Aaron Fernstrom, Mary Margaret Frank, Samuel A. Lewis, Pedro Matos and John G. Macfarlane
The case examines the development and launch of an exchange-traded fund (ETF) based on JUST Capital's socially responsible corporate ranking methodologies. The case provides a…
Abstract
The case examines the development and launch of an exchange-traded fund (ETF) based on JUST Capital's socially responsible corporate ranking methodologies. The case provides a market overview of Environment, Social, and Corporate Governance (ESG) and socially responsible investing (SRI), what has driven growth in those areas worldwide, and several best-practice investment approaches. Following the overview, the case describes the founding and development of JUST Capital, explores JUST Capital's ranking methodologies, and presents the decision point faced by the CEO: requisite selection of one of three strategies in order for JUST Capital to generate “self-sustaining” revenue.
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John Douglas MacFarlane, Sean Phelps and Nico Schulenkorf
The purpose of this paper is to document and explore the perceptual motivations for voluntary and continued affiliation with a fitness industry register by its affiliates…
Abstract
Purpose
The purpose of this paper is to document and explore the perceptual motivations for voluntary and continued affiliation with a fitness industry register by its affiliates (“members”) and non-affiliates (“non-members”). The formation of fitness industry registers to impart self-regulation is a common global occurrence. Their sustainment, however, is reliant on the motivations and voluntary support of industry members. Limited work has been done in this area.
Design/methodology/approach
This qualitative study uses the interpretive research paradigm, involving semi-structured interviews with 12 Auckland, New Zealand, fitness centre managers, industry associations, New Zealand Register of Exercise Professionals (Reps NZ) and Fitness New Zealand. Lenox’s (2006) participation-contingent benefits framework provides the necessary lens to explore the perceptual motivations behind participation/non-participation by fitness centres with an industry self-regulatory system (i.e. Reps NZ).
Findings
Whereas participation-contingent benefits are perceived minimal, and exceeded by affiliation limitations, there is institutional congruence for industry regulation to exist, thus creating institutional pressures that encourage affiliation and retention. Whereas affiliates choose to absorb the associated inconveniences of affiliation to “support” Reps NZ, non-affiliates question the register’s regulatory form, choosing to avoid the affiliation costs and limitations.
Originality/value
This study lends further support that institutional development is crucial for inclusive, substantive and sustainable self-regulatory systems. Regardless of the perceived low return on participation-contingent benefits, industry self-regulation can be sustained if there is a desire by industry members to maintain the institutional notion that the regulation needs to exist.
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THE ANCIENT and royal burgh of Stirling, at one time the capital of Scotland, was at the turn of the century the county town of Stirlingshire and the centre of a thriving…
Abstract
THE ANCIENT and royal burgh of Stirling, at one time the capital of Scotland, was at the turn of the century the county town of Stirlingshire and the centre of a thriving agricultural community. With the exception of a carpet and woollen mill and some neighbouring coal mines, there was little industry in the town. This was reflected in its social structure. There was growing up in the village of Raploch, beneath the castle rock, a sizeable Irish community of labourers and artisans, but of a population of around 20,000 in 1900, middle class businessmen and shopkeepers predominated. The town's structure in turn was reflected in the nature of the Town Council, which, although not always conservative in politics, was generally conservative when faced with innovation, be it a swimming pool or a modern town centre. This might explain why in Stirling the public library movement was late in starting, nearly 25 years after the Public Libraries (Scotland) Act of 1870 authorising the use for library purposes of 1 d. in the £ from the rates. It might also explain why there was some opposition from the Town Council to providing for the upkeep of the library after its foundation.
Simulation is a powerful analytical tool which facilitates aninvestigation of financial risk through the examination of repeatedoutcomes from the same model. It is not, however…
Abstract
Simulation is a powerful analytical tool which facilitates an investigation of financial risk through the examination of repeated outcomes from the same model. It is not, however, an easy matter to use simulation in a property investment context due to the existence of complex relationships between the fundamental components (such as the periodic cash flows, vacancy rates, letting up periods and capitalization rates). Seeks to examine a simple investment scenario in which the variations in net annual cash flows and final capitalization rate determine the overall viability of the investment. Shows that the relationship between these two variables and between the net annual cash flows over time significantly increases the investment′s risk. The use of asymmetric variables to describe these property characteristics is also discussed as are the interpretation of “expected” outcomes as either the “average” and the “most likely” result. These are all critical considerations if the simulation model is to provide a reasonable representation of the true investment situation and for the simulation results to be useful in the investment decision‐making process.
