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Article
Publication date: 9 April 2018

John C. Alexander and Thomas M. Springer

Merging two real estate investment trusts (REITs) consolidates two real estate portfolios. The purpose of this paper is to provide further evidence on the market’s valuation of…

646

Abstract

Purpose

Merging two real estate investment trusts (REITs) consolidates two real estate portfolios. The purpose of this paper is to provide further evidence on the market’s valuation of property type and geographic diversification of REITs by looking at the diversification impact of mergers involving domestic REITs in the Modern REIT era (post 1992).

Design/methodology/approach

The authors classify equity REIT mergers according to whether they maintain portfolio focus or alter their focus with respect to the geography and property type distribution of the underlying real estate. Then, using a domestic REIT index, the authors examine abnormal returns around the merger announcement to ascertain how portfolio changes affect value.

Findings

Although the results show no abnormal returns to the combined REIT for the 126 mergers in the sample, mergers that maintain geographic focus and alter the property focus contribute positively to the abnormal returns. Acquiring REITs show negative abnormal returns for mergers that either diversify geography or maintain property focus. Target REITs earn positive abnormal returns no matter the diversification impact of the merger.

Research limitations/implications

The results suggest that changes to the composition of the REIT’s property portfolio have valuation implications. The results suggest that during the modern REIT Era, property diversification created positive wealth effects for the acquirer.

Originality/value

This research adds to the evidence on how REIT investors value changes in the diversification of the underlying properties, and implies that the investor perception of portfolio effects from mergers may vary over time as the REIT industry expands and consolidates.

Details

Managerial Finance, vol. 44 no. 4
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 28 June 2013

John C. Alexander, Ping Cheng, Ronald C. Rutherford and Thomas M. Springer

The purpose of this paper is to examine how long a real estate investment trust (REIT) initial public offer (IPO) survives until a merger occurs, and to determine the impact of…

627

Abstract

Purpose

The purpose of this paper is to examine how long a real estate investment trust (REIT) initial public offer (IPO) survives until a merger occurs, and to determine the impact of different firm characteristics that exist at the time of the IPO on that survival in the aftermarket period.

Design/methodology/approach

The authors apply an accelerated failure time (AFT) duration model to determine how long the IPO will survive until merger occurs.

Findings

The results indicate that the time from the IPO to an eventual merger increases with size, the age of the REIT at IPO, and the percentage of institutional ownership. In contrast, the authors find that the time until merger decreases with increased market performance prior to the time of the offering and with the number of additional IPOs occurring at the time of the IPO.

Practical implications

There is a growing body of research that suggests that IPOs might be motivated by subsequent mergers. An understanding of those characteristics that effect the time until a merger occurs these relationships will enable market participants and capital providers to make better decisions about proceeding with, or evaluating, a REIT IPO.

Originality/value

There is a significant body of research on IPOs in general; however, the findings of this research vary depending upon the industry being examined. Further, there are a limited number of papers on IPO aftermarket survival. This is the only paper on REIT IPO aftermarket survival.

Details

Managerial Finance, vol. 39 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 1 February 1991

Peter Hoare

The Librarians of Glasgow University since 1641 are identified, andtheir periods of office summarised and assessed as far as informationallows. The terms of appointment in early…

120

Abstract

The Librarians of Glasgow University since 1641 are identified, and their periods of office summarised and assessed as far as information allows. The terms of appointment in early years and pattern of town and university alternating nominations are outlined, and the gradual development of the post into that of a professional librarian in the twentieth century is illustrated.

Details

Library Review, vol. 40 no. 2/3
Type: Research Article
ISSN: 0024-2535

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Book part
Publication date: 5 June 2018

Charlotte Woods, Malcolm Williamson and Jenny Fox Eades

Drawing on Dewey’s accounts of learning the Alexander Technique (AT), this chapter explores why he found the process so powerful. As AT teachers, we explain how the technique…

Abstract

Drawing on Dewey’s accounts of learning the Alexander Technique (AT), this chapter explores why he found the process so powerful. As AT teachers, we explain how the technique enables practitioners to become aware of fixed, unconscious habits and to bring them under conscious control. With a new student, work begins with physical habits. However, because physical, cognitive, emotional and social functionings are interdependent, AT lessons typically enable flexibility in each of these spheres. Dewey’s writings show his strong theoretical commitment to the idea of learning as practical and experiential. His AT lessons were truly revelatory in providing him with both direct, embodied experience of the power of habit to drive human behaviour and a practical means of becoming aware of, and resisting, his own habits of thought and action.

