Effah Amponsah, Dulani Halvitigala, Hyemi Hwang and Chris Eves
This paper aims to examine the compensation practices and the valuation methods valuers apply in the context of the current legal framework for expropriation to assess…
Abstract
Purpose
This paper aims to examine the compensation practices and the valuation methods valuers apply in the context of the current legal framework for expropriation to assess compensation for farms impacted by mining in Ghana.
Design/methodology/approach
Compensation reports and archival materials were examined to identify the issues related to the valuation methods, compensation practices and expropriation procedures in the mining sector. Interviews were then conducted with 35 farmers and farmers' representatives, officials of mining companies, representatives of the Land Valuation Division of the Lands Commission and valuers/researchers on the issues identified through the document analysis.
Findings
The results reveal that the lack of express standards for assessing compensation for mining-impacted crops has occasioned variations in the valuation methods and the standard crop population for compensation. The study further reveals the impacts of exchange rate distortions on crop compensation values.
Practical implications
The study empirically substantiates the arguments for a revised compensation regime in Ghana's mining sector. Valuers, mining companies and policymakers' awareness of this research will impact farm compensation valuation practices in the future.
Social implications
The adequacy of compensation for mining-impacted farmers remains a topical issue, especially in African countries. This research contributes to the literature and reveals the socio-economic impacts of the current compensation regime on the livelihoods of expropriated farmers.
Originality/value
This paper is the first to analyse the valuation methods, the compensation values and the key parameters valuers apply in assessing compensation for mining-impacted crops in Ghana.
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Nor Nazihah Chuweni and Chris Eves
This paper aims to present a conceptual model on the efficiency of Islamic real estate investment trusts (I-REITs) available in Malaysia. The key difference between the Islamic…
Abstract
Purpose
This paper aims to present a conceptual model on the efficiency of Islamic real estate investment trusts (I-REITs) available in Malaysia. The key difference between the Islamic and their conventional investment vehicle part is mainly its own Shariah framework. For instance, I-REITS must comply with the requirement of Securities Commission Act 1993 as well as the Guidelines on Islamic Real Estate Investment Trusts (Islamic REITs Guidelines).
Design/methodology/approach
The paper reviews and synthesises the relevant literature on the performance analysis and efficiency measurements of REITs. The paper then develops and proposes a conceptual model to measure the efficiency of Malaysian and Islamic REITs.
Findings
The paper identifies and examines the appropriate methods and instruments to measure the efficiency in relation to the risk and profitability of I-REITs. The efficiency measure is important for the fund managers to maximise the shareholders’ return in an investment of property portfolio as well as proposing the best way to allocate resources efficiently.
Research limitations/implications
This is a preliminary review of current work that identifies the issues that will be addressed in future empirical research. The authors will be undertaking this future empirical research in measuring the efficiency of Malaysian real estate investment trusts (M-REITs), particularly the I-REITs, using the non-parametric approach of data envelopment analysis.
Originality/value
To date, there has been very limited research on the efficiency measurement of I-REITs. The current analysis of REIT has been focused on traditional non-Islamic funds. This paper will review and discuss the current literature on efficiency measurement to determine the most appropriate approaches and methodologies for future application in performance analysis of efficiency measure for Malaysian and Islamic REITs.
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Koorosh Gharehbaghi, Kerry McManus, Kathryn Robson, Chris Eves and Matt Myers
The purpose of this paper is to review the Fuzzy Markov development for assessing the structural integrity of buried transportation bridges. In doing so, the appropriateness of…
Abstract
Purpose
The purpose of this paper is to review the Fuzzy Markov development for assessing the structural integrity of buried transportation bridges. In doing so, the appropriateness of Fuzzy Markov will be assessed, leading to the subsequent model.
Design/methodology/approach
This research will utilize the Fuzzy Markov techniques as the conceptual framework. Such methodology is further supported via the utilization and evaluation of 30 buried transportation bridges using the developed Fuzzy Markov model.
Findings
Subsequently, through a developed Fuzzy Markov model, this research found that as the basis of structural resilience, specific matrices for age-dependent transition probability can be compiled using conditional survival probabilities in the various structural states; as the basis of structural integrity, specific environmental and economic schemes can also be established based on inspection intervals, intervention systems and failure phases; exact inspection and maintenance intervals can be scheduled to further prolong an asset’s life; and clear and early warning signs can also be formulated for immediate intervention when the structural integrity of the asset are indeed compromised.
