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Article
Publication date: 27 August 2019

Rotimi Boluwatife Abidoye, Ma Junge, Terence Y.M. Lam, Tunbosun Biodun Oyedokun and Malvern Leonard Tipping

Improving valuation accuracy, especially for sale and acquisition purposes, remains one of the key targets of the global real estate research agenda. Among other recommendations…

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Abstract

Purpose

Improving valuation accuracy, especially for sale and acquisition purposes, remains one of the key targets of the global real estate research agenda. Among other recommendations, it has been argued that the use of technology-based advanced valuation methods can help to narrow the gap between asset valuations and actual sale prices. The purpose of this paper is to investigate the property valuation methods being adopted by Australian valuers and the factors influencing their level of awareness and adoption of the methods.

Design/methodology/approach

An online questionnaire survey was conducted to elicit information from valuers practising in Australia. They were asked to indicate their level of awareness and adoption of the different property valuation methods. Their response was analysed using frequency distribution, χ2 test and mean score ranking.

Findings

The results show that the traditional methods of valuation, namely, comparative, investment and residual, are the most adopted methods by the Australian valuers, while advanced valuation methods are seldom applied in practice. The results confirm that professional bodies, sector of practice and educational institutions are the three most important drivers of awareness and adoption of the advanced valuation methods.

Practical implications

There is a need for all the property valuation stakeholders to synergise and transform the property valuation practice in a bid to promote the awareness and adoption of advanced valuation methods, (e.g. hedonic pricing model, artificial neural network, expert system, fuzzy logic system, etc.) among valuers. These are all technology-based methods to improve the efficiency in the prediction process, and the valuer still needs to input reliable transaction data into the systems.

Originality/value

This study provides a fresh and most recent insight into the current property valuation methods adopted in practice by valuers practising in Australia. It identifies that the advanced valuation methods could supplement the traditional valuation methods to achieve good practice standard for improving the professional valuation practice in Australia so that the valuation profession can meet the industry’s expectations.

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Article
Publication date: 30 October 2023

Terence Y.M. Lam, Taylah O. Hasell and Malvern L.D.B. Tipping

Referring to “behavioural finance” and “normative model” theories, this study explores the relative significance of behavioural heuristic biases in the investment decisions of…

644

Abstract

Purpose

Referring to “behavioural finance” and “normative model” theories, this study explores the relative significance of behavioural heuristic biases in the investment decisions of real estate investment trusts (REITs) when compared with the conventional normative decision factors, with an ultimate aim to identify the significant behavioural factors that should be avoided to ensure rational asset acquisitions and market efficiency.

Design/methodology/approach

A triangulation approach was adopted. Qualitative multiple case studies were conducted, with four cases selected from Australian and New Zealand REITs across the industry, to identify what normative and behavioural finance factors are involved in investment decisions. This formed the basis for the subsequent expert review survey to explore how significant the behavioural factors were manifested in the judgement when compared with the normative factors.

Findings

Three out of four theoretical behavioural factors manifested themselves in the investment decisions: investor sentiment, anchoring factors and overconfidence. The overall impact of these three behavioural factors was that they were as significant as normative factors in investment decisions. The heuristic availability of information was found to have no significant effect on experienced REIT fund managers.

Research limitations/implications

The findings were based on four multiple cases and an expert review survey of six frontline fund managers, which form a baseline upon which further research can be conducted to widen the scope of research to cover all REITs in Australasia so that the results can become more robust to benefit the entire market in the region.

Practical implications

As behavioural factors are significant in the decision-making process, REIT fund managers should raise awareness to avoid the significant behavioural factors identified, in particular investor sentiment, which was found to be the most significant one.

Originality/value

This study confirms the relative significance of behavioural factors in property investment decisions within the context of Australasian REITs and alerts fund managers to the ways they should follow to ensure rational investments and market efficiency. It also extends the scale of existing studies to cover not only Australia but also New Zealand for the benefit of the entire Australasian market.

Details

Property Management, vol. 42 no. 1
Type: Research Article
ISSN: 0263-7472

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Article
Publication date: 6 November 2007

Malvern Tipping and Richard K. Bullard

Many established trading companies have had considerable capital value locked into their operational properties. These properties have been identified as producing lower returns…

2420

Abstract

Purpose

Many established trading companies have had considerable capital value locked into their operational properties. These properties have been identified as producing lower returns on invested capital than core business activities. Consequently, there has been a growing trend for the splitting of operational property from core business activity. This paper seeks to identify trends in sale‐and‐leaseback, which is the most common model in the UK.

Design/methodology/approach

This paper reviews, the existing literature and some past transactions in order to identify the motivations of both operational businesses and property investors in adopting the model. Some transaction case studies are also highlighted.

Findings

Identification of the motives behind this approach. Accounting, taxation and capital release are identified as the main drivers when the model first became widespread in the UK two decades ago. It is now driven by taxation and capital release. Originally adopted by leading companies, sale‐and‐leaseback has more recently been used by weaker covenants. The model has remained popular with investors, but there have been some recent failures.

Originality/value

This paper examines recent trends and seeks to identify how the sale‐and‐leaseback model may develop in the UK. Furthermore, the application of the model in the UK may give some insight into its application in other parts of the world, where it is either gaining further acceptance or may have greater potential application.

Details

Journal of Corporate Real Estate, vol. 9 no. 4
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 7 April 2015

Malvern Tipping and Roger Newton

– This paper aims to build a predictive model for the investment yield of British banking-halls.

858

Abstract

Purpose

This paper aims to build a predictive model for the investment yield of British banking-halls.