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ONE OF THE MOST remarkable developments of the past few decades has been the wide‐spread growth of literacy in the world. Literacy has worked a revolution in values, mental and…
Abstract
ONE OF THE MOST remarkable developments of the past few decades has been the wide‐spread growth of literacy in the world. Literacy has worked a revolution in values, mental and emotional attitudes, and consequently on the structure of society. While at first this revolution was confined to the western countries, in the past few years it has been extended to other parts of the world which have ancient civilizations but are handicapped by a very low proportion of literate persons. Literacy will help them to appreciate the problems of their own country in relation to world problems and vice versa.
I sometimes wonder if the love of books is not distinct from the love of reading. We insatiable readers hold that the things are intertwined inextricably, but there are surely…
Abstract
I sometimes wonder if the love of books is not distinct from the love of reading. We insatiable readers hold that the things are intertwined inextricably, but there are surely those who acquire books that they never hope to be able to read. The glamour is something beyond the merely intellectual, but it may possibly rest upon unconscious recognition of the fact that books are the repositories of mind and spirit. It will be recalled that in his The Backs of Books, 1926, we are told delightfully by Dr. Warner Bishop that he has known librarians who carried in their minds the names of at least a hundred thousand books, and further he tells us that such knowledge springs from our familiarity with the outsides of books: “how well do little matters of shape, size, colour, location, impress themselves indelibly upon us and aid us to earn our living!” Just so. Every book, too, has an individuality—even when it is one of a series. It is quite a satisfying sensation just to feel some books. I know I can recognize in the dark any book of mine, wherever I may have shed it in the house, by the mere handling, and I have no doubt that many others share this faculty.
Graeme Newell, John MacFarlane and Roger Walker
Green office buildings have recently taken on increased significance in institutional property portfolios in Australia and globally. The key issue from an institutional investor…
Abstract
Purpose
Green office buildings have recently taken on increased significance in institutional property portfolios in Australia and globally. The key issue from an institutional investor perspective is the assessment of whether green office buildings add value. Using an extensive portfolio of green office buildings, the purpose of this paper is to empirically assess the level of energy rating premiums in the property performance of green office buildings in Australia.
Design/methodology/approach
Using a portfolio of over 200 green office buildings in Australia benchmarked against a comparable portfolio of non-green office buildings, the level of energy rating premiums in the property performance of green office buildings in Australia is empirically evaluated. Hedonic regression analysis is used to account for differences between specific office buildings and to explicitly identify the “pure” green effect in identifying the level of energy rating premiums in several commercial property performance characteristics (e.g. office value, rent).
Findings
The empirical results show the added-value premium of the 5-star National Australian Built Environment Rating Scheme (NABERS) energy rating scheme and the Green Star scheme in the property performance of green office buildings in Australia, including office values and rents. Energy rating premiums for green office buildings are evident at the top energy ratings and energy rating discounts at the lower energy ratings. The added-value “top-end” premium of the 5-star vs 4-star NABERS energy rating category is clearly identified for the various property performance parameters, including office values and rents.
Practical implications
This paper empirically determines the presence of energy rating premiums at the top energy ratings in the performance of green office buildings, as well as energy rating discounts at the lower energy ratings. This clearly highlights the added value dimension of energy efficiency in green office buildings and the need for the major office property investors to prioritise the highest energy rating to facilitate additional property performance premiums. This will also see green office buildings become the norm as the market benchmark rather than non-green office buildings.
Social implications
This paper highlights energy performance premiums for green office buildings. This fits into the context of sustainability in the property industry and the broader aspects of corporate social responsibility in the property industry.
Originality/value
This paper is the first published property research analysis on the detailed determination of energy rating premiums across the energy rating spectrum for green office buildings in Australia. Given the increased focus on energy efficiency and green office buildings, this research enables empirically validated and practical property investment decisions by office property investors regarding the importance of energy efficiency and green office buildings, and the priority to achieve the highest energy rating to maximise property performance premiums in office values and rents.
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“OF making many books there is no end,” said the Preacher, and since his day this fact has been reiterated successively by men all down the ages. Consequent upon the ever…
Abstract
“OF making many books there is no end,” said the Preacher, and since his day this fact has been reiterated successively by men all down the ages. Consequent upon the ever increasing number of books was the necessity of providing adequate storage for their preservation and use, and to meet this need libraries were founded. To facilitate reference to the books, catalogues were compiled and provided, but these were generally made by private individuals, who, though they would doubtless make a few rules for their guidance, had not the advantage of working upon any codified rules that had stood the test of experience.
The result of our enquiries (see April issue Library World) as to the present storage of local documents in Public Libraries or Museums, and the existing arrangements therein for…
Abstract
The result of our enquiries (see April issue Library World) as to the present storage of local documents in Public Libraries or Museums, and the existing arrangements therein for their preservation is somewhat disappointing. Some librarians have not replied, and some give scanty information.
The author's attention was first drawn to this subject by one paragraph in the Money Laundering Steering Group guidelines issued by BBA in June 1997: