Craig Furfine and Mitchell Petersen
In April 2012 Bill Nichols, a financial analyst at the real estate investment firm Koenig Capital, was about to enter a unique lease renegotiation. One of Koenig's tenants…
Abstract
In April 2012 Bill Nichols, a financial analyst at the real estate investment firm Koenig Capital, was about to enter a unique lease renegotiation. One of Koenig's tenants, Hasperat Inc., had sixteen years left on its long-term lease of the Kelley Building, a 165,000-square-foot office building in downtown Cleveland. The lease contained a clause giving Hasperat the option to buy the Kelley Building from Koenig. When Nichols tried to place a mortgage on the property to take advantage of low interest rates, he learned that the existence of this option in the lease contract prevented lenders from offering Koenig their lowest rates. As a result, Nichols had been tasked with renegotiating the lease to remove the option clause. This unexpected event offered Nichols the opportunity to use his financial skills. He needed to calculate the fair value of the purchase option to be able to justify to his superiors by how much they should compensate Hasperat. Students will step into the role of Bill Nichols and apply real options modeling techniques to value the purchase option in Hasperat's lease.
After reading and analyzing the case, students will be able to:
Apply real options theory to the valuation of a purchase option in a commercial real estate lease
Identify the common mistakes in applying traditional discounted cash flow (DCF) analysis to financial problems with option components
Apply real options theory to the valuation of a purchase option in a commercial real estate lease
Identify the common mistakes in applying traditional discounted cash flow (DCF) analysis to financial problems with option components
Details
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Keywords
The Social Return on Investment (SROI) framework has been developed for mapping and measuring social impact. It may be used for legitimating organisations and projects. The…
Abstract
Purpose
The Social Return on Investment (SROI) framework has been developed for mapping and measuring social impact. It may be used for legitimating organisations and projects. The framework is often criticised for its overemphasis of the SROI ratio, i.e. the relationship between monetised benefits and costs. This study aims to demonstrate how the SROI method legitimates organisations or projects with multiple other discursive ways besides the SROI ratio. It also discusses the status of these other ways of legitimation in relation to the quantifying and monetising core tendency of SROI.
Design/methodology/approach
The empirical data consist of an SROI guidebook and 12 SROI reports. Their study applies Theo van Leeuwen’s ideas for analysing the discursive legitimation of social practices. The study takes place broadly in the framework of Norman Fairclough’s critical discourse analysis, aided by qualitative content analysis.
Findings
In the analysis, the full spectrum of the van Leeuwenian legitimation means used by SROI – authorisation, rationalisation, moral evaluation and mythopoetical narration – is brought out in the data and the status and social context of the legitimation means are assessed and discussed. It is shown that there is existing potential for broader and more visible use of different legitimation means.
Practical implications
Based on the findings of the study, suggestions for the improvement of SROI reporting by a more balanced explicit use of the multitude of legitimation means are presented.
Originality/value
The study is original both in its subject (the spectrum of legitimation in SROI) and its method (qualitative discursive and contentual analysis of SROI as a legitimating discourse).
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Robert S. Nichols and Amber K. Dodds
The purpose of this paper is to assess the public policy benefits of ban-the-box laws, the administrative burden for employers created by disparate approaches to these laws among…
Abstract
Purpose
The purpose of this paper is to assess the public policy benefits of ban-the-box laws, the administrative burden for employers created by disparate approaches to these laws among various states and cities and the value of adopting a federal ban-the-box law with a preemptive effect.
Design/methodology/approach
The paper uses a descriptive research method that examines statistical data regarding the recidivism and sustained employment and examples of states’ laws regarding restrictions or requirements of when criminal history inquiries can be made during the hiring process, notice requirements related to use of criminal history information and limitations on employment decisions based on criminal history information.
Findings
The paper finds that, given the public policy interests at stake and the relationship observed between recidivism and sustained employment, it is difficult to argue that states and local ban-the-box requirements are not rational and well-intentioned. However, a federal ban-the-box law with preemptive effect is likely the only viable solution for employers overburdened by this disparate approach to ban-the-box.
Originality/value
This paper provides an examination of why a federal ban-the-box law with preemptive effect is an attractive alternative to the current disparate approach to regulating criminal history inquiries by different states and local governments.
