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	<title><h1>Pacific Rim Property Research Journal (PRPRJ)</h1></title>
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<link>https://www.prres.org/volume30-2025/a-longitudinal-study-of-land-price-determinants</link>
<title><![CDATA[A Longitudinal Study of Land Price Determinants]]></title>
<description><![CDATA[The market for land is inherently fluid and constantly changing; this necessitates a land tax assessment system that is amenable to continuous revision and capable of keeping pace with those changes. This study examines temporal changes in land price determinants from a property valuation perspective to enhance land tax policies. Using a mixed-effects model, land lots in Gangwon province, South Korea were longitudinally analyzed over a period of 20 years. The findings reveal increased demand for certain types of land lots, and stable or decreased demand for others. Prices for lots adjoining wide access roads, such as those with 25m and 18m widths, increased by approximately 200%. Similarly, prices for bag-shaped lots surged by roughly 250%. Demand for level and moderate-slope lots also grew stronger compared to steep-slope lots. Conversely, the preference for industrial-use lots decreased with prices declining by approximately 58%. Finally, the price gap between hilly land and forests became nearly negligible. One significant reason for an existing tax assessment system to become outdated is that the local authorities find it hard to identify and measure the gradual changes in land price determinants in the land market. The approach adopted in this study is expected to help local authorities enhance their land tax policies by updating their tax assessment systems in a timely manner, thereby improving horizontal equity in land taxation.
]]></description>
<content><![CDATA[Abel, G., &amp; Elliott, M. N. (2019). Identifying and quantifying variation between healthcare organisations and geographical regions: using mixed-effects models. BMJ quality &amp; safety, 28(12), 1032-1038.

Adam, S., Hodge, L., Phillips, D., &amp; Xu, X. (2020). Revaluation and reform: bringing council tax in England into the 21st century (No. R168). IFS Report.

Asami, Y., &amp; Niwa, Y. (2008). Typical lots for detached houses in residential blocks and lot shape analysis. Regional Science and Urban Economics, 38(5), 424-437.

Belloc, F., Maruotti, A., &amp; Petrella, L. (2011). How individual characteristics affect university students drop-out: a semiparametric mixed-effects model for an Italian case study. Journal of applied Statistics, 38(10), 2225-2239.

Berry, C. R. (2021). Reassessing the property tax. Available at SSRN: https://ssrn.com/abstract=3800536. 

Burford, B., &amp; Rosenthal-Stott, H. E. (2017). First and second year medical students identify and self-stereotype more as doctors than as students: a questionnaire study. BMC Medical Education, 17, 1-9.

Capozza, D. R., &amp; Helsley, R. W. (2017). The fundamentals of land prices and urban growth. In The Economics of Land Use (pp. 183-194). Routledge.

Chong, F. (2020). Housing price, mortgage interest rate and immigration. Real Estate Management and Valuation, 28(3), 36-44.

Cochrane, C., Ba, D., Klerman, E. B., &amp; Hilaire, M. A. S. (2021). An ensemble mixed effects model of sleep loss and performance. Journal of Theoretical Biology, 509, 110497.

Cunnings, I., &amp; Finlayson, I. (2015). Mixed effects modeling and longitudinal data analysis. In Advancing quantitative methods in second language research (pp. 159-181). Routledge.

French, N. (2003). The RICS valuation and appraisal standards. Journal of Property Investment &amp; Finance, 21(6), 495-501.

Gilderbloom, J. I., Hanka, M. J., &amp; Ambrosius, J. D. (2012). Without bias? Government policy that creates fair and equitable property tax assessments. The American Review of Public Administration, 42(5), 591-605.

Glaeser, E. L., Gottlieb, J. D., &amp; Gyourko, J. (2012). Can cheap credit explain the housing boom?. In Housing and the financial crisis (pp. 301-359). University of Chicago Press.

Gloudemans, R., &amp; Almy, R. (2011). Fundamentals of mass appraisal. International Association of Assessing Officers, Kansas City: MO.

Grimes, A., &amp; Liang, Y. (2009). Spatial determinants of land prices: Does Auckland&acirc;&#128;&#153;s metropolitan urban limit have an effect? Applied Spatial Analysis and Policy, 2, 23-45.

Heisig, J. P., &amp; Schaeffer, M. (2019). Why you should always include a random slope for the lower-level variable involved in a cross-level interaction. European Sociological Review, 35(2), 258-279.

Hughes, C., Sayce, S., Shepherd, E., &amp; Wyatt, P. (2020). Implementing a land value tax: Considerations on moving from theory to practice. Land Use Policy, 94, 104494.

IAAO. (2017). Standards on mass appraisal of real property. International Association of Assessing Officers, Kansas City: MO.

Iwasaki, Y. (2021). Relationship between Rate of Vacant Houses and Rate of Houses below Exemption Point of Fixed Asset Tax in Japan. Urban and Regional Planning Review, 8, 186-200.

Jord&Atilde;&nbsp;, &Atilde;&#39;., Schularick, M., &amp; Taylor, A. M. (2015). Betting the house. Journal of international economics, 96, S2-S18.

Khoda Bakhshi, A., &amp; Ahmed, M. M. (2023). Does random slope hierarchical modeling always outperform random intercept counterpart? Accounting for unobserved heterogeneity in a real-time empirical analysis of critical crash occurrence. Journal of Transportation Safety &amp; Security, 15(2), 177-214.

KOSIS. (2022). Statistics of local taxes in 2021. Korean Statistical Information Service, Daejeon City.

KOSIS. (2023). Populations and households in 2022. Korean Statistical Information Service, Daejeon City.

KROLL. (2022). Property Tax Snapshot: Mechanics and Trends. Kroll Inc., New York: NY.

Krupa, O. (2014). Housing crisis and vertical equity of the property tax in a market value&acirc;&#128;&quot;based assessment system. Public Finance Review, 42(5), 555-581.

Leamer, E. E. (2015). Housing really is the business cycle: what survives the lessons of 2008&acirc;&#128;&quot;09?. Journal of Money, Credit and Banking, 47(S1), 43-50.

Lee, C., &amp; Park, K. (2014). Incorporating Subjective Priors into Mass Appraisal Modeling. The Korea Spatial Planning Review, 81, 67-89.

Lim, G. C., &amp; Tsiaplias, S. (2018). Interest rates, local housing markets and house price over&acirc;&#128;&#144;reactions. Economic Record, 94, 33-48.

Lin, L., Liu, Y., &amp; Peng, C. L. (2023). Luxury tax and price changes: evidence from the Taiwan housing market. Journal of Housing and the Built Environment, 38(3), 1431-1455.

Lin, S. H., &amp; Hsieh, J. C. (2021). Is property taxation useful for the regulation of residential market? Reflections on Taiwanese experience. Journal of Housing and the Built Environment, 36(1), 303-324.

Ma, J. H. (2023). A study on the role of publicly announced prices and taxation requirements in property tax. Tax Research, 23(4), 279-314.

Mandel, F., Ghosh, R. P., &amp; Barnett, I. (2023). Neural networks for clustered and longitudinal data using mixed effects models. Biometrics, 79(2), 711-721.

Masci, C., Ieva, F., &amp; Paganoni, A. M. (2022). Semiparametric multinomial mixed-effects models: A university students profiling tool. The Annals of Applied Statistics, 16(3), 1608-1632.

McElreath, R. (2020). Statistical rethinking: A Bayesian course with examples in R and Stan. CRC press.

Pellagatti, M., Masci, C., Ieva, F., &amp; Paganoni, A. M. (2021). Generalized mixed&acirc;&#128;&#144;effects random forest: A flexible approach to predict university student dropout. Statistical Analysis and Data Mining: The ASA Data Science Journal, 14(3), 241-257.

Piazzesi, M., &amp; Schneider, M. (2016). Housing and macroeconomics. Handbook of macroeconomics, 2, 1547-1640.

Pinheiro, J. C., &amp; Bates, D. M. (2000). Linear mixed-effects models: basic concepts and examples. Mixed-effects models in S and S-Plus, 3-56.

Raudenbush, S. W., &amp; Bryk, A. S. (2002). Hierarchical linear models: Applications and data analysis methods (Vol. 1). Sage.

Runner, G., MA, F., Horton, J. E., Harkey, D. L., &amp; Yee, B. T. (2016). State Assessment Manual. California State Board of Equalization.

Sutton, G. D., Mihaljek, D., &amp; Subelyte, A. (2017). Interest rates and house prices in the United States and around the world.

Tosh, D. S., &amp; Rayburn, W. B. (2004). Uniform Standards of Professional Appraisal Practice: Applying the Standards. Dearborn Real Estate.

Wen, H., &amp; Goodman, A. C. (2013). Relationship between urban land price and housing price: Evidence from 21 provincial capitals in China. Habitat International, 40, 9-17.

Winter, B. (2018). A Very Basic Tutorial for Performing Linear Mixed Effects Analyses: Tutorial 2. Merced, CA: University of California.

Wu, H., &amp; Zhang, J. T. (2006). Nonparametric regression methods for longitudinal data analysis: mixed-effects modeling approaches. John Wiley &amp; Sons.

Zuur, A. F., Ieno, E. N., Walker, N. J., Saveliev, A. A., &amp; Smith, G. M. (2009). Mixed effects models and extensions in ecology with R (Vol. 574, p. 574). New York: springer.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume30-2025/a-longitudinal-study-of-land-price-determinants</guid>
<pubDate>17 Dec 2025 03:46:44 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume30-2025/evaluating-users-willingness-to-pay-for-private-sector-participation-in-water-infrastructure-provision-evidence-from-lagos-nigeria</link>
<title><![CDATA[Evaluating Users&acirc;&#128;&#153; Willingness to Pay for Private Sector Participation in Water Infrastructure Provision: Evidence from Lagos, Nigeria.]]></title>
<description><![CDATA[The importance of water infrastructure to housing quality, enhanced property values and economic development cannot be overemphasized This study examined the investment potential inherent in private sector participation (PSP) in water infrastructure by evaluating users&#39; willingness to pay for the private provision of water infrastructure in Lagos, Nigeria. The study collected primary data using a closed-ended questionnaire. With a focus on three local government areas in Lagos, 296, 172, and 57 buildings were selected in Ikeja, Surulere, and Shomolu respectively through multistage sampling. Selecting one adult resident in each building, 525 questionnaires were administered, and 450 (85.71%) questionnaires were retrieved and analyzed. Descriptive and inferential statistical techniques were used for data analysis. The results of the gap analysis between the users&rsquo; satisfaction and accessibility showed a negative mean difference, revealing a low level of satisfaction with the existing water supply options. The users&rsquo; willingness to pay for the benefits of private water provision showed that better quality of service to consumers (3.84), transparency in charges (3.78), improved service reliability and continuity (3.77), and increase in employment (3.74) were more highly rated than other benefits, suggesting a preference to pay for benefits directly related to the users. Only about 50% of the users are willing to pay a premium of not more than N5 per gallon of water. While an understanding of users&rsquo; willingness to pay for PSP in water supply could help achieve targets such as the Sustainable Development Goals, it could also be used to develop hedonic pricing models to identify how access to water facilities contribute to property value.
]]></description>
<content><![CDATA[Agboola, O.A., Ayodele, T.O., and Olofa, A. (2018). Tax increment financing in the UK and USA: its prospects for urban regeneration in Nigeria. Smart and Sustainable Built Environment, 7(3/4), 277-292.
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Ameyaw, E.E., Chan, A.P.C., and Owusu-Manu, D.G. (2017). A survey of critical success factors for attracting private sector participation in water supply projects in developing countries. Journal of Facilities Management, 15(1), 35-61.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume30-2025/evaluating-users-willingness-to-pay-for-private-sector-participation-in-water-infrastructure-provision-evidence-from-lagos-nigeria</guid>
<pubDate>17 Dec 2025 03:38:58 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume30-2025/inflation-hedging-potentials-of-real-estate-and-property-in-a-mixed-asset-portfolio-of-nigerian-pension-fund</link>
<title><![CDATA[Inflation Hedging Potentials of Real Estate and Property in a Mixed Asset Portfolio of Nigerian Pension Fund]]></title>
<description><![CDATA[This study investigates the inflation hedging capabilities of real estate as an asset class within the Nigerian pension fund portfolio. It evaluates both short-run and long-run hedging performance against actual, expected, and unexpected inflation. The research employs monthly time series data from 2008 to 2024 (204 observations) sourced from the National Pension Commission (PenCom), Central Bank of Nigeria (CBN), and National Bureau of Statistics (NBS). Ordinary Least Squares (OLS) regression was used to assess short-term hedging effectiveness, while Johansen cointegration analysis examines long-run equilibrium relationships between real estate returns and inflation components. The results show that real estate provides a complete hedge against actual and expected inflation over the full study period. During the economic crisis period (2016&ndash;2024), it continued to offer a complete hedge for actual inflation and a partial hedge for expected and unexpected inflation. In contrast, during the pre-crisis period (2008&ndash;2015), real estate exhibited a perverse or weak hedge, particularly for unexpected inflation. These findings offer valuable guidance for the National Pension Commission and pension fund administrators, emphasizing the importance of allocating assets toward real estate during periods of high inflation. Investment managers can use this evidence to enhance long-term capital preservation strategies. This study provides the first comprehensive empirical analysis of the inflation-hedging role of real estate within the Nigerian pension fund context. It fills a critical gap in the literature by examining inflation in its decomposed form and linking it to economic cycle phases, offering nuanced insights for policymakers and institutional investors.
]]></description>
<content><![CDATA[Adekoya, O. B., Oliyide, J. A., Olubiyi, E. A., &amp; Adedeji, A. O. (2023). The inflation-hedging performance of industrial metals in the world&acirc;&#128;&#153;s most industrialized countries. Resources Policy, 81, accessed January 2022. 103364. https://doi.org/10.1016/j.resourpol.2023.103364

Ametefe, F. K. (2018). Portfolio Structure , Real Estate Investment and the Performance of Defined Contribution Pension Funds (Doctoral Dissertation, University of Reading).

Arnold, T. R., Ling, D. C., &amp; Naranjo, A. (2021). Private Equity Real Estate Fund Performance&acirc;&#128;&macr;: A Comparison to REITs and Open-end Core Funds by Private Equity Real Estate Fund Performance&acirc;&#128;&macr;: A Comparison to REITs and Open-end Core Funds. June, 1&acirc;&#128;&quot;33.

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Bukwimba, M. L. (2022). Pension Fund&acirc;&#128;&#153;s Risk Management Investment Portfolio in Tanzania. International Journal of Finance and Accounting, 1(1), 1&acirc;&#128;&quot;20. https://doi.org/10.37284/ijfa.1.1.712

Carlo, A., Eichholtz, P., &amp; Kok, N. (2023). The Determinants of Institutional Capital Allocation to Real Estate. European Real Estate Society, January, 1&acirc;&#128;&quot;28.

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Ciner, C. (2015). Are equities good inflation hedges? A frequency domain perspective. Review of Financial Economics, 24, 12&acirc;&#128;&quot;17. https://doi.org/10.1016/j.rfe.2014.12.001

Connolly, R. A., &amp; Stivers, C. T. (2022). Returns and Infation Shocks with Economic State Dependencies (Working Paper.).

Dabara, D. (2015). The Inflation-Hedging Performance and Risk-Return Characteristics of Residential Property Investments in Gombe, Nigeria. Advances in Research, 3(1), 71&acirc;&#128;&quot;83. https://doi.org/10.9734/air/2015/12221

Devine, A., Kok, N., &amp; Wang, C. (2023). Sustainability Disclosure and Financial Performance&acirc;&#128;&macr;: The Case of Private and Public Real Estate: The Case of Private and Public Real Estate. Journal of Portfolio Management, 49(10) https://ssrn.com/abstract=4540425

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<guid isPermaLink="true">https://www.prres.org/volume30-2025/inflation-hedging-potentials-of-real-estate-and-property-in-a-mixed-asset-portfolio-of-nigerian-pension-fund</guid>
<pubDate>17 Dec 2025 03:34:58 GMT</pubDate>
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<link>https://www.prres.org/volume30-2025/smarter-places-or-deeper-exclusion-ai-urban-planning-and-disability-discrimination-law-a-case-study-using-smart-places-in-new</link>
<title><![CDATA[Smarter places or deeper exclusion? AI, urban planning and disability discrimination law: a case study using Smart Places in New]]></title>
<description><![CDATA[Artificial Intelligence (AI) is often touted as the future of urban planning, promising better urban environments for citizens. In New South Wales (NSW), the State Government&rsquo;s &ldquo;Smart Places&rdquo; initiative reflects this optimism in the use of AI in urban planning. Behind the rhetoric though there is a current regulatory gap on how AI can be used in a way that will not unlawfully discriminate against people with disability (PWD).

 

Our research builds on existing critical literature in urban planning that focuses on the regulatory and socio-ethical concerns of AI in urban governance and smart city making. Drawing from both urban planning and legal perspectives, we adopt a cross-disciplinary approach to the issues clearly identified in this scholarship on the use of AI and corresponding risks of its use to PWD. We use the NSW Government&rsquo;s approach to Smart Places as a case study to exemplify how currently applicable discrimination laws could be adapted to address some of the concerns set out in the scholarship surrounding inclusivity, transparency and accountability on the use of AI in urban planning. The discussion in this paper is thus specifically intended to build on previous scholarship in its calls to adopt specific measures to mitigate the risks posed by AI to PWD in urban planning, including through legal regulation of the technology.
]]></description>
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&acirc;&#128;&#131;
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<guid isPermaLink="true">https://www.prres.org/volume30-2025/smarter-places-or-deeper-exclusion-ai-urban-planning-and-disability-discrimination-law-a-case-study-using-smart-places-in-new</guid>
<pubDate>17 Dec 2025 03:31:22 GMT</pubDate>
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<link>https://www.prres.org/volume30-2025/aboriginal-land-rights-and-infrastructure-compensation-assessment-on-crown-and-non-freehold-lands-in-nsw</link>
<title><![CDATA[Aboriginal land rights and infrastructure compensation assessment on Crown and non-freehold lands in NSW]]></title>
<description><![CDATA[Statutory Aboriginal land rights in Australia were antecedent legislation more than a quarter century prior to recognition of native title by the High Court in Mabo &amp; Ors v State of Queensland (1992) 175 CLR 1 (Mabo No. 2). Unsurprisingly a notable body literature now exists on native title (and even Indigenous cultural heritage protection), whilst on the topic of Aboriginal land rights limited scholarship exists. Consequently, the primary aim of this paper is to canvass the legislative framework for Aboriginal land claims in the Australian State of New South Wales (NSW). A second aim of the paper considers how the notion of (albeit only statutory) rights to Aboriginal lands does not align with established compensation law and practice. Finally, a sobering comparison is made with the Australian State of Western Australia solely absent a statutory Aboriginal land rights regime. 
]]></description>
<content><![CDATA[AIATSIS, Submission to A Way Forward : Inquiry into the destruction of 46,000 year old caves at the Juukan Gorge in the Pilbara region of Western Australia 57.1A, p. 259

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Cardaci, R. (2025)&acirc;&#128;&#157; Is the Future Bright? Green Hydrogen Developments on First Nations Land in Western Australia.&acirc;&#128;&#157; Environmental and Planning Law Journal, (41) 181-204.

Chamber of Minerals and Energy of Western Australia (CME), Submission to A Way Forward: Inquiry into the destruction of 46,000 year old caves at the Juukan Gorge in the Pilbara region of Western Australia 83.1, p. 2.

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Etheridge, R. (1919), The Dendroglyphs or &acirc;&#128;&#156;Carved Trees&acirc;&#128;&#157; of New South Wales. 2011 reprint, Sydney: Sydney University Press.

Gardner, A. (2025) &acirc;&#128;&#156;When Ideas Float Across the Nullarbor, Some of Them Evaporate&acirc;&#128;&#153;&acirc;&#128;&#153;. Environmental and Planning Law Journal, (41) 305-317.

Godwin, L. (2001) The Bureaucracy, the Law and Blacks Palace: A History of Management of One Site in the Central Queensland Highlands. Ngulaig Monograph No. 18, Brisbane: Aboriginal and Torres Strait Islander Studies Unit, University of Queensland.

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Indigenous Land Corporation (1996), Regional Indigenous Land Strategy 1996 -2001: New South Wales Regional Area. Adelaide, June.

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Kelly, L. &amp; Behrendt, L. (2007), Creating Conflict: Case Studies In The Tension Between Native Title Claims And Land Rights Claims. The Journal of Indigenous Policy (8), 81.

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Sheehan, J. (2010) &acirc;&#128;&#156;New &acirc;&#128;&#152;Old&acirc;&#128;&#153; Property: Compensation for Indigenous Cultural Heritage.&acirc;&#128;&#157; Australia and New Zealand Property Journal 2(6) June, 375-381.

Sheehan, J. and Turner, J. (2013) Marginalising Indigenous Peoples: the Compensation Question, Unpublished paper presented at the Institute of Australian Geographers (IAG) Conference, Crawley Campus, University of Western Australia, Perth, 1 July.

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Sutton, P. (1999), The Reeves Report and the idea of the &acirc;&#128;&#152;community&acirc;&#128;&#153;. In Altman, J., Morphy, F. and Rowse T. (Eds.) Land Rights at Risk? Evaluations of the Reeves Report. Research Monograph No. 14. Canberra: Centre for Aboriginal Economic Policy Research, Australian National University, 39-51.

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Western Australia 2025, Economic Indicators, wa.gov.au, viewed 19 May 2025, 
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<pubDate>12 Nov 2025 06:10:46 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume30-2025/ai-driven-sentiment-analysis-with-natural-language-processing-nlp-for-enhanced-property-market-valuation-in-malaysia</link>
<title><![CDATA[AI-Driven Sentiment Analysis with Natural Language Processing (NLP) for Enhanced Property Market Valuation in Malaysia]]></title>
<description><![CDATA[This study aims to enhance property market valuation in Malaysia by integrating AI-driven sentiment analysis with traditional econometric models and advanced machine learning (ML) techniques. The proposed framework combines ARIMA and GARCH models with deep learning algorithms such as Long-Short Terem Memory (LSTM) and Artificial Neural Network (ANN). Sentiment analysis leverages Natural Language Processing (NLP) through Transformer-based models, particularly Bidirectional Encoder Representation from Transformers (BERT), to extract market sentiment from property-related news, social media discussions, and corporate disclosures. The results demonstrate that this approach significantly improves valuation accuracy by capturing historical trends alongside real-time sentiment shifts. By merging sentiment analysis with property market data, the study offers a more comprehensive understanding of market dynamics, enabling more accurate predictions of price fluctuations and market movements. The research&rsquo;s novelty lies in the integration of qualitative sentiment insights with quantitative property indicators, facilitating the timely detection of market changes and better insights into investor behaviour. Additionally, the model exhibits enhanced fairness and adaptability, ensuring consistent performance across Malaysia&rsquo;s multilingual and diverse real estate market. The findings provide valuable implications for property investors, developers, and policymakers, as the enhanced models support better investment strategies, effective risk management, and informed decision-making in Malaysia&rsquo;s evolving property landscape.
]]></description>
<content><![CDATA[Adib Ulinuha El Majid, &amp; Reflan Nuari. (2025). Performance comparison of BERT models and classical machine learning models (SVM, Na&Atilde;&macr;ve Bayes) for sentiment analysis. IndoJET: Indonesian Journal of Electrical Technology, 10(2), 245&acirc;&#128;&quot;258. https://doi.org/10.31289/indojet.v10i2.245
Aish Albladi, Rahaf Khan, Maryuha Torres, &amp; Praveh Kumar Gundoor. (2025). Combining BERT and KNN for sentiment analysis: A case study on COVID-19. International Journal of Advanced Computer Science and Applications, 12(6), 348&acirc;&#128;&quot;359. https://doi.org/10.14569/IJACSA.2025.0120648
Aizenman, J., &amp; Jinjarak, Y. (2008). Current account patterns and national real estate markets. National Bureau of Economic Research Working Paper Series, 13921. https://doi.org/10.3386/W13921
Al-mashhadani, S., Hishan, S., Awang, H., Ali, K., &amp; Alezabi, A. (2021). Forecasting Malaysian stock prices using artificial neural networks (ANN). Unpublished manuscript.

Brown, Alexander. &quot;Global equality of resources and the problem of valuation.&quot; Critical Review of International Social and Political Philosophy 19, no. 5 (2016): 609-628.
Cheong, C. W. H., Ngui, L. L. H., &amp; Beatrice, S. (2018). On Malaysian house price growth: The effects of market sentiments. Asian Journal of Finance &amp; Accounting, 10(2). https://doi.org/10.5296/AJFA.V10I2.13900
Cheong, C. W. H., Ngui, L. L. H., &amp; Beatrice, S. (2020). Sentiments in the housing market and the effectiveness of government interventions. Pacific Rim Property Research Journal, 26(2). https://doi.org/10.1080/14445921.2021.1946259
Chiong, R., Fan, Z., Hu, Z., Adam, M., Lutz, B., &amp; Neumann, D. (2018). A sentiment analysis-based machine learning approach for financial market prediction via news disclosures. In Annual Conference on Genetic and Evolutionary Computation (pp. 60). https://doi.org/10.1145/3205651.3205682
Choy, Y.-T., Hoo, M. H., &amp; Khor, K. C. (2021, September). Price prediction using time-series algorithms for stocks listed on Bursa Malaysia. In 2021 2nd International Conference on Artificial Intelligence and Data Analytics for Air Transportation (AIDA-AT) (pp. 1-6). IEEE. https://doi.org/10.1109/AIDA-AT54504.2021.9574445
Cristescu, M. P., Neri&Egrave;&#153;anu, R., Mara, D. A., &amp; Oprea, S. (2022). Using market news sentiment analysis for stock market prediction. Mathematics, 10(22), 4255. https://doi.org/10.3390/math10224255
Devlin, J., Chang, M. W., Lee, K., &amp; Toutanova, K. (2019, June). Bert: Pre-training of deep bidirectional transformers for language understanding. In Proceedings of the 2019 conference of the North American chapter of the association for computational linguistics: human language technologies, volume 1 (long and short papers) (pp. 4171-4186).
Fotopoulos, S., Kroustalis, I., Papapanagos, H., &amp; Delipalla, S. (2024). House price drivers in selected OECD countries: The role of macroeconomic, demographic and institutional factors in a demand&acirc;&#128;&quot;supply model. International Journal of Business and Economic Sciences Applied Research, 17(2), 93&acirc;&#128;&quot;104. https://doi.org/10.25103/ijbesar.172.07
Gao, Z., Anyesi, P., Torres, M., &amp; Salagama, S. (2019). A comprehensive survey on enhancing stock market prediction through machine learning and NLP-based sentiment analysis. In Proceedings of the International Conference on Sentiment Analysis and Deep Learning (ICSADL) (pp. 301&acirc;&#128;&quot;315). https://doi.org/10.1109/ICSADL2019.894502
Geng, N. (2018). Fundamental drivers of house prices in advanced economies. IMF Working Paper, 18/164. https://doi.org/10.5089/9781484367629.001
Ghosh, J., Maiti, B., Bhaduri, A., Das, A., Patra, J., Gupta, S., &amp; Hazra, S. (2024). NLP and ML for real-time sentiment analysis in finance. In 2024 IEEE International Conference on Communication, Computing and Signal Processing (IICCCS). https://doi.org/10.1109/IICCCS61609.2024.10763733
Gunjan Kumar, Priyanka S., &amp; Bhardwaj, R. S. (2023). Feature-based linguistic text sentiment analysis using stacked meta-ensemble learning. International Conference on Computational Intelligence and Communication Networks (CICN), 146&acirc;&#128;&quot;152. https://doi.org/10.1109/CICN56076.2023.10494927
Hoesli, M. (2020). An investigation of the synchronization in global house prices. Journal of European Real Estate Research, 13(3), 345&acirc;&#128;&quot;365. https://doi.org/10.2139/ssrn.3544797
Ibrahim, N. &acirc;&#128;&#152;I. N., &amp; Azmi, N. N. K. (2022). Modelling and forecasting the volatility and price of the Malaysian stock market. International Journal of Academic Research in Economics and Management Sciences, 11(2). https://doi.org/10.6007/ijarems/v11-i2/12304
Jandl, J., Feuerriegel, S., &amp; Neumann, D. (2014). Long- and short-term impact of news messages on house prices: A comparative study of Spain and the United States. In Proceedings of the International Conference on Interaction Sciences (pp. 15&acirc;&#128;&quot;22). ACM.
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Khalil, M. R. A., &amp; Bakar, A. A. (2023). A Comparative Study of Deep Learning Algorithms in Univariate and Multivariate Forecasting of the Malaysian Stock Market (Kajian Perbandingan Algoritma Pembelajaran Mendalam dalam Peramalan Univariat dan Multivariat Pasaran Saham Malaysia). Sains Malaysiana, 52(3), 993-1009.
Kishan Kumar, Priyanka S., &amp; Bhardwaj, R. S. (2023). Feature-based linguistic text sentiment analysis using stacked meta-ensemble learning. International Conference on Computational Intelligence and Communication Networks (CICN), 146&acirc;&#128;&quot;152. https://doi.org/10.1109/CICN56076.2023.10494927
Ku, C. S., Xiong, J., Chen, Y. L., Cheah, S. D., Soong, H. C., &amp; Por, L. Y. (2023). Improving Stock Market Predictions: An Equity Forecasting Scanner Using Long Short-Term Memory Method with Dynamic Indicators for the Malaysia Stock Market. Mathematics, 11(11), 2470.
Lewandowska, G., Taracha, M., &amp; Maciuk, K. (2023). Socio-economic factors associated with house prices: Evidence based on key macroeconomic aggregates globally. Budownictwo i Architektura, 22(3), 1&acirc;&#128;&quot;15. https://doi.org/10.35784/bud-arch.3635
Marcato, G., &amp; Nanda, A. (2014). Information content and forecasting ability of sentiment indicators: Case of real estate market. Journal of Property Research, 31(1), 69&acirc;&#128;&quot;88.
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Nadarajan, S., &amp; Nur-Firyal, R. (2024). Comparing the Vasicek model with ARIMA and GBM in forecasting Bursa Malaysia stock prices. In the 4th Symposium on Industrial Science and Technology (SISTEC2022). https://doi.org/10.1063/5.0171662
Ndama, O., Ben Aissa, H., &amp; El Mabtkar, I. N. (2025). The impact of BERT-infused deep learning models on sentiment analysis accuracy in financial news. Bulletin of Electrical Engineering and Informatics, 11(2), 847&acirc;&#128;&quot;860. https://doi.org/10.11591/eei.v11i2.8480
Patel, R., Choudhary, V., Saxena, D., &amp; Singh, A. K. (2021). LSTM and NLP-based forecasting model for stock market analysis. 2021 First International Conference on Advances in Computing and Future Communication Technologies (ICACFCT), 194&acirc;&#128;&quot;202. https://doi.org/10.1109/icacfct53978.2021.9837384
Ruscheinsky, J., Lang, M., &amp; Sch&Atilde;&curren;fers, W. (2018). Real estate media sentiment through textual analysis. Journal of Property Investment &amp; Finance, 36(5), 472&acirc;&#128;&quot;489. https://doi.org/10.1108/JPIF-07-2017-0050
Sathish, N., &amp; Jamalpur, B. (2025). Sentiment analysis in retail leveraging BERT and NLP techniques for customer insights. International Journal of Scientific Research in Computer Science, Engineering and Information Technology, 9(1), 88&acirc;&#128;&quot;95. https://doi.org/10.32628/CSEIT95205
Saxena, A., Bhagat, V. V., &amp; Tamang, A. (2021). Stock market trend analysis on Indian financial news headlines with natural language processing. 2021 Asian Conference on Innovation in Technology (ASIANCON), 124&acirc;&#128;&quot;129. https://doi.org/10.1109/ASIANCON51346.2021.9544965
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Shahapur, S. S., Koralli, A., Chippalakatti, G., Balikai, M. M., Mudalagi, D., Dias, R., Devali, S., &amp; Wajantari, K. (2024). Discovering untapped potential in financial markets using NLP-driven sentiment analysis. Indian Journal of Science and Technology, 17(21). https://doi.org/10.17485/ijst/v17i21.2912
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Zhengjie Gao, Peiyuan Anyesi, Maryuha Torres, &amp; Sheilag Salagama. (2019). A comprehensive survey on enhancing stock market prediction through machine learning and NLP-based sentiment analysis. Proceedings of the International Conference on Sentiment Analysis and Deep Learning (ICSADL), 301&acirc;&#128;&quot;315. https://doi.org/10.1109/ICSADL2019.894502
Zhu, E., &amp; Yen, J. (2024). BERTopic-driven stock market predictions: Unraveling sentiment insights. arXiv.org. https://doi.org/10.48550/arXiv.2404.02053

]]></content>
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<pubDate>12 Nov 2025 06:07:24 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume30-2025/examining-the-readiness-of-eswatini39s-property-valuation-profession-to-open-data-access-and-sharing</link>
<title><![CDATA[Examining the Readiness of Eswatini&#39;s Property Valuation Profession to open data access and sharing]]></title>
<description><![CDATA[Purpose: this study investigates the readiness of property valuers in Eswatini to voluntarily share valuation field data for the potential development of a centralized database.

 

Design/Methodology/Approach: Guided by a pragmatist research philosophy, the study employed a mixed-method survey design. A census approach targeted all 28 practicing property valuers in Eswatini. Self-administered questionnaires included Likert-scale, open-ended, and dichotomous questions. Quantitative data were analysed using descriptive statistics, while qualitative data were processed using framework analysis.

 

Findings: the results reveal that 91% of the respondents are willing to share field data voluntarily. Their participation is moderated by concerns about data confidentiality, absence of standardized data collection protocols, and lack of legal clarity. Valuers expressed a preference for regulated systems managed by a professional or government entity. Despite these concerns, majority of the valuers reported to adhere to international standards such as Royal Institutions Chartered Surveyors (RICS) and International Valuation Standards (IVS).

Originality: this study offers the first empirical insight into the willingness of Eswatini&rsquo;s valuation professionals to engage in collaborative data sharing. It provides a context specific foundation for shaping policy and improving transparency and consistency in the property valuation sector.
]]></description>
<content><![CDATA[Ackermann, K., Gresch, D. &amp; Wiederkehr, D. 2021. Willingness to share data: Contextual determinants of data-sharing behavior. Journal of Consumer Behaviour, 20(3), pp. 662-678.

Agosta, L., Mariani, M. &amp; Ciaramella, A. 2024. A wall between real estate valuation standards and professional appraisal practice: A focus on the Italian market. Journal of Infrastructure, Policy and Development, 8(1), pp. 56-70.

Ajibola, M. &amp; Ogungbemi, A. O. 2011. Importance of accessibility to reliable data for real estate practice. Mediterranean Journal of Social Sciences, 2(2), pp. 223-231.

Ajibola, M. O. &amp; Oloyede, S. A. 2010. Data sharing: A critical factor data sharing for estate surveying and valuation in Nigeria. Global Journal of Engineering and technology, 3(1), pp. 61-69.

Alkhamsi, N. N. &amp; Alqahtani, S. S. 2024. Compliance Framework for Personal Data Protection Law Standards. International Journal of Advanced Computer Science and Applications, 15(7), pp. 512-525.

Ashaolu, T. A. &amp; Olaniran, M. O. 2016. Valuers&#39; trategies for coping with the dearth of market data in two Nigerian cities: Ibadan and Abeokuta. Pacific Rim Property Research Journal, 22(2), pp. 167-179.

Awuah, K. G. B., Gyamfi-Yeboah, F., Proverbs, D. &amp; Lamond, J. E. 2017. Sources and reliability of property market information for property valuation practice in Ghana. Property Management, 35(4), pp. 1-42.

Baffour Awuah, K.G., Gyamfi-Yeboah, F., Proverbs, D. and Lamond, J.E. 2017. Sources and reliability of property market information for property valuation practice in Ghana. Property Management, 35(4), pp.448-466.
Bailer, S. 2014. Interviews and surveys in legislative research. The Oxford handbook of legislative studies, pp.167-193.

Bureau of Local Government Finance, 2010. Adoption of the IVSC Valuation Standards Under Philippine Setting, Philippines: Bureau of Local Government Finance.

Busby, A., Manson, L., Fisher, S. C. C. &amp; Williams, L. 2020. Identifying cultural and legal barriers to data sharing across government, London: Department for Digital, Culture, Media &amp; Sport .

Chan, A. P. &amp; Abidoye, B. R. 2019. Advanced property valuation techniques and valuation accuracy: Deciphring the artificial neural network technique. International Journal of Real Estate and land Planning , Volume 2, pp. 1-9.

Check, P. &amp; Schutt, R. 2012. Research Methods in Education. 2nd ed. Thousand Oaks: SAGE Publications.

Cheloti, I. N. &amp; Mooya, M. M. 2022. An assessment of valuation education and training in Kenya in comparion with practice.. Property Management, 41(2), pp. 276-294.

Chi, B., Dennett, A., Oleron-Eans, T. &amp; Morphet, R., 2021. A new attribute-linked residential property price dataset for England and Wales, 2011-2019. UCL Open: Environment, Issues 7, pp. 1-25.

Cheruiyot, K. and Gamede, L. 2024. Exploring the potential of big data and data analytics in South Africa&#39;s real estate sector. Pacific Rim Property Research Journal, 29(3), pp. 66-78.

Creswell, J. 2013. Research design: Qualitative, quantitative, and mixed methods approaches. 4th ed. Thousand Oaks: SAGE Publications.

Davis, P., McCluskey, W., Grissom, T.V. and McCord, M. 2012. An empirical analysis of simplified valuation approaches for residential property tax purposes. Property Management, 30(3), pp.232-254.

Diebold, G. 2023. Overcoming Barriers to Data Sharing in the United States, Washington, DC: Center for data innovation.

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Available at: https://research-methodology.net/. [Accessed 10 November 2023].

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European Union, 2016. Regulation (EU) 2016/679 of the European Parliament and of the Council (General Data Protection Regulation). Official Journal of the European Union, Issue L119, pp. 1-88.
Evans, J.R. and Mathur, A. 2018. The value of online surveys: A look back and a look ahead. Internet research, 28(4), pp.854-887.

Fassnacht, M., Leimstoll, J., Benz, C., Heinz, D. and Satzger, G. 2024. Data sharing practices: The interplay of data, organizational structures, and network dynamics. Electronic Markets, 34(47), pp.1-25. https://doi.org/10.1007/s12525-024-00732-0 .

Grennberg. B. 2024. Valuation challenges in emerging markets: Lessons learned. Phoenix, Arizona: four Corners Valuations Real Estate Advisory Services.

Grybauskas, A., Pilinkien&Auml;&#151;, V. and Stund&Aring;&frac34;ien&Auml;&#151;, A. 2021. Predictive analytics using Big Data for the real estate market during the COVID-19 pandemic. Journal of Big Data, 8(105). https://doi.org/10.1186/s40537-021-00476-0. 

Hossain, M.S., Van de Wetering, J., Devaney, S. &amp; Sayce, S. 2023. UK commercial real estate valuation practice: Does it now build in sustainability considerations?  Journal of Property Investment &amp; Finance, 41(4), pp. 406-428.

Hughes, D. 2020. The role of standards in enabling data driven UK real estate market, London: Alpha Property Insight .

Hui, E., Cheung, A. &amp; Pang, H. 2010. A hierachical Bayesian approach for residential property valuation; Application to Hong Kong housing market. International Journal of Strategic Property Management, 14(2), pp. 115-129.

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Available at: https://ipmsc.org/members/ [Accessed 25 March 2025].

International Valuation Standards Council, 2020. International Valuation Standards, London: International Valuation Standards Council.

International Valuation Standards Council (IVSC), 2021. International Valuation Standards (IVS 2021). [Online] Available at: https://ivsc.org/ [Accessed 25 March 2025].

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Irene, C. &amp; Mooya, M. 2022. Property valuation problems and market context - evidence from Kenya. Journal of Property Research, 40(5), pp. 1-25.

Khan, A., Mohammadi, B., Nazari, M., Yousufzada, N. and Fayazi, S. 2024. Short literature review: Types of questionnaires in research. Jour Med Resh and Health Sci, 7(10), pp.3224-3230.

Konashevych, O. 2020. Constraints and benefits of the blockchain use for real estate and property rights. Journal of Property, Planning and Environmental Law, 12(2), pp.109-127.
Kolankov, S. V. 2023. Standardization of valuation activities in the field of property. E3S Web of Conferences, 460(3), pp. 1-13.

Li, L. &amp; Wan, W. X. 2021. The effect of expected losses on the Hong Kong property market. The Journal of Real Estate Finance and Economics, 68, pp. 654-683. 

Magagula, B. 2025. The state of the property market in the Kingdom of Eswatini: trends since independence. Unpublished dissertation, University of Cape Town, Faculty of Engineering and the Built Environment, Department of Construction Economics and Management. http://hdl.handle.net/11427/42072.

Mohajan, H., 2017. Two criteria for good measurements in research. Validity and Reliability, 17(3), pp.28-82. 

Mulenga, C. 2019. Data sharing efficiency on the Zambian residential property market: Cas study of Lusaka. African Journal of Land Policy and Geospatial Sciences, 2(3), pp. 144-163.

Narayan, S. &amp; Biswas, S. S. 2020. Opportunities and challenges of implementing the international valuation standards in Fiji. The Journal of Pacific Studies, 40(1), pp. 59-80.

OECD, 2019. Enhancing access to and sharing of data - reconciling risks and benefits for data re-use across societies. Paris: OECD publishing.

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Olapade, D. &amp; Olaleye, A. 2017. Resolving the data debacle in commercial property. Journal of Property Investmenet and Finance, 36(3), pp. 295-304.

Olapade, D. &amp; Olaleye, A. 2019. Factors affecting accessibility to property data in an opaque market. Emerald Insight, 37(I), pp. 82-96.

Olapade, D. T. &amp; Olaleye, A. 2018. Factors affecting accessibility to property data in an opaque market. Property Management , 37(1), pp. 82-96.

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Seketeme, K.O. and Munshifwa, E.K. 2025. Property valuation, new technologies and digitalization challenges in Botswana. Real Estate Management and Valuation. Ahead of Print, https://doi.org/10.2478/remav-2025-0036. 

Singh, A.S. &amp; Masuku, M.B. 2014. Sampling techniques &amp; determination of sample size in applied statistics research: An overview. International Journal of Economics, Commerce and Management, 2(11), pp. 1-22.

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Consumer Interests and Public Welfare. Baden-Baden: Nomos Verlagsgesellschaft mbH &amp; Co. KG, pp. 175-208.

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The Appraisal Foundation, 2020. Uniform Standards of Professional Appraisal Practice, United States of America: The Appraisal Foundation.

Thomas, D. 2006. A general inductive approach for qualitative data analysis. American Journal of Evaluation, 27(2), pp. 237-246.

Toprakl&Auml;&plusmn;, A.Y. 2025. AI-driven valuation: A new era for real estate appraisal. Journal of 
European Real Estate Research, 18(1), pp.105-120.

Van Erp, S. 2017. Ownership of data: the numerus clausus of legal objects. Brigham-Kanner Property Rights Conference Journal, Issue 6, pp. 235-257.
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Williamson, I., Enemark, S., Wallace, J. &amp; Rajabifard, A. 2020. Land Administration for Sustainable Development. Redlands: Esri Press.
]]></content>
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<pubDate>12 Nov 2025 06:04:36 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume30-2025/the-implementation-of-land-use-condition-change-via-fastrack-for-land-with-no-specific-use-condition-nil</link>
<title><![CDATA[The Implementation of Land Use Condition Change via &acirc;&#128;&#152;Fastrack&acirc;&#128;&#153; for Land with No Specific Use Condition (NIL)]]></title>
<description><![CDATA[Implementing land use condition change via &lsquo;fast track&rsquo; for land with no specific use condition (NIL) is an initiative by the State Authority carried out across all District Land Offices in Johor, to reduce the burden on landowners in paying land taxes. Various issues have been examined concerning the implementation of the &lsquo;fast track&rsquo; land use condition change process when there is no specific land use condition (NIL). Among the issues are how the &lsquo;fast track&rsquo; land use condition change process is implemented and its effectiveness. Therefore, this study aims to identify the &lsquo;fast track&rsquo; land use condition change process implemented in Johor and examine the effectiveness of the &lsquo;fast track&rsquo; process when there is no specific land use condition (NIL). The Pontian District Land Office was selected as the study areas, focusing on its role in implementing the &lsquo;fast track&rsquo; process. A qualitative research design was adopted, employing content analysis, descriptive analysis, and SWOT analysis based on data obtained from interview responses. The findings revealed several strengths and opportunities, as well as weaknesses and threats, in the implementation of the &lsquo;fast track&rsquo; process, ultimately supporting its effectiveness. Based on the analysis, several recommendations are proposed. It is hoped that this study will offer valuable insights to relevant stakeholders and contribute to further improvements in the implementation of the &lsquo;fast track&rsquo; land use condition change, particularly in cases involving land with no specific use condition (NIL).
]]></description>
<content><![CDATA[Adnan, M. Z., Samsudin, S., &amp; Suratman, R. (2019). Land Tax Administration and Practice in Malaysia: A Review on Institutional and Governance Issues. International Graduate Conference of Built Environment and Survey, 1. Retrieved from https://www.researchgate.net/publication/335753107_Land_Tax_Administration_and_Practice_in_Malaysia_A_Review_on_Institutional_and_Governance_Issues

Ahmad Hamidi Mohamed, Noorfajri Ismail &amp; Kamilah Wati Mohd. (2023). Kajian Kes Pertikaian Polisi Dan Perundangan Tanah Dalam Cadangan Pembangunan Tanah [Paper Presentation] The 4th International Conference of the Postgraduate Students and Academics  in Syariah and Law, Universiti Sains Islam Malaysia.

Amirul Haffiz Ariff, Suhailizan Suliman, M.S.S &amp; M.H.A. (2021). The Consideration of Zoning Compliance on the implementation of the Fastrack NIL in Johor. Journal of the Malaysian Institute of Planners, (19) (4), 12-22

Amir	Al-Baihaqie	(2020).	Syarat	Nyata	Tanah	dan	Syarat	Tersirat https://www.studocu.com/my/document/universiti-malaya/land-law-i/syarat-nyata-dan- tersirat/9767779

Chua Y. P. (2011). Kaedah dan Statistik Penyelidikan: Kaedah Penyelidikan. McGraw-Hill.

Ezahar Abu Sairan (2016, Jun). Percanggahan Kategori Guna Tanah di Daerah Kecil Labis. [Degree&acirc;&#128;&#153;s Thesis, Universiti Teknologi Malaysia, Malaysia]

Hamidi, M. A., &amp; Musa, Y. (2019). Pertikaian Cadangan Pembangunan Tanah dan Syarat Nyata Tanah: Satu Kupasan. Jurnal Pentadbiran Tanah LAND, 3(1), 149&acirc;&#128;&quot;156.

Hamzah, A. (2010). Kaedah Kualitatif Dalam Penyelidikan Sosiobudaya. Jurnal Pengajian Media Malaysia. 6(1)

Ismail, N., Zakaria, S. R. A., &amp; Samsudin, S. (2023). Konflik Pembangunan Lot Lidi dari Perspektif Perundangan Tanah. International Journal of Law, Government and Communication, 8 (32), 150-160.

Jabatan Audit Negara Malaysia. (2019, July 15). Laporan Ketua Audit Negara 2018. https://lkan.audit.gov.my/laporan/manage/28

Jansen	D.	&amp;	Warren	K.	(2020).	What	Is	Research	Methodology? GradCoach.     https://gradcoach.com/what-is-research-methodology/

Jabatan Penilaian Dan Perkhidmatan Harta. (2022). Pengubahan Kategori Kegunaan Tanah. https://www.jpph.gov.my/v3/ms/perkhidmatan-jpph-2/aktiviti-penilaian-dan-perkhidmatan- harta/pengubahan-kategori-kegunaan-tanah/

Khairil Anwar Mohd Amin. (2019, August 15). Segerakan Urusan Ubahsyarat Tanah Pekebun Sawit. Sinar Harian. https://www.sinarharian.com.my/article/43093/berita/nasional/segerakan- urusan-ubah-syarat-tanah-pekebun-sawit

Lembaga Penyelidikan Undang-Undang. (2019) Kanun Tanah Negara 1965. Petaling Jaya. International Law Book Services.

Mohsen, M. (2022). A Kajian Permasalahan Tunggakan Cukai Taksiran di Majlis Perbandaran      Kluang: Cukai Taksiran. Research in Management of Technology and Business, 3(1), 825-849.

M.Z. A Arif (2020, Januari). Tindakan Penguatkuasaan Terhadap Pelanggaran Syarat Tanah di  Daerah Kuala Selangor. [Degree&acirc;&#128;&#153;s Thesis, Universiti Teknologi Malaysia, Malaysia]
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume30-2025/the-implementation-of-land-use-condition-change-via-fastrack-for-land-with-no-specific-use-condition-nil</guid>
<pubDate>12 Nov 2025 06:01:06 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume30-2025/quantifying-non-monetary-value-attributes-of-property-investment-implication-on-investors-decision-making-in-flood-risk-ar</link>
<title><![CDATA[Quantifying non-monetary value attributes of  property investment: Implication on investors&acirc;&#128;&#153;  decision-making in flood risk ar]]></title>
<description><![CDATA[Quantifying non-monetary value attributes of property investment: Implication on investors&rsquo; decision-making in flood risk areas

Risk perceptions have a crucial role in influencing people&#39;s decisions to adapt to environmental threats. Various outcomes have been achieved by diverse studies that have examined the implication of flood risk on property investment. This present study quantifies three themes (usability, desirability, and marketability) that revolve around non-monetary value attributes of property investment and assesses how their perceptions by property investors could sharpen investment behaviour in areas at risk of flooding. The study areas selected for the investigation were Ikorodu and Ibeju Lekki, an area that is mostly sought-after in Lagos, Nigeria. Data was collected through the distribution of questionnaires administered to the respondents within the study location. Findings from the survey indicate a general agreement on the impact of each thematic factor on property investments vulnerable to floods. Among the statements put forward, the appeal of owning or renting houses in flood-prone areas significantly influences investors&#39; choices. Surprisingly, the study also discovered that these investors exhibited a very low degree of trust and confidence in insurance operations within the study location.
]]></description>
<content><![CDATA[Akbar, D., Rolfe, J., Small, G., &amp; Hossain, R. (2015). Assessing flood impacts on the regional property markets in Queensland, Australia. Australasian Journal of Regional Studies. 21(2):160-177. https://hdl.handle.net/10018/1038439
Atreya, A., Ferreira, S., &amp; Kriesel, W. (2013). Forgetting the flood? An analysis of the flood risk discount over time. Land Economics 89(4):577-596. https://doi.org/10.1353/lde.2013.0040
Babcock, M. &amp; Mitchell, B. (1980). Impact of flood hazard on residential property values in Galt (Cambridge), Ontario. Journal of the American Water Resources Association, 16(3):532-537. https://doi.org/10.1111/j.1752-1688.1980.tb03908.x
Baldauf, M., Garlappi, L., &amp; Yannelis, C. (2020). Does climate change affect real estate prices? Only if you believe in it. The Review of Financial Studies, 33(3):1256-1295. https://doi.org/10.1093/rfs/hhz073
Beltr&Atilde;&iexcl;n, Allan; Maddison, David; Elliott, Robert J. R. Is Flood Risk Capitalised Into Property Values?, Ecological Economics, Volume 146, 2018, Pages 668-685, ISSN 0921-8009, https://doi.org/10.1016/j.ecolecon.2017.12.015.
Beniston, M. &amp; Stephenson, D.B. (2004). Extreme climatic events and their evolution under changing climatic conditions. Global and Planetary Change, 44, 1-9. https://doi.org/10.1016/j.gloplacha.2004.06.001
Bernstein, A., Gustafson, M.T., &amp; Lewis, R. (2019). Disaster on the horizon: The price effect of sea level rise. Journal of Financial Economics, 134(2):253-272. https://doi.org/10.2139/ssrn.3073842
Bhattacharya-Mis, N. (2014). A model to investigate the impact of flooding on the vulnerability of value of commercial properties. A doctoral thesis submitted to the University of Wolverhampton.
Bhattacharya-Mis, N. &amp; Lamond, J.E (2016). Risk perception and vulnerability of value: a study in the context of commercial property sector. Int. Journal of Strategic Property Mgt. 20(3):252&acirc;&#128;&quot;264. https://doi.org/10.3846/1648715x.2016.1188174
Bin, O. &amp; Kruse, J. (2006). Real estate market response to coastal flood hazards. Nat. Haz.Review, 7(4):137-144. https://doi.org/10.1061/(ASCE)1527-6988(2006)7:4(137)
Birkholz, S., Muro, M., Jeffrey, P., &amp; Smith, H. M. (2014). Rethinking the relationship between flood risk perception and flood management. Science of the total environment, 478, 12-20. https://doi.org/10.1016/j.scitotenv.2014.01.061
Bond, S. (2000). Estimating stigma of ex-contaminated land: The &quot;buyer beware&quot; principle reigns. Sixth Pacific Rim Real Estate Society Conference, Sydney, Australia 23-27 January.
Creswell, J.W. (2009). Research design qualitative, quantitative and mixed methods approaches. 3rd  Ed. London: Sage Publications Ltd.
Crichton, D. (2003). Flood risk and insurance in England &amp; Wales: Are there lessons to be learned from Scotland? Benfield Greig Hazard Research Centre, Department of Earth Sciences, University College London, London.
Dahl, K., Cleetus, R., Spanger-Siegfried, E., Udvardy, A., &amp; Worth, P. (2018). Underwater rising seas, chronic floods, and the implications for US coastal real estate. June, 1&acirc;&#128;&quot; 27.
Durdyev, S., Hosseini, M.R., Martek, I., Ismail, S. &amp; Arashpour, M. (2019). Barriers to the use of integrated project delivery (IPD): A quantified model for Malaysia. Engineering, 
Construction and Architectural Management, 27(1):186-204. https://doi.org/10.1108/ECAM-12-2018-0535
Eves, C. (2004). The impact of flooding on residential property buyer behaviour: An England and Australian comparison of flood affected property. Structural Survey, 22(2), 84-94. https://doi.org/10.1108/02630800410538613
Gerald-ugwu, G.C., Egolum, C.C., &amp; Emoh, I. (2019). An investigation of factors accelerating rise in building in the flood prone areas of Port-Harcourt. Iconic Research and Engineering Journals. 3(1):375&acirc;&#128;&quot;384.
Green, C.H. &amp; Penning-Rowsell, E.C. (1989). Flooding and the quantification of intangibles. Journal of the Institution of Water and Environmental Management, 3(1):27-30. https://doi.org/10.1111/j.1747-6593.1989.tb01363.x
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Harris, J., Durdyev, S., Tokbolat, S., Ismail, S., Kandymov, N. &amp; Mohandes, S.R. (2019). Understanding construction stakeholders&acirc;&#128;&#153; experience and attitudes toward use of the structurally insulated panels (SIPs) in New Zealand. Sustainability, 11(5458):1-14. https://doi.org/10.3390/su11195458
Harrison, D.M., Smersh, G.T., &amp; Schwartz, A.L. (2001). Environmental determinants of housing prices: The impact of flood zone status. Journal of Real Estate Research, 21(1/2), 3-20. https://doi.org/10.1080/10835547.2001.12091045
Hennighausen, Hannah and Suter, Jordan F. &quot;Flood Risk Perception in the Housing Market and the Impact of a Major Flood Event.&quot; Land Economics, vol. 96 no. 3, 2020, p. 366-383. Project MUSE muse.jhu.edu/article/758939
Horn, D. &amp; Mcshane, M. (2013). Flooding the market. Nature Climate Change 3(11):945- 947. https://ssrn.com/abstract=2351253
Keinonen, T. (1997). One-dimensional usability - Influence of usability on consumers&acirc;&#128;&#153; product preference. Taideteollinen korkeakoulu, UIAH A 21, Helsinki.
Lambley, D.B. &amp; Cordery, I. (1991). Effects of floods on the housing market in Sydney. In International Hydrology and Water Resources Symposium (National Conference Publication 91/19) (pp. 863-866). Barton, Australia: The Institution of Engineers Australia.
Lamond, J.E. (2008). The impact of flooding on the value of residential property in the UK. PhD Thesis. Wolverhampton: University of Wolverhampton
Lamond, J., Proverbs, D., &amp; Hammond, F. (2010). The impact of flooding on the price of residential property: A transactional analysis of the UK market. Housing Studies, 25(3), 335&acirc;&#128;&quot;356. https://doi.org/10.1080/02673031003711543
Lessing, B., Thurnell, D. &amp; Durdyev, S. (2017). Main factors causing delays in large construction projects: Evidence from New Zealand. Journal of Management, Economics and Industrial Organization, 1(2):63-82. https://doi.org/10.31039/jomeino.2017.1.2.5
Mind&#39;je, R., Li, L., Amanambu, A. C., Nahayo, L., Nsengiyumva, J. B., Gasirabo, A., &amp; Mindje, M. (2019). Flood susceptibility modeling and hazard perception in Rwanda. International journal of disaster risk reduction, 38, 101211. https://doi.org/10.1016/j.ijdrr.2019.101211. 
Minnery, J.R. &amp; Smith, D.I. (1996). Climate change, flooding and urban infrastructure. In Bosma, W.J., Pearman, G.I. and Manning, M.R. (eds.), Greenhouse. Coping with Climate Change, CISRO, Australia, 235-247.
Mundy, B. (1990). The impact of hazardous materials on property value. The Appraisal Journal 60(2):155-162. http://doi.org/10.1038/nclimate2025
Oppenheim, A. (1992). Questionnaire design, interviewing and attitude measurement. Continuum: London
Oyetunji, AK, Oluleye, IB, Olukolajo, MA &amp; Chan, DWM (2022). &#39;Is green good: Unveiling the latent benefits of sustainable housing delivery&#39;, Cities, vol. 129, 103809. https://doi.org/10.1016/j.cities.2022.103809
Patton, M.Q. (2002). Qualitative research and evaluation methods. Sage, Thousand Oaks, CA.
Pitt, M. (2008). The Pitt review - Learning lessons from the 2007 floods. Cabinet office, London.
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R&Atilde;&para;zer, V. &amp; Surminski, S. (2021). Current and future flood risk of new build homes across different socio-economic neighbourhoods in England and Wales. Environmental Res. Letters. 16,1&acirc;&#128;&quot;16. https://doi.org/10.1088/1748-9326/abec04
Santoro, S., Pluchinotta, I., Pagano, A., Pengal, P., Cokan, B., &amp; Giordano, R. (2019). Assessing stakeholders&#39; risk perception to promote Nature Based Solutions as flood protection strategies: The case of the Glin&Aring;&iexcl;&Auml;&#141;ica river (Slovenia). Science of the total environment, 655, 188-201. https://doi.org/10.1016/j.scitotenv.2018.11.116
Shackel, B. (1991). Usability &acirc;&#128;&quot; context, framework, design and evaluation. In Shackel, B. and Richardson, S. (Eds), Human Factors for Informatics Usability, Cambridge University Press, Cambridge, pp. 21-38.
Shrubsole, D., Green, M., &amp; Scherer, J. (1997). The actual and perceived effects of floodplain land-use regulations on residential property values in London, Ontario. Canadian Geographer, 41(2):173-193. https://doi.org/10.1111/j.1541-0064.1997.tb01156.x
Soentato, R. &amp; Proverbs, D.G. (2004). Impact of flood characteristics on damage caused to UK domestic properties: The perceptions of building surveyors. Structural Survey, 22(2):95-104. https://doi.org/10.1108/02630800410538622
Terpstra, T., Lindell, M.K., &amp; Gutteling, J.M. (2009). Does communicating (flood) risk affect (flood) risk perceptions? Results of a quasi-experimental study. Risk Analysis. 29(8):1141-1155. https://doi.org/10.1111/j.1539-6924.2009.01252.x
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Worthington, A.C. (2008). The impact of natural events and disasters on the Australian stock market: A GARCH-M analysis of storms, floods, cyclones, earthquakes and bushfires. GlobalBus. &amp; Econs Review, 10(1):1&acirc;&#128;&quot;10. https://doi.org/10.1504/GBER.2008.016824
Zhang, L. &amp; Leonard, T. (2019). Flood hazards impact on neighborhood house prices. The Journal of Real Estate Finance and Economics, 58(4):656&acirc;&#128;&quot;674. https://doi.org/10.1007/s11146-018-9664-1
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume30-2025/quantifying-non-monetary-value-attributes-of-property-investment-implication-on-investors-decision-making-in-flood-risk-ar</guid>
<pubDate>19 Jun 2025 02:30:24 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume30-2025/promotion-strategies-for-property-academics</link>
<title><![CDATA[Promotion strategies for property academics]]></title>
<description><![CDATA[Ge#ing promoted is an important aspect of the development of property academics&rsquo; careers. PRRES has a key role in this area to assist property academics navigate the challenges and opportunities of being promoted. This paper highlights the key issues concerning property academics a#aining promotion in today&rsquo;s university environment, and identifies relevant promotion strategies. The authors have a diverse range of promotion experiences and will draw on these experiences to highlight key issues in promotion strategies. This is particularly relevant for Early Career Researchers (ECRs), as they navigate developing their careers as the next generation of property academics.
]]></description>
<content><![CDATA[Chan, K., Hardin, W., Liano, K. and Yu, Z. (2008), &acirc;&#128;&#156;The internationalisation of real estate research&acirc;&#128;&#157;, Journal of Real Estate Research, Vol. 30 No. 1, pp. 91-124.
D&acirc;&#128;&#153;Arcy, E. and Taltavull, P. (2009), &acirc;&#128;&#156;Real estate education in Europe: some perspectives on a decade of rapid change&acirc;&#128;&#157;, Journal of European Real Estate Research, Vol. 2 No. 1, pp. 69-78.
Eliasson, M., Berggren, H. and Bondestam, F. (2000), &acirc;&#128;&#156;Mentor program- a short-cut for women&acirc;&#128;&#153;s academic careers?&acirc;&#128;&#157;, Higher Education in Europe, Vol. 25 No. 2, pp. 173-179.
Filandori, M. and Pasqua, S. (2021), &acirc;&#128;&#156;Being good isn&acirc;&#128;&#153;t good enough: discrimination in Italian academia&acirc;&#128;&#157;, Studies in Higher Education, Vol. 46 No. 8, pp. 1533-1551.
Hardin, W. (2000), &acirc;&#128;&#156;Practical experience, expectations, hiring, promotion and tenure: a real estate perspective&acirc;&#128;&#157;, Journal of Real Estate Practice and Education, Vol. 3 No. 1, pp. 17-34.
Harris, C., Myers, B. and Ravenswood, K. (2019), &acirc;&#128;&#156;Academic careers and parenting: identity, performance and surveillance&acirc;&#128;&#157;, Studies in Higher Education, Vol. 44 No. 4, pp. 708-718.
Jepsen, D., Sun, J. and Budhwar, P. (2014), &acirc;&#128;&#156;International academic careers: personal reflections&acirc;&#128;&#157;, International Journal of Human Resource Management, Vol. 25 No. 10, pp. 1309-1326.
Kirchmeyer, G. (2005), &acirc;&#128;&#156;The effects of mentoring on academic careers over time: testing performance and political perspectives&acirc;&#128;&#157;, Human Relations, Vol. 58 No. 5, pp. 637-660.
Long, J., Allison, P. and McGinnis, R. (1993), &acirc;&#128;&#156;Rank advancement in academic careers: sex differences and the effects of productivity&acirc;&#128;&#157;, American Sociological Review, Vol. 58 No. 5, pp. 703-722.
Manning, C. and Roulac, S. (2001), &acirc;&#128;&#156;Where can real estate faculty add the most value at universities in the future?&acirc;&#128;&#157;, Journal of Real Estate Practice and Education, Vol. 4 No. 1, pp. 17-39.
Manning, C., Webb, J., Rodriguez, M., Epley, D., Newell, G., Roulac, S. and McDonald, J. (2007), &acirc;&#128;&#156;Writing for publication to ensure tenure and promotion for real estate faculty&acirc;&#128;&#157;, Journal of Real Estate Literature, Vol. 15 No. 1, pp. 1-36.
Marasi, S., Jones, B. and Parker, J. (2022), &acirc;&#128;&#156;Faculty satisfaction with online teaching; A comprehensive study with American faculty&acirc;&#128;&#157;, Studies in Higher Education, Vol. 47 No. 3, pp. 513-525.
Newell, G. (2007), &acirc;&#128;&#156;Challenges and opportunities for property academics&acirc;&#128;&#157;, Pacific Rim Property Research Journal, Vol. 13 No. 2, pp. 136-145.
Newell, G., Adair, A., Taltavull, P. and McGreal, S. (2023), Identifying career strategies for property academics. Journal of Property Investment and Finance, Vol. 41 No. 6, pp. 616-623.
Newell, G., Marzuki, J., Worzala, E., Adair, A., Hoesli, M. and Rodriguez, M. (2022), &acirc;&#128;&#156;The significance of impact in real estate research publications&acirc;&#128;&#157;, Journal of Property Investment and Finance, Vol. 40 No. 1, pp. 49-67.
Nguyen, H., Badiozaman, I. and Ling, V. (2024), &acirc;&#128;&#156;Agency in academic promotion: Self-oriented and socially-oriented strategies amongst Australian academics&acirc;&#128;&#157;, Studies in Higher Education, Vol. 48 No. 11, pp. 1609-1623.
Nielsen, M. (2016), &acirc;&#128;&#156;Gender inequality and research performance: moving beyond individual meritocratic explanations of academic advancement&acirc;&#128;&#157;, Studies in Higher Education, Vol. 412 No. 11, pp. 2044-2060.
Ortlieb, R. and Weiss, S. (2018), &acirc;&#128;&#156;What makes academic careers less insecure? The role of individual-level antecedents&acirc;&#128;&#157;, Higher Education, Vol. 76, 571-587.
Sallee, M. Ward, K. and Wolf-Wendel, L. (2016), &acirc;&#128;&#156;Can anyone have it all? Gendered views on parenting and academic careers&acirc;&#128;&#157;, Innovative Higher Education, Vol. 41, pp. 187-202.
Smith, K., Else, F. and Crookes, P. (2014), &acirc;&#128;&#156;Engagement and academic promotion: a review of the literature&acirc;&#128;&#157;, Higher Education Research and Development, Vol. 33 No. 4, pp. 836-847.
Todd, P. and Bird, D. (2000), &acirc;&#128;&#156;Gender and promotion in academia&acirc;&#128;&#157;, Equal Opportunities International, Vol. 19 No. 8, pp. 1-16.
Van Balen, B., Van Arensbergen, P, Van der Weijden, I. and Van den Besselaar, P. (2012), &acirc;&#128;&#156;Determinants of success in academic careers&acirc;&#128;&#157;, Higher Education Policy, Vol. 25, pp. 313-334.]]></content>
<guid isPermaLink="true">https://www.prres.org/volume30-2025/promotion-strategies-for-property-academics</guid>
<pubDate>19 Jun 2025 02:20:28 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume30-2025/the-impact-of-environmental-social-and-governance-esg-on-real-estate-investment-a-bibliometric-review</link>
<title><![CDATA[The Impact of Environmental, Social and Governance (Esg) on Real Estate Investment: A Bibliometric Review]]></title>
<description><![CDATA[This study aims to explore trends and patterns in ESG (Environmental, Social, and Governance) research within the real estate sector, focusing on ESG performance as a driver for enhancing real estate investments, which closely align with several Sustainable Development Goals (SDGs). The research employs a bibliometric analysis to synthesize and evaluate prior studies on ESG and real estate investment, analyzing publication trends, identifying key journals and contributing countries, and exploring emerging themes. The results show a notable increase in ESG-related research within the real estate investment sector over the past decade. Using tools like ScientoPy and VOSviewer, the analysis reveals a steady rise in publications, with key themes such as &ldquo;sustainability&rdquo; and &ldquo;ESG&rdquo; gaining prominence. The research emphasizes the importance of understanding ESG implementation for investors and stakeholders in the real estate market. The study&rsquo;s findings highlight the need for further research into ESG&rsquo;s long-term impact on real estate investments and the financial performance of firms. It provides valuable insights for policymakers and investors on integrating ESG factors into investment strategies, particularly as a risk management tool. By offering a comprehensive overview of ESG research trends in real estate investment, this study serves as a useful resource for managers, governments, investors, and regulators, emphasizing the need for interdisciplinary collaboration to further innovate ESG solutions and increase awareness.
]]></description>
<content><![CDATA[Abdullah, K. H., Roslan, M. F., Ishak, N. S., Ishak, N. S., Yahya, M. A., Hadi, H. R. A., &amp; Rosaai, M. S. N. M. (2023). Revealing the unseen: a bibliometric analysis of workplace safety. Kontakt, 25(4), 328&acirc;&#128;&quot;338. https://doi.org/10.32725/kont.2023.038
Atz, U., Van Holt, T., Liu, Z. Z., &amp; Bruno, C. C. (2022). Does sustainability generate better financial performance? review, meta-analysis, and propositions. Journal of Sustainable Finance &amp; Investment, 1, 13(1), 802&acirc;&#128;&quot;825. https://doi.org/10.1080/20430795.2022.2106934
Bartlett, E. and Nigel, H. (2000), &acirc;&#128;&#156;Informing the decision-makers of the cost and value of green building&acirc;&#128;&#157;, Building Research and Information, Vol. 28, pp. 315-24. 
Cajias, M., Fuerst, F., McAllister, P., &amp; Nanda, A. (2014). DO RESPONSIBLE REAL ESTATE COMPANIES OUTPERFORM THEIR PEERS? International Journal of Strategic Property Management, 18(1), 11&acirc;&#128;&quot;27. https://doi.org/10.3846/1648715x.2013.866601
Danila, A. (2023). The Role of ESG Factors in Improving Firm Financial Performance. Ovidius University Annals, Series Economic Sciences, 23(2).
De Francesco, A. J., &amp; Levy, D. (2008). The impact of sustainability on the investment environment. Journal of European Real Estate Research, 1(1), 72&acirc;&#128;&quot;87. https://doi.org/10.1108/17539260810891505
Donthu, N., Kumar, S., Mukherjee, D., Pandey, N., &amp; Lim, W. M. (2021). How to conduct a bibliometric analysis: An overview and guidelines. Journal of business research, 133, 285-296.
Eccles, R. G., Ioannou, I., &amp; Serafeim, G. (2014). The Impact of Corporate Sustainability on Organizational Processes and Performance. Management Science, 60(11), 2835&acirc;&#128;&quot;2857. https://doi.org/10.1287/mnsc.2014.1984
Eliza, E. (2024). Sustainable investment practices: Assessing the influence of ESG factors on financial performance. Global international journal of innovative research, 2(7), 1445-1454.
Faccini, R., Matin, R., &amp; Skiadopoulos, G. (2023). Dissecting climate risks: Are they reflected in stock prices? Journal of Banking &amp; Finance, 155, 106948. https://doi.org/10.1016/j.jbankfin.2023.106948
Falkenbach, H., Lindholm, A., &amp; Schleich, H. (2010). Review Articles: Environmental Sustainability: Drivers for the Real Estate Investor. Journal of Real Estate Literature, 18(2), 201&acirc;&#128;&quot;223. https://doi.org/10.1080/10835547.2010.12090273
Friede, G., Busch, T., &amp; Bassen, A. (2015). ESG and financial performance: aggregated evidence from more than 2000 empirical studies. Journal of sustainable finance &amp; investment, 5(4), 210-233.
Gabe, J., &amp; Rehm, M. (2014). Do tenants pay energy efficiency rent premiums? Journal of Property Investment and Finance, 32(4), 333&acirc;&#128;&quot;351. https://doi.org/10.1108/jpif-09-2013-005821
Galbreath, J. (2012). ESG in Focus: The Australian Evidence. Journal of Business Ethics, 118(3), 
529&acirc;&#128;&quot;541. https://doi.org/10.1007/s10551-012-1607-9
Gavrilakis, N., &amp; Floros, C. (2023). ESG performance, herding behavior and stock market returns: evidence from Europe. Operational Research, 23(1). https://doi.org/10.1007/s12351-023-00745-1
Hebb, T., Hamilton, A., &amp; Hachigian, H. (2010). Responsible Property Investing in Canada: Factoring Both Environmental and Social Impacts in the Canadian Real Estate Market. Journal of Business Ethics, 92(S1), 99&acirc;&#128;&quot;115. https://doi.org/10.1007/s10551-010-0636-5
Hoss, A., &amp; Luppi, L. (2023). The state of ESG investing in Canada&acirc;&#128;&#153;s commercial real estate market: Opportunities and risks. Corporate Real Estate Journal, 12(3), 289-295.
Ifediora, C. O., &amp; Igwenagu, C. L. Identifying Environmental, Social and Governance (ESG) Factors as Key Factors in Residential and Commercial Properties/Real Estate Investment Decision.
JLL. (2023). Future of Real Estate: Global Real Estate Perspective. Jones Lang LaSalle IP, Inc. https://www.jll.co.uk/en/trends-and-insights/research/global-real-estate-perspective
Jones Lang LaSalle (2007b) People, Planet, Profitability (London: JLL). 
Kats, G. (2003), &acirc;&#128;&#156;The costs and financial benefits of green buildings&acirc;&#128;&#157;, Sustainable Building Task Force, A Report to California&acirc;&#128;&#153;s Sustainable Task Force. 
Kempeneer, S., Peeters, M., &amp; Compernolle, T. (2021). Bringing the User Back in the Building: An Analysis of ESG in Real Estate and a Behavioral Framework to Guide Future Research. Sustainability, 13(6), 3239. https://doi.org/10.3390/su13063239
Kim, S., &amp; Li, Z. (2021). Understanding the impact of ESG practices in corporate finance. Sustainability, 13(7), 3746.
Knight Frank. (2023). &quot;Global ESG Real Estate Index.&quot; Knight Frank Research. https://www.knightfrank.com/research/report/global-esg-real-estate-index 2023-9472.aspx
Kocmanova, A., Nemecek, P., &amp; Simberova, I. (2006). Qualitative relationships between the environmental, social and governance (ESG) performance indicators for supporting the decision-making. In WMSCI 2006-The 10th World Multi-Conference on Systemics, Cybernetics and Informatics, Jointly with the 12th International Conference on Information Systems Analysis and Synthesis, ISAS 2006-Proc (Vol. 1).
Liu, N., Zhao, Y., Hutchison, N., &amp; Bowen, Y. (2024). Occupier profile and the ESG agenda in commercial real estate.
L&Atilde;&frac14;tzkendorf, T., &amp; Lorenz, D. (2007). Integrating sustainability into property risk assessments for market transformation. Building Research &amp; Information, 35(6), 644&acirc;&#128;&quot;661. https://doi.org/10.1080/09613210701446374
Morri, G., Colantoni, F., &amp; De Paolis, A. M. (2024). ESG performance variability: profitability and market implications for real estate entities in a worldwide context. Journal of European Real Estate Research, 17(3), 373-394.
Nanda, A. (2022). ESG in Real Estate Investment: Issues for the Future. In The Palgrave Encyclopedia of Urban and Regional Futures (pp. 1-5). Cham: Springer International Publishing.
Newell, G. (2008). The strategic significance of environmental sustainability by Australian listed property trusts. Journal of Property Investment and Finance, 26(6), 522&acirc;&#128;&quot;540. https://doi.org/10.1108/14635780810908370
Newell, G., MacFarlane, J., &amp; Walker, R. (2014). Assessing energy rating premiums in the performance of green office buildings in Australia. Journal of Property Investment and Finance, 32(4), 352&acirc;&#128;&quot;370. https://doi.org/10.1108/jpif-10-2013-0061
Newell, G., Nanda, A., &amp; Moss, A. (2023). Improving the benchmarking of ESG in real estate investment. Journal of Property Investment &amp; Finance, 41(4), 380-405.
Olteanu, A. L., &amp; Ionascu, A. E. (2023). The importance of ESG in the real estate investments. Ovidius University Annals, Economic Sciences Series, 23(2), 810-817.
Paumgartten, P.V. (2003), &acirc;&#128;&#156;The business case for high performance green buildings: sustainability and its financial impact&acirc;&#128;&#157;, Journal of Facilities Management, Vol. 2 No. 1, pp. 26-52. 
Pivo, G. (2008). Responsible property investing: what the leaders are doing. Journal of Property Investment and Finance, 26(6), 562 576. https://doi.org/10.1108/14635780810908406
Pranckut&Auml;&#151;, R. (2021). Web of Science (WoS) and Scopus: The Titans of Bibliographic Information in Today&acirc;&#128;&#153;s Academic World. Publications, 9(1), 12. https://doi.org/10.3390/publications9010012
PwC. (2023). &quot;Emerging Trends in Real Estate&Acirc;&reg; 2023.&quot; PwC and Urban Land Institute. https://www.pwc.com/us/en/industries/financial-services/asset-wealth&#2;management/real-estate/emerging-trends-in-real-estate.html
Rebonato, R. (2023). Asleep at the Wheel? The Risk of Sudden Price Adjustments for Climate Risk. The Journal of Portfolio Management, 50(2), 113&acirc;&#128;&quot;133. https://doi.org/10.3905/jpm.2023.1.549
Rubbaniy, G., Khalid, A. A., Rizwan, M. F., &amp; Ali, S. (2021). Are ESG stocks safe-haven during COVID-19? Studies in Economics and Finance, 39(2), 239&acirc;&#128;&quot;255. https://doi.org/10.1108/sef-08-2021-0320
Ruiz-Rosero, J., Ramirez-Gonzalez, G., &amp; Viveros-Delgado, J. (2019b). Software survey: ScientoPy, a scientometric tool for topics trend analysis in scientific 
publications. Scientometrics, 121(2), 1165&acirc;&#128;&quot;1188. https://doi.org/10.1007/s11192-019-03213-w
Ruiz-Rosero, J., Ramirez-Gonzalez, G., &amp; Viveros-Delgado, J. (2019). Software survey: ScientoPy, a scientometric tool for topics trend analysis in scientific publications. Scientometrics, 121(2), 1165&acirc;&#128;&quot;1188. https://doi.org/10.1007/s11192-019-03213-w
Sanguankaew, P., &amp; Vathanophas Ractham, V. (2019). Bibliometric review of research on knowledge management and sustainability, 1994&acirc;&#128;&quot;2018. Sustainability, 11(16), 4388.
Sarraf, H. (2021). Climate change risk: The next frontier in banking risk management. Journal of Risk Management in Financial Institutions, 15(1), 85-92.
Senadheera, S. S., Gregory, R., Rinklebe, J., Farrukh, M., Rhee, J. H., &amp; Ok, Y. S. (2022). The development of research on environmental, social, and governance (ESG): A bibliometricanalysis. SustainableEnvironment, 8(1). https://doi.org/10.1080/27658511.2022.2125869 Society, 44(3), 283&acirc;&#128;&quot;317. https://doi.org/10.1177/0007650305278086
Thompson, D. F., &amp; Walker, C. K. (2015). A Descriptive and Historical Review of Bibliometrics with applications to Medical Sciences. Pharmacotherapy the Journal of Human Pharmacology and 
Drug Therapy, 35(6), 551&acirc;&#128;&quot;559. https://doi.org/10.1002/phar.1586
23
Ulrich, P., &amp; Stockert, F. (2023). ESG AND BUSINESS VALUATION: RESEARCH NEEDS. New Outlooks for the Scholarly Research in Corporate Governance, 73.
Warren-Myers, G. (2012). The value of sustainability in real estate: a review from a valuation perspective. Journal of Property Investment &amp; Finance, 30(2), 115-144.
Weber, O. (2013). Environmental, social and governance reporting in China. Business Strategy and the Environment, 23(5), 303&acirc;&#128;&quot;317. https://doi.org/10.1002/bse.1785
Yusuf, J. A., Araoye, S. O., &amp; Afolabi, L. O. (2024). The Impact of Climate Change Risks on International Financial Markets and Investment Strategies. Journal of Environment, Climate, and Ecology, 1(2), 1-8.
Zheng, Z., &amp; Lee, C. L. (2025). A meta-analysis of ESG factors in the real estate investment trusts sector: exploring their impacts on REITs performance. Engineering, Construction and Architectural Management.
Zhu, Y., Kim, D., Yan, E., Kim, M. C., &amp; Qi, G. (2021). Analyzing China&acirc;&#128;&#153;s research collaboration with the United States in high-impact and high-technology research. Quantitative Science Studies, 2(1), 363&acirc;&#128;&quot;375. https://doi.org/10.1162/qss_a]]></content>
<guid isPermaLink="true">https://www.prres.org/volume30-2025/the-impact-of-environmental-social-and-governance-esg-on-real-estate-investment-a-bibliometric-review</guid>
<pubDate>13 Jun 2025 00:38:24 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/the-impact-of-zoning-reform-on-property-prices-within-lower-hutt-wellington</link>
<title><![CDATA[The impact of zoning reform on property prices within lower Hutt, Wellington]]></title>
<description><![CDATA[Zoning regulation can have a significant effect on property values by restricting types of development in a particular area. By focusing on the implementation of Hu&gt; City Council&rsquo;s District Plan Change 43, this study examines the effect of zoning changes on residential property prices in Lower Hu&gt;, New Zealand. Using transaction records of 100 residential properties and employing multivariate regressions, the results show that properties affected by the zoning reforms experienced lower appreciation in value compared to unaffected properties.
]]></description>
<content><![CDATA[Anagol, S., Ferreira, F., and Rexer, J. (2021). Estimating the economic value of zoning reform [Preprint]. doi:10.3386/w29440. 
Dong, H., and Hansz, J.A. (2019) &acirc;&#128;&#152;Zoning, density, and rising housing prices: A case study in Portland, Oregon&acirc;&#128;&#153;, Urban Studies, 56(16), pp. 3486&acirc;&#128;&quot;3503. 
doi:10.1177/0042098018813251. 
Freemark, Y. (2019) &acirc;&#128;&#152;Upzoning Chicago: Impacts of a zoning reform on property values and Housing Construction&acirc;&#128;&#153;, Urban Affairs Review, 56(3), pp. 758&acirc;&#128;&quot;789. 
doi:10.1177/1078087418824672. 
Greenaway-McGrevy, R., Pacheco, G. and Sorensen, K. (2020) &acirc;&#128;&#152;The effect of upzoning on house prices and redevelopment premiums in Auckland, New Zealand&acirc;&#128;&#153;, Urban Studies, 58(5), pp. 959&acirc;&#128;&quot;976. doi:10.1177/0042098020940602. 
Hutt City Council. (2019a, November). Decision on Proposed Plan Change 43: Medium Density Residential and Suburban Mixed-Use Activity Areas. Hutt City 
Council. Author. Retrieved from 
 https://hccpublicdocs.azurewebsites.net/api/download/4c6764c757a749bb98ac
12cdx44ce61/_C M9-WE/1f97d27846004dee47dc96bd085a65286158 
Hutt City Council. (2019b, November). Proposed District Plan Change 43 - Decision. Hutt City Council. Author. Retrieved from https://hccpublicdocs.azurewebsites.net/api/download/4c6764c757a749bb98ac
12cdx44ce61/_C M9-WE/640d16654224963248edbx57369e55bc8cc 
Hutt City Council. (2022, August 30). District plan changes 43. Retrieved from  https://www.huttcity.govt.nz/council/district-plan/district-plan&#2;changes/completed-district-plan- changes/residential-and-suburban-mixed-use 
Kendall, R. and Tulip, P. (2018) &acirc;&#128;&#152;The effect of zoning on housing prices&acirc;&#128;&#153;, SSRN Electronic Journal [Preprint]. doi:10.2139/ssrn.3149272. 
Maltman, M. and Greenaway-McGrevy, R. (2024) Going it Alone: The Impact of Upzoning on Housing Construction in Lower Hutt [Preprint]. 
Mar, N.H. and Mar, 13 (2020) Research reveals scale of Housing Crisis, NZ Herald. Available at: https://www.nzherald.co.nz/nz/hutt-city-council-research&#2;reveals-scale-of-lower-hutt-housing- crisis/VKDN5D7QJLDE2R55V55DGPAULY/ 
McLeay, C. (2022). Affordable housing, democratic erosion, and the inevitability of capitalism. New Zealand Sociology, 37(2), 1&acirc;&#128;&quot;13.  https://search.informit.org/doi/10.3316/informit.508953942354051
Murphy, L. (2016) &acirc;&#128;&#152;The politics of land supply and affordable housing: Auckland&acirc;&#128;&#153;s housing accord and special housing areas&acirc;&#128;&#153;, Urban Studies, 53(12), pp. 2530&acirc;&#128;&quot;2547. doi:10.1177/0042098015594574. 
Murray, C. and Limb, M. (2022) &acirc;&#128;&#152;We zoned for density and got higher house prices: Supply and price effects of upzoning over 20 years&acirc;&#128;&#153;, Urban Policy and Research, 41(2), pp. 129&acirc;&#128;&quot;147. doi:10.1080/08111146.2022.2124966. 
Neukranz, N. (2021) &acirc;&#128;&#152;Impact of land use zoning changes on land values&acirc;&#128;&#153;, 28th Annual European Real Estate Society Conference [Preprint]. doi:10.15396/eres2021_63. 
Phibbs, P. and Gurran, N. (2021) &acirc;&#128;&#152;The role and significance of planning in the determination of house prices in Australia: Recent policy debates&acirc;&#128;&#153;, Environment and Planning A: Economy and Space, 53(3), pp. 457&acirc;&#128;&quot;479. 
doi:10.1177/0308518x21988942. 
Rehm, M. and Filippova, O. (2008) &acirc;&#128;&#152;The impact of geographically defined school zones on house prices in New Zealand&acirc;&#128;&#153;, International Journal of Housing Markets and Analysis, 1(4), pp. 313&acirc;&#128;&quot;336. doi:10.1108/17538270810908623. 
Robert, J.G. and Zahirovic-Herbert, V. (2021) &acirc;&#128;&#152;The influence of privately initiated rezoning on housing prices&acirc;&#128;&#153;, International Journal of Housing Markets and Analysis, 15(3), pp. 592&acirc;&#128;&quot;612. doi:10.1108/ijhma-02-2021-0016 
Simplilearn. (2023, October 19). What is Descriptive Statistics: Definition, Types, Applications, and Examples. Retrieved from hXps://www.simplilearn.com/what&#2;is-descriptive-statistics- article#:~:text=FrequentlyAskedQuestions-
 ,1.,helpidentifypatternsandrelationships. 
Stacy, C. et al. (2023) &acirc;&#128;&#152;Land-use reforms and housing costs: Does allowing for increased density lead to greater affordability?&acirc;&#128;&#153;, Urban Studies, 60(14), pp. 2919&acirc;&#128;&quot;2940. doi:10.1177/00420980231159500. 
StatsNZ. (2020, December 8). Homeownership rate lowest in almost 70 years | Stats NZ. Retrieved from https://www.stats.govt.nz/news/homeownership-rate-lowest-in&#2;almost-70-years 
Quotable Value. (2021). QV House Price Index. Retrieved from https://www.qv.co.nz/price-index/
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume29-2024/the-impact-of-zoning-reform-on-property-prices-within-lower-hutt-wellington</guid>
<pubDate>18 Mar 2025 01:12:59 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/harnessing-biophilia-to-design-magnetic-office-landscapes-a-case-study</link>
<title><![CDATA[Harnessing biophilia to design magnetic office landscapes: A case study]]></title>
<description><![CDATA[The importance of a connection with nature has been recognized to boost workers&rsquo; satisfaction 
and productivity. Providing data about spaces people want to be in within an office is so 
important, particularly in the post-COVID era to bring back workers to the workplaces. This 
can attract talents in the competitive job market while they are looking for flexible offices to 
accommodate various activities, and positively support their health and wellbeing. This study 
aims to explore the value of biophilic design (BD) in attracting workers to the workplace, 
increasing employees&rsquo; satisfaction with space, and investigate its potential to inform future 
workplace design. The Space/Nature Syntax and lighting analysis, combined with 
observation, and computational image analysis with python is used to analyse the workplace&#39;s 
spatial configuration and identify design elements that enhance user experience and 
encourage interaction with nature and natural light. According to the findings, BD can boost 
space utilization by catering to employees&#39; needs and increase their satisfaction with their 
working environment. The results of this study have implications for architects, designers, 
and policymakers interested in creating workplaces that are attractive for workers, and more 
likely to enhance their sense of wellbeing and productivity in office.
]]></description>
<content><![CDATA[Alhammadi, H., &amp; Amer, S. T. (2022). Work Productivity and Human Wellbeing in Offices 
Using Natural Light Vs Artificial Light. Proceedings of the 5th European International Conference 
on Industrial Engineering and Operations Management Rome, Italy, July 26-28.
Ancillo, A. D. L., del Val N&Atilde;&#131;&Acirc;&#131;&Atilde;&#130;&Acirc;&ordm;&Atilde;&#131;&Acirc;&#131;&Atilde;&#130;&Acirc;&plusmn;ez, M. T., &amp; Gavrila, S. G. (2021). Workplace change within the 
COVID-19 context: a grounded theory approach. Economic Research-Ekonomska 
Istra&Atilde;&#131;&Acirc;&#130;&Atilde;&#130;&Acirc;&#158;ivanja, 34(1), 2297-2316. 
Appel-Meulenbroek, R., Kemperman, A., van de Water, A., Weijs-Perr&Atilde;&#131;&Acirc;&#131;&Atilde;&#130;&Acirc;&copy;e, M., &amp; Verhaegh, J. 
(2022). How to attract employees back to the office? A stated choice study on hybrid 
working preferences. Journal of Environmental Psychology, 81, 101784.
Azizah, M. I., Putrie, Y. E., &amp; Samudro, H. (2025). Adaptable Biophilic Design for Informal 
Learning Spaces: Cultivating Comfort and Inspiration for Marginalized Communities. In 
IOP Conference Series: Earth and Environmental Science (Vol. 1439, No. 1, p. 012018). IOP 
Publishing. 
Bradski, G., &amp; Kaehler, A. (2000). OpenCV. Dr. Dobb&Atilde;&#131;&Acirc;&#130;&Atilde;&#130;&Acirc;&#39;s journal of software tools, 3(2).
Browning, W. D., &amp; Ryan, C. O. (2020). Nature inside: a biophilic design guide. Routledge.
Candido, C., Thomas, L., Haddad, S., Zhang, F., Mackey, M., &amp; Ye, W. (2019). Designing 
Activity-Based Workspaces: Satisfaction, Productivity and Physical Activity. Building 
Research &amp; Information, 47(3), 275-289. 
Candido, C., Marzban, S., Haddad, S., Mackey, M., &amp; Loder, A. (2020). Designing healthy 
workspaces: results from Australian certified open-plan offices. Facilities, 39(5/6), 411-433.
Cramer, J. S., &amp; Browning, W. D. (2008). Transforming building practices through biophilic 
design. Hoboken: Wiley, 335, 346.
Cooper., R (2013). The Global Impact of Biophilic Design in the Workplace. Human Spaces. 
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Architectural Research, 11(1), 114-141]]></content>
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<pubDate>18 Mar 2025 01:07:38 GMT</pubDate>
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<link>https://www.prres.org/volume29-2024/exploring-the-potential-of-big-data-and-data-analytics-in-south-africa39s-real-estate-sector</link>
<title><![CDATA[Exploring the potential of big data and data analytics in South Africa&#39;s real estate sector]]></title>
<description><![CDATA[This paper examines the current applications, barriers, and potential uses of big data and data analytics in the South African real estate market. A qualitative approach was adopted to administer semi-structured interviews to big data and data analytics specialists in the South African real estate market. The results show that the proptech market is still in its infancy in general and that the big data and data analytics submarket is limited in the South African real estate market. Major challenges include the lack of clarity or knowledge of adequate value proposition related to upscaling, supportive ecosystem, storage systems, costs, and the scarcity of technical skills needed for big data and data analytics to blossom. Besides these issues, anecdotal evidence, showing the presence of active companies focusing on big data, and responses from research participants, suggest that big data and big data analytics can grow and potentially bring immense benefits to all stakeholders in the country.
]]></description>
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research and health care: a literature review. Biomedical informatics insights, 8, pp.BII&#2;S31559
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]]></content>
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<pubDate>08 Mar 2025 05:17:41 GMT</pubDate>
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<link>https://www.prres.org/volume29-2024/dynamic-relationship-between-investor-attention-and-house-prices-evidence-from-australian-housing-market</link>
<title><![CDATA[Dynamic relationship between investor attention and  house prices: Evidence from Australian housing  market]]></title>
<description><![CDATA[This paper examines the interrelationships between investor attention and house prices. We find that investor attention significantly influences house prices in both short term and long term. Conversely, significant changes in house prices heighten investor attention, leading to increased market activity. This reciprocal relationship between investor attention and house prices is confirmed through VAR model analysis. Granger causality tests, variance decomposition and impulse response functions were also used to investigate the dynamic of the variables in the empirical model. Our findings have several implications for policymakers, real estate investors, and market analysts. Policymakers should focus on managing short-term volatility in house prices to stabilise investor behaviour, while investors should avoid overreacting to short-term price movements. The study findings suggest that incorporating behavioural factors into economic models can enhance our understanding and improve the prediction of housing market trends.
]]></description>
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Andrei, D. &amp; Hasler, M. 2015. Investor Attention And Stock Market Volatility. The Review Of Financial Studies, 28, 33-72. 
Bajari, P., Benkard, C. L. &amp; Krainer, J. 2005. House Prices And Consumer Welfare. Journal Of Urban Economics, 58, 474-487. 
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Barber, B. M. &amp; Odean, T. 2008. All That Glitters: The Effect Of Attention And News On The Buying Behavior Of Individual And Institutional Investors. The Review Of Financial Studies, 21, 785-818. 
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Burke, T. &amp; Hulse, K. 2010. The Institutional Structure Of Housing And The Sub-Prime Crisis: An Australian Case Study. Housing Studies, 25, 821-838. 
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<guid isPermaLink="true">https://www.prres.org/volume29-2024/dynamic-relationship-between-investor-attention-and-house-prices-evidence-from-australian-housing-market</guid>
<pubDate>12 Feb 2025 03:03:19 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/successful-managerial-attributes-of-construction-project-managers-empirical-evidence-from-australia</link>
<title><![CDATA[Successful Managerial Attributes of Construction Project Managers: Empirical Evidence from Australia]]></title>
<description><![CDATA[Construction industry growth necessitates effective management of projects to meet time, budget, quality and safety considerations. This research explores &lsquo;project success criteria&rsquo; and project managers as &lsquo;critical success factors&rsquo; to determine successful leadership styles and attributes. Utilizing an exploratory approach, 16 qualitative interviews with project managers and specialist recruiters were undertaken. Content analysis was also carried out on 200 industry targeted job advertisements Findings highlight that the three traditional success criteria (time, budget, and quality) should also include stakeholder satisfaction, community engagement, health and safety, and environmental factors. Project managers must demonstrate leadership, communication, team motivation, entrepreneurship and decisiveness. These are important contributions to industry and recruitment practices within construction project management.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume29-2024/successful-managerial-attributes-of-construction-project-managers-empirical-evidence-from-australia</guid>
<pubDate>18 Nov 2024 03:08:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/strategies-deployed-to-deal-with-black-swan-events-a-qualitative-assessment-of-quantitative-easing-and-the-australian-housing-m</link>
<title><![CDATA[Strategies Deployed to Deal with Black Swan Events: A Qualitative Assessment of Quantitative Easing and the Australian Housing M]]></title>
<description><![CDATA[Black Swan Events (BSEs) are those unplanned events that significantly and negatively impact various aspects of human life. The COVID-19 pandemic and the Global Financial Crisis (GFC) in 2008 have been considered by many as BSE in recent times. During these events, governments usually implement policies to assuage the impact on various sectors of the economy and the populace. This paper identified some strategies and policies adopted by the Australian government during the COVID-19 pandemic, especially the QE monetary policy and their impact on the housing market from the perspective of stakeholders in the industry. A qualitative research method was used to solicit information from respondents. A thematic analysis was employed to unravel the government&rsquo;s fiscal policies and the QE monetary policy as responsible for mitigating the effects of BSE. These policies sought to, among other reasons, keep interest rates low and keep money in the economy to revive the ailing economy. The findings revealed that the BSEs affected the Australian economy in multiple ways. We also found that the conventional and unconventional policy strategies deployed in response to the BSEs in Australia were impacting the Australian housing market in varying significance manner.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume29-2024/strategies-deployed-to-deal-with-black-swan-events-a-qualitative-assessment-of-quantitative-easing-and-the-australian-housing-m</guid>
<pubDate>18 Nov 2024 03:00:39 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/navigating-tomorrows-town-centres-understanding-regeneration-activities-in-new-zealands-regional-towns</link>
<title><![CDATA[Navigating Tomorrow&#39;s Town Centres: Understanding Regeneration Activities in New Zealand&#39;s Regional Towns]]></title>
<description><![CDATA[Purpose &ndash; The paper presents a descriptive analysis of construction activities in New Zealand&rsquo;s regional town centres. Through exploratory analysis, the study aims to understand regeneration activities and assess whether these activities align with local government strategic plans and policy objectives.