Perceptions are shaped by habit in such a way that the senses can be unreliable in working out how to respond in a given situation. Dewey’s practice of the AT revealed to him the dissonance between his habitual self in activity and his conscious view of himself. Dewey was challenged by his AT lessons, which required an open, enquiring attitude and sense of humility. In the AT, Dewey found a means of pursuing an active, critical, self-directed process of discovery and adaptation akin to childhood learning. AT begins with the self, our ‘tool of tools’. Through fundamentally modifying the self, the AT supports the openness and flexible response to the physical and social world that characterize productive experiential learning.

Details

Dewey and Education in the 21st Century
Type: Book
ISBN: 978-1-78743-626-8

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Article
Publication date: 1 August 1972

Hamilton B. Timothy

These notes on Sir Walter Scott by John Galt, here published for the first time, have been transcribed by Dr Hamilton B. Timothy, Associate Professor in the Department of…

30

Abstract

These notes on Sir Walter Scott by John Galt, here published for the first time, have been transcribed by Dr Hamilton B. Timothy, Associate Professor in the Department of Classical Studies and Galt Scholar at the University of Western Ontario, from a manuscript among the material given him by Henry Gordon Harvey Smith, Q.C., a great‐grandson of John Galt, and his sister, Mrs Muriel Harvey Turner, of Winnipeg. John Galt's youngest son, Alexander, with whom Galt's widow made her home after the novelist's death in 1839, became the Hon. Sir Alexander Galt and Canada's first Federal Finance Minister; from him John Galt's library and miscellaneous papers passed to his youngest daughter, Annie Prince Galt, who married Dr W. Harvey Smith, a distinguished opthalmologist. (In 1930 he had the rare honour of holding at the same time presidency of both the British Medical Association and the Canadian.) His carefully augmented collection of Galt family papers, inherited by his son and daughter, has now been passed to Dr Timothy for use in connexion with his study, The Galts: a Canadian Odyssey. At the same time the family collection of John Galt's writings—in sixty‐eight volumes, many from the novelist's own library—was presented to the library of the University of Western Ontario. For permission to print these interesting notes we are indebted to Mr Harvey Smith and Mrs Turner. The annotations initialled C are by Dr Robert Hay Carnie of the University of Calgary.

Details

Library Review, vol. 23 no. 8
Type: Research Article
ISSN: 0024-2535

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Article
Publication date: 2 January 2018

Alexander C.L. Drake, Dietmar Hank, Richard Edwards, Ian Ensum and Lee Bateman

A man in his 40s with alcohol use disorder, learning disability and autism was referred to the learning disability team due to anxiety and low mood. He had been abstinent from…

363

Abstract

Purpose

A man in his 40s with alcohol use disorder, learning disability and autism was referred to the learning disability team due to anxiety and low mood. He had been abstinent from alcohol for ten years prior to a recent relapse. The purpose of this paper is to describe his case.

Design/methodology/approach

Treatment was person centred, followed standard practice for clients with alcohol use disorder and targeted harm minimisation. Initially, alcohol consumption reduced; however, at month three, he relapsed. Thereafter, he was repeatedly admitted to inpatient settings, drank excessively and engaged in risky behaviours.

Findings

Conventional approaches to treating alcohol dependence may not be entirely appropriate for this client group. The client’s alcohol consumption was only curtailed with the use of restrictions to his liberty agreed by him and incorporated into his tenancy agreement.

Originality/value

To the best of the authors’ knowledge, this is the first paper to discuss issues pertaining to people with co-occurring learning disability, autism and alcohol dependence. The authors discuss the use of restrictions, reasonable adjustments and policy issues relevant to treating this complex client group.

Details

Tizard Learning Disability Review, vol. 23 no. 1
Type: Research Article
ISSN: 1359-5474

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Article
Publication date: 1 January 1954

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

120

Abstract

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

Details

Aslib Proceedings, vol. 6 no. 1
Type: Research Article
ISSN: 0001-253X

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Article
Publication date: 1 April 2004

Georgios I. Zekos

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way…

11816

Abstract

Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.

Details

Managerial Law, vol. 46 no. 2/3
Type: Research Article
ISSN: 0309-0558

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Article
Publication date: 1 March 1974

Frances Neel Cheney

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are…

300

Abstract

Communications regarding this column should be addressed to Mrs. Cheney, Peabody Library School, Nashville, Tenn. 37203. Mrs. Cheney does not sell the books listed here. They are available through normal trade sources. Mrs. Cheney, being a member of the editorial board of Pierian Press, will not review Pierian Press reference books in this column. Descriptions of Pierian Press reference books will be included elsewhere in this publication.

Details

Reference Services Review, vol. 2 no. 3
Type: Research Article
ISSN: 0090-7324

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Article
Publication date: 1 May 1983

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of…

16778

Abstract

In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.

Details

Management Decision, vol. 21 no. 5
Type: Research Article
ISSN: 0025-1747

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