W.M. Maxted BSc MSc DipTP ARICS
This paper attempts to state the arguments in favour of a unitised market for commercial property investment. Unitisation involves the splitting up of the ownership of a single…
Abstract
This paper attempts to state the arguments in favour of a unitised market for commercial property investment. Unitisation involves the splitting up of the ownership of a single property into units which can then be freely traded in much the same way as stocks and shares on the stock market. At present there are two main sets of proposals relating to the introduction of a unitised property market. These will be briefly summarised and then a number of questions will be posed concerning valuation and property management aspects of unitisation.
Examines the possible impact of unitization on property managementin the UK. Discusses the management of property investment schemes inwhich the units are listed on stock…
Abstract
Examines the possible impact of unitization on property management in the UK. Discusses the management of property investment schemes in which the units are listed on stock exchanges in Australia and the USA. Concludes that Australian and US experience suggests share price of the listed vehicle tends to drop when first floated, and that the importance of aggressive property management is its influence on the market price of the units/shares in the investment vehicle.
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M. Oxley BSc and W.M. Maxted BSc Msc DipTP ARICS
There is a danger that any significant changes in the rating system will involve only dwellings and that non‐domestic rating will continue as before. There are, however, strong…
Abstract
There is a danger that any significant changes in the rating system will involve only dwellings and that non‐domestic rating will continue as before. There are, however, strong arguments for either the reform, or abolition of, rates on business premises. They are not related to ability to pay or the cost of services used; the payers are not local voters and infrequent revaluations alter unfairly the relative burdens of different businesses. Non‐domestic rates provided an estimated 24 per cent of local government rate fund revenue in Great Britain in 1981/82 compared with 19 per cent contributed by domestic rate payers and 57 per cent from Exchequer grants.
In the context of the financial crash and the commercial property market downturn, the purpose of this paper is to examine the basis of valuation used in the UK commercial…
Abstract
Purpose
In the context of the financial crash and the commercial property market downturn, the purpose of this paper is to examine the basis of valuation used in the UK commercial property lending process. Post‐crisis there is discussion of countercyclical measures, including the monitoring of asset prices; however there is no consideration of a different approach to property valuation. This paper questions this omission, given the role that valuations play in the bank regulatory process.
Design/methodology/approach
The different bases of valuation available to lenders within international valuation standards are identified as market value (MV), mortgage lending value (MLV) and investment value (IV), with MV being the most used in the UK. Using the different bases in the period before the financial crisis, the UK property market is modelled at a national office, retail and industrial/warehouse sector level to determine the performance of each alternative valuation basis within the context of countercyclical pressures on lending.
Findings
Both MLV and IV would have produced lower valuations than MV, although there are some practical issues involved in adopting the different bases for the bank lending.
Originality/value
The use of a different valuation basis could provide lenders with tools for more informed and prudent lending.
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The purpose of this paper is to examine the effect that government austerity policies has had on local studies in Devon and suggest a possible alternative means of maintaining…
Abstract
Purpose
The purpose of this paper is to examine the effect that government austerity policies has had on local studies in Devon and suggest a possible alternative means of maintaining local studies’ collections.
Design/methodology/approach
This paper presents an historical survey of local studies provision in the county since the nineteenth century and outlines the present local studies’ landscape.
Findings
The findings show that local studies’ provision has been severely affected by eight years of progressive cuts to public library funding and that present publications, both printed and digital, are no longer being adequately recorded.
Practical implications
This paper suggests that in Devon, the museum sector may be a more appropriate home for local studies’ library provision than are archive services.
Social implications
Volunteers in libraries, museums and archives across Devon will be involved in maintaining a union catalogue and a bibliography of local publications.
Originality/value
While this is a suggested solution for Devon, it may not be applicable in regions with different traditions of heritage provision.
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A somewhat underappreciated aspect of the burgeoning rush to regional trade agreements (RTAs) is a discrepancy between the dispute settlement procedure (DSP) embodied in the…
Abstract
A somewhat underappreciated aspect of the burgeoning rush to regional trade agreements (RTAs) is a discrepancy between the dispute settlement procedure (DSP) embodied in the original World Trade Organization (WTO) Dispute Settlement Understanding (DSU) and that found in the language of many RTAs. This chapter explores the issue in the context of a dynamic repeated game of trade agreements. As is well known, the institutional alternatives available in negotiating multilateral freer trade agreements – regional agreements, side agreements, trade dispute settlement punishments, and so on – can proscribe the limits and shape the nature of self-enforcing trade agreements. Here, we suggest the extent to which deviations from the WTO DSP embodied in RTAs – for example, “private interest access,” “third party procedures,” and “choice of forum” – can not only work against the interests of “weaker parties” but furthermore undermine multilateral agreements closer to free trade.
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Climate change-induced weather changes are severe and frequent, making it difficult to predict apparel sales. The primary goal of this study was to assess consumers' responses to…
Abstract
Purpose
Climate change-induced weather changes are severe and frequent, making it difficult to predict apparel sales. The primary goal of this study was to assess consumers' responses to winter apparel searches when external stimuli, such as weather, calendars and promotions arise and to develop a decision-making tool that allows apparel retailers to establish sales strategies according to external stimuli.
Design/methodology/approach
The theoretical framework of this study was the effect of external stimuli, such as calendar, promotion and weather, on seasonal apparel search in a consumer's decision-making process. Using weather observation data and Google Trends over the past 12 years, from 2008 to 2020, consumers' responses to external stimuli were analyzed using a classification and regression tree to gain consumer insights into the decision process. The relative importance of the factors in the model was determined, a tree model was developed and the model was tested.
Findings
Winter apparel searches increased when the average, maximum and minimum temperatures, windchill, and the previous day's windchill decreased. The month of the year varies depending on weather factors, and promotional sales events do not increase search activities for seasonal apparel. However, sales events during the higher-than-normal temperature season triggered search activity for seasonal apparel.
Originality/value
Consumer responses to external stimuli were analyzed through classification and regression trees to discover consumer insights into the decision-making process to improve stock management because climate change-induced weather changes are unpredictable.
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From these and similar clinical experiments, together with the results of animal experimentation, it may be said that most modern authorities include xerophthalmia and night…
Abstract
From these and similar clinical experiments, together with the results of animal experimentation, it may be said that most modern authorities include xerophthalmia and night blindness among the diseases resulting from deficient diet. Night blindness, in fact, is considered to be a delicate test of vitamin A deficiency.