Design/methodology/approach: The study utilises building consent (permit) data from thirty-three New Zealand regional town centres approved between January 2009 to January 2022, as a leading indicator for building activities. An exploratory analysis is conducted, capturing scope of building activity, identifying early trends, and assessing the flow-on impact of public building work.

Findings: The findings indicate that government investments in public buildings, aimed at preserving cultural heritage and improving amenities, have stimulated private investments. The residential sector, in particular, experienced significant growth, driven by a variety of projects including new builds, alterations, and conversions of existing structures. This period also saw a notable shift toward mixed-use developments, combining residential and commercial spaces. The rise in residential building activity aligns with strategic planning by territorial authorities to attract more residents to town centres.

Originality/value: This study contributes to the existing literature by using building consents as a measure of building activities to identify trends and assess policy effectiveness. The analysis confirms a positive relationship between public building work and private building work. It also identifies an emerging trend of residential developments in town centres, which is consistent with the strategic planning of territorial authorities.
]]></description>
<content><![CDATA[Aigwi, I.E., Filippova, O., Ingham, J. and Phipps, R., (2020). Unintended consequences of the 
earthquake-prone building legislation: An evaluation of two city centre regeneration 
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pp. 101644.
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redevelopment of underutilised historical buildings: Towards the regeneration of New 
Zealand&Acirc;&#39;s provincial town centres. International Journal of Building Pathology and Adaptation, 
36(4), 385-407. 
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<guid isPermaLink="true">https://www.prres.org/volume29-2024/navigating-tomorrows-town-centres-understanding-regeneration-activities-in-new-zealands-regional-towns</guid>
<pubDate>18 Nov 2024 02:54:50 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/assessing-the-implementation-of-environmental-social-and-governance-esg-by-southeast-listed-property-companies</link>
<title><![CDATA[Assessing the Implementation of Environmental, Social and Governance (ESG) by Southeast Listed Property Companies]]></title>
<description><![CDATA[This study investigates the integration of Environmental, Social, and Governance (ESG) principles in Southeast Asia&#39;s real estate sector, focusing on how these principles are embedded into corporate strategies for sustainable development. It provides an understanding of ESG practices among the top listed property companies in Malaysia, Singapore, Indonesia, Thailand, and the Philippines, exploring the factors driving ESG adoption and the challenges faced in this region. Utilising a mixed-methods approach, the research analyses data from the annual reports of the top 10 listed property companies in each country, examining their ESG disclosures and practices. An ESG matrix evaluates each company&#39;s performance across environmental, social, and governance criteria. Principal component analysis (PCA) and rank correlation techniques assess the relationship between ESG performance and market value. The findings indicate a growing trend towards ESG integration in Southeast Asia, with Singapore and Malaysia leading due to robust frameworks and government initiatives. Other countries like Indonesia, Thailand, and the Philippines are progressing but face challenges such as policy fragmentation and data scarcity. The study highlights the importance of comprehensive ESG strategies for sustainable growth and provides valuable insights for policymakers, investors, and stakeholders in a region often underrepresented in global ESG discussions.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume29-2024/assessing-the-implementation-of-environmental-social-and-governance-esg-by-southeast-listed-property-companies</guid>
<pubDate>18 Nov 2024 02:46:19 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/property-into-the-next-millennium-the-future-of-property-education-in-australia</link>
<title><![CDATA[Property into the next millennium: The future of property education in Australia]]></title>
<description><![CDATA[This paper summarises the keynote presentation given by Dr David Parker at the 29th PRRES Conference in Sydney in January 2023. Dr Parker was one of the founding members of PRRES and was a Board member for many years, including terms as President, Executive Director, and Editor of the Pacific Rim Property Research Journal. Dr Parker reflects on 20 years of evolution in property education in Australia, as evidenced in two PRRES monographs published in 2000 and 2011, together with his current thoughts on the future of property education in 2023.
]]></description>
<content><![CDATA[Armytage, L (2011) Property education in Australia: 13 shades of grey?, chapter 6 in Parker, D (Ed) 
(2011) The future of property education in Australia, PRRES and University of South 
Australia, Sydney
Bradley, D (2008) Review of Australian higher education, Commonwealth of Australia, Canberra
Boyd, T (2000) Educating the property professional of tomorrow, chapter 6 in Parker D (Ed) (2000)
Property into the next millennium, PRRES and RICS Research Foundation, Sydney
Hamilton, G (2000) Investing in yourself: career management in the 21st century, chapter 4 in Parker 
D (Ed) (2000) Property into the next millennium, PRRES and RICS Research Foundation, 
Sydney
Parker, D (Ed) (2000) Property into the next millennium, PRRES and RICS Research Foundation, 
Sydney
Parker, D (2000) Introduction, chapter 1 in Parker D (Ed) (2000) Property into the next millennium,
PRRES and RICS Research Foundation, Sydney
Parker, D (Ed) (2011) The future of property education in Australia, PRRES and University of 
South Australia, Sydney
Parker, D (2011) Property education in Australia: themes and issues, chapter 1 in Parker D (Ed) 
(2011) The future of property education in Australia, PRRES and University of South 
Australia, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume29-2024/property-into-the-next-millennium-the-future-of-property-education-in-australia</guid>
<pubDate>30 Jun 2024 00:22:07 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/impact-of-non-performing-assets-and-total-ecological-footprint-on-housing-prices-panel-evidence-from-emerging-economies</link>
<title><![CDATA[Impact of Non-performing Assets and Total ecological footprint on Housing Prices: Panel Evidence from Emerging Economies]]></title>
<description><![CDATA[The residential housing market dynamics in emerging economies are influenced by a variety of factors, along with credit risk and environmental deterioration. In this context, this study empirically investigates the influence of banking sector&rsquo;s non-performing loans and total ecological footprint on housing prices for a balanced panel of 13 emerging economies between 2010 to 2020. Before estimating the long-run coefficients, the adopted variables have undergone the necessary panel diagnostic tests including cross-sectional dependence, slope&#2;heterogeneity and panel unit root. Additionally, the Westerlund&rsquo;s cointegration test confirms the existence of a significant long-run equilibrium relationship within the panels. Furthermore, Two-step generalized methods of movement estimation by Arellano-Bover reveals that non-performing assets, ecological footprint, and, real interest rate exert a significant and negative influence on residential housing prices. In contrast, per capita income is positively associated with housing prices, indicating that economic growth ensures a continuous rise in residential property prices in emerging economies. These baseline findings are further confirmed by the PCSE and FGLS estimation techniques. Finally, potential policy implications include addressing credit market uncertainties through appropriate monetary policy and greater thrust for environmental sustainability.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume29-2024/impact-of-non-performing-assets-and-total-ecological-footprint-on-housing-prices-panel-evidence-from-emerging-economies</guid>
<pubDate>30 Jun 2024 00:17:48 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/de-mystifying-the-housing-overhang-problem-in-malaysia</link>
<title><![CDATA[De-mystifying the Housing Overhang problem in Malaysia]]></title>
<description><![CDATA[The problem of completed unsold housing, or overhang, has been regularly highlighted in the media in Malaysia. There was a particularly sharp increase in overhang after 2015. A large proportion of these unsold houses were in the mid- and high-price segments, suggesting that affordability could be the issue. Some media analysts pointed out that poor housing location could also explain the volume of overhang. Thus, a formal inquiry into this concern is timely and necessary. In this study, we collected and analysed a panel data of 12 states or federal territories in the country over the period 2008-2022. The main novelty of the research is that it constitutes the first panel data analysis of the overhang issue in Malaysia. Our findings from panel data models indicated that overhang was a persistent problem with past overhang contributing to the accumulation of overhang in the current period. More importantly, we presented strong evidence that deterioration in affordability contributed significantly to overhang. However, there was weak evidence supporting the view that housing location affected overhang. These results survived a series of robustness checks.
]]></description>
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53-58.]]></content>
<guid isPermaLink="true">https://www.prres.org/volume29-2024/de-mystifying-the-housing-overhang-problem-in-malaysia</guid>
<pubDate>30 Jun 2024 00:12:14 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume29-2024/key-aspects-of-property-graduates-employability-in-the-digital-age-perceptions-of-employers-and-graduates</link>
<title><![CDATA[Key Aspects of Property Graduates: Employability in the Digital Age: Perceptions of Employers and Graduates]]></title>
<description><![CDATA[Purpose &ndash; In response to the evolving dynamics of the professional landscape and the ongoing global discourse on sustaining graduate employability, this study explored the underlying themes in the key aspects of property graduate employability to highlight growing expectation gaps in the digital age, considering the perspectives of employers and graduates.

Design/methodology/approach &ndash; The perspectives of 72 property employers and graduates were gathered through an online questionnaire survey and subsequently analysed through Exploratory Factor Analysis to establish underlying paOerns that highlight focus areas and expectation gaps.

Findings &ndash; Six clusters underpinning graduate employability were identified: soft skills, technological skills, problem-solving and digital literacy, core property specialisations, ethical responsibility, and financial analysis and evaluation. Overall, these factor clusters underscore the importance of innovation to both employers and graduates. Technological skills have become increasingly critical in the digital age, while overlooked soft skills such as communication, due diligence and ethical responsibility are imperative for well-rounded professionals.

Practical implications &ndash; These findings emphasise the need for a holistic approach to property education that incorporates the diverse perspectives of stakeholders such as academics, graduates, professional institutions, and employers. A continuous feedback loop is required to integrate these evolving priorities in the digital age.