Originality/value
The gap within the literature currently surrounds the limitation of computational analysis for some buried structures such as bridges. Specifically, to streamline such evaluation and regimes, a Fuzzy Markov is developed and reviewed.
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Sustainability Declarations were introduced by the Queensland State Government on 1 January 2010 as a mandatory disclosure measure for all dwelling sales in the State. The purpose…
Abstract
Purpose
Sustainability Declarations were introduced by the Queensland State Government on 1 January 2010 as a mandatory disclosure measure for all dwelling sales in the State. The purpose of this paper is to assess the impact this policy decision has had in the homebuyer decision‐making process in the first year since its introduction and to consider the effectiveness of the legislation in meeting its policy objectives.
Design/methodology/approach
This quantitative research comprised a two‐part process: the first stage surveyed the level of compliance by the real estate industry with the legislative requirements. Stage two comprised an online survey of Real Estate Institute of Queensland members to determine what impact the Sustainability Declaration has had on home buyer decision making and how effective the legislative mechanisms have been in achieving the policy objectives.
Findings
This paper assesses the initial impact of this initiative over its first year in operation. These preliminary findings indicate a high level of compliance from the real estate industry, however results confirm that sustainability is yet to become a criterion of relevance to the majority of homebuyers in Queensland.
Practical implications
These quantitative findings support anecdotal evidence that the objectives of the legislation to increase homebuyer awareness and relevance of sustainability issues in the home are not being achieved.
Social implications
Sustainability Declarations are a first step in raising homebuyer awareness of the importance of sustainability in housing. Further monitoring of this impact will be carried out over time.
Originality/value
This is the first research undertaken to assess the impact of this new mandatory disclosure legislation in Queensland, Australia. The findings will inform policy makers and assist them to assess the effectiveness of the current legislation in achieving its policy objectives.
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Since the late 1990's‐2003, there have been a number of severe floods in areas that have not been subject to this level of flooding in earlier times. All these recent floods have…
Abstract
Since the late 1990's‐2003, there have been a number of severe floods in areas that have not been subject to this level of flooding in earlier times. All these recent floods have resulted in two alarming factors for all property markets. This paper is based on a comprehensive survey of property professionals throughout England and Wales and a study of flood‐affected residential property in Sydney, Australia. It provides details of how exposure to flood events impacts on residential property markets and buyer behaviour associated with flood‐prone property, and will also provide some insight into the implications and possible ramifications of flooding on the construction, finance and insurance of residential property in flood‐affected areas.
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This paper seeks to examine the benefits of further diversifying a global portfolio of financial assets with New Zealand farm real estate (FRE).
Abstract
Purpose
This paper seeks to examine the benefits of further diversifying a global portfolio of financial assets with New Zealand farm real estate (FRE).
Design/methodology/approach
The paper compares efficient sets generated with and without FRE using portfolio theory.
Findings
The results show that given the predominantly negative correlation between FRE and financial assets, the risk‐return tradeoffs of portfolios of financial assets can be improved significantly. The diversification benefits measured in terms of risk reduction, return enhancement, and improvement in the Sharpe performance ratios are robust under a number of FRE risk‐return scenarios as well as under high and low inflationary periods. Using five and ten‐year rolling periods it also finds that FRE is a consistent part of risk efficient portfolios. Consistent with the results reported in Lee and Stevenson, for the UK real estate the risk reduction benefits of diversifying with FRE are larger than the risk enhancement benefits.
Practical implications
The results suggest that FRE takes on a consistent role of risk‐reducer rather than a return‐enhancer in a globally diversified portfolio. FRE appears to deserve more serious consideration by investment practitioners that it has been accorded in the past.
Originality/value
The study examines the role of direct real estate in a globally diversified portfolio of financial assets.
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An increasing trend in residential property markets is the concept of planned residential community developments, offering a range of services not available to the existing…
Abstract
Purpose
An increasing trend in residential property markets is the concept of planned residential community developments, offering a range of services not available to the existing residential property markets in that given location. The purpose of this paper is to analyse a number of planned residential community developments in a major city to determine the demand for these developments and the impact they have in relation to price premiums and the overall residential property market.
Design/methodology/approach
This study has identified four planned residential developments in the Sydney property market and all sale transactions in these developed estates or unit complexes have been analysed and compared to the sales transactions in the residential areas immediately adjoining the planned residential developments. These sales represent all sales transactions in the study areas and this database has enabled a comparison based on price trends, average annual capital return and price volatility.
