bluuebunny/crossref_metadata_2025_split huggingface dataset:
Is the UK real estate market converging with the rest of Europe?
Authors: Lee Stephen L. 
Published: May 2009

PurposeA number of studies have examined the convergence in European real estate markets and find that convergence is time‐varying. Additionally, the returns of some countries, notably the UK, are as equally, if not more, influenced by the real estate returns in the USA than those in Europe. This paper aims to study the time‐varying convergence of the UK securitised real estate market shows with countries within Europe relative to that with the USA.Design/methodology/approachThis paper utilizes a model estimated using a Kalman filter.FindingsUsing monthly data over the period 1990‐2007 we show that from 1990 to 1998 the returns of the UK securitised real estate were more influenced by the US market than the other countries in Europe. However, from autumn 1998 to 2004 the short‐run movements in the return of the UK securitised real estate market became increasingly associated with movements in the other countries in Europe market rather than the USA. But since 2004 the returns in the UK real estate have once again started to diverge from those of most countries in Europe.Originality/valueThis is the first paper to examine the time‐varying convergence of the securitised real estate markets using time‐varying parameter modelling techniques estimated by the Kalman filter. The results showing that the UK has not converged with the other markets in Europe, which implies that real estate diversification is still a viable investment strategy for UK investors in most countries in Europe.
Leverage and NAV discount: evidence from Italian real estate investment funds
Authors: Morri Giacomo , Benedetto Paolo 
Published: May 2009

PurposeThe closed‐end fund puzzle is one of the most famous unsolved issues in financial economics and as such, over time, it has raised the interest of many authors also in the real estate field. The aim of this paper is both to determine whether the effect of leverage on net asset value (NAV) discount is biased by an accounting effect as well as to investigate the determinants of NAV discount by means of the “rational” approach.Design/methodology/approachThe hypotheses are tested by using both the traditional formula as well as a new, unlevered one to calculate the NAV discount. A best subset analysis is carried out to ascertain the better set of determinants.FindingsThe main result of the analysis is that the influence of leverage on the NAV discount is biased by an accounting effect while other factors are highly significant.Research limitations/implicationsThis paper is a starting point for additional research on some of the identified factors as well as on similar samples for which a wider set of data is available.Originality/valueThe homogeneity of the Italian real estate investment funds sample, which is not biased by any fiscal effect, and the use of an unlevered formula to calculate NAV discount are important factors when trying to understand the determinants of NAV discount.
Invariance assumptions among the UK property professionals' decision making
Authors: Ye Xu , Dent Peter R. 
Published: May 2009

PurposeTraditional finance theory have developed on the basis of expected utility theory and assumes that investors are rational. However, recent developments in behavioural finance challenge this, and thus question the validity of the assumptions on which expected utility theory are based. However, existing studies on this matter have mainly focused on capital markets, and research in the property industry has tended to lag behind. Therefore, adopting UK property professionals as samples, this paper aims to explore the reliability of the invariance assumption of people's behaviour under expected utility theory.Design/methodology/approachTo fulfil the aim of this paper, a questionnaire survey was undertaken among the property professionals in London during the second half of 2005. Benefited from the group administrative method 78 out of 99 questionnaires were returned, and this reflects an overall response rate of approximately 79 per cent.FindingsThe research identifies that among the tested UK samples, property professionals change their preferences according to the way the questions are presented. In other words, the invariance assumption is not valid among UK property professionals. This paper then further investigates the possible factors that might influence people's decisions. It suggests that people would change their choices anyway, regardless of their gender, age, degree subjects or their working experience in the property industry. Therefore, further research is needed to find some other factors that might influence this particular behaviour among UK property professionals.Originality/valueThis paper draws the industry attention to the use of existing investment models, and suggests that an understanding of people's behaviour could help to improve decision making.
Real estate education in Europe: some perspectives on a decade of rapid change
Authors: D'Arcy Éamonn , Taltavull Paloma 
Published: May 2009

PurposeThe purpose of this paper is to provide a profile of the structure of real estate education provision in Europe, its key recent drivers and some ideas for its future development.Design/methodology/approachThe paper provides an analysis of recent trends in provision based on the European course accreditation data provided by the Royal Institution of Chartered Surveyors (RICS). The structure of provision is examined within the context of the significant changes which have taken place in the structure of European real estate markets as a means of identifying its key drivers. The analysis goes on to consider the opportunities presented for the future development of provision by two important initiatives the “Bologna Process” and the “European Real Estate Society Education Seminar”.FindingsThere has been considerable expansion in the provision of real estate education in Europe in recent years. The postgraduate level both full‐time and part‐time has been established as the dominant mode of provision with a business school setting as an increasingly important academic context. The two initiatives examined have the potential to contribute to the development of a truly pan‐European approach to real estate education.Originality/valueThe paper provides the first systematic review of real estate education provision in Europe directly related to changes in the structure of real estate markets. It provides educators which some ideas on how to shape future provision in particular though the development of key stakeholder relationships across Europe.
European value added investing: leveraging structural and cyclical real estate opportunities
Authors: O'Roarty Brenna 
Published: May 2009