Originality/value &ndash; Despite widening expectation gaps in property education, most previous studies only aOempt to identify which skills are in demand, offering fragmented viewpoints specific to different professions and stakeholders. Instead, this study established underlying themes in these skill sets by considering the perspectives of two key stakeholders, employers and graduates, across various disciplines in the property sector.
]]></description>
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<pubDate>29 Jun 2024 23:21:19 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume28-2022/2023/a-critical-review-of-retail-gravitation-theory-and-determinants-of-retail-performance</link>
<title><![CDATA[A Critical Review of Retail Gravitation Theory and Determinants of Retail Performance]]></title>
<description><![CDATA[This literature review aims to bring together the findings of previous studies on retail gravitation, providing a comprehensive and up-to-date understanding of the factors involved and their interrelationships. One motivation of the literature review is to develop a comprehensive conceptual framework that captures the complex interplay between different factors influencing retail gravitation. This literature review conducted an analysis of common themes and patterns across the relevant literature, synthesised findings and drew conclusions about factors influencing retail gravitation and their interrelationships. The resulting framework identified two main categories of factors influencing retail gravitation and subcategories. The effect of cooperation and competition is also included. The conceptual framework that captures the complex interplay among different factors could serve as a tool for future research in the field of retail. 
]]></description>
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]]></content>
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<pubDate>19 Feb 2024 17:17:35 GMT</pubDate>
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<link>https://www.prres.org/volume28-2022/2023/effect-of-housing-ownership-on-young-people39s-decisions-to-enter-into-the-union-of-marriage</link>
<title><![CDATA[Effect of Housing Ownership on Young People&#39;s Decisions to Enter into the Union of Marriage]]></title>
<description><![CDATA[The aim of this study is to examine the link between housing ownership and marriage in Lebanon. This study considers data from the evaluative research of three affordable housing projects implemented by a non-profit organisation. The data covers the 295 owners who purchased houses from this organisation between 1995 and 2003. The study was conducted in 2019. We used the data from the non-profit organisation&rsquo;s projects in Lebanon because in the 1990s, Lebanon experienced an unprecedented housing crisis and delay in marriage ceremonies. As a result, this non-governmental organisation implemented three housing projects to encourage young people to marry. By using mixed methods, the findings reveal a significant impact of housing ownership on the young people&rsquo;s decisions to marry. Therefore, this study confirms the effectiveness of a non-profit organisation&rsquo;s construction programs. It also encourages the Lebanese government and all governments in collaboration with the private sector and nonprofit organisations to deliver more affordable housings and facilitate access to home ownership for young people. Additionally, governments may create appropriate public policies to control the real estate market. This will ease the issues associated with postponed marriage, and increase the financial support for young people&rsquo;s ability to purchase a house.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume28-2022/2023/effect-of-housing-ownership-on-young-people39s-decisions-to-enter-into-the-union-of-marriage</guid>
<pubDate>19 Feb 2024 17:17:34 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume28-2022/2023/the-impact-of-the-lagos-metropolitan-development-and-governance-project-on-residential-property-values</link>
<title><![CDATA[The Impact of the Lagos Metropolitan Development and Governance Project on Residential Property Values ]]></title>
<description><![CDATA[This paper aimed at empirically investigating the impact of a &lsquo;moderately unsatisfactory&rsquo; urban regeneration scheme on the surrounding housing rental values of units of flats in some selected slum areas of Lagos state, Nigeria. The study employed the hedonic pricing model to assess the rental values of 385 units of flats, and the survey method is used to elicit information from 107 stakeholders. The t-test was used to assess the impact of the Lagos Metropolitan Development and Governance Project (LMDGP) on the rental values of units of flats; while stakeholders&rsquo; responses were analysed using mean and standard deviation. The t-test results show that the residential housing rental value was significantly higher in the post-urban regeneration period than the pre-urban regeneration period (t = 28.252, p &lt; 0.001). This is also confirmed by the hedonic pricing model test (t = 26.289, p &lt; 0.001). The stakeholders&rsquo; survey findings revealed that the LMDGPs have positive impact on the rental values of units of flats within the study areas. These results attest to the huge potential of using urban regeneration schemes to address urban problems by improving the physical, social, economic, and environmental conditions through reduction of spatial social inequalities, and enhancement of inhabitants&rsquo; overall quality of life through actions on building and the urban environment, improvement of housing conditions and dysfunctional real estate markets.
]]></description>
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Abidoye, R. B., &amp; Chan, A. P. (2016). Critical determinants of the residential property value: Professionals&#39; perspective. Journal of Facilities Management, 14(3), 283-300. https://doi.org/10.1108/JFM-02-2016-0003
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Bello, V. A., &amp; Nwosu, A. E. (2011). Effects of urban renewal on residential property values in two neighbourhoods of Akure, Nigeria. Journal of the Environment, 6(2), 42-53. http://dx.doi.org/10.4314/fje.v612.4
Beltr&iuml;&iquest;&frac12;n, A., Maddison, D., &amp; Elliott, R. J. (2018). Is flood risk capitalised into property values? Ecological Economics, 146, 668-685. https://doi.org/10.1016/j.ecolecon.2017.12.015
Bottero, M., Bragaglia, F., Caruso, N., Datola, G., &amp; Dell&iuml;&iquest;&frac12;Anna, F. (2020). Experimenting community impact evaluation (CIE) for assessing urban regeneration programmes: The case study of the area 22@ Barcelona. Cities, 99, 102464. https://doi.org/10.1016/j.cities.2019.102464
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Choumert, J., Stage, J., &amp;Uwera, C. (2014). Access to water as determinant of rental values: A housing hedonic analysis in Rwanda. Journal of Housing Economics, 26, 48-54.https://doi.org/10.1016/j.jhe.2014.08.001
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Li, H., Wei, Y. D., Yu, Z., &amp; Tian, G. (2016). Amenity, accessibility and housing values in metropolitan USA: A study of Salt Lake County, Utah. Cities, 59, 113-125. https://doi.org/10.1016/j.cities.2016.07.001
Liu, Y., Hao, P., van Oort, F., Geertman, S., &amp; Lin, Y. (2015, July). The effects of urban redevelopment on housing prices in Shenzhen. In 14th International Conference on Computers in Urban Planning and Management (CUPUM 2015) held at Massachusetts Institute of Technology, Cambridge, MA.
Mesthrige, J. W., Wong, J. K. W., &amp; Yuk, L. N. (2018). Conversion or redevelopment? Effects of revitalization of old industrial buildings on property values. Habitat International, 73, 53-64. https://doi.org/10.1016/j.habitatint.2017.12.005
Mesthrige, J. W., &amp; Poon, H. L. (2015). Assessing the impact of revitalized old industrial buildings on the value of surrounding properties. Facilities 33(3/4), 245-261. https://doi.org/10.1108/F-11-2013-0084
Mhatre, P. C. (2009). Examination of housing price impact on residential properties before and after superfund remediation using spatial hedonic modeling. (Doctoral dissertation). Texas A &amp; M University. https://oaktrust.library.tamu.edu/bitstream/handle/1969.1/ETD-TAMU-2009-08-895/MHATRE-DISSERTATION.pdf?sequence=3
Mihaescu, O., &amp; vomHofe, R. (2012). The impact of brownfields on residential property values in Cincinnati, Ohio: A spatial hedonic approach. The Journal of Regional Analysis &amp; Policy, 42(3), 223-236.
Muhammad, I. (2017). Disamenity impact of Nala Lai (open sewer) on house rent in Rawalpindi city. Environmental Economics and Policy Studies, 19, 77-97. https://doi.org/10.1007/s10018-015-0136-z
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<guid isPermaLink="true">https://www.prres.org/volume28-2022/2023/the-impact-of-the-lagos-metropolitan-development-and-governance-project-on-residential-property-values</guid>
<pubDate>19 Feb 2024 17:17:33 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume28-2022/2023/the-motive-behind-the-lebanese-maronite-order-housing-project-launched-in-1995-the-vulnerable-christians-situation</link>
<title><![CDATA[The motive behind the Lebanese Maronite Order Housing Project launched in 1995: The Vulnerable Christians Situation]]></title>
<description><![CDATA[It is well established globally in literature that getting married and its timing may crucially depend firstly on housing. In Asia, purchasing a house is a sign of the commitment of young people to marriage. This is the case in Lebanon where the phenomenon of marriage crisis is increasingly prominent due to the housing crisis in 1990s. Accordingly, the Lebanese Maronite Order (LMO) implemented affordable housing projects. The aim of this paper is to discuss the motive behind the implementation of the LMO projects which was the subject of an evaluative research conducted in 2019 to evaluate the effectiveness of LMO&rsquo;s constructions. This evaluative research applied the evaluation of the implementation and the evaluation of the results. It involved the beneficiary owners by a questionnaire and those responsible for the housing projects by semi-structured interview. This study confirms that the LMO housing program was a relevant response to the historical context and to the needs of the target population; needs that are still relevant today. As a result, this study affirms the success of these projects which must be multiplied. Nevertheless, it is essential to take into consideration the results and the findings and the recommendations of this research.
]]></description>
<content><![CDATA[ABI SAMRA, Marwan (2010). L&iuml;&iquest;&frac12;&iuml;&iquest;&frac12;migration libanaise et son impact sur l&iuml;&iquest;&frac12;&iuml;&iquest;&frac12;conomie et le d&iuml;&iquest;&frac12;veloppement. Gen&iuml;&iquest;&frac12;ve : Bureau Internationale du Travail. 107 p.
ANTOUN, V&iuml;&iquest;&frac12;ra (1999). Le pr&iuml;&iquest;&frac12;t habitat et la crise de logement : cas pratique : Banque Byblos. Kaslik, Liban : Universit&iuml;&iquest;&frac12; Saint-Esprit : Facult&iuml;&iquest;&frac12; de gestion et des sciences commerciales. 70 p.
AZZI, Chakib (1988). La crise de l&iuml;&iquest;&frac12;habitat au Liban. Kaslik, Liban : Universit&iuml;&iquest;&frac12; SaintEsprit : Facult&iuml;&iquest;&frac12; de gestion et des sciences commerciales. 96 p. 
CHAMMAS, Nicolas E (1995). L&iuml;&iquest;&frac12;avenir socio-&iuml;&iquest;&frac12;conomque en questions: &iuml;&iquest;&frac12;l&iuml;&iquest;&frac12;ments de r&iuml;&iquest;&frac12;ponse. Beyrouth : Harvard Business School Club of Lebanon. 622 p.
CH&iuml;&iquest;&frac12;HAD&iuml;&iquest;&frac12;, Danielle (2013). La recension &iuml;&iquest;&frac12;conomique au Liban: une r&iuml;&iquest;&frac12;alit&iuml;&iquest;&frac12; in&iuml;&iquest;&frac12;luctable.
CORM, Georges (F&iuml;&iquest;&frac12;vrier 2004). La situation &iuml;&iquest;&frac12;conomique du Liban et ses perspectives de d&iuml;&iquest;&frac12;veloppement dans la r&iuml;&iquest;&frac12;gion. Confluences M&iuml;&iquest;&frac12;diterran&iuml;&iquest;&frac12;e, No 49, p. 149 &iuml;&iquest;&frac12; 159.
FAOUR, Ali (1992). Les cons&iuml;&iquest;&frac12;quences sociales de l&iuml;&iquest;&frac12;&iuml;&iquest;&frac12;migration au Liban. Cahiers de la M&iuml;&iquest;&frac12;diterran&iuml;&iquest;&frac12;e, No 44, p. 225 &iuml;&iquest;&frac12; 243.
JEAN PAUL II, pape (1997). Exhortation apostolique post-synodale : &iuml;&iquest;&frac12;Une esp&iuml;&iquest;&frac12;rance nouvelle pour le Liban&iuml;&iquest;&frac12;. Translated by FREM Antoine (2012). Post-synodal Exhortation: &iuml;&iquest;&frac12; A New Hope for Lebanon &iuml;&iquest;&frac12;. Beyrouth, Lebanon: Kreim Printing Press. 163 p.
LABAKI, Boutros (Mars 2008). Les chr&iuml;&iquest;&frac12;tiens du Liban (1943 &iuml;&iquest;&frac12; 2008). Confluences en M&iuml;&iquest;&frac12;diterran&iuml;&iquest;&frac12;e, Vol 66, No 66, p. 99 &iuml;&iquest;&frac12; 116. 
Message de l&iuml;&iquest;&frac12;assembl&iuml;&iquest;&frac12;e Sp&iuml;&iquest;&frac12;ciale pour le Liban du Synode des &iuml;&iquest;&frac12;v&iuml;&iquest;&frac12;ques : Le Christ est notre esp&iuml;&iquest;&frac12;rance : renouvel&iuml;&iquest;&frac12;s par son Esprit, Solidaires, nous t&iuml;&iquest;&frac12;moignons de son amour (1995). S.l., Liban : Centre Catholique d&iuml;&iquest;&frac12;Information. 31 p. Younes, Suzanne (1984). La crise de l&iuml;&iquest;&frac12;habitat et ses incidences socio-&iuml;&iquest;&frac12;conomiques, Kaslik, Liban: Universit&iuml;&iquest;&frac12; Saint-Esprit: D&iuml;&iquest;&frac12;partement des Sciences sociales. 101 p.
Younes, Suzanne (1987). La crise de l&iuml;&iquest;&frac12;habitat et ses incidences socio-&iuml;&iquest;&frac12;conomiques. Annales de philosophie et des sciences humaines, no 1, Kaslik, Liban : Universit&iuml;&iquest;&frac12; Saint- Esprit, p. 101 &iuml;&iquest;&frac12; 117.]]></content>
<guid isPermaLink="true">https://www.prres.org/volume28-2022/2023/the-motive-behind-the-lebanese-maronite-order-housing-project-launched-in-1995-the-vulnerable-christians-situation</guid>
<pubDate>19 Feb 2024 17:17:32 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume28-2022/2023/an-institutional-analysis-of-property-valuation-in-asean</link>
<title><![CDATA[An Institutional Analysis of Property Valuation in ASEAN]]></title>
<description><![CDATA[The property/real estate sector is a critical part of economic growth in ASEAN. As the ASEAN Economic Community (AEC) will become operational, regional integration will be a significant aspect of investment in the property sector. Valuation will be a major component of integration. Currently, there is a wide variation in valuation standards and practices in ASEAN, the ASEAN Valuation Association is in the process of developing specific Valuation Standards consistent with the International Valuation Standards but adapted to the ASEAN context. This is an important stage in the Institutionalisation of the ASEAN Valuation System. This study is an assessment of the current level of Institutionalisation of the valuation standards, processes and capabilities of the member countries of the ASEAN Valuation Association. Interviews with valuers, property consultants and government officials in member countries were conducted. A review of the specific valuation requirements was also conducted. This data was content analysed for each country member. Based on 20 key factors of a Valuation System a statistical analysis indicated significant differences in the level of institutionalisation of the valuation standards, processes and capabilities of ASEAN members. The results indicate that there is a need for greater Institutionalisation of Valuation in ASEAN to develop an effective valuation system for the region based on the International Valuation Standards but adapted to ASEAN. 
]]></description>
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(ASEAN Valuation Association 2016) ASEAN Valuation Association. 2016. ASEAN Valuation Practice Guide (2016 Edition). https://asean-valuers.org
(Asian Development Bank 2022) Asian Development Bank. 2022. Asian economic integration report 2022: Advancing digital services trade in Asia and the Pacific. (Publication Stock No. TCS220041-2). http://dx.doi.org/10.22617/TCS220041-2.
(Babawale and Omirin, 2012) Babawale, Gabriel Kayode and Modupe Omirin. 2012. An assessment of the relative impact of factors influencing inaccuracy in valuation. International Journal of Housing Markets and Analysis 5(2): 145-160. https://doi.org/10.1108/17538271211225904
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(Bretten and Wyatt 2001) Bretten, James and Peter Wyatt. 2001. Variance in commercial property valuations for lending purposes: an empirical study. Journal of Property Investment &amp; Finance 19(3): 267-282. https://doi.org/10.1108/14635780110387619
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<guid isPermaLink="true">https://www.prres.org/volume28-2022/2023/an-institutional-analysis-of-property-valuation-in-asean</guid>
<pubDate>16 Feb 2024 06:10:55 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume28-2022/2023/economies-of-scale-of-co-living-an-empirical-study-of-the-new-zealand-rental-housing-markets</link>
<title><![CDATA[Economies of Scale of Co-living: an empirical study of the New Zealand Rental Housing Markets]]></title>
<description><![CDATA[Co-living was commonly considered inferior compared to singlefamily occupied homes. However, with the chic of sharing economy and the sophistication of online peer-to-peer accommodation platforms, co-living has become more common and popular nowadays. Yet, there have been very few empirical studies on the co-living discount in rents and the economies of scale benefit to landlords, probably due to the lack of data. This study is a novel attempt to examine the disutility of co-living and the economies of scale effect by using hedonic price model to estimate the impacts of the number of co-living flatmates on total rents, ceteris paribus, in the New Zealand housing markets. The results confirm the hypothesis of non-linear economies of scale benefit of co-living to the landlords. There is a 17.3% substantial fall in rents between 0 and 1 flatmate, but a gradual marginal increase in total rents from 2 flatmates onwards. This study also provides comprehensive results on other key determinants of co-living rents. 
]]></description>
<content><![CDATA[Bashari, S., Hashim, A.H., Samah, A.A. &amp; Ahmad, N. (2021). The Moderating Effect of Privacy in the Relationships between Residential Livability and Residents&iuml;&iquest;&frac12; Life Satisfaction, Journal of Construction in Developing Countries, 26(1), 45- 62.
Corfe, S. (2019). Co-living: A Solution to the Housing Crisis? Social Market Foundation, February. https://thinkhouse.org.uk/site/assets/files/1885/smf0219.pdf
Coricelli, F. (2022). The Co-&iuml;&iquest;&frac12;s of Co-Living: How the Advertisement of Living is Taking Over Housing Realities, Urban Planning, 7(1), 296-304. https://doi.org/10.17645/up.v7i1.4805
de Macedo, P.F., Ornstein, S.W. &amp; Elali, G.A. (2022). Privacy and housing: research perspectives based on a systematic literature review. Journal of Housing and the Built Environment, 37, 653&iuml;&iquest;&frac12;683. https://doi.org/10.1007/s10901- 022-09939-z
Farhi, C. &amp; Young, J. (2015). Forecasting Residential Rents: The Case of Auckland, New Zealand. Pacific Rim Property Research Journal, 16(2), 207-220. https://www.tandfonline.com/doi/abs/10.1080/14445921.2010.11104302
Gaeta, L., &amp; Brydges, C. R. (2020). Coronavirus-related anxiety, social isolation, and loneliness in older adults in Northern California during the stay-at-home order. Journal of Aging &amp; Social Policy. https://doi.org/10.1080/08959420.2020.1824541
Hargreaves, B. (2003). Determinants of Housing Tenure Choice in New Zealand. Pacific Rim Property Research Journal, 9(3), 203-223. https://www.tandfonline.com/doi/abs/10.1080/14445921.2003.11104140
Hargreaves, B. &amp; Chen, M. (2001). A comparison of Residential Rental Indices, Pacific Rim Property Research Journal, 7(1), 35-46. https://doi.org/10.1080/14445921.2001.11104093
Heath, S., Davies, K., Edwards, G., and Scicluna, R.M. (2018). Shared Housing, Shared Lives: Everyday Experiences across the Lifecourse. Oxon: Routledge.
Ibrahim, D.D., Augustina, C., Joshua, G., Asa, O.A. &amp; Omotehinshe, O.J. (2022). Housing construction materials and house rent trends in Ede, Nigeria, Pacific Rim Property Research Journal, DOI: 10.1080/14445921.2022.2045538
Kemp, P. (2015). Private renting after the global financial crisis. Housing Studies, 30(4), 601&iuml;&iquest;&frac12;620.
Kim, J., Woo, A. &amp; Cho, G-H. (2020). Is shared housing a viable economic and social housing option for young adults?: Willingness to pay for shared housing in
Seoul, Cities, 102, 102732. https://doi.org/10.1016/j.cities.2020.102732
Leung, K.M. &amp; Yiu, C.Y. (2019). Rent determinants of sub-divided units in Hong Kong, Journal of Housing and the Built Environment, 34, 133-151. https://doi.org/10.1007/s10901-018-9607-4
Leung, K.M. &amp; Yiu, C.Y. (2022). How do the poor survive in an unaffordable city? &iuml;&iquest;&frac12; An empirical study of informal housing households living in Hong Kong, International Journal of Urban Sciences, 26, 398-419. https://doi.org/10.1080/12265934.2022.2036627
Losada-Baltar, A., Jim&iuml;&iquest;&frac12;nez-Gonzalo, L., Gallego-Alberto, L., Pedroso-Chaparro, M. D. S., Fernandes-Pires, J., &amp; M&iuml;&iquest;&frac12;rquez-Gonz&iuml;&iquest;&frac12;lez, M. (2020). We are staying at Home&iuml;&iquest;&frac12; association of self-perceptions of aging, personal and family resources, and loneliness with psychological distress during the Lock-Down period of COVID-19. The Journals of Gerontology: Series B, 76(2), 10&iuml;&iquest;&frac12; 16. https://doi.org/10.1093/geronb/gbaa048
Maalsen, S. (2019). I cannot afford to live alone in this city and I enjoy the company of others: Why people are share housing in Sydney? Australian Geographer, 50(3), 315&iuml;&iquest;&frac12;332.
Maalsen, S. (2020). &iuml;&iquest;&frac12;Generation Share&iuml;&iquest;&frac12;: digitalised geographies of shared housing. Social &amp; Cultural Geography, 21(1), 105-113.
McCartney, S., &amp; Rosenvasser, X. (2022). Privacy Territories in Student University Housing Design: Introduction of the Hierarchy of Isolation and Privacy in Architecture Tool (HIPAT). SAGE Open, 12(2). https://doi.org/10.1177/21582440221089953
Nasreen, Z., &amp; Ruming, K. (2022). Struggles and opportunities at the platform interface: tenants&iuml;&iquest;&frac12; experiences of navigating shared room housing using digital platforms in Sydney. Journal of Housing and the Built Environment, 37(3), 1537-1554.
Numbeo (2022). Cost of Living Index by City 2022 Mid-Year. Numbeo. Available online at https://www.numbeo.com/cost-of-living/rankings.jsp. Accessed on 9 December 2022.
OECD (2020). HM1.3 Housing Tenures, OECD Affordable Housing Database. Available online at https://www.oecd.org/els/family/HM1-3-Housingtenures.pdf. Accessed on 17 January 2023.
Times Property (2023). The Rising Trend of Co-Living Spaces, Times Property, 25 January. Available online at https://timesproperty.com/news/post/risingtrend-of-co-living-spaces-blid3772?fbclid=IwAR3-h72w5CdeuF6CSecmOdI8kkkpkjaoKxXUhFwOrkeH25jL7Ep2TS3vNA#2. Accessed on 2 February 2023.
TradeMe (2022). Residential for Rent, Trade Me Property, 13 October. https://www.trademe.co.nz/a/property/residential/rent
Yan, W. (2020). Factors Affecting the Accommodation Price of Shared Rental Platforms under the Epidemic &iuml;&iquest;&frac12; empirical analysis based on big data. 2020 International Conference on Big Data and Social Sciences (ICBDSS), DOI 10.1109/ICBDSS51270.2020.00043 ]]></content>
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<pubDate>16 Feb 2024 05:56:01 GMT</pubDate>
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<link>https://www.prres.org/volume28-2022/2023/looking-back-to-look-ahead-an-analysis-of-the-performance-and-the-future-development-of-prprj</link>
<title><![CDATA[Looking Back to Look Ahead: An Analysis of the Performance and the Future Development of PRPRJ ]]></title>
<description><![CDATA[The Pacific Rim Property Research Journal (PRPRJ) has turned a new leaf in 2022, as it has changed to open access. From Volume 28 onwards, it will be published on the PRRES website. We are delighted to take up the Co-Editors-inChief roles to help edit the journal in the transition period. This is the first editorial in that we have a stocktake of the journal and the proposed way forward. It requires your strong support to make the transition successful. 
]]></description>
<content><![CDATA[Atchison, A. &amp; Bull, J. 2015. Will Open Access Get Me Cited? An Analysis of the Efficacy of Open Access Publishing in Political Science. Political Science &amp; Politics 48(1), 129-137. https://doi.org/10.1017/S1049096514001668
Bond, Sandy &amp; Hopkins, Judith. 2000. The Impact of Transmission Lines on Residential Property Values: Results of A Case Study in a Suburb of Wellington, Nz. Pacific Rim Property Research Journal 6(2): 52&iuml;&iquest;&frac12;60. https://www.tandfonline.com/doi/abs/10.1080/14445921.2000.11104090
Diaz III, Julian &amp; Hansz, Andrew. 2007. Understanding the Behavioural Paradigm in Property Research. Pacific Rim Property Research Journal 13(1): 16&iuml;&iquest;&frac12;34. https://www.tandfonline.com/doi/abs/10.1080/14445921.2007.11104221
Garvey, Ryan, Santry, Gary &amp; Stevenson, Simon. 2001. The Linkages Between Real Estate Securities in the Asia-Pacific. Pacific Rim Property Research Journal 7(4): 240&iuml;&iquest;&frac12;258. https://www.tandfonline.com/doi/abs/10.1080/14445921.2001.11104107
Hu, Xin, Xia, Bo, Skitmore, Martin, Buys, Laurie &amp; Zuo, Jian. 2017. Retirement villages in Australia: a literature review. Pacific Rim Property Research Journal 23(1): 101&iuml;&iquest;&frac12;122. https://www.tandfonline.com/doi/full/10.1080/14445921.2017.1298949
Kim, Heeho, Park, Sae Woon, Lee, Sunhae &amp; Xue, Xingqun. 2015. Determinants of house prices in Seoul: A quantile regression approach. Pacific Rim Property Research Journal 21(2): 91&iuml;&iquest;&frac12;113. https://www.tandfonline.com/doi/full/10.1080/14445921.2015.1058031
Levy, Deborah. 2006. Qualitative Methodology and Grounded Theory in Property Research. Pacific Rim Property Research Journal 12(4): 369&iuml;&iquest;&frac12;388. https://www.tandfonline.com/doi/abs/10.1080/14445921.2006.11104216
Liow, Kim Hiang &amp; Sim, Mong Chuan. 2006. The Risk and Return Profile of Asian PACIFIC RIM PROPERTY RESEARCH JOURNAL 2022, VOL.28, NO.1, I - Real Estate Stocks. Pacific Rim Property Research Journal 12(3): 283&iuml;&iquest;&frac12;310. https://www.tandfonline.com/doi/abs/10.1080/14445921.2006.11104211
Peng, Hsu Wen &amp; Newell, Graeme. 2007. The Significance of Infrastructure in Australian Investment Portfolios. Pacific Rim Property Research Journal 13(4): 423&iuml;&iquest;&frac12;450. https://www.tandfonline.com/doi/abs/10.1080/14445921.2007.11104240
SCImago. 2022a. SCImago Journal &amp; Country Rank (SJR), 2001 &iuml;&iquest;&frac12; 2021. https://www.scimagojr.com/journalsearch.php?q=19900192150&amp;tip=sid&amp;clean=0
SCImago. 2022b. Personal Communication, November 29. SCImago Journal &amp; Country Rank.SPARC. 2022. Open Access, the Scholarly Publishing and Academic Resources Coalition. Available online at https://sparcopen.org/open-access. Accessed on 12 December 2022.
Steinert, Mark &amp; Crowe, Scott. 2001. Global Real Estate Investment: Characteristics, Optimal Portfolio Allocation and Future Trends. Pacific Rim Property Research Journal 7(4): 223&iuml;&iquest;&frac12;239. https://www.tandfonline.com/doi/abs/10.1080/14445921.2001.11104106
Taylor and Francis. 2022. Pacific Rim Property Research Journal. https://www.tandfonline.com/journals/rprj20]]></content>
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<pubDate>16 Feb 2024 05:52:34 GMT</pubDate>
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<link>https://www.prres.org/volume28-2022/2023/strategies-for-real-estate-academics-to-increase-their-real-estate-industry-linkages</link>
<title><![CDATA[Strategies for Real Estate Academics to Increase their Real Estate Industry Linkages]]></title>
<description><![CDATA[There are considerable career benefits for real estate academics to have strong linkages with the real estate industry. However, recent years have seen this become more difficult, as universities have placed an increased focus of research publications in the top ranked journals. This paper identifies specific strategies that will enable real estate academics to increase their real estate industry linkages, seeing added-value to their academic career agendas without losing focus on publishing high impact research in the leading real estate journals. Examples reinforcing these enabling strategies are given from the author&rsquo;s own real estate academic career experiences.
]]></description>
<content><![CDATA[Crosby, Neil, Graeme Newell, George Matysiak, Nick French and Bill Rodney. 1997. Client perception of property investment valuation reports in the UK. Journal of Property Research 14: 27-47.
Haran, Martin, Peddar Davis, Michael McCord, Terry Grissom and Graeme Newell. 2013. Equities or real estate? An international evaluation of listed property markets. Journal of European Real Estate Research 6: 139-162.
Hoesli, Martin, Graeme Newell, Jufri Marzuki and Rose Lai. 2022. The performance and diversification potential of non-listed value-add real estate funds in Japan. Journal of Risk and Financial Management 15: 198-213.
Hutcheson, Tiffany and Graeme Newell. 2018. Decision-making in the management of property investment by Australian superannuation funds. Australian Journal of Management 43: 404-420.
Liow, Kim Hiang and Graeme Newell. 2012. Investment dynamics of the Greater China securitized real estate markets. Journal of Real Estate Research 34: 399-428.
Liow, Kim Hiang and Graeme Newell. 2016. Real estate global beta and spill-overs: an international study. Economic Modeling 59: 297-313.
McAllister, Pat, Graeme Newell and George Matysiak. 2008. Agreement and accuracy in consensus forecasts of the UK commercial property market. Journal of Property Research 25: 1-22.
Newell, Graeme. 2005a. Assessing professional valuation practice standards. Australian Property Journal 38: 380-385.
Newell, Graeme. 2005b. The changing dynamics of Australian commercial property portfolios. Australian Property Journal 38: 553-558.
Newell, Graeme. 2006. The changing risk profile of LPTs. Australian Property Journal 39: 172-180.
Newell, Graeme. 2007a. The significance of property in industry-based superannuation funds. Australia and New Zealand Property Journal 1: 34-43.
Newell, Graeme. 2007b. The significance of wholesale funds. Australia and New Zealand Property Journal 1: 216-233.
Newell, Graeme. 2007c. Challenges and opportunities for property academics. Pacific Rim Property Research Journal 13: 136-145.
Newell, Graeme. 2008. The significance of property in superannuation funds. Australia and New Zealand Property Journal 1: 670-677.
Newell, Graeme. 2021. The need for more research on the Asian real estate markets. Journal of Property Investment and Finance 39: 3-8.
Newell, Graeme. 2022. The changing nature of real estate research. Journal of Property Investment and Finance 40: 278-283.
Newell, Graeme, Alastair Adair and Kim Nguyen. 2013. The significance and performance of French REITs (SIICs) in a mixed-asset portfolio. Journal of Property Investment and Finance 31: 575-588.
Newell, Graeme, Kwong Wing Chau, Kelvin Wong and Keith McKinnell. 2005. Dynamics of the direct and indirect real estate markets in China. Journal of Real Estate Portfolio Management 11: 263-280.
Newell, Graeme, John MacFarlane and Roger Walker. 2014. Assessing energy rating premiums in the performance of green office buildings in Australia. Journal of Property Investment and Finance 32: 352-370.
Newell, Graeme, Zaharah Manaf and Jufri Marzuki. 2019. Institutional investor attitudes to technology-enhanced university vertical campuses in the digital era. Journal of General Management 44: 146-159.
Newell, Graeme, Jufri Marzuki, Martin Hoesli and Rose Lai. 2023a. The performance of non-listed opportunity real estate funds in China. Journal of Property Investment and Finance (in press).
Newell, Graeme, Jufri Marzuki, Elaine Worzala, Alastair Adair, Martin Hoesli and Mo Rodriguez. 2022. The significance of research impact in real estate research publications. Journal of Property Investment and Finance, 40: 49-67.
Newell, Graeme and Stan McGreal. 2017. The significance of development sites in global real estate transactions. Habitat International 46: 117-124.
Newell, Graeme, Anupam Nanda and Alex Moss. 2023b. Improving the benchmarking of environmental sustainability in real estate investment. Journal of Property Investment and Finance (in press).
Newell, Graeme, Najib Razali and David Martin. 2010. Assessing client perceptions of the quality of valuation reports in Malaysia. Pacific Rim Property Research Journal, 16: 458-476.]]></content>
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<pubDate>16 Feb 2024 05:41:17 GMT</pubDate>
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<link>https://www.prres.org/volume27-2021/barriers-drivers-and-prospects-of-the-adoption-of-artificial-intelligence-property-valuation-methods-in-practice</link>
<title><![CDATA[Barriers, drivers and prospects of the adoption of artificial intelligence property valuation methods in practice]]></title>
<description><![CDATA[Embracing technological advancement in the property valuation practice is unavoidable. However, studies show that valuers largely still adopt traditional methods of valuation. Hence, this study investigates the barriers, drivers, and prospects of the adoption of artificial intelligence (AI) valuation methods in practice. An online questionnaire survey was conducted on valuers practising in Australia. Their opinions about the topic were collected and analysed using frequency distribution and mean score ranking to establish the most significant factors. According to the valuers, the most important advantage of AI valuation methods is that they will help to reduce the cost of valuations. It was also found that the professional bodies that regulate the property valuation practice are the major driver of the adoption of AI valuation methods. The valuers expressed that AI valuation methods may produce accurate estimates. The valuers confirmed that the main prospect of adopting the AI valuation methods in practice is that it could transform the property valuation industry. It is evident that all the property valuation stakeholders should invest efforts in promoting the adoption of AI valuation methods in practice to bridge the gap between theory and practice. This will help reposition the property valuation profession.
]]></description>
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<pubDate>03 May 2021 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume27-2021/on-solatium-towards-a-rethinking-of-compensation</link>
<title><![CDATA[On solatium: towards a rethinking of compensation]]></title>
<description><![CDATA[Sovereign governments generally benefit from the capacity to commute private property rights to public ownership in order to undertake projects for the public benefit. When private property rights are compulsorily acquired by Australian governments, the criteria for the assessment of compensation accruing to the dispossessed landowner ordinarily requires consideration of a raft of heads of possible compensation. The primary aim of this paper is to canvass how those elements of traditional concepts of solatium as one of the heads of compensation ought now be viewed in the light of the defining High Court decision in Northern Territory v Griffiths [
	] HCA 7. However, a secondary aim (of the authors) is also to give consideration as to how the notion of solatium now fits in the broader Constitutional framework of the heads of compensation for private property rights compulsorily acquired. NSW legislation is used in this paper as a general exemplar of the Australian legal milieu regarding compulsory acquisition law and practice.
]]></description>
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(2019) Northern Territory v Griffiths [2019] HCA 7. (2019) 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume27-2021/on-solatium-towards-a-rethinking-of-compensation</guid>
<pubDate>03 May 2021 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume27-2021/a-comparative-analysis-of-assurance-fund-vis-vis-title-insurance-which-offers-better-compensation-for-victims-of-land-disputes-in-malaysia</link>
<title><![CDATA[A comparative analysis of assurance fund vis-&agrave;-vis title insurance: which offers better compensation for victims of land dispute]]></title>
<description><![CDATA[Land transactions are fraught with risk because of the nuances of property law and conveyancing practices, as well as skyrocketing land prices. This is demonstrated by the frequent occurrences of land title disputes which often leads to unsatisfactory litigation consequences for landowners. However, some landowners may be able to seek compensation through title insurance or assurance funds. This article explores the differences between assurance funds and title insurance by analysing the benefits and weaknesses of both as implemented in various jurisdictions. This research is critical for developing countries, such as Malaysia which is currently considering implementing a practical and effective scheme, to serve as a buffer against land-related litigation.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume27-2021/a-comparative-analysis-of-assurance-fund-vis-vis-title-insurance-which-offers-better-compensation-for-victims-of-land-disputes-in-malaysia</guid>
<pubDate>03 May 2021 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume27-2021/compensation-for-land-use-deprivation-in-mining-an-analysis-of-the-laws-and-practices-relating-to-land-use-deprivation-compensation-in-ghanas-mining-sector</link>
<title><![CDATA[Compensation for land use deprivation in mining: an analysis of the laws and practices relating to land use deprivation compensa]]></title>
<description><![CDATA[This article examines the laws and valuation methods that valuers apply in assessing compensation for land use deprivation in Ghana&#39;s mining sector using two mining companies as case studies. We argue that analysing the valuation techniques applied in assessing compensation for land use deprivation in the context of current legal provisions facilitates a better understanding of the issues fuelling community dissatisfaction with compensation awards. Data produced through document analysis and interviews with 39 farmers, government officials, chiefs, private valuers, and officials of Newmont Goldcorp&#39;s Ahafo Mine and Asanko Gold Ghana Limited were analysed in the context of the current legal framework for expropriation. Interview transcripts were coded based on themes and analysed using the constant comparison method. The findings reveal that the valuation techniques for assessing compensation for land use deprivation disregard fundamental compensation principles outlined under law. The study also exposes the weaknesses in the valuation techniques in assessing compensation for farmlands that mining may impair permanently. Towards ensuring fairness in compensating mining-impacted farmers, this study recommends additional legal directives to streamline the methods for assessing compensation for land use deprivation. The consequences of the limitations in the valuation methods on expropriated farmers are also discussed.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume27-2021/compensation-for-land-use-deprivation-in-mining-an-analysis-of-the-laws-and-practices-relating-to-land-use-deprivation-compensation-in-ghanas-mining-sector</guid>
<pubDate>03 May 2021 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume27-2021/the-structured-learning-of-valuation-modelling</link>
<title><![CDATA[The structured learning of valuation modelling]]></title>
<description><![CDATA[Active learning compels non-academic students to employ deeper learning strategies. Unfortunately, established activities to encourage active learning are resource intensive and do not suit physically distanced modes of delivery. This research presents an active learning module and proposes a novel structured approach to enhance the learning and teaching of financial modelling in property education, during and after COVID-19.
A review of past research presents ways to encourage deeper learning. This research is primarily based on findings from published property education research. It builds on that knowledge as it shares the design of Valuation Modelling online module and the application of Petronzi and Petronzi&#39;s (2020) Online and Campus (OaC) model, as a response to COVID-19.
The OaC model is adapted to bring forward an applied learning activity, the development of a working valuation spreadsheet. The result is higher education unit, or subject, with an Apply, Evaluate, and Solve (AES) structure that aligns with academic frameworks, and has the potential to accommodate case-based and problem-based learning activities with less reliance on human resources. The Valuation Modelling module and its incorporation into an AES framed unit of study are demonstrated as contributions of this research.
]]></description>
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Biggs, J.Tang, C. (2011) Teaching for quality learning at university: What the student does. (4th Ed. ed.). Berkshire. England: SRHE and Open University Press. Teaching for quality learning at university: What the student does. 
Boyd, D.Amidu, A. R.Smith, M. (2014) Developing a practice-based body of real estate knowledge: A delphi study, Journal of Real Estate Practice and Education. 17(2), p:139-167. Journal of Real Estate Practice and Education. 
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McGrath, K.Wang, B.Jackson, B.K&auml;mpf-Dern, A.Malone, K.Funk, D.Geurts, T. G. (2020) The future of real estate education: A multi-faceted perspective, Journal of Real Estate Practice and Education. 22(1), p:40-55. Journal of Real Estate Practice and Education. 
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Petronzi, R.Petronzi, D. (2020) The Online and Campus (OaC) model as a sustainable blended approach to teaching and learning in higher education: A response to COVID-19, Journal of Pedagogical Research. 4(4), p:498-507. Journal of Pedagogical Research. 
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Wilkinson, S.Halvitigala, D.Antoniades, H. (2018) Educators, professional bodies and the future of the valuation profession, Property Management. 32(2), p:154-175. Property Management. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume27-2021/the-structured-learning-of-valuation-modelling</guid>
<pubDate>03 May 2021 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume27-2021/real-estate-research-trends-and-most-impact-real-estate-journals-a-co-citation-analysis</link>
<title><![CDATA[Real estate research trends and most impact real estate journals: a co-citation analysis]]></title>
<description><![CDATA[This paper identifies the main trends in real estate research on frequently cited documents on the Web of Science database for 1990&#150;2019, using quantitative methods in document-citation analysis. From the co-citation among the most cited 44 documents, this research presents a two-dimension visual mapping structure of real estate research and its important fields globally. Using statistical analyses including (1) correlation analysis, (2) factor analysis, (3) multi-dimensional scaling, this study identifies nine research trends on reducing significance order: (1) performance and investment features of property, (2) house price &#150; household income, consumption, and investment, (3) house price setting, (4) amenity in property valuation, (5) green factor in the property market, (6) housing discrimination and segregation, (7) urban development, (8) modelling for real estate subsector and (9) urban transformation in cities of China. A further two clusters are formed as housing and investment property with factors surrounding the two. The top five ranking journals from the cited papers are presented. Findings of the study contribute to providing insights on the multidisciplinary structure of real estate research using quantitative method of bibliometric technique. This is believed to be the first study presenting comprehensive aspects of real estate research using co-citation analysis.
]]></description>
<content><![CDATA[Acedo, F. J.Barroso, C.Galan, J. L. (2006) The resource-based theory: Dissemination and main trends, Strategic Management Journal. 27(7), p:621-636. Strategic Management Journal. 
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<pubDate>01 Jan 2021 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume27-2021/policy-agenda-advocacy-for-the-young-adult-homeownership-in-nigeria</link>
<title><![CDATA[Policy Agenda Advocacy for the Young-Adult Homeownership in Nigeria]]></title>
<description><![CDATA[Housing affordability in developing cities with an increasing population is a huge challenge and may lead to homelessness if not checked. Studies showed that homeownership at a young age has been demonstrated as a fruitful approach to mitigate homelessness in cities but how far concerning Nigeria&rsquo;s homeownership for the young-adult professionals is yet to be given the necessary in-depth research. Therefore, this paper investigated the fate of young-adult professionals&rsquo; homeownership (YPH) and proffers feasible policy solutions to improve young-adult homeownership. This will mitigate homelessness in society. Six cities in Nigeria were employed as the case study to accomplish the paper&rsquo;s aim through a qualitative research design because this is probably the first study to explore this approach. Findings show the inadequacy of government&rsquo;s previous housing policies to provide affordable and sustainable houses for young-adult professionals. Thus, this paper proffers feasible policies to promote young-adult homeownership and form part of the paper&rsquo;s contribution to the body of knowledge. Also, recommendations proffered will be relevant to policymakers in other developing cities across the world with similar YPH crises. Thus, one of the outcomes will be to mitigate future homelessness in developing cities among young-adult professionals.
]]></description>
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Xu, Y.Johnson, C.Bartholomae, S.O&#39;Neill, B.Gutter, M. S. (2015) Homeownership among millennials: The deferred American dream?, Family and Consumer Sciences Research Journal. 44(2), p:201-212. Family and Consumer Sciences Research Journal. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume27-2021/policy-agenda-advocacy-for-the-young-adult-homeownership-in-nigeria</guid>
<pubDate>01 Jan 2021 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume27-2021/what-is-in-a-name-a-modern-interpretation-from-housing-price-in-hong-kong</link>
<title><![CDATA[What is in a name? A modern interpretation from housing price in Hong Kong]]></title>
<description><![CDATA[Hong Kong is a metropolitan city. Owing to its historical background as a former British colony, it is characterised by a mixture of Chinese and Western cultures. While most housing estates&rsquo; names are bilingual in Chinese and English, many recent large scale housing estates have an English name only. Do housing estates with an English name only associate with higher prices than bilingual ones? To the best of our knowledge, none have studied that before. We attempted to fill this research gap. Four large-scale residential projects in Yuen Long District were selected, two are bilingual and two have English names only. 253,605 data points, including macroeconomic variables and housing characteristics, were included in this study. The results of the hedonic price model showed that properties with English names only were associated with a higher price than bilingual ones. We also utilised a long short-term memory (LSTM) housing price prediction model to predict housing price. Our research results show that housing estates with English names only are associated with higher housing price. It provides a new perspective on real estate housing estates&rsquo; brand management and provide a reference for real estate buyers in the future.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume27-2021/what-is-in-a-name-a-modern-interpretation-from-housing-price-in-hong-kong</guid>
<pubDate>01 Jan 2021 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume27-2021/financial-reporting-and-valuation-treatment-of-property-assets-by-not-for-profit-operators</link>
<title><![CDATA[Financial reporting and valuation treatment of property assets by not-for-profit operators]]></title>
<description><![CDATA[The continued presence of not-for-profit (NFP) operators in the residential aged care (RAC) and retirement village industry in Australia adds to its complexity and diversity. This is an industry focused on the delivery of services through specialised property assets, which often have histories going back decades. NFP operators have greater flexibility in financial reporting when compared to for-profit operators, and the paper examines the accounting treatment and measurement of value in financial reporting of property assets by this group. Considerable diversity in classification and treatment of property assets was noted, plus a strong reliance on directors&#39; valuations. Both RAC and retirement villages have been the subject of government inquiries at the Commonwealth and state levels, which have focused on the financial performance of the industry. The diversity in financial reporting has implications for the transparency of the financial performance of the industry.
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<content><![CDATA[Australian Accounting Standards Board. (2015a) AASB 116 property, plant and equipment. Melbourne:Author. AASB 116 property, plant and equipment. 
Australian Accounting Standards Board. (2015b) AASB 13 fair value measurement. Melbourne:Author. AASB 13 fair value measurement. 
Australian Accounting Standards Board. (2015c) AASB 140 investment property. Melbourne:Author. AASB 140 investment property. 
Australian Accounting Standards Board. (2016a) AASB 1058 income of not-for-profit entities. Melbourne:Author. AASB 1058 income of not-for-profit entities. 
Australian Accounting Standards Board. (2016b) AASB 16 leases. Melbourne:Author. AASB 16 leases. 
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Chelliah, J.Boersma, M.Klettner, A. (2015) The role of a national regulator in developing solutions to governance challenges in the not-for-profit sector, The Journal of Developing Areas. 49(6), p:449-458. The Journal of Developing Areas. 
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Heywood, C. (2021) Owned Australian corporate real estate reporting ahead of IFRS 16, Pacific Rim Property Research Journal. , &#150;. doi:p:1-19. Pacific Rim Property Research Journal. 
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Towart, L. C. (2018) The balance sheet and valuation treatment of retirement living and aged care assets, Pacific Rim Property Research Journal. , &#150;. doi:p:185-197. Pacific Rim Property Research Journal. 
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<guid isPermaLink="true">https://www.prres.org/volume27-2021/financial-reporting-and-valuation-treatment-of-property-assets-by-not-for-profit-operators</guid>
<pubDate>01 Jan 2021 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume26-2020/determinants-of-job-satisfaction-of-real-estate-firms-employees-in-nigeria</link>
<title><![CDATA[Determinants of job satisfaction of real estate firms&#39; employees in Nigeria]]></title>
<description><![CDATA[The study investigated the job satisfaction levels of real estate firms&#39; employees and the relationship between employees&#39; personal and demographic characteristics and their job satisfaction levels. This is intending to provide information that could enhance better job performance and enhance human resource management in the real estate industry. Data employed for the study was sourced using a close-ended questionnaire administered on private real estate firms&#39; employees in the Lagos property market. Data were analyzed using both descriptive and inferential statistical techniques. The result showed that financial consideration/personal accomplishment was the most important factor influencing employees&#39; level of satisfaction, followed by work environment skill variety/organizational culture, feedback/fairness, work passion and supervision/workload/work-life balance. Also, the analysis showed that demographic factors with significant relationships with job satisfaction include age, marital status, academic qualification, management level, years spent under the current line manager, remuneration and number of firm branches. Thus, given the increasing investors&#39; attention towards investments in emerging property markets, and the need to satisfy clients&#39; increasing sophistication and dynamism, private real estate firms are encouraged to prioritize issues relating to remunerations and workers welfare thereby ensuring an increased level of employees&#39; satisfaction, enhanced job performance and increased firms&#39; productivity.
]]></description>
<content><![CDATA[Abdulla, J.Djebarni, R.Mellahi, K. (2011) Determinants of job satisfaction in the UAE: A case study of the Dubai police, Personnel Review. 40(1), p:126-146. Personnel Review. 
Anand, A.Vohra, V. (2020) The impact of organisation work environment on job satisfaction, affective commitment, work-family conflict and intention to leave: A study of SMEs in India, International Journal of Entrepreneurship and Small Business. 41(2), p:173-196. International Journal of Entrepreneurship and Small Business. 
Aquilino, F.Elisabete, G. S.Joao, P. C. (2017) Organizational performance measurement and evaluation systems in SMEs: The case of the transforming industry in Portugal, CEFAGE-UE Working Papers 2017 05. _ Portugal: (2017) p:32. University of Evora, CEFAGE-UE. CEFAGE-UE Working Papers 2017 05. 
Ariani, D. W. (2014) Relationship personality, job satisfaction, organisational commitment and organisational citizenship behaviour of service industries in Indonesia, Research Journal of Business Management. 8(3), &#150;.p:262-283. Research Journal of Business Management. 
Azeem, S. M.Akhtar, N. (2014) The influence of work life balance and job satisfaction on organizational commitment of healthcare employees, International Journal of Human Resource Studies. 4(2), p:18. International Journal of Human Resource Studies. 
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<guid isPermaLink="true">https://www.prres.org/volume26-2020/determinants-of-job-satisfaction-of-real-estate-firms-employees-in-nigeria</guid>
<pubDate>31 Aug 2020 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume26-2020/sentiments-in-the-housing-market-and-the-effectiveness-of-government-interventions</link>
<title><![CDATA[Sentiments in the housing market and the effectiveness of government interventions]]></title>
<description><![CDATA[This paper examines the factors that drive the recent growth of house prices in Malaysia. By constructing a housing market sentiment index, we find contemporaneous sentiment to have a strong influence on future housing market returns especially in the short term. Government-introduced cooling measures were ineffective in dampening prices and market sentiment. We also find property developer behaviour to drive sentiments and prices. The study contributes to literature by providing an easily generalizable method of constructing a housing market sentiment index in other countries besides giving clear indication of the drivers of house prices and sentiment for more effective government intervention.
]]></description>
<content><![CDATA[Agarwal, S.Hu, L.Huang, X. (2015) Rushing into the American dream? House prices growth and the timing of homeownership, Review of Finance. 20(6), p:2183-2218. Review of Finance. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume26-2020/sentiments-in-the-housing-market-and-the-effectiveness-of-government-interventions</guid>
<pubDate>31 Aug 2020 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume26-2020/different-grades-and-different-green-premiums-a-cross-sectional-analysis-of-a-green-certification-scheme</link>
<title><![CDATA[Different grades and different green premiums: a cross sectional analysis of a green certification scheme]]></title>
<description><![CDATA[Green certification is often hailed as an effective means of resolving information asymmetry by providing prospective buyers with credible proof of a property&#39;s level of quantitative sustainability performance. These certification schemes are also considered as providing the credible identification labels needed to generate a market premium. This study analysed whether different market premiums (financial implications) exist across different ratings of the HK-BEAM certification scheme. The paper used hedonic price model (HPM) to evaluate the influence of green certification rating levels on residential property prices in Hong Kong. The results indicate, on average, that HK-BEAM certification increases price values by between 5.3% and 6.7%. Most importantly, the results indicate that significant price premium differences exist across the different ratings available for HK-BEAM certified buildings. The findings provide strong proof of the existence of a premium across ratings.
]]></description>
<content><![CDATA[Abdullah, L.Nur, W.Mohd, T. (2017) Impact of green certification on residential property market: A review, Postgraduate Seminar in Technology and Built Environment 2016 series of GoGreen Conference. UiTM (Perak). 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume26-2020/different-grades-and-different-green-premiums-a-cross-sectional-analysis-of-a-green-certification-scheme</guid>
<pubDate>31 Aug 2020 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume26-2020/owned-australian-corporate-real-estate-reporting-ahead-of-ifrs-16</link>
<title><![CDATA[Owned Australian corporate real estate reporting ahead of IFRS 16]]></title>
<description><![CDATA[aims to improve transparency in reporting Corporate Real Estate (CRE) commitments. Aimed at leasehold issues, its introduction may affect CRE ownership as leasing&rsquo;s off-balance sheet benefits disappear. Ownership results from a large Australian CREstudy are reported. 2016 Annual Reports were analysed, as this predates the standard&rsquo;s implementation. Results report two owned CRE-related quanta &ndash; Property, Plant and Equipment (PP&amp;E) and real estate, in aggregate and by industry sector. Other parameters, like a Corporate Real Estate Ratio (CRER), the real estate to PP&amp;E ratio, and valuation practices are also reported. A total of $5.14 trillion of PP&amp;E was reported ($57.10 billion per firm) and $71.50 billion in real estate ($717.5 million). Financial, Energy, Materials and Consumer Staples sectors had the highest averages. A CRER of 30.4% continued a long-term trend, though individual firms&rsquo; ratios within sectors varied markedly. The RE to PP&amp;E ratio, expected to change post- , was an average of 25.4%, also with wide variance for individual firms. Preferred valuation methods matched previous studies with depreciated acquisition cost dominating (72.3%). This is a pre- baseline to evaluate postimplementation ownership changes and updates previous CRE ownership studies.
]]></description>
<content><![CDATA[Adendorff, M. J.Nkado, R. N. (1996) Increasing corporate value through strategic real estate management, Real Estate Review. 26, p:69-72. Real Estate Review. Baltussen, S.Schelle, T.Appel-Meulenbroek, R.Van Egmond, B.Hesselink, M.Van Leersum, L. (2014) Lease accounting trouble looms for corporate real estate management, Journal of Corporate Real Estate. 16(3), p:182-202. Journal of Corporate Real Estate. Billing, M. (2018) New rules, new strategies: How the changes to lease accounting rules impact leasing decisions, Corporate Real Estate Journal. 7, &ndash;.p:304-318. Corporate Real Estate Journal. Brounen, D. (2014) Corporate real estate acceptance. Brussels, Belgium: European Public Real Estate Association (EPRA),.Retrieved from http://www.epra.com/media/Corporate_real_estate_acceptance_-_EPRA_report_1391768142218.pdf Brounen, D.Eichholtz, P. M. A. 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(2001) Accountancy and corporate property management: A briefing on current and proposed provisions relating to UK corporate real estate, Journal of Property Investment and Finance. 19(2), p:211-233. Journal of Property Investment and Finance. Hazar, A. (2019) The impact of the new lease accounting standards -IFRS 16- on corporate real estate decisions: Especially on real estate transactions.The impact of the new lease accounting standards -IFRS 16- on corporate real estate decisions: Especially on real estate transactions. Heywood, C. (in press) IFRS 16, Pacific Rim Property Research Journal. doi:Pacific Rim Property Research Journal. Holt, A.Eccles, T. (2001) Accounting for leasehold property in the UK: A triumph of substance over form?, Journal of Corporate Real Estate. 3(3), p:232-247. Journal of Corporate Real Estate. INTERNATIONAL PROPERTY MEASUREMENT STANDARDS (IPMS). (2014) IPMS for office buildings. IPMS coalition,.Retrieved from https://fastedit.files.wordpress.com/2014/11/ipms-office-buildings-november-20141.pdf Johnson, L. L.Keasler, T. (1993) An industry profile of corporate real estate, The Journal of Real Estate Research. 8, p:455-473. The Journal of Real Estate Research. Joroff, M.Louargand, M.Lambert, S. (1993) Strategic management of the fifth resource: Corporate real estate. Atlanta: IDRC. Strategic management of the fifth resource: Corporate real estate. Joubert, M.Garvie, L.Parle, G. (2017) Implications of the new accounting standard for leases AASB 16 (IFRS 16) with the inclusion of operating leases in the balance sheet, The Journal of New Business Ideas &amp; Trends. 15, p:1-11. The Journal of New Business Ideas &amp; Trends. Kenley, R.Brackertz, N.Fox, S.Heywood, C.Pham, N.Pontikis, J. (2000) Unleashing corporate property: Getting ahead of the pack. Melbourne: Property Council of Australia and Victorian Department of Infrastructure. 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Corporate infrastructure resource management: An emerging source of competitive advantage. Matho, S. C. (2018) Sale and leaseback arrangements &ndash; a comparison of IAS 17 and IFRS 16, Masters Thesis, Hochschule f&uuml;r Wirtschaft und Recht Berlin (Berlin School of Economics and Law). Nelson, T. R.Potter, T.Wilde, H. H. (1999) Real estate assets on corporate balance sheets, Journal of Corporate Real Estate. 2(1), p:29-40. Journal of Corporate Real Estate. Parker, D. (2008) Accounting for owner-occupied property: Goldmine or landmine?, JASSA: The FINSIA Journal of Applied Finance. 2&ndash;.p:34-38. JASSA: The FINSIA Journal of Applied Finance. Robinson, M. (2002) Accrual accounting and australian fiscal policy, Fiscal Studies. 23(2), &ndash;.p:287-300. Fiscal Studies. Rodriguez, M.Sirmans, C. F. (1996) Managing corporate real estate: Evidence from the capital markets, Journal of Real Estate Literature. 4, p:13-33. Journal of Real Estate Literature. Simpson, J. H.McDonagh, J. (2010) Financial reporting on corporate real estate: A study of the annual reports of non?investment companies listed on the New Zealand Stock Exchange (NZSE), 16th Pacific Rim Real Estate Society Conference. Pacific Rim Real Estate Society. Retrieved from www.prres.net Stillebroer, D.Jaspers, E. (2017) Lease accounting compliance: An opportunity at work, Corporate Real Estate Journal. 6, p:205-219. Corporate Real Estate Journal. Timm, R. (2018) Are you ready for lease reporting? Facility Management. Melbourne:Niche Media. Are you ready for lease reporting? Facility Management. T&oacute;th, &Aacute;. (2019) Measuring the capitalisation impact of off-balance sheet items under the new IFRS 16-based lease accounting in Hungary, Hungarian Statistical Review. 1, &ndash;.p:91-108. Hungarian Statistical Review. Trundle, M. (2005) Capturing hidden value for your shareholders, Journal of Corporate Real Estate. 7(1), &ndash;.p:55-71. Journal of Corporate Real Estate. Veale, P. R. (1989) Managing corporate real estate assets: Current executive attitudes and prospects for an emergent management discipline, The Journal of Real Estate Research. 4, &ndash;.p:1-22. The Journal of Real Estate Research. Wainwright, S. (2000) Off balance sheet property ownership structures: Releasing capital from operational portfolios through divestment, Journal of Corporate Real Estate. 2(4), &ndash;.p:330-342. Journal of Corporate Real Estate. Wills, P. C. (2008) Corporate real estate practice in Australia, Journal of Corporate Real Estate. 10(1), &ndash;.p:40-53. Journal of Corporate Real Estate. Zeckhauser, S.Silverman, R. (1983) Rediscover your company&rsquo;s real estate, Harvard Business Review. 61, p:111-117. Harvard Business Review.
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<guid isPermaLink="true">https://www.prres.org/volume26-2020/owned-australian-corporate-real-estate-reporting-ahead-of-ifrs-16</guid>
<pubDate>31 Aug 2020 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume26-2020/the-impact-of-a-positive-wealth-shock-on-consumption-evidence-from-a-housing-reform-in-china</link>
<title><![CDATA[The impact of a positive wealth shock on consumption: evidence from a housing reform in China]]></title>
<description><![CDATA[Housing property reform in China exerted an exogenous positive wealth shock to state employees who were renting state-owned housing when they were offered the opportunity to buy their homes at highly subsidised prices. Exploiting the national representative micro data set CHIP, we study the consumption response to this large-scale housing property reform. Propensity Score Matching (PSM) strategy is implemented to balance the covariates between a treatment group and a control group. We find that the positive wealth shock has led to an increase in household consumption for the treatment group. Our results provide new insights into consumer response to positive shocks associated with access to home equity and wealth transfer through housing.
]]></description>
<content><![CDATA[Agarwal, S.Qian, W. (2014) Consumption and debt response to unanticipated income shocks: Evidence from a natural experiment in Singapore, American Economic Review. 104(12), p:4205-4230. American Economic Review. 
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Chen, C.-L.Kuan, C.-M.Lin, -C.-C. (2007) Saving and housing of Taiwanese households: New evidence from quantile regression analyses, Journal of Housing Economics. 16(2), p:102-126. Journal of Housing Economics. 
Engelhardt, G. V. (1996) House prices and home owner saving behavior, Regional Science and Urban Economics. 26(3&#150;4), &#150;.p:313-336. Regional Science and Urban Economics. 
Gan, L.Yin, Z.Zang, W. (2010) The impact of housing reform on durables consumption in China, China Economic Review. 21, p:S55-S64. China Economic Review. 
Hiroshi, S. (2006) Housing inequality and housing poverty in urban China in the late 1990s, China Economic Review. 17(1), &#150;.p:37-50. China Economic Review. 
Huang, Y. (2003) A room of one&#39;s own: Housing consumption and residential crowding in transitional urban China, Environment and Planning A: Economy and Space. 35(4), &#150;.p:591-614. Environment and Planning A: Economy and Space. 
Huang, Y.Clark, W. A. V. (2002) Housing tenure choice in transitional urban China: A multilevel analysis, Urban Studies. 39(1), p:7-32. Urban Studies. 
Huang, Y.Jiang, L. (2009) Housing inequality in transitional Beijing, International Journal of Urban and Regional Research. 33(4), p:936-956. International Journal of Urban and Regional Research. 
Iacoviello, M. (2004) Consumption, house prices, and collateral constraints: A structural econometric analysis, Journal of Housing Economics. 13(4), &#150;.p:304-320. Journal of Housing Economics. 
Iacoviello, M. M. (2011) Housing wealth and consumption, FRB International Finance Discussion Paper. (2011).FRB International Finance Discussion Paper. 
Iyer, L.Meng, X.Qian, N. (2009) Unbundling property rights: Urban housing privatization and labor mobility in China. Unbundling property rights: Urban housing privatization and labor mobility in China. 
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Mian, A.Sufi, A. (2011) House prices, home equity-based borrowing, and the US household leverage crisis, American Economic Review. 101(5), p:2132-2156. American Economic Review. 
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Wang, S.-Y. (2011) State misallocation and housing prices: Theory and evidence from China, The American Economic Review. 101(5), &#150;.p:2081-2107. The American Economic Review. 
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Zhou, M.Logan, J. R. (2008) Market transition and the commodification of housing in urban China, The New Chinese City. (2008) Blackwell Publishers Ltd. The New Chinese City. 
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<guid isPermaLink="true">https://www.prres.org/volume26-2020/the-impact-of-a-positive-wealth-shock-on-consumption-evidence-from-a-housing-reform-in-china</guid>
<pubDate>02 May 2020 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume26-2020/condominium-price-dynamics-in-sri-lanka-correlation-with-inflation-and-periods-of-concern</link>
<title><![CDATA[Condominium price dynamics in Sri Lanka: correlation with inflation and periods of concern]]></title>
<description><![CDATA[This study conducted in Sri Lanka&#39;s commercial capital &#150; Colombo, investigated temporal variation of condominium prices from 1998 to 2018, to identify price &#150; inflation relationships and periods of concern. The price increased non-linearly with time without abnormal trends. Unit root, cointegration and vector error correction method tests showed inflation can explain temporal variation of semi-luxury condominium&#39;s price appreciation, and it showed a statistically significant (P&nbsp;&lt;&nbsp;0.01) positive impact in the long run. Price appreciation and inflation showed a weak negative, yet statistically significant impact for luxury condominiums. The impact of inflation on price appreciation in the short run was mostly a negative correlation and as per explanatory powers the impact was minor. It seemed that Sri Lankan condominium market would mostly be without any periods of concern considering the increasing presales and the decreasing price to rental ratios. However, there is a continuous increment of the ratio between the price and household annual income, and it was about 5.25 as at 2018 (price bubbles occurred when this ratio is over six). More studies are recommended specially on future periods of concern and studies that incorporate ultra-luxury apartments being developed by international developers.
]]></description>
<content><![CDATA[Al-Masum, M.Lee, C. (2019) Modelling housing prices and market fundamentals: Evidence from the Sydney housing market, International Journal of Housing Markets and Analysis. 12(4), p:746-762. International Journal of Housing Markets and Analysis. 
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<guid isPermaLink="true">https://www.prres.org/volume26-2020/condominium-price-dynamics-in-sri-lanka-correlation-with-inflation-and-periods-of-concern</guid>
<pubDate>02 May 2020 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume26-2020/australian-corporate-real-estate-lease-reporting-ahead-of-ifrs-16</link>
<title><![CDATA[Australian corporate real estate lease reporting ahead of IFRS 16]]></title>
<description><![CDATA[To improve the transparency of companies&rsquo; financial commitments the requires companies to report their leased corporate real estate (CRE) on their balance sheets from 1 January 2019. This paper reports Australian CRE balance sheet lease reporting ahead of . This is the first time this has been reported and is also a baseline to evaluate how it changes Australian CRE reporting. 2016 Annual Reports were content analysed to identify current practices with the selected period pre-dating any effects from the standard&rsquo;s introduction. Detail was limited, other than recording lease expenses. To calculate possible effects of including leased CRE these expenses were capitalised as a proxy for the standard&rsquo;s methods. Indicative upper and lower end capitalisation rates added between $127.7 billion and $397.0 billion to balance sheets equating to 2.5% and 7.7% (respectively) of the owned PP&amp;E. This also represents an additional 178.6% to 555.2% of current real estate only values. The individual sectors varied but the smallest increase exceeded 100% and the largest increase exceeded 4,000%. This clarifies past assertions about the standard&rsquo;s effects on CRE Management, but it is still unclear whether changes tenure preferences towards ownership.
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<guid isPermaLink="true">https://www.prres.org/volume26-2020/australian-corporate-real-estate-lease-reporting-ahead-of-ifrs-16</guid>
<pubDate>02 May 2020 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume26-2020/causal-effects-of-macroeconomic-predictors-on-real-estate-investment-trusts-reits-performance-in-nigeria</link>
<title><![CDATA[Causal effects of macroeconomic predictors on real estate investment trust&#39;s (REIT&#39;s) performance in Nigeria]]></title>
<description><![CDATA[The paper examined the causal effects of macroeconomic predictors on the dividend return performance of the Nigerian Real Estate Investment Trusts (N-REITs) the macroeconomic indicators considered was interest rate (INTR), an exchange rate (EXGR), inflation rate (INFR), market capitalisation (MKCP) and all share index (ASI). The study is quantitative based on secondary data collected from various government institutions and annual financial reports of the Nigeria REITs for the study period (2008&#150;2017). Autoregressive-distributed lag (ARDL) and Bound test were used to analyse the data. The result of the Bound test indicated that N-REIT, INTR and ASI with F-statistic values of 11.07, 5.71 and 4.18, respectively, co-integrated with other macroeconomic predictors, especially for the variable vectors. ASI with t-stat and prob. value 2.9491 and 0.0065, respectively, implies statistically significant contribution of ASI to REIT performance in the long run (p&nbsp;&lt;&nbsp;0.05). Through ECM, the series was good at convergence and nonexplosive series ect (?1): ?4.98 and p-value 0.0000, the macroeconomic predictors have significant explanatory power on N-REIT performance in the short run. The no capital gain nature of the N-REIT constitutes a limitation in this study, while the competitive dividend return is the driving force for the study.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume26-2020/causal-effects-of-macroeconomic-predictors-on-real-estate-investment-trusts-reits-performance-in-nigeria</guid>
<pubDate>02 May 2020 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume26-2020/an-examination-of-house-price-movements-in-queensland-resource-communities</link>
<title><![CDATA[An examination of house price movements in Queensland resource communities]]></title>
<description><![CDATA[Successive mining &quot;booms&quot; have created wide-ranging, long-term socioeconomic impacts in many parts of Australia. Property markets were both directly and indirectly affected by the mining booms. Towns associated with mining activities experienced significant, rapid shifts in supply and demand levels for housing as well as changes to the amount and type of development occurring. The most recent &quot;mining boom&quot; in Queensland impacted on housing market dynamics, with impacts evident at all stages of the resource cycle. Housing markets were also indirectly affected by new actors and new drivers for buying property in these markets &#150; as an investment.
This paper aims to show that the &quot;mining boom&quot; was only one stage of a more complete cycle, and the impacts of this resource cycle on housing were particularly nuanced. Even in the short term, the importance of housing market stability-particularly measured through availability and affordability is important to the wellbeing of a town, and the underlying community. During the most recent cycle, housing markets in Queensland mining towns were uniquely affected.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume26-2020/an-examination-of-house-price-movements-in-queensland-resource-communities</guid>
<pubDate>02 May 2020 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume26-2020/home-is-where-the-health-is-what-indoor-environment-quality-delivers-a-healthy-home</link>
<title><![CDATA[Home is where the health is: what indoor environment quality delivers a &quot;healthy&quot; home?]]></title>
<description><![CDATA[This study uses critical discourse analysis to review the belief structure surrounding cold and damp housing in New Zealand (NZ) finding that a&nbsp;strong belief structure exists in the NZ psyche that &quot;cold and damp&quot; housing is linked to poor health outcomes. This belief structure has led to recent changes to NZ law to ensure healthy rental housing is provided via the Healthy Homes Guarantee Act. This law utilises a&nbsp;healthy minimum temperature threshold of 18&deg;C as set by the World Health Organisation (WHO). A&nbsp;review of the literature finds limited evidential basis for this minimum temperature threshold, concluding that there is no academic consensus on what indoor environment quality (IEQ) would be required to deliver a&nbsp;healthy home. Until future research fills this knowledge void the current temperature guidelines (18&deg;C to 24&deg;C) could be carefully utilised in conjunction with measures of relative humidity (RH 40% to 60%) and thermal comfort.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume26-2020/home-is-where-the-health-is-what-indoor-environment-quality-delivers-a-healthy-home</guid>
<pubDate>01 Jan 2020 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume26-2020/possibilities-and-challenges-of-sustainable-condominium-development-in-thailand-an-analysis-through-the-circle-of-blame-concept</link>
<title><![CDATA[Possibilities and challenges of sustainable condominium development in Thailand: an analysis through the circle of blame concept]]></title>
<description><![CDATA[The main objective of this research is to survey the attitudes of project developers, investors, consumers (residents and prospective buyers), and architects involved in the sustainable development of condominium projects. Using the circle of blame concept, qualitative research was conducted by collecting data through structured interviews on sustainability in four areas: environmental, economic, social and community, and aesthetics and functional. Based on the findings, most of the respondents did not renounce the concept of sustainable development if economic sustainability was as expected (such as the project value, rent, return, and cost saving). Thus, it can be concluded economic sustainability is a prerequisite for developing sustainable condominiums. Environmental, social and community, and aesthetics and functional sustainability are the next steps to approach for the project stakeholders. The findings of the research indicate that increased development costs and risks are the key barriers to the success of sustainable development in the Thai condominium market.
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<guid isPermaLink="true">https://www.prres.org/volume26-2020/possibilities-and-challenges-of-sustainable-condominium-development-in-thailand-an-analysis-through-the-circle-of-blame-concept</guid>
<pubDate>01 Jan 2020 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume26-2020/climate-zones-energy-efficient-technologies-and-advertising-what-are-residential-real-estate-agents-saying</link>
<title><![CDATA[Climate zones, energy efficient technologies and advertising: what are residential real estate agents saying?]]></title>
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Dunning, R.Levy, D.Watkins, C.Young, G. (2018) Technological change and estate agents&#39; practices in the changing nature of housing transactions, Housing Studies. 34(5), p:1-19. Housing Studies. 
Environment Victoria. (2018) Sustainable living: One million homes, Environment Victoria.Retrieved from https://environmentvictoria.org.au
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Fuerst, F.McAllister, P.Nanda, A.Wyatt, P. (2015) Does energy efficiency matter to home-buyers? An investigation of EPC ratings and transaction prices in England, Energy Economics. 48, p:145-156. Energy Economics. 
Fuerst, F.Warren-Myers, G. (2018) Does voluntary disclosure create a green lemon problem? Energy-efficiency ratings and house prices, Energy Economics. 74, p:1-12. Energy Economics. 
Golubchikov, O.Deda, P. (2012) Governance, technology, and equity: An integrated policy framework for energy efficient housing, Energy Policy. 41, p:733-741. Energy Policy. 
Hee, W. J.Alghoul, M. A.Bakhtyar, B.Elayeb, O.Shameri, M. A.Alrubaih, M. S.Sopian, K. (2015) The role of window glazing on daylighting and energy saving in buildings, Renewable and Sustainable Energy Reviews. 42, p:323-343. Renewable and Sustainable Energy Reviews. 
Horne, R.Hayles, C. (2008) Towards global benchmarking for sustainable homes: An international comparison of the energy performance of housing, Journal of Housing &amp; the Built Environment. 23(2), p:119-130. Journal of Housing &amp; the Built Environment. 
Jauregui, A.Hite, D. (2010) The impact of real estate agents on house prices near environmental disamenities, Housing Policy Debate. 20(2), p:295-316. Housing Policy Debate. 
Kuholski, K.Tohn, E.Morley, R. (2010) Healthy energy-efficient housing: Using a one-touch approach to maximize public health, energy, and housing programs and policies, Journal of Public Health Management and Practice. 16(5), p:S68-S74. Journal of Public Health Management and Practice. 
Kumar, R. (2005) Research methodology: A step-by-step guide for beginners. (2nd ed.). New South Wales: ( ed.)Pearson Longman. Research methodology: A step-by-step guide for beginners. 
Li, D.Chen, H.Hui, E. C.Zhang, J.Li, Q. (2013) A methodology for estimating the life-cycle carbon efficiency of a residential building, Building and Environment. 59, p:448-455. Building and Environment. 
Moser, S. C. (2014) Communicating adaptation to climate change: The art and science of public engagement when climate change comes home, Wiley Interdisciplinary Reviews. Climate Change. 5(3), &#150;.p:337-358. Wiley Interdisciplinary Reviews. Climate Change. 
Motuzien?, V.Rogo&#158;a, A.Lapinskien?, V.Vilutien?, T. (2016) Construction solutions for energy efficient single-family house based on its life cycle multi-criteria analysis: A case study, Journal of Cleaner Production. 112, p:532-541. Journal of Cleaner Production. 
Nejat, P.Jomehzadeh, F.Taheri, M. M.Gohari, M.Majid, M. Z. A. (2015) A global review of energy consumption, CO2 emissions and policy in the residential sector (with an overview of the top ten CO2 emitting countries), Renewable and Sustainable Energy Reviews. 43, p:843-862. Renewable and Sustainable Energy Reviews. 
Ottelin, J.Heinonen, J.Junnila, S. (2015) New energy efficient housing has reduced carbon footprints in outer but not in inner urban areas, Environmental Science &amp; Technology. 49(16), p:9574-9583. Environmental Science &amp; Technology. 
Pallant, J. F. (2004) SPSS survival manual: A step by step guide to data analysis using SPSS for Windows. (2nd ed.). New South Wales: ( ed.)Allen &amp; Unwin. SPSS survival manual: A step by step guide to data analysis using SPSS for Windows. 
Pellegrini-Masini, G.Bowles, G.Peacock, A. D.Ahadzi, M.Banfill, P. F. G. (2010) Whole life costing of domestic energy demand reduction technologies: Householder perspectives, Construction Management and Economics. 28(3), p:217-229. Construction Management and Economics. 
Perkins, H. C.Thorns, D. C.Newton, B. M. (2008) Real estate advertising and intraurban place meaning: Real estate sales consultants at work, Environment and Planning. 40(9), p:2061-2079. Environment and Planning. 
Pryce, G.Oates, S. (2008) Rhetoric in the language of real estate marketing, Housing Studies. 23(2), p:319-348. Housing Studies. 
Rodriguez, G.Siret, D. (2009) The future of houses: What real-estate ads tell about the evolution of single-family dwellings, ArchNet-IJAR. 3(1), p:92-100. ArchNet-IJAR. 
Schnieders, J.Feist, W.Rongen, L. (2015) Passive houses for different climate zones, Energy and Buildings. 105, p:71-87. Energy and Buildings. 
Sch&ouml;llmann, A.Perkins, H. C.Moore, K. (2001) Rhetoric, claims making and conflict in touristic place promotion: The case of central Christchurch, New Zealand, Tourism Geographies. 3(3), p:300-325. Tourism Geographies. 
Sullivan, J. G. (2007) Decision model for public sector assessment of sustainable buildings in Florida, Doctoral dissertation.University of Florida, Gainsesville. 
Victorian Building Authority Consumer Brochure. (2015).Retrieved from http://www.buildingcommission.com.au/__data/assets/pdf_file/0017/7631/6Star_consumer_brochure_web2.pdf
Willrath, H.Logic, S. (1997) Thermal sensitivity of Australian houses to variations in building parameters, Proceedings of the 35th Annual Conference of the Australian and New Zealand Solar Energy Society. 
Y?lmaz, Z. (2007) Evaluation of energy efficient design strategies for different climatic zones: Comparison of thermal performance of buildings in temperate-humid and hot-dry climate, Energy and Buildings. 39(3), &#150;.p:306-316. Energy and Buildings. 
]]></description>
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Dalton, T.Home, R.Hafkamp, W.Lee, M. (2007) Retro?tting the Australian Suburbs for Sustainability. Steering sustainability in an urbanizing world, Policy, Practice and Performance. 215&#150;224, Policy, Practice and Performance. 
Del R&iacute;o, P.Mir-Artigues, P. (2012) Support for solar PV deployment in Spain: Some policy lessons, Renewable and Sustainable Energy Reviews. 16(8), p:5557-5566. 
Dunning, R.Levy, D.Watkins, C.Young, G. (2018) Technological change and estate agents&#39; practices in the changing nature of housing transactions, Housing Studies. 34(5), p:1-19. Housing Studies. 
Environment Victoria. (2018) Sustainable living: One million homes, Environment Victoria.Retrieved from https://environmentvictoria.org.au
Environmental Protection Authority. (2014) Household and greenhouse gas emissions, Environmental Protection Authority Victoria.Retrieved from http://www.epa.vic.gov.au
Estate Agents Act. (1980) Vic. (1980).
Eves, C.Kippes, S. (2010) Public awareness of &quot;green&quot; and &quot;energy efficient&quot; residential property: An empirical survey based on data from New Zealand, Property Management. 28(3), p:193-208. Property Management. 
Fuerst, F.McAllister, P.Nanda, A.Wyatt, P. (2015) Does energy efficiency matter to home-buyers? An investigation of EPC ratings and transaction prices in England, Energy Economics. 48, p:145-156. Energy Economics. 
Fuerst, F.Warren-Myers, G. (2018) Does voluntary disclosure create a green lemon problem? Energy-efficiency ratings and house prices, Energy Economics. 74, p:1-12. Energy Economics. 
Golubchikov, O.Deda, P. (2012) Governance, technology, and equity: An integrated policy framework for energy efficient housing, Energy Policy. 41, p:733-741. Energy Policy. 
Hee, W. J.Alghoul, M. A.Bakhtyar, B.Elayeb, O.Shameri, M. A.Alrubaih, M. S.Sopian, K. (2015) The role of window glazing on daylighting and energy saving in buildings, Renewable and Sustainable Energy Reviews. 42, p:323-343. Renewable and Sustainable Energy Reviews. 
Horne, R.Hayles, C. (2008) Towards global benchmarking for sustainable homes: An international comparison of the energy performance of housing, Journal of Housing &amp; the Built Environment. 23(2), p:119-130. Journal of Housing &amp; the Built Environment. 
Jauregui, A.Hite, D. (2010) The impact of real estate agents on house prices near environmental disamenities, Housing Policy Debate. 20(2), p:295-316. Housing Policy Debate. 
Kuholski, K.Tohn, E.Morley, R. (2010) Healthy energy-efficient housing: Using a one-touch approach to maximize public health, energy, and housing programs and policies, Journal of Public Health Management and Practice. 16(5), p:S68-S74. Journal of Public Health Management and Practice. 
Kumar, R. (2005) Research methodology: A step-by-step guide for beginners. (2nd ed.). New South Wales: ( ed.)Pearson Longman. Research methodology: A step-by-step guide for beginners. 
Li, D.Chen, H.Hui, E. C.Zhang, J.Li, Q. (2013) A methodology for estimating the life-cycle carbon efficiency of a residential building, Building and Environment. 59, p:448-455. Building and Environment. 
Moser, S. C. (2014) Communicating adaptation to climate change: The art and science of public engagement when climate change comes home, Wiley Interdisciplinary Reviews. Climate Change. 5(3), &#150;.p:337-358. Wiley Interdisciplinary Reviews. Climate Change. 
Motuzien?, V.Rogo&#158;a, A.Lapinskien?, V.Vilutien?, T. (2016) Construction solutions for energy efficient single-family house based on its life cycle multi-criteria analysis: A case study, Journal of Cleaner Production. 112, p:532-541. Journal of Cleaner Production. 
Nejat, P.Jomehzadeh, F.Taheri, M. M.Gohari, M.Majid, M. Z. A. (2015) A global review of energy consumption, CO2 emissions and policy in the residential sector (with an overview of the top ten CO2 emitting countries), Renewable and Sustainable Energy Reviews. 43, p:843-862. Renewable and Sustainable Energy Reviews. 
Ottelin, J.Heinonen, J.Junnila, S. (2015) New energy efficient housing has reduced carbon footprints in outer but not in inner urban areas, Environmental Science &amp; Technology. 49(16), p:9574-9583. Environmental Science &amp; Technology. 
Pallant, J. F. (2004) SPSS survival manual: A step by step guide to data analysis using SPSS for Windows. (2nd ed.). New South Wales: ( ed.)Allen &amp; Unwin. SPSS survival manual: A step by step guide to data analysis using SPSS for Windows. 
Pellegrini-Masini, G.Bowles, G.Peacock, A. D.Ahadzi, M.Banfill, P. F. G. (2010) Whole life costing of domestic energy demand reduction technologies: Householder perspectives, Construction Management and Economics. 28(3), p:217-229. Construction Management and Economics. 
Perkins, H. C.Thorns, D. C.Newton, B. M. (2008) Real estate advertising and intraurban place meaning: Real estate sales consultants at work, Environment and Planning. 40(9), p:2061-2079. Environment and Planning. 
Pryce, G.Oates, S. (2008) Rhetoric in the language of real estate marketing, Housing Studies. 23(2), p:319-348. Housing Studies. 
Rodriguez, G.Siret, D. (2009) The future of houses: What real-estate ads tell about the evolution of single-family dwellings, ArchNet-IJAR. 3(1), p:92-100. ArchNet-IJAR. 
Schnieders, J.Feist, W.Rongen, L. (2015) Passive houses for different climate zones, Energy and Buildings. 105, p:71-87. Energy and Buildings. 
Sch&ouml;llmann, A.Perkins, H. C.Moore, K. (2001) Rhetoric, claims making and conflict in touristic place promotion: The case of central Christchurch, New Zealand, Tourism Geographies. 3(3), p:300-325. Tourism Geographies. 
Sullivan, J. G. (2007) Decision model for public sector assessment of sustainable buildings in Florida, Doctoral dissertation.University of Florida, Gainsesville. 
Victorian Building Authority Consumer Brochure. (2015).Retrieved from http://www.buildingcommission.com.au/__data/assets/pdf_file/0017/7631/6Star_consumer_brochure_web2.pdf
Willrath, H.Logic, S. (1997) Thermal sensitivity of Australian houses to variations in building parameters, Proceedings of the 35th Annual Conference of the Australian and New Zealand Solar Energy Society. 
Y?lmaz, Z. (2007) Evaluation of energy efficient design strategies for different climatic zones: Comparison of thermal performance of buildings in temperate-humid and hot-dry climate, Energy and Buildings. 39(3), &#150;.p:306-316. Energy and Buildings. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume26-2020/climate-zones-energy-efficient-technologies-and-advertising-what-are-residential-real-estate-agents-saying</guid>
<pubDate>01 Jan 2020 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume26-2020/home-is-where-the-health-is-new-zealand-responses-to-a-healthy-housing-crisis</link>
<title><![CDATA[Home is where the health is: New Zealand responses to a &quot;healthy&quot; housing crisis]]></title>
<description><![CDATA[It is accepted in both popular culture and the academic literature that &lsquo;cold and damp&rsquo; housing leads to poor health outcomes for occupants. Many solutions have been proposed to remedy this from voluntary healthy home checklists, green building ratings tools to mandatory government legislation. This study reviews the responses comparing the different mechanisms and drawing conclusions about the potential effectiveness of each. While each approach has admirable aims flaws are identified with the design and application. These include a static assessment methodology (one off inspection), a reliance on simplified checklists and prescriptive interventions and a focus on cold and damp with no counterbalancing consideration of overheating in a climate of recognised global warming. The Healthy Home Standards are identified as the most flawed approach containing multiple exemptions that can be exploited to avoid compliance. Homestar is recognised as the most comprehensive and detailed mechanism currently available to provide healthy housing in NZ.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume26-2020/home-is-where-the-health-is-new-zealand-responses-to-a-healthy-housing-crisis</guid>
<pubDate>01 Jan 2020 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume26-2020/bundling-and-splitting-workspace-tenure-in-two-vectors</link>
<title><![CDATA[Bundling and splitting: workspace tenure in two vectors]]></title>
<description><![CDATA[The Bundling and Splitting Matrix is a conceptual framework of real property tenure. It is used here to derive hypotheses as to the effects of two principal-agent problems: adverse selection and moral hazard on commercial office workspace energy performance under differing tenure types. The purpose of testing these hypotheses, in future research, is to inform disclosure policy. Disclosure here refers to the sharing of information between commercial office workspace lessors and lessees. In demonstrating this framework&#39;s use, this paper&#39;s contribution is methodological. Mitigating adverse selection is the objective of international ex-ante disclosure programs but past research has not isolated ex-ante disclosure&#39;s effect in that mitigation from its other effects. The use of this framework also extends the method used by research measuring energy performance under different contract types. By putting tenure type, rather than a single contract as the object of inquiry, it sets out single or multiple possibly additive or counter-veiling principal-agent problems, adverse selection and moral hazard, each with its disclosure remedy. It is argued that doing so is increasingly significant with the growth in information age forms of workspace tenure such as coworking.
]]></description>
<content><![CDATA[Acil Allen. (2015) Commercial building disclosure review, A report to the Department of Industry and Science. Retrieved from  (2015).Retrieved from http://www.cbd.gov.au/files/CBDprogramreviewfinalreport.pdfA report to the Department of Industry and Science. 
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<guid isPermaLink="true">https://www.prres.org/volume26-2020/bundling-and-splitting-workspace-tenure-in-two-vectors</guid>
<pubDate>01 Jan 2020 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume25-2019/a-content-validity-study-of-the-test-of-valuers-support-for-capturing-sustainability-in-the-valuation-process-in-nigeria</link>
<title><![CDATA[A content validity study of the test of valuers&acirc;&#128;&#153; support for capturing sustainability in the valuation process in Nigeria]]></title>
<description><![CDATA[Property valuers&rsquo; support for sustainability has a significant impact on the resolution to reflect its dimensions in the valuation process. The study presents the content domain of the valuers&rsquo; perception of sustainability reporting in Nigeria for the purpose of identification and eliciting the character. Based on informed judgment, it engages a panel of 5 experts who possess expertise in real estate valuation, environmental management and academics/consultancy to rate 26 items with a 4-point Likert scale for the content validity index (i-CVI), the scale content validity index (s-CVI) and the content validity ratio (CVR) grounded on relevance to the property valuers&rsquo; willingness to capture sustainability in the valuation process.The results show that (i-CVI &gt; 0.75 and; s-CVI&gt;0.80. Lawshe&rsquo;s content validity ratio is at +0.692. The measuring scale is content-valid and the panel size is adequate at a Mean Proportion Agreeing of 0.876. Only 21 items should be adopted for a further Cronbach alpha test of reliability.The paper argued for consistent and explicit content validation in sustainability research to avoid probable chance effects. Content validation helps to provide reliable data for causal model development of the knowledge management (KM) requirements for the integration of sustainability into real estate valuation.
]]></description>
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Yaghmale, F. (2003) Content validity and its estimation, Journal of Medical Education. 3,.p:1. Spring. Journal of Medical Education. 
Zamanzadeh, V.Ghahramanian, A.Rassouli, M.Abbaszadeh, A.Alavi-Majd, H.Nikanfar, A. (2015) Design and implementation content validity study: Development of an instrument for measuring patient-centered communication, Journal of Caring Sciences. 4(2), p:165-178. Journal of Caring Sciences. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/a-content-validity-study-of-the-test-of-valuers-support-for-capturing-sustainability-in-the-valuation-process-in-nigeria</guid>
<pubDate>01 Sep 2019 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume25-2019/modelling-the-effects-of-affordable-housing-sticks-and-carrots-for-developer-delivered-projects</link>
<title><![CDATA[Modelling the effects of affordable housing &acirc;&#128;&#153;sticks&acirc;&#128;&#153; and &acirc;&#128;&#153;carrots&acirc;&#128;&#153; for developer-delivered projects]]></title>
<description><![CDATA[The literature suggests both &rsquo;Stick&rsquo; and &rsquo;Carrot&rsquo; initiatives can encourage property developers to include Affordable Housing in their developments. Such initiatives include affordable housing contributions or requirements (the stick) and land cost subsidies, density bonuses, access to low-interest finance, reduced planning timeframes and reduced car parking requirements (the carrots). Despite their widespread application internationally, Australian developers and policymakers have resisted affordable housing incentive structures. Recent legislation in Victoria empowers local planners to approve affordable housing contributions and incentives on acase-by-case basis. This paper provides aquantitative study investigating the feasibility of introducing housing affordability contributions and incentives when developers enter the planning process. This paper demonstrates aone-size fits all approach to affordable housing contributions and incentives may not be appropriate, modelled through scenario analysis of three different sized case studies. Optimum scenarios identified a balance of carrots and sticks. However, project characteristics determined the applicability and effectiveness of an incentive for aproject. Therefore, asingular approach may not be appropriate for all projects in amunicipality or state; and alayered and flexible approach for &iuml;&iquest;&frac12;Sticks&iuml;&iquest;&frac12; and &iuml;&iquest;&frac12;Carrots&iuml;&iquest;&frac12; should be considered to maximise the social benefit of these incentives and ensure developers financial viability.
]]></description>
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Austin, P. M.Gurran, N.Whitehead, C. M. (2014) Planning and affordable housing in Australia, New Zealand and England: Common culture; different mechanisms, Journal of Housing and the Built Environment. 29(3), p:455-472. Journal of Housing and the Built Environment. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/modelling-the-effects-of-affordable-housing-sticks-and-carrots-for-developer-delivered-projects</guid>
<pubDate>01 Sep 2019 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume25-2019/community-heritage-discourse-chd-a-multidisciplinary-perspective-in-understanding-built-heritage-conservation</link>
<title><![CDATA[Community heritage discourse (CHD): a multidisciplinary perspective in understanding built heritage conservation]]></title>
<description><![CDATA[Despite increasing efforts to protect cultural built heritage, destruction continues and impediments to effective heritage management remain. One solution calls for drawing on a broader stakeholder base to minimise barriers to better built heritage conservation. Whilst much remains to be done, there is evidence of enhanced stakeholder co-operation for reforms that could bring broader insights to this discourse.
The objective of this paper is to qualify a new analytical concept entitled community heritage discourse (CHD). Reflecting on the structures, meanings and processes for consensus, expectations andcollective action, the paper addresses theoretical and empirical questions of what is built heritage, which values are significant, who is a stakeholder and their interrelationship with the conservation process.
Employing an empirical approach including a literature review, focus groups and interviews from Australia and Tanzania, this study reveals that built heritage conservation exhibits a complementary dependence on changing landscape and collective memory plus individual attitudes and value systems. This understanding offers a more inclusive framework for the strategic development of heritage conservation plans across various jurisdictions thus generating a new approach to understanding the complex relationship between built heritage and stakeholder perceptions in heritage conservation.
]]></description>
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Amar, J. H. N.Armitage, L.O&#39;Hare, D. (2016) Built heritage conservation: The implications of cultural racism, segregation and oppression, Heritage 2016 &#150; proceedings of the 5th International Conference on Heritage and Sustainable Development. Lisbon, Portugal: p:225-236. Green Line Institute. Heritage 2016 &#150; proceedings of the 5th International Conference on Heritage and Sustainable Development. 
Armitage, L.Irons, J. (2013) The values of built heritage, Property Management. 31(3), p:246-259. Property Management. 
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de La Torre, M. (2002) Assessing the values of cultural heritage &#150; research report. Los Angeles:The Getty Conservation Institute. Assessing the values of cultural heritage &#150; research report. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/community-heritage-discourse-chd-a-multidisciplinary-perspective-in-understanding-built-heritage-conservation</guid>
<pubDate>01 Sep 2019 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume25-2019/the-value-of-a-tram-station-on-local-house-prices-an-hedonic-modelling-approach</link>
<title><![CDATA[The value of a tram station on local house prices: an hedonic modelling approach]]></title>
<description><![CDATA[There are many drivers of house prices. In urban locations, public infrastructure is considered one of the leading determinants. To explore this relationship, an Hedonic house pricing model was applied to an established Birmingham, the UK working class residential area which is serviced by the Metro Midland tram line. The selected Wednesbury Great Western Street station provides ease of access for the local residents to Birmingham and Wolverhampton City Centres plus there has been recent sale evidence of 100 properties within close proximity to the station. Independent variables consisted of a range of typical physical, locational and neighbourhood attributes for the Hedonic house pricing model input data.
Based on the preferred linear Hedonic model, the findings from the recent 100 Wednesbury house sales showed property type, bedrooms, floor area, ambience and distance to the tram station were key explanatory factors in relation to pricing levels. On the evidence provided, property price increased by &pound;16,878 for every km closer to the tram stop. However, when examining properties within defined distance bands with smaller datasets, the location to the tram station was not a significant statistical driver. This suggests that proximity to a public transport access point alongside key housing characteristics should form part of the housing decision making process as they are significant predictors of local house prices.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/the-value-of-a-tram-station-on-local-house-prices-an-hedonic-modelling-approach</guid>
<pubDate>01 Sep 2019 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume25-2019/the-effect-of-firm-characteristics-on-the-prime-office-accommodation-decision</link>
<title><![CDATA[The effect of firm characteristics on the prime office accommodation decision]]></title>
<description><![CDATA[This paper examines whether firm characteristics are significant determinants in leasing decisions of Australian corporate occupiers. A logistic regression is used to examine the significance of industry, company size and geographic reach of 127 ASX300 corporate occupiers on the prime or non-prime corporate office accommodation decision in Melbourne, Australia. Findings indicate that certain industry and company size characteristics are significant determinants of the prime/non-prime decision. However, the amount of influence of these characterisitics varied from a previous study. This supports claims about the geographic heterogeneity of markets suggested in earlier studies but does suggest that additional research is required to establish how general is the phenomenon. This work also demonstrates further research is needed into the influence of both objective and subjective firm characteristics on accommodation decisions.
]]></description>
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Appel-Meulenbroek, R.Groenen, P.Janssen, I. (2011) An end-user&#39;s perspective on activity-based office concepts, Journal of Corporate Real Estate. 13(2), p:122-135. Journal of Corporate Real Estate. 
Appel-Meulenbroek, R.Havermans, D.Janssen, I.van Kempen, A. (2010) Corporate branding: An exploration of the influence of CRE, Journal of Corporate Real Estate. 12(1), p:47-59. Journal of Corporate Real Estate. 
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]]></content>
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<pubDate>01 Sep 2019 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume25-2019/analysing-the-desired-quality-of-housing-in-the-klang-valley-region-malaysia</link>
<title><![CDATA[Analysing the desired quality of housing in the Klang Valley region, Malaysia]]></title>
<description><![CDATA[Housing is crucial for realising the basic requirements of people; it provides a shelter and people spend most of their daily activities in the locality. This study seeks to examine the quality attributes influencing the value of housing and their effect on housing prices according to generation cohorts and affordable housing prices. Twenty-one housing quality factors are first identified by a literature search, with a questionnaire survey ranking safety considerations, air quality, location choice, house ventilation, and accessibility to transportation services to be the highest influence. A further factor analysis reveals five major underlying dimensions of these attributes vis-&agrave;-vis locational qualities, values and lifestyles, the availability of public amenities, surrounding environment and product uniqueness, and accessibility. The study&#39;s contribution lies in its examination of the housing dimensions affecting quality of life along with providing insights and guidelines for emerging property developers in planning housing development projects in Malaysia and beyond.
]]></description>
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Yap, J. B. H.Lock, A. (2017) Analysing the benefits, techniques, tools and challenges of knowledge management practices in the Malaysian construction SMEs, Journal of Engineering, Design and Technology. 15(6), p:803-825. Journal of Engineering, Design and Technology. 
Yap, J. B. H.Low, P. L.Wang, C. (2017) Rework in Malaysian building construction: Impacts, causes and potential solutions, Journal of Engineering, Design and Technology. 15(5), p:591-618. Journal of Engineering, Design and Technology. 
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Zhang, F.Zhang, C.Hudson, J. (2018) Housing conditions and life satisfaction in urban China, Cities. 81(November), p:35-44. Cities. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/analysing-the-desired-quality-of-housing-in-the-klang-valley-region-malaysia</guid>
<pubDate>03 May 2019 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume25-2019/the-price-of-a-view-estimating-the-impact-of-view-on-house-prices</link>
<title><![CDATA[The price of a view: estimating the impact of view on house prices]]></title>
<description><![CDATA[Houses with desired aesthetic views have a price premium over similar houses without such views. This article raises the following questions in relation to view as a location-specific amenity: How can we calculate a reliable indicator for view using available information? Are dwellings with a view sold for a premium compared to otherwise similar properties? Using more than 5,000 house transactions in the Illawarra region in Australia, and applying hedonic price method, the study analyses the price effects of key aesthetic views. Due to unavailability of view as a housing characteristic within historical records, spatial analysis tools were used to estimate views for housing locations. The results confirm the significance of aesthetic views in explaining house prices. Beach view is the most important aesthetic view. An increase of 1% of beach view drives house prices up by nearly 2&#150;3%. Significant positive contributions to prices are also evident from sea, conservation area and inland water views. In addition to the views, other location-specific attributes also influence house prices. Methods developed in this study to quantify the value of aesthetic views and location-specific characteristics associated with residential locations form an important contribution to urban planning and policy development.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume25-2019/the-price-of-a-view-estimating-the-impact-of-view-on-house-prices</guid>
<pubDate>03 May 2019 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume25-2019/compulsory-property-acquisition-for-urban-densification</link>
<title><![CDATA[Compulsory property acquisition for urban densification]]></title>
<description><![CDATA[edited by Glen Searle, Published by Routledge Taylor &amp; Francis, 2018 Abingdon, 206 pages, ISBN 978-1-13-850099-0, &pound;76 Hardback]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/compulsory-property-acquisition-for-urban-densification</guid>
<pubDate>03 May 2019 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume25-2019/remedies-to-inaccessibility-of-low-cost-housing-loan-in-malaysia-using-the-qualitative-approach</link>
<title><![CDATA[Remedies to inaccessibility of low-cost housing loan in Malaysia: using the qualitative approach]]></title>
<description><![CDATA[Studies have shown that low-income earners (LIEs) faced encumbrances in gaining access to housing finance. Therefore, this study investigated the root-cause of inaccessibility of housing-loan and proffer pragmatic policy solutions so that Malaysian LIEs can access housing-loan to purchase homes via qualitative insight. To achieve this, 40 face-to-face oral interviews were conducted and validated via secondary sources. Findings show that ineligibility and inability to make down payment are the major reasons banks are reluctant to lend housing loan to LIEs. The root causes of the issues are bad status of Central Credit Reference Information System, lack of evidence of regular income, absence of collateral, inability to make down-payment, fear of inability to recover the loan and operating costs from the auction among others. Also, the rejection rate of LIEs housing loan application is about 70% with supporting evidence. A setting-up of a special housing loan scheme for LIEs across the country; government buy-up low-cost houses in the auction and placed them on rent-to-own scheme via independent agency while existing scheme sustained, intensified and strengthened among others were recommended as part of this paper&#39;s contribution and implication with a view to ensuring LIEs gain access to homeownership via housing finance.
]]></description>
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Avery, R. B.Calem, P. S.Canner, G. B. (2004) Consumer credit scoring: Do situational circumstancesmatter?, Journal of Banking &amp; Finance. 28(4), p:835-856. Journal of Banking &amp; Finance. 
Bakhtyar, B.Zaharim, A.Sopian, K.Moghimi, S. (2013) Housing for the poor people: A review on low-cost housing process in Malaysia, Environment and Development. 9(2), p:126-136. Environment and Development. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/remedies-to-inaccessibility-of-low-cost-housing-loan-in-malaysia-using-the-qualitative-approach</guid>
<pubDate>03 May 2019 04:00:00 GMT</pubDate>
</item>

