This paper formed the basis of the keynote address to the Pacific Rim Real Estate Society conference in Melbourne. In the asset allocation process, direct real estate investment suffers from some perceived disadvantages and this paper summarises research, funded by practice, into three of these perceived disadvantages; depreciation in value,...
This paper examines the impact of regulatory reform on the performance of Indian commercial banks. Using a balanced panel data set covering from the beginning of the deregulation period (1992) to the last few years (2004) and employing a DEA Data Envelopment Analysis -based Malmquist index of total factor productivity...
This paper outlines the conceptual framework for a research program on Business Process Innovation based on advanced Enterprise Information Systems in a global supply chain context. The paper has argued that most industrial supply chains are globally scattered and nearly every business relies on their Enterprise Information Systems ES for...
The extensive empirical literature analyzing productivity spillovers from foreign direct investment to local firms provides inconclusive results. Some studies find that foreign presence has a positive impact on the productivity of domestic firms, while others find no evidence or a negative effect. Differences in the results may be attributable to...
In this paper, the researchers have expanded the realistic nature of the simulation model, particularly as it pertains to the terminal exit value at the end of the holding period. The empirical approach in this paper is to estimate models of housing tenure choice on a sample of recent movers....
The degree of connection between tax and financial reporting is regarded as a key factor in the study of international accounting differences. In order to measure the links between tax and financial reporting, this paper adopts the methodology of Lamb et al. (1998) by assessing major accounting topics using a...
Convertible bonds are complex hybrid securities subject to multiple sources of risk. Many exhibit exotic path dependent features. Monte Carlo simulation methods are usually the favorite choice for solving high-dimensional problems and pricing path dependent securities. This paper breaks away from the tradition established in the literature of pricing convertible...
The interest in developing a 'holistic' understanding of property development is not purely academic. Sustainability concerns are now part of mainstream policy agenda, the imperatives for 'socially responsible investment' are exerting increasing influence on geographical and sectoral capital flows, whilst corporate training courses and educational programmes focus as much upon...
One aspect of liquidity is the process by which transactions occur including both how properties are selected for sale and the time taken to transact. The paper analyses data from three organizations; a property company, a major financial institution and an asset management company, formally a major public sector pension...
Real estate is increasingly been seen as an attractive addition to the mixed-asset portfolio. However, determining whether the good return enjoyed by real estate is a temporary or long-term phenomenon is a question that remains largely unanswered. Consistency in this context refers to the ability of an asset to maintain...
This paper seeks to broaden our understanding of the concept underlying absorptive capacity at the macro - level, paying particular attention to the growth and development perspectives. We provide definitions of absorptive and technological capacity, external technology flows, productivity growth, employment creation and their interrelations. We then analyse the elements...
This paper examines the ways in which human subjective judgment impacts on the process of real estate market forecast production and the consequent effects on outcomes. In so doing, the research draws upon concepts both from cognitive psychology and from principal-agent theory that emphasize the potential of biases and incentives...
The outsourcing and supplier relations literature focuses primarily on initial designs while ignoring how superior implementation skills can drive competitive advantage. The concept of external span of control, defined as a firm's overall capability to manage multiple and varying relations with outside suppliers, is put forward to capture implementation differences....
Current research on financial risk management applications of econometrics centers on the accurate assessment of individual market and credit risks with relatively little theoretical or applied econometric research on other types of risk, aggregation risk, data incompleteness and optimal risk control. The paper reveals that consideration of the model risk...
The 1990s have witnessed a significant growth in bank income generated through non-traditional activities especially for large EU universal institutions. Using the non-parametric Malmquist methodology this paper analyses the importance of the inclusion of Off-Balance Sheet OBS business in the definition of banks output when estimating total factor productivity change...
For over twenty years, researchers have been recommending that investors diversify their portfolios by adding direct real estate. Based on the tenets of modern portfolio theory MPT investors are told that the primary reason they should include direct real estate is that they will enjoy decreased volatility risk through increased...
This paper re-examines the relative importance of sector and regional effects in determining property returns. Using the largest property database currently available in the world, the paper decomposes the returns on individual properties into a national effect, common to all properties, and a number of sector and regional factors. However,...
This paper assesses the impact of the monetary integration on different types of stock returns in Europe. This paper assesses the impact of the monetary integration on different types of stock returns in Europe. In order to isolate European factors, the impact of global equity integration and small cap factors...
The thesis of this paper is that uncertainty is a real and universal phenomenon in valuation. The sources of uncertainty are rational and can be identified. They can be described in a practical manner, and, above all, the process of identification and description will greatly assist many clients, and will...
This study uses valuations and sales data to attempt to identify the date that sale data is divulged to valuers. This information will inform accuracy studies that use a cut-off date as to the closeness of valuations to sales completion date as a yardstick for excluding data from the analysis....
