Search results

This paper studies diversification and value in the investment portfolios of (non-listed) Real Estate Investment Funds (REIFs) exploring how the value of diversification is captured by the market and by investors (beyond reported valuations).

We apply the Herfindahl-Hirschman Index (HHI) to study the level of concentration versus diversification in the investment portfolios of REIFs (both in terms of segment and geographical diversification). We use a dataset from INREV with data from 62 investment portfolios, with an average of 86 REIFs per portfolio for the period of 2008–2020 (to study segment diversification). We use a second dataset from INREV with data from 30 investment portfolios with an average of 79 REIFs per portfolio for the period of 2005–2020 (to study geographical diversification). We employ a cluster analysis approach to identify common features among the investment funds.

We conclude that (segment diversified) portfolios with higher degrees of leverage exhibit higher income yields, albeit diversification is captured indirectly through asset choices – more diversified portfolios tend to exhibit a stronger risk and return relationship. Also, geographical diversification creates value (more significantly by for the correct combination of countries carefully choosing what different geographies to group in the diversified portfolio).

One limitation of our study is that our portfolios are funds of funds, since the available data could not reach the asset detail, but we believe this does not compromise our results.

Diversification leads to higher risk-adjusted returns which suggests that properties may be undervalued (market value) in the framework of the Gordon Model, contrary to expectations (regarding investment value).

Investors capture the value of diversification differently, suggesting a gap between market value and investment value that can be explored.

We present a critical literature review debating Brazilian research on social and environmental accounting (SEA). The aim of this study is to understand the role of politics in the construction of hegemonies in SEA research in Brazil. In particular, we examine the role of hegemony in relation to the co-option of SEA literature and sustainability in the Brazilian context by the logic of development for economic growth in emerging economies. The methodological approach adopts a post-structural perspective that reflects Laclau and Mouffe’s discourse theory. The study employs a hermeneutical, rhetorical approach to understand and classify 352 Brazilian research articles on SEA. We employ Brown and Fraser’s (2006) categorizations of SEA literature to help in our analysis: the business case, the stakeholder–accountability approach, and the critical case. We argue that the business case is prominent in Brazilian studies. Second-stage analysis suggests that the major themes under discussion include measurement, consulting, and descriptive approach. We argue that these themes illustrate the degree of influence of the hegemonic politics relevant to emerging economics, as these themes predominantly concern economic growth and a capitalist context. This paper discusses trends and practices in the Brazilian literature on SEA and argues that the focus means that SEA avoids critical debates of the role of capitalist logics in an emerging economy concerning sustainability. We urge the Brazilian academy to understand the implications of its reifying agenda and engage, counter-hegemonically, in a social and political agenda beyond the hegemonic support of a particular set of capitalist interests.

This paper aims to shed some light on the distribution of population, living in disaster risk areas in Brazil, on the intra-urban scale. The following three aspects are evaluated in this paper: the distribution of exposed population according to municipal size classification; the population density in disaster risk areas; and the municipal human development classification for the municipalities with disaster risk areas.

This research is based on an explorative approach. The main database used is a result of the association of landslide and flood risk areas to demographic census, available for 825 Brazilian municipalities. Additional databases were integrated to characterize disaster risk management and municipal human development.

The results revealed that the population exposed to disaster areas is concentrated within the capitals and small cities in the country. Moreover, disaster risk areas are densely populated even in small cities, suggesting that it is a reality faced not only by the larger cities. Finally, disaster risk areas exist even inside municipalities with a high level of human development.

These findings could contribute to the understanding of the spatialisation of disaster risk in Brazil, a primordial step for the reduction of human losses.

A novel perspective about the Brazilian population exposed to disaster risk was obtained, revealing a current issue faced by the municipalities independent of the size classification and level of human development.

The purpose of this paper is to perform a comparative analysis between Aveiro's Lagoon (Portugal) and Sepetiba Bay (Brazil), in order to understand the similarities and differences between these two coastal zones, in terms of human occupation.

This paper is supported by works (papers and scientific projects being developed) produced in Portugal and Brazil, by researchers from different areas of expertise.

These two coastal zones have a similar geomorphologic evolution, due to the fact that both appeared because of a sandy spit, which started to grow and separated these areas from the sea, converting them into sheltered coasts. It was because they are protected that these two study cases early became targets for human occupation. The anthropic impacts in the systems were sustainable until the middle of the twentieth century. Since then, however, the economic development options, based first in industry and second in tourism exploration, have compromised the natural healthy balance.

This paper could be a contribution to a scientific support for political decisions on the coastal zone management (namely in these studied areas).

The paper provides and increases the knowledge of the coastal zones’ evolution and occupation – from a multidisciplinary perspective – produced and made available to scientists, local politicians, students and local populations.