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<link>https://www.prres.org/volume25-2019/a-comparative-study-on-the-value-of-scenic-views-between-an-inland-and-a-coastal-city-in-korea</link>
<title><![CDATA[A comparative study on the value of scenic views between an inland and a coastal city in Korea]]></title>
<description><![CDATA[This study estimates hedonic house price models for an inland city of Seoul and a coastal city of Pusan using spatial regression with successful bidding price data of court auction during the period from January 2006 to December 2014. Among hedonic attributes such as floor area, building age, total floor level, living floor level, direction of the window of the living room, proximity to natural environment, scenic views and others employed in this study, our main focus is on scenic views. As a result of our empirical analysis, the most preferred view turns out to be a water-related view such as a broad river view in Seoul or an ocean view in Pusan. A mountain view, affecting negatively in a coastal city like Pusan which is adjacent to the beautiful ocean, has positive influence in Seoul, since it is an inland city with no ocean in sight with only a river running across the heart of the city which is surrounded by mountains serving as its boundary. While a building view in Seoul has negative effect on the price, it affects positively in Pusan.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/a-comparative-study-on-the-value-of-scenic-views-between-an-inland-and-a-coastal-city-in-korea</guid>
<pubDate>03 May 2019 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume25-2019/libor-and-interest-rate-spread-sensitivities-of-the-australian-housing-market</link>
<title><![CDATA[LIBOR and interest rate spread: sensitivities of the Australian housing market]]></title>
<description><![CDATA[This paper analyses the margin between the Cash Rate Target and LIBOR, and its relationship with house price variation in Australia. The research spans 24 years utilising monthly data to analyse the relationship between Australian house price and LIBOR/CRT spreads. Data are drawn from several sources before the time series is sub-divided into splines forming different stages of the housing market cycle. Models are developed based upon differencing the data and employing ADF tests for stationarity and examination via an Autoregressive Distributed Lag approach and Error Correction Model based data series. Results show there are various macroeconomic, financial and lending short-run dynamics which impact on house prices. Cointegration is also evident, which shows the LIBOR rate to comprise both a shot-run and long-run relationship with house prices. The margin between the CRT and LIBOR is less significant and is only observed in the short-run. The various approaches clearly exhibit the dynamism inherent between the wider macroeconomic and financial environment, which serves to highlight that different drivers affect the housing market at differing magnitudes and at different times. Nonetheless, both the short-run and long-run findings show GDP and LIBOR to be proponents for understanding the sensitivity of house prices in Australia.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/libor-and-interest-rate-spread-sensitivities-of-the-australian-housing-market</guid>
<pubDate>01 Jan 2019 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume25-2019/developers-land-sale-bidding-strategy-and-house-price-expectation-formation</link>
<title><![CDATA[Developers land sale bidding strategy and house price expectation formation]]></title>
<description><![CDATA[This paper studies developers&#39; bidding strategy in Hong Kong&#39;s land sale market where aggressive bidding is commonly seen. Given that the difference between the submitted bid and the estimated land value can be explained by the developer&#39;s housing market outlook, the formation of house price expectation represents a tool to understand developers&#39; bidding strategy. Different economic expectation models are tested. While the rational expectation hypothesis (REH) is rejected, the proposed adaptive implicit expectation model best describes developers&#39; expectations. The findings in this paper provide land policymakers with insights on controlling the outcome of land sales as well as fill the gap of the house price expectation formation which remains little known.
]]></description>
<content><![CDATA[Agarwal, S.Li, J.Teo, E.Cheong, A. (2018) Strategic sequential bidding for government land auction sales &#150; Evidence from Singapore, Journal of Real Estate Finance and Economics. 57(4), p:535-565. Journal of Real Estate Finance and Economics. 
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<guid isPermaLink="true">https://www.prres.org/volume25-2019/developers-land-sale-bidding-strategy-and-house-price-expectation-formation</guid>
<pubDate>01 Jan 2019 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume25-2019/the-value-added-role-of-sector-specific-reits-in-australia</link>
<title><![CDATA[The value-added role of sector-specific REITs in Australia]]></title>
<description><![CDATA[Australian sector-specific REITs (A-REITs) have grown significantly in recent years. This raises the issue of whether sector-specific A-REITs play a value-added role compared with diversified A-REITs. Despite the rapid growth of sector-specific A-REITs, limited studies have been devoted to it. Hence, this study aims to compare sector-specific A-REITs with diversified A-REITs by assessing risk-return performance, portfolio diversification benefits and portfolio allocation strategies for sector-specific A-REITs over January 2000 &#150; August 2018. The results suggest that sector-specific A-REITs play a value-added and strategic role in an Australian mixed-asset portfolio, with superior risk-adjusted returns, enhanced portfolio diversification benefits and increased portfolio returns compared with that for diversified A-REITs. This supports the notion of specialisation value in an A-REIT context. The practical listed property investment implications regarding the value-added and strategic role of sector-specific A-REITs are also identified.
]]></description>
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Yong, J.Pham, A. K. (2015) The long-term linkages between direct and indirect property in Australia, Journal of Property Investment and Finance. 33(4), p:374-392. Journal of Property Investment and Finance. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/the-value-added-role-of-sector-specific-reits-in-australia</guid>
<pubDate>01 Jan 2019 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume25-2019/the-compensation-catapult</link>
<title><![CDATA[The compensation catapult]]></title>
<description><![CDATA[Australian property law has steadily evolved to facilitate the recognition of new or previously unrecognised property rights. Concurrently, modern property rights have become increasingly complex. This evolution of property rights has had fundamental implications when addressing compensation for the impairment or acquisition of land (Indigenous or non-Indigenous) by government. Indeed as understanding of property rights advances, the ambit of compensation is catapulted into uncharted waters. This paper highlights the difficulty of containing property rights to a particular set of descriptors and the effect this has on compensation claims. Further, the current methodology for processing compensation claims exposes a disconnect between the public and the New South Wales (NSW) government. Finally, through an exploration of specific examples of compensation for private property rights, this paper concludes that there is need for a workable consensus on good, bad and fair compensation.
]]></description>
<content><![CDATA[Alterman, R. (2010) Comparative analysis: A platform for cross-national learning, Takings international: A comparative perspective on land use regulations and compensation rights. In (Ed.),. Chicago:.p:21. American Bar Association. Takings international: A comparative perspective on land use regulations and compensation rights. 
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<guid isPermaLink="true">https://www.prres.org/volume25-2019/the-compensation-catapult</guid>
<pubDate>01 Jan 2019 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume25-2019/professional-socialisation-ps-of-malaysian-real-estate-undergraduates</link>
<title><![CDATA[Professional socialisation (PS) of Malaysian real estate undergraduates]]></title>
<description><![CDATA[In a borderless economy underlined by increased regional labour mobility, enhanced Real Estate professionals would benefit the Malaysian real estate industry. Little is known about how undergraduates undergo professionalisation during their university education. New entrants to a profession acquire the necessary values, attitudes, skills and knowledge through the process of 
	 (PS). An effective PS assists in human resource management in terms of high retention rate; conversely, an impaired PS negatively affects human resource management in terms of increased disengagement rate. This paper seeks to examine how Malaysian real estate undergraduates were initiated into their profession during their tertiary education. Using questionnaire survey as the main data collection tool, respondents comprising recent graduates from two public universities indicated the effectiveness of role models, reasoning and attitude in developing role orientation, syllabus comprehension and immersion, and soft skills enhancement. Mentorship was identified as the most important PS factor by the respondents whilst internship timing had no bearing on PS.
]]></description>
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Hamzah, H.Mohd Aini, A.Sarip, A. G.Yahya, Z. (2007) Real estate education in Malaysia: Student perceptions and industry requirements, Journal of Valuation and Property Services. 7(1), p:31-43. Journal of Valuation and Property Services. 
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Lave, J.Wenger, E. (1991) Situated learning. Legitimate peripheral participation. Cambridge University Press. Situated learning. Legitimate peripheral participation. 
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Olweny, M. (2017) Socialisation in architectural education: A view from East Africa, Education + Training. 59(2), &#150;.p:188-200. Education + Training. 
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Page, G. (2007b) Review of professional socialization as a mechanism to improve graduate outcomes, Paper presented at the 13th Pacific Rim Real Estate Society Conference. ,.
Page, G. (2008) Australian graduates perspective of their professional socialization, Paper presented at the 14th Pacific Rim Real Estate Society Annual Conference, 20&#150;23rd January, Kuala Lumpur, Malaysia.
Pei, K. L.Pek, H. L. (2012) Concept of professional socialization in nursing, International e-Journal of Science, Medicine &amp; Education. 6(1), p:31-35. International e-Journal of Science, Medicine &amp; Education. 
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Poon, J. (2014) Do real estate courses sufficiently develop graduates&#39; employability skills? Perspectives from multiple stakeholders, Education+ Training. 56(6), &#150;.p:562-581. Education+ Training. 
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Yu, S. M. (2001) New paradigms in real estate education, Paper presented at the 7th Pacific Rim Real Estate Society Conference. ,.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume25-2019/professional-socialisation-ps-of-malaysian-real-estate-undergraduates</guid>
<pubDate>01 Jan 2019 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume24-2018/residents-perception-of-the-health-impact-in-living-proximity-of-telecommunication-base-station-a-case-study-of-malaysia</link>
<title><![CDATA[Resident&#39;s Perception of the health impact in living proximity of telecommunication base station: A case study of Malaysia]]></title>
<description><![CDATA[The location of telecommunication towers is of particular public concern due to the dread of potential health peril from the electromagnetic field (EMFs) emitted by these devices. This paper outlines the results of a case study to determine residents&#39; perceptions towards living near telecommunication towers in Malaysia, and how they evaluate the health impacts of these structures. The results provide initial evidence that telecommunication towers have little influence on residents&#39; perception on health symptoms and that it would not be a reason for them to move away. Furthermore, the results show that more than half of the respondents feel that it is safe to live near a telecommunication tower but it raises aesthetic concern. The outcome provides a potential source of information for related government agencies in assessing increasing health concern for residents living near telecommunication towers.
]]></description>
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Arning, K.Kowalewski, S.Ziefle, M. (2014) Health concerns versus mobile data needs: Conjoint measurement of preferences for mobile communication network scenarios, Human and Ecological Risk Assessment. 20(5), p:1359-1384. Human and Ecological Risk Assessment. 
Augner, C.Hacker, G. (2009) Are people living next to mobile phone base stations more strained? Relationship of health concerns, self-estimated distance to base station, and psychological parameters, Indian Journal of Occupational and Environmental Medicine. 13(3), p:141. Indian Journal of Occupational and Environmental Medicine. 
Baliatsas, C.van Kamp, I.Bolte, J.Kelfkens, G.van Dijk, C.Spreeuwenberg, P.Yzermans, J. (2016) Clinically defined non-specific symptoms in the vicinity of mobile phone base stations: A retrospective before-after study, Science of the Total Environment. 565, p:714-720. Science of the Total Environment. 
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Thomas, S.K&uuml;hnlein, A.Heinrich, S.Praml, G.Nowak, D.Von Kries, R.Radon, K. (2008) Personal exposure to mobile phone frequencies and well-being in adults: A cross-sectional study based on dosimetry, Bioelectromagnetics. 29(6), p:463-470. Bioelectromagnetics. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume24-2018/residents-perception-of-the-health-impact-in-living-proximity-of-telecommunication-base-station-a-case-study-of-malaysia</guid>
<pubDate>01 Sep 2018 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume24-2018/balancing-the-scales-of-property-rights-improving-security-of-tenure-for-queensland-tenants-how-and-why</link>
<title><![CDATA[Balancing the scales of property rights: improving security of tenure for Queensland tenants &#150; how and why]]></title>
<description><![CDATA[Housing is a primary requirement of life and so home ownership remains the ideal for most people. However, not everyone is able to, or wants to, own their own home. These individuals depend upon rental accommodation as their form of home tenure with the number of individuals and families who live in rented accommodation steadily increasing. Ensuring that residential tenants have security of tenure for their home of choice is a right in many jurisdictions but not in Australia. Focusing on the Queensland position, the author examines the current lack of security of tenure experienced by private residential tenants in the context of the recently announced Queensland Government review, and in doing so they highlight matters requiring government attention. The article concludes by recommending changes to existing laws to improve security of tenure for tenants; as well as providing interim measures that may be adopted both long term and prior to finalisation of the current review.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume24-2018/balancing-the-scales-of-property-rights-improving-security-of-tenure-for-queensland-tenants-how-and-why</guid>
<pubDate>01 Sep 2018 04:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume24-2018/exploring-gaps-between-real-estate-curriculum-and-industry-needs-a-mapping-exercise</link>
<title><![CDATA[Exploring gaps between real estate curriculum and industry needs: a mapping exercise]]></title>
<description><![CDATA[The objective of this paper is to explore the extent to which current real estate academic curriculum align with industry needs in order to identify key areas for reform. A case study of four Universities was undertaken in the study. These cases were randomly selected from the Midlands, Northern and Southern parts of the UK. Data for the study was collected through a desk-top review of real estate curriculum from the four selected Universities and analysed using mind mapping approach. The study revealed that though knowledge from real estate academic curriculum aligns with the industry in six out of nine knowledge base areas, there were gaps in knowledge in the three areas considered most significant to the needs of industry. The study, therefore argues that universities may have dedicated enormous resources to educating real estate graduates in modules that are not necessarily essential to their daily job roles thereby leaving graduates in a position to rely on industry during their early employment. This study presents the findings of a mind mapping exercise which identifies the key areas of actual curriculum that show gaps in real estate education offered by selected universities in the UK. The findings are significant and could inform future curriculum reform.
]]></description>
<content><![CDATA[Black, R. T.Carn, N. G.Diaz, J.Rabianski, J. S. (1996) The role of the American Real Estate Society in defining and promulgating the study of real property, Journal of Real Estate Research. 12(2), p:183-193. Journal of Real Estate Research. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume24-2018/exploring-gaps-between-real-estate-curriculum-and-industry-needs-a-mapping-exercise</guid>
<pubDate>01 Sep 2018 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume24-2018/regime-dependent-linkages-between-securitized-real-estate-market-and-major-financial-markets-some-international-evidence</link>
<title><![CDATA[Regime-dependent linkages between securitized real estate market and major financial markets: some international evidence]]></title>
<description><![CDATA[We employ Markov regime-switching approach to explore the regime-dependent linkages between securitized real estate market and stock, money, bond and foreign exchange markets for 10 economies. During high-volatility periods in securitized property markets, stock market return, and to some extent, changes to foreign exchange market rates impose stronger and positive impact on securitized real estate market returns. Moreover, stock and bond market risks are linked negatively to securitized real estate market risk. Although the asymmetrical regime-dependent influences of the financial market performance indicators on the SRE market do vary across the 10 economies studied in terms of direction and significance, the results highlight the risk of increased exposure of securitized property markets to financial markets during high-volatility market conditions which the investors and policymakers should be alerted to.
]]></description>
<content><![CDATA[Ahmad, W.Bhanumurthy, N. R.Sehgal, S. (2015) Regime dependent dynamics and European stock markets: Is asset allocation really possible?, Empirica. 42, p:77-107. Empirica. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume24-2018/regime-dependent-linkages-between-securitized-real-estate-market-and-major-financial-markets-some-international-evidence</guid>
<pubDate>01 Sep 2018 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume24-2018/low-cost-housing-leakages-in-malaysia-the-unexplored-dimension</link>
<title><![CDATA[Low-cost housing leakages in Malaysia: the unexplored dimension]]></title>
<description><![CDATA[Over the years, the Malaysian Government and private housing developers have been providing low-cost housing (LCH) yet the demand-supply gap is on the increase. Hence, this paper investigates the LCH leakages in Malaysia in an unexplored dimension. This was done sequentially, first, findings from the qualitatively explored phase was further tested and analysed via a questionnaire survey. The &quot;quantised findings&quot; were validated by the Malaysian LCH policymakers. Findings confirm a severe shortage of LCH. The study found under-declared income by house-buyers (frequent in states with lax enforcement), auction of LCH in open bidding, sales of LCH within the moratorium period by house owners for profiteering among others as the root causes of LCH leakage. The paper concludes that the government should engrave the land title deed such that only low-income earners (LIEs) are eligible to possess LCH. Second, implement the cumulative ruling (construction of LCH by a developer not based on the conventional but reach an agreed threshold target irrespective of the numbers of projects) for LCH provision. Also, states should set-up joint task force that comprises of land, planning, and housing department to monitor and ensure compliance, among others, were recommended.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume24-2018/low-cost-housing-leakages-in-malaysia-the-unexplored-dimension</guid>
<pubDate>01 Sep 2018 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume24-2018/assessing-the-relative-importance-of-structural-and-locational-effects-on-residential-property-values-in-metropolitan-kuala-lumpur</link>
<title><![CDATA[Assessing the relative importance of structural and locational effects on residential property values in Metropolitan Kuala Lump]]></title>
<description><![CDATA[This paper assesses the relative importance of structural and locational attributes on residential property values in Metropolitan Kuala Lumpur. A computer-intensive algorithm known as LMG method was used in the analysis. Results suggest that Metropolitan Kuala Lumpur property values are mainly determined by the structural attributes which explain 62% of price variations, and the locational attributes explain only 17%. Results further suggest that floor area, two or more storeys, property types, property with freehold status, lot size, greater number of bedrooms, and two locational attributes i.e. closeness to city centre and closeness to forest are the most important variables affecting property values. The result of this analysis offers deeper understanding on how structural and locational attributes interact with property values in an urban setting, and could further increase the degree of objectivity of the professional valuer&#39;s in the predictive model.
]]></description>
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<pubDate>01 Jan 2018 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume24-2018/corrigendum</link>
<title><![CDATA[Corrigendum]]></title>
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<guid isPermaLink="true">https://www.prres.org/volume24-2018/corrigendum</guid>
<pubDate>01 Jan 2018 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume24-2018/improving-property-valuation-accuracy-a-comparison-of-hedonic-pricing-model-and-artificial-neural-network</link>
<title><![CDATA[Improving property valuation accuracy: a comparison of hedonic pricing model and artificial neural network]]></title>
<description><![CDATA[Inaccuracies in property valuation is a global problem. This could be attributed to the adoption of valuation approaches, with the hedonic pricing model (HPM) being an example, that are inaccurate and unreliable. As evidenced in the literature, the HPM approach has gained wide acceptance among real estate researchers, despite its shortcomings. Therefore, the present study set out to evaluate the predictive accuracy of HPM in comparison with the artificial neural network (ANN) technique in property valuation. Residential property transaction data were collected from registered real estate firms domiciled in the Lagos metropolis, Nigeria, and were fitted into the ANN model and HPM. The results showed that the ANN technique outperformed the HPM approach, in terms of accuracy in predicting property values with mean absolute percentage error (MAPE) values of 15.94 and 38.23%, respectively. The findings demonstrate the efficacy of the ANN technique in property valuation, and if all the preconditions of property value modeling are met, the ANN technique is a reliable valuation approach that could be used by both real estate researchers and professionals.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume24-2018/improving-property-valuation-accuracy-a-comparison-of-hedonic-pricing-model-and-artificial-neural-network</guid>
<pubDate>01 Jan 2018 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume24-2018/bridging-skill-gap-in-real-estate-education-in-nigeria</link>
<title><![CDATA[Bridging skill gap in real estate education in Nigeria]]></title>
<description><![CDATA[The importance of education is always underscored without adequate demonstration of skill(s) for practice. Appropriate professional skills guarantees efficient real estate investment decision making and prevents loss of investment fund. The study evaluated, from the perspective of employers of labour, the effort of the government, through students, industrial scheme, at bridging skill gaps in real estate education in Nigeria. 
	 Primary data were collected with the aid of questionnaire served on 270 estate surveying and valuation firms in Lagos state, Nigeria. The descriptive methods of mean and proportion method were used to determine the contribution of government industrial scheme to real estate education in Nigeria. 
	 The result found that through the student industrial scheme, students acquired experience/skill in real estate marketing as well as the art of team work. 
	 The paper is to serve as impetus to policy makers to enhancing the quality of real estate in Nigeria. It will also serve as proof to foreign investors of the quality of Nigerian real estate practitioners to give them efficient service.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume24-2018/bridging-skill-gap-in-real-estate-education-in-nigeria</guid>
<pubDate>01 Jan 2018 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume24-2018/australian-interest-rate-movements-and-a-reits-performance-an-analysis-by-industry-sector</link>
<title><![CDATA[Australian interest rate movements and A-REITs performance: an analysis by industry sector]]></title>
<description><![CDATA[Investment managers have traditionally resorted to the Australian real estate investment trusts (A-REITs) as a means to growing portfolio return. The A-REITs have been popular for yielding some of the best returns until 2007, when the global financial market (GFC) collapse led to major fall in values. Since the GFC, with low interest rates the A-REITs have performed well compared to the broader stock and bond markets. Given low expectations of additional monetary easing, future rising interest rate environment can significantly impact A-REIT performance mainly in industry sectors with greater reliance on debt funding. Thus, this research explores the sensitivity of A-REITs performance to changes in short- and long-term interest rates across five sectors: diversified, industrial, retail, office and specialised (non-core) funds. The analysis covers a 21-year period (1995&#150;2016) using the capital asset pricing model. In doing so, the research allows comparison of A-REITs performance at sub-sector level and over different market cycles. Findings indicate that both the diversified and retail sector exhibit strong relationship to market risk, short- and long-term interest rates. Rising short-term interest rates contribute to positive returns while rising long-term interest rates result in lower returns. However, the impacts of movements in interest rates on industrial, specialised (non-core) and office sectors were not well explained by the asset pricing model. This could be due to the relatively small sample size of these funds. Overall, the results suggests that gearing levels and by extension costs of debt, do play a significant role in the returns generating process. The paper offers a well-defined practical implication by suggesting that investors may hedge against interest rate risk by selecting A-REITs sub-sector funds with less leverage and large market capitalisation.
]]></description>
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Zarebski, P.Dimovski, B. (2012) Determinants of capital structure of A-REITS and the global financial crisis, Pacific Rim Property Research Journal. 18(1), p:3-19. Pacific Rim Property Research Journal. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume24-2018/australian-interest-rate-movements-and-a-reits-performance-an-analysis-by-industry-sector</guid>
<pubDate>01 Jan 2018 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume24-2018/how-gameplay-can-enhance-learning-and-engagement-for-first-year-property-students-a-case-study-using-monopoly-city</link>
<title><![CDATA[How gameplay can enhance learning and engagement for first year property students: a case study using Monopoly City]]></title>
<description><![CDATA[This article outlines the results from a study into the educational use of the board game Monopoly City&#153; in a first-year property economics unit. Gameplay was introduced as an interactive way of achieving a number of desired outcomes including: enhanced engagement of first-year students; introduction of foundation threshold concepts in property education; introduction of problem solving and critical analysis skills; early acculturation of property students to enhance student retention; and early team building within the first-year cohort, all in an engaging and entertaining way. The results from this two-stage action research project are encouraging. The students participating in this unit have demonstrated explicit linkages between their Monopoly City&#153; experiences and foundation urban economic and valuation theories. However, student resistance to change and innovative learning practices were evident. Key success factors identified when implementing such teaching innovations include: adequate preparation time, use of a &quot;play-share-reflect&quot; component, an ice-breaker activity, a leader board and a novelty factor to keep students interested.
]]></description>
<content><![CDATA[Akl, E.Pretorius, R.Sackett, K.Erdley, W.Bhoopathi, P.Alfarah, Z.Sch&uuml;nemann, H. (2010) The effect of educational games on medical students&#39; learning outcomes: A systematic review: BEME guide no 14, Medical Teacher. 32, p:16-27. Medical Teacher. 
Ansoms, A.Geenen, S. (2012) Development monopoly: A simulation game on poverty and inequality, Simulation and Gaming. 43(6), p:853-862. Simulation and Gaming. 
Auman, C. (2011) Using simulation games to increase student and instructor engagement, College Teaching. 59(4), &#150;.p:154-161. College Teaching. 
Australian Council for Educational Research. (2013) Retrieved from http://www.acer.edu.au/
Axelrod, A. (2002) Everything I know about business I learned from Monopoly&reg;: Successful executive strategic lessons learned from the world&#39;s greatest board gameRunning Press. Everything I know about business I learned from Monopoly&reg;: Successful executive strategic lessons learned from the world&#39;s greatest board game. 
Axelson, R.Flick, A. (2010) Defining student engagement, Change: The magazine of higher learning. 43(1), p:38-43. Change: The magazine of higher learning. 
Biggs, J. (1999) What the student does: Teaching for enhanced learning, Higher Education Research &amp; Development. 18(1), &#150;.p:57-75. Higher Education Research &amp; Development. 
Boyd, S. (2015) Playing property &#150; Designing serious games to enhance the learning experience for undergraduate property students in Australia. (thesis).University of the Sunshine Coast. Playing property &#150; Designing serious games to enhance the learning experience for undergraduate property students in Australia. 
Boyd, S. (2016) Experiencing university through playing property, Pacific Rim Property Research Journal. 22(1), &#150;.p:31-44. Pacific Rim Property Research Journal. 
Cohen, L.Manion, L.Morrison, K. (2005) Research methods in education. (5th ed. ed.). ISBN 0-203-22434-5. Taylor &amp; Francis e-Library. Research methods in education. 
Connolly, T.Boyle, E.MacArthur, T.Boyle, J. (2012) A systematic literature review of empirical evidence on computer games and serious games, Computers &amp; Education. 59, p:661-686. Computers &amp; Education. 
Davis, J. (2011) Games and students: Perceptions and evidence from a DUT case study, The International Business and Economics Research Journal. 10(10), &#150;.p:1-15. The International Business and Economics Research Journal. 
Ford, J. D.Ford, L. W.D&#39;Amelio, A. (2008) Resistance to change: The rest of the story, Academy of Management Review. 33(2), p:362-377. Academy of Management Review. 
Juul, J. (2005) Half real: Video games between real rules and fictional worlds. Cambridge:MIT Press. Half real: Video games between real rules and fictional worlds. 
Kemmis, P.McTaggart, R. (1988) The action research reader. (3rd ed. ed.). Melbourne: Deakin University. The action research reader. 
Klopfer, E.Osterweil, S.Salen, K. (2009) Moving learning games forward. Cambridge, MA: Education Arcade. Moving learning games forward. 
Moizer, J.Lean, J.Towler, M.Abbey, C. (2009) Simulation and games: Overcoming the barriers to their use in higher education, Active Learning in Higher Education. 10(3), p:207-224. Active Learning in Higher Education. 
Nelson, K.Kift, S.Clarke, J. (2012) A transition pedagogy for student engagement and first year learning, success and retention, Engaging with Learning in Higher Education. Faringdon: p:117-144. Libri Publishing. Engaging with Learning in Higher Education. 
Paino, M.Chin, J. (2011) Monopoly and critical theory: Gaming in a class on the sociology of deviance, Simulation Gaming. 42(5), p:571-588. Simulation Gaming. 
Queensland University of Technology. (2013) Learning and teaching unit. (.).Learning and teaching unit. Retrieved from www.qut.edu.au
Sauve, L.Renaud, L.Kaufman, D.Marquis, J.-S. (2007) Distinguishing between games and simulations: A systematic review, Educational Technology and Society. 10(3), p:247-256. Educational Technology and Society. 
Shanklin, S.Ehlen, C. (2007) Using the Monopoly &reg; board game as an efficient tool in introductory financial accounting instruction, Journal of Business Case Studies. 3(3), p:17-22. Journal of Business Case Studies. 
Tanner, M.Lindquist, T. (1998) Teaching resource using Monopoly&#153; and Teams-Games Tournaments in accounting education: A cooperative learning teaching resource, Accounting Education. 7(2), p:139-162. Accounting Education. 
Tinto, V. (1987) Leaving college: Rethinking the causes and cures of student attritionUniversity of Chicago Press. Leaving college: Rethinking the causes and cures of student attrition. 
Trees, A. R.Jackson, M. H. (2007) The learning environment in clicker classrooms: Student processes of learning and involvement in large university-level courses using student response systems, Learning, Media and Technology. 32(1), p:21-40. Learning, Media and Technology. 
Wouters, P.Nimwegen, C.Oostendorp, H.van der Spek, E. (2013) A meta-analysis of the cognitive and motivational effects of serious games, Journal of Educational Psychology. February 4, Advance online publication. Journal of Educational Psychology. 
Young, M.Slota, S.Cutter, A.Jalette, G.Mullin, G.Lai, B.Yukhymenko, M. (2012) Our princess is in another castle: A review of trends in serious gaming for education, Review of Educational Research. 82, p:61-89. Review of Educational Research. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume24-2018/how-gameplay-can-enhance-learning-and-engagement-for-first-year-property-students-a-case-study-using-monopoly-city</guid>
<pubDate>01 Jan 2018 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume24-2018/evaluating-the-investment-performance-of-australian-retirement-living-and-aged-care-assets</link>
<title><![CDATA[Evaluating the investment performance of Australian retirement living and aged care assets]]></title>
<description><![CDATA[In Australia, the Retirement Living and Aged Care (RLAC) sector lacks a historic benchmark performance metric. Institutional investors utilising modern portfolio theory require such benchmarks for making future decisions. It has been considered that this lack of a benchmark has hindered investment in the RLAC sector. This paper evaluates historical investment performance of listed entities in the sector and constructs a market capitalisation weighted return index. From this, the historical performance and diversification potential was analysed from 2004 to 2016. Compared to other investments, RLAC had an inferior risk-adjusted performance. Due to this performance, the inclusion of RLAC in a portfolio did not lead to optimisation. The heterogeneity of the sector coupled with changing business models has implications for drawing conclusions from this historical performance.
]]></description>
<content><![CDATA[Aevum Limited. (2004) Prospectus. Sydney:Author. Prospectus. 
Anikeeff, M. A. (1999) Estimating the demand for seniors housing and home health care, Journal of Real Estate Portfolio Management. 5(3), &#150;.p:247-258. Journal of Real Estate Portfolio Management. 
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Atchison, K. (2011) Retirement villages, Retirement Communities World Australasia Conference. (, March 28&#150;30)Atchison Consultants. Retirement Communities World Australasia Conference. 
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Brecht, S. B. (2002) Analyzing seniors&#39; housing markets. Washington, DC:Urban Land Institute. Analyzing seniors&#39; housing markets. 
Chan, S. H.Erickson, J.Wang, K. (2003) Real estate investment trusts: Structure, performance, and investment opportunities. Oxford University Press. Real estate investment trusts: Structure, performance, and investment opportunities. 
Connor, J. (2004) Home among the gum trees: Securing the future for older people who live in residential parks in NSW. Sydney: (2004) (.)NSW Ministerial Advisory Committee on Ageing/Parks and Village Service, Combined Pensioners and Superannuants Association of NSW. Home among the gum trees: Securing the future for older people who live in residential parks in NSW. 
Eichholtz, P.Kok, N.Wolnicki, B. (2007) Who should own senior housing?, Journal of Real Estate Portfolio Management. 13(3), p:205-217. Journal of Real Estate Portfolio Management. 
Geltner, D. (2013) Performance of real estate portfolios, Alternative investments: instruments, performance, benchmarks, and strategies. Hoboken, NJ: In (Eds.), (pp. &#150;)p:213-237. Wiley. Alternative investments: instruments, performance, benchmarks, and strategies. 
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Jacobs, M. (2014) Aged care &amp; retirement sector. Melbourne:Patersons Securities. Aged care &amp; retirement sector. 
Jacobs, M. (2016) Aged care sector. Sydney:Patersons Securities. Aged care sector. 
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Kriska, J. (2008) Retirement living. Sydney:Patersons Securities. Retirement living. 
Laposa, S. P.Singer, H. N. (1999) Size, scope and performance of the seniors housing and care industry: A comparison with the multifamily and lodging sectors, Journal of Real Estate Portfolio Management. 5(3), p:211-224. Journal of Real Estate Portfolio Management. 
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Logan, G. T. (2001) Gauging the market for active adult retirement communities, Developing active adult retirement communities. Washington: In (Eds.), (pp. &#150;)p:33-55. ULI-Urban Land Institute. Developing active adult retirement communities. 
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Mueller, G. R.Fisher, J. M.Wincott, D. R. (2013) Benchmarking and attracting institutional capital to seniors housing, Journal of Real Estate Portfolio Management. 19(3), p:255-263. Journal of Real Estate Portfolio Management. 
Mueller, G. R.Laposa, S. P. (1998) The investment case for senior living and long-term care properties in an institutional real estate portfolio, Research issues in real estate: Volume 4 seniors housing. Norwell, MA: p:171-181. Kluwer Academic Publishers. Research issues in real estate: Volume 4 seniors housing. 
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Towart, L. C. (2009) Current issues in the analysis and valuation of established retirement villages, Australian Property Journal. 2(3), &#150;.p:164-167. Australian Property Journal. 
Village Life Ltd. (2004) Village life trust product disclosure statement. Brisbane:Author. Village life trust product disclosure statement. 
Wang, T.Lynn, D. (2009) The opportunity in senior housing, Active private equity real estate strategy. Hoboken, NJ: p:159-185. Wiley. Active private equity real estate strategy. 
Worzala, E.Karofsky, J. F.Davis, J. A. (2009) The senior living property sector: How is it perceived by the institutional investor, Journal of Real Estate Portfolio Management. 15(2), p:141-156. Journal of Real Estate Portfolio Management. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume24-2018/evaluating-the-investment-performance-of-australian-retirement-living-and-aged-care-assets</guid>
<pubDate>01 Jan 2018 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume23-2017/chinese-investors-investment-strategies-in-the-australian-residential-property-market</link>
<title><![CDATA[Chinese investors investment strategies in the Australian residential property market]]></title>
<description><![CDATA[Active participation by foreign investors in Australian residential property market is common subsequent to the Global Financial Crisis 2008. Many residential properties in the Australian capital cities were purchased by overseas buyers. An estimated 18% of new dwellings in Sydney and 14% in Melbourne were purchased by foreigners in 2014. Simultaneously, house prices rose by 6.0% in 2014 and 5.0% in 2015 in the Australian capital cities. The focus of this research is to uncover the emerging determinants for the Australian residential property market. Cross border semi-structured interviews were conducted in Shanghai (China), the first such undertaken in Australia. Some unique investment strategies of the private investors from China emphasised on non-capitalist factors, such as early education and residential tourism, were identified along with some insights on the Chinese government policies that have incentivised the cross border investments from China. It is believed that understanding these investment strategies will assist policy makers to effectively manage the overheated Australian residential property market without compromising the steady flow of Foreign Real Estate Investment.
]]></description>
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Healy, E., B. (2013) Melbourne&#39;s high rise apartment boom. (Monash University Centre for Population and Urban Research Report). Melbourne, Victoria. Melbourne&#39;s high rise apartment boom. 
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Moshirian, F.Pham, T. (2000) Determinants of US investment in real estate abroad, Journal of Multinational Financial Management. 10, p:63-72. Journal of Multinational Financial Management. 
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Rodr&iacute;guez, C.Bustillo, R. (2010) Modelling foreign real estate investment: The Spanish case, The Journal of Real Estate Finance and Economics. 41, p:354-367. The Journal of Real Estate Finance and Economics. 
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Teddlie, C.Tashakkori, A. (2009) Foundations of mixed methods research: Integrating quantitative and qualitative approaches in the social and behavioral sciences. London: Sage Publications. Foundations of mixed methods research: Integrating quantitative and qualitative approaches in the social and behavioral sciences. 
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]]></content>
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<pubDate>01 Sep 2017 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume23-2017/online-only-editorial-board</link>
<title><![CDATA[Online only Editorial board]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume23-2017/online-only-editorial-board</guid>
<pubDate>01 Sep 2017 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume23-2017/bangkok-four-star-hotels-average-daily-rate-adr-prediction-model</link>
<title><![CDATA[Bangkok four-star hotels&#39; Average Daily Rate (ADR) prediction model]]></title>
<description><![CDATA[This research aims to propose a prediction model for the Average Daily Rate (ADR) for Bangkok four-star hotels. The model was developed using the hedonic price model, which was calculated from 158 four-star hotels in Bangkok. The variables in the model were derived from a literature review and suggested by an expert panel. Factor Analysis was adopted to merge the highly correlated variables. The best-fit model is a log-linear form with a .576 Adjusted 
	 value. The top five most sensitive variables are (1) staff performance score from Agoda&#39;s review, (2) location score from Agoda&#39;s review, (3) room standard score from Agoda&#39;s review, (4) fitness availability (presence or absence), and (5) the number of hotel outlets. The model was verified by a paired-sample 
	-test from 30 hotels with similar criteria. From the analysis, the observed ADRs were not significantly different from the predicted ADRs at the .05 significance level (
	-value&nbsp;=&nbsp;.849). Furthermore, Theil&#39;s U statistic was .578, which could suggest that the model has high accuracy. In summary, this model can give useful information to investors or developers in the decision-making process for hotel investment, hotel renovation, hotel room pricing, and rechecking the ADRs of operating hotels.
]]></description>
<content><![CDATA[Abrate, G.Capriello, A.Fraquelli, G. (2011) When quality signals talk: Evidence from the turn hotel industry, Tourism Management. 32, p:912-921. Tourism Management. 
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<guid isPermaLink="true">https://www.prres.org/volume23-2017/bangkok-four-star-hotels-average-daily-rate-adr-prediction-model</guid>
<pubDate>01 Sep 2017 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume23-2017/legislative-policy-environment-as-facilitator-of-foreign-residential-investment-in-australia</link>
<title><![CDATA[Legislative policy environment as facilitator of foreign residential investment in Australia]]></title>
<description><![CDATA[Significant changes to Australian foreign investment policy were enacted in December 2015 affecting how foreigners can purchase property. Therefore, it is timely to examine the role of legislative policy in supporting and shaping foreign investment in residential real estate. This paper contributes to the body of knowledge about the scale, extent and nature of foreign investment in residential real estate in several ways. First, legislative analysis reveals an emphasis on boosting new dwelling supply and on economic stimulus. Second, comparing Australian and international policies we show that some countries channel foreign ownership away from land and towards buildings only. Third, examining the scale of foreign investment in residential real estate since 2009 we show that while the number of foreign approvals has been rising, their value remained static. Fourth, our research reveals a changing investor profile over time in Australia. Additionally, on the Gold Coast, as in other capital cities in Australia, there has been a sectoral change with an increase in foreign property developers supplying dwelling product. The paper concludes with some key research recommendations to aid in understanding supply and demand from foreign residential property investors and the influence this has on property markets.
]]></description>
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<pubDate>01 Sep 2017 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume23-2017/foreign-direct-investment-in-the-uk-real-estate-market</link>
<title><![CDATA[Foreign direct investment in the UK real estate market]]></title>
<description><![CDATA[The aim of this paper is to identify the key factors affecting foreign real estate investment (FREI) in the UK, with a particular focus in London. The panel regression method was used as a data analysis approach for this paper. Two panel regression equations were developed. The first equation has five explanatory variables including GDP, wage, property price, land price and interest rate. The second equation has the sixth explanatory variable, tourists, as well as the five variables used in the first equation. Pearson coefficient analysis was also conducted to identify the correlation between the dependent variable, FREI and the explanatory variables. For the first equation of panel regression analysis showed all five explanatory variables are statistically significant and have an expected impact on FREI. That is GDP and house price, have positive impacts on FREI, while wage, land price and interest rate have negative impacts. For the second equation, all explanatory variables, apart from interest rate and tourists, are statistically significant. Tourists have an unexpected negative impact on FREI. Pearson coefficient analysis showed that FREI has a statistically significant correlation relationship with GDP, wage, house price, land price and interest rate. FREI also has a positive relationship with all explanatory variables except interest rate.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume23-2017/foreign-direct-investment-in-the-uk-real-estate-market</guid>
<pubDate>01 Sep 2017 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume23-2017/the-influence-of-rapid-rail-systems-on-office-values-a-case-study-on-south-africa</link>
<title><![CDATA[The influence of rapid rail systems on office values: A case study on South Africa]]></title>
<description><![CDATA[This study identifies the influence of rapid rail systems on property values, with a focus on office buildings in South Africa. It is based on a limited sample of office properties, analysed using MRA to investigate pre-implementation values and rent to post-implementation data. It attempts to confirm if distance from the train stations influences these variables. Evidence is found that distance from the station does have a positive impact on rental levels and property values. The limited data-set, however, causes inadequate levels of statistical significance in some variables, arguably due to the small sample or model specification error due to information availability for research. The positive influence of rapid rail systems found on office values has important implications for property investors, developers, financiers and taxing authorities. This is important amidst a period of extension planning, whereby this research could provide useful information for decision-making and analysis and offers a valuable contribution to the methods to measure the impact of rapid rail systems on property values, although currently limited to office buildings. Furthermore, this research is contributing to the body of knowledge, especially in developing markets, where advanced public transport systems need to be implemented for the first time.
]]></description>
<content><![CDATA[AtisReal, the Bartlett School of Planning and the Symonds Group. (2002) Land value and public transport &#150; a review of the evidence &#150; stage 1, Report for the RICS and ODPM. (November-2002). Retrieved fromReport for the RICS and ODPM. Retrieved from http://www.rics.org/resources/research/land2.html
Bae, C. H. C.Jun, M. J.Park, H. (2003) The impact of Seoul&#39;s subway Line 5 on residential property values, Transport Policy. 10, p:85-94. Transport Policy. 
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Bowes, D. R.Ihlanfeldt, K. R. (2001) Identifying the impacts of rail transit stations on residential property values, Journal of Urban Economics. 50(1), p:1-25. Journal of Urban Economics. 
Cervero, R.Duncan, M. (2002) Transit&#39;s value-added effects: Light and commuter rail services and commercial land values. Transportation Research Record, Journal of the Transportation Research Board. 1805, p:8-15. Journal of the Transportation Research Board. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume23-2017/the-influence-of-rapid-rail-systems-on-office-values-a-case-study-on-south-africa</guid>
<pubDate>01 Sep 2017 04:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume23-2017/forecasting-the-reits-and-stock-indices-group-method-of-data-handling-neural-network-approach</link>
<title><![CDATA[Forecasting the REITs and stock indices: Group Method of Data Handling Neural Network approach]]></title>
<description><![CDATA[If there is long-term memory in property stocks and REITs prices, historical data is relevant for future prices prediction. Despite previous research adopted various different methods to forecast future asset prices by using historical data; we attempted to forecast the REITs and stock indices by Group Method of Data Handling (GMDH) neural network method with Hurst which is the first of its kind. Our results showed that GMDH neural network performed better than the classical forecasting algorithms such as Single Exponential Smooth, Double Exponential Smooth, ARIMA and back-propagation neural network. The research results also provide useful information for investors when they make investment decisions.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume23-2017/forecasting-the-reits-and-stock-indices-group-method-of-data-handling-neural-network-approach</guid>
<pubDate>03 May 2017 04:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume23-2017/the-dynamic-effect-of-population-ageing-on-house-prices-evidence-from-korea</link>
<title><![CDATA[The dynamic effect of population ageing on house prices: evidence from Korea]]></title>
<description><![CDATA[This study empirically analyses how population ageing affects house price using sample data of six metropolitan cities and seven provinces of Korea over the time period from 1990 to 2014. Panel regression results show that economic and demographic factors such as real GRDP per capita and the dependency ratio affect real house prices significantly. However, total population is not statistically significant. House price in regional market is inversely correlated with the dependency ratio, but positively correlated with GRDP per capita in each region. From these results, it can be estimated that the house price will decline by 3&#150;12% in 2020, and more than 20% in 2030. The headwinds are the largest for provinces where ageing is very fast such as Jeonnam and Gyeongbuk &#150; less urbanized and industrialized regions compared to other regions in Korea.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume23-2017/the-dynamic-effect-of-population-ageing-on-house-prices-evidence-from-korea</guid>
<pubDate>03 May 2017 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume23-2017/valuers-receptiveness-to-the-application-of-artificial-intelligence-in-property-valuation</link>
<title><![CDATA[Valuers&#39; receptiveness to the application of artificial intelligence in property valuation]]></title>
<description><![CDATA[Studies have shown that the level of valuation inaccuracy in Nigeria is higher than the acceptable international standard. This may be linked to the preference for traditional valuation approaches. This study investigates the readiness of Nigerian valuers to adopt the artificial intelligence (AI) property valuation techniques that have proven to be reliable and accurate in property valuation. A cross-sectional study was conducted via a web-based questionnaire survey to registered estate surveyors and valuers practicing in Nigeria. The collected data were analyzed and presented with descriptive statistics in percentiles and mean score, in addition to the chi-square analysis. The results show that more than half of the respondents are aware of the AI valuation techniques. However, the techniques are not used in practice. The low adoption of the AI techniques is attributed to professional bodies responsible for regulation of real estate practice and tertiary educational institutions in Nigeria, who were not proactive enough to promote their know-how and application. It was found that active collaboration between local professional bodies and similar international organizations on member training and development may improve the usage of the AI techniques. The study highlights the need for a paradigm shift in the Nigerian property valuation practice.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume23-2017/valuers-receptiveness-to-the-application-of-artificial-intelligence-in-property-valuation</guid>
<pubDate>03 May 2017 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume23-2017/announcement-effects-of-dividend-tax-cuts-and-corporate-policies-evidence-from-malaysia-reits</link>
<title><![CDATA[Announcement effects of dividend tax cuts and corporate policies: evidence from Malaysia REITs]]></title>
<description><![CDATA[This study examines the effect of dividend tax changes on the share prices and corporate policies of Malaysian REITs. Event study results show that dividend tax cut announcements provide positive abnormal returns. Based on cross-sectional regression, the abnormal returns are found to be larger for REITs with a higher retail ownership. The implementation of dividend tax cuts also increases dividend payout and reduce investment activities. These results partly support the traditional view of dividend taxation which posits that tax reform could affect economic efficiency and resource allocation in an economy.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume23-2017/announcement-effects-of-dividend-tax-cuts-and-corporate-policies-evidence-from-malaysia-reits</guid>
<pubDate>03 May 2017 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume23-2017/australian-cultural-built-heritage-stakeholders-perceived-conservation-barriers-and-motivations</link>
<title><![CDATA[Australian cultural built heritage: stakeholders&#39; perceived conservation barriers and motivations]]></title>
<description><![CDATA[Stakeholders are recognised as drivers of effective conservation of cultural built heritage. Yet, as stakeholders have eclectic views in terms of their interest in, knowledge of and perceptions about the management of historic fabric, their practices are often diverse. The objective of this paper is to gain an understanding of the stakeholders&#39; views drawn from relevant professional field on the issues that act as barriers to conservation and identify the factors that motivate built heritage management in Australia. Using a qualitative research design, two focus groups were conducted in Queensland and New South Wales with purposely selected key informants (
	&nbsp;=&nbsp;14) working in the Australian heritage sector. The study presents stakeholders&#39; interest in managing built heritage and the perceptions concerning the application of conservation policy and practices in the Australian built heritage sector, as influenced by the interdisciplinary backgrounds of participants. The paper contributes to an in-depth understanding of the conservation barriers and motivators and their implications for policy and practices in the management of Australian built heritage. The study is based on the perceptions of key informants with diverse interests and knowledge about the conservation of cultural built heritage; this makes the research analysis and implications inclusive and influential from both theoretical and practical points of view.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume23-2017/australian-cultural-built-heritage-stakeholders-perceived-conservation-barriers-and-motivations</guid>
<pubDate>03 May 2017 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume23-2017/impacts-of-leaky-homes-and-leaky-building-stigma-on-older-homeowners</link>
<title><![CDATA[Impacts of leaky homes and leaky building stigma on older homeowners]]></title>
<description><![CDATA[This paper employs mixed methods combining in-depth, semi-structured interviews with quantitative data of paired house sales, administrative data and institutional analysis to investigate the impacts of leaky building syndrome and its potential stigmatising effects on older homeowners in New Zealand. Older homeowners are particularly vulnerable to the negative effects of a leaky home. Adverse impacts were identified on the use value and financial value of older people&#39;s homes, retirement planning, physical and mental health, relationships and social connections. Some face an uncertain housing future and their ability to downsize is compromised. Complex and confusing information and processes around dispute resolution and remediation do not support a positive outcome. This exploratory study raises issues for further research, both in relation to older homeowners and ongoing challenges in addressing weathertightness problems due to non-remediation and remediation failure. This paper is the first to report research on older leaky homeowners&#39; experiences, issues and impacts. The focus is unique in that it covers not only the experience of owning a leaky home, but also the implications of leaky home stigma for older people&#39;s ability to optimise their housing choices.
]]></description>
<content><![CDATA[Alexander, S. (2011) The process of building remediation, The Leaky Building Crisis Understanding the Issues. Wellington: In , (Ed.), (pp. &#150;)p:277-299. Thomson Reuters. The Leaky Building Crisis Understanding the Issues. 
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Davey, J. (2007) Home equity release products in New Zealand: Risks and opportunities. Wellington: (Report prepared for the Retirement Commission as part of the 2007 Review of Retirement Income Policies)New Zealand Institute for Research on Ageing. Home equity release products in New Zealand: Risks and opportunities. 
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Dupuis, A.Thorns, D. (2011) Living with risk, living in risk: A sociological perspective on New Zealand&#39;s leaky building syndrome, The leaky building crisis understanding the issues. Wellington: p:85-99. Thomson Reuters. The leaky building crisis understanding the issues. 
Eagleson, B. (2015) Body corporate disclosure regime &#150; summary and practical tips for buyers,. Retrieved February 15, 2016, fromRetrieved from http://www.hobec.co.nz/news-resources/content/posts/property/unit-titles-act-2010-disclosure-regime.aspx
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<guid isPermaLink="true">https://www.prres.org/volume23-2017/impacts-of-leaky-homes-and-leaky-building-stigma-on-older-homeowners</guid>
<pubDate>01 Jan 2017 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume23-2017/quantifying-changes-in-risk-perception-through-house-price-differentials-following-the-catastrophic-canterbury-earthquake-event</link>
<title><![CDATA[Quantifying changes in risk perception through house price differentials following the catastrophic Canterbury earthquake event]]></title>
<description><![CDATA[Studies of risk perception across multiple disciplines conclude similar findings, one of which is that the perceived risk of extreme and rare events, such as earthquakes, is underestimated before the event and overestimated after the event occurs. This paper examines whether this change in risk perception is detected in price differentials for housing. A Difference-in-Difference (DID) model is used to model the events utilizing control and treatment variables to estimate price determinants. The findings indicate that after the 22 February 2011 Canterbury earthquake consumers&#39; are paying premiums of 15.1, 18.8 and 16.1% to live on no risk, low risk and medium risk land, respectively, compared to high risk zoned land. This supports the hypothesis that consumers&#39; perception of risk became more acute after experiencing an extreme event. Risk premiums associated with safer land zones are not evident in the coefficients for control variables implying there was no accounting for land risk before the earthquakes.
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<guid isPermaLink="true">https://www.prres.org/volume23-2017/quantifying-changes-in-risk-perception-through-house-price-differentials-following-the-catastrophic-canterbury-earthquake-event</guid>
<pubDate>01 Jan 2017 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume23-2017/retirement-villages-in-australia-a-literature-review</link>
<title><![CDATA[Retirement villages in Australia: a literature review]]></title>
<description><![CDATA[With the increasing growth in the ageing population of Australia, providing older adults with suitable housing has become a significant focus of policy and practice. Retirement villages are a type of housing that delivers specialized accommodation for older people. Although previous research focused on a variety of topics concerning Australian retirement villages, a systemic overview of the development of the industry is still lacking. Thus, the purpose of this paper is to deliver an overview of its development. Considering the scarcity of data regarding the industry, secondary data collected from various sources are analysed to present the whole picture. It is found that, although the industry has grown gradually in past decades, it is currently still in a formative stage. Its development is confronted with various issues and challenges including affordability, inadequacy of social and physical environment settings, low penetration level and challenges from the unique requirements of ageing baby boomers, technological applications and sustainability, and the lack of policy support. This paper provides a platform for researchers and industry stakeholders to plan for the future development and growth of this sector.
]]></description>
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Beer, A.Faulkner, D. (2009) 21st century housing careers and Australia&#39;s housing future. Australian Housing and Urban Research Institute. 21st century housing careers and Australia&#39;s housing future. Retrieved from http://www.ahuri.edu.au/publications/download/ahuri_nrv2_final_report
Bhattacherjee, A. (2012) Social science research: Principles, methods, and practices. Tampa, FL:Textbooks Collection. Social science research: Principles, methods, and practices. 
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Bridge, C.Davy, L.Judd, B.Flatau, P.Morris, A.Phibbs, P. (2011) Age-specific housing and care for low to moderate income older people. Australian Housing and Urban Research Institute. Age-specific housing and care for low to moderate income older people. Retrieved from http://www.ahuri.edu.au/publications/download/ahuri_70589_fr
Broadbent, E.Tamagawa, R.Patience, A.Knock, B.Kerse, N.Day, K.MacDonald, B. A. (2012) Attitudes towards health-care robots in a retirement village, Australasian Journal on Ageing. 31, p:115-120. Australasian Journal on Ageing. 
Buys, L.Miller, E. (2004) Very old, widowed and single men living alone: The effect of residence, retirement village vs. the community, on social interactions, friendships and loneliness. The Social Change in the 21st Century Conference. Very old, widowed and single men living alone: The effect of residence, retirement village vs. the community, on social interactions, friendships and loneliness. 
Buys, L.Miller, E. (2007) The physical, leisure and social activities of very old Australian men living in a retirement village and the community, Geriaction. 25, p:15-19. Geriaction. 
Buys, L.Miller, E.Barnett, K. (2006) The personal, practical and policy implications of older Australians&#39; residential choice, Journal of Housing for the Elderly. 20, p:31-46. Journal of Housing for the Elderly. 
Buys, L. R. (2000) Care and support assistance provided in retirement villages: Expectations vs reality, Australasian Journal on Ageing. 19, &#150;.p:149-151. Australasian Journal on Ageing. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume23-2017/retirement-villages-in-australia-a-literature-review</guid>
<pubDate>01 Jan 2017 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume23-2017/forestry-treaty-claims-in-aotearoa-new-zealand-bicultural-significance-and-socio-economic-impact</link>
<title><![CDATA[Forestry treaty claims in Aotearoa-New Zealand: bicultural significance and socio-economic impact]]></title>
<description><![CDATA[The economic importance of forestry as a significant industry in Aotearoa is easily established; but to M?ori it is demonstrably even more fundamental whereby a broader set of principles other than those based on individual property rights and economic values are solidly embraced. Manifestation of such importance is also revealed in forestry claims made under Treaty of Waitangi and related legislated processes facilitating recompensing actions and omissions by the Crown since 1840. However, the redress amount provided under any Treaty Deed of Settlement tells only part of the story in terms of property settlement and compensation. The more complete picture is that land gifting including sites of cultural and spiritual significance, and recovery of accumulated rentals for Crown Licensed Forests may also included as part of the final redress &#150; distorting the apparent compensation amount paid. Notwithstanding, total compensation packages typically represent only a fraction of the current market value of dispossessed land. This is an observational paper establishing a conceptual framework, examining the proposition that contemporary M?ori are likely to balance economic objectives with social, cultural and spiritual values &#150; even though the embedding of these principles (especially those relating to environmental protection) are still held to strongly.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume23-2017/forestry-treaty-claims-in-aotearoa-new-zealand-bicultural-significance-and-socio-economic-impact</guid>
<pubDate>01 Jan 2017 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume23-2017/impacts-of-corporate-governance-on-asian-reits-performance</link>
<title><![CDATA[Impacts of corporate governance on Asian REITs performance]]></title>
<description><![CDATA[The results indicate that corporate governance not only helps to improve the return on assets (ROA) but also helps to gauge excess returns of REITs even though the Asian REIT industry is a highly regulated industry. The findings also found that REIT organization, remuneration matters and fees decrease the performance of Asian REITs. However, gearing and related party transactions are found to enhance the performance and accelerate the growth of REITs. Besides that, board matters, audit and fees have significant negative impacts on Tobin&#39;s q. Also audit is found to reduce the returns of Asian REITs. However, interestingly, the ownership has significant positive impact on Tobin&#39;s q. In addition, the block ownership also helps to curtail and mitigate excess returns of REITs in Asia. This also implies that unitholders are generally and minimally protected. The findings imply that the REIT managers face substantial cost in adjusting to equilibrium level whereby the optimum level is always dynamic and not constant, and it persists over time. This also implies that agency costs exist in the existing externally managed REIT structure in Asian REITs. This also implies that Asian REITs could consider redefining the REIT management structure such as the internally managed REIT structure. The findings of this study indicated the need for improvements, transformation and reform in the REIT regime in order to increase the transparency and disclosure of corporate governance of REITs that could facilitate continuous strategic development and growth of REITs in Asia.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume23-2017/impacts-of-corporate-governance-on-asian-reits-performance</guid>
<pubDate>01 Jan 2017 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume23-2017/residential-property-market-performance-and-extreme-risk-measures</link>
<title><![CDATA[Residential property market performance and extreme risk measures]]></title>
<description><![CDATA[Residential property is a popular investment option and has historically attracted small Australian individual investors with debt financing lowering the initial equity component, favourable tax structure and past evidence of good returns. A major concern with this approach is uncertainty, where stable assumptions cease to hold and there is concentrated negative price movement. This extreme downside volatility may not be fully reflected in traditional risk calculations. This research studies 40&nbsp;years of quarterly Melbourne established residential property market performance data for normal distribution features and signs of extreme downside risk. The results show that the normal bell curve distribution underestimated actual extreme values both by frequency and extent for ungeared residential property data. This is magnified as the gearing is increased to an extent where the outermost data point on 80% debt leverage shows an unrealistic probability of a 1 in 192&nbsp;year event. Alternatively adopting the Cubic Power Law of returns, the probabilities of the most extreme event occurring drops to a realistic 1 in 38&nbsp;year event. In highlighting the challenges to measuring the impact of leverage on residential property market performance, the analysis of extreme downside risk should be separated from traditional standard deviation risk calculations.
]]></description>
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Trahan, F.Krantz, K. (2011) The era of uncertainty: Global investment strategies for inflation, deflation and the middle ground. Wiley. The era of uncertainty: Global investment strategies for inflation, deflation and the middle ground. 
Weatherall, J. (2013) The physics of finance, predicting the unpredictable: Can science beat the markets. London:Short Books. The physics of finance, predicting the unpredictable: Can science beat the markets. 
WheelanC. (2013) Naked statistics: Stripping the dread from the data. W.W. Norton and Company. Naked statistics: Stripping the dread from the data. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume23-2017/residential-property-market-performance-and-extreme-risk-measures</guid>
<pubDate>01 Jan 2017 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume22-2016/the-dynamic-of-linkages-of-islamic-reits-in-mixed-asset-portfolios-in-malaysia</link>
<title><![CDATA[The dynamic of linkages of Islamic REITs in mixed-asset portfolios in Malaysia]]></title>
<description><![CDATA[Islamic REIT (I-REITs) were introduced to the Malaysian stock market approximately ten years ago. This paper assesses dynamic linkages by using the Granger causality test of I-REITs. The study period is from 2008 to 2014. The study concentrates on comparisons between I-REITs and conventional REITs (C-REITs) and provides a better overview of comparisons and linkages of both asset classes. A Cointegration Test determined that a mixed-asset portfolio is cointegrated and shows less diversification benefits between the mixed-asset portfolios. The Granger causality test results has identified that industry portfolio can cause Granger I-REITs&#39; returns to change. This further confirms that I-REITs have good potential to diversify within any asset classes, including shares and bonds.
]]></description>
<content><![CDATA[Akinsomi, O.Ong, S. E.Ibrahim, M. F.Newell, G. (2014) The idiosyncratic risks of a Shariah compliant REIT investor, Journal of Property Research. 31, p:211-243. Journal of Property Research. 
Allen, M. T.Madura, J.Springer, T. M. (2000) REIT characteristics and the sensitivity of REIT returns, The Journal of Real Estate Finance and Economics. 21, p:141-152. The Journal of Real Estate Finance and Economics. 
Assaf, A. (2016) MENA stock market volatility persistence: Evidence before and after the financial crisis of 2008, Research in International Business and Finance. 36, &#150;.p:222-240. Research in International Business and Finance. 
Basse, T.Friedrich, M.Bea, E. V. (2009) REITs and the financial crisis: Empirical evidence from the US, International Journal of Business and Management. 4, p:3-10. International Journal of Business and Management. 
Co&euml;na, A.Lecomteb, P. (2014) Another look at Asian REITs performance after the global financial crisis, Handbook of Asian Finance: REITs, Trading, and Fund Performance. 2, p:69-94. Handbook of Asian Finance: REITs, Trading, and Fund Performance. 
Downs, D. H.Fung, H. G.Patterson, G. A.Yau, J. (2003) The linkage of REIT income- and price-returns with fundamental economic variables, The Journal of Alternative Investments. 6, p:39-50. The Journal of Alternative Investments. 
Dusuki, A. W. (2008) Understanding the objectives of Islamic banking: A survey of stakeholders&#39; perspectives, International Journal of Islamic and Middle Eastern Finance and Management. 1, &#150;.p:132-148. International Journal of Islamic and Middle Eastern Finance and Management. 
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Glascock, J. L.Lu, C.So, R. W. (2000) Further evidence on the integration of REIT, bond, and stock returns, The Journal of Real Estate Finance and Economics. 20, p:177-194. The Journal of Real Estate Finance and Economics. 
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Johansen, S.Juselius, K. (1994) Identification of the long-run and the short-run structure an application to the ISLM model, Journal of Econometrics. 63, p:7-36. Journal of Econometrics. 
Kilian, L.Diebold, F. X. (1999) Unit root tests are useful for selecting forecasting models. Cambridge: National Bureau of Economic Research. Unit root tests are useful for selecting forecasting models. 
Koh, C. C. F.Lee, D. K. C.Phoon, K. F.Seah, E. S. (2014) Market structure and growth potential of Singapore REITs, Handbook of Asian Finance: REITs, Trading, and Fund Performance. 2, p:53-67. Handbook of Asian Finance: REITs, Trading, and Fund Performance. 
Li, D. D.Yung, K. (2007) REIT returns: Between the Pacific and the Atlantic, Review of Accounting and Finance. 6, p:353-369. Review of Accounting and Finance. 
Lean, H. H.Smyth, R. (2012) REITs, interest rates and stock prices in Malaysia, International Journal of Business and Society. 13, p:1-11. International Journal of Business and Society. 
Lee, S. L. (1998) The case for property in the long-run: A cointegration test. Reading: (1998Working paper 06/98. Department of Land Management. The case for property in the long-run: A cointegration test. 
Lee, C.L.Ting, K.H. (2009) The role of Malaysian securitised real estate in a mixed-asset portfolio, Journal of Financial Management of Property and Construction. 14, p:208-230. Journal of Financial Management of Property and Construction. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/the-dynamic-of-linkages-of-islamic-reits-in-mixed-asset-portfolios-in-malaysia</guid>
<pubDate>31 Aug 2016 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume22-2016/the-impacts-of-the-trails-on-property-values-surrounding-jejudo-in-korea-using-quantile-regressions</link>
<title><![CDATA[The impacts of the trails on property values surrounding Jejudo in Korea: using quantile regressions]]></title>
<description><![CDATA[The purpose of this study is to quantitatively analyze the effect of Jeju Olle Trails on nearby land prices. Land sale prices are designated as the dependent variable and zoning type and land category, shape of the land, and the width of bordering roads as independent variables. Land price data for actual sales for seven areas surrounding Olle Trails were examined with a geographic information system program to determine the exact distance of land parcels from nearby trekking courses. A quantile regression model is used to estimate the effect of trail proximity to nearby land prices. Through this quantile regression model, the difference in the effects of trail proximity between low-priced and high-priced land is captured. This study shows no significance for the variable up to quantile 0.6; however, the variable becomes significant from the 0.7 quantile and up. This suggests that plots in the top 30% of land prices are affected by the presence of trails, but the plots in the bottom 70% are not affected by this variable. For every 100&nbsp;m distance from an Olle Trail, land price falls by 0.054%.
]]></description>
<content><![CDATA[Acharya, G.Bennett, L. L. (2001) Valuing open space and land-use patterns in urban watersheds, The Journal of Real Estate Finance and Economics. 22, p:221-237. The Journal of Real Estate Finance and Economics. 
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Brian, S. C.Barry, R. N. (2003) A gentle introduction to quantile regression for ecologists, Frontiers in Ecology and the Environment. 1(8), p:412-420. Frontiers in Ecology and the Environment. 
Choei, N.Yang, S. (2002) The hedonic measurement of the positive externalities of the han- river civic park over its neighboring apartments, The Korea Spatial Planning Review. 35, p:5-75. The Korea Spatial Planning Review. 
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Czembrowski, P.Kronenberg, J. (2016) Hedonic pricing and different urban green space types and sizes: Insights into the discussion on valuing ecosystem services, Landscape and Urban Planning. 146, p:11-19. Landscape and Urban Planning. 
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Geoghegan, J. (2002) The value of open spaces in residential land use, Land Use Policy. 19, &#150;.p:91-98. Land Use Policy. 
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Jeong, C.Park, T.Roh, K. (2010) An examination of the relationship between Jeju Olle tourists` motivation and pre-visit image, Journal of Tourism Sciences. 34, p:13-33. Journal of Tourism Sciences. 
Judge, G. G.Hill, R. C.Griffiths, W. E.L&uuml;tkepohl, H.Lee, T. (1988) Introduction to the theory and practice of econometrics. Wiley. Introduction to the theory and practice of econometrics. 
Jung, S.Bae, J. (2004) A study on the method of measurement on a view&#39;s value, Real Estate Research. 14, p:65-86. Real Estate Research. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/the-impacts-of-the-trails-on-property-values-surrounding-jejudo-in-korea-using-quantile-regressions</guid>
<pubDate>31 Aug 2016 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume22-2016/modelling-of-property-market-the-structural-and-locational-attributes-towards-malaysian-properties</link>
<title><![CDATA[Modelling of property market: the structural and locational attributes towards Malaysian properties]]></title>
<description><![CDATA[House acts as a basic shelter icon for all mankind. In recent years, property value has never stopped receiving attention in the market and has remained the topic of discussion and research on reputable property platforms and all around the world. Residential properties in Malaysia experienced significant appreciation in recent years and this creates anxiety among people. The real factors behind the tremendous rise of property prices in Malaysia however, are yet to be discovered. Structural and locational attributes are frequently discussed and have received uncountable attentions from the whole nation. This study intends to ascertain the factors affecting the property prices. The area of study comprised double storey terrace houses in Mukim Rawang, Selangor, Malaysia. Documentary analysis is conducted in this research with the real transaction data collected from JPPH. Using the regression analysis, various factors were included in the models to capture the particular effects on property values. In particular, built-up area is the most significant structural attribute; whereas shopping centre is the most significant locational attribute in determining the property prices. This paper serves as a guide for the developers and house buyers in decision-making for development and investments.
]]></description>
<content><![CDATA[Aziz, W. N. A. W. A.Hanif, N. R.Singaravello, K. (2011) Affordable housing within the middle income households in Malaysia: Challenge to enter homeownership, Australian Journal of Basic &amp; Applied Sciences. 5, p:258-267. Australian Journal of Basic &amp; Applied Sciences. 
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Chau, K. W.Chin, T. L. (2002) A critical review of the literature on the hedonic pricing model and its application to the housing market in Penang. The seventh Asian Real Estate Society Conference. A critical review of the literature on the hedonic pricing model and its application to the housing market in Penang. Retrieved from http://papers.ssrn.com/abstract=2073594
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Oloke, O. C.Simon, F. R.Adesulu, A. F. (2013) An examination of the factors affecting residential property values in magodo neighbourhood, Lagos State, International Journal of Economy, Management and Social Sciences. 2, p:639-643. International Journal of Economy, Management and Social Sciences. 
Ong, T. S. (2013) Factors affecting the price of housing in Malaysia, Journal of Emerging Issues in Economics, Finance and Banking. 1, &#150;.p:414-429. Journal of Emerging Issues in Economics, Finance and Banking. 
Ooi, J. T. L.Le, T. T. T.Lee, N.-J. (2014) The impact of construction quality on house prices, Journal of Housing Economics. 26, p:126-138. Journal of Housing Economics. 
Owusu-ansah, A. (2012) Examination of the determinants of housing values in urban Ghana and implications for policy makers. African Real Estate Society Conference. , pp. &#150;.p:1-16. Examination of the determinants of housing values in urban Ghana and implications for policy makers. 
Pallant, J. (2005) Spss survival manual. Retrieved fromAllen &amp; Unwin. Spss survival manual. Retrieved from http://www.academia.dk/BiologiskAntropologi/Epidemiologi/PDF/SPSS_Survival_Manual_Ver12.pdf
Pashardes, P.Savva, C. S. (2009) Factors affecting house prices in Cyprus: 1988&#150;2008, Cyprus Economic Policy Review. 3, p:3-25. Cyprus Economic Policy Review. 
Reibel, M.Chernobai, E.Carney, M. (2008) House price change and highway construction: Spatial and temporal heterogeneity. American Real Estate Society Conference. South Carolina: p:1-20. House price change and highway construction: Spatial and temporal heterogeneity. 
Rosiers, F. DesLagana, A.Th&eacute;riault, M.Beaudoin, M. (1996) Shopping centres and house values: An empirical investigation, Journal of Property Valuation and Investment. 14, p:41-62. Journal of Property Valuation and Investment. 
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Sirmans, S.Macpherson, D.Zietz, E. (2005) The composition of hedonic pricing models, Journal of Real Estate Literature. 13(1), p:1-44. Journal of Real Estate Literature. 
Sirpal, R. (1994) Empirical modeling of the relative impact of varios sizes of shopping centers on the value of surrounding residential properties, The Journal of Real Estate Research. 9, &#150;.p:487-505. The Journal of Real Estate Research. 
Thorsnes, P. (2002) The value of a suburban forest preserve: Estimates from sales of vacant residential building lots, Land Economics. 78, &#150;. doi:p:426-441. Land Economics. 
Tse, R. Y. C.Love, P. E. D. (2000) Measuring residential property values in Hong Kong, Property Management. 18, p:366-374. Property Management. 
Tyrv&auml;inen, L.Miettinen, A. (2000) Property prices and urban forest amenities, Journal of Environmental Economics and Management. 39, p:205-223. Journal of Environmental Economics and Management. 
Waddell, P.Berry, B. J. L.Hoch, I. (1993) Residential property&#150;values in a multinodal urban area &#150; New evidence on the implicit price of location, Journal of Real Estate Finance and Economics. 7, p:117-141. Journal of Real Estate Finance and Economics. 
White, E. M.Leefers, L. A. (2007) Influence of natural amenities on residential property values in a rural setting, Society &amp; Natural Resources. 20, p:659-667. Society &amp; Natural Resources. 
Williams, G. (1990) The effects of Mass Rapid Transit (MRT) systems on land values, Journal of Valuation. 8, &#150;.p:7-23. Journal of Valuation. 
Yang, C.-H.Sue, S.-H. (2011) The impacts of property price in YIMBY and NIMBY facilities, Journal of Housing Studies (Taiwan). 20, p:61-80. Journal of Housing Studies (Taiwan). 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/modelling-of-property-market-the-structural-and-locational-attributes-towards-malaysian-properties</guid>
<pubDate>31 Aug 2016 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume22-2016/a-study-on-historical-development-of-landownership-and-landed-aristocracy-in-pakistan</link>
<title><![CDATA[A study on historical development of landownership and landed aristocracy in Pakistan]]></title>
<description><![CDATA[Landlordism is still considered an expression of power and superiority in Pakistan like many other countries in the world. This paper is aimed at: (1) to explain the very basic concept of land ownership; both in religious and social context, (2) to sketch historical pattern of land acquisition and its exploitation for exerting social control and political pressure and keeping the masses&#39; economic down to earth. The history of Indo-Pak demonstrates the gap between original Islamic landownership principles and actual historical practice, firstly by the first Muslims of India, then by the British and most recently by contemporary Pakistan. Conversely, post independence of Pakistan, after going through various waves of military&#150;landlords&#150;politico&#150;bureaucratic rule, oligarchy has reached to such a state that even the current political administration draws its chief share from landlords. The study suggests that for economic development and uplift of the pro-poor farming community, overcoming social and political injustice and getting rid of the clutches of landlordism is the dire need of the time and society.
]]></description>
<content><![CDATA[Afzal, M. R. (1976) Political parties in Pakistan, 1947&#150;1958. Islamabad: 1, (Vol. )National Commission on Historical and Cultural Research. Political parties in Pakistan, 1947&#150;1958. 
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Al-Haq, M. S. A. (1954) Zamindari Ka Sharai Nizam. Sheikhupura:Katba Muhammad Atta Ullah. Zamindari Ka Sharai Nizam. 
Ali, M. (1992) Understanding Pakistan. Lahore:Progressive. Understanding Pakistan. 
Allami, Abu&#39;l-Fazl. (2004) The Ain-i Akbari. (2nd ed. ed.). Lahore: (, English Trans.) . (rev. and Eds.)Sang-e-Meel Publications. The Ain-i Akbari. 
Alvi, Hamza. (2000) Jagirdari Aur Samraj. Lahore: (, Urdu Trans.)Fiction House. Jagirdari Aur Samraj. 
Aziz, A. (2002) Mughal court and its institutions. Lahore:Al-Faisal. Mughal court and its institutions. 
Aziz, K. K. (2001) Pakistan&#39;s political culture: Essays in historical and social origins. Lahore:Vanguard Books Ltd. Pakistan&#39;s political culture: Essays in historical and social origins. 
Bauer, J.Mason, A. (1992) The distribution of income and wealth in Japan, Review of Income and Wealth. 38, p:403-428. Review of Income and Wealth. 
Beg, M. A. A. (1998) Democracy displaced in Pakistan: Case history of disasters of social pollution. Karachi:Research &amp; Development Publications. Democracy displaced in Pakistan: Case history of disasters of social pollution. 
Chandra, S. (1982) Medieval India: Society, the Jagirdari Crisis and the village. Delhi:Macmillan India Ltd. Medieval India: Society, the Jagirdari Crisis and the village. 
Cinnirella, F.Hornung, E. (2011) Journal of Development Economics, Landownership concentration and the expansion of education. 121, (2011) p:135-152. 
Frykenberg, R. E. (1979) Land control and social structure in Indian history. New Delhi:Manohar. Land control and social structure in Indian history. 
Gilmartin, D. (1998) Empire and Islam: Punjab and the making of Pakistan. London:I. B. Tauris &amp; Co., Ltd. Empire and Islam: Punjab and the making of Pakistan. 
Gopal, L. (1989) The economic life of the India A.D. 700&#150;1200. (2nd rev ed. ed.). New Delhi.Motilal Banarsidass. The economic life of the India A.D. 700&#150;1200. 
Habib, I. (1995) Essays in Indian history: Towards a marxist perception. New Delhi:Hadith. Tulika. Essays in Indian history: Towards a marxist perception. 
Haq, Z. (1977) Landlord and peasant in early Islam. Islamabad:Islamic Research Institute. Landlord and peasant in early Islam. 
Hasan, N. (2005) Religion, state, and society in medieval India. New Delhi: , with introduction by (Ed.)Oxford University Press. Religion, state, and society in medieval India. 
Hijazi, S. T. (1996) Institutional dynamics in industrial paradigm: The 50 years of Pakistan. Islamabad:Dost Publications. Institutional dynamics in industrial paradigm: The 50 years of Pakistan. 
Hussain, A. (1979) Elite politics in an ideological state: The case of Pakistan. Kent: Dawson &amp; Sons Ltd. Elite politics in an ideological state: The case of Pakistan. 
Ibrahim. A. (1989) Islamic concepts and land law in Malaysia, The centenary of the torrens ~em in Malaysia. In (Eds.), (p. ).p:189. M~layan Law Journal Pte. Ltd. The centenary of the torrens ~em in Malaysia. 
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Merillat, H. C. L. (1970) Land and the constitution in IndiaColumbia University Press. Land and the constitution in India. 
Moriguchi, C.Saez, E. (2008) The evolution of income concentration in Japan, 1886&#150;2005: Evidence from income tax statistics, Review of Economics and Statistics. 90, p:713-734. Review of Economics and Statistics. 
Moors, A. (1995) Women, property and Islam: Palestinian experiences, 1920&#150;1990. Cambridge: 3, (Vol. )Cambridge University Press. 
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Qureshi, I. H. (1966) The administration of the Mughal Empire. Karachi:University of Karachi. The administration of the Mughal Empire. 
Shafqat, S. (1995) Political culture of Pakistan: A case of disharmony between democratic creed and autocratic reality, Contemporary issues in Pakistan studies. Lahore: In (Ed.),. (1st ed., pp.&#150;).:.p:1-242. Gautam. Contemporary issues in Pakistan studies. 
Sharma, I. (1985) Land revenue administration in the Punjab 1849&#150;1901. New Delhi:Atlantic Publishers and Distributors. Land revenue administration in the Punjab 1849&#150;1901. 
Siddiqa, A. (2007) Military Inc.: Inside Pakistan&#39;s military economyThe Holy Quran. Oxford University Press. Military Inc.: Inside Pakistan&#39;s military economy. 
Syed Tahir, H. (1996) Institutional dynamics in industrial paradigm: The 50 years of Pakistan. Islamabad:Dost Publications. Institutional dynamics in industrial paradigm: The 50 years of Pakistan. 
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Yusuf, D. S. M. (1977) Economic justice in Islam, Lahore. (pp. &#150;).p:19-124. Economic justice in Islam, Lahore. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/a-study-on-historical-development-of-landownership-and-landed-aristocracy-in-pakistan</guid>
<pubDate>31 Aug 2016 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume22-2016/modeling-the-volatility-of-asian-reit-markets</link>
<title><![CDATA[Modeling the volatility of Asian REIT markets]]></title>
<description><![CDATA[This paper analyzed the volatility behavior of Asian real estate investment trust (REIT) markets. The autoregressive conditional heteroscedasticity (ARCH)-family models were applied for the purpose of conducting the in-sample fitting test and out-of-sample forecasting test. Results showed that the fractional integrated EGARCH model was the best model in forecasting the volatility for most of the Asian REIT markets. The outcome of this study would be useful for REIT investors in understanding the volatility of the Asian REIT markets. Similarly, policy-makers can also make use of this information to create derivate pricing for the future.
]]></description>
<content><![CDATA[Asteriou, D.Begiazi, K. (2013) Modeling of daily REIT returns and volatility, Journal of Property Investment &amp; Finance. 31, p:589-601. Journal of Property Investment &amp; Finance. 
Andersen, T. G.Bollerslev, T.Lange, S. (1999) Forecasting financial market volatility: Sample frequency vis-&agrave;-vis forecast horizon, Journal of Empirical Finance. 6, p:457-477. Journal of Empirical Finance. 
Baillie, R. T.Bollerslev, T.Mikkelsen, H. O. (1996) Fractionally integrated generalized autoregressive conditional heteroskedasticity, Journal of Econometrics. 74, p:3-30. Journal of Econometrics. 
Bollerslev, T. (1986) Generalized autoregressive conditional heteroskedasticity, Journal of Econometrics. 31, &#150;.p:309-327. Journal of Econometrics. 
Bollerslev, T.Mikkelsen, H. O. (1996) Modeling and pricing long memory in stock market volatility, Journal of Econometrics. 73, p:151-184. Journal of Econometrics. 
Chai, T.Draxler, R. (2014) Root mean square error (RMSE) or mean absolute error (MAE)? &#150; Arguments against avoiding RMSE in the literature, Geoscientific Model Development. 7, p:1247-1250. Geoscientific Model Development. 
Chang, G. D.Chen, C. S. (2014) Evidence of contagion in global REITs investment, International Review of Economics and Finance. 31, p:148-158. International Review of Economics and Finance. 
Conrad, C.Karanasos, M.Zeng, N. (2011) Multivariate fractionally integrated APARCH modeling of stock market volatility: A multi-country study, Journal of Empirical Finance,. 18, p:147-159. Journal of Empirical Finance,. 
Devaney, M. (2001) Time varying risk premia for real estate investment trusts: A GARCH-M model, The Quarterly Review of Economics and Finance. 41, &#150;.p:335-346. The Quarterly Review of Economics and Finance. 
Ding, Z.Granger, C. W. J.Engle, R. F. (1993) A long memory property of stock market returns and a new model, Journal of Empirical Finance. 1, p:83-106. Journal of Empirical Finance. 
Engle, R. F. (1982) Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflation, Econometrica. 50, &#150;.p:987-1008. Econometrica. 
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Figlewski, S. (1997) Forecasting volatility, Financial Markets, Institutions and Instruments,. 6,. &#150;.p:1-88. Financial Markets, Institutions and Instruments,. 
Franke, J.H&auml;rdle, W. K.Hafner, C. M. (2011) Long memory time series, Statistics of financial markets. p:343-365. Springer. Statistics of financial markets. Retrieved from http://link.springer.com/chapter/10.1007%2F978-3-642-16521-4_14
Kosapattarapim, C.Lin, Y. X.McCrae, M. (2011) Evaluating the volatility forecasting performance of best fitting GARCH models in emerging Asian stock markets, Wollongong: Centre for Statistical and Survey Methodology, University of Wollongong. 
Liow, K. H. (2009) Long-term memory in volatility: Some evidence from international securitized real estate markets, The Journal of Real Estate Finance and Economics. 39, &#150;.p:415-438. The Journal of Real Estate Finance and Economics. 
Liow, K. H.Chen, W. (2013) Is there volatility convergence in Asia-Pacific securitized real estate markets?, The Journal of Real Estate Finance and Economics. 47, p:370-390. The Journal of Real Estate Finance and Economics. 
Newell, G. (2012) The investment characteristics and benefits of Asian REITs for retail investors, Singapore:sia Pacific Real Estate Association. 
Nelson, D. B. (1991) Conditional heteroskedasticity in asset returns: A new approach, Econometrica. 59, &#150;.p:347-370. Econometrica. 
Razali, M. N. (2015) The dynamic of returns and volatility of Malaysian listed property companies in Asian property market, International Journal of Strategic Property Management. 19, &#150;.p:66-83. International Journal of Strategic Property Management. 
Shamiri, A.Isa, Z. (2009) Modeling and forecasting volatility of Malaysian stock markets, Journal of Mathematics and Statistics. 3, p:234-240. Journal of Mathematics and Statistics. 
Tsai, M. S.Chiang, S. J.Lin, C. H. (2010) A study of REITs in the Asia-Pacific area: Volatility characters and their long-term relationship with stock indices, Applied Financial Economics. 20, p:1397-1400. Applied Financial Economics. 
Tsai, I. C. (2013) Volatility clustering, leverage, size, or contagion effects: The fluctuations of Asian real estate investment trust returns, Journal of Asian Economics. 27, &#150;.p:18-32. Journal of Asian Economics. 
Tse, Y. (1998) The conditional heteroscedasticity of the yen-dollar exchange rate, Journal of Applied Econometrics. 13, &#150;.p:49-55. Journal of Applied Econometrics. 
Willmott, C.Matsuura, K. (2005) Advantages of the mean absolute error (MAE) over the root mean square error (RMSE) in assessing average model performance, Climate Research. 30, p:79-82. Climate Research. 
Zhou, J. (2011) Long memory in REIT volatility revisited: Genuine or spurious, and self-similar?, Journal of Property Research. 28, &#150;.p:213-232. Journal of Property Research. 
Zhou, J.Kang, Z. (2011) A comparison of alternative forecast models of REIT volatility, The Journal of Real Estate Finance and Economics. 42, p:275-294. The Journal of Real Estate Finance and Economics. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/modeling-the-volatility-of-asian-reit-markets</guid>
<pubDate>31 Aug 2016 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume22-2016/value-gap-in-nigerian-property-compensation-practice-measurement-and-economic-effects</link>
<title><![CDATA[Value gap in Nigerian property compensation practice: measurement and economic effects]]></title>
<description><![CDATA[The compulsory acquisition of some properties by Ogun State Government, Nigeria, along urban roads for road expansion required compensation for the affected owners. Statutorily, Estate Surveyors and Valuers (ESVs) are the recognized professionals who determine property value in Nigeria. This paper seeks to measure the gap in values between those submitted by ESVs representing the government and those ESVs representing claimants for the same property to investigate the economic implication of the variation on the claimants and the ESVs representing claimants, through the administration of 409 questionnaires to the claimants and the claimants&#39; ESVs. The findings indicate a gap in value of above 41% between claimant&#39;s ESV&#39;s and government&#39;s ESV&#39;s, leading to an 83.29% (NGN8.88&nbsp;m) loss of fee to claimant&#39;s ESV&#39;s. It is suggested that the Nigerian Institution of Estate Surveyors and Valuers should recommend standardized building cost per square metre data and provide guidance on an acceptable value gap to minimize the observed wide value gap in the future.
]]></description>
<content><![CDATA[Ajayi, C. A. (2007) Land policy reform (proposed review of L.U.A.) and economic empowerment&#39; problems and prospects. (, 18th October). ,.Land policy reform (proposed review of L.U.A.) and economic empowerment&#39; problems and prospects. 
Ajayi, C. A. (2009) International valuation standards as they apply in the use of the investment method of valuation and in mortgage valuation. 32(1), (, January&#150;June). vol. , no. , &#150;.p:7-17. International valuation standards as they apply in the use of the investment method of valuation and in mortgage valuation. 
Alias, A.Nasir Daud, M. D. (2006) Payment of adequate compensation for land acquisition in Malysia, Pacific Rim Property Research Journal. 12, p:326-349. Pacific Rim Property Research Journal. 
Aluko, B. T. (2012) The roles of professionals in land acquisition and compensation in Nigeria. A paper presented at the NIESV Ogun Branch Business Luncheon held at Ogun State Housing Corporation Hall. (, Thursday 8th November). ,.The roles of professionals in land acquisition and compensation in Nigeria. 
Babawale, G. K. (2014) The effects of government legislations on the practice of estate surveying and valuation in Nigeria. Being paper delivered at the MCPD of NIESV Ogun state branch held at DLK Events Centre. (, 4th December). ,.The effects of government legislations on the practice of estate surveying and valuation in Nigeria. 
Bailey, P.Clough, P. (2009) Compensation for transmission infrastructure: A report presented to the Federal farmers. New Zealand Institute of Economic Research (NZIER): New Zealand. Compensation for transmission infrastructure: A report presented to the Federal farmers. 
Bello, O. M. (2013) The impacts of cosmetic urban renewal on accessibility of land and social infrastructure in Nigeria. Being paper presented at NIESV Ogun State branch mandatory continuing professional development seminar held at DLK Events Centre. (, 7th November). ,.The impacts of cosmetic urban renewal on accessibility of land and social infrastructure in Nigeria. 
Chan, N. (2008) How Australia deals with land acquisition compensation for land subject to a leasehold title. Paper presented at the 14th Pacific Rim Real Estste Society Conference. (, 20&#150;23 January). ,.How Australia deals with land acquisition compensation for land subject to a leasehold title. 
Estate Surveyors &amp; Valuers Registration Board of Nigeria. (2014) Approved Scale of professional Charges for Professional Valuers,.December 2014 edition. 
Famuyiwa, F.Omirin, M. M. (2011) Infrastructure provision and private lands acquisition grievances: Social benefits and private costs, Journal of Sustainable Development. 4, p:169-180. Published by Canadian Centre for Science and Education. Journal of Sustainable Development. 
Federal Republic of Nigeria. (1975) Estate surveyors and valuers (Registration etc) Act, CAP E13, laws of the Federal Republic of Nigeria. Lagos:Federal Government Press. Estate surveyors and valuers (Registration etc) Act, CAP E13, laws of the Federal Republic of Nigeria. 
Federal Republic of Nigeria. (1978) Land use decree (now Act) of 1978. Lagos:Federal Government Press. Land use decree (now Act) of 1978. 
Federal Republic of Nigeria. (1990a) Oil pipeline Act (Cap 338) of the Federal Republic of Nigeria. Lagos:Federal Government Press. Oil pipeline Act (Cap 338) of the Federal Republic of Nigeria. 
Federal Republic of Nigeria. (1990b) Petroleum Act (Cap 350) of the Federal Republic of Nigeria. Lagos:Federal Government Press. Petroleum Act (Cap 350) of the Federal Republic of Nigeria. 
Federal Republic of Nigeria. (1999) Constitution of the Federal Republic of Nigeria. Lagos:Federal Government Press. Constitution of the Federal Republic of Nigeria. 
Iroham, C. O. (2007) The influence of valuers and valuations in the workings of commercial property investment in Lagos Metropolis. Ota, Nigeria: ,.Unpublished M.Sc Thesis. Submitted to Department of Estate Management, Covenant University. The influence of valuers and valuations in the workings of commercial property investment in Lagos Metropolis. 
Kakulu, I. I.Bryne, P.Viitanen, K. (2009) Phenomenological research in compulsory land acquisition and compensation: Surveyors key role in accelerated development. Being a paper presented at the FIG Working Week 2009 Eilat. Phenomenological research in compulsory land acquisition and compensation: Surveyors key role in accelerated development. 
NIESV. (1998) &quot;The Forward&quot;. Guidance notes on Property Valuation, Estate Surveyor and Valuer. Lagos:he Nigerian Institution of Estate Surveyor and Valuer (NIESV). &quot;The Forward&quot;. Guidance notes on Property Valuation, Estate Surveyor and Valuer. 
Nuhu, M. B. (2006) Compulsory acquisition and compensation of land in Federal capital territory Abuja (A case study of University of Abuja Permanent site), Journal of Environmental Technology and Science (ETSJ). 1,.Journal of Environmental Technology and Science (ETSJ). 
Nuhu, M. B. (2007) Compulsory acquisition and payment of compensation in Nigeria: A case study of the Federal Capital Territory (FCT) Abuja. Being a paper presented at the FIG Commission workshop on compulsory purchase and compensation 6th&#150;8th Sept, 2007at Helsinki University of Technology. ,.Compulsory acquisition and payment of compensation in Nigeria: A case study of the Federal Capital Territory (FCT) Abuja. 
Ogunba, O.Ojo, O. (2007, January&#150;June) Resolving reliability, consistency and rationality problems of professionally prepared valuations in Nigerian practice, The Estate Surveyor &amp; Valuer Journal of NIESV. 30, p:39-48. The Estate Surveyor &amp; Valuer Journal of NIESV. 
Ogunba, O. A.Iroham, C. O. (2010) A search for an acceptable margin of valuation error: A case study of valuers and their clients in Nigeria, Sri Lankan Journal of Real Estate, Journal of the Department of Estate Management and Valuation University of Sri Jayewardenepura. 4, p:54-73. Sri Lankan Journal of Real Estate, Journal of the Department of Estate Management and Valuation University of Sri Jayewardenepura. 
Omuojine, E. O. (1999) The land use act and the English doctrine, Estate Surveyors and Valuers Journal of NIESV. 22, &#150;.p:54-56. Estate Surveyors and Valuers Journal of NIESV. 
Plimmer, F.Dubben, N. (2003) The land of make believe: An overview of the assessment of compensation for land taken in compulsory acquisition in the United Kingdom. Paper presented at the 2nd FIG Regional Conference. The land of make believe: An overview of the assessment of compensation for land taken in compulsory acquisition in the United Kingdom. 
Singer &amp; Friedlander Ltd Vs John D. Woods &amp; Co. (1977). .2 ENGLR 8. 
Vaughan, D.Smith, L. C. (2014) An Introduction to compulsory purchase valuation principles spanning 150&nbsp;years, Journal of Building Survey, Appraisal and Valuation. 3, p:184-189. Journal of Building Survey, Appraisal and Valuation. 
Viitanen, KKakulu, I. (2009) Global concerns in compulsory purchase and compensation processes. Paper synthesising the issues addressed at an International Seminar on Compulsory Purchase and Compensation in Helsinki. Global concerns in compulsory purchase and compensation processes. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/value-gap-in-nigerian-property-compensation-practice-measurement-and-economic-effects</guid>
<pubDate>02 May 2016 04:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume22-2016/valuers-strategies-for-coping-with-the-dearth-of-market-data-in-two-nigerian-cities-ibadan-and-abeokuta</link>
<title><![CDATA[Valuers&#39; strategies for coping with the dearth of market data in two Nigerian cities: Ibadan and Abeokuta]]></title>
<description><![CDATA[Access to and analysis of data, especially market-related data, remains central to professional valuation. This paper examines the ease of eliciting market data for valuation purposes by valuers in the residential property sector and the reaction to the dearth of data among valuers in the two south-western Nigerian cities of Ibadan and Abeokuta. A five-point Likert-type scale was used to measure respondents&#39; disposition towards alternative data sources with the results analysed using weighted mean score and logit regression. The study revealed that rental value and comparable sales price were most easily accessed with the greatest challenge being to access property yields and appropriate rates of depreciation. Given the difficulties in accessing data, it was found that valuers in the study area either make recourse to colleagues, shift to the next available method or adopt various alternative data-scooping measures, with years of practical experience, position in the firm and professional status exerting considerable influence on decisions. The paper suggests the establishment of a centralized databank for Nigerian valuers and a requirement for them to maintain a logbook of valuation computations with records of data used to justify otherwise inexplicable valuations, with further research into the interpretation and derivation of yields among Nigerian valuers recommended.
]]></description>
<content><![CDATA[Achu, K. (2010) Do clients influence valuations carried out for financial reporting purposes? Some evidence from Malaysia, 17th Annual Pacific Rim Real Estate Society Conference. (, January 16&#150;19). ,.
Adomatis, S. K. (2015) The challenges of valuing green, The Appraisal Journal. , &#150;.p:25-31. The Appraisal Journal. 
Ajayi, C. A. (2009) International valuation standards as applicable in the use of the investment method of valuation and in mortgage valuation. Mandatory Continuing Professional Development Programme Lagos: Nigerian Institution of Estate Surveyors and Valuers. (pp. &#150;). Presented at ,.p:1-14. International valuation standards as applicable in the use of the investment method of valuation and in mortgage valuation. 
Ajibola, M. O. (2010) Valuation inaccuracy: An examination of causes in Lagos Metropolis, Journal of Sustainable Development. 3, (,, December). , &#150;.p:187-193. Journal of Sustainable Development. 
Ajibola, M. O.Oletubo, A. A. (2011) Assessment of accuracy of valuation in the property market in Lagos Metropolis, Global Journal of Engineering and Technology. 4, p:45-51. Global Journal of Engineering and Technology. 
Aluko, B. T. (1998) Property valuation: Are estate surveyors and valuers interpreters or creators of values? The Estate Surveyor and Valuer, Journal of Nigerian Institution of Estate Surveyors and Valuers. 21, &#150;.p:9-17. Journal of Nigerian Institution of Estate Surveyors and Valuers. 
Aluko, B. T. (2007) Valuation of public infrastructural assets &#150; Methodological issues and problems. Workshop on Maintenance of Public Infrastructure organised by the Ondo State Branch of the Nigerian Institution of Estate Surveyors and Valuers. (, September 27). Paper presented at ,.Valuation of public infrastructural assets &#150; Methodological issues and problems. 
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Ashaolu, T. A.Olaniran, M. O. (2015) Professionalism or clienteism: An X-ray of valuation practice in south-western Nigeria, British Journal of Applied Science &amp; Technology. 8, p:521-530. British Journal of Applied Science &amp; Technology. 
Ayedun, C. A.Oloyede, S. A.Durodola, O. D. (2012) Empirical study of the causes of valuation variance and inaccuracy in Nigeria, International Business Research. 5, p:71-80. International Business Research. 
Babawale, G. K. (2012) An assessment of the current standard of real estate valuation practice Nigeria, Elixir Social Science. 47, &#150;.p:9094-9102. Elixir Social Science. 
Babawale, G. K.Omirin, M. M. (2011) Valuers&#39; and valuation firms&#39; characteristics as causes of inaccuracy in valuation in Nigeria, Mediterranean Journal of Social Sciences. 2, p:11-22. Mediterranean Journal of Social Sciences. 
Bello, M. O.Bello, V. A. (2007) The influence of consumer&#39;s behaviour on the variables determining residential property values, Lagos, Nigeria, American Journal of Applied Sciences. 4, p:774-778. American Journal of Applied Sciences. 
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Black, W. K. (2013) The housing appraisers warned us about the crisis but we didn&#39;t listen, Credit Write-downs. Retrieved June 20, 2015, fromCredit Write-downs. Retrieved from https://www.creditwritedowns.com/
Calhoun, C. A. (2001) Property valuation methods and data in the United States, Housing Finance International. &#150;. Retrieved fromp:12-23. Housing Finance International. Retrieved from http://www.housingfinance.org/uploads/Publicationsmanager/0112_Pro.pdf
Davidoff, G.Hufford, W. L. (2015) Coping with the dearth of data in business litigation, The Legal Intelligencer. 27, The Legal Intelligencer. Retrieved from http://www.thelegalintelligencer.com/id=1202715812433/Coping-With-the-Dearth-of-Data-in-Business-Litigation?slreturn=20151105184304
Gilbertson, B.Preston, D. (2005) A vision for valuation. London: RICS Leading Edge Series. RICS. A vision for valuation. 
Haywood County. (2011) Schedule of values: Appraisal theory, 5,. Retrieved July 6, 2015, fromRetrieved from http://www.haywoodnc.net/downloads/Tax/201112Forms/Reval_2011/SectionB_AppraisalTheoryandPropertyValuationTechniques.pdf
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Hui, S. M.Cheung, A.Pang, J. (2010) A hierarchical Bayesian approach for residential property valuation: Application to Hong Kong housing market, International Real Estate Review. 13(1), p:1-29. International Real Estate Review. 
Idowu, O. B. A.Babawale, G. K.Anyakora, M. I. (2012) An evaluation of the appropriateness of the investment method of valuation for residential properties in Lagos, Journal of Emerging Trends in Economics and Management Sciences (JETEMS). 3, p:77-84. Journal of Emerging Trends in Economics and Management Sciences (JETEMS). 
Igboko, N. P. (1992) Research project on valuation methods in Nigeria with special reference to year&#39;s purchase. Lagos:Research Report for the Nigerian Institution of Estate Surveyors and Valuers. Research project on valuation methods in Nigeria with special reference to year&#39;s purchase. 
Levy, D.Schuck, E. (1998) Clients&#39; influence on reported values, RICS Cutting Edge Conference. London: Royal Institution of Chartered Surveyors. RICS Cutting Edge Conference. 
Levy, D. S.Schuck, E. (1999) The influence of clients on valuations, Journal of Property Investment and Finance. 17, p:380-400. Journal of Property Investment and Finance. 
Levy, D.Schuck, E. (2005) The influence of clients on valuations: The clients&#39; perspective, Journal of Property Investment and Finance. 23, p:182-201. Journal of Property Investment and Finance. 
Moody, D.Walsh, P. (1999) Measuring the value Of information: An asset valuation approach, Seventh European Conference on Information Systems (ECIS&#39;99), Copenhagen Business School. 
Ogunba, O. A. (1997) A study of valuation and pricing methods in the residential property market in Lagos Metropolis. Ile-Ife, Nigeria: ,.MSc thesis. Department of Estate Management, Obafemi Awolowo University. A study of valuation and pricing methods in the residential property market in Lagos Metropolis. 
Ogunba, O. A.Ajayi, C. A. (1998) An assessment of the accuracy of valuations in the residential property market of Lagos, The Estate Surveyor and Valuer, Journal of the Nigerian Institution of Estate Surveyors and Valuers. 21, p:19-23. The Estate Surveyor and Valuer, Journal of the Nigerian Institution of Estate Surveyors and Valuers. 
Ojetunde, I. (2013) Revisiting the interaction between the Nigerian residential property market and the macroeconomy. FIG Working Week: Environment for Sustainability Abuja. (, May 6&#150;10). ,.Revisiting the interaction between the Nigerian residential property market and the macroeconomy. 
Olawore, A. (2000) Information technology application to real estate practice. paper presented to the members of the Department of Estate Management, the Federal Polytechnic Ilaro. (, September 7). ,.Information technology application to real estate practice. 
Onyejiaka, J. C.Oladejo, E. I.Emoh, F. I. (2015) Challenges of using the cost method of valuation in valuation practice: A case study of selected residential and commercial properties in Awka and Onitsha, Anambra State, Nigeria, International Journal of Civil Engineering, Construction and Estate Management. 3, p:16-35. International Journal of Civil Engineering, Construction and Estate Management. 
RICS. (2002) Property valuation, Carsberg report,. Retrieved from http://www.rics.org/NR/rdonlyres/57BFA5BF-6F39-497C-923D-BE3750D310F0/0/carsberg_valuation_report.pdf
Suriatinl, I.Buyong, T. (1998) Residential property valuation using geographic information system, Buletin Geoinformasi Jld. 2, p:249-266. Buletin Geoinformasi Jld. 
Wyatt, P. (1996) Using a geographical information system for property valuation, Journal of Property Valuation and Investment. 14, (,, February). , &#150;. doi:p:67-79. Journal of Property Valuation and Investment. 
Yu, H.Liu, Y.Zhang, C. (2014) Using geographic information system to improve sales comparison approach to real estate valuation. XXV FIG Conference. Using geographic information system to improve sales comparison approach to real estate valuation. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/valuers-strategies-for-coping-with-the-dearth-of-market-data-in-two-nigerian-cities-ibadan-and-abeokuta</guid>
<pubDate>02 May 2016 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume22-2016/the-dilemma-and-future-of-property-valuation-education-in-china</link>
<title><![CDATA[The dilemma and future of property valuation education in China]]></title>
<description><![CDATA[Foreign fund investments in China create demand for real estate appraisal for foreign investment projects, and they expect to have quality valuation services. The majority of real estate appraisers in China are not familiar with the needs and requirements of foreign clients. Apart from technical capabilities, they are not good at writing English appraisal reports. It is difficult for them to compete with international appraisers. The core of the problems lies in real estate education in China. This paper aims to study the current condition and the gap in real estate education between China and selected foreign countries, and subsequently recommend what need to be done to raise the level of Chinese real estate education and hence appraisers to meet the expectations of international clients. The study finds that while raising the level of Chinese real estate appraisal education to match the selected countries is possible, there is a long way to go.
]]></description>
<content><![CDATA[Avdiev, R. (2000) Golden apple or poisoned chalice: The influence of education on careers, Australian Property Journal. 36, &#150;.p:270-272. Australian Property Journal. 
Baxter, J. (2007) Re-engineering a valuation degree: How did we get here and where do we go?, Journal of Property Investment and Finance. 25, &#150;.p:444-467. Journal of Property Investment and Finance. 
Black, R.Rabianski, J. (2003) Defining the real estate body of knowledge: A survey approach, Journal of Real Estate Practice and Education. 6, p:33-54. Journal of Real Estate Practice and Education. 
Blake, A.Susilawati, C. (2009) An evaluation of how well undergraduate property students are prepared for commencing their careers, Pacific Rim Property Research Journal. 15, p:204-224. Pacific Rim Property Research Journal. 
Boyd, T. (2000) Educating the property professional of tomorrow, Pacific Rim Property Research Journal. 6, &#150;.p:45-60. Pacific Rim Property Research Journal. 
Boyd, T. (2005) Stakeholder impact on property education programs, Proceedings of the 11th Pacific Rim Real Estate Conference. ,.
Boyd, T. (2010) Are we exemplars for the property profession?, Pacific Rim Property Research Journal. 16, &#150;.p:124-150. Pacific Rim Property Research Journal. 
Callanan, J.McCarthy, I. (2003) Property education in New Zealand: Industry requirements and student perceptions, Journal of Real Estate Practice and Education. 6, p:23-32. Journal of Real Estate Practice and Education. 
Chan, N. (2004) Necessary changes to valuation practice in China after WTO admission, Australian Property Journal. 38, &#150;.p:86-91. Australian Property Journal. 
CBRE. (2015) All services,. Retrieved from http://www.cbre.com.cn/EN/services/Pages/all-services.aspx
Chen, Y. (2002) How can property valuation enterprises cope with WTO: Talents, system and others, Journal of Chinese and Foreign Real Estate Times. 2, &#150;.p:36-37. Journal of Chinese and Foreign Real Estate Times. 
Cheng, L. (2010) Education of employability-oriented land resources management undergraduates in higher education institutions of China, Journal of Scientific &amp; Technical Information of Anhui Province. 39, &#150;.p:123-126. Journal of Scientific &amp; Technical Information of Anhui Province. 
Chu, J.Wang, L. (2006) Discussion on the basic cultivation pattern of real estate major talents, Journal of Hebei Polytechnic University (Social Science Edition). 6, p:154-158. Journal of Hebei Polytechnic University (Social Science Edition). 
CIREA (China Institute of Real Estate Appraisers and Agents). (2015) Real estate appraisers qualifying examination topics,. Retrieved from http://www.cirea.org.cn/article/info/293.html
Cornish, S.Reed, R.Wilkinson, S. (2009) Incorporating new technology into the delivery of property education, Pacific Rim Property Research Journal. 15, p:303-320. Pacific Rim Property Research Journal. 
D&#39; Arcy, &Eacute;.Taltavull, P. (2009) Real estate education in Europe: Some perspectives on a decade of rapid change, Journal of European Real Estate Research. 2, p:69-78. Journal of European Real Estate Research. 
Ding, Y. (2008) Problems and proposals for Chinese property valuers, China Real Estate Appraisal and Agency. 4, &#150;.p:7-10. China Real Estate Appraisal and Agency. 
DTZ. (2015) What we do,. Retrieved from http://www.dtz.com/China/What_we_do?vgnLocale=en_GB
Epley, D. R. (2004) New ranking of decision making subject areas for corporate real estate executives, Journal of Real Estate Research. 26, &#150;.p:43-69. Journal of Real Estate Research. 
Fischer, D. (2000) Is the valuation paradigm a paradigm, Australian Property Journal. 36, &#150;.p:292-299. Australian Property Journal. 
Hefferan, M. J.Ross, S. (2010) Forces for change in property education and research in Australia, Property Management. 28, p:370-381. Property Management. 
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Liu, H. (1999) Reviews on Chinese property education from the experiences of foreign countries, Journal of research on education Tsinghua University. 1, &#150;.p:114-119. Journal of research on education Tsinghua University. 
Liu, Y. (2010) Research and practice on the model of talent cultivation of real estate management and valuation specialty, Journal of China Economist. 5, &#150;.p:124-125. Journal of China Economist. 
Manning, C. (2002) Improving real estate and other business courses through targeted student assessment, Journal of Real Estate Practice and Education. 5, &#150;.p:27-43. Journal of Real Estate Practice and Education. 
Manning, C.Roulac, S. (2001) Where can real estate faculty add the universities in the future?, Journal of Real Estate Practice and Education. 4, p:17-39. Journal of Real Estate Practice and Education. 
Martinez, R. (2004) Online education: Designing for the future in appraiser education, The Appraisal Journal. Summer, &#150;.p:266-273. The Appraisal Journal. 
National Natural Science Foundation. Retrieved from http://www.nsfc.gov.cn
Newell, G. (2007) Challenges and opportunities for property academics, Pacific Rim Property Research Journal. 13, &#150;.p:136-145. Pacific Rim Property Research Journal. 
Newell, G.Acheampong, P. (2003) The quality of property education in Australia, Pacific Rim Property Research Journal. 9, p:361-378. Pacific Rim Property Research Journal. 
Newell, G.Eves, C. (2000) Recent developments in property education, Australian Property Journal. 36, p:275-278. Australian Property Journal. 
Newell, G.Susilawati, C. (2010) Student perceptions of the quality of property education in Australia: 1994&#150;2009, Pacific Rim Property Research Journal. 16, p:400-422. Pacific Rim Property Research Journal. 
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Page, G. (2008) Australia graduates&#39; perspective of their professional socialization, Conference paper. 14th Annual Pacific Rim Real Estate Society Conference. ,.
Poon, J. (2012) Use of blended learning to enhance the student learning experience and engagement in property education, Property Management. 30, &#150;.p:129-156. Property Management. 
Poon, J.Hoxley, M.Fuchs, W. (2011) Real estate education: An investigation of multiple stakeholders, Property Management. 29, p:468-487. Property Management. 
Qian, Y.Yang, Y.Qi, L. (2007) Characters of teaching and research of property education in UK and Hong Kong, Journal of Chinese real estate. 1, p:77-80. Journal of Chinese real estate. 
Sintusingha, S.Wu, H. (2010) Studio teaching for the property discipline, Conference paper, The 17th Annual European Real Estate Society Conference. 
Su, Y.Chen, L. (2004) An analysis of cultivating the real estate professionals and some discussion of its teaching innovation, Journal of Kunming University of Science and Technology. 4, p:84-87. Journal of Kunming University of Science and Technology. 
Susilawati, C.Armitage, L. (2011) Understanding the diversity of non-specialized units within Australian property degrees, Conference paper, 17th Annual Pacific Rim Real Estate Society Conference. 
Tang, L.Wu, L.Liang, W. (2013) How to improve the practicing ability of property valuers, Journal of China Real Estate Appraisal and Agency. 4, p:44-46. Journal of China Real Estate Appraisal and Agency. 
Wang, X. (2006) The present educational system of the colleges&#39; real estate major in China and proposal on its development, Journal of Hebei Institute of Architectural Science and Technology (Social Science Edition). 23, &#150;.p:74-75. Journal of Hebei Institute of Architectural Science and Technology (Social Science Edition). 
Wang, H.Huang, Y. (2011) Present situation of property undergraduate talents training in higher education institutions of China, Modern Enterprise Education Journal. 16, p:160-161. Modern Enterprise Education Journal. 
Wu, H. (2008) Analysis of development strategy the real estate in Chinese higher education, Journal of Wuhan Institute of Shipbuilding Technology. 7, &#150;.p:5-8. Journal of Wuhan Institute of Shipbuilding Technology. 
Wu, S. (2009) An assumption of evaluation index system for real estate appraiser&#39;s practice ability, Journal of China Real Estate Appraisal and Agency. 4, &#150;.p:23-27. Journal of China Real Estate Appraisal and Agency. 
Xu, W. (2010) Discussion on the design of real estate appraisal courses and teaching method in higher education institutions, Journal of Modern Business Trade Industry. 22, &#150;.p:244-245. Journal of Modern Business Trade Industry. 
Zhang, X. (1999) Investigation report on property education programs in American universities, Journal of architectural education in institutions of higher learning. 28, &#150;.p:76-78. Journal of architectural education in institutions of higher learning. 
Zhang, Z.Chu, D. (2009) Discussion about education model of applied real estate talents in colleges and universities, Journal of Heilongjiang History. 22, p:8-11. Journal of Heilongjiang History. 
Zheng, X.Yao, Y. (2013) On reform of theory-practice integration of real estate appraisal practice course, Journal of Jiangshu Jianzhu Institute. 13, p:47-50. Journal of Jiangshu Jianzhu Institute. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/the-dilemma-and-future-of-property-valuation-education-in-china</guid>
<pubDate>02 May 2016 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume22-2016/alternative-assets-a-new-challenge-to-property-an-analysis-of-superannuation-funds</link>
<title><![CDATA[Alternative assets &#150; a new challenge to property? An analysis of superannuation funds]]></title>
<description><![CDATA[Leading Australian superannuation funds now have major exposure of approximately 20% to a sector classified as alternative assets. Within this sector, there are infrastructure products, which have similar characteristics to property. Thus, an ongoing debate on whether alternatives can replicate the performance of property in mixed-asset portfolios. This research examines the diversification benefits of property, infrastructure, private equity, hedge funds and commodities within two-asset and multi-asset optimisation portfolios. It uses ex-post data (1995&#150;2015), from A$431 billion industry superannuation funds balanced portfolio. The methodology also involves substituting smoothed with desmoothed property data to detect any subsequent change in property allocation levels. The results from the two-asset portfolios illustrate that including infrastructure, hedge funds and private equity in the direct property portfolio provides high risk-adjusted returns (.45&#150;.51), although portfolio weight is dominated by direct property. Analysis on multi-asset portfolios clearly shows that substituting smoothed property with desmoothed property data is insignificant to both industry fund performance and its weighting to property. Despite similar asset allocation range assigned to property and infrastructure (0&#150;20%), infrastructure allocation was 3%, lower than property (13%). Strong allocations to property highlight its significance in institutional portfolios, even with the availability of similar alternative assets. For industry superannuation funds, the empirical results show that allocation to property can be higher than current 10%, backed by improved portfolio risk-adjusted returns. The research contributes to both practical and academic fields as it offers a methodological approach on how allocation to property assets can be improved using a series of asset allocation strategies.
]]></description>
<content><![CDATA[Ankrim, E. M.Hensel, C. R. (1993) Commodities in asset allocation: A real-asset alternative to real estate?, Financial Analysts Journal. 49, p:20-29. Financial Analysts Journal. 
Anson, M. J.Fabozzi, F. J.Jones, F. J. (2011) The handbook of traditional and alternative investment vehicles: Investment characteristics and strategies, The Frank J. Fabozzi Series. Hoboken, NJ: Wiley. 
Australian Prudential Regulation Authority (APRA). (2015) Quarterly superannuation performance: September 2015. Sydney:Author. Quarterly superannuation performance: September 2015. 
Austrade. (2010) Alternative investments in Australia. Canberra:Austrade Financial Services Division, Australian Trade Commission. Alternative investments in Australia. 
AXA Real Estate. (2012) Property&#39;s place in a mixed-asset portfolio. London:AXA Investment Management Company. Property&#39;s place in a mixed-asset portfolio. 
Baum, A.Hartzell, D. (2012) Global property investment: Strategies, structures, decisions. Chichester: Wiley-Blackwell. Global property investment: Strategies, structures, decisions. 
Bond, S. A.Hwang, S.Mitchell, P.Satchell, S. S. (2007a) Asset allocation in the modern world. London: Investment Property Forum. Asset allocation in the modern world. 
Bond, S. A.Hwang, S.Mitchell, P.Satchell, S. S. (2007b) Will private equity and hedge funds replace real estate in mixed-asset portfolios? Not likely, The Journal of Portfolio Management. 8,, p:74-84. September ed. The Journal of Portfolio Management. 
Bond, S. A.Hwang, S.Marcato, G. (2012) Commercial real estate returns: An anatomy of smoothing in asset and index returns, Real Estate Economics. 40, p:637-661. Real Estate Economics. 
Brown, G. R.Schuck, E. J. (1996) Optimal portfolio allocations to real estate, The Journal of Real Estate Portfolio Management. 2, p:63-73. The Journal of Real Estate Portfolio Management. 
Colonial First State Global Asset Management (CFS). (2009) Evaluating infrastructure from a property perspective: The case for a diversified real asset allocation. (November ed., CFS Research Series) Sydney:Author. Evaluating infrastructure from a property perspective: The case for a diversified real asset allocation. 
Finkenzeller, K.Dechant, T.Sch&auml;fers, W. (2010) Infrastructure: A new dimension of real estate? An asset allocation analysis, Journal of Property Investment and Finance. 28, p:263-274. Journal of Property Investment and Finance. 
Future Fund. (2016) Portfolio update at 31 December 2015. Melbourne:Author. Portfolio update at 31 December 2015. 
Geltner, D. M. (1991) Smoothing in appraisal-based returns, The Journal of Real Estate Finance and Economics. 4, &#150;.p:327-345. The Journal of Real Estate Finance and Economics. 
Geltner, D. M. (1993) Estimating market values from appraised values without assuming an efficient market, Journal of Real Estate Research. 8, &#150;.p:325-345. Journal of Real Estate Research. 
Geltner, D. M.Miller, N. G.Clayton, J.Eichholtz, P. (2007) Commercial real estate analysis &amp; investments. (2nd ed. ed.). Mason, IA: Thomson South-Western. Commercial real estate analysis &amp; investments. 
Higgins, D. (2014) Australian commercial property investment market: Styles, performance and funding. Melbourne:Australian Centre for Financial Studies. Australian commercial property investment market: Styles, performance and funding. 
Hoesli, M.Lekander, J.Witkiewicz, W. (2003) International evidence on real estate as a portfolio diversifier. Geneva: International Center for Financial Asset Management and Engineering. International evidence on real estate as a portfolio diversifier. 
Jones Lang LaSalle. (2012) Real assets and the Asia Pacific. Sydney:Jones Lang LaSalle Global. Real assets and the Asia Pacific. 
JP Morgan Asset Management. (2012) The realization: A new world &#150; a new normal &#150; a tectonic shift. New York, NY:JP Morgan Chase &amp; Co. The realization: A new world &#150; a new normal &#150; a tectonic shift. 
Lee, S.Byrne, P. (1995) Is there a place for property in the multi-asset portfolio?, Journal of Property Investment &amp; Finance. 6, p:60-83. Journal of Property Investment &amp; Finance. 
Marcato, G.Key, T. (2007) Smoothing and implications for asset allocation choices, The Journal of Portfolio Management. 33, p:85-99. The Journal of Portfolio Management. 
Markowitz, H. (1952) Portfolio selection, The Journal of Finance. 7, &#150;.p:77-91. The Journal of Finance. 
Newell, G.Chau, K. W.Wong, S. K. (2009) The significance and performance of infrastructure in China, Journal of Property Investment &amp; Finance. 27, p:180-202. Journal of Property Investment &amp; Finance. 
Newell, G.Lee, C. L. (2011) The impact of alternative assets on the role of direct property in australian mixed-asset portfolios, Pacific Rim Property Research Journal. 17, p:531-559. Pacific Rim Property Research Journal. 
Newell, G.Lee, C. L.Kupke, V. (2015) The opportunity of unlisted wholesale residential property funds in enhancing affordable housing supply. Melbourne: (2015) AHURI Final Report No. 249. Australian Housing and Urban Research Institute Limited. The opportunity of unlisted wholesale residential property funds in enhancing affordable housing supply. 
Newell, G.Peng, H. W. (2008a) Assessing the significance of motivating factors and risk factors in infrastructure funds management, Pacific Rim Property Research Journal. 14, p:399-411. Pacific Rim Property Research Journal. 
Newell, G.Peng, H. W. (2008b) The role of US infrastructure in investment portfolios, Journal of Real Estate Portfolio Management. 14, p:21-33. Journal of Real Estate Portfolio Management. 
Newell, G.Peng, H. W.De Francesco, A. (2011) The performance of unlisted infrastructure in investment portfolios, Journal of Property Research. 28, p:59-74. Journal of Property Research. 
Parker, D. (2011) Global real estate investment trusts: People, process and management. West Sussex:Wiley-Blackwell Publication. Global real estate investment trusts: People, process and management. 
Peng, H. W.Newell, G. (2007) The significance of infrastructure in Australian investment portfolios, Pacific Rim Property Research Journal. 13, p:423-450. Pacific Rim Property Research Journal. 
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Ross, S. A.Zisler, R. C. (1991) Risk and return in real estate, Journal of Real Estate Finance and Economics. 4, p:175-190. Journal of Real Estate Finance and Economics. 
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RREEF. (2005) Understanding infrastructureRREEF Real Estate Research America. Understanding infrastructure. 
Skully, M. (2007) Alternative investments: definition, importance and risks, JASSA: The FINSIA Journal of Applied Finance. 3, &#150;.p:35-39. JASSA: The FINSIA Journal of Applied Finance. 
Smith, M. (2016) Harnessing the power of alternative beta in a modern portfolio, Financial Standard. 14, &#150;.p:14-17. Financial Standard. 
Stevenson, S. (2000) Constructing optimal portfolios and the effect on real estate&#39;s allocation, Journal of Property Investment &amp; Finance. 18, &#150;.p:488-506. Journal of Property Investment &amp; Finance. 
Worzala, E. M.Bajtelsmit, V. L. (1997) Real estate asset allocation and the Decisionmaking framework used by pension fund managers, Journal of Real Estate Portfolio Management. 3, p:47-56. Journal of Real Estate Portfolio Management. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/alternative-assets-a-new-challenge-to-property-an-analysis-of-superannuation-funds</guid>
<pubDate>02 May 2016 04:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume22-2016/the-economic-value-of-the-colombo-public-library-sri-lanka-contingent-valuation-approach</link>
<title><![CDATA[The economic value of the Colombo Public Library, Sri Lanka: contingent valuation approach]]></title>
<description><![CDATA[Net Revenue of a public library is not an indicator of the true value of services rendered by a public library to the wider society. The peoples&#39; perception of the service of the library or economic value is the true value of the library. The Contingent Valuation Method (CVM) used to assess the economic value of a public library which is not a service in the free market economy. This study employs CVM: a branch of the Stated Preference Method to measure the economic value of the Colombo Public Library (CPL) Sri Lanka. The payment vehicle is a Trust Fund. The logistic regression has been applied to estimate the Willingness to Pay (WTP) of citizens which elicited through single bound dichotomous choice question with onetime payment option. The WTP for the population is aggregated by using mean probabilistic logic WTP of the sample. The study found that annualized economic value of the CPL is higher than its total capital and recurrent expenditure per year. Thus, continuation of public funding is acceptable even CPL makes financial losses to the Colombo Municipal Council.
]]></description>
<content><![CDATA[Aab&oslash;, S. (2005) Are public libraries worth their price? A contingent valuation study of Norwegian public libraries, New Library World. 106, &#150;.p:487-495. New Library World. 
Aab&oslash;, S.Audunson, R. (2002) Rational choice and valuation of public libraries can economic models for evaluating non-market goods be applied to public libraries?, Journal of Librarianship and Information Science. 34, p:5-15. Journal of Librarianship and Information Science. 
Alberini, A. (1995) Testing willingness-to-pay models of discrete choice contingent valuation survey data, Land Economics. 71, &#150;.p:83-95. Land Economics. 
Audunson, R. (2005) The public library as a meeting-place in a multicultural and digital context: The necessity of low-intensive meeting-places, Journal of Documentation. 61, &#150;.p:429-441. Journal of Documentation. 
Bateman, I. J.Carson, R. T.Day, B.Hanemann, M.Hanley, N.Hett, T.&Ouml;zdemiroglu, E. (2002) Economic valuation with stated preference techniques: A manual. Cheltenham: Edward Elgar Publishing. Economic valuation with stated preference techniques: A manual. 
Benhamou, F. (1996) Is increased public spending for the preservation of historic monuments inevitable? The French case, Journal of Cultural Economics. 20, &#150;.p:115-131. Journal of Cultural Economics. 
Cameron, T. A.James, M. D. (1987) Estimating willingness to pay from survey data: An alternative pre-test-market evaluation procedure, Journal of Marketing Research. 24, p:389-395. Journal of Marketing Research. 
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Weligamage, S. P. (2011) An economic analysis of intersectoral water allocation in southeastern Sri Lanka. Washington, DC:Washington State University. An economic analysis of intersectoral water allocation in southeastern Sri Lanka. 
Zhuang, J.Liang, Z.Lin, T.De Guzman, F. (2007) Theory and practice in the choice of social discount rate for cost-benefit analysis: A survey. Philippines: Asian Development Bank. Theory and practice in the choice of social discount rate for cost-benefit analysis: A survey. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/the-economic-value-of-the-colombo-public-library-sri-lanka-contingent-valuation-approach</guid>
<pubDate>02 May 2016 04:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume22-2016/variances-in-rateable-values-in-rating-practice-in-zambia-the-role-of-mental-models-in-value-assessment</link>
<title><![CDATA[Variances in rateable values in rating practice in Zambia: the role of mental models in value assessment]]></title>
