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The international nuclear community continues to face the challenge of managing both the legacy waste and the new wastes that emerge from ongoing energy production. The UK is in the early stages of proposing a new convention for its nuclear industry, that is: waste minimisation through closely managing the radioactive source which creates the waste. This paper proposes a new technique (called waste and source material operability study (WASOP)) to qualitatively analyse a complex, waste‐producing system to minimise avoidable waste and thus increase the protection to the public and the environment.

WASOP critically considers the systemic impact of up and downstream facilities on the minimisation of nuclear waste in a facility. Based on the principles of HAZOP, the technique structures managers' thinking on the impact of mal‐operations in interlinking facilities in order to identify preventative actions to reduce the impact on waste production of those mal‐operations.'

WASOP was tested with a small group of experienced nuclear regulators and was found to support their qualitative examination of waste minimisation and help them to work towards developing a plan of action.

Given the newness of this convention, the wider methodology in which WASOP sits is still in development. However, this paper communicates the latest thinking from nuclear regulators on decision‐making methodology for supporting waste minimisation and is hoped to form part of future regulatory guidance. WASOP is believed to have widespread potential application to the minimisation of many other forms of waste, including that from other energy sectors and household/general waste.

Ray King has been appointed managing director of MBP Industrial Finishes Ltd, the company set up by Manders Holdings plc after the acquisition of the Industrial Division of Blundell‐Permoglaze.

Around the world, people are confronted by a variety of complex and pervasive environmental, social and economic challenges. In many cases, including anthropogenic climate change, resource depletion, financial system disruption and poverty, there has been an increasing recognition that ‘wicked problems’ require entirely new ways of thinking, and that the solutions are unlikely to be found by governments, businesses or civil society actors operating in isolation. In parallel with these developments, many observers have commented on a growing interest in various forms of social entrepreneurship and in new models of enterprise that seek alternative ways of delivering products and services, while also securing the ‘triple bottom line’ of social, environmental and economic sustainability. This volume draws together a selection of contemporary entrepreneurship research studies that explore different aspects of this phenomenon. Our original call for papers was based around the themes addressed in one of ISBE's longstanding annual conference tracks. It attracted some strong submissions from within and beyond the ISBE research community. The editors reviewed papers relating to social and sustainable entrepreneurship, the environmental impacts of enterprise, and ethics and social responsibility in enterprise.

The purpose of this paper is to analyse the gap between government bonds (index-linked and long-dated) and real estate yields/capitalization rates over time for the UK, Australia and the USA. The global financial crisis was a sharp shock to real estate markets, and while interest rates and government bond yields fell in response around the world, real estate yields (cap rates) have risen.

The absolute yield gap levels and their variation over time in the different countries are compared and linked to the theoretical reasons for the yield gap and, in particular, a changing real estate risk premium. Within this context, it assesses whether there have been structural breaks in long-term relationships during booms and busts based on autoregressive conditionally heteroscedastic (ARCH) models. Finally, the paper provides further insights by constructing statistical models of index-linked and long-dated yield gaps.

The relationships between bond and property yields go through a traumatic time around the period of the global financial crisis. These changes are sufficiently strong to be statistically defined as “structural breaks” in the time series. The sudden switch in the yield gaps may have stimulated a greater appreciation of structural change in the property market.

The research focuses on the most transparent real estate markets in the world, but other countries with less developed markets may respond differently.

The practical implications relate to how to value real estate yields relative to interest rates.

This is the first paper that has compared international yield gaps over time and examined the role of the gap between index-linked government bonds and real estate yields.

Valuation accuracy usually conjures up images of empirical studies of comparisons between sales and valuations and different valuations of the same properties, and a number of references to these studies are included in the paper. However, this paper concentrates on the institutional influences which impact on valuations and their accuracy. The overall aim of this paper is to examine the legal interpretation of valuation inaccuracy in the UK. This might seem a bit parochial in the context of a World Valuation Congress. However, cases in many countries in the Commonwealth form precedents for each other and therefore decisions in, for example, the UK and Australasia, are drawn on by others in reaching decisions. The paper also reaches conclusions which have wider implications for all jurisdictions which have valuation disputes settled in courts, tribunals and any other quasi‐judicial body.

Purpose – The UK energy market is in a period of significant transition, with a target of cutting carbon emissions by at least 80% by 2050. There is widespread agreement that the current policy landscape needs to change if this ambitious target is to be achieved. However, the current business structure also requires a radical overhaul. This chapter explores the new business models that are being introduced to serve commercial and domestic customers.

Methodology/approach – This chapter presents a case study of the UK energy sector that draws on the first author's active engagement in the UK's energy market and thus participant observation. The discussion is framed around relevant material from the entrepreneurship and innovation literatures, with a particular focus on entrepreneurial opportunities created by policy.

Findings – In a rapidly changing policy environment, new ideas, technologies and business models are emerging. A range of new business models evident in the market are explored. These include new forms of service delivery, market-making models and finance models.

Social implications – The chapter highlights the importance of entrepreneurship and innovation in the delivery of a low-carbon economy. It also explores the role of policymakers in promoting more environmentally sustainable approaches in this industry sector.

Originality/value of chapter – The chapter presents a novel, industry-specific case study. It contributes to extant knowledge on sustainable business through its focus on the complex interaction of policy and entrepreneurship as well as some of the business models required for the transition to a low-carbon future.