Considers the potential impact of seven‐day trading on the spatialpattern of retail rents. Notes that the Institute of Fiscal Studiespredicts that Sunday trading will have no…
Abstract
Considers the potential impact of seven‐day trading on the spatial pattern of retail rents. Notes that the Institute of Fiscal Studies predicts that Sunday trading will have no appreciable effect on the overall level of turnover in the retail sector resulting in a decline in the real value of retail rents. Concludes that shopping areas in large town centres are most vulnerable to a decline in retail activity.
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Richard Barkham and Abraham U. Park
The purpose of this paper is to present evidence on the significance of the strategic determinants of the lease versus buy (LVB) decision for corporate real estate (CRE) in the UK.
Abstract
Purpose
The purpose of this paper is to present evidence on the significance of the strategic determinants of the lease versus buy (LVB) decision for corporate real estate (CRE) in the UK.
Design/methodology/approach
This paper takes an empirical approach using logistic regression technique to explore company and site characteristics for LVB decision for CRE based on a survey involving 2,248 UK firms.
Findings
The results show significance for locational characteristics, size of operations, and physical attributes of the real estate; company size, however, was less significant than supposed, while company preferences came through strongly; sectoral differences were negligible.
Research limitations/implications
The dataset used in this study is based on a 1998 survey of 2,248 property occupiers in the UK. Although the sample size is large, the LVB decision was only a part of the survey.
Practical implications
This paper demonstrates the necessity for a wider framework to fully analyze the LVB decision for CRE, which not only includes finance, but also corporate strategy, locational analysis, and real estate economics.
Originality/value
This paper makes an empirical contribution to the field of CRE research by presenting evidence on the significance of the strategic determinants of the LVB decision for CRE in the UK.
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Richard Barkham and Malcolm Frodsham
– The purpose of this paper is to provide an indication of the returns to commercial property lending over the last 30 years in the UK.
Abstract
Purpose
The purpose of this paper is to provide an indication of the returns to commercial property lending over the last 30 years in the UK.
Design/methodology/approach
There is no long-term index of the returns to commercial property lending in the UK. This paper provides a partial solution by simulating the performance of bullet loans of various vintages, based on the value movements of the IPD index.
Findings
On average over the long-term debt returns are higher than equity returns. However, in certain periods, the losses incurred by real estate lenders are very large.
Research limitations/implications
No account taken of risk mitigation strategies used by lenders such as cross-collateralisation.
Practical implications
Provides an alternative approach to that recommended by the recent IPF “Vision For Real Estate Finance” Document based on the use of ICR. Makes the case for a loan equivalent of the IPD index.
Social implications
Reduced chance of resource misallocation and recession due to excess real estate lending.
Originality/value
Very limited information on private real estate debt returns.
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R.J. Barkham, C.W.R. Ward and O.T. Henry
Presents results of an investigation of the inflation‐hedging characteristics of UK property. Evaluates the various methods of decomposing inflation into its “expected” and…
Abstract
Presents results of an investigation of the inflation‐hedging characteristics of UK property. Evaluates the various methods of decomposing inflation into its “expected” and “unexpected” components, using new time series data on inflation expectations produced by a questionnaire survey of informed market participants. Utilizes the power and suitability of causality and cointegration analysis to examine the relationship between inflation and property returns. Analyses the sensitivity of the results about the hedging capabilities of property to the removal valuation induced “smoothing” from property returns. Concludes that property is best seen as offering hedging characteristics that are only revealed in the long run.
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The literature concerned with British regional housing markets has been relatively limited, especially in comparison to the research undertaken with regard to the commercial…
Abstract
The literature concerned with British regional housing markets has been relatively limited, especially in comparison to the research undertaken with regard to the commercial market. This paper aims to redress the balance primarily in two areas. First, the performance of regional housing markets over the period 1983 to 1995 is assessed and compared to comparable returns from the commercial sector and the UK equity and bond markets. The second area of concern is the inflation hedging ability of these markets. While a large number of studies have examined the UK commercial sector, the residential market has been largely ignored. The paper examines the issue using the Ordinary Least Squares (OLS) regression model proposed by Fama and Schwert (1977) and also on a long‐term basis using cointegration techniques. The results are mixed, with some evidence that the residential market provides a hedge, but with little evidence that the commercial market provides protection against inflation. While no evidence was found that either property sector is cointegrated with inflation, there was some evidence of causal relationships. Additionally, in both the performance appraisal and in the inflation tests, substantial differences were found between different regional markets.
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Thomas Richard Gourley and Luke Yates
Psychometrically sound measures are essential for clinical practice to provide appropriate therapeutic input. Vlissides et al. (2016) reviewed measures used in psychological…
Abstract
Purpose
Psychometrically sound measures are essential for clinical practice to provide appropriate therapeutic input. Vlissides et al. (2016) reviewed measures used in psychological therapies with people who have intellectual disabilities (ID). This paper aims to review the evidence for the psychometric properties of recent clinical measures published since/overlooked by Vlissides et al. (2016).
Design/methodology/approach
A literature search was conducted to identify relevant clinical measures. Experts in the field also were contacted. Twenty papers were identified, relating to five novel clinical measures: psychological therapies outcome scale – intellectual disabilities, clinical outcome in routine evaluation – learning disabilities scale 30, quality of early relatedness rating scale, scale of emotional development – short and the Frankish assessment of the impact of trauma.
Findings
Evidence was found supporting a proportion of the psychometric properties of each measure, and some measures were found to be useful in directing interventions and informing clinical decisions. None of the measures identified, however, are yet to be fully psychometrically investigated, requiring further research.
Originality/value
To the best of the authors’ knowledge, this paper is the first to review the evidence of psychometric properties for these five emerging clinical measures and as such contributes an original perspective on their current state and requirements for future development.
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Ambiguities in the term ‘evidence‐based practice’ (EBP) are often used to hide some of the tensions within the idea itself. This article seeks to clarify what EBP means and how…
Abstract
Ambiguities in the term ‘evidence‐based practice’ (EBP) are often used to hide some of the tensions within the idea itself. This article seeks to clarify what EBP means and how evidence and knowledge can contribute to the development of children's services. It acknowledges the ‘implementation gap’ between evidence‐based practice and evidence‐based practitioners, and discusses two contrasting perspectives on the problem and its solution. For ‘disseminators’ the primary issue is better translation of findings into practice, illustrated here by the work of the National Institute of Health and Clinical Excellence (NICE). ‘Revisionists’ look beyond obstacles and drivers to implementation and instead advocate looking again at the relationship between research and practice and propose a number of radical proposals for how this relationship can be re‐envisioned.
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– The purpose of this paper is to discuss how research can support a renewed focus on the promotion of independence and the prevention of avoidable dependency.
Abstract
Purpose
The purpose of this paper is to discuss how research can support a renewed focus on the promotion of independence and the prevention of avoidable dependency.
Design/methodology/approach
Narrative review and discussion.
Findings
Generating practice-based evidence, exploiting the possibilities of existing administrative data and learning from the world of public health may offer some ways forward.
Originality/value
Potential priorities for future research are identified.