bluuebunny/crossref_metadata_2025_split huggingface dataset:
Overage — approaches and pitfalls
Authors: Jessel Christopher 
Published: July 2006

AbstractOverage or clawback is the right of the seller of land to claim an additional payment, perhaps many years after sale, if the land increases in value as a result of an event such as the grant of planning consent. The paper considers the legal issues involved and problems in implementing the arrangements. The parties need to agree when payment is due (as on grant of consent, resale or occupation) and the amount (often a proportion of the uplift in value).The methods in common use are discussed, including promise to pay, positive covenant (with restriction on the register of title or right of re‐entry), restrictive covenant, charge, ransom strip, leases and other approaches, as well as the possibility of avoidance devices and refers to the recent House of Lords decision in A‐G v Black. The importance of a flexible approach is emphasised. Copyright © 2001 Henry Stewart Publications
Capital allowances: do they reduce lending risk?
Authors: Llewellyn Tony 
Published: July 2006

AbstractMost property valuations ignore tax issues as instructed to do so by the valuation guidelines. This paper highlights the cash savings that are available in some properties from the tax relief generated from capital allowances, and how they affect the return on investment. As the driver for investment in the commercial property market in the UK is shifting from capital growth to income, the post‐tax position becomes more important. This paper therefore makes a case for looking beyond the ‘Red Book’ valuation when re‐examining loan to value ratios in a changing market. Copyright © 2004 Henry Stewart Publications
Best practices in commercial real estate financing ground rent adjustment formulas: the developer's and the lender's point of view
Authors: Konikoff Paula K. 
Published: July 2006

AbstractLong‐term leases, be they ground leases or net leases on improved property, have characteristics distinct from short‐term space leases. From the financial perspective, the most distinctive provisions are those that control the rent resetting.[Sample lease provisions are included in the Appendix.] It is important to remember that each long‐term lease is unique: the parties have the ability to define each transaction in terms of the financial terms of rent determination, the manner in which the rent increases, how any appraisals will be performed for purposes of rent resetting and which method of dispute resolution will be used for rent resetting purposes.This paper examines rent resetting issues: the rent calculations, methods of determining future rent, valuation/arbitration clauses and specific valuation issues, bearing in mind that the developer and the lender often have different goals throughout the lease term. Copyright © 2004 Henry Stewart Publications
Real estate finance risk appraisal: lessons from the past
Authors: Morton‐Smith Jon 
Published: July 2006

AbstractHistory is important — the lessons that each of us can learn from our own experience and that of others before us can always help in formulating our views, opinions and strategies for the future.A sound and understanding relationship between lender and borrower is essential. The temptation to borrow heavily is all the stronger as interest rates fall and when inflation is low — but it is not so much the absolute level that is the issue, but the overall capacity of net incomes to sustain appropriate debt servicing (interest and amortisation) over time.Historically, the too heavy reliance of some lenders on the ‘valuation’ has resulted in disaster! The tales of woe and misunderstanding between those who instruct, those who advise and the borrower are legion and the subject of incredulous after‐dinner stories. But the desire to put the done deal behind you and pay scant regard to the required and sometimes received management information, tenants schedule, managing agent reports, audited accounts (and anything else that seemed like a good idea to ask for at the time), must be resisted at all costs! It may well be that a lender can be properly satisfied with a direct first legal charge over the property in isolation. However, most real estate loans are not sound enough to do without protection from the actions of others or where the continuing viability of the principals is not important.Of course, there are enormous and demanding lessons to be found from the past and they can be related to the very different investment and debt markets today. Copyright © 2001 Henry Stewart Publications
Structuring development joint ventures
Authors: Thomas John E. 
Published: July 2006

AbstractThis paper outlines how capitalisation of real estate has changed in the last 20 years, especially for development projects. Capital providers have also changed, and the type of provider generally indicates the level of acceptable risk tolerance for a transaction. The paper looks at the different structures used by developers and capital sources in structuring development transactions, which includes the advantages and disadvantages of each structure. Copyright © 2001 Henry Stewart Publications
Structural breaks, diversification and international real estate markets — some new evidence
Authors: Wilson Patrick J. , Zurbruegg Ralf 
Published: July 2006

AbstractThis paper presents further evidence that real estate markets around the world are interrelated. Although it is shown that an initial examination may reveal that international real estate markets are not linked, once structural changes are accounted for, it becomes apparent that there are long‐running relationships in securitised real estate returns across the world. This paper also shows that monetary changes in the USA – the world's leading economy – can impact on international real estate markets. This has major implications for investment and fund managers alike, who must reconsider the benefits of international real estate diversification. Copyright © 2002 Henry Stewart Publications
Valuing lender‐paid mortgage insurance in mortgage‐backed security and asset‐backed security transactions
Authors: Lipton Andrew , Rao Shiv 
Published: July 2006

AbstractLender‐paid mortgage insurance (MI) can provide substantial credit enhancement in mortgage‐backed and mortgage‐related asset‐backed transactions. In some cases, lender‐paid MI has contributed more than 75 per cent of the total credit enhancement for the most senior classes.Lender‐paid MI offers insurance coverage at the individual loan level. In most respects, lender‐paid MI policies are generally similar to traditional borrower‐paid policies. Lender‐paid MI has no impact on the frequency of borrower default, but it serves to reduce the severity of loss when borrowers default.Because lender‐paid policies offer coverage on individual loans, the benefit from the policies is limited to the amounts paid by the insurer on each individual defaulted loan, ie the insurance does not ‘cross‐collateralise’ the loans. Therefore, if the loss on a defaulted loan is less than the maximum coverage of the insurance policy, the additional coverage cannot be applied to losses on other defaulted loans whose claims exceed their insurance coverage. The wider the range in loss severity on defaulted loans, the less the benefit that lender‐paid MI offers. The amount of credit enhancement that lender‐paid MI brings to a transaction is directly related to the level of coverage, the number and quality of loans covered, and to any exclusions from coverage. The benefit is also dependent on a loan originator's business practices, particularly with respect to appraisals. Overstated appraisals may cause the MI coverage to be insufficient to cover actual losses. In addition, a servicer's ability to foreclose on defaulted loans and to process claims in a timely fashion is important, because failure to perform these actions may result in a claim adjustment or denial. Because lender‐paid MI cannot be cancelled in securitised transactions, it is marginally more durable than borrower‐paid MI. Finally, the benefit from lender‐paid MI also depends on the rating of the insurance provider. Generally, the insurance provider should have a rating of Aa3 or higher for the Aaa classes in a transaction to get the full credit that the insurance can provide. Because the benefit is dependent on the insurer's rating, transactions that rely on mortgage insurance for a significant percentage of their total credit enhancement are susceptible to downgrade risk if the insurer's rating drops. Copyright © 2002 Henry Stewart Publications
The Beijing office market: its current status and opportunities for international development and investment financiers
Authors: Cao J. Albert , Edwards Victoria 
Published: July 2006

AbstractBeijing is one of the two international business cities in mainland China because of its status as the capital and the rapid development of its economy and infrastructure. However, its office market has experienced two major cycles that witnessed wide variations in rental values and vacancies. The institutional arrangements surrounding the office market are the ultimate source of uncertainty. As the city attaches political objectives into its new round of large‐scale office development, especially the designation and construction of the central business district, potential over supply and a third major cycle loom large. However, institutional change prompted by the ruling party and supported by the public is moving to eradicate the incentives of excessive risk taking in office developments in Beijing's competitors. The risks in office investments in Beijing thus depend on whether Beijing can catch up with others to support a transparent and fair land market and planning control system. If so, opportunities are available to international investors to benefit from the fast growth of the office market by financing and purchasing office developments. Copyright © 2002 Henry Stewart Publications
The US economy: a mid‐year review and outlook
Authors: Louargand Marc 
Published: July 2006

AbstractAt mid‐year the US is experiencing a weak economic recovery that offers little hope of an early rebound in the real estate space markets. Hotel and office properties were the hardest hit by the slowdown, but apartments and warehouse properties have been affected as well. Conversely, the real estate capital markets are quite strong with no evidence of price weakness. The apparent dichotomy may reflect a repricing of real estate to bring it more in line with its long run risk premium. If so, today's prices may look like bargains in a year or two. Copyright © 2002 Henry Stewart Publications.
A critique of using real options pricing models in valuing real estate projects and contracts
Authors: Oppenheimer Pete H. 
Published: July 2006

AbstractDiscounted cash flow (DCF) models have been criticised for using risky discount rates and subjective estimates of future cash flows. In addition, DCF models do not incorporate valuations of implicit options imbedded in capital projects. Recently, researchers have applied real options pricing models to evaluate real estate projects and contracts. However, the required assumptions and criteria for using these models may be absent in real estate projects, which raises the question whether these models produce better results or create more uncertainties for end users. This paper contains a review of the conditions and methods that have been proposed for applying real option models in real estate valuations. Copyright © 2002 Henry Stewart Publications
Accounting practice in the post‐Enron era: the implications for financial statements in the property industry
Authors: Holt Andrew , Eccles Timothy 
Published: July 2006

AbstractThe corporate failure of the Enron Corporation made world headlines for many reasons — greed, alleged malpractice and criminal behaviour, and the sheer size and speed of its collapse. A critical factor in Enron's demise was the use of creative and manipulative accounting practices to distort reported profitability and indebtedness. This paper uses the Enron case and similar financial events to highlight the accounting issues arising from recent corporate failures, and to examine the implications for the future. These include whether it could happen outside the USA, what lessons are being learned and the implications for those involved in real estate and property management. The case argued here is that all financial statements are simply artificially constructed realities attempting to describe the (financial) well being of a company within a framework of prescribed rules determined by socio‐economic debates. The perceived laxness of US accounting regulations compared with UK and International Accounting Standards (IAS) adds weight to the calls for adoption of universal standards within the USA, since Europe claims — with some qualification — that ‘it could not happen here’. Copyright © 2003 Henry Stewart Publications
A review of commercial mortgage loan servicing best practice in the USA
Authors: Vestewig Robert P. 
Published: July 2006

AbstractThis paper analyses the commercial mortgage loan servicing business in the USA, including historical background, the various loan servicing business models in use, the characteristics of the large third‐party loan servicing companies, the duties involved in US‐style commercial mortgage loan servicing, the differences between servicing of portfolio (on book) loans and loans securitised in pools, servicing fees and loan servicing technology. Readers considering investing in US commercial mortgages may benefit from information on US servicing practices. Although some of the US loan servicing duties may not be applicable in other countries, the international reader may also benefit from considering specific duties such as collateral review and portfolio surveillance, understanding the differences between portfolio loan and securitised loan servicing, noting the application of technology to operational processes freeing up staff for personal contact with lenders and borrowers, and noting how technology can produce a better servicing product for lender and borrower, through such features as borrower and lender websites and document imaging. Copyright © 2003 Henry Stewart Publications
Best practices in commercial real estate financing: the borrower's agenda in negotiating loan documents
Authors: Stein Joshua 
Published: July 2006

AbstractHow should a borrower respond to a draft set of commercial mortgage loan documents? This paper, consisting of four quarterly instalments appearing in the 2003/2004 volume of this publication, seeks to answer that question. The author discusses business and legal issues that mortgage loan documents typically raise for a borrower; some structural variations and the special concerns they might create; the closing process; and some issues that a borrower may want to raise on its own initiative. Copyright © 2003 Henry Stewart Publications
The outlook for the UK economy: 2002 the weakest for a decade, but subdued recovery expected
Authors: O'Carroll Lucy 
Published: July 2006

AbstractThe outlook for the UK economy is reasonably positive, but the risks remain large. The global recovery appears to have stalled, creating continued uncertainty for the UK's trade‐exposed sectors, such as manufacturing. At the same time, domestic demand is showing signs of slowing more rapidly than anticipated six months ago. In this environment, business propositions should be examined for vulnerability to the slowdown in consumer demand and the retail sector. Overall, however, UK economic activity remains well placed to pick up during 2003, with the labour market remaining robust and monetary and fiscal policy both accommodative. Therefore although growth in capital values is expected to moderate, it is likely to remain healthy. Copyright © 2003 Henry Stewart Publications
Corporate property sale and leaseback securitisation
Authors: Richard Pascal 
Published: July 2006

AbstractThis paper is adapted from a Fitch Ratings report, published in December 2002, entitled ‘Securitisation of corporate sale and leaseback’. The report describes the credit rating agency's approach to analysing such transactions and outlines some of the key issues which Fitch believes should be taken into account by debt investors when investing in property sale and leaseback securitisation. This paper provides an introduction to property securitisation and presents the fundamentals to understanding property sale and leaseback securitisation. Copyright © 2003 Henry Stewart Publications
Incorporating sustainable business practices into company strategy
Authors: Fowler S. J. , Hope C. 
Published: July 2006

AbstractBuilding on Hart's natural resource‐based view of the firm, this paper reports the results of a case study of the privately owned, high‐end outdoor apparel company Patagonia. In this study we examined Hart's three interlinking strategies of pollution prevention, product stewardship and sustainable development, and sought to test whether the resources for their implementation must be accumulated sequentially or whether they can be accumulated in parallel. The case study revealed that Patagonia has made significant progress, and continues to make progress, in each of these three areas. The results also suggested that the company's progress in one area has not necessarily been dependent on progress in another. While acknowledging the limitations of a single case study, we conclude that Patagonia's experience offers strong support for the notion that the resources for implementing strategies towards sustainable development can be accumulated in parallel – as opposed to sequentially. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.
Natural environmental disclosures: strategic responses by Port Moresby Stock Exchange entities
Authors: Brown Alistair M. 
Published: July 2006