The paper provides a truly interdisciplinary approach, which allows a better understanding of the evolution of these two systems, discussing the causes and consequences of human activities in both coastal areas.

The purpose of this paper is to discuss the role of contemporary architecture in heritage protection, reinterpretation and reuse, an issue that has become increasingly relevant due to the recognition of architectural heritage as a key factor for cultural and economic development.

In Portugal, as elsewhere in Europe, cultural heritage management has often been associated with the creation of new museum spaces, namely, within national monuments and archaeological sites. Drawing on restoration theories and international charters, this paper analyses and compares two parallel interventions recently built inside São Jorge Castle, in Lisbon: the Museum Centre (Victor Mestre and Sofia Aleixo, 2007-2008) and the Archaeological Site (João Luís Carrilho da Graça, 2008-2010). This approach offers insight on the complexity of addressing and reconfiguring the profusion of past transformations within a single monument.

These two complementary museum spaces are representative of different attitudes towards heritage appropriation, substantiating the thesis that musealizing always entails the creation of narratives, which translate history and heritage into architectural and curatorial discourses. Besides meeting the functional requirements of specific museum programmes, such interventions frequently deal with the challenge of opening up new perspectives on the past.

Considering the central role of communication in contemporary museums, this paper discusses how heritage musealization can contribute to the translation of historical evidence into updated iconographies, narratives and dialogues. Furthermore, the unique characteristics of this twofold case study can provide an insightful contribution for a broader debate on the reinterpretation of iconic monuments and sites.

The purpose of this paper was to evaluate the differences between common Brazilian beer and pure malt beer in the responses of hedonic scaling, willingness to pay and emotional response.

Two types of beer were selected to be tested – a common beer: Pilsen Skol and pure malt beer: Pilsen Eisenbahn. All the analysis was conducted under three labeling conditions: blind; labeled; inverted label with 70 participants in each test. A nine-point hedonic scale evaluated the acceptance. The consumer was questioned how much he/she would be willing to pay for a bottle of beer that he/she tasted. A questionnaire was elaborated based on the EsSense profile to evaluate emotions; 25 emotions were evaluated using a five-point scale. The socioeconomic status was defined based on consumer's household characteristics.

The acceptance score, positive emotions and willingness to pay were higher for pure malt beer in the labeled test and for common beer (labeled as pure malt) in the inverted test. The findings highlight that information, such as beer type and socioeconomic status, could influence consumer responses by altering hedonic perceptions, emotions and commercial value attributed to different beers. In general, the beer type did not affect the evaluated variables.

Brewing industry should explore in their marketing strategies and state clearly the pure malt label. In restaurants, owners can explore pure malt beers as a strategy for garnering different customer profiles. Technological and production investments should be encouraged to reduce the product price, favoring the final consumer.

This study contributes to understanding the growth in the consumption of pure malt beers in Brazil. Moreover, it brings an overview of the influence of the label/information on regular Brazilian consumers.

This paper aimed to develop a participatory methodology to analyze the disaster risk creation in coastal cities, based on an approach that combines social, urban, environmental and disaster risk elements.

The methodology uses some aspects of three theoretical approaches in a complementary way: i) the Pressure and Release (PAR) framework for the identification of dynamic pressures that contribute to disaster risk creation; ii) the application of Drivers, Pressure, State, Impact, Response (DPSIR) framework to analyze environmental dimensions; and iii) urban analysis, applying the Strengths, Weaknesses, Opportunities and Threats (SWOT) tool to classify urban processes. The methodology combined the use of satellite remote sensing data to analyze the urban sprawl and citizen science methods to collect social and environmental data, using the case study of the watershed of the Juqueriquerê River in the coastal city of Caraguatatuba, Brazil. The pilot project was part of a local university extension project of the undergraduate course on Architecture and Urban Planning and also engaged residents and city hall representatives.

The satellite remote sense data analysis indicated a continuous urban sprawl between 1985 and 2020, especially in the south of the Juqueriquerê watershed, reducing urban drainage and increasing the extension and water depth of urban flooding and riverine floods. Using citizen science methods, undergraduates identified settlements with limited economic resources to elevate houses and a lack of infrastructure to promote a resilient coastal city. After identifying the dynamic pressures that contribute to disaster risk creation and the weaknesses and strengths of a resilient city, undergraduate students proposed urban planning interventions and gray and green infrastructure projects to mitigate disaster risks.

The paper identifies urban sprawl in disaster-prone areas as one of the risk factors contributing to disaster. It also comprehensively analyzes differences between different zones in the Juqueriqere River, which will be useful for policy-making.

The method presented an interdisciplinary approach that used satellite remote sensing data and citizen science techniques to analyze disaster risks in coastal cities. The multidimensional approach used to evaluate risks is useful and can be replicated in other similar studies to gain a more comprehensive understanding of disaster risks.