PurposeThe demand for value added investment in the European real estate market emerged in the mid to late 1990s and over the past decade has grown rapidly as a preferred investment style. Recent evidence suggests that investor appetite for value added products is set to intensify further. The purpose of this paper is to consider value added investment in the context of the wider market and in particular considers the rationale underpinning the current surge in demand. The paper explores the core components of its risk return profile and puts forward a strategic investment framework for European value added investment.Design/methodology/approachThis paper develops a three tier filter to enable the classification of investment style. First, the risk parameters of the key investment characteristics are considered; second, the degree of risk exposure experienced on any one dimension and finally, the combination of such risks taken at any one time.FindingsThe key findings of this paper are: the shift in capital towards real estate at the beginning of the decade brought a new investor audience to the sector. Alongside the existing investor base, their growing experience in the sector, together with steep pricing competition for core has increased their risk appetite within the sector.Originality/valueThe paper emphasizes that investment strategies focussed on delivering true risk adjusted value added returns must be capable of identifying structural change, evaluating its implications for the real estate market and analysing its impact on current and future value.
When the big “R” hits home: governance in family firms during economic recession
Authors: Braun Michael R. , Latham Scott F. 
Published: May 2009

PurposeThis paper seeks to give consideration to the family imprint on governance in the context of firms experiencing economic recession. It aims to rely on agency and stewardship theories to empirically examine the relationship between CEO duality and slack resources on family firm performance during economic recession.Design/methodology/approachTrend analyses were used employing hierarchical linear modeling (HLM) to evaluate the influence of duality and slack resources on the performance of 75 family‐controlled public firms (FCPFs) during the 2001‐2002 US economic recession and recovery.FindingsThe results indicate that duality and slack by themselves do not influence firm performance. However, family firms with a combined CEO‐chair and ample slack resources experience enhanced performance both at the onset of recession and at its conclusion. The findings suggest that a unified leadership and access to slack provide the family with the means to weather economic hardship. The paper makes the case that the stewardship afforded by this combination provides clear benefits to outside shareholders.Practical implicationsThe absolute leadership and decision‐making control afforded to a CEO‐chair who also holds the reins over firm resources helps to favorably position the business and ease its course through difficult times. The results of this paper suggest that what is good for the family may also be good for other stakeholders in the firm, in this case non‐family shareholders.Originality/valueWith this study, attention is drawn to the governance of family businesses during times of economic duress. To the authors' knowledge, this study represents the only empirical investigation into family firm governance within this unique, albeit prevalent context.
Integrating resource‐based theory in a practice‐relevant form
Authors: Knott Paul 
Published: May 2009

PurposeThis paper aims to address the limited development of techniques to analyze firms' internal sources of competitive performance. It seeks to enhance the contribution of the widely diffused value‐rarity‐imitability‐organisation (VRIO) model to practical strategy making.Design/methodology/approachThe paper draws on the resource‐based literature to assemble an integrated set of steps that evaluate a firm's resources and competence.FindingsThe paper proposes an expanded version of the VRIO model that represents resource and competence as a conditional outcome from attributes and asymmetries present in the firm. It shows how the conditions convert asymmetries between weaknesses, missed opportunities, rigidities and resources.Research limitations/implicationsBy synthesising resource‐based theory in a practice‐relevant form, the paper delineates a concrete set of practices that relate to firms' dynamic capability to manage resources and competence.Practical implicationsThe paper details an approach to resource and competence analysis that leads directly to decisions about how a firm can manage the resources in question. The model gives a central role to the conditions under which a firm's attributes give rise to a resource or competence, and hence suggests active management of these conditions.Originality/valueThe paper presents resource‐based theory in a form that focuses on the doing of strategy, in contrast to the traditional focus of this literature.
Determinants of strategic planning effectiveness: extension of earlier work
Authors: Elbanna Said 
Published: May 2009