<description><![CDATA[Rating valuation is an essential process for local government taxation and revenue generation in Zambia. However, preliminary evidence indicates that the assessment of rateable value is problematic as the same statutory valuation process may lead to different value outcomes. This is especially evident when valuations are undertaken by public valuation surveyors on one side and private valuation surveyors on the other. This has resulted in disagreements in Rating Tribunal hearings at which private valuation surveyors represent the objectors. This paper questions why such differences arise. The paper finds that, besides information factors, a major cause is valuation surveyor-specific factors which, among others, include adoption of different methods and viewpoints. Therefore, the question arises: why do valuation surveyors have different viewpoints or &quot;mental models&quot; if the whole process is specified in the Rating Act of 1997? The study concludes that the Rating Act of 1997 is insufficiently specific concerning the actual calculation of the rateable value, leaving the interpretation of value to individual valuation surveyors. The paper argues that the explanation for differences in values can be found in understanding the &quot;mental models&quot; of valuation surveyors, hence going beyond conventional explanations.
]]></description>
<content><![CDATA[Addae-Dapaah, K. (2001) Valuation accuracy &#150; a problematic enquiry, Paper presented at the eighth European real estate society conference. ,.
Adebayo, O. O.Osmond, I. C. (2010) A search for an acceptable margin of valuation error: A case study of valuation surveyors and their clients in Nigeria, Sri Lankan Journal of Estate. 4, p:54-73. Sri Lankan Journal of Estate. 
Ajibola, M. O. (2010) Valuation inaccuracy: An examination of causes in Lago Metropolis, Journal of Sustainable Development. 3, &#150;.p:187-193. Journal of Sustainable Development. 
Ayedun, C. A.Oloyede, S. A.Durodola, O. D. (2012) Empirical study of the causes of valuation variance and inaccuracy in Nigeria, International Business Research. 5, p:71-80. International Business Research. 
Baum, A.Crosby, B. (1995) Property investment appraisal. London: Routledge. Property investment appraisal. 
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Boyd, T.Irons, J. (2002) Valuation variance and negligence, Pacific Rim Property Research Journal. 8, p:107-126. Pacific Rim Property Research Journal. 
Bretten, J.Wyatt, P. (2001) Variance in commercial property valuations for lending purposes: An empirical study, Journal of Property Investment &amp; Finance. 19, p:267-282. Journal of Property Investment &amp; Finance. 
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Brown, G. R. (1991) Property investment and the capital markets. London: &amp; FN Spon. Property investment and the capital markets. 
Brown, G. R.Matysiak, G. A.Shepherd, M. (1998) Valuation uncertainty and the Mallinson Report, Journal of Property Research. 15(1), p:1-13. Journal of Property Research. 
Chang, K. H.Horrocks, S. (2008) Is there a place for ontological hermeneutics in mental-health nursing research? A review of a hermeneutic study, International Journal of Nursing Practice. 14, p:383-390. International Journal of Nursing Practice. 
Chitakunye, P. (2009) Everyday practices surrounding young people&#39;s food consumption: The mediating influence of the television on family dynamics.PhD thesis. Keele University. Everyday practices surrounding young people&#39;s food consumption: The mediating influence of the television on family dynamics. 
Chota, M. (2014) Assessing the application of project management techniques in valuation roll preparation &#150; A case study of Ndola city council. KitweUnpublished MSc thesis. The Copperbelt University. Assessing the application of project management techniques in valuation roll preparation &#150; A case study of Ndola city council. 
Crosby, N.Lavers, A.Murdoch, J. (1998) Property valuation variation and the margin of error in the U.K, Journal of Property Research. 15, p:305-330. Journal of Property Research. 
Denzeu, A. T.North, D. C. (1994) Shared mental models: Ideologies and institutions, Kyklos. 47, p:3-31. Kyklos. 
Diaz, J.Wolverton, M. L. (1998) A longitudinal examination of the appraisal smoothing process, Real Estate Economics. 26, p:349-358. Real Estate Economics. 
Evans, A. W. (1995) The property market: ninety per cent efficient?, Urban Studies. 32, &#150;.p:5-30. Urban Studies. 
French, N.Gabrielli, L. (2004) The uncertainty of valuation, Journal of Property Investment and Finance. 22, p:484-500. Journal of Property Investment and Finance. 
GRZ. (1997) Rating act No. 12 of the laws of Zambia. Lusaka:Government Printers. Rating act No. 12 of the laws of Zambia. 
GRZ. (1999) Rating (amendment) act No. 9 of the laws of Zambia. Lusaka:Government Printers. Rating (amendment) act No. 9 of the laws of Zambia. 
Hager, D.Lord, D. (1985) The property market, property valuations and property performance measurement. London: Institute of Actuaries. The property market, property valuations and property performance measurement. 
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Kabisa, M. (1994) The rating act: The 22 stages of preparing a valuation roll. Lusaka:Unpublished. Council Rating Workshop. The rating act: The 22 stages of preparing a valuation roll. 
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Schuck, E. J.Levy, D. (1999) The Influence of clients on valuations: the client&#39;s perspective, RICS cutting edge research conference. 
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]]></content>
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<pubDate>02 May 2016 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume22-2016/investigating-demand-side-stakeholders-ability-to-mainstream-sustainability-in-residential-property</link>
<title><![CDATA[Investigating demand-side stakeholders&#39; ability to mainstream sustainability in residential property]]></title>
<description><![CDATA[Current sustainability approaches in the residential property sector for new home construction are deficient, yet crucial in reducing reliance on finite resources whilst providing better social outcomes. At present, efforts to improve dwelling sustainability are inhibited: as sustainability is considered an overly expensive additional extra; there is poor implementation of energy efficiency regulations; un-empowered consumers are unable to demand sustainability and consumers distrust the suppliers of sustainable initiatives. This research addresses an important issue to eliminate the &quot;blame game&quot; and transform the sustainability conversation, adoption and value in new home markets. It adopts an innovative demand-side approach to the residential property sector, in order to target large-scale standardised new home producers as the pivotal, demand-side player in mainstreaming sustainable solutions in new housing. By examining the sector from this new perspective, sustainability can be mainstreamed in the new housing property sector overcoming current inhibitors to sustainability adoption and implementation.
]]></description>
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Australian Bureau of Statistics. (2014) Building approvals: Australia.  . Retrieved November 18, 2015, fromCat. No. 8731.0; Table 21 Value of Dwelling Units Approved: Australia: New Houses. Building approvals: Australia. Retrieved from www.abs.gov.au
Barlow, J.King, A. (1992) The state, the market, and competitive strategy: The housebuilding industry in the United Kingdom, France, and Sweden, Environment and Planning A. 24, p:381-400. Environment and Planning A. 
Barlow, J.Childerhouse, P.Gann, D.Hong-Minh, S.Naim, M.Ozaki, R. (2003) Choice and delivery in housebuilding: Lessons from Japan for UK housebuilders, Building Research and Information. 31, p:134-145. Building Research and Information. 
Boyd, D.Chinyio, E. (2006) Understanding the construction client. Oxford: Blackwell. Understanding the construction client. 
Coiacetto, E. (2006) Real estate development industry structure: Is it competitive and why?, Urban Research Program, Research Paper. 10, pp. Retrieved from.p:32. Urban Research Program, Research Paper. Retrieved from www.griffith.edu.au/_data/assets/pdf_file/0006/48579/urp
Crabtree, L. (2006) Sustainability begins at home? An ecological exploration of sub/urban Australian community-focused housing initiatives, Geoforum. 37, &#150;.p:519-535. Geoforum. 
Crabtree, L.Hes, D. (2009) Sustainability uptake in housing in metropolitan Australia: An institutional problem, not a technological one, Housing Studies. 24, p:203-224. Housing Studies. 
Dalton, T.Horne, R. E.Maller, C. J. (2008) The practice of going green: Policy drivers and homeowners&#39; experiences of improving housing environmental performance in Victoria, Australia. European Housing Researchers&#39; Network Conference, &quot;Shrinking Cities, Sprawling Suburbs, Changing Countrysides&quot;. The practice of going green: Policy drivers and homeowners&#39; experiences of improving housing environmental performance in Victoria, Australia. 
Delmas, M. A.Burbano, V. C. (2011) The drivers of greenwashing, California Management Review. 54, p:64-87. California Management Review. 
Dowling, R. (2005) Residential building in Australia, 1993&#150;2003, Urban Policy and Research. 23, &#150;.p:447-464. Urban Policy and Research. 
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Gabriel, M.Watson, P. (2013) From modern housing to sustainable Suburbia: How occupants and their dwellings are adapting to reduce home energy consumption, Housing, Theory and Society. 30, p:219-236. Housing, Theory and Society. 
Garrett, S. (2014) Home starts top 180k but supply restrictions start to bite. Campbell:Housing Industry Association Limited, Media Release. Home starts top 180k but supply restrictions start to bite. 
H&auml;kkinen, T.Belloni, K. (2011) Barriers and drivers for sustainable building, Building Research and Information. 39, p:239-255. Building Research and Information. 
Haugb&oslash;lle, K.Boyd, D. (2013) Clients and users in construction W118 research roadmap report. International Council For Research and Innovation in Building and Construction (CIB). Clients and users in construction W118 research roadmap report. Retrieved from http://site.cibworld.nl/dl/publications/pub_371.pdf
Heywood, C.Kenley, R. (2010) An integrated consumption-based demand and supply framework for corporate real estate, International conference on construction and Real Estate Management. Brisbane: p:380-385. China Architecture and Building Press. International conference on construction and Real Estate Management. 
HIA. (2015) Housing 100 2014/2015. Campbell:Housing Industry Association Economics. Housing 100 2014/2015. 
Love, P. E. (2002) Influence of project type and procurement method on rework costs in building construction projects, Journal of Construction Engineering and Management. 128, &#150;.p:18-29. Journal of Construction Engineering and Management. 
Love, P. E.Skitmore, M.Earl, G. (1998) Selecting a suitable procurement method for a building project, Construction Management &amp; Economics. 16, p:221-233. Construction Management &amp; Economics. 
Maller, C.Horne, R.Dalton, T. (2011) Green renovations: Intersections of daily routines, housing aspirations and narratives of environmental sustainability, Housing, Theory and Society. 29, p:255-275. Housing, Theory and Society. 
McGregor, S. (2005) Sustainable consumer empowerment through critical consumer education: A typology of consumer education approaches, International Journal of Consumer Studies. 29, &#150;.p:437-447. International Journal of Consumer Studies. 
Ng, S. T.Skitmore, R. M. (2002) Contractor&#39;s risks in design, novate and construct contracts, International Journal of Project Management. 20, p:119-126. International Journal of Project Management. 
Nouguchi, M. (2015) Towards zero energy mass customized housing delivery, Innovative Energy Policies. 4(1), &#150;.p:1-2. Editorial. Innovative Energy Policies. 
O&#39;Brien, W. J.London, K.Vrijhoef, R. (2004) Construction supply chain modeling: A research review and interdisciplinary research agenda, ICFAI Journal of Operations Management. 3, p:64-84. ICFAI Journal of Operations Management. 
Pinkse, J.Dommisse, M. (2009) Overcoming barriers to sustainability: An explanation of residential builders&#39; reluctance to adopt clean technologies, Business Strategy and the Environment. 18, p:515-527. Business Strategy and the Environment. 
Pitt &amp; Sherry. (2014) National energy efficiency building project. Adelaide:produced by Pitt &amp; Sherry for Department of State Development &#150; Government of South Australia. National energy efficiency building project. 
Reardon, C. (2013) Buying a home off the plan, in your home. Retrieved February 20, 2015, fromBuying a home off the plan, in your home. Retrieved from http://www.yourhome.gov.au/
The red and black architect. (2012) Interview with Alex Nock, &#39;Volume house builders and the great Australian nightmare&#39;,. Retrieved from https://theredandbalckarchitect.wordpress.com/2012/10/06/volume-house-builders-and-the-great-Australian-nightmare
Th&oslash;gersen, J. (2005) Consumer behaviour and the environment: Which role for information, Environment, information and consumer behaviour. Northampton, MA: In (Eds.), (Chapter 3) (pp. &#150;)p:51-63. Edward Elgar. Environment, information and consumer behaviour. 
Thorpe, D.Ryan, N.Charles, M. B. (2009) Innovation and small residential builders: An Australian study, Construction Innovation: Information, Process, Management. 9, p:184-200. Construction Innovation: Information, Process, Management. 
Tombesi, P. (2006) Good thinking and poor value: On the socialization of knowledge in construction, Building Research &amp; Information. 34, &#150;.p:272-286. Building Research &amp; Information. 
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Warren-Myers, G.Carre, A.Vines, M.Wakefield, R. (2012) Existing buildings research project: Isolating opportunities for the improvement of the environmental performance of existing housing stock. Melbourne: Sustainability Victoria, Victorian Government. Existing buildings research project: Isolating opportunities for the improvement of the environmental performance of existing housing stock. 
Wathieu, L.Brenner, L.Carmon, Z.Chattopadhyay, A.Wertenbroch, K.Drolet, A.Gourville, J. (2002) Consumer control and empowerment: A primer, Marketing Letters. 13, p:297-305. Marketing Letters. 
Wilkinson, S.Schofield, R. (2003) Procurement systems for construction projects, Management in the New Zealand construction industry. Auckland: p:239-249. Pearson Education. Management in the New Zealand construction industry. 
Williams, K.Dair, C. (2007) What is stopping sustainable building in England? Barriers experienced by stakeholders in delivering sustainable developments, Sustainable Development. 15, p:135-147. Sustainable Development. 
]]></content>
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<pubDate>01 Jan 2016 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume22-2016/experiencing-university-through-playing-property</link>
<title><![CDATA[Experiencing university through playing property]]></title>
<description><![CDATA[Junior high school students are encouraged to explore their preferences as learners and engage in a range of activities to develop understanding of work, careers and post-school destinations. Higher education providers contribute to the school students&#39; exploration through proving campus experience programmes structured to aspire young learners and increase enrolments. This paper communicates the design science research method activities of demonstration and evaluation as they are applied to a serious game, Playing Property. Playing Property is an audience response game forming the basis of a workshop to engage junior high students and enhance their knowledge of property investment. The evaluation discusses trends in audience response decisions along with brief survey responses from 12 workshops, conducted over 3 years. The workshops were consistently rated positively by the participating students, with a majority indicating they learned more about property [investment] through playing. Comparatively the results were in line with other hands-on workshop activities facilitated by academic leaders from other disciplines. The resource allocation to the Playing Property workshop is notably less than comparable workshops and the ability capture decision-making data provides a sound basis for further analysis.
]]></description>
<content><![CDATA[Abt, C. (1987) Serious gamesUniversity Press of America. Serious games. 
Adams, P. (1998) Teaching and learning with SimCity 2000, Journal of Geography. 97, &#150;.p:47-55. Journal of Geography. 
Axelrod, A. (2002) Everything I know about business I learned from Monopoly&reg;: Successful executive strategic lessons learned from the world&#39;s greatest board gameRunning Press. Everything I know about business I learned from Monopoly&reg;: Successful executive strategic lessons learned from the world&#39;s greatest board game. 
Biggs, J.Tang, C. (2009) Teaching for quality learning at university: What the student does. (3rd ed. ed.). Berkshire: SRHE and Open University Press. Teaching for quality learning at university: What the student does. 
Boud, D. (1985) Promoting reflection in learning: a model, Reflection, turning experience into learning. London: In (Eds.), (pp. &#150;)p:18-40. Kogan Page. Reflection, turning experience into learning. 
Boyd, S. (2015) Playing property &#150; designing serious games to enhance the learning experience for undergraduate property students in Australia. Sippy Downs, QLD: ,.Doctoral thesis. University of the Sunshine Coast. Playing property &#150; designing serious games to enhance the learning experience for undergraduate property students in Australia. 
University of the Sunshine Coast, S. (2013) Playing property TurningPoint based property game ,. Retrieved from.Retrieved from https://www.turningtechnologies.com/polling-solutions/turningpoint
Cain, J.Black, E.Rohr, J. (2009) An audience response system strategy to improve student motivation, attention, and feedback, American Journal of Pharmaceutical Education. 73, p:1-7. article 21. American Journal of Pharmaceutical Education. 
Connolly, T.Boyle, E.MacArthur, T.Boyle, J. (2012) A systematic literature review of empirical evidence on computer games and serious games, Computers &amp; Education. 59, p:661-686. Computers &amp; Education. 
Crawford, C. (1984) The art of computer game design. Berkeley, CA:McGraw-Hill/Osborne. The art of computer game design. 
Crookall, D. (2010) Serious games, debriefing, and simulation/gaming as a discipline, Simulation &amp; Gaming. 41, &#150;.p:898-920. Simulation &amp; Gaming. 
Egenfeldt-Nielsen, S. (2009) Third generation educational use of computer games, Learning and teaching with electronic games. Virginia: (pp. &#150;)p:262-281. AACE, Chesapeake. Learning and teaching with electronic games. 
Gee, J. (2011) Reflections on empirical evidence on games and learning, Computer games and instruction. In (Eds.), (pp. &#150;)p:223-232. Information Age Publishing. Computer games and instruction. 
Johnson, L.Adams Becker, S.Estrada, V.Freeman, A. (2014) NMC horizon report: 2014 higher education edition. Austin, TX: New Media Consortium. NMC horizon report: 2014 higher education edition. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/experiencing-university-through-playing-property</guid>
<pubDate>01 Jan 2016 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume22-2016/impact-of-entrepreneurship-education-programme-eep-on-entrepreneurial-intention-of-real-estate-graduates</link>
<title><![CDATA[Impact of entrepreneurship education programme (EEP) on entrepreneurial intention of real estate graduates]]></title>
<description><![CDATA[In the current socio-economic context of the &quot;risk society&quot; characterised by uncertainty and turmoil, entrepreneurship is one of the soft skills that is important among university graduates to ensure their survival in the real world. Realising that this skill can be taught and honed in professional undergraduate programmes, many universities have made entrepreneurship education a compulsory subject to improve undergraduate&#39;s entrepreneurship skills. The discourse on entrepreneurship education programme (EEP) revealed a number of issues being discussed within conventional professional programmes such as engineering and management. Little is known about the impact of EEP on entrepreneurship intention within less popular professional programmes such as real estate. This paper provides an insight into how the compulsory entrepreneurship course impacts the entrepreneurial intentions of graduates of a real estate programme in a public university in Malaysia. Using a mixed method approach, a questionnaire survey and interview were undertaken to elicit respondents&#39; views about the success of the course in terms of instilling and shaping characteristics associated with entrepreneurship. Respondents were found to be less impressed with theory, and more influenced by real-life examples and experiences when emulating entrepreneurship behaviour.
]]></description>
<content><![CDATA[Ajzen, I. (2011) The theory of planned behaviour: Reactions and reflections, Psychology &amp; Health. 26, &#150;.p:1113-1127. Psychology &amp; Health. 
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<guid isPermaLink="true">https://www.prres.org/volume22-2016/impact-of-entrepreneurship-education-programme-eep-on-entrepreneurial-intention-of-real-estate-graduates</guid>
<pubDate>01 Jan 2016 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume22-2016/energy-efficiency-behavioural-effects-of-occupants-and-the-role-of-refurbishment-for-european-office-buildings</link>
<title><![CDATA[Energy efficiency: behavioural effects of occupants and the role of refurbishment for European office buildings]]></title>
<description><![CDATA[Energy consumption in office buildings is determined partly by fixed building characteristics, but also by the behaviour of occupants. Within the European Union, office buildings have become subject to more stringent energy efficiency regulation for new construction or extensive refurbishment, with the aim to reduce energy consumption and carbon emissions. The study determines the influence of physical building characteristics and occupant behaviour on energy consumption, and in particular, the role of refurbishment in different intensities on energy consumption is investigated. The data-set of the Green Rating Alliance is tested to provide evidence, by applying multiple regression models for energy consumption. The results highlight considerably increased energy consumption of single-tenant compared to multi-tenant office buildings. Very large office buildings consume significantly more energy per square metre that their smaller peers. A building&#39;s modelled water consumption turns out to be a good indicator for the actual energy consumption, emphasising the importance of assessing further sustainability measures. Overall, buildings of higher age turn out to be of lower energy consumption, pointing to additional appliances and equipment in more recent buildings, to provide better services and more comfort. In general, extensive refurbishment measures account for significant higher energy use, since the overall quality of the buildings is improved with additional appliances and equipment. Testing for the interaction effect between building age and refurbishment, the results demonstrate significantly lower additional energy consumption for buildings with more recent extensive refurbishment, compared to those with refurbishment several years ago. However, the results need to be considered with precaution against deriving firm conclusions due to the small sample size and some drawbacks in the applied data-set.
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<guid isPermaLink="true">https://www.prres.org/volume22-2016/energy-efficiency-behavioural-effects-of-occupants-and-the-role-of-refurbishment-for-european-office-buildings</guid>
<pubDate>01 Jan 2016 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume22-2016/editorial</link>
<title><![CDATA[Editorial]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume22-2016/editorial</guid>
<pubDate>01 Jan 2016 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume22-2016/the-economic-value-of-low-energy-housing</link>
<title><![CDATA[The economic value of low-energy housing]]></title>
<description><![CDATA[This paper explores a new perspective towards understanding barriers to ascertaining the economic value of low-energy housing. It examines why the economic value of low-energy housing is less transparent in active markets; this is investigated from the valuation principle perspectives of embodied energy and operational energy in residential dwellings. The focus is placed on the composition of energy consumption associated with the housing product life cycle. Low operational energy of a dwelling is linked to consumer preference by the inter-temporal value estimate of expected benefits. However, &quot;low&quot; embodied energy housing is an ecological construct and does not appear to be directly linked to short-term market value or an expected (intuitive) economic motive. This &quot;gap/disconnect&quot;, alongside some practical &quot;barriers&quot; in the market economy, has created a challenge in deriving the economic value of low-energy housing. The barrier to economic value of low-energy housing is methodological and by adopting a life cycle approach to assessing and measuring energy in a house that incorporates embodied energy and operational energy, greater clarity can be achieved which may lead to a better informed market, enhancing transparency and allowing consumer choice to direct and value the broader benefits of low-energy housing.
]]></description>
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<guid isPermaLink="true">https://www.prres.org/volume22-2016/the-economic-value-of-low-energy-housing</guid>
<pubDate>01 Jan 2016 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume22-2016/the-effects-of-mass-rapid-transit-station-on-the-house-prices-in-taipei-the-hierarchical-linear-model-of-individual-growth</link>
<title><![CDATA[The effects of mass rapid transit station on the house prices in Taipei: the hierarchical linear model of individual growth]]></title>
<description><![CDATA[A number of studies have examined the impact of mass rapid transit (MRT) systems, especially the transit station, on house prices, and the conclusions vary. While most studies focused on the analysis at an aggregate level, this paper develops a hierarchical hedonic price model of individual growth to investigate the effects of real estate&#39;s proximity to the train stations, together with other house/neighborhood-specific characteristics, on the longitudinal growth pattern of house prices in Great Taipei. Sample houses are those located within a radius of one kilometer from selected MRT stations. The empirical results show that: (1) the growth pattern of housing price in real terms over time is significantly upward; (2) the city in which the house is located and the type of building positively moderate such growth trajectory; and (3) the influences of both the distance to MRT on house prices and on the growth pattern of house prices are insignificant. Discussion and implications of these findings were provided.
]]></description>
<content><![CDATA[Acharya, G.Bennett, L. L. (2001) Valuing open space and land-use patterns in urban watersheds, Journal of Real Estate Finance and Economics. 22, p:221-237. Journal of Real Estate Finance and Economics. 
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Debrezion, G.Pels, E.Rietveld, P. (2011) The impact of rail transport on real estate prices: An empirical analysis of the Dutch housing market, Urban Studies. 48, p:997-1015. Urban Studies. 
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<guid isPermaLink="true">https://www.prres.org/volume22-2016/the-effects-of-mass-rapid-transit-station-on-the-house-prices-in-taipei-the-hierarchical-linear-model-of-individual-growth</guid>
<pubDate>01 Jan 2016 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume21-2015/the-impact-of-transit-oriented-development-tod-on-residential-property-prices-the-case-of-box-hill-melbourne</link>
<title><![CDATA[The impact of transit-oriented development (TOD) on residential property prices: the case of Box Hill, Melbourne]]></title>
<description><![CDATA[Transit-oriented design (TOD) &#150; an increase in density around transit stations &#150; has arisen in many of Australia&#39;s capital cities as a way to encourage mass transit ridership as well as to efficiently utilize the increase in foot and vehicle traffic that transit stations create. However, the implementation of TODs in Melbourne has faced strong opposition due to residents&#39; perception that the disamenities of a TOD will outweigh the benefits resulting in negative impacts on property prices. This research analyzes the relationship between proximity to a TOD and residential home prices. Results indicate that proximity to a TOD is positively related to property prices, even after controlling for neighborhood factors such as street connectivity and overall land use mix. By testing a variety of transformations of distance, we find that the benefits of TOD proximity extend approximately 1250&nbsp;m from the Box Hill station. From a methodological standpoint, we find that more flexible treatments of distance variables in spatial autoregressive and spline models produce better model fit and lead to results more in line with urban economic theory.
]]></description>
<content><![CDATA[Anselin, L. (1988) Spatial econometrics: Methods and models. Dortrecht:Kluwer. Spatial econometrics: Methods and models. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/the-impact-of-transit-oriented-development-tod-on-residential-property-prices-the-case-of-box-hill-melbourne</guid>
<pubDate>01 Sep 2015 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/editorial3</link>
<title><![CDATA[Editorial]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/editorial3</guid>
<pubDate>01 Sep 2015 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume21-2015/assessing-the-significance-of-environmentally-friendly-mall-from-malaysian-mall-visitors-perspective</link>
<title><![CDATA[Assessing the significance of environmentally friendly mall from Malaysian mall visitors&#39; perspective]]></title>
<description><![CDATA[Measuring mall visitors&#39; experience in an environment-friendly mall is important in determining the performance of the mall. In order to assess the significance of the environment-friendly mall in a developing country, this paper aims to examine the patronage response of mall visitors in terms of patronage satisfaction towards environment-friendly mall attributes. The results showed that Malaysian mall visitors place importance on green mall features such as high ceilings, lush and landscaped greenery, low emission windows and doors, escalators using energy reduction technologies, and solar panel system. The implications of these results are that Malaysian mall visitors somehow perceive the environment-friendly mall differently from the conventional shopping mall. Thus, the government should look into ways to offer incentives to promote green practices among mall developers to construct sustainable buildings in the country.
]]></description>
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Arnold, M. J.Reynolds, K. E. (2003) Hedonic shopping motivations, Journal of Retailing. 79, p:77-95. Journal of Retailing. 
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Edward, B. W.Naboni, E. (2013) Green building pay: Design, productivity &amp; ecology. (3rd ed. ed.). Abingdon: Routledge. Green building pay: Design, productivity &amp; ecology. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/assessing-the-significance-of-environmentally-friendly-mall-from-malaysian-mall-visitors-perspective</guid>
<pubDate>01 Sep 2015 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume21-2015/the-dynamics-of-volatility-for-asian-listed-property-companies-during-the-global-financial-crisis</link>
<title><![CDATA[The dynamics of volatility for Asian listed property companies during the global financial crisis]]></title>
<description><![CDATA[This paper examines the dynamics of return and volatility for listed property company markets across the major Asian countries over sub-periods based on the global financial crisis (GFC). The GFC and Eurozone crisis have shifted investors&#39; focus to investment in the Asian region, making it an opportunistic and dynamic region in terms of property portfolio investment. As such, it is of interest to assess return and volatility levels in the Asian region during the global financial crisis. This paper uses EGARCH models to empirically examine the dynamic volatility of listed property companies in 12 Asian countries. The findings reveal that, for the past 15&nbsp;years, Asia had experienced moderate volatility levels in term of investment in listed property companies, including during the GFC. This study contributes to the empirical literature on the volatility dynamics for Asian property market allocations in international real estate portfolios, especially during a major financial crisis. In particular, the findings from this study will be useful for international investors to better understand the volatility profile of Asian listed property companies during the GFC.
]]></description>
<content><![CDATA[Addae-Dapaah, K.Loh, H. (2005) Exchange rate volatility and international real Estate diversification: A comparison of emerging and developed economies, Journal of Real Estate Portfolio Management. 11, p:225-240. Journal of Real Estate Portfolio Management. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/the-dynamics-of-volatility-for-asian-listed-property-companies-during-the-global-financial-crisis</guid>
<pubDate>01 Sep 2015 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume21-2015/the-underlying-zoning-enigma</link>
<title><![CDATA[The underlying zoning enigma]]></title>
<description><![CDATA[Australian property rights exist within a sophisticated body of compensation case law and practice. To facilitate infrastructure, jurisdictions such as New South Wales must compulsorily acquire significant tracts of private land. The key factor for investigation in this paper is the prior reservation (or zoning) of such land where designated for a public purpose, which ultimately prohibits private usage. Enabling legislation for all compulsory acquisitions requires the assessment of compensation for the private land holder. Key judgements in various Australian Courts make clear that the question of an underlying zoning is a &ldquo;jurisdictional fact&rdquo; that triggers the agency to assess reasonable compensation.
]]></description>
<content><![CDATA[Allport, C. (1980) The unrealised promise: Plans for Sydney housing in the forties, Twentieth century Sydney: Studies in urban and social history. Sydney: In (Ed.), (pp. &#150;)p:48-68. Hale and Ironmonger. Twentieth century Sydney: Studies in urban and social history. 
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Brunton, N. (2012) Out of land and out of pocket: An analysis of compensation for disturbance following the compulsory acquisition of land in NSW, Local Government Law Journal. 17, &#150;.p:148-182. Local Government Law Journal. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/the-underlying-zoning-enigma</guid>
<pubDate>01 Sep 2015 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/impact-of-borrowers-attributes-on-mortgage-default-evidence-from-nigerian-lending-market</link>
<title><![CDATA[Impact of borrower&#39;s attributes on mortgage default: evidence from Nigerian lending market]]></title>
<description><![CDATA[The need for proper identification of mortgage default factors has become a major focus of mortgage researches given the debilitating effect of default on mortgage market and real estate finance in particular. This paper therefore analyses the socio-economic attributes of borrowers as default triggers in residential mortgages of Primary Mortgage Institutions (PMIs) in Nigeria. Relevant data were collected on profiles of 305 borrowers randomly drawn from the credit databank of 36 PMIs. Using logistic regression (LR), payment-to-income ratio, type and sex of borrowers are found as significant mortgage default factors. With 68.2% overall prediction accuracy, LR is found appropriate for mortgage default prediction. However, the findings of this study also signal the complexity that is inherent employing socio-economic factors for default probability prediction.
]]></description>
<content><![CDATA[Abdou, H. A.Pointon, J. (2011) Credit scoring, statistical techniques and evaluation criteria: A review of the literature, Intelligent Systems in Accounting, Finance and Management. 18, p:59-88. Intelligent Systems in Accounting, Finance and Management. Retrieved from http://doi.wiley.com/10.1002/isaf.325
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Bandyopadhyay, A.Saha, A. (2009) Factors driving demand and default risk in residential housing loans: Indian evidence, MPRA Paper. 14352. MPRA Paper. Retrieved from https://mpra.ub.uni-muenchen.de/14352/
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Canner, G. B.Gabriel, S. A.Woolley, J. M. (1991) Race, default risk and mortgage lending: A study of the FHA and conventional loan markets, Southern Economic Journal. 58, p:249-262. Southern Economic Journal. 
Clauretie, T. M.Sirmans, G. S. (2003) Real estate finance: Theory and practice. Thomas Learning. Real estate finance: Theory and practice. 
Clayton, J. (2007) Commercial real estate derivatives: The developing US market, Journal of Economic Perspectives. 32, &#150;.p:33-40. Journal of Economic Perspectives. 
Delgadillo, L. M.Gallagher, A. (2003) Borrowers and mortgage related factors associated with FHA foreclosures, Family and Consumer Sciences Research Journal. 34, p:204-222. Family and Consumer Sciences Research Journal. 
Diaz-Serrano, L. (2005) Income Volatility and Residential Mortgage Delinquency across the EU Journal of Housing Economics 14, -.p:153-177. 
Hakim, S. R.Haddad, M. (1999) Borrower attributes and the risk of default of conventional mortgages, AEJ. 27, p:210-220. AEJ. 
Hayre, L. S.Saraf, M.Young, R.Chen, J. D. (2008) Modeling of mortgage defaults, The Journal of Fixed Income. 17, p:6-30. The Journal of Fixed Income. 
Jacobson, T.Roszbach, K. (2003) Bank lending policy, credit scoring and value-at-risk, Journal of Banking &amp; Finance. 27, p:615-633. Journal of Banking &amp; Finance. 
Kama, U.Yakubu, J.Bewaji, P.Adigun, M. A.Adegbe, O.Elisha, J. D. (2013) Mortgage financing in Nigeria. Central Bank of Nigeria Occasional Paper No. 50. Mortgage financing in Nigeria. Retrieved from http://www.cenbank.org/Out/2014/RSD/OccasionalPaperNo.50mortagagefinancinginNIgeriaCombined.pdf
Kung, J. Y.Wu, S. Y.Hsu, S. S.Lee, W.Yang, C. W. (2010) Application of logistic regression analysis of home mortgage loan prepayment and default risk, ICIC Express Letters. 4, p:325-331. ICIC Express Letters. 
Lee, S. P.Liu, D. Y. (2001) An analysis of default risk on residential mortgage loans, International Journal of Management. 18, p:421-431. International Journal of Management. 
Leishman, C.Watkins, C. (2004) The decision-making behaviour of office occupiers, Journal of Property Investment &amp; Finance. 22, p:307-319. Journal of Property Investment &amp; Finance. 
Lin, T. T.Lee, C.Chen, C. (2011) Impacts of the borrower&#39;s attributes, loan contract contents, and collateral characteristics on mortgage loan default, The Service Industries Journal. 31, p:1385-1404. The Service Industries Journal. 
Munnell, A. H.Geoffrey, M. B. Tootell.Lynn, E. B.McEneaney, J. (1996) Mortgage lending in Boston: Interpreting HMDA&nbsp;data, American Economic Review. 86, p:25-53. American Economic Review. 
Nubi, T. O. (2000) Housing finance in Nigeria &#150; Need for reengineering. Housing finance in Nigeria &#150; Need for reengineering. Retrieved from http://www.housingfinance.org/pdfstorage/Africa
Ojo, A. O. (2009) The role of secondary mortgage facility in expanding the availability of funds for mortgage finance in Nigeria KTH Architecture and the Built Environment Stockholm: ,.An MSc Thesis Submitted to the Department of Real Estate and Construction Management. 
Okpara, G. C. (2009) A synthesis of the critical factors affecting performance of the Nigerian banking system, European Journal of Economics, Finance and Administrative Sciences. 17, &#150;.p:34-44. European Journal of Economics, Finance and Administrative Sciences. 
Omirin, M. M.Nubi, T. G. (2007) The role of primary mortgage institutions in housing delivery, Housing Finance International. 22, p:52-56. Housing Finance International. 
Onyike, J. A. (2007) An assessment of the affordability of housing by public servants in Owerri, Nigeria, Journal of Land Use and Development Studies. 3, &#150;.p:21-34. Journal of Land Use and Development Studies. 
Peng, C. J.Lee, K. L.Ingersoll, G. M. (2002) An introduction to logistic regression analysis and reporting, The Journal of Educational Research. 96, p:3-14. The Journal of Educational Research. 
Peter, V.Peter, R. (2006) Risk management model: an empirical assessment of the risk of default, International Research Journal of Finance and Economics. 1, p:42-56. International Research Journal of Finance and Economics. 
Saka, N.Akin, O. T. (2007) An assessment of the impact of real estate sector on the Nigerian economy, Journal of Land Use and Development Studies. 3, p:155-171. Journal of Land Use and Development Studies. 
Sanusi, J. O. (2003) Mortgage financing in Nigeria: Issues and challenges. ,. .Being Text of a Paper Presented at the 9th John Wood Ekpenyong Memorial Lecture, Organized by the Nigerian Institution of Estate Surveyors and Valuers 29th January. Mortgage financing in Nigeria: Issues and challenges. Retrieved from http://www.cenbank.org/out/Speeches/2003/Govsp-29Jan.pdf
Somoye, R. O. C. (2010) The variation of risks on non-performing loans on bank performances in Nigeria, Indian Journal of Economics and Business. 9, &#150;.p:87-99. Indian Journal of Economics and Business. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/impact-of-borrowers-attributes-on-mortgage-default-evidence-from-nigerian-lending-market</guid>
<pubDate>01 Sep 2015 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/a-study-of-real-estate-student-satisfaction-in-australia</link>
<title><![CDATA[A study of real estate student satisfaction in Australia]]></title>
<description><![CDATA[The paper aims to establish an overall review of satisfaction of real estate students in Australia. The Course Experience Questionnaire within the Australian Graduate Survey is used for this paper. Dimensionality reduction was used to prepare the information on the real estate courses used in this paper. Exploratory factor analysis was used to produce the list of student satisfaction factors. Six student satisfaction factors were identified, including 
	 (F1), 
	 (F2), 
	 (F3), 
	 (F4), 
	 (F5) and 
	 (F6). Multiple and hierarchical regression analysis are used to identify the level of influence of demographic variables on each of the student satisfaction factors and the level of statistical significant prediction of individual student satisfaction factors on overall student satisfaction. Quality of staff and course is the most important predictor of real estate student satisfaction. Age is reviewed as the only demographic factor which is statically significant but has a negative impact on real estate student satisfaction. This paper identified some important elements for enhancing student satisfaction which universities can take on board for developing a strategy to enhance student satisfaction.
]]></description>
<content><![CDATA[Arambewela, R.Hall, J. (2009) An empirical model of international student satisfaction, Asia Pacific Journal of Marketing and Logistics. 21, p:555-569. Asia Pacific Journal of Marketing and Logistics. 
Aspden, L.Helm, P. (2004) Making the connection in a blended learning environment, Educational Media International. 41, p:245-252. Educational Media International. 
Australian Graduate Survey (AGS). (2015) Australian graduate survey.  [WWW document]. Retrieved fromAustralian graduate survey. Retrieved from http://www.graduatecareers.com.au/research/surveys/australiangraduatesurvey/
Bradley, D.Noonan, P.Nugent, H.Scales, B. (2008) Review of Australian Higher Education: Final report. Canberra, Australia: Review of Australian Higher Education: Final report. 
Coles, C. (2002) Variability of student ratings of accounting teaching: Evidence from a Scottish business school, International Journal of Management Education. 2, &#150;.p:30-39. International Journal of Management Education. 
Debnath, R. M.Kumar, S.Shankar, R.Roy, R. K. (2005) Students&#39; satisfaction in management education: Study and insights, Decision. 32, p:139-155. Decision. 
Douglas, J.Douglas, A.Barnes, B. (2006) Measuring student satisfaction at a UK university, Quality Assurance in Education. 14, p:251-267. Quality Assurance in Education. 
Fabgrigar, L. R.Wenger, D. T.MacCallum, R. C.Strahan, E. S. (1999) Evaluating the use of exploratory factor analysis in psychological research, Psychological Methods. 4, p:272-299. Psychological Methods. 
Field, A. P. (2013) Discovering statistics using SPSS. (4th ed. ed.). London.Sage. Discovering statistics using SPSS. 
Gallifa, J.Batalle, P. (2010) Student perceptions of service quality in a multi-campus higher education system in Spain, Quality Assurance in Education. 18, p:156-170. Quality Assurance in Education. 
Gruber, T.Fub, S.Voss, R.Glasser-Zikuda, M. (2010) Examining student satisfaction with higher education services: Using a new measurement tool, International Journal of Public Sector Management. 23, p:105-123. International Journal of Public Sector Management. 
Hair, J. R.Anderson, R. E.Tatham, R. L.Black, W. C. (2006) Multivariate data analysis. (8th ed. ed.). Englewood Cliffs, NJ: Prentice-Hall International. Multivariate data analysis. 
Kara, A.DeShields, O. W. (2004) Business student satisfaction intentions and retention in higher education: An empirical investigation, Marketing Education Quarterly. 3(1), p:1-25. Marketing Education Quarterly. 
Keeley, J.Smith, D.Buskit, W. (2006) The teacher behaviours checklist: Factor analysis of its utility for evaluating teaching, Teaching of Psychology. 33, p:84-91. Teaching of Psychology. 
Kline, P. (1994) An easy guide to factor analysis. London:Routledge. An easy guide to factor analysis. 
Lamond, J.Proverbs, D.Wood, T. (2013) What matters to built environment students. Higher Education Academy. What matters to built environment students. 
Miles, J.Shevlin, M. (2006) Applying regression and correlation: A guide for students and researchers. London: Sage. Applying regression and correlation: A guide for students and researchers. 
Munteanu, C.Ceobanu, C.Bobalca, C.Anton, O. (2010) An analysis of customer satisfaction in a higher education context, International Journal of Public Sector Management. 23, p:124-140. International Journal of Public Sector Management. 
Navarro, M.Inglesias, M. P.Tores, P. R. (2005) A new management element for universities: Satisfaction with offered courses, International Journal of Educational Management. 19, p:505-526. International Journal of Educational Management. 
Newell, G. (2013) Assessing property student satisfaction with their property education experience in an Australian University, Pacific Rim Property Research Journal. 19, &#150;.p:133-149. Pacific Rim Property Research Journal. 
Nunnally, J. C.Bernstein, I. H. (1994) Psychometric theory. (3rd ed. ed.). McGraw-Hill. Psychometric theory. 
O&#39;Driscoll, F. (2012) What matters most. An exploratory multivariate study of satisfaction among first year hotel/hospitality management students, Quality Assurance in Education. 20, &#150;.p:237-258. Quality Assurance in Education. 
Petruzzellis, L.D&#39;Uggento, A. M.Romanazzi, S. (2006) Student satisfaction and quality of service in Italian universities, Managing Service Quality. 16, p:349-364. Managing Service Quality. 
Poon, J.Brownlow, M. (2015) Real estate student satisfaction in Australia: What matters most?, Property Management. 33, p:100-132. Property Management. 
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Rogers, J.Smith, M. (2011) Demonstrating genuine interest in students&#39; needs and progress, Journal of Applied Research in Higher Education. 3, p:6-14. Journal of Applied Research in Higher Education. 
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Sohail, M. S.Shaikh, N. M. (2004) Quest for excellence in business education: A study of student impressions of service quality, International Journal of Educational Management. 18, p:58-65. International Journal of Educational Management. 
Soutar, G.McNeil, M. (1996) Measuring service quality in a tertiary institution, Journal of Educational Administration. 34, p:72-82. Journal of Educational Administration. 
Teven, J. J.McCroskey, J. C. (1996) The relationship of perceived teacher caring with student learning and teacher evaluation, Paper presented at the Annual Meeting of the Speech Communication Association. 
Thomas, E. H.Galambos, N. (2004) What satisfies students? Mining student-opinion data with regression and decision tree analysis, Research in Higher Education. 45, p:251-269. Research in Higher Education. 
Umbach, P. D.Wawrzynski, M. R. (2005) Faculty do matter: The role of college faculty in student learning and engagement, Research in Higher Education. 46, p:153-184. Research in Higher Education. 
Welker, J.Berardino, L. (2005) Blended learning: Understanding the middle ground between traditional classroom and fully online instruction, Journal of Educational Technology Systems. 34, p:33-55. Journal of Educational Technology Systems. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/a-study-of-real-estate-student-satisfaction-in-australia</guid>
<pubDate>01 Sep 2015 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/land-registration-within-the-framework-of-land-administration-reform-in-lagos-state</link>
<title><![CDATA[Land registration within the framework of land administration reform in Lagos state]]></title>
<description><![CDATA[This study identifies certain key features of the current land registration system which address the effectiveness of an Electronic Document Management System (EDMS) in land registration. The study uses both qualitative and quantitative data. The sample population for the study includes Lagos land title registration officials, practicing firms of lawyers and estate surveyors and valuers, from which the sample size was systematically drawn. The study employs descriptive statistics, mean item score and factor analysis to isolate critical factors germane to title registration. The paper concludes that EDMS has not aided boundary dispute resolution neither has it increased the number of applications processed. However, it has improved public confidence in transactions, centralized and consolidated file storage and facilitated availability of an on-line document search and retrieval system at the registry. It has also reduced waiting time for obtaining information on land matters and an improved managerial efficiency was identified as a strength. Furthermore, three critical components were identified as problems for land registration including lack of institutional framework, ambiguous legal framework and inadequacy of technical skills/competent staff. The study therefore recommends an all-encompassing system of land registration which will systematically increase registered titles, reduce land charges/cost and reduce boundary disputes.
]]></description>
<content><![CDATA[Adeniyi, I. (2013) Legitimising systematic land titling and registration in Nigeria, Vanguard Newspaper. 29(12465),. . Retrieved July 27, 2014, fromVanguard Newspaper. Retrieved from http://www.vanguardngr.com/2013/02/97-5-of-nigerias-land-not-registered-presidential-committee/#sthash.V4TtQVmV.dpuf
Arnot, B.Meadows, J. (2006) Reforming the land registration process in Nigeria: promoting land administration and good governance. 5th FIG Regional Conference. Reforming the land registration process in Nigeria: promoting land administration and good governance. Retrieved from http://www.fig.net/pub/accra/papers/ts14/ts14_02_arnot_meadows.pdf
Binswanger, H. P.Deininger, K. (1993) South African land policy: The legacy of history and current options, World Development. 21, p:1451-1475. World Development. 
Cousins, B.Cousins, T.Hornby, D.Kingwill, R.Royston, L.Smith, W. (2005) Will formalising property rights reduce poverty in South Africa&#39;s &#145;second economy&#39;? Questioning the mythologies of Hernando de Soto, PLAAS Policy Brief. 18, p:4. PLAAS Policy Brief. 
Deininger, K. (2005) Land policy reform: Analyzing the distribution impact of reform. Retrieved April 4, 2014, fromResearch Report in Land Administration. Land policy reform: Analyzing the distribution impact of reform. Retrieved from J:AdminDAC_Paper.doc
Deininger, K.Binswanger, H. (1999) The evolution of the World Bank&#39;s land policy: Principles, experience, and future challenges, The World Bank Research Observer. 14(2), p:247-276. The World Bank Research Observer. 
De Soto, H. (2000) The mystery of capital: Why capitalism triumphs in the west and fails everywhere else. London:Bantam Press. The mystery of capital: Why capitalism triumphs in the west and fails everywhere else. 
DFID. (2010) Department for international development: Nigeria&#39;s security justice and growth programme. Retrieved fromResearch Report in Land Administration. Department for international development: Nigeria&#39;s security justice and growth programme. Retrieved from http://library.sparc-nigeria.com/Delivery.aspx?AttachmentID=10acdb80-4949-11df-87a6-00221964e37f
Gasant, J. (2014) Development of and implementation LIS: Building an effective partnership to reform Uganda&#39;s land administration. XXV FIG Congress. (, June 16&#150;24). ,.Development of and implementation LIS: Building an effective partnership to reform Uganda&#39;s land administration. 
Griffith-Charles, C. (2004) The impact of land titling on land transaction activity and registration sustainability. (.Unpublished doctoral dissertation). Submitted to the University of Florida. The impact of land titling on land transaction activity and registration sustainability. 
Janssen, C. (2014) What is an electronic document management system (EDMS)? &#150; definition from techopedia,. Retrieved from http://www.techopedia.com/definition/12769/electronic-document-management-system-edms
Joireman, S. F. (2006) Applying property rights theory to Africa: The consequences of formalizing informal land rights. Boulder, CO: Retrieved fromInternational Society for New Institutional Economics. Applying property rights theory to Africa: The consequences of formalizing informal land rights. Retrieved from http://www.isnie.org/ISNIE06/Papers06/11.2/joireman.pdf
Kanji, N.Cotula, C.Hilhorst, T.Toulmin, C.Written, W. (2005) Securing land rights in Africa: &quot;Can land registration serve poor and marginalized groups. London: July 8, 2014. International Institute for Environment and Development (IIED). Securing land rights in Africa: &quot;Can land registration serve poor and marginalized groups. Retrieved from http://www.finalreportsecuringlandrightsinafrica1.pdf
Koh, M. (2014) Land registration project in Jamaica. XXV FIG Congress. (, June 16&#150;24).,,.Land registration project in Jamaica. 
Kuntu-Mensah, P. (2006) On the implementation of land title registration in Ghana. Promoting land administration and good governance. 5th FIG Regional Conference. (, March 8&#150;11). ,. Retrieved fromOn the implementation of land title registration in Ghana. Promoting land administration and good governance. Retrieved from https://www.fig.net/pub/accra/papers/ts14/ts14_03_kuntumensah.pdf
Lagos State Land Bureau Handbook. (2010).The Lands Bureau, Governor&#39;s Office Publication. 
Larbi, O. (2008) Land administration reform in Ghana (Slide Presentation). Retrieved July 31, 2014, fromLand administration reform in Ghana (Slide Presentation). Retrieved from http:/www.fig.net/commission?/verona_am2008/pp
Oboli, C. E.Akpoyoware, A. O. (2010) Reform in cadastre and land administration in Nigeria-coping with challenges in development. FIG Congress. Reform in cadastre and land administration in Nigeria-coping with challenges in development. Retrieved from http://www.fig.net/pub/fig2010/papers/
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Riddell, J. C. (2000) Emerging trends in land reform: Progress towards a unified theory, Journal of Sustainable Development. (.). Retrieved fromDepartment, Food and Agriculture Organization of the United Nations FAO. Journal of Sustainable Development. Retrieved from http://www.fao.org/sd/LTdirect/LTan0038.htm
Ukaejiofo, A.Nnaemeka, I. (2014) The dilemma of restructuring the land governance system in Nigeria. XXV FIG Congress. The dilemma of restructuring the land governance system in Nigeria. 
United Nations Economic Commission for Europe (UNECE). (2005a) Land administration for sustainable development. Retrieved April 4, 2014, from,Land administration for sustainable development. Retrieved from http://downloads2.esri.com/ESRIpress/images/165/ladmin_ch01.pdf
United Nations Economic Commission for Europe (UNECE). (2005b) Land administration in the UNECE region development trends and main principles. Geneva: Retrieved fromLand administration in the UNECE region development trends and main principles. Retrieved from http://www.unece.org/env/documents/2005/wpla/ECE-HBP-140-e.pdf
Van der Mollen, R. (2002) Changing basic concepts in land registry and cadastre. International Symposium on GIS, Istanbul. (, September 23&#150;26). ,. Retrieved July 31, 2014, fromChanging basic concepts in land registry and cadastre. Retrieved from https://www.fig.net/com_3_istanbul/PDF/P.V.D.Molen.pdf
Williamson, I. (1981) Cadastral survey requirements of developing countries in the Pacific region with particular reference to Fiji. ,. Retrieved fromCadastral survey requirements of developing countries in the Pacific region with particular reference to Fiji. Retrieved from http://www.csdila.unimelb.edu.au/publication/journals/ipw_82_CADASTRAL_SURVEY_REQUIREMENTS.pdf
Williamson, I. (2008) The future role of the cadastre. Retrieved July 27, from.The future role of the cadastre. Retrieved from http://www.csdila.unimelb.eduau/publication/conferences/cadastre.Pdf
Williamson, I.Enemark, S.Rajabifard, A. J. (2008) Understanding land administration systems. An International Seminar on Land Administration Trends and Issues in Asia and the Pacific Region. July 27, 2014. Understanding land administration systems. Retrieved from http://www.csdila.unimelb.edu.au/publication/conferences/UnderstandingLandAdministrationSystems.pdfom
Williamson, I.Enemark, S.Wallace, J.Rajabifard, A. (2009) Land administration for sustainable development. Redland, CA: Economic and Social Research Institute (ESRI) Press Academic. Land administration for sustainable development. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/land-registration-within-the-framework-of-land-administration-reform-in-lagos-state</guid>
<pubDate>03 May 2015 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/determinants-of-house-prices-in-seoul-a-quantile-regression-approach</link>
<title><![CDATA[Determinants of house prices in Seoul: A quantile regression approach]]></title>
<description><![CDATA[This paper estimates house price determinants in the Korean housing market, focusing on Seoul and employing the method of a quantile regression of a hedonic price model. With this quantile regression approach, how implicit prices of housing characteristics vary in each quantile of house prices is investigated. The data sample for this paper comprises court auction data collected from district courts of Seoul between 2006 and 2012. The hedonic variables employed in this research include building age, size, floor height, and floor level, proximity to metro station and high school and scenic view. As dependent variables, house prices in three sub-regions of Seoul are considered. Those prices between before and after the 2008 financial crisis are compared to determine the impact of the crisis. The empirical analysis finds that school proximity has the largest effect on the prices among dummy variables and that the level of the effect is larger in lower quantiles (lower-priced houses). By contrast, scenic view has a larger effect in higher quantiles (higher-priced houses), while its effect is statistically insignificant in lower quantiles. The effects of both school proximity and scenic view are also found to decrease in magnitude after the crisis.
]]></description>
<content><![CDATA[Allen, M.Swisher, J. (2000) An analysis of the price formation process at a HUD auction, Journal of Real Estate Research. 20, p:279-298. Journal of Real Estate Research. 
Bae, C.-H. C.Jun, M.-J.Park, H. (2003) The impact of Seoul&#39;s subway line 5 on residential property values, Transport Policy. 10, p:85-94. Transport Policy. 
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Can, A.Megbolube, I. (1997) Spatial dependence and house price index construction, Journal of Real Estate Finance and Economics. 14, p:203-222. Journal of Real Estate Finance and Economics. 
Chau, W. K.Choy, L. H. T. (2011) Let the buyer or seller beware: Measuring lemons in the housing market under different doctrines of law governing transactions and information, Journal of Law and Economics. 54(4), p:347-365. Journal of Law and Economics. 
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Cho, C.-J. (2011) An analysis of the housing redevelopment of process in Korea through the lens of the transaction cost framework, Urban Studies. 48(7), &#150;.p:1477-1501. Urban Studies. 
Cho, H.Kim, K.Shilling, J. (2007) Are house prices and trading volume related? Evidence from the Seoul housing market. Working Paper. Are house prices and trading volume related? Evidence from the Seoul housing market. 
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Feng, H.Lu, M. (2013) School quality and housing prices: Empirical evidence from a natural experiment in Shanghai, China, Journal of Housing Economics. 22, p:291-307. Journal of Housing Economics. 
Fesselmeyer, E.Le, K. T.Seah, K. Y. (2013) Change in the white-black house value distribution gap form 1997 to 2005, Regional Science and Urban Economics. 43, p:132-141. Regional Science and Urban Economics. 
Frino, A.Peat, M.Wright, D. (2011) The Impact of auctions on residential property prices, Accounting &amp; Finance. 52(3), p:815-830. Accounting &amp; Finance. 
Gyourko, J.Tracy, J. (1999) A Look at real housing prices and incomes: Some implications for housing affordability and quality., FRBNY Economic Policy Review. 5(3), p:63-77. FRBNY Economic Policy Review. 
Gyourko, J.Linnerman, P. D. (1993) The affordability of the American dream: An examination of the last thirty years, Journal of Housing Research. 4(1), p:39-72. Journal of Housing Research. 
Hahn, S.Kim, T.-H.Kim, M. (2012) The influence of school quality on housing prices in Korea, Applied Economics. 44, p:1021-1023. Applied Economics. 
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Jang, Y. H.Kim, S.-H. (2013) New experiments in public housing supply in Seoul, South Korea: The possibilities and limits. Chapter 8, The future of public housing. Berlin/Heidelberg: p:123-142. Springer. The future of public housing. 
Jim, C. Y.Chen, W. Y. (2006) Impact of urban environmental elements on residential housing prices in Guangzhou (China), Landscape and Urban Planning. 78, p:422-434. Landscape and Urban Planning. 
Jim, C. Y.Chen, W. Y. (2009) Value of scenic views: Hedonic assessment of private housing in Hong Kong, Landscape and Urban Planning. 91, p:226-234. Landscape and Urban Planning. 
Kang, H. H.Liu, S.-B. (2014) The impact of the 2008 financial crisis on housing prices in China and Taiwan: A quantile regression analysis, Economic Modelling. 42, p:356-362. Economic Modelling. 
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Lee, B. S.Chung, E.-C.Kim, Y. H. (2005) Dwelling age, redevelopment, and housing prices: The case of apartment complexes in Seoul, Journal of Real Estate Finance and Economics. 30(1), p:55-80. Journal of Real Estate Finance and Economics. 
Liao, W.-C.Wang, X. (2012) Hedonic house prices and spatial quantile regression, Journal of Housing Economics. 21, p:16-27. Journal of Housing Economics. 
Lusht, K. (1996) A comparison of prices brought by English auction and private negotiations, Real Estate Economics. 24, &#150;.p:517-530. Real Estate Economics. 
Mak, S.Choy, L.Ho, W. (2010) Quantile regression estimates of Hong Kong real estate prices, Urban Studies. 47(11), p:2461-2472. Urban Studies. 
Mayer, C. J. (1998) Assessing the performance of real estate auctions, Real Estate Economics. 26(1), &#150;.p:41-66. Real Estate Economics. 
Mayer, C. J. (1994) A model of negotiated sale applied to real estate auctions, Journal of Urban Economics. 38(1), &#150;.p:1-22. Journal of Urban Economics. 
Newsome, B.Zietz, J. (1992) Adjusting comparable sales using MRA: The need for segmentation, Appraisal Journal. 6, p:129-135. Appraisal Journal. 
Ong, S. E.Lusht, K. M.Mak, C. Y. (2005) Factors influencing auction outcomes: Bidder turnout, auction houses and market conditions, Journal of Real Estate Research. 27(2), p:177-192. Journal of Real Estate Research. 
Qu, W.Liu, X. (2012) Assessing the performance of Chinese land lease auctions: Evidence from Beijing, Journal of Real Estate Research. 34(3), p:291-310. Journal of Real Estate Research. 
Quan, D. C. (2002) Market mechanism choice and real estate disposition: Search versus auction, Real Estate Economics. 30, &#150;.p:365-384. Real Estate Economics. 
Zietz, J.Zietz, E.Sirmand, G. (2008) Determinants of housing prices: A quantile regression approach, Journal of Real Estate Finance and Economics. 37(4), p:317-333. Journal of Real Estate Finance and Economics. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/determinants-of-house-prices-in-seoul-a-quantile-regression-approach</guid>
<pubDate>03 May 2015 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/the-dynamic-linkage-among-the-asian-reits-market</link>
<title><![CDATA[The dynamic linkage among the Asian REITS market]]></title>
<description><![CDATA[This paper investigates the long-run relationship and short-term linkage among the Asian REIT markets before, during and after global financial crisis through the combination of Johansen Cointegration Test and Granger Causality Test. The results indicate that the existence of cross-border diversification opportunities remain even though the markets were cointegrated since the global financial crisis. Short-run causality tests show that the number of causality relationships decrease over the time. Overall, the results suggest that domestic REIT investors can achieve diversification benefits by incorporating certain international REITs into the domestic portfolio, but they need to review their portfolios periodically as the linkages among markets could change from time-to-time.
]]></description>
<content><![CDATA[Allen, D.MacDonald, G. (1995) The long-run gains from international equity diversification: Australian evidence from cointegration tests, Applied Financial Economics. 5(1), p:33-42. Applied Financial Economics. 
Engle, R. F.Granger, C. W. J. (1987) Co-integration and error correction: Representation, estimation and testing, Econometrica. 55(2), p:251-276. Econometrica. 
Granger, C. W. J. (1969) Investigating causal relations by econometric models and cross-spectral methods, Econometrica. 37(3), &#150;.p:424-438. Econometrica. 
Granger, C. W. J. (1986) Developments in the study of cointegrated variables, OxfordBulletin of Economics and Statistics. 48(3), &#150;.p:213-228. OxfordBulletin of Economics and Statistics. 
Johansen, S. (1988) Statistical analysis of co-integration vectors, Journal of Economic Dynamics and Control. 12(2&#150;3), &#150;.p:231-254. Journal of Economic Dynamics and Control. 
Johansen, S. (1991) Estimation and hypothesis testing of co-integration vectors in Gaussian vector autoregressive models, Econometrica. 59(6), &#150;.p:1551-1580. Econometrica. 
Kim, B. S. (2009) The impact of the Global Financial Crisis on Asia-Pacific real estate markets: Evidence from Korea, Japan, Australia and U.S. REITs, Pacific Rim Property Research Journal. 15(4), &#150;.p:398-416. Pacific Rim Property Research Journal. 
Liow, K. H. (2008) Financial crisis and Asian real estate securities market interdependence: some additional evidence, Journal of Property Research. 25(2), &#150;.p:127-155. Journal of Property Research. 
Newell, G.Peng, H. W. (2012) The significance and performance of Japan REITs in a mixed-asset portfolio, Pacific Rim Property Research Journal. 18(1), p:21-34. Pacific Rim Property Research Journal. 
Newell, G.Wu, Y.Chau, K. W.Wong, S. K. (2010) The development and performance of REITs in Hong Kong, Pacific Rim Property Research Journal. 16(2), p:190-206. Pacific Rim Property Research Journal. 
Peng, H. W.Newell, G. (2012) The role of Taiwan REITs in investment portfolios, Pacific Rim Property Research Journal. 18(1), p:67-80. Pacific Rim Property Research Journal. 
Pham, A. K. (2011) The performance of Thai-REITs in a mixed-asset portfolio, Pacific Rim Property Research Journal. 17(2), &#150;.p:197-214. Pacific Rim Property Research Journal. 
Pham, A. K. (2012) The dynamics of returns and volatility in the emerging and developed Asian REIT markets, Journal of Real Estate Literature. 20(1), &#150;.p:79-96. Journal of Real Estate Literature. 
Yunus, N.Swanson, P. E. (2007) Modelling linkages between US and Asia-Pacific securitized property markets, Journal of Property Research. 24(2), p:95-122. Journal of Property Research. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/the-dynamic-linkage-among-the-asian-reits-market</guid>
<pubDate>03 May 2015 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/asset-valuation-and-the-role-of-news-in-sub-saharan-africa-valuers-rationality-and-the-hype-dilemma</link>
<title><![CDATA[Asset valuation and the role of news in sub-Saharan Africa: Valuers&#39; rationality and the hype dilemma]]></title>
<description><![CDATA[This study is a survey of valuers within Africa to see whether they believe that valuations can be affected by stories relating to specific properties within the media. Experience has shown that valuers&#39; ideal of exercising duty of care to act in the best interest of their clients does not always hold sway as news stories in the form of hype can distort valuation outcomes through excessive publicity and exaggerated claims in advertisements or promotional materials for real estate assets.
Based on a theoretical framework built around relevant real estate-related and behavioural theories and a research problem that shares the vision of the &quot;Windhoek Declaration of 1991,&quot; the paper analyses the behaviour of 50 randomly selected valuers across sub-Saharan Africa, when exposed to different news stories. Findings reveal that market valuations, rather than statutory valuations, can be impacted by good or bad news stories; this is particularly prevalent in cases where valuers fail to exercise due diligence. Recommendations are made to ensure valuers&#39; public reputation is not damaged by their exposure to framing or distorted presentation of information relating to the real estate market.
]]></description>
<content><![CDATA[Australian Property Institute. .Retrieved from www.api.org.au
Bayer, R. CKe, C. (2013) Discounts and consumer search behaviour: The role of framing, Journal of Economic Psychology. 39(C), p:215-224. Journal of Economic Psychology. 
Beaudoin, C. E.Thorson, E. (2002) A market theory of media use, Mass Communication and Society. 5(3), p:241-262. Mass Communication and Society. 
Bentham, J. (1789) An introduction to the principles of morals and legislation. Library of Economics and Liberty. .An introduction to the principles of morals and legislation. Library of Economics and Liberty. Retrieved from http://www.econlib.org/library/Bentham/bnthPML.html
Berger, G. (2011) Overview: Media in Africa: Final Report, Seminar on Promoting an Independent and Pluralistic African Press. Retrieved January 20, 2014, fromRetrieved from http://www.eldis.org/go/
Canadian Securities Institute. (2008) Fundamental and technical analysis.Canadian Securities Course 2, pp. 13.6. Fundamental and technical analysis. 
Certified Practising Valuer, Australia. .Retrieved from www.cpv.org.au
Diacon, S.Hasseldine, J. (2007) Framing effects and risk perception: The effect of prior performance presentation format on investment fund choice, Journal of Economic Psychology. 28(1), p:31-52. Journal of Economic Psychology. 
Dijkman, M. (2008) Europe Real Estate Yearbook. The Hague:Real Estate Publishers BV. Europe Real Estate Yearbook. 
DiPasquale, D.Wheaton, W. C. (1992) The markets for real estate assets and space: A conceptual framework, Journal of the American Real Estate and Urban Economics Association. 20(2), p:181-198. Journal of the American Real Estate and Urban Economics Association. 
Dirbaba, B. O. (2010) The growing influence of bribery in Ethiopian journalism, African Communication Research. 3(3),. In (Ed.), &#150;.p:475-496. Bribery and corruption in African journalism. African Communication Research. 
Enever, N.Isaac, D. (2002) The valuation of property investments. London: Estates Gazette. The valuation of property investments. 
Gilbertson, B.Preston, D. (2003) A vision for valuation. London: RICS Leading Edge Series. A vision for valuation. 
Helander, E. (2010) A critical view of the Kenyan media system through the perspective of the journalist, African Communication Research. 3(3),. In (Ed.), &#150;.p:521-542. Bribery and corruption in African journalism. African Communication Research. 
Hughes, B. D. (1996) Random walks and random environments. Oxford:Oxford University Press. Random walks and random environments. 
Ingram, D. (2012) Emotional theory in the stock market,. Retrieved from www.smallbusiness.chron.com
Jin, C.Gallimore, P. (2010) The effects of information presentation on real estate market perceptions, Journal of Property Research. 27(3), p:239-246. Journal of Property Research. 
Kasoma, T. (2010) Zambian PR practitioner&#39;s perspectives on &quot;brown envelopes&quot; and freebies: Working through the confusion, African Communication Research. 3(3),. In (Ed.), &#150;.p:451-474. Bribery and corruption in African journalism. African Communication Research. 
Liu, H. H. (2013) How promotional frames affect upgrade intentions., Journal of Economic Psychology. 39(C), &#150;.p:237-248. Journal of Economic Psychology. 
Mare, ABrand, R. (2010) Business journalism ethics in Africa: A comparative study of newsrooms in South Africa, Kenya and Zimbabwe, African Communication Research. 3(3), p:407-430. Bribery and corruption in African journalism. African Communication Research. 
Mill, J. S. (1863) Utilitarianism. London, UK: (.), pp.p:116. Parker, Son &amp; Bourn. Utilitarianism. 
Millington, A. F. (2000) Introduction to property valuation. London:Estates Gazette. Introduction to property valuation. 
Mpagze, A.White, R. A. (2010) Tanzanian journalists&#39; ambivalent perception of their ethics: A &quot;Jekyll and Hyde&quot; occupation, Bribery and corruption in African journalism. African Communication Research. 3(3), p:543-576. 
New York University School of Business. Retrieved from www.pages.stern.nyu.edu
Nguyen, V. HClaus, E. (2013) Good news, badnews, consumer sentiment and consumption behaviour., Journal of Economic Psychology. 39(C), p:426-438. Journal of Economic Psychology. 
Nyamnjoh, F. (2005) Africa&#39;s media, democracy and the politics of belonging. London:Zed Books. Africa&#39;s media, democracy and the politics of belonging. 
Nwabueze, C. (2010) Brown envelopes and the need for ethical re-orientation: Perceptions of Nigerian journalists, African Communication Research. 3(3),. In (Ed.), &#150;.p:497-521. Bribery and corruption in African journalism. African Communication Research. 
Royal Institution of Chartered Surveyors. Retrieved from www.rics.org
Sameer, D. (2011) Efficient market hypothesis,. Retrieved from http://www.indexinglog.com
Shapiro, E.Mackmin, D.Davies, K. (2009) Modern methods of valuation. (10th ed. ed.). London: Estates Gazette. Modern methods of valuation. 
Sidgwick, H. (1907) The methods of ethics. (7th ed ed.). London, UK: (., pp.p:568. Macmillan &amp; Company Ltd. The methods of ethics. 
Skjerdal, T. S. (2010) Research on brown envelope journalism in the African media, African Communication Research. 3(3),. In ,(Ed.), &#150;.p:367-406. Bribery and corruption in African journalism. African Communication Research. 
Skjerdal, T. S. (2008) Self-censorship in Ethiopian state media, African Communication Research. 1(2), &#150;.p:185-206. African Communication Research. 
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UNESCO. (1991) Declaration of Windhoek on promoting an independent and pluralistic African Press, Namibia,. (, May 3). Retrieved from www.unesco.org/webworld/peace_library/unesco/hrights/327-331.htm
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/asset-valuation-and-the-role-of-news-in-sub-saharan-africa-valuers-rationality-and-the-hype-dilemma</guid>
<pubDate>03 May 2015 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume21-2015/apartment-foreclosure-discount-in-kuala-lumpur</link>
<title><![CDATA[Apartment foreclosure discount in Kuala Lumpur]]></title>
<description><![CDATA[With the exception of anecdotal information which suggests that auctioned or foreclosed properties in Malaysia tend to be sold at a deep discount, no study has thus far attempted to quantify this foreclosure discount. This notion is explored by comparing the listing price of auctioned apartments with comparable non-auctioned apartments located within the same building blocks in Kuala Lumpur during the period 2009&#150;2014. The property auction market is predominately relied upon to dispose of foreclosed properties in Malaysia. It is found that foreclosed apartments are listed at a discount of 33.4% as compared to apartments advertised in the private negotiated market. This discount is attributed to &quot;stigma effect&quot; associated with auctioned properties and the imperfections of the Malaysian auction market such as auctioned properties may not carry a clean title, potential buyers cannot view the properties prior to auction and may not obtain vacant possession of the properties. The &quot;proxy effect&quot; was minimal since the matching strategy adopted would have netted out the differentials in locational and neighbourhood characteristics between auctioned and non-auctioned properties.
]]></description>
<content><![CDATA[Allen, M. T.Swisher, J. (2000) An analysis of the price formation process at a HUD Auction, Journal of Real Estate Research. 20, p:279-298. Journal of Real Estate Research. 
Carroll, T. M.Clauretie, T. M.Neill, H. R. (1997) Effect of foreclosure status on residential selling price: Comment, Journal of Real Estate Research. 13, p:95-102. Journal of Real Estate Research. 
Clauretie, T. M.Daneshvary, N. (2009) Estimating the house foreclosure discount corrected for spatial price interdependence and endogeneity of marketing time, Real Estate Economics. 37, p:43-67. Real Estate Economics. 
Chow, Y. L.Hafalir, I. E.Yavas, A. (2015) Auction versus Negotiated Sale: Evidence from Real Estate Sales, Real Estate Economics. 43, p:432-470. Real Estate Economics. 
Department of Statistics Malaysia. (2013) Findings of the household income survey 2012. Kuala Lumpur: (, July).Findings of the household income survey 2012. 
Dotzour, M. G.Moorhead, E.Winkler, D. T. (1998) The impact of auctions on residential sales prices in New Zealand, Journal of Real Estate Research. 16, p:57-71. Journal of Real Estate Research. 
Forgery, F. A.Rutherford, R. C.VanBuskirk, M. L. (1994) Effect of foreclosure status on residential selling price, Journal of Real Estate Research. 9, p:313-318. Journal of Real Estate Research. 
Hardin, W. G.Wolverton, M. L. (1996) The relationship between foreclosure status and apartment price, Journal of Real Estate Research. 12, p:101-109. Journal of Real Estate Research. 
Hungria-Gunnelin, R. (2013) Impact of number of bidders on sale price of auctioned condominium apartments in Stockholm, International Real Estate Review. 16, &#150;.p:274-295. International Real Estate Review. 
Idee, T.Iwata, S.Taguchi, T. (2011) Auction price formation with costly occupants: Evidence using data from the Osaka District Court, Journal of Real Estate Finance and Economics. 42, p:84-98. Journal of Real Estate Finance and Economics. 
Lusht, K. M. (1996) A comparison of prices brought by English auctions and private negotiations, Real Estate Economics. 24, &#150;.p:517-530. Real Estate Economics. 
Mayer, C. J. (1998) Assessing the performance of real estate auctions, Real Estate Economics. 26, &#150;.p:41-66. Real Estate Economics. 
Ong, S. E.Lusht, K.Mak, C. (2005) Factors influencing auction outcomes: Bidder turnout, auction houses and market conditions, Journal of Real Estate Research. 27, p:177-192. Journal of Real Estate Research. 
Pennington-Cross, A. (2006) The value of foreclosed property, Journal of Real Estate Research. 28, &#150;.p:193-214. Journal of Real Estate Research. 
Quan, D. C. (2002) Market mechanism choice and real estate disposition: Ssearch versus auction, Real Estate Economics. 30, &#150;.p:365-384. Real Estate Economics. 
Shilling, J. D.Benjamin, J. D.Sirmans, C. F. (1990) Estimating net realizable value for distressed real estate, Journal of Real Estate Research. 5, p:129-139. Journal of Real Estate Research. 
Stevenson, S.Young, J. (2015) The Role of Undisclosed Reserves in English Open Outcry Auctions, Real Estate Economics. 43, p:375-402. Real Estate Economics. 
Wong, W. C.Lee, J. Y. M.Daud, M. D.Ng, P. I.Chan, W. S. (2014) Strategic development of property auctions market in Malaysia, Journal of Real Estate Literature. 2, p:261-278. Journal of Real Estate Literature. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/apartment-foreclosure-discount-in-kuala-lumpur</guid>
<pubDate>03 May 2015 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/editorial2</link>
<title><![CDATA[Editorial]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/editorial2</guid>
<pubDate>03 May 2015 04:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/refeasibility-designing-a-mobile-application-for-initiating-feasibility-analysis</link>
<title><![CDATA[REFeasibility: Designing a mobile application for initiating feasibility analysis]]></title>
<description><![CDATA[Feasibility applications for mobile devices may provide consultants and aspiring developers with an appropriate tool to make informed decisions regarding the pursuit of a development proposal. Furthermore, through testing numerous proposals and witnessing the resultant returns in real-time, users of the applications may even employ a higher level of cognitive activity and enhance their functioning learning of how feasibility analysis works. This research relates to the design and development of a mobile application to enable prospective developers to efficiently assess the feasibility of a proposed project and enhance their learning of feasibility analysis. This paper presents a review of published research into feasibility studies and the related emergent technologies, standards, guidance notes and information papers, to define the organisational problem. With the problem defined, a design science research method is applied as a problem solving paradigm to create an innovative artefact.
]]></description>
<content><![CDATA[ARGUS Software. (2014) ARGUS DeveloperTM September 26. Retrieved from http://www.argussoftware.com/en/products/ARGUSDEV/default.aspx
Australian Property Institute [API]. (2007a) Valuation principles and practice. Deakin:Australian Property Institute. Valuation principles and practice. 
Australian Property Institute [API]. (2007b) The Valuation of real estate: The Australian edition of the appraisal of real estate. (12th ed. ed.). Deakin: Australian Property Institute. The Valuation of real estate: The Australian edition of the appraisal of real estate. 
Australian Property Institute. (2012) Australia and New Zealand valuation and property standards. Deakin:Australian Property Institute. Australia and New Zealand valuation and property standards. 
Biggs, J.Tang, C. (2009) Teaching for quality learning at university: What the student does. (3rd ed. ed.). Berkshire: SRHE and Open University Press. Teaching for quality learning at university: What the student does. 
Coleman, C.Crosby, N.McAllister, P.Wyatt, P. (2013) Development appraisal in practice: Some evidence from the planning system, Journal of Property Research. 30(2), p:144-165. Journal of Property Research. 
Gamby, E.Bendall, P. (2004) The treatment of the risk/return trade-off in the valuation of subdivision development land using adjusted discounted cashflow methodology. 10th Annual PRRES Conference. The treatment of the risk/return trade-off in the valuation of subdivision development land using adjusted discounted cashflow methodology. 
Havard, T. (2014) Financial feasibility studies for property development: Theory and practice. Milton Park:Routledge. Financial feasibility studies for property development: Theory and practice. 
Hefferan, M. (2013) Real property in Australia: Foundations and application. Buderim:MacKenzie Green Research and Publishing. Real property in Australia: Foundations and application. 
Hevner, A.March, S.Park, J.Ram, S. (2004) Design science in information systems research&#39;, MIS quarterly. 28(1), p:75-105. MIS quarterly. 
International Valuation Standards. (2014) Development property: Exposure draft September 29, 2014 London: International Valuation Standards Council. Retrieved from http://www.ivsc.org/sites/default/files/TIPDevelopmentPropertyED.pdf
Jonassen, D. (1991) Objectivism versus constructivism: Do we need a new philosophical paradigm?, Educational Technology Research and Development. 39(3), &#150;.p:5-14. Educational Technology Research and Development. 
Meeker, M. (2014) Internet trends 2014 &#150; code conference September 30, 2014. Kleiner Perkins Caufield Byers, presentation. Retrieved from http://www.kpcb.com/file/kpcb-internet-trends-2014
Peffers, K.Tuunanen, T.Rothenberger, M.Chatterjee, S. (2008) A design science research methodology for information systems research, Journal of Management Information Systems. 24(3), p:45-77. Journal of Management Information Systems. 
Reed, R.Simms, S. (2015) Property development. (6th ed. ed.). Milton Park: Routledge. Property development. 
Sein, M.Henfridsson, O.Purao, S.Rossi, M.Lindgre, R. (2011) Action design research, MIS Quarterly. 35(1), p:37-56. MIS Quarterly. 
University of the Sunshine Coast. (2014) Real estate feasibility app October 2, 2014. Retrieved,, fromRetrieved from http://www.usc.edu.au/university/faculties-and-divisions/faculty-of-arts-and-business/school-of-business/real-estate-feasibility-app
Vos, N.van der Meijden, H.Denessen, E. (2011) Effects of constructing versus playing an educational game on student motivation and deep learning strategy use, Computers &amp; Education. 56(1), p:127-137. Computers &amp; Education. 
Wilkinson, S.Reed, R. (2008) Property development. (5th ed. ed.). London: Routledge. Property development. 
Apple Inc. (2014) Feasibility study by dotstripes, website viewed, September 30, 2014. Retrieved from https://itunes.apple.com/au/app/feasibility-study/id449604932?mt=8
Apple Inc. (2014) feasoPRO by feasoPRO Pty Ltd 2013, September 30, 2014. , website viewed. Retrieved from https://itunes.apple.com/au/app/feasopro/id756871983?mt=8
Apple Inc. (2014) Property development feasibility by commercial &amp; residential construction, website viewed, September 30, 2014. Retrieved from https://itunes.apple.com/au/app/property-development-feasibility/id655366125?mt=8
Apple Inc. (2014) QwikFeaso by Developer Network, website viewed, September 30, 2014. Retrieved from https://itunes.apple.com/au/app/qwikfeaso/id704453998?mt=8
Apple Inc. (2014) Real estate feasibility by University of the Sunshine Coast, September 30, 2014. , website viewed. Retrieved from https://itunes.apple.com/us/app/real-estate-feasibility/id915279516?&amp;mt=8
Apple Inc. (2014) Real estate development feasibility app by Grant Muddle, September 30, 2014. , website viewed. Retrieved from https://itunes.apple.com/au/app/real-estate-development-feasibility/id587754086?mt=8
Apple Inc. (2014) Real estate development feasibility app &#150; LITE by Grant Muddle, September 30, 2014. , website viewed. Retrieved from https://itunes.apple.com/au/app/real-estate-development-feasibility/id587755762?mt=8
Balsamiq Studios. (2014) myBalsamiq, October 2, 2014. , website viewed. Retrieved from http://balsamiq.com/products/mockups/mybalsamiq/
Bustly. (2014) TestFlight, October 2, 2014. , website viewed. Retrieved from https://www.testflightapp.com/
Estate Master. (2013) Estate Master development feasibility, datasheet, October 16, 2014. Retrieved from http://www.estatemaster.com/docs/default-source/datasheets/df-datasheet.pdf?sfvrsn=2
Google. (2014) QwikFeaso, September 30, 2014. , website viewed. Retrieved from https://play.google.com/store/apps/details?id=com.developernetwork.qwikfeaso&amp;hl=en
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/refeasibility-designing-a-mobile-application-for-initiating-feasibility-analysis</guid>
<pubDate>03 May 2015 04:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume21-2015/does-the-farmer-want-a-market-factors-impacting-on-participation-by-local-producers-in-farmers-markets</link>
<title><![CDATA[Does the farmer want a market? Factors impacting on participation by local producers in farmers markets]]></title>
<description><![CDATA[This paper presents the findings of a study which aimed to investigate the barriers to participation in farmers&#39; markets by the wider farming community in South Australia (SA) with a particular focus on small-to-medium-sized primary producers. While the experiences and motivations of farmers participating in markets outside Australia have been studied, there has been very little research conducted in Australia or internationally on raw food producers who remain outside the farmers&#39; market community. Both descriptive and multivariate analysis has been undertaken in an effort to rank and summarise the factors which inhibit participation by producers in farmers&#39; markets. Six key dimensions are identified as underlying the survey results and these are used to group producers into three clusters. Finally differences between farmers within each cluster groups are identified.
]]></description>
<content><![CDATA[ABARE. (2010) Australian farm survey results 2007&#150;2008 to 2009&#150;2010. Canberra:Author. Australian farm survey results 2007&#150;2008 to 2009&#150;2010. 
ABS. (2009) ABS agricultural census, agricultural commodities: Small area data, Australia, 2006&#150;07. Canberra:Author. ABS agricultural census, agricultural commodities: Small area data, Australia, 2006&#150;07. 
ABS. (2012) Australian social trends. Canberra:Cat No 4102.0. Author. Australian social trends. 
Andreatta, S.Wickliffe, W. (2002) Managing farmer and consumer expectations, Human Organisation. 61, p:167-176. Human Organisation. 
Balfour Consulting. (2010) Farmers market feasibility study. Townsville, Australia: ,.Unpublished report. Balfour Consulting. Farmers market feasibility study. 
Brett, J. (2011) Fair share: Country and city in Australia, Quarterly Essayp:9781863955263. ISBN-13. Quarterly Essay. 
Brie, G. (2005) Farmers&#39; markets and the benefits of participation for small family farms.Unpublished MA thesis. University of Adelaide. Farmers&#39; markets and the benefits of participation for small family farms. 
Brown, A. (2002) Farmers&#39; market research 1940&#150;2000: An inventory and review, American Journal of Alternative Agriculture. 17, &#150;.p:167-176. American Journal of Alternative Agriculture. 
Conner, D.Smalley, S.Colasanti, K.Ross, B. (2011) Increasing farmers market patronage: A Michigan survey, Journal of Food Distribution Research. 41, p:26-35. Journal of Food Distribution Research. 
Coster, M.Kennon, N. (2005) Rural Industries Research and Development Corporation, New generation farmers&#39; markets in rural communities. RIRDC Publication No. 05/109. New generation farmers&#39; markets in rural communities. 
DAFF (Department of Agriculture, Fisheries and Forestry). (2011) Issues paper to inform development of a national food plan. Canberra:Department of Agriculture, Fisheries and Forestry. Issues paper to inform development of a national food plan. 
Defra. (2008) Defra Agricultural Change and Environmental Observatory Discussion Paper. London: (, November)Understanding behaviours in a farming context. 
Deloittes. (2014) Positioning for prosperity? Catching the next wave. Sydney:Deloittes. Positioning for prosperity? Catching the next wave. 
Fielke, S.Bardsley, D. (2012) South Australia farmer&#39;s markets: Tools for enhancing the multifunctionality of Australia agriculture, SpringerLink. 
Garforth, C.Rehman, T. (2006) Research to understand and model the behaviour and motivations of farmers in responding to policy changes. Research to understand and model the behaviour and motivations of farmers in responding to policy changes. Retrieved from https://statistics.defra.gov.uk/esq/FarmerBehaviour/default.asp
Hair, J.Anderson, R.Tatham, R.Black, W. (1998) Multivariate data analysis. London: Prentice Hall. Multivariate data analysis. 
International City Country Management Association. (2006) Community health and food access: The local government role. Washington, DC:Author. Community health and food access: The local government role. 
Johns, C. (2010) Adelaide Showgrounds Farmers Market consumer research and value chain analysis. Adelaide, Australia:.Rural Solutions SA. Adelaide Showgrounds Farmers Market consumer research and value chain analysis. 
Kingwell, R. (2011) Managing complexity in modern farming, The Australian Journal of Agricultural and Resource Economics. 55, &#150;.p:12-34. The Australian Journal of Agricultural and Resource Economics. 
Malhotra, N. (2009) Marketing research an applied orientation. (6th ed. ed.). Sydney.Prentice Hall. Marketing research an applied orientation. 
McEachern, M.Warnaby, G.Carrigan, M.Szmigin, I. (2010) Thinking locally, acting locally? Conscious consumers and farmers&#39; markets, Journal of Marketing Management. 26, p:395-412. Journal of Marketing Management. 
Page, G. (2010) Farmers&#39; markets establishment and operational considerations. 16th Pacific Rim Real Estate Society Conference. ,.Farmers&#39; markets establishment and operational considerations. 
Page, G. (2011) Successful farmers markets. 17th Pacific Rim Real Estate Society Conference Gold Coast. ,.Successful farmers markets. 
Peck, D.McDonald, G. (2001) Survey of field production practices in South Australia. Proceedings of 10th Agronomy Conference 2001. Survey of field production practices in South Australia. 
Rural Industries Research and Development Corporation. (2014) Understanding the characteristics of Australian famers&#39; markets. Canberra: ,.RIRDC Publication No 14/0404. Understanding the characteristics of Australian famers&#39; markets. 
Umberger, W. J.Stringer, R.Scott, E. M. (2007) Key findings of the 2007 Adelaide showgrounds farmers market consumer study. Adelaide: University of Adelaide. Key findings of the 2007 Adelaide showgrounds farmers market consumer study. 
Veal, A. (2005) Business research methods. (2nd ed. ed.). Sydney.Pearson. Business research methods. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/does-the-farmer-want-a-market-factors-impacting-on-participation-by-local-producers-in-farmers-markets</guid>
<pubDate>01 Jan 2015 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/the-impact-of-student-characteristics-on-academic-achievement-findings-from-an-online-undergraduate-property-program</link>
<title><![CDATA[The impact of student characteristics on academic achievement: Findings from an online undergraduate property program]]></title>
<description><![CDATA[This study provides an empirical investigation into the impact of individual student characteristics on academic achievement through an online undergraduate property program. Using a multi-year data set over 2007&#150;2012, the results from our OLS regressions show that there is a significant positive association between university entry scores and academic achievement in an online undergraduate property program. In addition, student performance is significantly related to age and the grades that the students receive in two core knowledge subjects. Further property education implications are also highlighted.
]]></description>
<content><![CDATA[Allen, M. T.Carter, C. C. (2007) Academic success determinants for undergraduate real estate students, Journal of Real Estate Practice and Education. 10(2), p:149-160. Journal of Real Estate Practice and Education. 
Anderson, G.Benjamin, D. (1994) The determinants of success in university introductory Economics courses, Journal of Economic Education. 25(2), p:99-118. Journal of Economic Education. 
Andrade, M. S. (2006) International students in English-speaking universities adjustment factors, Journal of Research in International Education. 5(2), &#150;.p:131-154. Journal of Research in International Education. 
Arbaugh, J. B.Desai, A.Rau, B.Sridhar, B. (2010) A review of research on online and blended learning in the management disciplines: 1994-2009, Organization Management Journal. 7(1), p:39-55. Organization Management Journal. 
Australian Property Institute (API). (2014) Tertiary institute accreditation and endorsement 2014. Canberra:Australian Property Institute. Tertiary institute accreditation and endorsement 2014. 
Blake, A.Susilawati, C. (2009) An evaluation of how well undergraduate property students are prepared for commencing their careers, Pacific Rim Property Research Journal. 15(2), p:204-224. Pacific Rim Property Research Journal. 
Carter, A. J.Yam, S. (2013) How can tutors engage property students in controlled teaching environments?: Experiences of a new academic, Property Management. 31(1), p:55-75. Property Management. 
Cheung, L. L.Kan, A. C. (2002) Evaluation of factors related to student performance in a distance-learning business communication course, Journal of Education for Business. 77(5), p:257-263. Journal of Education for Business. 
Commonwealth of Australia. (2009) Transforming Australia&#39;s higher education system. Canberra:Commonwealth of Australia. Transforming Australia&#39;s higher education system. 
Cornish, S.Reed, R.Wilkinson, S. J. (2009) Incorporating new technology into the delivery of property education, Pacific Rim Property Research Journal. 15, p:303-320. Pacific Rim Property Research Journal. 
Didia, D.Hasnat, B. (1998) The determinants of performance in the university introductory Finance course, Financial Practice and Education. 8(1), p:102-107. Financial Practice and Education. 
Durden, G. C.Ellis, L. V. (1995) The effects of attendance on student learning in Principles of Economics, American Economic Review. 85(2), p:343-346. American Economic Review. 
Dutton, J.Dutton, M.Perry, J. (2002) How do online students differ from lecture students?, Journal of Asynchronous Learning Networks. 6(1), p:1-20. Journal of Asynchronous Learning Networks. 
Grebennikov, L.Skaines, I. (2009) University of Western Sydney students at risk: Profile and opportunities for change, Journal of Institutional Research. 14(1), p:58-70. Journal of Institutional Research. 
Halpern, N. (2007) The impact of attendance and student charateristics on academic achievement: Findings from an undergraduate business management module, Journal of Further and Higher Education. 31(4), &#150;.p:335-349. Journal of Further and Higher Education. 
Hefferan, M.Ross, S. (2010) Forces for change in property education and research in Australia, Property Management. 28(5), p:370-381. Property Management. 
Howell, S.Williams, P.Lindsay, N. (2003) Thirty-two trends affecting distance education: An informed foundation for strategic planning, Online Journal of Distance Learning Administration. 6(3), p:1-20. Online Journal of Distance Learning Administration. 
Hunt, A.Lincoln, I.Walker, A. (2004) Term time employment and academic attainment, Journal of Further and Higher Education. 28(1), p:3-18. Journal of Further and Higher Education. 
IBISWorld. (2013) Online education in Australia. Melbourne:IBISWorld. Online education in Australia. 
Ivancevich, J. M.Gilbert, J. A.Konopaske, R. (2009) Studying and facilitating dialogue in select online management courses, Journal of Management Education. 33, p:196-218. Journal of Management Education. 
Kearsley, G. (2000) Online education: Learning and teaching in cyberspace. Belmont, CA:Wadsworth. Online education: Learning and teaching in cyberspace. 
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Newell, G.Susilawati, C.Yam, S. (2010) Student perceptions of the quality of property education in Australia: 1994:2009, Pacific Rim Property Research Journal. 16(4), p:400-422. Pacific Rim Property Research Journal. 
Ooi, J. T. L.Yu, S. M. (2011) Graduate real estate education in Singapore: What prospective students look for, Journal of Real Estate Practice and Education. 14(1), p:35-52. Journal of Real Estate Practice and Education. 
Phakiti, A. P.Hirsh, D.Woodrow, L. (2013) It&#39;s not only English: Effects of other individual factors on English language learning and academic learning of ESL international students in Australia, Journal of Research in International Education. 12(3), p:239-258. Journal of Research in International Education. 
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Poon, J. (2013) An examination of a blended learning approach in the teaching of Economics to property and construction students, Property Management. 31(1), &#150;.p:39-54. Property Management. 
Tu, C. C.Weinstein, M.Worzala, E.Lukens, L. (2009) Elements of successful graduate real estate programs: Perceptions of the Stakeholders, Journal of Real Estate Practice and Education. 12(2), p:105-121. Journal of Real Estate Practice and Education. 
Wan, Z.Eang, Y.Haggerty, N. (2008) Why people benefit from E-learning differently: The effects of psychological process on E-learning outcomes, Information and Management. 45, p:513-521. Information and Management. 
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Yam, L. H. S. (2012) Tutoring - what do our first-year real estate undergraduates expect?, Pacific Rim Property Research Journal. 18(4), &#150;.p:319-334. Pacific Rim Property Research Journal. 
Yam, L. H. S.Rossini, P. (2013) Formative assessment in property education: A comparison between blended and online learning, Pacific Rim Property Research Journal. 19(1), p:101-127. Pacific Rim Property Research Journal. 
Yam, L. H. S.Rossini, P. (2012) Online learning and blended learning: Experience from a first-year undergraduate property valuation course, Pacific Rim Property Research Journal. 18(2), p:129-148. Pacific Rim Property Research Journal. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/the-impact-of-student-characteristics-on-academic-achievement-findings-from-an-online-undergraduate-property-program</guid>
<pubDate>01 Jan 2015 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume21-2015/interest-rate-risk-of-australian-reits-a-panel-analysis</link>
<title><![CDATA[Interest rate risk of Australian REITS: A panel analysis]]></title>
<description><![CDATA[Australian REITs adopt either internal or external property management structures. The sector&rsquo;s returns have been rewarding until the Global Financial Crisis, when rising costs of debt and years of aggressive borrowing eroded REIT values. Externally managed trusts had relatively higher levels of debt than internally managed counterparts, thus increasing the sensitivities to interest rate risks. Yet internally managed REITs engage in a wider set of operating activities which compound market and financial risks. This study uses panel and panel quantile regressions to examine the joint impact of financial leverage and management structure on REIT returns in terms of their sensitivities towards the stock market and changes to interest rates from 1980 to 2013 and how these vary at different parts of an economic cycle. It is found that the impact of market returns is greater for internally managed REITs and those with more debt. REITs are only negatively affected by changes to short-term interest rates at the lowest 5% quantile of returns. Changes to long-term interest rates have an adverse effect on REITs only at the upper 75% and 95% quantiles. The possibilities that rental yields and inflationary expectations may offset the influences of financing costs are considered. Internal management appears to compound the effects of the stock market and interest rates on REIT returns. This has implications for investors looking to select REITs as substitutes for direct property investments.
]]></description>
<content><![CDATA[Alexander, C. (2008) Market risk analysis: Practical financial econometrics. II, (Vol. ):.Wiley Publishing. Market risk analysis: Practical financial econometrics. 
Allen, M. T.Madura, J.Springer, T. M. (2000) REIT characteristics and the sensitivity of REIT returns, Journal of Real Estate Finance and Economics. 21, p:141-152. Journal of Real Estate Finance and Economics. 
Ambrose, B. W.Linneman, P. (2001) REIT organisational structure and operating characteristics, Journal of Real Estate Research. 21, p:141-161. Journal of Real Estate Research. 
BDO. (2007) BDO Kendalls listed property trust survey.  ed.). NSW.BDO Kendalls Corporate Finance Pty. BDO Kendalls listed property trust survey. 
Capozza, D. R.Seguin, P. J. (2000) Debt, agency, and management contracts in REITs: The external advisor puzzle, Journal of Real Estate Finance and Economics. 20, p:91-116. Journal of Real Estate Finance and Economics. 
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EPRA. (2013) Global REIT survey 2013: A comparison of the major REIT regimes around the world.European Public Real Estate Association. Global REIT survey 2013: A comparison of the major REIT regimes around the world. 
Hoesli, M.Serrano, C. (2007) Securitised real estate and its link with financial assets and real estate: An international analysis, Journal of Real Estate Literature. 15, p:59-84. Journal of Real Estate Literature. 
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Newell, G.Peng, H. W. (2009) The impact of the Global Financial Crisis on A-REITs, Pacific Rim Property Research Journal. 15, p:453-470. Pacific Rim Property Research Journal. 
Newell, G.Tan, Y. K. (2005) The changing risk profile of listed property trusts. 11th Annual Conference of Pacific Rim Real Estate Society. The changing risk profile of listed property trusts. 
Psaltis, E.Chubb, S. (2007) Global REIT report: REIT market review 2007. Ernst and Young. Global REIT report: REIT market review 2007. 
PwC. (2011) Compare and contrast: Worldwide real estate investment trust (REIT) regimes.PricewaterhouseCoopers. Compare and contrast: Worldwide real estate investment trust (REIT) regimes. 
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Sagalyn, L. B. (1996) Conflicts of interest in the structure of REITs, Real Estate Finance. 13, &#150;.p:34-51. Real Estate Finance. 
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Swanson, Z.Theis, J.Casey, M. K. (2002) REIT risk premium sensitivity and interest rates, Journal of Real Estate Finance and Economics. 24, p:319-330. Journal of Real Estate Finance and Economics. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/interest-rate-risk-of-australian-reits-a-panel-analysis</guid>
<pubDate>01 Jan 2015 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/sustainability-a-reits-and-the-global-financial-crisis</link>
<title><![CDATA[Sustainability, A-REITs and the global financial crisis]]></title>
<description><![CDATA[While environmental sustainability has grown in importance to governments and the community, the purpose of this paper is to examine the environmental sustainability activities of A-REITs over the period of the global financial crisis. Using a content analysis methodology similar to Newell, annual reports and home websites for 24 of the largest A-REITs (which have also been a constituent of the ASX 300 index) are analysed to determine the extent of their sustainable investment activities. The Green Building Council of Australia and NABERS websites are also explored. Given the increasing focus on sustainable commercial property, the study finds that A-REIT investment into these properties has been rather conservative and slow. There are, however, some A-REITs that have tried to lead in the field even during the period of the global financial crisis.&nbsp;Relatively solid and stable returns on equity and assets appear to be achieved by such A-REITs in the years during and following this crisis.
]]></description>
<content><![CDATA[Australian Government Department of Climate Change and Energy Efficiency. (2010) Commercial buildings in Australia. :Commercial buildings in Australia. Retrieved from http://www.climatechange.gov.au/en
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Bloomberg. (2010) Global 100 most sustainable corporations in the world. :Global 100 most sustainable corporations in the world. Retrieved from http://www.global100.org/list/global-100-2010-review-results.html
Bond, S. (2010) Lessons from the leaders of green designed commercial buildings in Australia, Pacific Rim Property Research Journal. 16(3), &#150;.p:314-338. Pacific Rim Property Research Journal. 
Boyd, T. (2006) Evaluating the impact of sustainability on investment property performance, Pacific Rim Property Research Journal. 12(3), &#150;.p:254-271. Pacific Rim Property Research Journal. 
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Dimovski, W. (2009) The global financial crisis and the Centro Properties Group earnings revision and refinancing announcements: An event study, Pacific Rim Property Research Journal. 15(4), &#150;.p:417-429. Pacific Rim Property Research Journal. 
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Eichholtz, P.Kok, N.Yonder, E. (2012) Portfolio greenness and the financial performance of REITs, Journal of International Money and Finance. 31(7), p:1911-1929. Journal of International Money and Finance. 
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Fuerst, F.McAllister, P. M. (2011) Green noise or green value? Measuring the price effects of environmental certification in commercial buildings, Real Estate Economics. 39(1), p:45-69. Real Estate Economics. 
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Kato, H.Too, L.Rask, A. (2009) Occupier perceptions of green workplace environment: The Australian experience, Journal of Corporate Real Estate. 11(3), p:183-195. Journal of Corporate Real Estate. 
Mansfield, J. R. (2009) The valuation of sustainable freehold property: A CRE perspective, Journal of Corporate Real Estate. 11(2), &#150;.p:91-105. Journal of Corporate Real Estate. 
Margolis, J. D.Walsh, J. P. (2003) Misery loves companies: Rethinking social initiatives by business, Administrative Science Quarterly. 48(2), p:268-305. Administrative Science Quarterly. 
Newell, G. (2008) The strategic significance of environmental sustainability by Australian-listed property trusts, Journal of Property Investment and Finance. 26(6), &#150;.p:522-540. Journal of Property Investment and Finance. 
Orlitzky, M.Schmidt, F. L.Rynes, S. L. (2003) Corporate social and financial performance: A meta-analysis, Organization Studies. 24(3), p:403-441. Organization Studies. 
Reed, R.Wilkinson, S. J. (2005) The increasing importance of sustainability for building ownership, Journal of Corporate Real Estate. 7(4), p:339-350. Journal of Corporate Real Estate. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/sustainability-a-reits-and-the-global-financial-crisis</guid>
<pubDate>01 Jan 2015 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/generation-x-and-ys-demand-for-homeownership-in-hong-kong</link>
<title><![CDATA[Generation X and Y&#39;s demand for homeownership in Hong Kong]]></title>
<description><![CDATA[Although differences between generation X (born between 1961 and 1980) and Y (born between 1981 and 1995) about the factors which drive homeownership have policy implications, little or no research has been undertaken into this issue. Results of interviews undertaken show that generation X and Y agree that price was the most important factor and that there are more generation Y reliant on government help. Questionnaire results found that &ldquo;income and housing prices&rdquo; and &ldquo;affordability and accessibility&rdquo; were the most important factors among generation X and Y, respectively. This paper concludes that policy makers need to consider the generation differences.
]]></description>
<content><![CDATA[Barzilai-Nahon, K.Mason, R. M. (2010) How executives perceive the net generation, Information, Communication and Society. 13(3), p:396-418. Information, Communication and Society. 
Beer, A.Faulkner, D.Gabriel, M. (2006) 21st century housing careers and Australia&#39;s housing future: Literature review. Adelaide: Australian Housing and Urban Research Institute, Southern Research Centre, Flinders University. 21st century housing careers and Australia&#39;s housing future: Literature review. 
Belsky, E. S. (2009) Demographics, markets, and the future of housing demand, Journal of Housing Research. 18(2), &#150;.p:99-119. Journal of Housing Research. 
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Bonvalet, C.Ogg, J. (2008) The housing situation and residential strategies of older people in France, Ageing and Society. 28(6), p:753-777. Ageing and Society. 
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Chau, K. W.Ng, F. F. (1998) The effects of improvement in public transportation capacity on residential price gradient in Hong Kong, Journal of Property Investment and Finance. 16(4), p:397-410. Journal of Property Investment and Finance. 
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Eisner, S. P. (2005) Managing generation Y, Advanced Management Journal. 70(4), &#150;.p:4-15. Advanced Management Journal. 
Fisher, L. M.Jaffe, A. J. (2003) Determinants of international homeownership rates, Housing Finance International. p:34-42. Housing Finance International. 
Gbadegesin, J. T.Ojo, O. (2013) Ethnic bias in tenant selection in metropolitan Ibadan private rental housing market, Property Management. 31(2), p:159-178. Property Management. 
Hall, J.Binney, W.O`Mahony, G. G. (2004) Age related motivational segmentation of wine consumption in a hospitality setting, International Journal of Wine Marketing. 16(3), p:29-44. International Journal of Wine Marketing. 
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Kadushin, C.Hecht, S.Sasson, T.Saxe, L. (2008) Triangulation and mixed methods designs: Practicing what we preach in the evaluation of an Israel experience educational program, Field Methods. 20(1), p:46-65. Field Methods. 
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Mace, L. M.Kagochi, J. M. (2009) The determinants of demand for single family housing in Alabama urbanized areas, International Journal of Housing Markets and Analysis. 2(2), p:132-144. International Journal of Housing Markets and Analysis. 
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Mueller, J.Loomis, J.Gonz&aacute;lez-Cab&aacute;n, A. (2009) Do repeated wildfires change homebuyers&#39; demand for homes in high-risk areas? A hedonic analysis of the short and long-term effects of repeated wildfires on house prices in Southern California, Journal of Real Estate Finance and Economics. 18(2), p:155-172. Journal of Real Estate Finance and Economics. 
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Tan, T. H. (2008) Determinants of homeownership in Malaysia, Habitat International. 32(3), &#150;.p:318-335. Habitat International. 
Warsame, A.Wilhelmsson, M.Borg, L. (2010) The effect of subsidy on housing construction in various regions of Sweden, Journal of European Real Estate Research. 2, p:228-244. Journal of European Real Estate Research. 
Wiesel, I. (2012) Can ageing improve neighbourhoods? Revisiting neighbourhood life-cycle theory, Housing, Theory and Society. 29(2), &#150;.p:145-156. Housing, Theory and Society. 
Wong, T. Y. J.Hui, C. M. E.Seabrooke, W. (2003) The impact of interest rates upon housing prices: An empirical study of Hong Kong&#39;s market, Property Management. 21(2), p:153-170. Property Management. 
Wood, G.Watson, R.Flatau, P. (2006) Microsimulation modelling of tenure choice and grants to promote homeownership, Australian Economic Review. 39(1), p:14-34. Australian Economic Review. 
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Yakubu, A.Ayoade, J. A. (2009) Application of principal component factor analysis in quantifying size and morphological indices of domestic rabbits, International Journal of Morphology. 27(4), p:1013-1017. International Journal of Morphology. 
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Yrle, A. C.Hartman, S. J.Payne, D. M. (2005) Generation X: Acceptance of others and teamwork implications, Team Performance Management. 11(5/6), p:188-199. Team Performance Management. 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/generation-x-and-ys-demand-for-homeownership-in-hong-kong</guid>
<pubDate>01 Jan 2015 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/editorial1</link>
<title><![CDATA[Editorial]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/editorial1</guid>
<pubDate>01 Jan 2015 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume21-2015/what-gives-to-keep-that-price-point-high-density-residential-developments</link>
<title><![CDATA[What gives to keep that price point? High-density residential developments]]></title>
<description><![CDATA[High-density living is now widely accepted in the built environment. At the apartment entry price-point, space and place appear to be the key considerations, with limited attention to a building&#39;s social, physical and environmental features. To examine this, the researchers interviewed leading Melbourne property developers and consultants to identify the challenges of incorporating innovation relative to governance, design, and construction and building operations into the competitive high-density property development market. Responses demonstrate that post-occupancy analysis can be a tool to better inform property stakeholders. When presented to prospective purchasers, this information could shift the key consideration from an entry price point to the features of a well-designed apartment and so redirect the current &#145;minimalist&#39; approach adopted by some new property development entrants to improving occupier living experience and ongoing maintenance costs.
]]></description>
<content><![CDATA[Brown, Z.Cole, R. (2009) Influence of occupants&#39; knowledge on comfort expectations and behaviour, Building Research and Information. 37, p:227-245. Building Research and Information. 
Charter Keck Cramer. (2013) The strategic role of the Melbourne apartment market in the city&#39;s future housing structure. Melbourne:Charter Keck Cramer. The strategic role of the Melbourne apartment market in the city&#39;s future housing structure. 
City of Melbourne. (2013a) Future living: A discussion paper identifying issues and options for housing our community. Melbourne:City of Melbourne. Future living: A discussion paper identifying issues and options for housing our community. 
City of Melbourne. (2013b) Understanding the quality of housing design. Melbourne:City of Melbourne. Understanding the quality of housing design. 
Douglas, J. (1993) Development in appraising the total performance of buildings, Structural Survey. 12, &#150;.p:10-15. Structural Survey. 
Iyer-Raniga, U.Moore, T.Wasiluk, K. (2014) Residential building sustainability rating tools in Australia, Environment Design Guide. p:1-14. Environment Design Guide. 
Jailani, J.Reed, R.Warren-Myers, G. (2013) Form versus Function: A post-evaluation analysis of the implementation of sustainability in commercial building. Pacific Rim Real Estate Society Conference. Form versus Function: A post-evaluation analysis of the implementation of sustainability in commercial building. 
JLL. (2007) Sustainability: Bridging the knowledge gap. Sydney:Jones Lang LaSalle. Sustainability: Bridging the knowledge gap. 
LHA. (2012) Liveable housing design guidelines. (2nd ed. ed.). Sydney: Liveable Housing Australia. Liveable housing design guidelines. 
NSW Government. (2011) State environmental planning policy no 65&#151;design quality of residential flat development. Sydney:Author. State environmental planning policy no 65&#151;design quality of residential flat development. 
Randolph, B.Tice, A. (2013) Who lives in higher density housing? A study of spatially discontinuous housing sub-markets in Sydney and Melbourne, Urban Studies. 50, p:2661-2681. Urban Studies. 
Soebato, V.Williamson, T. (2001) Multi-criteria assessment of building performance: Theory and implementation, Building and Environment. 36, p:681-690. Building and Environment. 
Willig, C. (2008) Introducing qualitative research in psychology. (2nd ed. ed.). London.Open University Press. Introducing qualitative research in psychology. 
Yin, R. (2009) Case study research: Design and methods. Thousand Oaks, CA:Sage. Case study research: Design and methods. 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume21-2015/what-gives-to-keep-that-price-point-high-density-residential-developments</guid>
<pubDate>01 Jan 2015 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume20-2014/the-role-of-institutions-in-sustaining-mandatory-low-income-housing</link>
<title><![CDATA[The Role of Institutions in Sustaining Mandatory Low-Income Housing]]></title>
<description><![CDATA[State intervention is crucial in delivering adequate housing for the urban poor. In 1982, the Malaysian government introduced a policy mandating low-income housing of prescribed building standards within new developments. Basically, private developers are required to have a certain proportion of low-cost housing in new developments above a certain size. The &quot;low-cost housing quota&quot; (LCHQ) policy has delivered almost 600,000 low-cost houses. Although the literature has described housing regulations as costly and inefficient, little is known of how Malaysia&#39;s LCHQ requirement has continued to successfully produce low-income housing.
Employing an institutional approach, this study provides a meso-level analysis of LCHQ in an understudied state in Malaysia. Findings show that planners adopt a semi-flexible stance in interpreting housing regulations, whereas developers assume strategic compliance behaviour. Furthermore, the study indicates that the mandatory low-cost housing has been sustained due to the reconciliation of actors&#39; motivations, negotiations between actors and reasonable regulatory mediations. By focusing on the behaviours of the two main actors in low-cost housing provision, this paper contributes to an understanding of on the ground operation of the LCHQ and, thus, informs policymakers on improvements to the existing system.
]]></description>
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Adams, D, Watkins, C and White, M 2005b, &#145;Planning, public policy and property markets: Current relations and future challenges&#39;, in Adams, D, Watkins, C and White, M (eds.) Planning, public policy &amp; property markets, Blackwell Publishing, Oxford.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/the-role-of-institutions-in-sustaining-mandatory-low-income-housing</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/the-linkage-between-competitive-and-operational-advantage-and-entrepreneurship-within-australian-real-estate-franchises</link>
<title><![CDATA[The Linkage Between Competitive and Operational Advantage and Entrepreneurship within Australian Real Estate Franchises]]></title>
<description><![CDATA[Out of 37,000 enterprises operating within the Australian real estate industry, well over 50% of those are franchised outlets suggesting franchising popularity. The study collectively extends the franchising literature through semi-structured interviews with six leading real estate stakeholders, specifically focussing on three distinct yet interdependent areas of interest. Bound together in a contractual agreement, the franchisor and the franchisee form a strategic alliance which benefits both parties and enables each to be entrepreneurial. The study highlights the relevance of ownership potential as a key motivational force behind entrepreneurs choosing to franchise and stresses the importance of development of culture as a key consideration in brand strength for franchisors and nurturing good managerial talent to provide strong leadership for franchisees.
For the franchise to be successful, the research points to linkage between competitive advantage and efficiency arising out of correct implementation of business systems, training systems, recruitment of good operators and adoption of innovative strategies. The use of technology and specifically internet has revolutionised the real estate industry however, in acknowledging this, the study concludes that its scope of use and correct application are the keys to reaping greatest benefits. There is evidence to suggest that divergence in formation of franchise models to adopt a less formal approach to franchising is on the rise in some areas of Australian states. It is envisaged that this research will enhance an understanding of the rationale behind the insurgence of hybrid franchise models and thus bear great significance to the industry.
]]></description>
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Castrogiovanni, GJ, Combs, JG and Justis, RT 2006, &#145;Resource scarcity and agency theory predictions concerning the continued use of franchising in multi-outlet networks&#39;, Journal of Small Business Management, Vol. 44, Issue 1, pp. 27-44.
Caves, R and Murphy, W 1976, &#145;Franchising: Firms, markets and intangible assets&#39;, Southern Economic Journal, Vol. 42, pp. 572-586.
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Yin, RK 2003, Case study research: Design and methods, Thousand Oaks, California.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/the-linkage-between-competitive-and-operational-advantage-and-entrepreneurship-within-australian-real-estate-franchises</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/assessing-compensation-for-landholders-affected-by-coal-seam-gas-occupation</link>
<title><![CDATA[Assessing Compensation for Landholders Affected by Coal Seam Gas Occupation]]></title>
<description><![CDATA[Valuation theory in Australia has long established principles relating to compensation for the acquisition of part of property. However, the theory relating to assessing compensation for coal seam gas (CSG) occupation is relatively undeveloped and CSG activity in New South Wales (NSW) takes place in an environment where some confusion surrounds the subject of the assessment of landholder compensation.
This paper applies a comparative study of the compensation assessment practices of courts in NSW, Queensland and Alberta. The research, reported in this paper, documents a trail of judicial decisions supporting the use of &quot;piecemeal&quot; and &quot;before and after&quot; approaches where mining infrastructure occupies part of property. A comparison of the valuation techniques identified in this study with the harms described by Fibbens et al 2013 indicates the &quot;piecemeal&quot; and &quot;before and after&quot; valuation approaches have greater utility in addressing losses to the balance land than the so called common industry practices used in NSW which ignore effects on the balance land.
]]></description>
<content><![CDATA[, 2009. NSW Mining Warden.Alcorn &amp; Ors v Coal Mines of Australia Pty Ltd
 Mining Warden.Australian Gaslight Company v O&#39;Grady &amp; Burrell, 1986. NSW
Australian Senate 2011, Response to questions taken on notice APPEA, 20 July 2011, 1.
Barton B 1998, &quot;Principles for the fixing of compensation: Some current surface rights issues&#39;, in Views on Surface Rights In Alberta, Canadian Institute of Resources Law, Alberta.
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. Canadian Natural Resources Limited v Babb and Ors. SRB 2013, 12
Cresswell, J and Plano Clark, V 2007, Designing and conducting mixed methods research, Sage, California.
. Electricity Commission of NSWv Reynolds 1978, 1
Fibbens, M, Mak, M and Williams, A 2013, Coal seam gas extraction: does the compensation match the mischief?, 19 Pacific Rim Real Estate Society Conference, January 2013. Melbourne.
Fibbens, M and Mak, M 2013, Coal seam gas and emerging issues for valuers, Australia and New Zealand Property Journal, Vol. 4, No. 2, pp.173-178.
Fibbens, M, Mak, MY and Williams, A 2014, Compensation for coal seam gas occupation: Assessing the harms, 20 Pacific Rim Real Estate Society Conference, 19-22 January 2014, Lincoln University, Christchurch, New Zealand.
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, NSW Mining Warden.Halfpenny Investments Pty Ltd v Sydney Gas Operations, 2003
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White, DS 1999, &#145;Compensation for mining in Australia&#39;, Australian Mining and Petroleum Law Association Year Book 1999, pp. 324-333.
Yin R 2009, Case study research, Sage, Los Angeles.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/assessing-compensation-for-landholders-affected-by-coal-seam-gas-occupation</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/emerging-trends-of-state-land-tax-and-local-government-rate-revenue-in-australia</link>
<title><![CDATA[Emerging Trends of State Land Tax and Local Government Rate Revenue in Australia]]></title>
<description><![CDATA[Australia is one of the few jurisdictions internationally that imposes a recurrent tax on land by two distinct levels of government. As one of the more visible and salient taxes, the challenge now facing government is understanding and managing taxpayer perceptions towards these taxes. This paper examines the emerging trends in revenue collected from land tax by State and local government across Australia over the past decade. It further examines the diverging rationale for its imposition and how taxpayer perceptions are to be managed by government as it increases in importance as a source of tax revenue over the next decade.
Australia has capacity to increase revenue from state and local government land taxes, while reducing less efficient transaction taxes in the form of conveyance stamp duty on property. The objective of this paper is to measure recurrent land tax collected by state and local government across Australia and monitor emerging trends in the relativity of tax revenues collected between these tiers of government over the past decade. In undertaking this analysis, land tax revenues have been sourced from the Australian Bureau of Statistics between 2001 and 2012, with trends measured at the beginning, middle and end of this period.
]]></description>
<content><![CDATA[Australian Bureau of Statistics 2011-12, Taxation revenue Australia 5506.0, Commonwealth of Australia, Canberra
Australia&#39;s Future Tax System 2008, Consultation paper, Commonwealth of Australia, Canberra.
Australia&#39;s Future Tax System 2009, Final report, Commonwealth of Australia, Canberra.
Bird, RM and Slack, E (Eds) 2004, International handbook of land and property taxation, Edward Elgar Publishing Ltd, Cheltenham.
Bird, RM, Slack, E and Tassonyi, A 2012, A tale of two taxes: Property tax reform in Ontario, Lincoln Institute of Land Policy, Cambridge, Massachusetts.
Brennan, F 1971, Canberra in crisis, Dalton Publishing, Sydney.
In our hands: Strengthening local government revenue in the 21 century 
Creswell, JW 2003, Research design: Qualitative, quantitative and mixed methods approaches, Second Edition, Sage Publications, Thousand Oaks California.
Deloitte Touche Tohmatsu 2011, Property based funding options for the NSW fire services levy, Report for the Insurance Council of Australia, Sydney.
Fischel, WA 1998, School finance litigation and property tax revolts: How to undermine local control turn voters away from public education, Working Paper 98WF1, Lincoln Institute of Land Policy, Massachusetts.
Fisher, GW 1996, The worst tax: A history of property taxes in the United States, University Press, Kanvass.
Hague, R, Harrop, M, and Brelsin, S 1998, Comparative government politics: an introduction, Fourth Edition, MacMillian Press Ltd, London.
IPART 2008, Revenue framework for local government, Independent Pricing and Regulatory Tribunal, Sydney.
Kenyon, D 2007, The property tax - School funding dilemma, Lincoln Institute of Land Policy, Cambridge, Massachusetts.
Kumar, R 1996, Research methodology: A step by step guide for beginners, Longman, South Melbourne.
McCluskey, WJ and Franzsen, RC.D (Eds) 2005, Land value taxation: An applied analysis, Ashgate Publishing Ltd.
Municipalities Act, 1858 (NSW)
Municipal Association of Victoria 2012, State levies collected through council rates: Fact Sheet, Melbourne
Nile, F 1998, Report on inquiry into changes in land tax in New South Wales, July 1998, Parliament of New South Wales, Legislative Council.
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Simpson, R and Figgis, H 1998, Land tax in New South Wales, Briefing Paper No 6/98, NSW Parliamentary Library, Sydney.
Smith, S 2005, Land tax: An update briefing paper, No 5/05, NSW Parliamentary Library Research Service, Sydney.
Sansom, G 2008, What&#39;s the point: Australian local government reforms, UTS Centre for Local Government, Sydney.
Tideman, N 1994, Land and taxation, Shepheard-Walwyn Ltd, London.
Twomey, A 2013, Local government funding and constitutional recognition, The University of Sydney, Constitutional Reform Unit, Report No 3 January 2013.
Warberton, RFE and Hendy, PW 2006, International comparison of Australia&#39;s taxes, April 2006, Commonwealth of Australia, Canberra.
Warren, N 2004, Tax facts and tax reforms, Australian Tax Research Foundation, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/emerging-trends-of-state-land-tax-and-local-government-rate-revenue-in-australia</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/do-objections-to-capital-value-influence-house-prices</link>
<title><![CDATA[Do Objections to Capital Value Influence House Prices?]]></title>
<description><![CDATA[The bigger the capital value (CV) of your house the bigger the rates bill. In New Zealand CVs provide a basis for levying rates at the local government level. At the time of a general revaluation, some property owners object to their CV. Property sellers sometimes use the current CV in marketing efforts for their properties and CV becomes a reference point in buyers&#39; decision making. The aim of this study is to understand if successful CV objections affect prices of objectors who subsequently sell their property. To test price impacts, properties whose owners objected to the 2008 revaluation were identified and analysed within the residential sales transactions for Auckland City between Q4 2008 and Q4 2009. Contrary to anecdotal evidence, the empirical results indicate that increasing CV does not have a statistically significant effect on sales prices.
]]></description>
<content><![CDATA[Allen, MT and Carter, CC 2010, &#145;Do the phrases &quot;below market value&quot; or &quot;below appraised value&quot; in MLS listings convey useful information to the market?&#39;, Journal of Housing Research, Vol. 19, No. 2, pp. 185-194.
Allen, MT and Dare, WH 2004, &#145;The effects of charm listing prices on house transaction prices&#39; Real Estate Economics, Vol. 32, No. 4, pp. 695-713.
Beracha, E and Seiler, MJ 2013, &#145;The effect of listing price strategy on transaction selling prices&#39;, The Journal of Real Estate Finance and Economics, Vol. 47, pp. 1-19.
Briggs, P 2012, &#145;Financial accounts and flow of funds&#39;, Reserve Bank of New Zealand: Bulletin, Vol. 75, No. 4.
Bucchianeri, GW and Minson, JA 2013, &#145;A homeowner&#39;s dilemma: Anchoring in residential real estate transactions&#39;, Journal of Economic Behaviour &amp; Organization, Vol. 89, pp. 76-92.
Cypher, M and Hansz, JA 2002, &#145;Does assessed value influence market value judgements&#39;, Journal of Property Research, Vol. 20, No. 4, pp.305-318.
Diaz III, J and Hansz, JA 1997, &#145;How valuers use the value opinions of others&#39;, Journal of Property Valuation and Investment, Vol. 15, No. 3, pp. 256-260.
Diaz III, J and Hansz, JA 2001, &#145;The use of reference points in valuation judgment&#39;, Journal of Property Research, Vol. 18, No. 2, pp. 141-148.
Diaz, J and Wolverton, ML 1998, &#145;A longitudinal examination of the appraisal smoothing hypothesis&#39;, Real Estate Economics, Vol. 26, No. 2, pp. 349-358.
Eriksen, A 2013a, &#145; State house duo fetch $1.9m&#39;, The New Zealand Herald, 1 March, viewed 28 August 2013, .
Eriksen, A 2013b, &#145;Sold - for $1m over valuation&#39;, The New Zealand Herald, 19 August, viewed 15 September, .
Firoozi, F, Hollas, DR, Rutherford, RC and Thomson TA 2006, &#145;Property assessments and information asymmetry in residential real estate&#39;, Journal of Real Estate Research, Vol.28, No. 3, pp. 275-292.
Gallimore, P 1994, &#145;Aspects of information processing in valuation judgement and choice&#39;, Journal of Property Research, Vol. 11, No. 2, pp. 97-110.
Gallimore, P 1996, &#145;Confirmation bias in the valuation process: A test for corroborating evidence&#39;, Journal of Property Research, Vol. 13, No. 4, pp. 261-273.
Garratt, D 2010, &#145;Does QV represent market value?&#39;, North Wellington Real Estate, 30 March, viewed 15 September 2013, .
Havard, T 1999, &#145;Do valuers have a greater tendency to adjust a previous valuation upwards or downwards?&#39;, Journal of Property Investment &amp; Finance, Vol. 17, No. 4, pp. 365-373.
Hansz, AJ 2004, &#145;Prior transaction price induced smoothing: testing and calibrating the Quan-Quigley model at the disaggregate level&#39;, Journal of Property Research, Vol. 21, No. 4, pp. 321-336.
Helm, A 2013, &#145;Let&#39;s get rid of property CVs&#39;, The New Zealand Herald, 20 May, viewed 20 May, .
Kristensen, H and Garling, T 2000, &#145;Anchoring induced biases in consumer price negotiations&#39;, Journal of Consumer Polic y, Vol. 23, No. 4, pp. 445-460.
Levitt, SD and Syverson, C 2008, &#145;Market distortions when agents are better informed: The value of information in real estate transactions&#39;, The Review of Economics and Statistics, Vol. 90, No. 4, pp. 599-611.
Levy, DS, Dong, Z, Filippova, O, Frethey-Bentham, C and Narayan, S 2013, The influence of property tax assessments on housing market behaviour, 2013 AREUEA International Conference, Jerusalem, 24 - 26 June 2013.
Levy, DS and Frethey-Bentham, C 2010, &#145;The effect of context and the level of decision maker training on the perception of a property&#39;s probable sale price&#39;, Journal of Property Research, Vol. 27, No. 3, pp. 247-267.
Matthews, J 2013, &#145;Auckland property price madness&#39;, 8 June, viewed 15 September 2013, .
Morris, B 2013, &#145;Property Report: Mixed messages in a room of waving hands and legs&#39;, The New Zealand Herald, 2 September, viewed 17 September 2013, .
Northcraft, G and Neale, MA 1987, &#145;Experts, amateurs, and real estate: An anchoring-and-adjustment perspective on property pricing decisions&#39;, Organizational Behaviour and Human Decision Processes, Vol. 39, No. 1, pp. 84-97.
Quotable Value Limited 2013, Urgent Rating Value Review, Quotable Value Limited, viewed 15 September 2013, .
Rating Valuations Act 1998, s.9, reprint 5 August 2013, New Zealand Government, Wellington.
Rating Valuations Rules 2008, Land Information New Zealand, Wellington.
Real Estate Agents Act Rules 2012, Real Estate Agents Authority, Wellington.
Rehm, M, Filippova, O and Stone, J 2006, &#145;The influence of vintage on house value&#39;, Pacific Rim Property Research Journal, Vol. 12, No. 3, pp. 232-253.
Rutherford, RC, Springer, TM and Yavas, A 2005, &#145;Conflicts between principals and agents: Evidence from residential brokerage&#39;, Journal of Financial Economics, Vol.76, No. 3, 627-665.
Scally-Irvine, K, Souness, C, Renwick, J, Averill, K and Stroombergen, A 2013, &#145;Evaluation of the rating valuations regulatory framework&#39;, Land Information New Zealand, Wellington.
Scott, PJ and Lizieri, C 2012, &#145;Consumer house price judgements: new evidence of anchoring and arbitrary coherence&#39;, Journal of Property Research, Vol. 29, No.1, pp. 49-68.
Sirmans, SG, Macpherson, DA and Zietz, EN 2005, &#145;The composition of hedonic price models&#39;, Journal of Real Estate Literature, Vol. 13, No.1, pp. 1-44.
Springer, TM 1996, &#145;Single-family housing transactions: Seller motivations, price, and marketing time&#39;, The Journal of Real Estate Finance and Economics, Vol. 13, No. 3, pp. 237-254.
Thomas, M, Simon, DH and Kadiyali, V 2010, &#145;The price precision effect: Evidence from laboratory and market data&#39;, Marketing Science, Vol. 29, No. 1, pp. 175-190.
Tversky, A and Kahneman, D 1974, &#145;Judgment under uncertainty: Heuristics and biases&#39;, Science, Vol. 185, No. 4157, pp. 1124-1131.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/do-objections-to-capital-value-influence-house-prices</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/dynamic-relationships-between-economic-globalisation-and-cross-public-property-market-correlations</link>
<title><![CDATA[Dynamic Relationships Between Economic Globalisation and Cross-Public Property Market Correlations]]></title>
<description><![CDATA[In this paper, the dynamics and current status of economic globalization and cross-public property market correlations, as well as their linkages, among the three Greater China (GC) economies (mainland China, Hong Kong and Taiwan) and across the GC region with their regional and international partners (Japan, Singapore, Australia, the US and the UK) are assessed. Results indicate that there is adequate evidence of economic globalization represented by three international parity variables (real interest differential, uncovered interest differential and relative purchasing power differential) that are likely to hold as a long-run equilibrium condition. The increased cross-public property market correlations and cross-stock market correlations imply that international capital markets have become increasingly linked over the study period.
Over the last two decades, there were moderate degrees of co-movements between economic globalization and cross-public property market correlations across the three parity measures. Specifically, the dynamic correlation analysis finds wide differences for different frequencies of cyclical development over the economic cycle. Economic globalization and cross-public property market correlations are moderately linked in the long-run; but in a different manner according to the frequencies and economy-pairs considered, particularly for the short-run frequencies. Moreover, the underlying dynamic relationships between economic globalization and cross-market correlations are different for securitizedproperty and stock markets.
]]></description>
<content><![CDATA[Bardhan, A, Edelstein, R and Tsang, D 2008, &#145;Global financial integration and real estate security returns&#39;, Real Estate Economics, Vol. 36, No. 2, pp. 285-311.
Bracker, K, Docking, DS and Koch, PD 1999, &#145;Economic determinants of evolution in international stock market integration&#39;, Journal of Empirical Finance, Vol. 6, pp. 1-27.
Cappiello, L, Robert, E and Sheppard, K 2006, &#145;Asymmetric dynamics in the correlation of global equity and bond returns&#39;, Journal of Financial Econometrics, Vol. 4, No. 4, pp. 537-572.
Cheng, H and Glascock, J 2005, &#145;Dynamic linkages between the Greater China Economic Area stock markets - Mainland China, Hong Kong and Taiwan&#39;, Review of Quantitative Finance and Accounting, Vol. 24, pp. 343-357.
Chinn, M and Frankel, J 1995, &#145;Who drives real interest rates around the Pacific Rim: the USA or Japan?&#39;, Journal of International Money and Finance, Vol. 14, No. 6, pp. 801-821.
Cheung, Y, Chinn, M and Fujii, E 2005, &#145;Dimensions of financial integration in Greater China: money markets, banks and policy effects&#39;, International Journal of Economics and Finance, Vol. 10, pp. 117-132.

