Siegel (AFNS) term structure model, the authors examine how yield curves in the US and China react to exchange…

Abstract

Purpose

Using a discrete-time version of the arbitrage-free Nelson–Siegel (AFNS) term structure model, the authors examine how yield curves in the US and China react to exchange rate policy shocks as China introduces gradual reforms to make its exchange rate regime more flexible. The paper aims to discuss this issue.

Design/methodology/approach

The authors characterize the specification of the discrete-time AFNS model, prove the uniqueness of the solution for model identification, perform specification analysis on its canonical form and detail the MCMC estimation method with a fast and reliable prior extraction step.

Findings

Model decomposition reveals that in the US yield responses, changes in risk premia for medium- to long-term yields dominate changes in yield expectation for short- to medium-term yields, indicating that the portfolio rebalancing effect due to varying risk perception is stronger than the signaling effect due to policy rate expectation.

Practical implications

The results are helpful in diagnosing market sentiment and exchange rate risk pricing as China further internationalizes its currency.

Originality/value

The methodology can be easily extended to study yield curve responses to other scenarios of policy shocks or regime changes.

Details

China Finance Review International, vol. 9 no. 3
Type: Research Article
ISSN: 2044-1398

Keywords

To view the access options for this content please click here
Article

Morteza Jamshidi, Heydar Dashti NaserAbadi and Mohammadreza Oliaei

The high heat induced by fire can substantially decrease the load-bearing capacity, which is more critical in unprotected steel structures than concrete reinforced…

Abstract

Purpose

The high heat induced by fire can substantially decrease the load-bearing capacity, which is more critical in unprotected steel structures than concrete reinforced structures. One of the conventional steel structures is a steel-plate shear wall (SPSW) in which thin infill steel plates are used to resist against the lateral loads. Due to the small thickness of infill plates, high heat seems to dramatically influence the lateral load-bearing capacity of this type of structures. Therefore, this study aims to provide an investigation into the performance of SPSW with reduced beam section at high temperature.

Design/methodology/approach

In the present paper, to examine the seismic performance of SPSW at high temperature, 48 single-span single-story steel frames equipped with steel plates with the thicknesses of 2.64 mm, 5 mm and 7 mm and yield stresses of 85 MPa, 165 MPa, 256 MPa and 300 MPa were numerically modeled. Furthermore, their behavioral indices, namely, strength, stiffness, ductility and hysteresis behavior, were studied at the temperatures of 20, 458, 642 and 917? The simulated models in the present paper are based on the experimental specimen presented by Vian and Bruneau (2004).

Findings

The obtained results revealed that the high heat harshly diminishes the seismic performance of SPSW so that the lateral strength is reduced even by 95% at substantially high temperatures. Therefore, SPSW starts losing its strength and stiffness at high temperature such that it completely loses its capacity of strength, stiffness and energy dissipation at the temperature of 917? Moreover, it was proved that by separating the percentage of their participations variations of the infill plate in SPSW, their behavior and the bare frame can be examined even at high temperatures.

Originality/value

To the best of the authors’ knowledge, the seismic performance of SPSW at different temperatures has not been evaluated and compared yet.

Details

Journal of Structural Fire Engineering, vol. 11 no. 4
Type: Research Article
ISSN: 2040-2317

Keywords

To view the access options for this content please click here
Article

Vathsala Wickramasinghe

The purpose of this paper is to investigate the influence of human resource development (HRD) practices on the quality of service of services offshore outsourcing firms in…

Abstract

Purpose

The purpose of this paper is to investigate the influence of human resource development (HRD) practices on the quality of service of services offshore outsourcing firms in Sri Lanka.

Design/methodology/approach

Survey methodology was used and 402 respondents who fulfilled the selection criteria set for the study responded. To examine the hypothesised relationships structural equation modelling with maximum likelihood estimation was performed using AMOS 16.

Findings

The analysis yielded two component factor structure for HRD practices, which were termed as talent engagement and job-related training. It was found that both talent engagement and job-related training significantly positively predict the quality of service. The study provided empirical data to support the contention that organisations should develop and engage capabilities of employees to enhance the quality of service.

Originality/value

Characteristics of service business demand the effective use of human resource. Therefore, it is expected that the findings of this study will provide useful information for academics and practitioners to make informed decisions on the influence of HRD practices on the quality of service.

Details

International Journal of Quality & Reliability Management, vol. 32 no. 7
Type: Research Article
ISSN: 0265-671X

Keywords

To view the access options for this content please click here
Article

Thomas Kimeli Cheruiyot and Loice C. Maru

The purpose of this paper is to explore and espouse employee corporate social responsibility (CSR) practices in classified hotels in the coastal region of Kenya, then to…

Abstract

Purpose

The purpose of this paper is to explore and espouse employee corporate social responsibility (CSR) practices in classified hotels in the coastal region of Kenya, then to evaluate perceived job satisfaction, employee turnover/retention and organizational commitment by employees and explore any inherent paradox in the employee perceptions on both employee CSR practices and the job‐related outcomes in the African context.

Design/methodology/approach

The paper is based on an exploratory survey that targeted a population of 5,595 hotel employees from 20 selected classified hotels. A sample size of 699 employees was systematically selected and data collected using a structured questionnaire anchored on a five‐point Likert scale. The instrument was evaluated for internal consistency and subjected to principal component analysis to explore extant dimensions.

Findings

Though initially employee CSR practices by the hotel enterprises were defined by four dimensions, while employee job satisfaction‐related outcomes were defined by three dimensions, principal component analysis revealed six dimensions of the employee CSR practices and four dimensions of the job‐related outcomes. This paper, therefore, identifies and discusses the inherent paradoxes of employee job satisfaction, employee commitment and employee retention as revealed by the study.

Originality/value

Internal social responsibility practices among enterprises in Africa, has relatively been downplayed by government, respective enterprise management and scholars.

Details

African Journal of Economic and Management Studies, vol. 3 no. 1
Type: Research Article
ISSN: 2040-0705

Keywords

1 – 10 of over 40000