PurposeThis paper aims to report the results of a study which extends the research of Elbanna by testing the relationship between strategic planning practice and participation on the one hand and the effectiveness of strategic planning on the other.Design/methodology/approachThe paper extends the work of Elbanna by conducting the study in a new setting, the United Arab Emirates (UAE) with a broader sample: private and public organizations. The study tries to control for the possible impact of the methodology on research results by adopting the same methods and measures as the initial study had adopted.FindingsThe conclusions of the combined studies show that, in Arab countries, strategic planning practice enhances strategic planning effectiveness; unexpectedly, and contrary to previous research in developed economies, management participation does not contribute here to the effectiveness of strategic planning.Originality/valueAlthough previous research provides valuable knowledge concerning strategic planning, there has been a paucity of research that empirically measures the effectiveness of strategic planning. Moreover, the scarcity of replications and extensions in the strategic management literature encourages this study to try to fill this gap. The research also shows the importance of extensions in building strategic management theory.
Building a FTSE 100 company by hitting the sweet spot of strategy
Authors: O'Regan Nicholas , Ghobadian Abby 
Published: May 2009

PurposeThe purpose of this paper is to present the views of Rod Aldridge OBE on building the strategy of a FTSE 100 company.Design/methodology/approachThe paper takes the form of an interview.FindingsThe interview with Rod Aldridge brings to life a number of key strategy concepts. The first is the importance of the external environment and the ability of an organisation to create a fit with the environment. Rod also alludes to the importance of finding the “sweet spot” of strategy – a position in a product market where there is a strong customer demand, little competition, and where the organisation has distinctive capabilities. The interview also gives credence to the argument that distinctive competencies that are the source of success can equally become a potential source of the organisation's demise.Originality/valueThe paper provides valuable insights into strategy concepts from one of the most respected leaders of the business world.
Binge drinking and depressive symptoms: a 5‐year population‐based cohort study
Authors: Paljärvi Tapio , Koskenvuo Markku , Poikolainen Kari , Kauhanen Jussi , Sillanmäki Lauri , Mäkelä Pia 
Published: May 2009

ABSTRACTBackground  Only few prospective population studies have been able so far to investigate depression and drinking patterns in detail. Therefore, little is known about what aspect of alcohol consumption best predicts symptoms of depression in the general population.Participants and design  In this prospective population‐based two‐wave cohort study, a cohort of alcohol‐drinking men and women (n = 15 926) were followed‐up after 5 years. A postal questionnaire was sent in 1998 (response proportion 40%) and again in 2003 (response proportion 80% of the baseline participants) to Finnish adults aged 20–54 years at baseline.Measurements  Alcohol consumption was measured by average intake (g/week) and by measures of binge drinking (intoxications, hangovers and alcohol‐induced pass‐outs). Depressive symptoms were assessed with the 21‐item Beck Depression Inventory. In addition, information from hospital discharge register for depression and alcohol abuse were linked to the data.Findings  This study found a positive association between baseline binge drinking and depressive symptoms 5 years later. Adjustment for several possible confounders attenuated the observed relationships only slightly, suggesting that binge drinking contributes independently to the occurrence of depressive symptoms. Binge drinking was related to symptoms of depression independently of average intake.Conclusions  This study supports the hypothesis that heavy drinking, and in particular a binge pattern involving intoxications, hangovers or pass‐outs, produces depressive symptoms in the general population. The frequency of hangovers was the best predictor for depressive symptoms.
Field parasitism rates of caterpillars on Brassica oleracea plants are reliably predicted by differential attraction of Cotesia parasitoids
Authors: Poelman Erik H. , Oduor Ayub M. O. , Broekgaarden Colette , Hordijk Cornelis A. , Jansen Jeroen J. , Van Loon Joop J. A. , Van Dam Nicole M. , Vet Louise E. M. , Dicke Marcel 
Published: May 2009