Design/methodology/approach

Empirical data of similar lots sold at previous auctions are subjected to statistical analyses utilizing a cross-sectional research design. The independent variables analysed are taken from a previous study using the same cases. Models are built using logistic regression and ANCOVA.

Findings

Logistic regression generally generates better models than ANCOVA. A division of Britain on a north/south divide produces the best results. Rent is as good as lot size and price in modelling, but has greater utility, because it is known prior to auctions.

Research limitations/implications

Cases analysed were restricted to lots let entirely as banking-halls. Other lots comprising premises only partially used as banking-halls might produce different results. Freehold was the only tenure tested.

Practical implications

The study provides a form of predictive modelling for investors and their advisors using rent which is known in advance of any sale.

Originality/value

The study makes an original contribution to the field, because it builds a predictive model for investment yields for this class of property. Further research may indicate if similar predictive models can be built for other classes of investment property.

Details

Journal of Corporate Real Estate, vol. 17 no. 1
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 1 August 2016

Terence Y.M. Lam and Malvern Tipping

Sale-and-leaseback has become an increasingly common approach during the last two decades in the investment of high street banks (banking-halls) in the UK. One measure commonly…

938

Abstract

Purpose

Sale-and-leaseback has become an increasingly common approach during the last two decades in the investment of high street banks (banking-halls) in the UK. One measure commonly used in making property investment decisions is the all risks yield (ARY) which is associated with the level of rental income. Investors and their advisors need to know which factors are likely to result in the highest ARY when assembling investment portfolios of such properties. The purpose of this paper is to identify those yield influences.

Design/methodology/approach

A qualitative multiple-case study was adopted. A literature review generated a hypothesis which was tested by a qualitative study, based upon semi-structured interviews and a questionnaire, to establish the influencing factors. Expert interviews were held with the heads of those three major auction-houses dealing with auctions of all retail bank premises in the Great Britain market, whilst the questionnaire survey involved investment professionals from within the auction-houses.

Findings

The study confirmed that the four factors influencing yields and investors’ decision-making when purchasing retail banking premises were tenant banking company (brand names), regional location (north and south super-regions), lot size (hammer price), and tenure (freehold or leasehold).

Research limitations/implications

This investigation focuses on Great Britain’s geographical and political area which includes England, Scotland and Wales, but excludes Northern Ireland. This research focuses on banking-halls as a sub-class of retail property investment. The findings form a baseline upon which further research can be conducted on other sub-types of retail property such as high street shops and retail parks. The results will also underpin the development of a quantitative yield predictive model based on regression analysis.

Practical implications

To maximize the returns on property investments, investors and their professional advisors can use those factors having the greatest influence on yields to make informed investment decisions for the building of property portfolios.

Originality/value

As a sub-sector, bank premises do not necessarily correlate to the generic retail sector. This research consolidates the broad systematic drivers of retail yields into specific factors influencing the ARY of banking-halls. The findings provide better understanding of an active but sparsely analysed sub-market of banking hall investments, and by so-doing help investors to maximize their investment returns.

Details

Journal of Property Investment & Finance, vol. 34 no. 5
Type: Research Article
ISSN: 1463-578X

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Available. Content available
Article
Publication date: 7 April 2015

Howard Cooke

109

Abstract

Details

Journal of Corporate Real Estate, vol. 17 no. 1
Type: Research Article
ISSN: 1463-001X

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Article
Publication date: 15 August 2008

69

Abstract

Details

Industrial Lubrication and Tribology, vol. 60 no. 5
Type: Research Article
ISSN: 0036-8792

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Article
Publication date: 1 April 1992

The new Mastersizer X, recently launched by Malvern Instruments, is an extended specification version of its Mastersize family of laser diffraction particle size analysers.

26

Abstract

The new Mastersizer X, recently launched by Malvern Instruments, is an extended specification version of its Mastersize family of laser diffraction particle size analysers.

Details

Pigment & Resin Technology, vol. 21 no. 4
Type: Research Article
ISSN: 0369-9420

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Article
Publication date: 1 November 1915

At a recent meeting of the Glasgow Grocers' and Provision Merchants' Association, it was alleged that there are provision merchants in Glasgow who are doing a large business in…

25

Abstract

At a recent meeting of the Glasgow Grocers' and Provision Merchants' Association, it was alleged that there are provision merchants in Glasgow who are doing a large business in selling margarine as butter at 1s. 2d. per pound. In commenting upon this statement The Grocer very properly urges that the officials of the Association referred to should take prompt steps to place the facts in their possession before the Glasgow authorities and their officers, and observes that in certain cities and towns—Birmingham, for example—the grocers' associations have co‐operated with the authorities in their efforts to suppress illegal trading, particularly in regard to the sale of margarine as butter. It appears that one of the members of the Glasgow Association expressed the opinion that the Margarine Act has been a failure and that shopkeepers who sell margarine as butter should be charged with obtaining money under false pretences.

Details

British Food Journal, vol. 17 no. 11
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 April 1993

The new PosiTector 6000 now being offered by Sheen Instruments is believed to be the only low cost thickness gauge that can measure coatings on ferrous and non‐ferrous substrates…

18

Abstract

The new PosiTector 6000 now being offered by Sheen Instruments is believed to be the only low cost thickness gauge that can measure coatings on ferrous and non‐ferrous substrates using the same probe. It is a rugged, fully electronic gauge which gives measurements accurately and quickly. With a simple onehand operation, it is also ideal for use on round or curved surfaces.

Details

Pigment & Resin Technology, vol. 22 no. 4
Type: Research Article
ISSN: 0369-9420

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