Croux, C, Forni, M and Reichlin, L 2001, &#145;A measure of comovement for economic variables: Theory and empirics&#39;, Review of Economics and Statistics, Vol. 83, No. 2, pp. 232-241.
Cuestas, J and Harrison, B 2010, &#145;Further evidence on real interest rate parity hypothesis in Central and East European countries: unit roots and nonlinearities&#39;, Emerging Markets Finance and Trade, Vol. 46, No. 6, pp. 22-39.
Elliot, G, Rothernberg, TJ and Stock, JH 1996, &#145;Efficient tests for an autoregressive unit root&#39;, Econometrica, Vol. 64, No. 4, pp. 813-36.
Engle, RF 2002, &#145;Dynamic conditional correlation: a simple class of multivariate generalized autoregressive conditional heteroskedasticity models&#39;, Journal of Business and Economic Statistics, Vol. 20, pp. 339-350.
Fidrmuc, J and Ivana B 2008, &#145;China in the world economy: dynamic correlation analysis of business cycles&#39;, Research paper, No. 2008/02, United Nations University (UNU).
Fidrmuc, J. and Korhoen, I 2009, &#145;The impact of the global financial crisis on business cycles in Asian emerging economies&#39;, CESIFO Working Paper, No. 2710, Monetary Policy and International Finance (Category 7).
Forbes, K and Rigobon, R 2002, &#145;No contagion, only interdependence: measuring stock market co-movements&#39;, Journal of Finance, Vol. 57, No. 5, pp. 2223-61.
Fountas, S and Wu, J 1999, &#145;Testing for real interest rate convergence in European countries&#39;, Scottish Journal of Political Economy, Vol. 46, No. 2, pp. 158-174.
Fung, H, Huang, A, Liu, W and Shen, M 2006, &#145;The development of the real estate industry in China&#39;, The Chinese Economy, Vol. 39, pp. 84-102.
Giliberto, MS 1990, &#145;Equity real estate investment trusts and real estate returns&#39;, Journal of Real estate Research, Vol. 5, No. 2, pp. 259-263.
Goodwin, B and Grennes, T 1994, &#145;Real interest rate equalization and the integration of international financial markets&#39;, Journal of International Money and Finance, Vol. 13, pp. 107-124.
Holmes, M and Maghrebi, N 2004, &#145;Asian real interest rates, nonlinear dynamics and international parity&#39;, International Review of Economics and Finance, Vol. 13, pp. 387-405.
Holmes, M and Wang, P 2008, &#145;Real convergence and the EU accession countries: a new perspective on real interest parity&#39;, Journal of Emerging Market Finance, Vol. 7, pp. 215-236.
Johansson, A and Ljungwall, J 2009, &#145;Spillover effects among the Greater China stock markets&#39;, World Development, Vol. 37, pp. 839-851.
Kim, SJ, Moshirian, F and Wu, E 2006, &#145;Evolution of international stock and bond market integration: influence of European monetary union&#39;, Journal of Banking and Finance, Vol. 30, pp. 1507-1534.
Liow, KH, Ho, KHD, Ibrahim, MF and Chen, Z 2009, &#145;Correlation and volatility dynamics in international real estate securities markets&#39;, Journal of Real Estate Finance and Economics, Vol. 39, pp. 202-223.
Liow, KH 2012, &#145;Co-movements and correlations across Asian Securitized Real Estate and Stock Markets&#39;, Real Estate Economics, Vol. 40, No. 1, pp. 97-129.
Liow, KH and Newell, G 2012, &#145;Investment dynamics of the Greater China securitized real estate markets and international linkages&#39;, Journal of Real Estate Research, Vol. 34, No. 3, pp. 399-428.
Lizieri, C and Satchell, S 1997, &#145;Interactions between property and equity markets: an investigation of linkages in the United Kingdom&#39;, Journal of Real Estate Finance and Economics, Vol. 15, No. 1, pp. 11-26.
Moosa, I and Bhatti, R 1996, &#145;Does real interest parity hold? Empirical evidence from Asia&#39;, Keio Economic Studies, Vol. 33, No. 2, pp. 63-70.
Qiao, Z, Chiang, C and Wong, W 2008, &#145;Long-run equilibrium, short-term adjustment, and spillover effects across Chinese segmented stock markets and the Hong Kong stock market&#39;, Int. Fin. Markets., Inst. &amp; Money, Vol. 18, pp. 425-437.
Tavares, J 2009, &#145;Economic globalization and the co-movement of stock returns&#39;, Economic Letters, Vol. 103, pp. 65-67.
Triper, F 2002, &#145;The dynamic correlation between growth and unemployment&#39;, Economic Bulletin, Vol. 5, No. 4, pp. 1- 9.
Wu, J and Chen, S 1998, &#145;A re-examination of real interest rate parity&#39;, The Canadian Journal of Economics, Vol. 31, No. 4, pp. 837-851.
Zhou, X, Zhang, W and Zhang, J 2012, &#145;Volatility spillovers between the Chinese and world equity markets&#39;, Pacific-Basin Finance Journal, Vol. 20, pp. 247-270.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/dynamic-relationships-between-economic-globalisation-and-cross-public-property-market-correlations</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/the-first-home-owner-decade-distribution-and-impact-of-the-first-home-owner-grant-2000-to-2013</link>
<title><![CDATA[The First Home Owner Decade &#150; Distribution and Impact of the First Home Owner Grant 2000 to 2013]]></title>
<description><![CDATA[Australia has a 50 year history of direct support to First Home Owners (FHO) and the longevity and non-targeted nature of the policy makes it distinctive within western economies. In the last decade governments in Australia, both state and federal, have continued to provide assistance to first home buyers in an effort to improve the availability and the affordability of housing as well as to stimulate interest in the housing market. Using Adelaide, the state capital of South Australia, as a case study, this preliminary empirical analysis summarizes the take up and distribution of the grant as well as the potential impact of the policy in terms of improving housing affordability and increasing market activity for over a ten year period.
]]></description>
<content><![CDATA[ABS (Australian Bureau of Statistics) 2006, Census of population and housing, ABS Canberra
ABS (Australian Bureau of Statistics) 2013, Building approvals Australia, Cat No 8731.0 ABS Canberra
ABS (Australian Bureau of Statistics) 2013a, Housing finance Australia, Cat No 5609.0 ABS Canberra
Atterhog, M and Song, H-S 2009, &#145;A survey of policies that may increase access to home ownership for low-income households&#39;, Housing, Theory and Society, Vol. 26, No. 4, pp. 248-270
Baker, E and Tually, S 2008, &#145;Women, health and housing assistance: implications in an emerging era of housing provision&#39;, Australian Journal of Social Issues, Vol. 43, No. 1
Berry, M and Dalton, T 2000, &#145;Home ownership into the new millennium: a view from the margin&#39;, Urban Policy and Research, Vol. 18, No. 4, pp. 435-454
Berry, M 2002, Affordable housing project, Background Paper, RMIT Melbourne
Bourassa, S, Greig, A and Troy, B 1995, &#145;The limits of housing policy: home ownership in Australia&#39;. Housing Studies, Vol. 10, No. 1, pp. 83-104
Bramley, G and Morgan, J 1998, &#145;Low cost home ownership in the UK&#39;, Housing Studies, Vol. 13, No. 4, pp. 567-586
Consumer and Business Services SA 2013, &#145;FHOG&#39; consolidated payments by suburb 2000-2103, CBS SA Adelaide.
Doling, J and Horsewood, N 2011, &#145;Home ownership and pensions: causality and the really big trade-off, Housing, Theory and Society, Vol. 28, No. 2, pp. 166-182
Drew, R 2013, &#145;Constructing homeownership policy: social constructions and the design of the low-income homeownership policy objective&#39;, Housing Studies, Vol. 28, No. 4, pp. 616-631
Dungey, M, Wells, G and Thompson, S 2011, &#145;First home buyers&#39; support schemes in Australia&#39; The Australian Economic Review, Vol.44, No. 4, pp. 468-479
Eslake, S 2011, &#145;Doling out cash to first home buyers hasn&#39;t made more of us home owners&#39;, The Age 16 March
HSAR (Housing Supply &amp; Affordability Report) 2011, Housing supply and affordability report, Canberra Australian Government
Milligan, V and Pinnegar, S 2010, &#145;The comeback of national housing policy in Australia: first reflections&#39;, International Journal of Housing Policy, Vol. 10, No. 3, pp. 325-344
Munro, M 2007, &#145;Evaluating policy towards increasing home ownership&#39;, Housing Studies, Vol. 22, No. 2, pp. 243-260
Pascoe, M 2013, &#145;Grants to not help first home buyers&#39;, The Age, 27 March 27
Productivity Commission Report 2004, First home ownership, Productivity Commission Inquiry Report No. 28, 31 March 2004 Canberra, Australian Government
Randolph, B, Pinnegar, S and Tice, A 2013, &#145;The first home owner boost in Australia: a case study of outcomes in the Sydney housing market&#39;, Urban Policy and Research, Vol. 31, No. 1, pp. 55-73
Rodrigues, M 2004, &#145;First Home Buyers in Australia&#39;, Economic Roundup Summer 2003-04 RBA Canberra
Rohe, W, Van Zandt, S and McCarthy, G 2002, &#145;Home ownership and access to opportunity&#39;, Housing Studies, vol. 17, no. 1, pp. 51-61
RPData 2013, Dwelling sales transaction data, RPData SA &amp; Melbourne
Van Onselen 2013, &#145;First home buyers desert market&#39;, The Age, 13 March
Westpac Bank 2013, Kiwisaver Accounts Report, http://www.goodreturns.co.nz/article/976500503/kiwisaver-gender-gap-concerns.html
Yates, J and Berry, M 2011, &#145;Housing and mortgage markets in turbulent times: Is Australia different?&#39; Housing Studies, Vol. 26, No. 7-8, pp. 1133-1156
Yates, J 2003, &#145;The more things change? An overview of Australia&#39;s recent home ownership policies&#39;, International Journal of Housing Policy, vol. 3, no. 1, pp. 1-33
Yates, J 2008, &#145;Housing Affordability: What are the policy issues? Australia&#39;s housing affordability crisis&#39;, Economic Policy Forum, vol. 41, no. 2, pp. 200-214
Yates, J 2013, &#145;Evaluating social and affordable housing reform in Australia: lessons to be learned from history&#39;, International Journal of Housing Policy, vol. 13, no. 2, pp. 111-133
Yates, J 2014, &#145;Protecting housing and mortgage markets in time of crisis: a view from Australia&#39;, Journal of Housing and the Built Environment, vol. 29, no. 2, pp. 361-382
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/the-first-home-owner-decade-distribution-and-impact-of-the-first-home-owner-grant-2000-to-2013</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/do-spatial-effects-drive-house-prices-away-from-the-long-run-equilibrium</link>
<title><![CDATA[Do Spatial Effects Drive House Prices Away from the Long-run Equilibrium?]]></title>
<description><![CDATA[Long-run equilibrium of house prices has been investigated by researchers in multiple countries. The identification of this equilibrium not only provides references against contemporary house price levels, but also contributes to creation of stable-development policies and healthy investment strategies. However, there is little research investigating the factors that drive house prices away from the long-run equilibrium.
Based on a framework of the conventional stationarity test process, this research develops a panel regression model and a spatial regression model to investigate the roles of spatial heterogeneity and correlations on house prices preceding the long-run equilibrium, respectively. Housing data generated from the capital cities in Australia are used to illustrate the models. Spatial effects can have a strong influence in the long-run performance of house prices, while the short-run performance of house prices is not influenced by the spatial effects.
]]></description>
<content><![CDATA[Australian Bureau of Statistics 2005, Renovating the established house price index, Cat. No. 6417.0, ABS, Canberra
Australian Bureau of Statistics 2013, House price indexes: eight capital cities, Cat. no. 6416.0, ABS, Canberra
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Fingleton, B 2008, &#145;A generalized method of moments estimator for a spatial panel model with an endogenous spatial lag and spatial moving average errors&#39;, Spatial Economic Analysis, Vol. 3, No. 1, pp. 27 &#150; 44
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Holly, S, Hashem Pesaran, M and Yamagata, T 2011, &#145;The spatial and temporal diffusion of house prices in the UK&#39;, Journal of Urban Economics, Vol. 69, No. 1, pp. 2-23
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MacDonald, R and Taylor, MP 1993a, &#145;Regional house prices in Britain: long-run relationships and short-run dynamics&#39;, Scottish Journal of Political Economy, Vol. 40, No. 1, pp. 43-55
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/do-spatial-effects-drive-house-prices-away-from-the-long-run-equilibrium</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/women-directors-and-australian-reit-performance</link>
<title><![CDATA[Women Directors and Australian Reit Performance]]></title>
<description><![CDATA[This paper follows Noguera&#39;s (2012) study on factors that might influence the return on asset (ROA) performance of REITs, including the engagement of more non-executive directors and more female directors. Using Australian data, the ROA performance of 37 Australian Real Estate Investment Trusts (A-REITs) from 2008 to 2011 is examined. As with Noguera (2012), larger A-REITs are found to tend to have higher ROA performance and A-REITs that employ more debt fare more poorly.
However, the findings show that the proportion of non-executive directors and female directors are not statistically related to such performance. A Tobin&#39;s Q measure is also used to provide a more market-based metric of A-REIT performance. The Tobin Q measure shows improved market values for A-REITs over 2010 and 2011 while those with an &quot;office&quot; focus tend to have performed more poorly using this measure. A pooled regression is utilised as well as fixed and random effects approaches to investigate factors influencing REIT performance. The findings suggest useful implications for A-REIT investors and boards.

