Johan Conijn and Frans Schilder
This paper aims to present a model that analyses the value gap, the difference between vacant possession value and tenanted investment value, for the houses of Dutch housing…
Abstract
Purpose
This paper aims to present a model that analyses the value gap, the difference between vacant possession value and tenanted investment value, for the houses of Dutch housing associations. The paper also aims to explore why the value gap is a structural phenomenon in The Netherlands and why it is an important factor contributing to the malfunctioning of the housing market. This gives an interesting expansion of the value gap theory.
Design/methodology/approach
By using the well‐known concept of user costs and using market equilibrium as a reference, the model quantifies the influence of six factors that cause the value gap. This is done for The Netherlands in total and for each of the 452 housing associations separately.
Findings
The value gap between the owner‐occupied and the rental sector is immense. This is especially the case with the rented houses owned by the housing associations, constituting one‐third of the total housing stock. The vacant possession value of these houses is on average €151,000; the reported tenanted investment value is no more than €33,000. Important factors that are responsible for this gap are, on the one hand, the fiscal subsidies in the owner‐occupied sector and, on the other hand, rent control and the policy of the housing associations characterised by a low rent level and high maintenance and management costs.
Originality/value
This is the first paper that analyses and quantifies the factors contributing to the value lost by Dutch housing associations' operations.
Details
Keywords
Eric Blaauw, Hendrik G. Roozen and Hjalmar G. C. Van Marle
About 4% of all prisoners can be diagnosed with a psychotic disorder, but it is largely unknown how these prisoners function during imprisonment. The present study aimed to…
Abstract
About 4% of all prisoners can be diagnosed with a psychotic disorder, but it is largely unknown how these prisoners function during imprisonment. The present study aimed to describe symptoms of psychotic prisoners during imprisonment and incidents caused by them as well as care provided to these prisoners. A total of 61 prisoners were observed for a maximum of 12 weeks. Results show that poverty of speech and blunted affect significantly decreased over time. The largest group of psychotic prisoners either did not suffer from positive psychotic symptoms or the encountered positive psychotic symptoms exhibited a steady or decreasing pattern during their imprisonment. Reasons for these findings still remain unclear.
The following list is a first attempt to catalogue and describe systematically the British Museum's extensive holdings of early opera librettos and related plays. The great…
Abstract
The following list is a first attempt to catalogue and describe systematically the British Museum's extensive holdings of early opera librettos and related plays. The great importance of these unpretentious booklets as supplementary and, more often than not, even primary sources for the history and bibliography of dramatic music, besides or instead of the scores, was already clearly recognized in the eighteenth century by Dr. Burney and other scholars. But it is only since 1914, the year in which O. G. T. Sonneck's Library of Congress Catalogue of opera librettos printed before 1800 appeared, that their documentary value could to any greater extent be put to general use in international musicological research. A similar bibliography of the British Museum librettos, while naturally duplicating many Washington entries, would produce a great number of additional tides, not a few of them otherwise unrecorded; it would provide the musical scholar with the key to a collection unequalled elsewhere in Europe, which owing to the peculiar nature of the material is not easily accessible by means of the General Catalogue.
Fran M. Wolf, James A. Tackett and Gregory A. Claypool
The gap between what the public expects from the auditor and what the auditor perceives his or her role to be has exacerbated crises within the accounting profession. Perceived…
Abstract
The gap between what the public expects from the auditor and what the auditor perceives his or her role to be has exacerbated crises within the accounting profession. Perceived audit failures, followed by historically large law suits, have resulted in the alteration of accounting firms’ behavior. Ironically, the response has done little to alleviate the crisis in public confidence and has led to other concerns related to the auditor‐client relationship. Discusses issues associated with the expectation gap and posits that the profession’s efforts to educate users as to the nature of the audit process is a necessary, but insufficient, response. A two‐part strategy is proposed to effect structural change of the auditor‐client environment. Part one of the strategy calls for greater involvement of regulators in selecting the external auditor and requiring auditor rotation. Part two of the strategy proposes market‐based instruments, audit failure permits and audit disaster futures, to deal with remaining audit risk.