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…
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.
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When Hurricane Katrina hit New Orleans on August 29, 2005, the category 3 storm’s surge caused nearly every municipal levee to break leaving 80% of the city flooded. In the…
Abstract
Purpose
When Hurricane Katrina hit New Orleans on August 29, 2005, the category 3 storm’s surge caused nearly every municipal levee to break leaving 80% of the city flooded. In the aftermath of the storm, television images of stranded residents, drowned hospital patients, looted stores, and chaos in designated shelters ignited an ethical debate over the role of race and class in modern America. As debates raged over how, or whether, to rebuild New Orleans, the idea of cultural sustainability underlies these discussions.
Design/methodology
Drawing on the largest diaspora since the American Dust Bowl of the 1930s, I begin by examining the concept of a civil society through Habermas’ (1994) utopian model of an ideal speech community. I extend Habermas’ idea to the environmental justice movement with an emphasis on the utilitarian approach. This includes my discussion of Hinman’s (1998) pluralistic view of moral ethics within a multicultural society coupled with Bullard’s (1993, 1994, 2008) applied environmental social justice in low-income racial minority neighborhoods disproportionately impacted by hazardous waste sites. Then, I expand this argument into the concept of cultural sustainability in which the concept of a free speech community and environmental justice are embedded.
Findings
Drawing on a case study of New Orleans, I examine how the city’s divided racial and class cultures provide major challenges to applying cultural sustainability practices in the post-Katrina rebuilding process.
Originality
This chapter uses a case study to explore the application of cultural sustainability practices highlighting the concepts implicit roots in Habermas’ utopian free speech community and underlying ties to the environmental justice movement.
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Andrew Ellison, Graham Squires and Patrick Dempsey
There are some 487,000 places in long-stay residential care and nursing homes in the UK representing an industry worth some £15.2 billion per annum. Creating leases with…
Abstract
Purpose
There are some 487,000 places in long-stay residential care and nursing homes in the UK representing an industry worth some £15.2 billion per annum. Creating leases with guaranteed rental uplifts, a property bond in all but name, now attracts significant investment into healthcare. This is argued to be unsustainable, as evidenced by the collapse of Southern Cross Healthcare. The purpose of this paper is to provide insight into institutional investment for sustainable healthcare provision.
Design/methodology/approach
It is carried out via a range of unstructured and semi-structured interviews with a purposive sample of a small elite of professionals involved at the summit of this investment market and analysis of secondary literature concerning the wider international property market regarding the way in which advisers and investors view the security and value of these new instruments.
Findings
It is found that the differentiation between rental growth and indexed rental uplifts reveal a misunderstanding of the nature of the investment vehicles currently being marketed.
Practical implications
The implication of the research, is that much modern private healthcare provision is financially unsustainable, as has begun to be recognised in recent government regulation and guidance.
Originality/value
This research provides new and original insight into institutional investment for sustainable healthcare provision
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The US fossil fuel industry is vulnerable to opposition from other sectors of the ruling class. Non-fossil fuel capitalists might conclude that climate breakdown jeopardizes their…
Abstract
The US fossil fuel industry is vulnerable to opposition from other sectors of the ruling class. Non-fossil fuel capitalists might conclude that climate breakdown jeopardizes their interests. State actors such as judges, regulators, and politicians may come to the same conclusion. However, these other elite actors are unlikely to take concerted collective action against fossil fuels in the absence of growing disruption by grassroots activists. Drawing from the history of the Obama, Trump, and Biden presidencies, I analyze the forces determining government climate policies and private-sector investments. I focus on how the climate and Indigenous movements have begun to force changes in the behavior of certain ruling-class interests. Of particular importance is these movements' progress in two areas: eroding the financial sector's willingness to fund and insure fossil fuels, and influencing judges and regulators to take actions that further undermine investors' confidence in fossil fuels. Our future hinges largely on whether the movements can build on these victories while expanding their base within labor unions and other strategically positioned sectors.
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National Library Week was first launched in America in the spring of 1958 with the slogan “Wake Up and Read”. It is now an established, continuing, year‐round programme to help…
Abstract
National Library Week was first launched in America in the spring of 1958 with the slogan “Wake Up and Read”. It is now an established, continuing, year‐round programme to help build a reading nation and to spur the use and improvement of libraries of all kinds. The sponsors seek the achievement of these objectives because they are the means of serving social and individual purposes that are immeasurably larger.
NATIONAL Library Week was first launched in America in the spring of 1958 with the slogan “Wake Up and Read”. It is now an established, continuing, year‐round programme to help…
Abstract
NATIONAL Library Week was first launched in America in the spring of 1958 with the slogan “Wake Up and Read”. It is now an established, continuing, year‐round programme to help build a reading nation and to spur the use and improvement of libraries of all kinds. The sponsors seek the achievement of these objectives because they are the means of serving social and individual purposes that are immeasurably larger.
Purpose – Emissions trading is often heralded as an efficient approach to environmental regulation. In the mid-90s Communities for a Better Environment (CBE), a Los Angeles-based…
Abstract
Purpose – Emissions trading is often heralded as an efficient approach to environmental regulation. In the mid-90s Communities for a Better Environment (CBE), a Los Angeles-based advocacy organization, raised concerns that emissions trading in the South Coast Air Basin, the most polluted region in Southern California, would result in environmental injustice. The organizations concerns received mixed responses from regulators. Historical analysis is used to assess the clash between emissions trading and environmental justice (EJ).
Methodology/approach – Emissions trading and EJ arose side by side between the 1960s and the 1990s, yet they disagree on how to clean the air. Historical analysis of legal documents, presidential addresses, letters, working papers, reports, and the like offers a better understanding of the development of emissions trading and EJ, and their intersection in environmental policy.
Findings – Emissions trading was grafted onto Clean Air Act policies not inherently designed for their incorporation. As a result, emissions trading came into direct philosophical opposition with EJ as political pressures calling for both economically efficient antiregulatory-ism and environmental equity forced their intersection. Formally, regional and national government accepted EJ as part of law. However, in principle, emissions trading undermined this acceptance. As a result, CBE could not easily win or explicitly lose its battle against emissions trading.
Originality/value of paper – Previous work on the relationship between emissions trading and EJ tend to focus on legal analysis and normative implications of emissions trading. Putting emissions trading and environment justice into historical perspective helps to illuminate larger questions about EJ activism and policy. Also, as California, the United States, and Europe turn to emissions trading to combat not only air pollution but also climate change, important lessons can be learned from the histories and collision of emissions trading and EJ.
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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…
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.
Thomas D. Beamish and Nicole Woolsey Biggart
This article traces the regimes of worth that defined energy for centuries as a productive force of human and animal labor, an understanding that transformed in the 18th century…
Abstract
This article traces the regimes of worth that defined energy for centuries as a productive force of human and animal labor, an understanding that transformed in the 18th century to an “industrial-energy” regime of worth supporting an economy of mass production, consumption, and profit and more recently one centered on market forces and price. Industrial and market energy and the conventions and institutions that support them are currently in a period of discursive and material ferment; they are being challenged by different higher order principles of worth. We discuss eight emergent energy justifications that argue what kind of energy is – and is not – in the best interests of society.