]]></description>
<content><![CDATA[Adams, RB and Ferreira, D 2009, &#145;Women in the boardroom and their impact on governance and performance&#39;, Journal of Financial Economics, Vol. 94, pp. 291-309
Adams, RB, Hermalin, B and Weisbach, M 2010, &#145;The role of boards of directors in corporate governance: a conceptual framework and survey&#39;, Journal of Economic Literature, Vol. 48, pp. 58-107
Australian Bureau of Statistics 2012, Australian Census of Women in Leadership available at http://www.eowa.gov.au/Information_Centres/Resource_Centre/EOWA_Publications/EOWA_Census/2012_Census/CENSUSREPORT_Interactive.pdf (Accessed 27 November 2012)

Burke, RJ 1997, &#145;Women directors: selection, acceptance and benefits of board membership&#39;, Corporate Governance: An International Review, Vol. 5, pp. 118-125
Burke, RJ 2003, &#145;Women on corporate boards of directors: the timing is right&#39;, Women in Management Review, Vol. 18, pp. 346-8
Carter, DA, Simpkins, BJ and Simpson, WG 2003, &#145;Corporate governance, board diversity and firm value&#39;, The Financial Review, Vol. 38, pp. 33-53
Catalyst 2012, Women on boards, Catalyst, New York, NY.
Dimovski, W, Lombardi, L and Cooper, B 2013, &#145;Women directors on boards of Australian real estate investment trusts&#39;, Journal of Property Investment and Finance, Vol. 31, pp. 196-207
Dimovski, W 2009, &#145;The global financial crisis and the Centro Properties Group earnings revision and refinancing announcements: an event study&#39;, Pacific Rim Property Research Journal, Vol. 15, pp. 417-429
European Public Real Estate Association (EPRA) 2012, Global REIT survey 2012, September 2012, EPRA.
Farrell, KA and Hersch, PL 2005, &#145;Additions to corporate boards: the effect of gender&#39;, Journal of Corporate Finance, Vol. 11, pp.85-106
Ghosh, C and Sirmans, C 2003, &#145;Board independence, ownership structure and performance: evidence from real estate investment trusts&#39;, Journal of Real Estate Finance and Economics, Vol. 26, pp. 287-318
Gul, FA, Srinidhi, B and Ng, AC 2011, &#145;Does board gender diversity improve the informativeness of stock prices?&#39;, Journal of Accounting and Economics, Vol. 51, pp. 314-338
Hermalin, B and Weisbach, M 2003, &#145;Boards of directors as an endogenously determined institution: a survey of the economic literature&#39;, FRBNY Economic Policy Review, pp. 7-26.
Hyland, MM and Marcellino, PA 2002, &#145;Examining gender on corporate boards: a regional study&#39;, Corporate Governance, Vol. 2, pp. 24-31

Lehn, K, Patro, S and Zhao, M 2009, &#145;Determinants of the size and composition of US corporate boards: 1935-2000&#39;, Financial Management, Vol. 38, pp. 747-780
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Mehran, H 1995, &#145;Executive compensation structure, ownership and firm performance&#39;, Journal of Financial Economics, Vol. 38, pp. 163-184
Newell, G 2007, &#145;The significance of property in industry-based superannuation funds&#39;, Australian and New Zealand Property Journal, Vol. 1, pp. 34-43
Noguera, M 2012, &#145;The impact of the Sarbanes-Oxley Act on the structure of REIT boards of directors&#39;, Journal of Real Estate Finance and Economics, Vol. 45, pp. 869-887
Parker, DRR 2009, Impact of board composition on Australian REIT performance, 15 Pacific-Rim Real Estate Society Conference, 18-21 January 2009, Sydney
Property Investment Research 2011, Property Funds Manager Survey 2011. PIR, Melbourne
Sheridan, A 2002, &#145;What you know and who you know: &quot;successful&quot; women&#39;s experiences of accessing board positions&#39; , Career Development International, Vol. 7, pp. 203-210
Singh, V, Vinnicombe, S and Johnson, P 2001, &#145;Women directors on top UK boards&#39;, Corporate Governance: An International Review, Vol. 9, pp. 206-216
Singh, V and Vinnicombe, S 2003, &#145;The 2002 female FTSE index and women directors&#39;, Women in Management Review, Vol. 18, pp. 349-358
Singh, V and Vinnicombe, S 2004, &#145;Why so few women directors in top UK boardrooms?: evidence and theoretical explanations&#39;, Corporate Governance: An International Review, Vol. 12, pp. 479-488
Terjesen, S, Sealy, R and Singh, V 2009, &#145;Women directors on corporate boards: a review and research agenda&#39; , Corporate Governance: An International Review, Vol. 17, pp. 320-337
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/women-directors-and-australian-reit-performance</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/the-marginal-cost-of-a-bedroom-an-australian-case-study</link>
<title><![CDATA[The Marginal Cost of a Bedroom: An Australian Case Study]]></title>
<description><![CDATA[After a long period of decline, a slight increase in household size in Australia has been observed in recent years. This reversal, in part, is due to a noticeable change in household formation patterns. An increase in multigenerational households and group living has been coupled with policy incentives aimed at reversing the decrease in fertility. In this paper, the results of a hedonic analysis of the cost of housing additional household members using Melbourne metropolitan sales data are presented. Specifically, estimates of the marginal price of an additional bedroom are discussed. The results show that the true cost of housing additional household members has increased substantially. Further, increasing marginal costs are evident for growing households, as captured by rising shadow prices for third, fourth and fifth bedrooms.
]]></description>
<content><![CDATA[Abelson, P, Joyeux, R, Milunovich, G and Chung, D 2005, Explaining house prices in Australia: 1970-2003. Rochester, NY: Social Science Research Network, retrieved from http://papers.ssrn.com/abstract=783226
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Australian Bureau of Statistics (ABS) 2010, &#145;Australian households, the future&#39; in Australian Social Trends. ABS. Cat. No. 4102.0, retrieved from http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/4102.0Main+Features20Dec+2010

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Lain, SJ, Ford, JB, Raynes-Greenow, CH, Hadfield, RM, Simpson, JM, Morris, JM and Roberts, CL 2009, &#145;The impact of the baby bonus payment in New South Wales: who is having &#145;one for the country&#39;?&#39;, Medical Journal of Australia, Vol. 190, pp. 238-24
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/the-marginal-cost-of-a-bedroom-an-australian-case-study</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/evaluating-strategic-and-dynamic-property-asset-allocation-approaches-for-australian-superannuation-funds</link>
<title><![CDATA[Evaluating Strategic and Dynamic Property Asset Allocation Approaches for Australian Superannuation Funds]]></title>
<description><![CDATA[For Australians, the $325 billion not-for-profit industry superannuation funds are a popular retirement saving option. To achieve their investment objectives, industry funds commonly apply the strategic asset allocation approach across seven diversified benchmarked asset classes. Fund managers regularly make adjustments to the strategic policy to reflect changes in investment markets. However, more recently, the volatile behaviour of the global financial markets has made it difficult for institutions to follow long-term strategies and polices. Consequently Australian fund managers are increasingly changing their asset allocation strategies to shorter term timeframe.
In particular, adopting the dynamic asset allocation approach, which works on a medium term (3+ years) timeframe, is now viewed as a more effective strategy by fund managers. Covering a 17 year period, this research compares the performance of the industry fund strategic investment approach against two dynamic asset allocation models. In addition, the research investigates the role of property in these asset allocation strategies. The results show that the dynamic investment models provide a better risk-adjusted return profile compared to the industry fund strategic investment approach with scope to increase the property allocation level from current 10% to the 15-28% range.
]]></description>
<content><![CDATA[Allen Consulting 2011, Enhancing financial stability and economic growth: the contribution of superannuation, The Allen Consulting Group, Melbourne
Anson, M 2004, &#145;Strategic versus tactical asset allocation&#39;, The Journal of Portfolio Management, Winter Edition, pp. 8-22
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Australian Trade Commission 2010, Alternative investments in Australia, Austrade Financial Services Division, Canberra
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Dong, Z, and Li, N 2012, &#145;Investment property diversification over different economic phases in New Zealand&#39;, Pacific Rim Property Research Journal, Vol. 18, No. 2, pp. 106-128
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determinants of portfolio returns&#39;, The Journal of Wealth Management, Winter Editon, pp. 26-38
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Lee, S and Byrne, P 1995, &#145;Is there a place for property in the multi-asset portfolio?&#39;, Journal of Property Investment and Finance, Vol. 6, No. 3, pp. 60-83
MacGregor, BD and Nanthakumaran, N 1992, &#145;The allocation to property in the multi-asset portfolio: the evidence and theory reconsidered&#39;, Journal of Property Research, Vol. 9, No. 1, pp 5-32
MacKinnon, GH and Al Zaman, A 2009, &#145;Real estate for the long term: The effect of return predictability on long-horizon allocations&#39;, Real Estate Economics, Vol. 37, No. 1, pp. 117-153
Markowitz, HM 1959, Portfolio selection: efficient diversification on investments, 2nd Edition, John Wiley and Sons Inc, United States
Markowitz, H 1952, &#145;Portfolio selection&#39;, The Journal of Finance, Vol. 7, No. 1, pp. 77-91
Mercer 2011, Dynamic asset allocation, Mercer, viewed 15 March 2012 .
Mueller, AG and Mueller, GR 2003, &#145;Public and private real estate in a mixed-asset portfolio&#39;, Journal of Real Estate Portfolio Management, Vol. 9, No. 3, pp. 193-203
Newell, G and Razali, MN 2009, &#145;The impact of the global financial crisis on commercial property investment in Asia&#39;, Pacific Rim Property Research Journal, Vol. 15, No. 4, pp. 430-452
Newell, G 2007, &#145;The significance of property in industry-based superannuation funds in Australia&#39;, Australian and New Zealand Property Journal, Vol. 1, No. 1, pp. 34-43
Nguyen, P and Portait, R 2002, &#145;Dynamic asset allocation with mean variance preferences and a solvency constraint&#39;, Journal of Economic Dynamics &amp; Control, Vol. 26, pp. 11-32
Parker, D 2013, Decision-making by Australian property funds, Royal Institution of Chartered Surveyors Research Report, RICS, London
Property Council of Australia 2011, Australian property investment industry: Autumn 2011, PCA, Sydney
Property Council of Australia, 2009, Australian property investment industry: June 2009, PCA, Sydney
Rainmaker Group, 2012, Australian superannuation industry information: asset class weights June 1995 to December 2011, Rainmaker Group, Sydney
Reddy, W, Higgins, D, Wist, M and Garimort, J 2013, &#145;Australian industry superannuation funds: investment strategies and property allocation&#39;, Journal of Property Investment &amp; Finance, Vol. 31, No. 5, pp. 462-480
Reddy, W. 2012, &#145;Determining the current optimal allocation to property: a survey of Australian
fund managers&#39;, Pacific Rim Property Research Journal, Vol. 18, No. 4, pp. 371-387
Rowland, PJ 2010, Australian property investments and financing, Thomson Reuters (Professional Australia) Limited, NSW
Sharpe, WF, Chen, P, Pinto, JE and McLeavey, DW 2007, &#145;Asset allocation&#39;, in Maginn, JL, Tuttle, DL, McLeavey, DW, and Pinto, JE (Eds.), Managing investment portfolios: a dynamic process, John Wiley and Sons, Inc, New York, pp 231-327
Sharpe, WF 1994, &#145;The Sharpe ratio&#39;, Journal of Portfolio Management, Vol. 39, pp.49-58
Sharpe, WF 1992, &#145;Asset allocation management style and performance measurement&#39;, Journal of Portfolio Management, Vol. 18, No. 2, pp. 7-20
Sharpe, WF 1966, &#145;Mutual fund performance&#39;, Journal of Business, Vol. 39, No.1, pp.119-138
Stevenson, S 2000, &#145;Constructing optimal portfolios and the effect on real estate&#39;s allocation&#39;, Journal of Property Investment &amp; Finance, Vol. 18, No. 4, pp. 488-506
Vliet, P and Blitz, D 2011, &#145;Dynamic strategic asset allocation: risk and return across the business cycle&#39;, Journal of Asset Management, Vol. 12, No. 5, pp. 360-375
Watson Wyatt 2009, Dynamic Strategic Asset Allocation, Watson Wyatt Australia Ltd, June 2009, Melbourne
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/evaluating-strategic-and-dynamic-property-asset-allocation-approaches-for-australian-superannuation-funds</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume20-2014/the-value-of-debt-on-property-investment-market-performance</link>
<title><![CDATA[The Value of Debt on Property Investment Market Performance]]></title>
<description><![CDATA[Commercial property is a physical asset class that forms an important part of the capital market universe. Due to illiquidity and high value thresholds, commercial property investment generally requires considerable equity and debt funding. Whilst debt funding can improve property investment returns, it substantially increases the level of risk. Over 28 years, on Australian data, the research showed the average indicative property floating and fixed lending rates were similar, in a range of 9.3% - 10.1% per annum. This compared to average desmoothed commercial property total returns of 10.2% per annum which included two periods of negative returns (March 1989 - September 1993 and September 2007 - September 2009).
Overall, the application of high debt levels (80% leverage) can lead to a 30% improvement to annual commercial property total returns (13.3%), although the risk (volatility) is increased fivefold (11.4% to 57.3%) and can lead to a wide (280%) performance range. In demonstrating the impact of gearing levels on desmoothed total property return performance, recognition is required that the management of debt and the associated stability offuture property income is a central part of a property investment strategy.
]]></description>
<content><![CDATA[Baum, A 2009, Commercial real estate investment: a strategic approach, 2 edition, EG Books, Oxford
Bernstein, P 2007, Capital ideas evolving, John Wiley and Sons, New Jersey
Bond, S and Hwang, S 2005, &#145;A measure of fundamental volatility in the commercial property market&#39;, Real Estate Economics, Vol. 31, pp. 577-600
Davis, E and Zhi, H 2011, &#145;Bank lending and commercial property cycles: some cross-country evidence&#39;, Journal of International Money and Finance, Vol. 30, pp. 1-21
Geltner, D, Millar, N, Clayton, J and Eichholtz, P 2007, Commercial real estate: analysis and investments, Prentice Hall, New Jersey
Giliberto, M 1992, Real estate risk and returns: 1991 survey results, Real Estate Research Papers, Salomon Brothers Inc, New York
Higgins, D 2013, Australian commercial property investment market: styles, performance and funding, Australian Centre for Financial Studies, Melbourne
IPD, 2013, Australian property investment digest: quarter ending December 2012, Investment Property Databank, Sydney
Lee, C, Robinson, J and Reed, R 2007, Downside systematic risk in Australian listed property trusts, 13 Pacific Rim Real Estate Society Conference, 21-24 January, Fremantle
Marcato, G and Key, T 2007, &#145;Smoothing and implications for asset allocation choices&#39;, Journal of Portfolio Management, Vol. 33, pp. 85-99
Newell, G 2006, The significance of property in industry based superannuation funds in Australia, Pacific Rim Real Estate Society Conference, Auckland
Newell, G and MacFarlane, J 1995, &#145;Improved risk estimation using appraisal smoothed real estate returns&#39;, Journal of Real Estate Portfolio Management, Vol. 1, pp. 51-57
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PCA, 2013b, Shopping centres online, Property Council of Australia, Sydney
PIR, 2012, Australian property funds industry survey 2012: a complete landscape of the property fund sector, Eleventh Edition, Property Investment Research, Sydney
RBA, 2013a, Indicative housing lending rate: statistical table F5, Reserve Bank of Australia, Sydney
RBA, 2013b, Interest rates and yields - money market: statistical table F1, Reserve Bank of Australia, Sydney
Rowland, P 2009, Australian Property Investment and Financing, Lawbook Co, Sydney
Sharpe, W 1966, &#145;Mutual fund performance&#39;, Journal of Business, Vol. 39, pp. 119-138
Sharpe, W 1994, &#145;The Sharpe ratio&#39;, Journal of Portfolio Management, Vol. 21, pp. 49-58
Travers, F 2004, Investment managers analysis: a comprehensive guide to portfolio selection, monitoring and optimisation, Wiley Finance, New Jersey
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume20-2014/the-value-of-debt-on-property-investment-market-performance</guid>
<pubDate>31 Dec 2013 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/formative-assessment-in-property-education-a-comparison-between-blended-and-online-learning</link>
<title><![CDATA[Formative Assessment in Property Education: A Comparison Between Blended and Online Learning]]></title>
<description><![CDATA[Formative assessment is of vital importance to enhance student learning. Students are able to apply their knowledge by completing formative exercises and given the opportunity to rectify their mistakes prior to attempting the summative assessment. Feedback provided for formative assessment has been recognised as central in enhancing student learning as students can use this to reinforce their understanding of the subject.
The paper is based on an exploratory research project using student survey data as well as records of students&#39; performance and activities over the first semester of 2012. The purpose is to study how two groups of property students exposed to different modes of learning responded to the online and traditional formative assessment. The student perceptions and the statistical relationship between formative and summative assessment will be analysed using quantitative analysis techniques.
The research shows that both groups of students, internal (blended) and external (online) students, have benefited from the range of formative assessments offered in this first-year property course, albeit to a different extent. Property academics should, therefore, make good use of formative assessment to enhance student engagement and virtual classroom might be a solution to further engage external students. Besides highlighting challenges, student perceptions and the usefulness of formative assessment, the paper also provides recommendations for future research.
]]></description>
<content><![CDATA[Anderson RI, Loviscek AL and Webb JR 2000, &#145;Problem-based learning in real estate education&#39;, Journal of Real Estate Practice and Education, Vol.3, pp. 35-41.
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Asan A 2003, &#145;School experience course with multimedia in teacher education&#39;, Journal of Computer Assisted Learning, Vol. 19, pp. 21-34.
Bangert-Drowns RL, Kulik JA and Kulik CLC 1991, &#145;Effect of frequent classroom testing&#39;, Journal of Educational Research, Vol. 85, pp. 89-99.
Biggs J 2003, Aligning teaching and assessing to course objectives, Teaching and Learning in Higher Education: New Trends and Innovations Conference, 13-17 April, University of Aveiro.
Biggs J and Tang C 2007, Teaching for quality learning at university: what the student does, 3rdEd, Society for Research into Higher Education and Open University Press, Maidenhead.
Black P and William D 1998, &#145;Assessment and classroom learning&#39;, Assessment and Education, Vol. 5, pp. 7-74.
Bodzin AM and Cates W 2003, &#145;Enhancing preservice teachers&#39; understanding of web-based scientific inquiry&#39;, Journal of Science Teacher Education, Vol. 14, pp. 237-257.
Born WL 2003, &#145;A real estate fundamentals project to enhance learning&#39;, Journal of Real Estate Practice and Education, Vol. 6, pp. 239-254.
Boyd T 2010, &#145;Are we exemplars for the property profession?&#39;,Pacific Rim Property Research Journal, Vol. 16, pp. 126-140.
Boyle JT and Nicol DJ 2003, &#145;Using classroom communication systems to support interaction and discussion in large class settings&#39;, Association for Learning Technology Journal, Vol. 11, pp. 43-57.
Buchanan T 2000, &#145;The efficacy of a world-wide web mediated formative assessment&#39;, Journal of Computer Assisted Learning, Vol. 16, pp. 193-200.
Burrow M, Evdorides H, Hallam B and Freer-Hewish R 2005, &#145;Developing formative assessments for postgraduate students in engineering&#39;, European Journal of Engineering Education, Vol.30, pp. 255-263.
Centre for Technology in Learning 2009, Evaluation of evidence-based practices in online learning: a meta-analysis and review of online learning studies, US Dept of Education, Washington, DC.
Cole JM and Hilliard VR 2006, &#145;The effect of web-based reading curriculum on children&#39;s reading performance and motivation&#39;, Journal of Educational Computing Research, Vol. 34, pp. 353-380.
Cornish S, Reed R and Wilkinson S 2009, &#145;Incorporating new technology into the delivery of property education&#39;, Pacific Rim Property Research Journal, Vol. 15, pp. 303-320.
deLeon L and Killian J 2000, &#145;Comparing modes of delivery: classroom and on-line (and other) learning&#39;, Journal of Public Affairs Education&#39;, Vol. 6, pp. 5-18.
Freeman R and Lewis R 1998, Planning and implementing assessment, London, Kogan Page.
Gardner L, Sheridan D and White D 2002, &#145;A web-based learning and assessment system to support flexible education&#39;, Journal of Computer Assisted Learning, Vol. 18, pp. 125-136.
Garrison DR and Kanuka H 2004, &#145;Blended learning: uncovering its transformative potential in higher education&#39;, Internet and Higher Education, Vol. 7, pp. 95-105.
Goldfinch J and Hughes M 2007, &#145;Skills, learning styles and success of first-year undergraduates&#39;, Active Learning in Higher Education, Vol. 8, pp. 259-273.
Hargreaves E 2005, &#145;Assessment for learning? thinking outside the (black) box&#39;, Cambridge Journal of Education, Vol. 35, pp. 213-224.
Hefferan M and Ross S 2010, &#145;Forces for change in property education and research in Australia&#39;, Property Management, Vol. 28, pp. 370-381.
Henly DC 2003, &#145;Use of web-based formative assessment to support student learning in a metabolism/nutrition unit&#39;, European Journal of Dental Education, Vol. 7, pp. 116-122.
Higgins C and Bligh B 2006, Formative computer-based assessment in diagram based domains, The 11thAnnual SIGCSE Conference on Innovation and Technology in Computer Science Education, pp. 98-102, 26-28 June, Bologna, Italy,. (Accessed 6 September 2012).Retrieved from http://delivery.acm.org/10.1145/1150000/1140152/p98-higgins.pdf?ip=130.220.71.19&amp;acc=ACTIVESERVICE&amp;CFID=152535661&amp;CFTOKEN=17907485&amp;__acm__=1346895133_20cb24bd8bf66792c1c92a12fc10009d
Higgins R, Hartley P and Skelton A 2001, &#145;Getting the message across: the problem of communicating assessment feedback&#39;, Teaching in Higher Education, Vol. 6, pp. 269&#150;274.
Ivanic R, Clark R and Rimmershaw R 2000, &#145;What am I supposed to make of this? The messages conveyed to students by tutors&#39; written comments, in: MR Lea and B Stierer (eds) Student writing in higher education: new contexts, Open University Press, Buckingham, pp. 47-65.
Iverson AM, Iverson GL and Lukin LE 1994, &#145;Frequent, ungraded testing as an instructional strategy&#39;, Journal of Experimental Education, Vol. 62, pp. 93-101.
Jones BD 2003, &#145;Students as web site authors: effects on motivation and achievement&#39;, Journal of Educational Technology Systems, Vol. 31, pp. 441-461.

Kift S 2004, Organising first year engagement around learning: formal and informal curriculum intervention, The 8 Pacific Rim First Year in Higher Education Conference, 14 - 16 July, Melbourne, Victoria.
Koulizos P 2006, Property education: how should it be taught?&#39;, The 12 Pacific Rim Real Estate Society Conference, 22-25 January, Auckland, New Zealand.
Krause K and Coates H 2008, &#145;Students&#39; engagement in first-year university&#39;, Assessment and Evaluation in Higher Education, Vol. 33, pp. 493-505.
Krause K, Hartley R, James R and McInnis C 2005, The first year experience in Australian universities: findings from a decade of national studies, DEST, Canberra.
Laurillard D 2002, Rethinking university teaching: a conversational framework for the effective use of learning technologies, 2 Ed, Routledge Falmer, London.
Lea SJ, Stephenson D and Troy J 2003, &#145;Higher education students&#39; attitudes to student-centred learning: beyond &#145;educational bulimia&#39;?&#39;, Studies in Higher Education, Vol. 28, pp. 321-334.
Lowes S, Lin P and Wang Y 2007, &#145;Studying the effectiveness of the discussion forum in online professional development courses&#39;, Journal of Interactive Online Learning, Vol. 6, pp. 181-210.
Mak MY, Sher WD and Williams AP 2010, Students&#39; evaluation of an online postgraduate property program, The 16 Pacific Rim Real Estate Society Conference, 24-27 January, Wellington, New Zealand.
Martinez JGR and Martinez NC 1992, &#145;Re-examining repeated testing and teacher effects in a remedial mathematics course&#39;, British Journal of Educational Psychology, Vol. 62, pp. 356-363.
Nicol DJ and Macfarlane-Dick D 2006, &#145;Formative assessment and self-regulated learning: a model and seven principles of good feedback practice&#39;, Studies in Higher Education, Vol. 31, pp. 199-218.
Nuthall G and Alton-Lee A 1995, &#145;Assessing classroom learning: How students use their knowledge and experience to answer classroom achievement test questions in science and social studies&#39;, American Educational Research Journal, Vol. 32, pp. 185-223.
Peat M and Franklin S 2002, &#145;Supporting student learning: the use of computer-based formative assessment modules&#39;, British Journal of Educational Technology, Vol. 33, pp. 515-523.
Pintrich PR 1995, Understandig self-regulated learning, Jossey-Bass, San Franscisco, CA.
Pintrich PR and Zusho A 2002, &#145;Student motivation and self-regulated learninig in the college classroom&#39;, in JC Smart and WG Tierney (Eds) Higher Education: handbook of theory and research, Vol. XVII, Agathon Press, New York.
Ramaprasad A 1983, &#145;On the definition of feedback&#39;, Behavioral Science, Vol. 2, pp. 4-13.
Ramsden P 2003, Learning to teach in higher education, Routledge, London.
Sadler DR 1989, &#145;Formative assessment and the design of instructional systems&#39;, Instructional Science, Vol. 18, pp. 119-144.
Sadler DR 1998, &#145;Formative assessment: revisiting the territory&#39;, Assessment in Education, Vol. 5, pp. 77-84.
Sander P, Stevenson K, King M and Coates D 2000, &#145;University students expectations of teaching&#39;, Studies in Higher Education, Vol. 25, pp. 309-323.
Santally M and Raverdy J 2006, &#145;The master&#39;s program in computer-mediated computer communications: a comparative study of two cohorts of students&#39;, Educational Technology Research and Development, Vol. 54, pp. 312-326.
Schloss PJ, Smith MA and Posluzsny M 1990, &#145;The impact of formative and summative assessment upon test performance of science education majors&#39;, Teacher Education and Special Education Majors, Vol. 13, pp. 3-8.
Shepard LA 2005, &#145;Linking formative assessment to scaffolding&#39;, Educational Leadership, November, pp. 66-70.
Shen Q, Chung JKH, Challis D and Cheung RCT 2007, &#145;A comparative study of student performance in traditional mode and online mode of learning&#39;, Computer Applications in Engineering Education, Vol. 15, pp. 30-40.
Sly L 1999, &#145;Practice test as formative assessment improve student performance on computer-managed learning assessment&#39;, Assessment and Evaluation in Higher Education, Vol. 24, pp. 339-343.
Spiro RJ and Jehng J 1990, &#145;Cognitive flexibility and hypertext: theory and technology for the nonlinear and multidimensional traversal of complex subject matter&#39;, in D. Nix and R. Spiro (eds.), Cognition, education, and multimedia: Exploring ideas in high technology, Erlbaum, Hillsdale, NJ, pp. 163-205.
Strawitz BM 1989, &#145;The effect of testing on science process skill achievement&#39;, Journal of Research in Science Teaching, Vol. 26, pp. 659-664.
Susilawati C and Peach D 2012, Challenges of measuring learning outcomes for property students engaged in work integrated learning, The 18th Pacific Rim Real Estate Society Conference, 15-18 January, Adelaide.
University of South Australia 2010, About moodle. http://www.unisa.edu.au/learnonline/staff/about_moodle.asp(Accessed 12 August 2011).
Velan GM, Kumar RK, Dziegielewski M and Wakefield D 2002, &#145;Web-based self-assessment in pathology with questionmark perception&#39;, Pathology, Vol. 34, pp. 282-284.
Wang TH 2008, &#145;Web-based quiz-game-like formative assessment: development and evaluation&#39;, Computers and Education, Vol. 51, pp. 1247-1263.
Wolverton ML and Wolverton M 2003, &#145;An asynchronous augmentation to traditional course delivery&#39;, Journal of Real Estate Practice and Education, Vol. 6, pp. 225-238.
Yam S and Rossini P 2010, &#145;Effectiveness of project-based learning as a strategy for property education&#39;, Pacific Rim Property Research Journal, Vol. 16, pp. 291-313.
Yam S and Rossini P 2012, &#145;Online learning and blended learning: Experience from a first-year undergraduate property valuation course&#39;, Pacific Rim Property Research Journal, Vol. 18, pp. 129-148.
Yorke M 2001, &#145;Formative assessment and its relevance to retention&#39;, Higher Education Research and Development, Vol. 20, pp. 115-126.
Yorke M 2003, &#145;Formative assessment in higher education: moves towards theory and the enhancement of pedagogic practice&#39;, Higher Education, Vol. 45, pp. 477-501.
Zimmerman BJ and Schunk DH 2001, Self-regulated learning and academic achievement: theoretical perspective, Lawrence Erlbaum Associate, Mahwah, NJ.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/formative-assessment-in-property-education-a-comparison-between-blended-and-online-learning</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/retirement-village-resident-duration-an-empirical-analysis</link>
<title><![CDATA[Retirement Village Resident Duration: An Empirical Analysis]]></title>
<description><![CDATA[In Australia, retirement villages are occupied under a number of tenures of which the common feature is the fee structure whereby a resident initially purchases their right to occupy and at the end of their tenure pays an amount based on variable factors to the owner/operator of the village. As the owner/operator receives their return at the end of residents&#39; tenure, the return can only be estimated based on projections including the tenure of the resident and increase in sale price of units. This paper presents original research into valuation metrics including the length of resident tenure (duration) over a 27 year period.
]]></description>
<content><![CDATA[Armitage P, Berry Gand Matthews JNS 2002,Statistical methods in medical research. Blackwell Publishing.
Brehm C 2010, Retirement village &#150; valuation of the DMF contract, Aviiid Third Age Living, Sydney.
Cradduck L and Blake A 2012, The impact of tenure type on the desire for retirement village living, paper presented at the 18th Annual Pacific Rim Real Estate Society Conference, University of South Australia, Adelaide.
Elliott P, Earl G and Reid R 2002, The valuation of self-funded retirement villages in Australia: analysis, reliability and investment valuation methodology, paper presented at the Pacific Rim Real Estate Society Conference 21 &#150; 23 January 2002, Christchurch, New Zealand.
FKP Property Group 2010, Retirement as an asset class afresh perspective, ASX Submission, FKP Property Group, Brisbane.
FKP Property Group 2012, Appendix 4E and 2012 financial report, ASX Submission, FKP Property Group, Brisbane.
French N and Gabrielli L 2004, &#145;The uncertainty of valuation&#39;, Journal of Property Investment and Finance, Vol. 22, Iss: 6, pp. 484-500.
Hatcher Jand O&#39;Leary J 1994, &#145;Valuing retirement villages&#39;, The Valuer and Land Economist, Vol. 33, No. 1, pp. 34 &#150; 46.
Hoesli M, Jani E and Bender A 2006, &#145;Monte Carlo simulations for real estate valuation&#39;, Journal of Property Investment and Finance, Vol. 24, Iss: 2 pp. 102-122.
McAuliffe B 2010, &#145;Resident-funded retirement village valuations: complications with the application of the DCF&#39;, Australia and New Zealand Property Journal, Vol. 2, No. 8, pp. 493-493.
Moshione P 1992, &#145;Retirement villages&#39;,The Valuer and Land Economist, Vol. 32, No. 1, pp. 14-17 and 29.
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RVA and Deloitte 2010, Caring for Older Australians &#150; Submission to the Productivity Commission, Retirement Village Association Ltd, Melbourne.
Stockland 2007, Acquisition of Australian Retirement Communities (ARC), ASX Submission, Stockland, Sydney.
Towart LC 2005, &#145;Retirement villages:asunset industry in a sunrise situation&#39;, Australian Property Journal, Vol. 38, No. 5, pp. 350-361.
Towart LC 2009, &#145;Current issues in the analysis and valuation of established retirement villages&#39;, Australian Property Journal, Vol. 2, No. 3, pp. 164-167.
Willison M 2012, Profiling the market in the retirement and aged care sectors, Ernst and Young, Melbourne.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/retirement-village-resident-duration-an-empirical-analysis</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/assessing-new-zealand-householders-home-use-behaviours-how-energy-efficient-are-they</link>
<title><![CDATA[Assessing New Zealand Householders&#39; Home Use Behaviours: How Energy Efficient are they?]]></title>
<description><![CDATA[In New Zealand, the government has developed an energy strategy to respond to the challenges of climate change. One of the target areas is &quot;Energywise Homes&quot; aimed to make homes more energy efficient. This paper outlines results from research conducted in 2011 to examine householders&#39; preferences in relation to the size of homes they live in, the appliances they buy and the way they use their homes. These factors help determine how energy efficient homes are. Further, as the NZ Green Building Council introduced a rating tool for homes, Homestar&#153;, the paper investigates householders&#39; awareness of the new tool and any experience they may have had in using it. The results help identify where energy inefficiencies occur within the home and what behavioural and policy changes are needed to increase the uptake of energy efficiency and sustainability practices in homes.
]]></description>
<content><![CDATA[Allen Consulting Group2011, Mandatory Disclosure of Residential Building Energy, Greenhouse and Water Performance: Consultation Regulation Impact Statement, fourth draft report to the National Framework for Energy Efficiency Building Implementation Committee, July.http://www.propertyoz.com.au/library/AttachmentA2-CRIS-Res-Buildings-Man-Disclosure.pdf(accessed 20 December 2012).
Department of Climate Change and Energy Efficiency 2011, National Strategy on Energy Efficiency, 2011, http://www.climatechange.gov.au/what-you-need-to-know/buildings.aspx(Accessed 17 September, 2011).
Beacon Pathway 2012, Beacon &#150; Our History, http://www.beaconpathway.co.nz/about-us(accessed 14 August 2012).
Buildings Performance Institute Europe (BPIE)2010, Energy Performance Certificates across Europe: From design to implementation, http://www.buildup.eu/system/files/content/BPIE_EPCreport2010.pdf(accessed 20 December 2010).
Bond, SG 2011, &#145;Residential property development professionals attitudes towards sustainable development in Australia&#39;, International Journal of Sustainable Development and Planning, Vol. 6, No. 4, pp. 474-486.
Boulic, M, Hosie, I, Phipps, R 2010 Effects on indoor environment in 30 Auckland homes from the installation of a positive pressure ventilation unit, paper given at SB10, New Zealand Sustainable Building Conference, 26-28 May 2010, Te Papa, Wellington, New Zealand. http://www.cmsl.co.nz/assets/sm/5933/61/10.PN031PhippsandHosie.pdf (Accessed 22 September, 20110.
BRANZ 2006,Energy use in New Zealand houses: report on the ten year analysis of the household energy end-use project [HEEP], Study Report, Number SR 155, 2006. http://www.branz.co.nz/cms_show_download.php?id=b1ab61dd06f50e83e6a184b29b68a989472502ed(Accessed 23 September, 2011).
Bryant, L and Eves, C 2011, Sustainability and mandatory disclosure in Queensland: an assessment of the impact on home buyer patterns, paper presented at the 17th Pacific Rim Real Estate Society Conference, 16-19 January 2011, Gold Coast, Australia, http://eprints.qut.edu.au/39990/1/c39990.pdf, (accessed 20 December 2012).
Department of Building and Housing 2008, New H1 requirements for houses - Q and A, 2008 http://www.dbh.govt.nz/codewords-26-8(Accessed 17 September, 2011).
Department of Building and Housing 2008, Domestic ventilation systems, Codewords Issue 29, 2008: http://www.tenancy.govt.nz/codewords-29-5(Accessed 17 September, 2011).
Department of Climate Change and Energy Efficiency 2010, National strategy on energy efficiency, 2010. http://www.climatechange.gov.au/what-you-need-to-know/buildings.aspx (Accessed 17 September, 2011).
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Energy Efficiency and Conservation Authority (EECA) and the Ministry for the Environment (MfE) 2001,National energy efficiency and conservation strategy, Energy Efficiency and Conservation Authority, Wellington. 24, pp. 2001.
EECA 2007,The New Zealand energy efficiency and conservation strategy (NZEECS): making it happen, http://www.eeca.govt.nz/sites/all/files/nzeecs-07.pdf(Accessed 23 September, 20110.
EECA 2009,Actionsheet 4:choosing and using your appliances, http://www.energywise.govt.nz/sites/all/files/action-sheet-4-choosing-and-using-appliances-11-09.pdfhttp://www.eeca.govt.nz/node/9209(Accessed 22 September, 2011).
EECA 2009A, Action sheet 1:energy saving tips for your home, 2009. http://www.energywise.govt.nz/sites/all/files/action-sheet-1-energy-saving-tips-10-09.pdf(Accessed 22 September, 2011).
EECA 2010,January-March 2010 consumer marketing research, 2010.http://www.eeca.govt.nz/node/9209(Accessed 22 September, 2011).
EECA 2011,About the warm up New Zealand: heat smart programme, 2011. http://www.energywise.govt.nz/funding-available/insulation-and-clean-heating/about (Accessed 22 September, 2011).
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Fitzgerald W, Smith I, and Fahmy M. 2011, Heating and cooling potential of roof space air: implications for ventilation systems, report prepared for the Energy Efficiency and Conservation Authority (EECA), May 2011, https://www.energywise.govt.nz/sites/all/files/heating-potential-ventilation-systems-may-2011.pdf(Accessed 22 September, 2011).
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/assessing-new-zealand-householders-home-use-behaviours-how-energy-efficient-are-they</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/real-estate-valuation-and-valuing-sustainability-a-case-study-of-australia</link>
<title><![CDATA[Real Estate Valuation and Valuing Sustainability: A Case Study of Australia]]></title>
<description><![CDATA[Interest in and implementation of sustainability in the real estate market reached its heights prior to the Global Financial Crisis in Australia. Post-2008, sustainability has been on the backburner as funds and REITS struggle to maintain financial viability and control of their debt. This has seen a rationalization of sustainability within the commercial real estate sector, but has also allowed other stakeholders in the market to catch up and ascertain the different opportunities sustainability provides in terms of value in the real estate market.
This paper examines the development of sustainability in the Australian commercial real estate market from the valuers&#39; perspective. The value of sustainability in commercial real estate is still relatively uncertain, primarily because valuers are uncertain of the influence and impact sustainability has on real estate market values. However, market maturation and development will assist valuers&#39; understanding and development of heuristics, which will in time allow for reflection of sustainability in valuation practice.
The paper is part of a larger research project that is tracking valuers&#39; development of knowledge over time in order to ascertain the levels of consideration in heuristic-based valuation practice. This paper reports on valuers&#39; perceptions of the market changes in sustainability adoption and value in the Australian real estate market from 2007 to 2011.
]]></description>
<content><![CDATA[Australian Government 2012, Commercial Building Disclosure: A National Energy Efficiency Scheme, Australian Government, http://www.cbd.gov.au/ (Accessed 24 May 2012).
Baum A, Crosby N, and MacGregor RB 1996, &#145;Price formation, mispricing and investment analysis in the property market&#39;, Journal of Property Valuation and Investment, Vol. 14, pp. 36-49
Bowman R and Wills J 2008, Valuing Green: How Green Buildings Affect Property Values and Getting the Valuation Method Right, Australian Green Building Council, Melbourne.
Brundtland GH 1987, Our Common Future, Report on the World Commission on Environment and Development, Oxford University Press, Oxford.
CBRE 2011, Valuing Sustainable Building: Green Assets, the Role of Professional Valuers, and Assembling an Evidence Base, Q3 2011 View point, CBRE, London.
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Dixon T., Colantonio A., Shiers DE, Reed RG, Wilkinson S and Gallimore P 2008, &#145;A Green profession: a global survey of RICS members and their engagement with the sustainability agenda&#39;, Journal of Property Investment and Finance, Vol. 26, Iss: 1, pp. 96 -100
Eichholtz P, Kok N and Quigley JM 2009, Doingwell by doing good? greenoffice buildings, RICS Research, March 2009. Royal Institution of Chartered Surveyors, London.
Eichholtz P, Kok N and Quigley JM 2010, Sustainability and the dynamics of green &#150; new evidence on the financial performance of green office buildings in the USA, Research Report, August. Royal Institution of Chartered Surveyors, London.
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Fuerst F and McAllister P 2011, &#145;Green noise or green value?measuring the price effects of environmental certification on office values&#39; ,Real Estate Economics, Vol. 39 Iss. 1, pp. 166- 184.
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Levy Dand Schuck E 2005, &#145;The influence of clients on valuation: the clients perspective&#39;, Journal of Property Investment and Finance, Vol. 23, pp. 182-201.
Lorenz D, D&#39;Amato M, Desrosiers F, Eler B, Vangenne F, Hartenberger U, Hill S, Jones K, Kauko T, Kimmet, P, Lorch R, Lutzkendorf Tand Percy J 2008, &#39;Sustainable property investment and management: key issues andmajor challenges&#39;, RICS Research, Royal Institution of Chartered Surveyors, London.
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Warren-Myers G 2010, Valuation practice issues in commercial property: the relationship between sustainability and market value, PhD Thesis, The University of Melbourne, Australia.
Warren-Myers G 2012, &#145;Thevalue of sustainability in real estate: areview from a valuation perspective&#39;, Journal of Property Investment and Finance, Vol. 30, No. 2. Pp. 115-144.
Warren-Myers G 2012a&#39;Valuing sustainability in Australia: implications for the valuation profession&#39;, Pacific Rim Property Research Journal, Vol. 18, No. 2. Pp. 163 &#150; 179.
Warren-Myers G 2013, &#145;Is the valuer the barrier to identifying the value of sustainability?&#39; Journal of Property Investment and Finance, Vol. 31 Number 4.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/real-estate-valuation-and-valuing-sustainability-a-case-study-of-australia</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume19-2013/the-significance-of-capital-flows-into-the-australian-commercial-property-markets</link>
<title><![CDATA[The Significance of Capital Flows into the Australian Commercial Property Markets]]></title>
<description><![CDATA[Capital flows to Australian commercial property have been US$67 billion over the 2007-2011 period. This places Australia as the sixth most active property market globally. Using the extensive Real Capital Analytics database, this paper examines these Australian property capital flows in a local, Asia-Pacific and global context. The dynamics of these property capital flows are also assessed by major cities, property type and investor type. Overall, Australia is found to be an important commercial property investment market at both a local, Asia-Pacific and global level, with strong investor support from both domestic and international property investors as part of their property investment strategies.
]]></description>
<content><![CDATA[Australian Prudential Regulatory Authority 2012a, Statistics: Quarterly Superannuation Performance: March 2012, APRA.
Australian Prudential Regulatory Authority 2012b, Annual Superannuation Bulletin: June 2011, APRA.
Bond S, Karolyi A and Sanders A 2003, &#145;International real estate returns: a multifactor, multi-country approach&#39;, Real Estate Economics, Vol. 31, pp. 481-500.
Brown D 2011, &#145;Foreign investment buoys property markets&#39;, Property Australia, Vol. 26, pp. 102-103.
CIA (2012), World Factbook, CIA.
European Public Real Estate Association 2012, &#145;Global real estate indices: total market&#39;, EPRA News, Vol. 41, pp. 65.
Hoesli M, Lekander J and Witkiewicz W 2004, &#145;International evidence on real estate as a portfolio diversifier&#39;, Journal of Real Estate Research, Vol. 26, pp. 165-206.
Higgins D 2010, &#145;Investment styles and performance in the Australian unlisted wholesale property fund market&#39;, Pacific Rim Property Research Journal, Vol. 16, pp. 254-271.
Higgins D 2011, &#145;Analysing the deleveraged performance of Australian wholesale property funds&#39;, Pacific Rim Property Research Journal, Vol. 17, pp. 404-417.
IPD/PCA 2012, Investment performance index: March 2012, IPD/PCA.
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Jones Lang LaSalle 2012b, Asia Pacific property digest Q1: 2012, JLL.
Jones Lang LaSalle 2012c, Australia: what next for property?, JLL.
Lee C 2009, &#145;Downside beta and valuation-based property returns&#39;, Pacific Rim Property Research Journal, Vol. 15, pp. 182-203.
Lee S 2005, &#145;The return due to diversification of real estate to the US mixed-asset portfolio&#39;, Journal of Real Estate Portfolio Management, Vol. 11, pp. 19-28.
Lee S and Higgins D 2009, &#145;Evaluating the Sharpe performance of the Australian property investment markets&#39;, Pacific Rim Property Research Journal, Vol. 15, pp. 358-370.
Lee S and Stevenson S 2006, &#145;Real estate in the mixed-asset portfolio: the question of consistency&#39;, Journal of Property Investment and Finance, Vol. 24, pp. 123-135.
Leung A 2010, &#145;Commercial property as an inflation hedge: an Australian perspective&#39;, Pacific Rim Property Research Journal, Vol. 16, pp. 97-115.
Ling D and Naranjo A 2002, &#145;Commercial real estate return performance: a cross-country analysis&#39;, Journal of Real Estate Finance and Economics, Vol. 24, pp. 119-142.
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Newell G 2007a, &#145;The significance of property in industry-based superannuation funds&#39;, Australian and New Zealand Property Journal, Vol. 1, pp. 34-43.
Newell G 2007b, &#145;The significance of wholesale property funds&#39;, Australian and New Zealand Property Journal, Vol. 1, pp. 216-223.
Newell G 2007c, &#145;The significance and performance of industrial investment property in Australia&#39;, Pacific Rim Property Research Journal, Vol. 13, pp. 361-388.
Newell G 2007d, &#145;The significance and performance of retail property in Australia&#39;, Journal of Property Investment and Finance, Vol. 25, pp. 147-165.
Newell G 2008, &#145;The significance of property in superannuation funds&#39;, Australian and New Zealand Property Journal, Vol. 1, pp. 670-677.
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Newell G and Lee C 2011a, &#145;Assessing the consistency of valuation-smoothing and the impact on property in Australian mixed-asset portfolios&#39;, Pacific Rim Property Research Journal, Vol. 17, pp. 463-482.
Newell G and Lee C 2011b, &#145;The impact of alternative assets on the role of direct property in Australian mixed-asset portfolios&#39;, Pacific Rim Property Research Journal, Vol. 17, pp. 530-558.
Newell G and Razali M 2009, &#145;The impact of the global financial crisis on commercial property investment in Asia&#39;, Pacific Rim Property Research Journal, Vol. 15, pp. 430-452.
Pramerica Real Estate Investors 2012, Abird&#39;s eye view of global real estate markets: 2012 update, Pramerica REI.
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Stevenson S 2004, &#145;Testing the statistical significance of real estate in an international mixed-asset portfolio&#39;, Journal of Property Investment and Finance, Vol. 22, pp. 11-24.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/the-significance-of-capital-flows-into-the-australian-commercial-property-markets</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/superannuation-funds-and-property-allocation-strategies-what-is-the-mix-direct-property-listed-property-or-both</link>
<title><![CDATA[Superannuation Funds and Property Allocation Strategies: What is the Mix? Direct Property, Listed Property or Both?]]></title>
<description><![CDATA[Property as an asset class plays an important role in Australian superannuation fund investment portfolios. This research examines the diversification benefits of direct and listed property in a mixed asset portfolio using nine different asset allocation models, including the industry superannuation fund conventional strategic investment approach. Over a 17-year sample period (1995 to 2011) direct property significantly outperforms all other asset classes in the industry fund balanced investment option. In addition, direct property figures more prominently than listed property across all investment strategies. Although statistically small, the contribution of listed property cannot be ignored as several strategies that included both property assets demonstrated improved performance. On looking at specific time periods, an average mixed allocation of direct property (16%) and listed property (5%) was beneficial across all strategies. Excluding unconstrained investment strategies, an increased 17% allocation to property (12% direct property and 5% listed property) is recommended for the industry fund balanced portfolio. This high allocation is backed by improved risk-adjusted return performance.
]]></description>
<content><![CDATA[APRA 2013, Annual Superannuation Bulletin June 2012, Australian Prudential Regulation Authority, January edn, Sydney.
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De Francesco A 2005, &#145;The role of direct property in asset allocation&#39;, Australian Property Journal, February Edition, pp. 386-393.
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Finkenzeller K, Dechant T and Sch&auml;fers W 2010, &#145;Infrastructure: a new dimension of real estate? an asset allocation analysis&#39;, Journal of Property Investment and Finance, Vol. 28, No. 4, pp. 263-274.
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Higgins D 2010, &#145;Investment styles and performance in the Australian unlisted wholesale property fund market&#39;, Pacific Rim Real Estate Society Journal, Vol. 16, No. 3, pp. 254-272.
Higgins D and Ng B 2009, &#145;Australian securitised property funds: an examination of their risk-adjusted performance&#39;,Journal of Property Investment and Finance, Vol. 27, No. 4, pp. 404-412.
Higgins D 2007, &#145;Placing commercial property in the Australian capital markets&#39;, RICS Research Paper Series, Vol. 7, No. 12, London.
Hoesli M and Olikarinen E 2012. &#145;Are REITs real estate? evidence from international sector level data&#39;, Journal of International Money and Finance, Vol. 31, pp. 1823-1850.
Hoesli M, Lekander J and Witkiewicz W 2003, International evidence on real estate as a portfolio diversifier, International Center for Financial Asset Management and Engineering, Geneva.
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Lee S and Stevenson S 2006, &#145;Real estate in the mixed-asset portfolio: the question of consistency&#39;, Journal of Property Investment and Finance, Vol. 24, No. 2, pp. 123-135.
Lee S and Stevenson S 2005. &#145;The case for REITs in the mixed-asset portfolio in the short and long run, Journal of Real Estate Portfolio Management, Vol. 11, No. 1, pp. 55-80.
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Markowitz H 1952, &#145;Portfolio selection&#39;, The Journal of Finance, Vol. 7, No. 1, pp. 77-91.
Mueller AG and Mueller GR 2003, &#145;Public and private real estate in a mixed-asset portfolio&#39;, Journal of Real Estate Portfolio Management, Vol. 9, No. 3, pp. 193-203.
Newell G and Lee CL 2011, &#145;The impact of alternative assets on the role of direct property in Australian mixed-asset portfolios&#39;, Pacific Rim Property Research Journal, Vol. 17, No. 4, pp. 531-559.
Newell G, Peng HW and De Francesco A 2011, &#145;The performance of unlisted infrastructure in investment portfolios&#39;, Journal of Property Research, Vol. 28, No. 1, pp. 59-74.
Newell G and Razali MN 2009, &#145;The impact of the global financial crisis on commercial property investment in Asia&#39;, Pacific Rim Property Research Journal, Vol. 15, No. 4, pp. 430-452.
Newell G 2008, &#145;The significance of property in superannuation funds&#39;, Australian and New Zealand Property Journal, Vol. 1, No. 8, pp. 670-677.
Newell G. 2006, &#145;The changing risk profile of listed property trusts&#39;, Australian Property Journal, Vol. 39, No. 3, pp. 172-180.
Pagliari JL, Scherer KA and Monopoli RT 2005, &#145;Public versus private real estate equities: a more refined long-term comparison&#39;, Real Estate Economics, Vol. 33, No. 1, pp. 147-187.
Parker D 2012, Global Real Estate Investment Trusts: People, Process and Management, Wiley-Blackwell Publication, West Sussex, UK.
Parker D 2013, Unlisted property fund decision making: decision maker survey preliminary findings, proceedings of the 19th Annual Pacific Rim Real Estate Society Conference, 13-16 January 2013, Melbourne, Australia.
Property Council of Australia 2011, Australian property investment industry: Autumn 2011, PCA, Sydney.
Radanovic D 2010, Property and Australia&#39;s aging population, Research Paper: 17 August 2010, Colonial First State Global Asset Management, Sydney.
Rainmaker Group 2012, Australian Superannuation Industry Information: Asset class Weights Data June 1995 to December 2011, Rainmaker Group, Sydney.
Reddy W, Higgins D, Wist M and Garimort J 2013, Australian industry superannuation funds: investment strategies and portfolio allocations, proceedings of the 19th Annual Pacific Rim Real Estate Society Conference, 13-16 January 2013, Melbourne, Australia.
Reddy W 2012, &#145;Determining the current optimal allocation to property: a survey of Australian fund managers&#39;, Pacific Rim Property Research Journal, Vol. 18, No. 4, pp. 371-387.
Sharpe WF, Chen P, Pinto JE and McLeavey DW 2007, &#145;Asset allocation&#39;, in Maginn JL, Tuttle DL, McLeavey DW, and Pinto JE(Eds.), Managing Investment Portfolios: A Dynamic Process, John Wiley and Sons, Inc, New York, pp. 231-327.
Sharpe W 1994, &#145;The Sharpe ratio&#39;, Journal of Portfolio Management, Vol. 39, Fall edn, pp. 49-58.
Sharpe W 1966, &#145;Mutual fund performance&#39;, Journal of Business, Vol. 39, No.1, pp. 119-138.
Seiler MJ, Webb JR and Myer FCN 2001, &#145;Can private real estate portfolios be rebalanced/diversified using equity REITs shares?&#39;, Journal of Real Estate Portfolio Management, Vol. 7, No.1, pp. 25-41.