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In this chapter, I attempt to explain the diverse nature of social enterprise education in higher education and review the content, placement, and pedagogy of various programs of…
Abstract
In this chapter, I attempt to explain the diverse nature of social enterprise education in higher education and review the content, placement, and pedagogy of various programs of study with distinctly different approaches. I see the approaches to social enterprise education falling into three different categories that I call accommodating, integrating, and immersion. The differences are explained by the problem of the familiar: the attempt to define the field in terms of the existing economic and entrepreneurial theories alone. Building on work of others I offer a new framework for understanding social enterprise and social entrepreneurship in the form of propositions that may be empirically tested and potentially could be helpful in developing consistent models for social enterprise education. These propositions are concerned with social benefits or outcomes, agency and firm, scale, and sustainable funding.
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J.A.F. Nicholls, Fuan Li, Carl J. Kranendonk and Sydney Roslow
The present study investigates changes in the shopping behavior of today’s mall patrons as opposed to those in the early 1990s. Data collected in the sample surveys included…
Abstract
The present study investigates changes in the shopping behavior of today’s mall patrons as opposed to those in the early 1990s. Data collected in the sample surveys included respondents’ demographic attributes, shopping motivations, situational factors, and purchase behaviors. Although no differences were found between the demographics of the respondents in the earlier and later periods, we discovered significant differences in shopping patterns and purchase behaviors. Compared with the shoppers in the early 1990s, today’s mall patrons tend to be more leisure driven, they have a greater concern for merchandise selection, and they visit the mall less often but make more purchases per visit. The findings also reveal that situational variables are more likely to have an impact on shoppers’ purchase decisions today than they did before. Based on the study’s findings, we suggest a number of pragmatic strategies to aid store and mall managers in their marketing efforts with regard to consumers today.
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This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/14777270010734055. When citing the…
Abstract
This article has been withdrawn as it was published elsewhere and accidentally duplicated. The original article can be seen here: 10.1108/14777270010734055. When citing the article, please cite: S. Nicholls, R. Cullen, S. OʼNeill, A. Halligan, (2000), “Clinical governance: its origins and its foundations”, British Journal of Clinical Governance, Vol. 5 Iss: 3, pp. 172 - 178.
Marilyn A. Sher, Lucy Warner, Anne McLean, Katharyn Rowe and Ernest Gralton
The purpose of this paper is to explore the validity and reliability of the Short-Term Assessment of Risk and Treatability: Adolescent Version (START:AV) to determine if it has…
Abstract
Purpose
The purpose of this paper is to explore the validity and reliability of the Short-Term Assessment of Risk and Treatability: Adolescent Version (START:AV) to determine if it has predictive accuracy in relation to physical aggression, severe verbal aggression, property damage and self-harm, in a medium secure setting. In addition, the authors hoped to provide some of the first descriptive data available for the START:AV among a UK adolescent population in a medium secure adolescent unit.
Design/methodology/approach
The sample consisted of 90 female and male adolescents, with and without developmental disabilities. It was important to explore the measure’s predictive accuracy across specific population groups, such as between males and females, as well as those with developmental disabilities, and those without.
Findings
Some significant relationships were found between the START:AV and adverse outcomes. For instance, total strength and vulnerability scores were predictive for verbal and physical aggression. Differences in predictive validity were evident when comparisons were made between males and females, with relationships being evident amongst the male population only. When splitting the male sample into developmental disability and non-developmental disability groups, significant relationships were found between strength and vulnerability scores and verbal and physical aggression.
Practical implications
A number of practical implications are considered, such as the START:AV is relevant for use with adolescents in hospital settings and the significant inverse relationship between strength scores and negative outcomes supports the importance of considering protective/strength factors when working with at risk youths.
Originality/value
There is currently limited validation data for the START:AV in the UK or elsewhere.
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Andrea Kalvesmaki and Joseph B. Tulman
This chapter considers the school-to-prison pipeline (STPP) within the United States as a network of flows and feedback loops that connects the education and delinquency systems…
Abstract
This chapter considers the school-to-prison pipeline (STPP) within the United States as a network of flows and feedback loops that connects the education and delinquency systems. This system is heavily biased to funnel students with disabilities, disproportionately from low-income minority families, away from productive educational outcomes through punitive, exclusionary, and restrictive measures that too often result in incarceration. Congress intended special education and disability rights laws to ameliorate injustice and ensure long-term positive outcomes for all students. Through a systems theory perspective, this chapter outlines key leverage points inherent in disability rights laws, which can and should be activated to interrupt and reverse the STPP. Many provisions within the law are overlooked or inadequately enacted within current educational practices. The authors present problem-solving strategies, rooted in the Individuals with Disabilities Education Act (IDEA) and other disability rights laws, for educators, juvenile justice advocates, and policymakers to use in order to reduce school exclusion and incarceration of vulnerable youth and to provide education opportunity for all students.