Summary 1. Herbivore‐induced plant volatiles (HIPVs) play an important role in host location of parasitoid wasps and may benefit the plant by top–down control of its herbivorous attackers. Although many studies have shown that accessions of plants differ in attractiveness to parasitoid wasps under controlled laboratory studies, few studies have confirmed that the most attractive accessions also sustain highest parasitism rates in the field. Here, we tested whether in‐flight preference of parasitoids for HIPVs from cultivars of Brassica oleracea in the laboratory reliably predicts the parasitism rates of herbivores feeding on these cultivars in the field. 2. In wind tunnel tests in the laboratory, we ranked cultivars of B. oleracea for the preference of two congeneric parasitoids (Cotesia glomerata and C. rubecula) for their HIPVs. The cultivars were then compared for their relative parasitism rates of caterpillars in the field. Throughout the growth season in the field, we infested the different cultivars with Pieris caterpillars on a weekly basis. The caterpillars were recollected after 3 days, dissected and scored for the rate of parasitism. 3. Cultivars of B. oleracea that we identified as most attractive to parasitoids in the laboratory also sustained highest proportions of parasitism in the field. The composition of the headspace of the B. oleracea cultivars damaged by P. rapae differs among these cultivars in the amounts of terpenoids and methyl salicylate emitted, which may be responsible for the differential attraction of parasitoids to the cultivars. 4. Our results show that intraspecific variation in HIPVs of plants is paralleled by differential parasitism of caterpillars in the field. The widely used laboratory assays on HIPV‐based preferences of parasitoids provided reliable information on relative parasitism differences of herbivores as found in the field. 5. Thereby, our work confirms that through HIPVs plants attract parasitoids that effectively parasitize herbivores even under the complex and variable abiotic and biotic conditions in (agro‐) ecosystems.
On fertilizer‐induced soil carbon sequestration in China's croplands
Authors: SCHLESINGER WILLIAM H. 
Published: May 2009

AbstractApplications of fertilizer, often thought to enhance carbon sequestration in agricultural soils, are of no value to the mitigation of climate change if the carbon dioxide released during the production and distribution of nitrogen fertilizer exceeds the incremental carbon storage in soils from its use. Nitrogen fertilizer is also a source of the greenhouse gas nitrous oxide. The recent analysis of carbon sequestration in cropland soils of China does not apply these ‘discounts’ to the global warming mitigation expected from greater use of fertilizer; doing so would likely eliminate all the climate benefits of the postulated enhanced carbon sequestration.
Moisture availability influences the effect of ultraviolet‐B radiation on leaf litter decomposition
Authors: SMITH W. KOLBY , GAO WEI , STELTZER HEIDI , WALLENSTEIN MATTHEW D. , TREE ROGER 
Published: May 2009

AbstractAltered surface ultraviolet‐B (UV‐B) radiation resulting from a combination of factors that include changes in stratospheric ozone concentrations, cloud cover, and aerosol conditions may affect litter decomposition and, thus, terrestrial nutrient cycling on a global scale. Although litter decomposition rates vary across biomes, patterns of decomposition suggest that UV‐B radiation accelerates litter decay in xeric environments where precipitation is infrequent. However, under more frequent precipitation regimes where litter decay rates are characteristically high, the effect of UV‐B radiation on litter decomposition has not been fully elucidated. To evaluate this association between moisture regime and UV‐B exposure, a litter decomposition experiment was designed for aspen (Populus tremuloides) leaf litter, where conditions that influence both abiotic (photodegradation) and biotic (microbial) processes could be manipulated quantitatively. We found that experimentally increasing UV‐B exposure (0, 7.4, and 11.2 kJ m−2 day−1, respectively) did not consistently increase litter decomposition rates across simulated precipitation frequencies of 4, 12, and 24 days. Instead, a UV‐B exposure of 11.2 kJ m−2 day−1resulted in a 13% decrease in decomposition rates under the 4‐day precipitation frequency, but an increase of 80% under the 24‐day frequency. Furthermore, the same UV‐B dose increased litter decomposition rates under the 24‐day precipitation frequency by 78% even in conditions where microbial activity was suppressed. Therefore, under more xeric conditions, greater exposure to UV‐B radiation increased decomposition rates, presumably through photodegradation. In contrast, when decomposition was not moisture‐limited, greater UV‐B exposure slowed decomposition rates, most likely from the resulting inhibition of microbial activity. Ultimately, these experimental results highlight UV‐B radiation as a potential driver of decomposition, as well as indicate that both the direction and magnitude of the UV‐B effect is dependent on moisture availability, a factor that may change according to future patterns in global precipitation.
Global declines of caribou and reindeer
Authors: VORS LIV SOLVEIG , BOYCE MARK STEPHEN 
Published: May 2009

AbstractCaribou and reindeer herds are declining across their circumpolar range, coincident with increasing arctic temperatures and precipitation, and anthropogenic landscape change. Here, we examine the mechanisms by which climate warming and anthropogenic landscape change influence caribou and reindeer population dynamics, namely changes in phenology, spatiotemporal changes in species overlap, and increased frequency of extreme weather events, and demonstrate that many caribou and reindeer herds show demographic signals consistent with these changes. While many caribou and reindeer populations historically fluctuated, the current, synchronous population declines emphasize the species' vulnerability to global change. Loss of caribou and reindeer will have significant, negative socioeconomic consequences for northern indigenous cultures.