AbstractThis paper discusses the components of a simplified natural environment disclosure (NED) index that accommodates a developing country setting, and examines the level of NED in annual reports of all Port Moresby Stock Exchange (POMSoX) entities of Papua New Guinea for 2002. The results of the study found a low level of NED consistent with what Brown and Tower (2002) coin a traditional reporting model, although POMSoX entities showed a much higher level of NED than their Pacific Island Country counterparts. A number of conventional accounting predictors were put forward to explain the level of NED. None of the predictors explained aggregated NED, but some of the predictors, most notably stock exchange listing, explained some individual components of NED. The very low level of NED flies in the face of much natural environmental regulation in PNG. Clearly, POMSoX regulations, POMSoX entities and international accounting advisers need to focus on the reporting of natural environmental issues if environmental accounting is to take shape in this part of the developing world. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.
Factors influencing the quality of corporate environmental disclosure
Authors: Brammer Stephen , Pavelin Stephen 
Published: July 2006

AbstractMany firms choose to communicate their environmental strategies through voluntary environmental disclosures. This paper examines patterns in the quality of voluntary environmental disclosures made by a sample of around 450 large UK companies drawn from a diverse range of industrial sectors. The analysis distinguishes between five facets of quality, including the disclosure of group‐wide environmental policies, environmental impact targets and an environmental audit. We examine how the decisions firms face regarding each facet of quality are determined by firm and industry characteristics, and find the quality of disclosure to be determined by a firm's size and the nature of its business activities. Specifically, we find high quality disclosure to be primarily associated with larger firms and those in sectors most closely related to environmental concerns. In contrast to several recent contributions, we find that the media exposure of companies plays no role in stimulating voluntary disclosures. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.
Attitudinal and consumption differences among traditional and nontraditional ‘childless’ couple households
Authors: Lee Dong Hwan , Schaninger Charles M. 
Published: July 2006

AbstractThis study develops a classification scheme that effectively separates delayed marriage and true childless couples from delayed empty nest couples, newlywed and traditional empty nest couples. Unlike extant traditional and ‘modernised’ life cycle models, this approach separates true childless and delayed marriage childless couple households from their traditional counterparts using the couples' length of marriage and wife's age. It also uses couples' ages at marriage to separate delayed from the traditional empty nest households. The findings clearly indicate that nontraditional ‘childless couples’ differ from their traditional counterparts in underlying values, sex role norms, and attitudes, as well as in food and beverage consumption and major durable acquisition patterns. Implications of this classification scheme for comprehensive life cycle models and future research and managerial applications of these findings are also discussed. Copyright © 2003 Henry Stewart Publications.
Is ‘culture’ a justifiable variable for market segmentation? A cross‐cultural example
Authors: Lindridge Andrew , Dibb Sally 
Published: July 2006

AbstractThis paper investigates whether culture can be used to segment a market. Using Indians, resident in Britain (British Indians) as an example, previous research suggests that culture's manifestation within buyer behaviour provides sufficient evidence to justify its use as a market segment variable. Using brown goods (television sets, video equipment, music systems etc) a comparative quantitative study examined the impact of a range of cultural values upon the buying behaviour of British Indians and British Caucasians, to identify significant differences between the two. Although a significant difference was found, the amount of similarity between the two sample groups suggests culture should not be used as a segmentation variable. This research has implications for organisations seeking to develop ethnic minority orientated marketing strategies. Copyright © 2003 Henry Stewart Publications.
Practice papers personal financial services in a digital age
Authors: Radford Marilyn 
Published: July 2006

AbstractCo‐operative Bank Financial Advisers Ltd (CBFA) is a wholly‐owned subsidiary of the Co‐operative Bank plc. Established since 1972, it specialises in the provision of independent financial advice to personal and corporate customers across the financial services spectrum. Based in Stockport in the north‐west of the UK, CBFA conducts its business via a nationally‐based team of independent financial advisers (IFA), offering a bespoke service to customers at a mutually agreed time and location—usually bank premises, business premises or in the client's own home.In the late 1990s, CBFA faced a crisis. A number of marketplace challenges threatened the long‐term viability of its business. In this paper, one of the management team members describes how her organisation used its understanding of customer decision‐making—backed by good customer research—to regain its footing in a difficult and competitive marketplace. Copyright © 2003 Henry Stewart Publications.