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1 – 10 of over 1000Property investment risk is traditionally accounted for by valuers in a risk‐adjusted discount rate approach, although this term, popular in mainstream finance, is rarely used…
Abstract
Property investment risk is traditionally accounted for by valuers in a risk‐adjusted discount rate approach, although this term, popular in mainstream finance, is rarely used. This paper shows that RADR is but one of several risk adjustment techniques that may be employed within an explicit cash flow framework. It explains how a certainty equivalent technique may be used in an objective manner by use of standard deviation analysis, and develops a new technique for use in the UK prime market known as the sliced income approach. The paper goes further by setting risk adjustment (deterministic) techniques within the wider context of risk analysis and compares a simple probabilistic approach and sensitivity analysis with these techniques for use in property investment appraisal. A case study is employed in illustrations.
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Neil Crosby and Robin Goodchild
Examines the valuation of property investments let at rents inexcess of their estimated rental values. Summarises the conventional andcontemporary approaches to market valuation…
Abstract
Examines the valuation of property investments let at rents in excess of their estimated rental values. Summarises the conventional and contemporary approaches to market valuation. Exposes the limitations of the models via an examination of some actual valuations taken from the UK property market. Concludes that future rental growth prospects must be dealt with explicitly in these valuations.
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Outlines the context within which the need for valuations ofleisure property is developing. Arguing that the profits method, usuallyadopted for the valuation of leisure assets, is…
Abstract
Outlines the context within which the need for valuations of leisure property is developing. Arguing that the profits method, usually adopted for the valuation of leisure assets, is little understood on a research‐based theoretical level, introduces the initial findings of research into practitioner understanding of the method, in particular the capitalization rates adopted. Also suggests that the time is right to critically re‐examine the methods used in practice and sets out suggested pre‐requisites for the development of a sustainable and defensible approach to the valuation of commercial leisure property.
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The purpose of paper is to show how the changing property investment landscape in the past 40 years – for example the new requirements of valuation accuracy, rationality and the…
Abstract
Purpose
The purpose of paper is to show how the changing property investment landscape in the past 40 years – for example the new requirements of valuation accuracy, rationality and the risk analysis, etc. – requires a corresponding response from property valuers (academia, professionals and regulatory institutions) in technique development. The issue has however not received sufficient examination in African real estate literature. This study aims to address the concern with a focus on Nigeria.
Design/methodology/approach
The paper reasoned that the process of Nigerian technique development and assimilation into practice could be motivated through a study of issues that triggered off transition towards sophistication in the parent valuation profession in the UK. Accordingly, the paper worked out a seven‐stage model of UK valuation transition in the past 40 years, and used this in diagnosing the level of progress achieved in the Nigerian valuation Industry in the areas of accuracy, rationality and risk analysis.
Findings
The results showed that technique development of is presently largely restricted to the valuation academia, which has been making attempts to persuade practitioners and regulatory Institutions to higher sophistication. Generally, the paper diagnoses the Nigerian valuation profession as being in the second of the seven‐stage process of movement towards investor‐focused transition in the UK.
Practical implications
The paper shows that the way forward for Nigerian evolution was seen to require a strong research base on the part of the regulatory Institutions which should result in the building of awareness, refinement of textbooks, empowerment of valuers and development of valuation standards that meet modern requirements of investor sophistication.
Originality/value
This paper is the first to classify the development of investment technique within academia and practice in the UK for the purpose of identifying how far behind the developing markets are.
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Provides an indication of the results of a large‐scale survey ofthe application of investment valuation techniques to the reversionaryfreeholds in UK practice. Identifies trends…
Abstract
Provides an indication of the results of a large‐scale survey of the application of investment valuation techniques to the reversionary freeholds in UK practice. Identifies trends in the use of methods in practice for both market valuation and analysis of worth/price purposes. Concludes the use of growth explicit techniques is confined to the analysis role and that the conventional term and reversion approach to market valuation is being supplanted by equivalent yield and layer methods.
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The purpose of this paper is to find the niche segmentation of green consumers as a solution to psychographic or demographic predicament. Age cohort and generational cohort (Gen Y…
Abstract
Purpose
The purpose of this paper is to find the niche segmentation of green consumers as a solution to psychographic or demographic predicament. Age cohort and generational cohort (Gen Y and Gen Z) of young consumers are studied for individualization and customization.
Design/methodology/approach
Age cohorts (Gen Z and Gen Y customers) have their unique needs. Both Gen Y (1981-1995) and Gen Z (post-1995) belong to the young consumer segment in the age group of 20-30 years but their generational cohorts are different. Strategic marketing advocates both generational marketing based on age cohorts and segmented marketing for young consumers. Strategic marketing faces cross-road between youth segmentation and generational cohort (Gen Z and Gen Y) due to intersection between the two during the 20-30 age group. Primary data using the ecological conscious consumer behavior (ECCB) scale was collected and analyzed for understanding the individual and relative importance of psychographic and demographic factors in influencing green behavior. The traditional youth segment is sliced into four sub-groups (Young Nest 1-4), and their interaction effect with post hoc analysis was done for the identification of sources of difference between different age cohorts. The findings of the study were compared with previous studies and unique contributions of this study were identified.
Findings
The findings indicate multiple niche young segments with demographic as the primary criterion and psychographic as the building block. Niche level and individual level segments emerge due to the interaction of various factors within a given age cohort. The findings confirm the identity development process which considered age as an important factor that affects varying choices throughout life from adolescence to adulthood.
Practical implications
The findings of this study may be used for effective targeting and positioning strategy of green marketing. In the time of analytics, age cohorts and generational cohort of young consumers can be approached differently for yielding better environmental results. The magnified niche level segmentation of young consumers may be used to develop individualized and customized promotions for young customers in Young Nest 1-4 for an enhanced ECCB.
Originality/value
Previous studies have focused more on consumer characteristics (demographic or psychographic) and their relative importance but niche level segmentation within given demographic segment was not attempted before. This study is unique in offering microscopic analysis of age cohorts of young consumers (Young Nest 1-4) and their interaction with other demographic variables (gender and income) for niche level segmentation.
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This study aims to review the present funding pattern of UK university libraries at a time of considerable change. The study begins with a general introduction describing recent…
Abstract
This study aims to review the present funding pattern of UK university libraries at a time of considerable change. The study begins with a general introduction describing recent political and funding trends in higher education. This is followed by a short section outlining the major issues facing university libraries over the next few years. The main part of the study is based on a questionnaire survey carried out in late 1990 and an analysis of the findings. The questionnaire is reproduced as appendix 1.
Beth Armstrong, Christian Reynolds, Carla Adriano Martins, Angelina Frankowska, Renata Bertazzi Levy, Fernanda Rauber, Hibbah A. Osei-Kwasi, Marcelo Vega, Gustavo Cediel, Ximena Schmidt, Alana Kluczkovski, Robert Akparibo, Carolyn L. Auma, Margaret Anne A. Defeyter, Jacqueline Tereza da Silva and Gemma Bridge
The current pilot study explored food insecurity, food waste, food related behaviours and cooking confidence of UK consumers following the COVID-19 lockdown.
Abstract
Purpose
The current pilot study explored food insecurity, food waste, food related behaviours and cooking confidence of UK consumers following the COVID-19 lockdown.
Design/methodology/approach
Data were collected from 473 UK-based consumers (63% female) in March 2020. A cross-sectional online survey measured variables including food insecurity prevalence, self-reported food waste, food management behaviours, confidence and frequency of use of a range of cooking methods, type of food eaten (ultra-processed, semi-finished, unprocessed) and packaging type foods are purchased in.
Findings
39% of participants have experienced some food insecurity in the last 12 months. Being younger, having a greater BMI and living in a smaller household were associated with food insecurity. Green leaves, carrots, potatoes and sliced bread are the most wasted of purchased foods. Polenta, green leaves and white rice are the most wasted cooked foods. Food secure participants reported wasting a smaller percentage of purchased and cooked foods compared to food insecure participants. Overall, participants were most confident about boiling, microwaving and stir-frying and least confident with using a pressure cooker or sous vide. Food secure participants were more confident with boiling, stir-frying, grilling and roasting than insecure food participants.
Practical implications
This has implications for post lockdown policy, including food policies and guidance for public-facing communications.
Originality/value
We identified novel differences in self-report food waste behaviours and cooking confidence between the food secure and insecure consumers and observed demographics associated with food insecurity.
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Son Nguyen, Edward Golas, William Zywiak and Kristin Kennedy
Bankruptcy prediction has attracted a great deal of research in the data mining/machine learning community, due to its significance in the world of accounting, finance, and…
Abstract
Bankruptcy prediction has attracted a great deal of research in the data mining/machine learning community, due to its significance in the world of accounting, finance, and investment. This chapter examines the influence of different dimension reduction techniques on decision tree model applied to the bankruptcy prediction problem. The studied techniques are principal component analysis (PCA), sliced inversed regression (SIR), sliced average variance estimation (SAVE), and factor analysis (FA). To focus on the impact of the dimension reduction techniques, we chose only to use decision tree as our predictive model and “undersampling” as the solution to the issue of data imbalance. Our computation shows that the choice of dimension reduction technique greatly affects the performances of predictive models and that one could use dimension reduction techniques to improve the predictive power of the decision tree model. Also, in this study, we propose a method to estimate the true dimension of the data.
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In the last 40 years, the UK valuation profession has relied heavily upon the “hardcore” or “layer” method for valuing reversionary properties (under‐ and/or over‐rented). This…
Abstract
Purpose
In the last 40 years, the UK valuation profession has relied heavily upon the “hardcore” or “layer” method for valuing reversionary properties (under‐ and/or over‐rented). This approach is not used elsewhere in the world and, prior to the rent freeze of the 1970s in the UK, it wasn't a principal method in the UK. However, valuers today, particularly in London, use this method exclusively despite it producing erroneous answers in certain cases (over‐rented; non‐normal cash flows). This paper seeks to address these issues.
Design/methodology/approach
This paper undertakes an indicative pilot study of valuation models used in the valuation of reversionary properties in the downturn of 2008‐2012. The study, whilst small, provided an insight into the techniques chosen by valuers to look at properties where the risk of falling rents, voids and prolonged vacancy is relatively high.
Findings
The paper looks at approaches, methods and techniques for property valuation. It identifies that the determination of the UK valuation profession to cling to familiar valuation models, no matter how inappropriate, may lead to mis‐valuations. Alternative, more appropriate, implicit and explicit models are suggested.
Originality/value
It is the opinion of this paper that the UK property market is now so different from the market that prevailed when the layer model was introduced that it no longer has a place in the valuers' armoury of methods to use. This paper looks at a number of case study examples and offers other (more appropriate) options for valuing reversionary interests. In particular, the findings from the study will be useful for valuers to be better able to identify the critical points in the expected cash flow and thus be better able to reflect the appropriate risk in the valuation figure provided.
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