Findings
Results from this study have shown that residential property buyers are prepared to pay a premium for property in a planned residential community, despite the availability of cheaper housing within immediately adjoining locations, with this premium being maintained over time. The study also shows that buyers are prepared to purchase a property in a planned residential estate even though the adjoining areas are not considered to be as desirable, and in time the planned residential estate can increase the price of residential property in the adjoining areas.
Research limitations/implications
Although the sales data for two of the planned residential developments only covers the period 1999‐2004, this limitation is offset by the greater time period of sales transactions for the other two planned residential estates in the study. The limited sale period is due to the relatively new nature of these developments in Sydney, Australia.
Originality/value
The research has indicated that, in developed residential property markets, consumers will pay a premium for property that meets their lifestyle or security requirements, irrespective of the actual location of the development.
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The purpose of this paper is to examine the buyer awareness and acceptance of environmental and energy efficiency measures in the New Zealand residential property markets. This…
Abstract
Purpose
The purpose of this paper is to examine the buyer awareness and acceptance of environmental and energy efficiency measures in the New Zealand residential property markets. This study aims to provide a greater understanding of consumer behaviour in the residential property market in relation to green housing issues
Design/methodology/approach
The paper is based on an extensive survey of Christchurch real estate offices and was designed to gather data on the factors that were considered important by buyers in the residential property market. The survey was designed to allow these factors to be analysed on a socio‐economic basis and to compare buyer behaviour based on property values.
Findings
The results show that regardless of income levels, buyers still consider that the most important factor in the house purchase decision is the location of the property and price. Although the awareness of green housing issues and energy efficiency in housing is growing in the residential property market, it is only a major consideration for young and older buyers in the high income brackets and is only of some importance for all other buyer sectors of the residential property market. Many of the voluntary measures introduced by Governments to improve the energy efficiency of residential housing are still not considered important by buyers, indicating that a more mandatory approach may have to be undertaken to improve energy efficiency in the established housing market, as these measures are not valued by the buyer.
Originality/value
The paper confirms the variations in real estate buyer behaviour across the full range of residential property markets and the acceptance and awareness of green housing issues and measures. These results would be applicable to most established and transparent residential property markets.
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Current planning schemes in Australia identify areas that are potentially liable to flooding. This identification of flood‐liable land is based on flood height levels over time…
Abstract
Current planning schemes in Australia identify areas that are potentially liable to flooding. This identification of flood‐liable land is based on flood height levels over time. Throughout New South Wales (NSW) this measure of flood affectivity is determined by three classifications. These classifications also influence the development of residential property within these flood areas. Prospective purchasers are advised of this flood zoning, when a full title search is carried out. However, as these properties are often located on the flood plain, but not within sight of the river, flooding can appear visually remote to the uninformed buyer. This study analyses residential house sales in flood‐prone areas and compares price movements of these houses with similar houses in immediate adjoining areas that are not affected by flooding. The analysis covers the period 1984 to 2000, which includes the last major floods in Sydney during 1990. This study period determines what impact a major flood has on residential housing prices and whether this effect is ongoing or decreases, the longer the area is free from flood affectivity.
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Anita Eves, Gill Bielby, Bernadette Egan, Margaret Lumbers, Monique Raats and Martin Adams
The purpose of this research is to show the evaluation of food hygiene knowledge and self‐reported behaviours of school children, assessment of children's attitudes towards food…
Abstract
Purpose
The purpose of this research is to show the evaluation of food hygiene knowledge and self‐reported behaviours of school children, assessment of children's attitudes towards food hygiene and evaluation of barriers to the adoption of appropriate food hygiene behaviours.
Design/methodology/approach
The food hygiene knowledge and self‐reported behaviours of pupils (4 and 14 years; Key Stages 1‐3 in the English system – or Scottish equivalent) were determined using age‐appropriate knowledge quizzes completed by 2,259 pupils across England, Scotland, Northern Ireland and Wales. Attitudes towards food hygiene and barriers to performing desirable hygiene‐related behaviours were established through semi‐structured interviews with 82 pupils who completed knowledge tasks in South East England.
Findings
Children generally had good knowledge of food hygiene. However, there were misconceptions about the nature of micro‐organisms and how they affect food. In addition, a lack of reminders and practical food activities, especially at Key Stage 2 (7‐11 years), coupled with poor hand‐washing facilities, meant that children did not always adopt desirable behaviours. Children gave suggestions for ways to help others to remember good practice.
Originality/value
The study identified areas of weakness in pupils' hygiene knowledge and understanding and has determined barriers to adoption of desirable behaviours at all times. It has also suggested ways in which food hygiene education could be made more engaging for pupils, and other methods to encourage good practice.