Wang P and Kochard L, 2011, Using a Z-score approach to combine value and momentum in tactical asset allocation, Working Paper, Georgetown University, Washington DC.
Worzala EM and Bajtelsmit VL 1997, &#145;Real estate asset allocation and the decision-making framework used by pension fund managers&#39;, Journal of Real Estate Portfolio Management, Vol. 3, No.1, pp. 47-56.
Yunus N, Hansz JA and Kennedy PJ 2012, &#145;Dynamic interactions between private and public real estate markets: some international evidence&#39;, Journal of RealEstate Finance and Economics, Vol. 45, pp. 1021-1040.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/superannuation-funds-and-property-allocation-strategies-what-is-the-mix-direct-property-listed-property-or-both</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/are-sustainable-building-retrofits-delivering-sustainable-outcomes</link>
<title><![CDATA[Are Sustainable Building Retrofits Delivering Sustainable Outcomes?]]></title>
<description><![CDATA[Retrofit is driven by numerous drivers such as building obsolescence and the need to attract new tenants, another driver over recent years being the goal of sustainability. Pointedly, most existing stock was built without consideration of sustainability. Sustainability was legislated in 2006 in the Building Code of Australia, with minimum standards established for energy efficiency. In 2008, Melbourne launched the 1200 Buildings Program to deliver carbon neutrality by 2020 on the premise that retrofitting two thirds of the office stock would deliver a 38% reduction in greenhouse gas emissions. Further Australian legislation followed in respect of energy and buildings. In 2010, the Building Energy Efficiency Disclosure Act, focused attention on minimum energy standards when leasing or selling office space.
In this research, a series of illustrative case studies are used to examine two research aims, being to gain a deeper understanding of the improvements made to offices retrofitted within the 1200 Buildings Program and, secondly, to evaluate the outcomes against the project objectives. The case studies cover the Melbourne CBD area in Victoria, Australia.
The results show that the measures taken by owners were mostly focussed on building services and energy efficiency. Overall, far less work was undertaken to thermally upgrade the building fabric, to address issues such as water economy or related to social sustainability. This was acceptable to some extent as the program within which the works were taken, the 1200 Buildings Program, is primarily focussed on reducing building related carbon emissions. However, the results reveal that even when opportunities are there for other sustainability measures to be adopted, owners do not always take those opportunities and that wider sustainability issues are not necessarily that important in this market.
]]></description>
<content><![CDATA[Ball, RM 2002, &#145;Re use potential and vacant industrial premises: revisiting the regeneration issue in Stoke on Trent&#39;, Journal of Property Research, Vol. 19, pp. 93-110.
Bromley RDF, Tallon, AR and Thomas, CJ 2005, &#145;City centre regeneration through residential development: contributing to sustainability&#39;, Urban Studies, Vol. 42, No. 13, pp. 2407-2429.
Bullen, PA 2007, &#145;Adaptive reuse and sustainability of commercial buildings&#39;, Facilities, Vol. 25, pp. 20-31.
Chau, KW, Leung, AYT, Yui, CY and Wong, SK 2003, &#145;Estimating the value enhancement effects of refurbishment&#39;, Facilities, Vol. 21, No. 1, pp. 13-19.
City of Melbourne 2005, City Plan 2010. Towards a thriving and sustainable city, City of Melbourne, Melbourne.
City of Melbourne 2008, Zero net emissions by 2020: A roadmap to a climate neutral city. Report prepared by Arup Pty and the City of Melbourne.
Davis Langdon 2008, Opportunities for existing buildings. Deep emission cuts. Innovative thinking.
Dilthey, W 1989, Introduction to the human sciences, edited by RA Makkreel and F Rodi, Princeton University Press, Princeton.
Douglas, J 2006, Building Adaptation, Butterworth Heinemann.
Kelly, M 2009, &#145;Retrofitting the existing UK building stock&#39;, Building Research and Information, Vol. 37, No. 2, pp. 196-200.
Kincaid, D 2002, Retrofiting buildings for changing uses: guidelines for change of use refurbishment, Spon Press, London.
Langston, C 2010, Strategic assessment of building adaptive reuse opportunities: final report, Final Report ARC Linkage Project LP0776579. Bond University.
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Robson, C 2003, Real world research, Blackwell, Oxford.
Silverman, D (Ed) 2000, Qualitative research: theory, method and practice, Sage Publications Ltd, London.
Snyder, GH 2005, Sustainability through adaptive reuse: the conversion of industrial buildings, University of Cincinnati, Cincinnati.
Sherratt, Y 2006, Continental philosophy of social science: hermeneutics, genealogy, critical theory, Cambridge University Press, Cambridge.
Swallow, P 1997, &#145;Managing unoccupied buildings and sites&#39;, Structural Survey, Vol. 15, No. 2, pp. 74-79.
Warren, C 2011, Energy efficiency in commercial buildings &#150; implications of compulsory commercial building disclosure of energy efficiency for property managers. Pacific Rim Real Estate Society Conference, 16-19 January, Gold Coast.
Weber, M 1949, The methodology of the social Sciences, Free Press, New York.
Wilkinson, SJ 2012, The increasing importance of environmental attributes in commercial building retrofits, RICS COBRA Conference, 9-11 September, Las Vegas.
Wilkinson, SJ 2013, Sustainable urban retrofit evaluation, RICS Research Trust Report. February 2013, http://www.rics.org/uk/knowledge/research/research-reports/sustainable-urbanretrofit-evaluation/
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/are-sustainable-building-retrofits-delivering-sustainable-outcomes</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/assessing-property-student-satisfaction-with-their-property-education-experience-in-an-australian-university</link>
<title><![CDATA[Assessing Property Student Satisfaction with their Property Education Experience in an Australian University]]></title>
<description><![CDATA[Recent years have seen an increased focus on the effective delivery of property education programs in Australian universities. In particular, assessing student satisfaction with their property education experience has been a key performance measure for most universities. This paper examines student satisfaction across all years of the property degree in a major Australian university over 2005-2011, benchmarked against the level of student satisfaction in the other business disciplines of accounting, economics and finance, law, marketing and management. A range of innovative formats are used, such as &quot;green lights&quot; to show high student satisfaction.
Importantly, this analysis provides a much richer understanding of the students&#39; satisfaction with their property education experience throughout their property degree, instead of just being focused on graduating property students. The results clearly highlight the high level of overall student satisfaction with the property education experience, exceeding the satisfaction levels achieved by the other business disciplines. A range of property education implications and &quot;lessons learnt from results&quot; for other property programs are also highlighted from this property student satisfaction analysis.
]]></description>
<content><![CDATA[Anderson, E and Sullivan, H 1993, &#145;The antecedents and consequences of customer satisfaction for firms&#39;, Marketing Science, Vol. 12, pp. 125-143.
Australian Council for Educational Research 2012, University Experience Survey 2012, ACER.
Avdiev, R 2000, &#145;Golden apple or poisoned chalice: the influence of education on careers&#39;, Australian Property Journal, Vol. 36, pp. 270-272.
Baxter, J 2007, &#145;Re-engineering a valuation degree: how did we get here and where do we go?&#39;, Journal of Property Investment and Finance, Vol. 25, pp. 444-467.
Bedggood, R and Donovan, J 2012, &#145;University performance evaluations: what are we really measuring?&#39;, Studies in Higher Education, Vol. 37, pp. 825-842.
Bedggood, R and Pollard, R 2001, Customer satisfaction and teacher evaluation in higher education, 10 World Marketing Congress, Cardiff.
Blake, A, Cradduck, L, Richardson, K and Eves, C 2010, &#145;Real property law: its place in Australian real estate programs&#39;, Journal of Real Estate Practice and Education, Vol. 13, pp. 131-140.
Blake, A and Susilawati, C 2009, &#145;An evaluation of how well undergraduate property students are prepared for commencing their careers&#39;, Pacific Rim Property Research Journal, Vol. 15, pp. 204-224.
Bolton, R 1998, &#145;A dynamic model of the duration of the customer&#39;s relationship with a continuous service provider: the role of satisfaction&#39;, Marketing Science, Vol. 17, pp. 45-65.
Boyd, T 2000a, &#145;CPD: change the product&#39;, Australian Property Journal, Vol. 36, pp. 279-282.
Boyd, T 2000b, &#145;Educating the property professional of tomorrow&#39;, Pacific Rim Property Research Journal, Vol. 6, pp. 45-60.
Boyd, T 2010, &#145;Are we exemplars for the property profession?&#39;, Pacific Rim Property Research Journal, Vol. 16, pp. 126-140.
Chandon, P, Morwitz, V and Reinartz, W 2005, &#145;Do intentions really predict behaviour? Selfgenerated validity effects in survey research&#39;, Journal of Marketing, Vol. 69, pp. 1-14.
Clayson, D 1999, &#145;Students&#39; evaluation of teaching effectiveness: Some implications of stability&#39;, Journal of Marketing Education, Vol. 21, pp. 68-75.
Cornish, S, Reed, R and Wilkinson, S 2009, &#145;Incorporating new technology into the delivery of property education&#39;, Pacific Rim Property Research Journal, Vol. 15, pp. 305-320.
Everist, L, Francis, V and Armitage, L 2005, &#145;Student preferences for career mentoring in property and construction&#39;, Pacific Rim Property Research Journal, Vol. 11, pp. 337-354.
Fischer, D 2000, &#145;Is the valuation paradigm a paradigm&#39;, Australian Property Journal, Vol. 36, pp. 292-299.
Guolla, M 1999, &#145;Assessing the teaching quality to student satisfaction relationship: applied customer satisfaction research in the classroom&#39;, Journal of Marketing Theory and Practice, Vol. 7, pp. 87-97.
Harnash-Glazer, M and Meyer, J 1991, &#145;Dimensions of satisfaction with college education&#39;, Assessment and Evaluation in Higher Education, Vol. 16, pp. 95-107.
Johnson, L, Dotson, M and Dunlap, B 1988, &#145;Service quality determinants and effectiveness in the real estate brokerage industry&#39;, Journal of Real Estate Research, Vol. 3, pp. 21-36.
Kane, D, Williams, J and Cappuccini-Ansfield, G 2008, &#145;Student satisfaction surveys: the value in taking an historic perspective&#39;, Quality in Higher Education, Vol. 14, pp. 135-155.
Kettinger, W and Lee, C 1995, &#145;Perceived service quality and user satisfaction with the information services function&#39;, Decision Sciences, Vol. 25, pp. 737-766.
Keiningham, T, Cooil, B, Aksoy, L, Andreassen, T and Weiner, J 2007, &#145;The value of different customer satisfaction and loyalty metrics in predicting customer retention, recommendation and share-of-wallet&#39;, Managing Service Quality, Vol. 17, pp. 361-384.
Keiningham, T, Perkins-Munn, T and Evans, H 2003, &#145;The impact of customer satisfaction on share of wallet in a business-to-business environment&#39;, Journal of Service Research, Vol. 6, pp. 37-50.
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Liegler, R 1997, &#145;Predicting student satisfaction in baccalaureate nursing programs: testing a causal model&#39;, Journal of Nursing Education, Vol. 36, pp. 357-364.
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McDaniel, J and Louargand, M 1994, &#145;Real estate brokerage service quality: an examination&#39;, Journal of Real Estate Research, Vol. 9, pp. 339-351.
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Mittal, V and Kamakura, W 2001, &#145;Satisfaction, repurchase intent and repurchase behaviour: investigating the moderating effect of customer characteristics&#39;, Journal of Marketing Research, Vol. 38, pp. 131-142.
Morgan, N and Rego, L 2006, &#145;The value of different customer satisfaction and loyalty metrics in predicting business performance&#39;, Marketing Science, Vol. 25, pp. 426-439.
Nair, C, Adam, P and Mertova, P 2008, &#145;Student engagement: the key to improving survey response rates&#39;, Quality in Higher Education, Vol. 14, pp. 225-232.
Nair, C and Shah, M 2011, &#145;Developing an effective student feedback and improvement system: exemplars with proven success&#39;, Australian Quality Forum 2011, Melbourne.
Nelson, S and Nelson, T 1995, &#145;RESERV: An instrument for measuring real estate brokerage service quality&#39;, Journal of Real Estate Research, Vol. 10, pp. 99-113.
Newell, G 2003, &#145;The quality of property education in Australia&#39;, Pacific Rim Property Research Journal, Vol. 9, pp. 361-378.
Newell, G 2004, &#145;Client perceptions of the quality of valuation reports in Australia&#39;, Pacific Rim Property Research Journal, Vol. 10, pp. 437-450.
Newell, G 2007, &#145;Challenges and opportunities for property academics&#39;, Pacific Rim Property Research Journal, Vol. 13, pp. 136-145.
Newell, G and Eves, C 2000, &#145;Recent developments in property education in Australia&#39;, Australian Property Journal, Vol. 36, pp. 275-278.
Newell, G and Mallik, G 2011, &#145;The importance of mathematics background and student performance in a property degree&#39;, Pacific Rim Property Research Journal, Vol. 17, pp. 313-328.
Newell, G, Susilawati, C and Yam, S 2010, &#145;Student perceptions of the quality of property education in Australia: 1994-2009&#39;, Pacific Rim Property Research Journal, Vol. 16, pp. 400-422.
Page, G 2008, &#145;Australian graduates&#39; perspective on their professional socialisation&#39;, Australian and New Zealand Property Journal, Vol. 1, pp. 561-570.
Reidenbach, R and Sandifer-Smallwood, B 1990, &#145;Exploring perceptions of hospital operations by a modified SERVQUAL approach&#39;, Journal of Healthcare Marketing, Vol. 10, pp. 47-55.
Richardson, J 2005, &#145;Instruments for obtaining student feedback: a review of the literature&#39;, Assessment and Evaluation in Higher Education, Vol. 30, pp. 387-415.
Rust, R and Zahoick, A 1993, &#145;Customer satisfaction, customer retention and market share&#39;, Journal of Retailing, Vol. 69, pp. 193-215.
Scott, D and Shieff, D 1993, &#145;Service quality components and group criteria in local governments&#39;, International Journal of Service Industry Management, Vol. 4, pp. 42-53.
Seiler, V, Seiler, M, Arndt, A, Newell, G and Webb, J 2010, &#145;Measuring service quality with instrument variation in an SEM framework&#39;, Journal of Housing Research, Vol. 19, pp. 47-63.
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Seiler, V, Seiler, M, Winkler, D, Newell, G and Webb, J 2008, &#145;Service quality dimensions in residential real estate brokerage&#39;, Journal of Housing Research, Vol. 17, pp. 101-117.
Seiler, V, Webb, J and Whipple, T 2000, &#145;Assessment of real estate brokerage service quality with a practicing professional&#39;s instrument&#39;, Journal of Real Estate Research, Vol. 20, pp. 105-117.
Shah, M and Nair, C 2009, &#145;Using student voice to improve student satisfaction: two Australian universities, the same agenda&#39;, Journal of Institutional Research (South East Asia), Vol. 7, pp. 43-55.
Shah, M and Widin, J 2010, &#145;Indigenous students&#39; voices: monitoring indigenous student satisfaction and retention in a large Australian university&#39;, Journal of Institutional Research, Vol. 15, pp. 28-41.
Stewart, K 1991, &#145;Applying a marketing orientation to a higher education setting&#39;, Journal of Professional Services Marketing, Vol. 7, pp. 117-124.
Taylor, S, Sharland, A, Cronin, J and Bullard, W 1993, &#145;Recreational service quality in the international setting&#39;, International Journal of Service Industry Management, Vol. 4, pp. 68-86.
Wiers-Jenssen, J, Stensaker, B and Grogaard, J 2002, &#145;Student satisfaction: towards an empirical deconstruction of the concept&#39;, Quality in Higher Education, Vol. 8, pp. 183-195.
Yam, S 2012, &#145;Tutoring - what do our first-year real estate undergraduates expect&#39;, Pacific Rim Property Research Journal, Vol. 18, pp. 319-333.
Yam, S and Rossini, P 2010, &#145;Effectiveness of project-based learning as a strategy for property education&#39;, Pacific Rim Property Research Journal, Vol. 16, pp. 291-313.
Yam, S and Rossini, P 2012, &#145;Online learning and blended learning: experience from a firstyear undergraduate property valuation course&#39;, Pacific Rim Property Research Journal, Vol. 18, pp. 129-148.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/assessing-property-student-satisfaction-with-their-property-education-experience-in-an-australian-university</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/time-on-the-market-and-sale-price-of-non-performing-loan-assets</link>
<title><![CDATA[Time on the Market and Sale Price of Non-Performing Loan Assets]]></title>
<description><![CDATA[The correlation between time on the market (TOM) and offer price or transaction price has been analyzed in a number of studies. Unlike previous studies, this paper focuses on atypical property (non-performing assets (NPAs)) and adopts a two-stage least squares regression (2SLS) model to test whether value enhancement strategies would enhance the disposal price in Kaohsiung city. The empirical results show that investors can&#39;t profit just from increasing the time on the market (TOM). Investors have to adopt an enhancement strategy to increase NPA value as well. This is the important finding from the comparison of auction and value enhancement strategy in this paper. The Taiwanese experience reported in this paper shows that value increment can be achieved via the combination of longer TOM and value enhancement strategy.
]]></description>
<content><![CDATA[Allen, MT, Faircloth, S and Rutherford, RC 2005, &#145;The impact of range pricing on marketing time and transaction price: a better mousetrap for the existing home market?&#39;, The Journal of Real Estate Finance and Economics, Vol. 31 , No. 1 , pp. 71-82.

Asabere, PK and Huffman, FE 1993, &#145;Price concessions, time on the market and the actual sale price of homes&#39;, The Journal of Real Estate Finance and Economics, Vol. 6 , No. 2 , pp. 167-74.
Carroll, TM, Clauretie, TM and Neill, HR 1997, &#145; Effect of foreclosure status on residential selling price: comment&#39;, Journal of Real Estate Research, Vol. 13, No. 1, pp. 95&#150;102.
Clauretie, TM and Daneshvary, N 2009, &#145;Estimating the house foreclosure discount corrected for spatial price interdependence and endogeneity of marketing time&#39;, Real Estate Economics, Vol. 37 , No. 1 , pp. 43-67.
Colwell, PF and Munneke, HJ 1997, &#145;The structure of urban land prices&#39;, Journal of Urban Economics, Vol. 41 , No. 3 , pp. 321-36.
Daneshvary, N, Clauretie, TM and Kader, A 2011, &#145; Short-term own-price and spillover effects of distressed residential properties: the case of a housing crash&#39;, Journal of Real Estate Research, Vol. 33, No. 2, pp.179-207.
Forgey, FA, Rutherford, RC and VanBuskirk, ML 1994, &#145;Effect of foreclosure status on residential selling price&#39;, Journal of Real Estate Research, Vol. 9 , No. 3 , pp. 313-18.
Haag, JT, Rutherford, RC and Thomson, TA 2000, &#145;Real estate agent remarks: help or hype?&#39;, Journal of Real Estate Research, Vol. 20 , No. 1 , pp. 205-15.
Haurin, D 1988, &#145;The duration of marketing time of residential housing&#39;, Real Estate Economics, Vol. 16 , No. 4 , pp. 396-410.
Haurin, D, Haurin, J, Nadauld, T and Sanders, A 2010, &#145;List prices, sale prices and marketing time: an application to US housing markets&#39;, Real Estate Economics, Vol. 38, No. 4, pp.659-85.
Inaltekin, H, Jarrow, RA, Saglam, M and Y?ld?r?m, Y 2011, &#145;Housing prices and the optimal timeon-the-market decision&#39;, Finance Research Letters, Vol. 8, pp. 171&#150;79.
Johnson, KH, Benefield, JD and Wiley, JA 2009, &#145;Architectural review boards and their impact on property price and time-on-market&#39;, Journal of Housing Research, Vol. 18 , No. 1 , pp. 1-18.
Kang, HB and Gardner, MJ 1989, &#145;Selling price and marketing time in the residential real estate market&#39;, Journal of Real Estate Research, Vol. 4 , No. 1 , pp. 21-35.
Lee, CC and Chang, CO 1996, &#145;List price, transaction price and duration of the real estate market in Taiwan&#39;, Academia Economic Papers, Vol. 24, No. 4, pp.591-616.
McGreal, S, Adair, A, Brown, L and Webb, JR 2009, &#145;Pricing and time on the market for residential properties in a major UK city&#39;, Journal of Real Estate Research, Vol. 31 , No. 2 , pp. 209-33.
Miller, NG 1978, &#145;Time on the market and selling price&#39;, Real Estate Economics, Vol. 6 , No. 2 , pp. 164-174.
Pennington-Cross, A 2006, &#145;The value of foreclosed property&#39;, Journal of Real Estate Research, Vol. 28 , No. 2 , pp. 193-214.
Pryce, G and Gibb, K 2006, &#145;Submarket dynamics of time to sale&#39;, Real Estate Economics, Vol. 34 , No. 3 , pp. 377-415.
Read, C 1988, &#145;Price strategies for idiosyncratic goods - the case of housing&#39;, Real Estate Economics, Vol. 16 , No. 4 , pp. 379-95.
Rutherford, RC, Springer, TM and Yavas, A 2001, &#145;The impacts of contract type on broker performance&#39;, Real Estate Economics, Vol. 29 , No. 3 , pp. 389-409.
S&ouml;derberg, B 2002. &#145;A note on the hedonic model specification for income properties&#39;, in Wang, K and Wolverton, M. L. (Eds.) Real estate valuation theory, Springer, New York.
Shilling, JD, Benjamin, JD and Sirmans, C 1990, &#145;Estimating net realizable value for distressed real estate&#39;, Journal of Real Estate Research, Vol. 5 , No. 1 , pp. 129-40.
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Zhu, ZZ 2006, &#145;Overview on the non-performing loans and asset management companies market&#39;, Monthly of Hua Nan Financial Holdings, Vol. 37, pp.9-22.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/time-on-the-market-and-sale-price-of-non-performing-loan-assets</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/valuing-real-estate-as-dividend-paying-stock-with-a-put-option</link>
<title><![CDATA[Valuing Real Estate as Dividend Paying Stock with a Put-Option]]></title>
<description><![CDATA[Option pricing theory is familiar in the property market with studies that consider the methodology for the pricing of mortgages, development land, idle time, property stocks, lease options and other optionality with regards to design or use. It has not, to date, been generally considered as an alternative pricing method for income producing property as a financial investment.
This study conceptualises investment property as a dividend paying stock with a put-option at reversion. It provides the possibility to identify the risks in property investment with regards to different types of tenants and lease terms, thereby enabling the distinction between the contribution of the lease and the vacant possession to the total value of the property with a view to more accurate pricing. This potentially enables hedging within a single property against certain lease attributes or market activities.
The paper is structured in three parts. The first part contains the literature survey, which considers the different aspects of existing property valuation techniques, option pricing techniques and literature that specifically deals with option pricing within the property context. The second part deals with a theoretical explanation of the use of option pricing to value real estate, with an analysis of the required information in order to apply such techniques. The last part is an empirical testing, which is based on a portfolio of properties with varying weighted average lease expiry periods.
]]></description>
<content><![CDATA[Alexander, C and Chen, X 2012, A general approach to real option valuation with applications to real estate investments, ICMA Centre Discussion Paper, No. DP 2012-04.
Artemenkov, A, Mikerin, G and Artemenkov, I 2008, &#145;Professional valuation and investment-financial valuation: distinctions in valuations for private and public markets&#39;, The Appraisal Journal, Vol. 76, No. 4, pp. 355-370.
Bates, DS 2003, &#145;Empirical option pricing: a retrospection&#39;, Journal of Econometrics, Vol. 116, No. 1, pp. 387-404.
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Black, F and Scholes, M 1973, &#145;The pricing of options and corporate liabilities&#39;, Journal of Political Economy, Vol. 81, No. 3, pp. 637-654.
Boczar, TJ 1997, &#145;An introduction to options and other financial derivative strategies&#39;, Trusts and Estates, Vol. 136, No. 3, pp. 43-54.
Bollerslev, T, Chou, RY and Kroner, KF 1992, &#145;ARCH modelling in finance: a review of the theory and empirical evidence&#39;, Journal of Econometrics, Vol. 52, No. 1-2, pp. 5-59.
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Carron, A 1988, &#145;The option valuation approach to mortgage pricing&#39;, Journal of Real Estate Finance and Economics, Vol. 1, No. 2, pp. 131-149.
Copeland, T and Tufano, P 2004, &#145;A real-world way to manage real options&#39;, Harvard Business Review, Vol. 82, No. 3, pp. 90-99.
Cox, J, Ross, S and Rubinstein, M 1979, &#145;Option pricing: a simplified approach&#39;, Journal of Financial Economics, Vol. 7, No. 3, pp. 229-264.
Damodaran, A 2012, Investment valuation: tools and techniques for determining the value of any asset, 3rd Edition, John Wiley And Sons, New Jersey.
Derman, E and Kani, I 1994, &#145;Riding on a smile&#39;, Risk, Vol. 7, No. 2, pp. 32-39.
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Dubil, R 2004, &#145;The risk and return of investment averaging: an option-theoretic approach&#39;, Financial Services Review, Vol. 13, No. 4, pp. 267-283.
Farragher, EJ and Kleinman, R 1996, &#145;A re-examination of real estate investment decisionmaking practices&#39;, Journal of Real Estate Portfolio Management, Vol. 2, No. 1, pp. 31-39.
Geltner, D and De Neufville, R 2012, &#145;Uncertainty, flexibility, valuation and design: how 21st century information and knowledge can improve 21st century urban development&#39;, Pacific Rim Property Research Journal, Vol. 18, No. 3, pp. 231-276.
Gertner, R and Rosenfield, A 1999, &#145;How real options lead to better decisions&#39;, Financial Times, Academic One File.
Hayes, R and Abernathy, W 1980, &#145;Managing our way to economic decline&#39;, Harvard Business Review, Vol. 58, No. 4, pp. 66-77.
Hendershott, PH and Ward, CWR 2000, &#145;Incorporating option-like features in the valuation of shopping centres&#39;, Real Estate Finance, Vol. 16, No. 4, pp. 31-36.
Hodder, J and Riggs, H 1985, &#145;Pitfalls in evaluating risky projects&#39;, Harvard Business Review, Vol. 63, No. 1, pp. 128-135.
Hull, JC 2011, Fundamentals of futures and options markets, 7th Edition, Prentice Hall, Boston.
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IPD (2013), The Property Council/IPD Australia all property index: results for the year to 31 March 2013, Property Council/IPD Australia, Sydney.
Kau, JB, Keenan, DC, Muller, WJ and Epperson, JF 1990, &#145;Pricing commercial mortgages and their mortgage-backed Securities&#39;, The Journal of Real Estate Finance and Economics, Vol. 3, No. 4, pp. 333-356.
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Lam, E 2003, &#145;Option pricing model for cash rebate mortgages&#39;, Journal of Property Investment and Finance, Vol. 21, No. 4, pp. 307-325.
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Merton, RC 1987, &#145;A simple model of capital market equilibrium with incomplete information&#39;, Journal of Finance, Vol. 42, pp. 483-510.
Oppenheimer, P 2006, &#145;A critique of using real options pricing models in valuing real estate projects and contracts&#39;, Briefings in Real Estate Finance, Vol. 2, No. 3, pp. 221-233.
Patel, K, Paxson, D and Sing, TF 2005, &#145;A review of the practical uses of real property options&#39;, RICS Research Paper Series, Vol. 5, No.1.
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Schwartz, ES and Torous, WN 2007, &#145;Commercial office space: testing the implications of real options models with competitive interactions&#39;, Real Estate Economics, Vol. 35, No. 1, pp. 1-20.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/valuing-real-estate-as-dividend-paying-stock-with-a-put-option</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/affordable-housing-for-first-time-homebuyers-issues-and-implications-from-the-malaysian-experience</link>
<title><![CDATA[Affordable Housing for First-Time Homebuyers: Issues and Implications from the Malaysian Experience]]></title>
<description><![CDATA[There is little evidence to inform discussion of the challenges of meeting housing needs of first-time homebuyers in conditions of rapid urbanisation in Malaysia. The purpose of this paper is to discuss the challenges of promoting home ownership for first-time Malaysian homebuyers. This paper also offers suggestions regarding sustainable housing provision for them to own their home. In order to achieve sustainability in the housing delivery system, affordable housing schemes must be economically viable, socially acceptable and technically feasible. Government should be transparent about logistics, location, pricing and implementation to ensure that there is action behind the words.
]]></description>
<content><![CDATA[Annuar, A 2011, Bill to set up PR1MA to be tabled soon, http://www.thesundaily.my/news/67914(Accessed 5 July 2011)
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Chong, D. 2013, Malaysia can&#39;t wait 105 years to own a PR1MA home, Putrajaya told, http://www.themalaymailonline.com/malaysia/article/malaysians-cant-wait-105-years-toown-a-pr1ma-home-putrajaya-told (Accessed 24 July 2013)
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Glaeser, EL and Sacerdote, B 2000, &#145;The social consequences of housing&#39;, Journal of Housing Economics, Vol. 9, pp. 1 &#150; 23.
Green, RK and White, Mj 1997, &#145;Measuring the benefits of home owning: effects on children,&#39; Journal of Urban Economics, Vol. 41, pp. 441 &#150; 461.
Haurin, DR, Parcel, TL and Haurin, RJ 2002, &#145;Does homeownership affect child outcomes?&#39;, Real Estate Economics, Vol. 30, No. 4, pp. 635 &#150; 666.
Harkness, JK and Newman, SJ 2003, &#145;Effects of homeownership on children: the role of neighbourhood characteristics and family income,&#39; Economic Policy Review, June 203, pp. 87 &#150; 107.
Kan, K 2007, &#145;Residential mobility and social capital,&#39; Journal of Urban Economics, Vol. 61, pp. 436 &#150; 457.
Kim, KH 2012, Real estate volatility and macroeconomic stability: an East Asian perspective, 6 International Real Estate Research Symposium, 24-25 April 2012, Selangor.
Lo, A and Jim, C 2010, &#145;Willingness of residents to pay and motives for conservation of urban green spaces in the compact city of Hong Kong&#39;, Urban Forestry and Urban Greening, Vol. 9, No. 2, pp. 113 &#150; 120.
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Malaysia 2001, Eight Malaysia plan, 2001-2005, Government Printer, Kuala Lumpur.
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Moser, S 2010, &#145;Putrajaya: Malaysia&#39;s new federal administrative capital&#39;, Cities, Vol. 27, pp. 285-297.
Opoku, R and Abdul-Muhmin, A 2010, &#145;Housing preferences and attributes importance among lowincome consumers in Saudi Arabia&#39;, Habitat International, Vol. 34, pp. 219 &#150; 227.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/affordable-housing-for-first-time-homebuyers-issues-and-implications-from-the-malaysian-experience</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume19-2013/the-effect-of-high-voltage-transmission-lines-on-property-values-a-contingent-valuation-approach</link>
<title><![CDATA[The Effect of High Voltage Transmission Lines on Property Values: A Contingent Valuation Approach]]></title>
<description><![CDATA[This research investigates whether Contingent Valuation is meaningful in assessing the effect that High Voltage Transmission Lines (HVOTLs) have on property values. The research uses a Contingent Valuation approach, in conjunction with a hedonic pricing model and an attitudinal study.
The results show a disparity between the discount in purchase price and how much owners would be prepared to pay to remove the HVOTLs. The hedonic pricing model results in a negative effect on those properties that are adjacent to the HVOTLs. However, the majority of owners opposed any form of contribution towards removing the HVOTLs.
This research highlights that even though buyers believe the HVOTLs have a negative impact on their property values, they are not prepared to pay anything to have them removed and realise the increased value.
]]></description>
<content><![CDATA[Callanan, J 2010, Are residents willing to pay for the removal of high voltage transmission lines from their neighbourhood?, RICS Cobra Conference, Paris.
Callanan, J and Hargreaves, RV 1994, &#145;The effect of overhead transmission lines on property values&#39;, New Zealand Valuers Journal.
Callanan, JM 1995, &#145;The effect of overhead transmission lines on property values: a statistical analysis&#39;, New Zealand Valuers Journal, June, pp. 35-38.
Carson 1992, A contingent valuation study of lost passive use values resulting from the Exxon Valdez oil spill, University Library of Munich, Munich.
Delaney, C and Timmons, D 1992, &#145;High voltage power lines: do they affect residential property value&#39;, Journal of Real Estate Research, Vol. 7, No. 3, pp. 315-330.
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Ignelzi, P and Priestley, T 1991, A statistical analysis of transmission line impacts on residential property values in six neighbourhoods: volume 1, analysis and results, Southern California Edison Environmental Affairs Division, San Francisco.
Ignelzi, P and Priestley, T 1990, A methodology for assessing transmission line impacts in residential communities, prepared for Edison Electric Institute Siting and Environmental Planning Task Force, California.
Johansson, P 1987, The economic theory and measurement of environmental benefits, Cambridge University Press, Cambridge.
Kinnard, W 1994, Fear and property value: opinion survey results vs market sales evidence, International Association of Assessing Officers Conference, Seattle.
Kinnard, W 1997, The impact of proximity to electrical substations and a high voltage electricity transmission line in St Charles and St Louis counties, Missouri, January 1990-July 1996, American Appraisal Associates Report.
Kinnard, W and Dickey, DA 1995, &#145;Primer on proximity impact research: residential property values near high voltage transmission lines&#39;, American Society of Real Estate Counsellors, Vol. 20, No. 1.
Mundy, B and McLean, D 1998. &#145;Using the contingent value approach for natural resources and environmental damage applications&#39;, The Appraisal Journal, Vol. 66, No. 3.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume19-2013/the-effect-of-high-voltage-transmission-lines-on-property-values-a-contingent-valuation-approach</guid>
<pubDate>31 Dec 2012 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/tutoring-what-do-our-first-year-real-estate-undergraduates-expect</link>
<title><![CDATA[Tutoring &#150; What do our First-Year Real Estate Undergraduates Expect?]]></title>
<description><![CDATA[An effective tutoring strategy is important in enhancing the student learning experience. This is a preliminary study using qualitative approaches to investigate how a group of first-year real estate students perceived the usefulness of tutoring strategies adopted in the first six weeks of study, specifically how they assisted in engaging students in their learning and how useful they were for their transition to university learning. In-class survey was performed in week 6 and constant comparison method was used in data analysis to examine the differences of perceptions between different groups of students. Student-centred teaching, feedback and assessments were the three main themes highlighted in the findings and the student-centred teaching style was identified as most significant in assisting students with their transition.
]]></description>
<content><![CDATA[Abbott-Chapman, J, Hughes, P and Wyld, C 1992, Monitoring student progress: a framework for improving student performance and reducing attrition in higher education, University of Tasmania, National Clearinghouse for Youth Studies, Hobart.
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Biggs, J 2003, Aligning teaching and assessing to course objectives, Teaching and Learning in Higher Education: New Trends and Innovations Conference, April, University of Aveiro.
Biggs, J and Tang, C 2007, Teaching for quality learning at university: what the students does, Society for Research into Higher Education and Open University Press, Maidenhead.
Black, P and Wiliam, D 1998, &#145;Assessment and classroom learning&#39;, Assessment in Education, Vol. 5, No. 1, pp. 7&#150;74.
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Born, WL 2003, &#145;A real estate fundamentals project to enhance Learning&#39;, Journal of Real Estate Practice and Education, Vol. 6, No. 2, pp. 239&#150;255.
Boyatzis, RE 1998, Transforming qualitative information: thematic analysis and code development, Sage Publications, London.
Braun, V and Clarke, V 2006, &#145; Using thematic analysis in psychology&#39;, Qualitative Research in Psychology, Vol. 3, No. 2, pp. 77&#150;101.
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Cook, A and Leckey, J 1999, &#145;Do expectations meet reality? A survey of changes in first year student opinion&#39;, Journal of Further and Higher Education, Vol. 23, No. 2, pp. 157&#150;171.
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Ford, DA and Elkes, LC 2008, &#145;Team building and communication: keys to success in real estate curricula and the marketplace&#39;, Journal of Real Estate Practice and Education, Vol. 1, No. 2, pp. 179&#150;185.
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Goldfinch, J and Hughes, M 2007, &#145;Skills, learning styles and success of first-year undergraduates&#39;, Active Learning in Higher Education, Vol. 8, No. 3, pp. 259&#150;273.
Gordon, EE, Morgan, RR, Ponticell, JA and O&#39;Malley, CJ 2004, &#145;Tutoring solutions for no child left behind: research, practice, and policy implications&#39;, NASSP Bulletin, Vol. 88, No. 638, pp. 59&#150;68.
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Ivanic, R, Clark, R and Rimmershaw, R 2000, &#145;What am I supposed to make of this? the messages conveyed to students by tutors&#39; written comments, in: MR Lea and B Stierer (eds) Student writing in higher education: new contexts, Open University Press, Buckingham, pp. 47&#150;65.
James, R and Baldwin, G 1997, &#145; Tutoring and demonstrating: a guide for the University of Melbourne&#39;, Center for the Study of Higher Education, The University of Melbourne. 
Kantanis, T 2000, &#145; The role of social transition in students&#39; adjustment to the first-year of university&#39;, Journal of Institutional Research, Vol. 9, No. 1, pp. 100&#150;110.
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Kift, S 2002, Assuring quality in the casualisation of teaching, learning and assessment: towards best practice for the first year experience, 6th Pacific Rim First Year in Higher Education Conference, Queensland University of Technology, Brisbane.
Kift, S 2004, Organising first year engagement around learning: Formal and informal curriculum intervention, 8th International First Year in Higher Education Conference, Melbourne.
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Lowe, H and Cook, A 2003, &#145;Mind the gap: are students prepared for higher education&#39;, Journal of Further and Higher Education, Vol. 27, No. 1, pp. 53&#150;76.
Manning, C and Epley, D 2006, &#145; Do real estate faculty teach the skills and competencies needed by corporate real estate executives?&#39;, Journal of Real Estate Practice and Education, Vol. 9, No. 1, pp. 37&#150;60.
McInnis, C 2001 , &#145; Researching the first year experience: where to from here?&#39;, Higher Education Research and Development, Vol. 20, No. 2, pp. 105&#150;114.
McInnis, C and James, R. 1995, First year on campus: diversity in the initial experiences of Australian undergraduates, Australian Government Publication Service, Canberra.
Nelson, K, Kift, S, Humphrey, J and Harper, W 2006, A blueprint for enhanced transition: taking a holistic approach to managing student transition into a large university, 9th Pacific Rim First Year in Higher Education Conference, Griffith University, Australia.
Newell, G, Susilawati, C and Yam, S 2010, &#145;Student perceptions of the quality of property education in Australia&#39;, Pacific Rim Property Research Journal, Vol. 16, No. 4, pp. 400&#150;422.
Nicol, DJ and Macfarlane-Dick, D 2006, &#145; Formative assessment and self-regulated learning: a model and seven principles of good feedback practice&#39;, Studies in Higher Education, Vol. 31, No. 2, pp. 199&#150;218.
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Potolsky, A, Cohen, J and Saylor, C 2003, &#145;Academic performance of nursing students: Do prerequisite grades and tutoring make a difference?&#39;, Nursing Education Perspective, Vol. 24, No. 5, pp. 246&#150;250.
Price, D, Harte J and Cole, M 1991, Student progression in higher education: a study of attrition at Northern Territory University, Australian Government Publishing Service, Canberra.
Ramsden, P 2003, Learning to teach in higher education, Routledge Falmer, London.
Rhoden, C and Dowling, N 2006, Why tutors matter: realities of their role in transition, 9th Pacific Rim First Year in Higher Education Conference, Griffith University, Australia.
Rose, JT and Delaney, CJ 2007, &#145;Case studies in real estate education: the new AACSB accreditation standards and a proposed case study in real estate management&#39;, Journal of Real Estate Practice and Education, Vol. 10, No. 2, pp. 175&#150;186.
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Sander, P, Stevenson, K, King, M and Coates, D 2000, &#145;University students&#39; expectations of teaching&#39; , Studies in Higher Education, Vol. 25, No. 3, pp. 309&#150;324.
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Surjan, Y, Chiarelli, P, Dempsey, S, Lyall, D and O&#39;Toole, G 2010, &quot;The experience of implementing an inteprofessional first year course for undergraduate health science students: the value of acting on student feedback&#39;, Journal of University Teaching and Learning Practice, Vol. 7, No. 1, preceding p. 1&#150;17.
Taylor, JA 2006, Assessment: a tool for development and engagement in the first year of university study, 9th Pacific Rim First Year in Higher Education Conference, Griffith University, Australia.
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The Australian 2009, First-year attrition too high, 26 February, p. 3.
Thomas, L and Yorke, M 2003, &#145;Improving the retention of students from lower socio-economic groups&#39;, Journal of Higher Education Policy and Management, Vol. 25, No. 1, pp. 63&#150;74.
Thompson, I 2009, &#145;Scaffolding in the writing center: a microanalysis of an experienced tutor&#39;s verbal and nonverbal tutoring strategies&#39;, Written Communication, Vol. 26, No. 4, pp. 417&#150;453.
Thonus, T 2001, &#145;Triangulation in the writing center: tutor, tutee, and instructor perceptions of the tutor&#39;s role&#39; , Writing Center Journal, Vol. 21, No. 3, pp. 59&#150;82.
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Zimitat, C 2006, Improving quality of teaching is part of improving retention: a study of first year students in an Australian university, 9th Pacific Rim First Year in Higher Education Conference, Griffith University, Australia.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/tutoring-what-do-our-first-year-real-estate-undergraduates-expect</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/determining-the-current-optimal-allocation-to-property-a-survey-of-australian-fund-managers</link>
<title><![CDATA[Determining the Current Optimal Allocation to Property: A Survey of Australian Fund Managers]]></title>
<description><![CDATA[This research paper examines the property asset allocation strategies for the A$1.7 trillion Australian managed funds industry and identifies the important steps and considerations that influence their optimal property allocation view and decision making process. It investigates the use and relevance of strategic and tactical asset allocation strategies for property asset allocation decisions. The results indicate that the allocation of resources to property assets is a complex system of interdependent decisions given its distinctive investment characteristics when compared to alternative asset classes. Apart from definitive/quantitative inputs in property asset allocation models, Australian fund managers are influenced by many other non-financial considerations. In addition, there are notable differences in techniques for direct property, unlisted property and securitised property asset allocation. The results also demonstrate that there has been a shift in Australian fund manager&#39;s property asset allocation views and strategies driven mainly by the fund&#39;s need to adapt to the continued uncertain global financial market conditions.
]]></description>
<content><![CDATA[Alexander, GJ, Sharpe, WF and Bailey, JV 2001, Fundamentals of investments, 3rd edition, Prentice Hall International Inc, New Jersey.
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Australian Prudential Regulation Authority 2011, Superannuation fund-level profiles and financial performance September 2010, APRA, Commonwealth of Australia, Canberra, viewed on 25 June 2011 &lt; http://www.apra.gov.au&gt;.
Armytage, P 2002, &#145;What is property? property: challenging conventional thinking&#39;, Australian Property Journal, May, pp. 104&#150;111.
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Farragher, EJ and Savage, A 2008, &#145;An investigation of real estate investment decision-making practices&#39;, Journal of Real Estate Practice and Education, Vol. 11, No. 1, pp. 29&#150;40.
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French, N 2001, &#145;Decision theory and real estate investment: an analysis of the decision-making processes of real estate investment fund managers&#39; , Managerial and Decision Economics, Vol. 22, pp. 399&#150;410.
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Hauss, H 2004, &#145;The role of institutional property investments in the global asset allocation process&#39;, Australian Property Journal, August, pp. 198&#150;205.
Higgins, D 2007, &#145;Placing commercial property in the Australian capital markets&#39;, RICS Research Paper Series, Vol. 7, No. 12, London.
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Lummer, SL and Riepe, MW 1994, &#145;The role of asset allocation in portfolio management&#39;, in Lederman, J and Klein, RA (eds.), Global asset allocation: techniques for optimizing portfolio management, John Wiley and Sons Inc, New York, pp. 1&#150;6.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/determining-the-current-optimal-allocation-to-property-a-survey-of-australian-fund-managers</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume18-2012/the-impacts-of-the-canterbury-earthquakes-on-the-commercial-office-market-in-christchurch-new-zealand</link>
<title><![CDATA[The Impacts of the Canterbury Earthquakes on the Commercial Office Market in Christchurch, New Zealand]]></title>
<description><![CDATA[The 22 February 2011 Canterbury earthquake had a devastating impact on Christchurch property with significant damage caused to land and buildings. The broad aims of the research were to examine the nature and extent of the CBD office relocation, determine occupier&#39;s perceptions of the future: their location and space needs post the February earthquake and the likelihood of relocating back to the CBD after the rebuild. An online survey was developed with the web link and a covering letter emailed to 643 companies. A follow-up survey was sent out in January 2012 following the December 2011 earthquake event to determine if respondents&#39; location choices had changed. From the initial survey, 55% of respondents were relocated CBD occupiers and 45% were existing suburban office occupiers. Of the businesses that relocated out of the CBD the biggest group (38%) want to return to the CBD into low-rise buildings of 3 floors or less (80%) that meet earthquake codes with good amenities and public transport. The speed of rebuild is important to respondents. The follow up survey indicated that demand for the CBD has fallen since the initial survey. In terms of building grade preferences, the response from occupiers is that although higher quality Premium or A-Grade buildings are preferred, when taking into account likely rental levels, occupiers prefer lower quality new or existing buildings. The concern with new builds is that rentals are likely to be too high for tenants to afford which was illustrated by the gap analysis of respondent expectations of rents and the indicative market rentals that will need to be achieved to make the rebuild feasible.
]]></description>
<content><![CDATA[Anderson Lloyd Lawyers 2010, Canterbury Earthquake - Some Advice for Businesses, Fact Sheet, http://www.andersonlloyd.co.nz/uploads/files/Canterbury_Earthquake_Some_Advice_for_B usinesses.pdf(Accessed 5 May 2012).
Appraisal Institute 2011, Proposed guide note 10, developing an opinion of market value in the aftermath of a disaster, Appraisal Institute, Chicago - Seehttp://www.appraisalinstitute.org/PPC/downloads/2011_guide_note_10.pdf [accessed 5 May 2012].
Brunette, D 1995. &#145;Natural disasters and commercial real estate returns&#39;, Real Estate Finance, Winter, Vol. 11, No.4 pp. 67&#150;72.
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Buhayar, N, Greber, J and Saminather, N 2011. &#145;New Zealand&#39;s earthquake may become costliest insured disaster since 2008&#39;, Bloomberg. http://www.bloomberg.com/news/2011&#150;02&#150;22/new-zealand-s-earthquake-may-become-costliest-insured-disaster-since-2008.html. (Accessed 24 February 2011).
CERA 2012, Demolitions, http://cera.govt.nz/demolitions/list(Accessed 27 April 2012).
CERA n.d.(a), The Canterbury Earthquake Recovery Commission, http://cera.govt.nz/about-cera/cerc, (Accessed 29 October 2012).
CERA n.d.(b), About CERA, http://cera.govt.nz/about-cera, (Accessed 29 October 2012).
Cole, W 2011, &#145;Flood zone revisions and economic loss: an example from Florida&#39;, The Appraisal Journal, Winter, pp. 44&#150;56.
Crowe, C 2012, Canterbury Quake Live, http://www.canterburyquakelive.co.nz/, (Accessed 30 October 2012).
Epley, D 2010, &#145; Reconsidering the definition of highest and best use: the case for a post-disaster highest and best use&#39;, Real Estate Issues, Vol. 35, No. 2, pp. 59&#150;71.
Harcourts Grenadier 2012, Rebuild underway on Harcourts Grenadier flagship, Autumn, p.1.http://photos.harcourts.co.nz/Harcourts.Public.WebTemplates/695/Files/Grenadier Autumn Newsletter Feb 2012&#150;7.pdf(Accessed 5 May 2012).
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Levy, LS 1986, &#145;Landslides: implication on the appraisal process&#39;, The Real Estate Appraiser and Analyst, Spring, pp. 5&#150;11.
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New Zealand Police 2012, List of Deceased, 9 February,http://www.police.govt.nz/list-deceased, (Accessed 29 October 2012).
Nicolay, C 2010, &#145;After the storm: appraisal challenges in Katrina&#39;s wake&#39;, Valuation Insights and Perspectives, Fourth Quarter, pp. 16&#150;23.
Sanders, MV 1996, &#145;Post-repair diminution in value from geotechnical problems&#39;, The Appraisal Journal, January.
Seefeldt, J 2006, &#145;Life after Katrina: relief foundation helps appraisers regroup&#39;, Valuation Insights and Perspectives, Third Quarter, pp. 5&#150;9.
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The Labour Department 2011, A Changing landscape: the impact of the earthquakes on Christchurch workplaces, http://www.dol.govt.nz/publications/research/earthquakes-impact- in-christchurch-workplaces/earthquake-impact-in-christchruch.pdf(Accessed 5 May 2012).
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Wikipedia 2012, 2011 Christchurch earthquake, http://en.wikipedia.org/wiki/2011 Christchurch earthquake, (Accessed 29 October 2012).
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/the-impacts-of-the-canterbury-earthquakes-on-the-commercial-office-market-in-christchurch-new-zealand</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume18-2012/cross-sectional-analysis-of-time-on-market-indicators-for-an-australian-city</link>
<title><![CDATA[Cross sectional Analysis of time on Market indicators for an Australian City]]></title>
<description><![CDATA[This paper reports on a cross sectional analysis of Time on Market (TOM) for the residential property market of an Australian City. The focus is an analysis of TOM across location and by dwelling type, rather than over time, during a period of relative market stability. The study examines TOM for a three month period from September to November 2010 for the city of Adelaide, Australia which is a geographically isolated but active market with over 20,000 residential transactions each year. The study reports on the factors which impact on TOM when examined by region using both descriptive analysis and statistical modelling. Data used in the study results from combining sale transaction records from the South Australian Government with details of property marketing collected from advertisements in newspapers and websites. The research investigates relationships between TOM and dwelling type (detached, semi-detached and home units), location (ten regions) and house size (main rooms). It also compares first to last advertised price across location and for each property type. The research shows that location and house size both have a significant impact on TOM. Therefore, an important finding of the study is that factors such as location and dwelling size need to be held constant in any analysis of TOM over time.
]]></description>
<content><![CDATA[Anglin P 2004, The selling process: if at first you don&#39;t succeed try, try, try again, Department of Economics, University of Windsor Ontario, Working Paper.
Asabare, P, Huffman, F and Mehdian, S 1993, &#145;Mispricing and optimal time on the market&#39;, Journal of Real Estate Research, Vol. 8, No. 1, pp. 149&#150;156.
Belkin J, Hempel, D and McLeavey, D 1976, &#145;An empirical study of time on the market using multidimensional segmentation of housing markets&#39;, AREUEA Journal, Vol. 4, No. 3, pp. 57&#150;75.
Bjorlkund, K, Dadzie, J and Wilhelmsson, M 2004, Offer price meets transaction price and time on market REEIO RIT Stockholm Working Paper No. 49.
Cubin J 1974, &#145;Price, quality and selling time in the housing markets&#39;, Applied Economics, Vol. 6, pp. 171&#150;187.
Forgey, F, Rutherford, R and Springer, T 1996, &#145;Search and liquidity in single family housing&#39;, Real Estate Economics, Vol. 24, pp. 273&#150;292.
Haurin, D, Haurin, J, Nadauld, T and Sanders, A 2006, List prices, sales prices and marketing time: an application to US housing markets, Working Paper.
Haurin, D 1988, &#145;The duration of marketing time of residential housing&#39;, AREUEA Journal, Vol. 16, pp.396&#150;410.
Jud, D, Seaks, T and Winkler, D 1996, &#145;Time on the market: the impact of residential brokerage&#39;, Journal of Real Estate Research, Vol. 12, No. 3, pp. 447&#150;458.
Kang, HB and Gardner, MJ 1989, &#145;Selling price and marketing time in the residential real estate market&#39;, Journal of Real Estate Research, Vol. 4, No. 1, pp.21&#150;35.
Kalra, R and Chan, K 1994, &#145;Censored sample bias, macroeconomic factors and TOM of residential housing&#39;, Journal of Real Estate Research, Vol. 9, No. 2, pp. 253&#150;262.
Kramer, J 1999, &#145;Real estate liquidity&#39;, FRBSFEconomic Review, Vol. 3, pp. 14&#150;26.
Larsen, J and Park, W 1989, &#145;Non uniform percentage brokerage commission and real estate performance&#39;, AREUEA Journal, Vol. 17, No. 4, pp. 423&#150;438.
Levin, E and Pryce, G 2007, &#145;A statistical explanation for extreme bids in the house market&#39;, Urban Studies, Vol. 44, No. 12, pp. 2339&#150;2355.
Levitt, S and Sryerson, C (n.d.), Market distortions when agents are better informed ; the value of information in real estate transactions, Department of Economics, University of Chicago, Working Paper.
Levin, E and Pryce, G 2009, A response house price model of excess demand for housing, RICS Research Report, RICS, London.
McGreal, S, Adair A, Brown, L and Webb, J 2009, &#145;Pricing and time on the market for residential properties in a major UK city&#39;, Journal of Real Estate Research, Vol. 31, No. 2, pp.209&#150;233.
Miller, N 1978, &#145;Time on the market and selling price&#39;, AREUEA Journal, Vol. 6, No. 2, pp.164174.
Rossini P, Kershaw P, Marano, W and Kupke V, 2005, &#145;Evaluating returns in the residential rental sector&#39; , Property Management, Vol. 23 No. 4, pp. 286&#150;300.
Sirmans, S, Macpherson, D and Zietz, E 2005, &#145;The composition of hedonic pricing models&#39;, Journal of Real Estate Literature, Vol. 13, pp. 3&#150;43.
Stein 1995, &#145;Prices and trading volume in the housing market: a model with payment effects&#39;, Quarterly Journal of Economics, Vol. 110, pp. 379&#150;406.
Taylor, C 1994, &#145;Time on the market as a sign of quality&#39;, Review of Economic Studies, Vol. 66, No. 3, pp. 555&#150;578.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/cross-sectional-analysis-of-time-on-market-indicators-for-an-australian-city</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

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<link>https://www.prres.org/volume18-2012/a-reit-bidder-returns-an-evaluation-of-public-and-private-targets-and-method-of-payment</link>
<title><![CDATA[A-Reit Bidder Returns: An Evaluation of Public and Private Targets and Method of Payment]]></title>
<description><![CDATA[This study examines the wealth effects of fifty-six Australian Real Estate Investment Trusts (A-REITs) acquirers around the announcement date of a merger and acquisition over the period of 1996 to 2010. This study extends Ratcliffe et al (2009) by examining mergers and acquisitions of private entity targets as well as public targets and confirms recent US REIT work in this field. Utilising event study methodology we find that bidding A-REITs earn positive and significant cumulative abnormal returns (CARs) of +0.966% around the three-day announcement period [?1,+1]. Analysis also indicates bidding firms earn higher CARs when the acquisition is financed by scrip and/or a combination of scrip and cash. Consistent with prior REIT research, event study results show that A-REIT acquirers earn higher excess returns when the target is private as compared to a public target, +2.834% and +0.457% respectively. Further investigation, employing regression analysis, shows book-to-market ratio has a negative impact on bidding firms CARs, suggesting that investors penalise high book-to-market A-REITs in an M&amp;A due to their higher risk characteristics. We also find that both specialisation by property type and relative size of the bidder compared to the target has a positive and significant influence on bidder excess returns. Finally, our results show support for the method of payment findings in the event study, with method of payment returning a negative and significant impact on bidder CARs.
]]></description>
<content><![CDATA[Agrawal, A and Jaffe, J 2003, &#145;Do takeover targets underperform? evidence from operating and stock returns&#39;, Journal of Financial and Quantitative Analysis, Vol. 38, pp. 721&#150;746.
Allen, P and Sirmans, C 1987, &#145;An analysis of gains to acquiring firm&#39;s shareholders: the special case of REITs&#39;, Journal of Financial Economics, Vol. 18, pp. 175&#150;184.
Andrade, G, Mitchell, M and Stafford, E 2001, &#145;New evidence and perspectives on mergers&#39;, Journal of Economic Perspectives, Vol. 15, pp. 103&#150;120.
BDO Kendall 2008, A-REIT Survey 2008, BDO Kendall, Melbourne.
Brown, S and Warner, J 1985, &#145;Using daily stock returns: the case of event studies&#39;, Journal of Financial Economics, Vol. 14, pp. 3&#150;31.
Campbell, R 2002, &#145;Shareholder wealth effects in equity REIT restructuring transactions: sell-offs, mergers and joint ventures&#39;, Journal of Real Estate Literature, Vol. 10, pp. 205&#150;222.
Campbell, R, Ghosh, C, Petrova, M and Sirmans, C 2011, &#145;Corporate governance and performance in the market for corporate control: the case of REITs&#39;, Journal of Real Estate Finance and Economics, Vol. 42, pp. 451&#150;480.
Campbell, R, Ghosh, C and Sirmans, C 1998, &#145;The great REIT consolidation: fact or fancy?&#39;, Real Estate Finance, Vol. 15, pp. 45&#150;54.
Campbell, R, Ghosh, C and Sirmans, C 2001, &#145;The information content of method of payment in mergers: evidence from real estate investment trusts (REITs)&#39; , Real Estate Economics, Vol. 29, pp. 361&#150;387.
Campbell, R, Ghosh, C and Sirmans, C 2005, &#145;Value creation and governance structure in REIT mergers&#39;, Journal of Real Estate Finance and Economics, Vol. 31, pp. 225&#150;239.
Chandler, A 2011, &#145;A trust issue&#39;, Business Review Weekly, Vol. 33, pp. 60.
Chang, S 1998, &#145;Takeovers of privately held targets, methods of payment, and bidder returns&#39;, Journal of Finance, Vol. 53, pp. 773&#150;784.
Davidson, W and Cheng, L 1997, &#145;Target firm returns: does the form of payment affect abnormal returns?&#39;, Journal of Business Finance and Accounting, Vol. 24, pp. 465&#150;479.
Dimovski, B 2009, &#145; The Global Financial Crisis and the Centro Properties Group earnings revision and refinancing announcements: an event study&#39;, Pacific Rim Property Research Journal, Vol. 15, pp. 417&#150;429.
Dimovski, B 2010, &#145;The underpricing of A-REIT IPOs in Australia during 2002 to 2008&#39;, Pacific Rim Property Research Journal, Vol. 16, pp. 39&#150;51.
Eichholtz, P and Kok, N 2008, &#145;How does the market for corporate control function for property companies?&#39;, Journal of Real Estate Finance and Economics, Vol. 36, pp. 141&#150;163.
Elayan, F and Young, P 1994, &#145;The value of control: evidence from full and partial acquisitions in the real estate industry&#39;, Journal of Real Estate Finance and Economics, Vol. 8, pp. 167&#150;182.
Fama, E and French, K 1992, &#145;The cross-section of expected stock returns&#39;, Journal of Finance, Vol. 47, pp. 427&#150;465.
Fama, E and French, K 1995, &#145;Size and book-to-market factors in earnings and returns&#39;, Journal of Finance, Vol. 50, pp. 131&#150;155.
Fuller, K, Netter, J and Stegemoller, M 2002, &#145;What do returns to acquiring firms tell us? evidence from firms that make many acquisitions&#39;, Journal of Finance, Vol. 57, pp. 1763&#150;1793.
Haleblian, J, Devers, C, McNamara, G, Carpenter, M and Davison, R 2009, &#145;Taking stock of what we know about mergers and acquisitions: a review and research agenda&#39;, Journal of Management, Vol. 35, pp. 469&#150;502.
Heggen, C and Gannon, G 2008, &#145;Information leakage and informed trading around unscheduled earnings announcements&#39;, Corporate Ownership and Control, Vol. 6, pp. 143&#150;163.
Hirscham, A 1964, &#145; The paternity of an index&#39; , American Economic Review, Vol. 54, pp. 761&#150;762.
Jensen, M 1986, &#145;Agency cost of free cash flow, corporate finance, and takeovers&#39;, American Economic Review, Vol. 76, pp. 323&#150;329.
Keisers, M 2009, &#145;Shareholder wealth effects of REIT M&amp;A: an international analysis&#39;, European University Studies, pp. 101&#150;131.
La Porta, R, Lakonishok, J, Shleifer, A and Vishny, R 1997, &#145;Good news for value stocks: further evidence on market efficiency&#39;, Journal of Finance, Vol. 52, pp. 859&#150;874.
Lakonishok, J, Shleifer, A and Vishny, R 1994, &#145;Contrarian investment, extrapolation, and risk&#39;, Journal of Finance, Vol. 49, pp. 1541&#150;1578.
Ling, D and Petrova, M 2011, &#145;Why do REITs go private? differences in target characteristics, acquirer motivations, and wealth effects in public and private acquisitions&#39;, The Journal of Real Estate Finance and Economics, Vol. 43, pp. 99&#150;129.
Ling, D and Ryngaert, M 1997, &#145; Valuation uncertainty, institutional involvement, and the underpricing of IPOs: the case of REITs&#39;, Journal of Financial Economics, Vol. 43, pp. 433&#150;456.
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Manne, H 1965, &#145;Mergers and the market for corporate control&#39;, Journal of Political Economy, Vol. 73, pp. 110&#150;120.
McWilliams, A and Siegel, D 1997, &#145;Event studies in management research: theoretical and empirical issues&#39; , Academy of Management Journal, Vol. 40, pp. 626&#150;657.
Moeller, S, Schlingemann, F and Stulz, R 2004, &#145;Firm size and gains from acquisitions&#39;, Journal of Financial Economics, Vol. 73, pp. 201&#150;228.
Moody&#39;s Investment Service 2006, Australian LPT Industry Outlook 2006, Moody&#39;s Industry Outlook, Sydney.
Murray, J 2012, Australia&#39;s property market: punching above its weight, http://www.ioneslanglasalleblog.com/APResearch/category/asia-pacific-economy-and-property-markets(Accessed 11 May 2012).
Myers, S and Majluf, N 1984, &#145;Corporate financing and investment decisions when firms have information that investors do not have&#39;, Journal of Financial Economics, Vol. 13, pp. 187&#150;221.
Newell, G 2010, &#145;The effectiveness of A-REIT futures as a risk management strategy in the global financial crisis&#39;, Pacific Rim Property Research Journal, Vol. 16, pp. 339&#150;357.
Newell, G and Peng, H 2009, &#145;The impact of the Global Financial Crisis on A-REITs&#39;, Pacific Rim Property Research Journal, Vol. 15, pp. 453&#150;470.
Ooi, J, Ong, S, and Neo, P 2011, &#145;The wealth effects of property acquisitions: evidence from Japanese and Singaporean REITs&#39;, Real Estate Economics, Vol. 39, pp. 487&#150;500.
Ratcliffe, C, Dimovski, B and Keneley, M 2009, &#145;Consolidation within the Australian real estate investment trust sector: an evaluation of the impact on unitholder returns&#39;, Journal of Property Research, Vol. 26, pp. 283&#150;307.
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Wansley, J, Lane, W and Yang, H 1983, &#145;Abnormal returns to acquired firms by type of acquisition and method of payment&#39; , Financial Management, Vol. 12, pp. 16&#150;22.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/a-reit-bidder-returns-an-evaluation-of-public-and-private-targets-and-method-of-payment</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/investment-portfolios-and-three-dimensions-of-real-estate-investment-an-australian-perspective</link>
<title><![CDATA[Investment Portfolios and Three Dimensions of Real Estate Investment: An Australian Perspective]]></title>
<description><![CDATA[Real estate offers a range of investment alternatives for mutual funds including residential real estate, commercial real estate and units in listed real estate investment trusts (REITs). Our quarterly total return data spans the period from the 3
	 quarter 1986 to the 3rd quarter 2009 using various combinations of the Australian All Ordinaries share price index and these three classes of real estate investment. Comparison of Sharpe and Sortino (downside risk) measures across a range of portfolios suggest that diversification benefits may be achieved through diversifying into real estate investment, particularly direct investment in residential real estate, given an initial exposure to the equity market.
]]></description>
<content><![CDATA[Abelson, P, Roselyne, J, Milunovich, G, and Chung, D 2005, &#145;Explaining house prices in Australia: 1970 to 2003&#39;, Economic Record Vol. 81, S96-S103.
Australian Prudential Regulatory Authority 2011, Statistics, Annual Superannuation Bulletin, June 2011, accessed 12 June 2012,http://www.apra.gov.au/Super/Publications/Pages/annual-superannuati on-publi cation.aspx.
Blake, D, Lehmann, B, and Timmermann, A 1999, &#145;Asset allocation dynamics and pension fund performance&#39;, Journal of Business, Vol. 72, pp. 429&#150;461.
Bodman, P and Crosby, N 2003, How far to fall? bubbles in major city house prices in Australia, University of Queensland, School of Economics, Working Paper.
Brounen, D and Eichholtz, P 2003, &#145;Property, common stock, and property shares&#39;, Journal of Portfolio Management, Vol. 30, pp. 129&#150;137.
Byrne, P and Lee, S 1995, &#145;Is there a place for property in the multi-asset portfolio?&#39;, Journal of Property Finance, Vol. 6, pp. 60&#150;83.
Chaudhry, A and Johnson, H 2008, &#145;The efficiency of the Sortino ratio and other benchmarked performance measures under skewed return distributions&#39;, Australian Journal of Management, Vol. 32, pp. 485&#150;502.
Chiang, K and Lee, M-L 2007, &#145;Spanning tests on public and private real estate&#39;, Journal of Real Estate Portfolio Management, Vol. 13, pp. 7&#150;15.
Cho, H, Kawaguchi, Y and Shilling, J 2003, &#145;In smoothing commercial property returns: a revision to the Fisher-Geltner-Webb&#39;s unsmoothing methodology&#39;, Journal of Real Estate Finance and Economics, Vol. 27, pp. 393&#150;405.
Clayton, J and MacKinnon, G 2001, &#145;The time-varying nature of the link between REIT, real estate and financial asset returns&#39;, Journal of Real Estate Portfolio Management, Vol. 7, pp. 43&#150;54.
Geltner, D and Goetzmann, W 2000, &#145;Two decades of commercial property returns: a repeated-measures regression-based version of the NCREIF index&#39;, Journal of Real Estate Finance and Economics, Vol. 21, pp. 5&#150;21.
Georgiev, G, Bhaswar, G, and Kunkel, T 2003, &#145;Benefits of real estate investment&#39;, Journal of Portfolio Management, Vol. 30.
Giliberto, M 1993, &#145;Measuring real estate returns: the hedged REIT index&#39;, Journal of Portfolio Management, Vol. 19, pp. 94&#150;99.
Giliberto, M 2003, &#145;Assessing real estate volatility&#39;, Journal of Portfolio Management, Vol. 30, pp. 122&#150;128.
Higgins, D 2007, Placing commercial property in the Australian capital market, RICS Research Paper Series 7, London.
Higgins, D and Ng, B 2009, &#145;Australian securitised property funds: an examination of their risk-adjusted performance&#39;, Journal of Property Investment and Finance, Vol. 27, pp. 404&#150;412.
Hudson-Wilson, S, Fabozzi, F and Gordon, J 2003, &#145;Why real estate?&#39;, Journal of Portfolio Management, Vol. 30, pp. 12&#150;25.
Jud, G, Wingler, T and Winkler, D 2006, &#145;Single-family housing and wealth portfolios&#39;, Journal of Real Estate Portfolio Management, Vol. 12, pp. 13&#150;22.
Lee, C 2008, &#145;Housing in Australia as a portfolio investment&#39;, International Journal of Housing Markets and Analysis, Vol. 1, pp. 352&#150;361.
Lee, M-L, Lee, M-T and Chiang, K 2007, &#145;Structural breaks and cross-continental real estate securities diversification: evidence from spanning tests&#39;, Pacific Rim Property Research Journal, Vol. 13, pp. 510&#150;535.
Lee, S and Stevenson, S 2005, &#145;The case for REITs in the mixed-asset portfolio in the short and long run&#39;, Journal of Real Estate Portfolio Management, Vol. 11, pp. 55&#150;80.
MacGregor, B and Nanthakumaran, N 1992, &#145;The allocation to property in the multi-asset portfolio: the evidence and theory reconsidered&#39;, Journal of Property Research, Vol. 9, pp. 5&#150;32.
Masron, T and Fereidouni, H 2010, &#145;Performance and diversification benefits of housing investment&#39;, International Journal of Economics and Finance, Vol. 2, pp. 7&#150;11.
Newell, G, and MacFarlane, J 1996, &#145;Risk estimation and appraisal-smoothing in UK property returns&#39;, Journal of Property Research, Vol. 13, pp. 1&#150;12.
Newell, G, Peng, H and de Francesco, A 2011, &#145;The performance of unlisted infrastructure in investment portfolios&#39;, Journal of Property Research, Vol. 28, pp. 59&#150;74.
Sortino, F and Price, L 1994, &#145;Performance measurement in a downside risk framework&#39;, Journal of Investing, Vol. 3, pp. 50&#150;58.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/investment-portfolios-and-three-dimensions-of-real-estate-investment-an-australian-perspective</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/investment-property-diversification-over-different-economic-phases-in-new-zealand</link>
<title><![CDATA[Investment Property Diversification Over Different Economic Phases in New Zealand]]></title>
<description><![CDATA[This study empirically investigates the enhancement of cross-sector diversification for investment properties in a small economy, where there are only a few regional choices. It also examines the distinct effects of optional diversification strategies over different economic phases. The study constructs investment property return indices using a unique listed investment property database in New Zealand, which compares the Sharpe ratio of optional investment portfolios under different diversification strategies.
It is found that a portfolio of industrial properties in Auckland is preferable to any other property portfolios over the entire sample period in New Zealand. The findings support a prior strategy to prudently select properties in a major city in this small economy. The findings recommend direct or indirect property investors prioritize the locational choice in a small economy. The findings imply that the best diversification strategy may not be consistent over different economic phases. This study is one of the few to explicitly compare diversification strategies over different economic phases. It also provides additional new insights towards the importance of cross-sector diversification in a small economy.
]]></description>
<content><![CDATA[Archer, WR and Ling, DC 1997, &#145;The three dimensions of real estate markets: Linking space, capital and property markets&#39;, Real Estate Finance, Vol. 14, No. 3, pp. 7&#150;14
Byrne, P and Lee, S 2000, &#145;Risk reduction in the United Kingdom property market&#39;, Journal of Property Research, Vol. 17 No. 1, pp. 23&#150;46
Chandrashekaran, V 1999, &#145;Time-series properties and diversification benefits of REIT returns&#39;, Journal of Real Estate Research, Vol. 17 No. 1&#150;2, pp. 91&#150;112
Cheng, P and Liang, Y 2000, &#145;Optimal diversification: Is it really worthwhile?&#39;, Journal of Real Estate Portfolio Management, Vol. 6, No. 1, pp. 7&#150;16
Chua, A 1999, &#145;The role of international real estate in global mixed-asset investment portfolios&#39;, Journal of Real Estate Portfolio Management, Vol. 5, No. 2, pp. 129&#150;137
Eichholtz, PMA 1996, &#145;Does international diversification work better for real estate than for stocks and bonds?&#39;, Financial Analyst Journal, Vol. 52, No. 1, pp. 56&#150;62
Eichholtz, PMA, Hoesli, M, MacGregor, BD and Nanthakumaran, N 1995, &#145;Real estate portfolio diversification by property type and region&#39;, Journal of Property Finance, Vol. 6, No. 3, pp. 39&#150;59
Eun, CS and Resnick, BB 1988, &#145;Exchange rate uncertainty, forward contracts, and international portfolio selection&#39;, Journal of Finance, Vol. 43, pp. 197&#150;215
Fisher, JD and Liang, Y 2000, &#145;Is Sector diversification more important than regional diversification?&#39;, Real Estate Finance, Vol. 17, No. 3, pp. 35&#150;40
Friedman, HC 1971, &#145;Real estate investment and portfolio theory&#39;, Journal of Financial and Quantitative Analysis, Vol. 6, No. 2, pp. 861&#150;874
Fugazza, C, Guidolin, M and Nicodano, G 2009, &#145;Time and risk diversification in real estate investments: Assessing the ex post economic value&#39;, Real Estate Economics, Vol. 37, No. 3, pp. 341&#150;381
Geurts, TG and Jaffe, AJ 1996, &#145;Risk and real estate investment: An international perspective&#39;, The Journal of Real Estate Research, Vol. 11, No. 2, pp. 117&#150;130
Giambona, E, Harding, JP and Sirmans, CF 2008, &#145;Explaining the variation in REIT capital structure: The role of asset liquidation value&#39;, Real Estate Economics, Vol. 36, No. 1, pp. 111&#150;137
Giliberto, SM 1992, &#145;The allocation of real estate to future mixed-asset institutional portfolios&#39;, Journal of Real Estate Research, Vol. 7, No. 4, pp. 423&#150;432
Gyourko, J and Nelling, E 1996, &#145;Systematic risk and diversification in the equity REIT market&#39;, Real Estate Economics, Vol. 24, No. 4, pp. 493&#150;515
Halvitigala, D, Murphy, L and Levy, D 2011, &#145;The impacts of commercial lease structures on landlord and tenant leasing behaviours and experiences&#39;, Pacific Rim Property Research Journal, Vol. 17, No. 4, pp. 560&#150;583
Hedander, J 2005, &#145;Focus, liquidity and firm value: An empirical study of listed property trusts in Australia&#39;, Pacific Rim Property Research Journal, Vol. 11, No. 1, pp. 84&#150;111
Hartzell, DJ, Hekman, DG and Miles, M 1986, &#145;Diversification categories in investment real estate&#39;, AREUEA Journal, Vol. 14, No. 2, pp. 230&#150;254
Jobson, ID and Korkie, BM 1981, &#145;Performance hypothesis testing with the Sharpe and Treynor measures&#39;, Journal of Finance, Vol. 36, pp. 544&#150;554
Jorion, P 1985, &#145;International portfolio diversification with estimation risk&#39;, Journal of Business, Vol. 58, pp. 259&#150;278
Kuhle, JL 1996, &#145;Portfolio diversification and return benefits - common stock vs. real estate investment trusts (REITs)&#39;, Journal of Real Estate Research, Vol. 2, No. 2, pp. 1&#150;9
Lai, T, Wang, K, Chan SH and Lee, DC 1992, &#145;A note on optimal portfolio selection and diversification benefits with a short sale restriction on real estate assets&#39;, The Journal of Real Estate Research, Vol. 7, No. 4, pp. 493&#150;501
Lee, S and Byrne, P 1998, &#145;Diversification by sector, region or function? A mean absolute deviation optimisation&#39;, Journal of Property Valuation and Investment, Vol. 16, No. 1, pp. 38&#150;56
Lee, S and Higgins, D 2009, &#145;Evaluating the Sharpe performance of the Australian property investment markets&#39;, Pacific Rim Property Research Journal, Vol. 15, No. 3, pp. 358&#150;370
Lee, S and Stevenson, S 2005a, &#145;Real estate portfolio construction and estimation risk&#39;, Journal of Property Investment and Finance, Vol. 23, No. 3, pp. 234&#150;253
Lee, S and Stevenson, S 2005b, &#145;Testing the statistical significance of sector and regional diversification&#39;, Journal of Property Investment and Finance, Vol. 23, No. 5, pp. 391&#150;411
Miles, M and McCue, T 1982, &#145;Historic returns and institutional real estate portfolios&#39;, AERUEA Journal, Vol. 10, No. 2, pp. 184&#150;199
Miles, M and McCue, T 1984, &#145;Commercial real estate returns&#39;, AREUEA Journal, Vol. 12, No. 3, pp. 355&#150;377
Maliza, EE and Simons, RA 1991, &#145;Comparing regional classifications for real estate portfolio diversification&#39;, The Journal of Real Estate Research, Vol. 6, No. 1, pp. 53&#150;76
Mueller, GR 1993, &#145;Refining economic diversification strategies for real estate portfolios&#39;, The Journal of Real Estate Research, Vol. 8, No. 1, pp. 55&#150;68
Mueller, GR and Ziering, BA 1992, &#145;Real estate portfolio diversification using economic diversification&#39;, Journal of Real Estate Research, Vol. 7, No. 4, pp. 375&#150;386
Myer, FCN and Webb, JR 1991, Estimating allocations for mixed-asset portfolios using the bootstrap technique, American Real Estate Society Meeting, Sarasota, Florida
Nartea, G and Eves, C 2008, &#145;Diversification benefits from New Zealand real estate&#39;, Pacific Rim Property Research Journal, Vol. 14, No. 1, pp. 27&#150;43
Nelson, TR and Nelson, SL 2003, &#145;Regional models for portfolio diversification&#39;, Journal of Real Estate Portfolio Management, Vol. 9, No. 1, pp. 71&#150;88
Newell, G and Boyd, T 1995, &#145;Inflation-hedging attributes of New Zealand commercial property&#39;, New Zealand Valuers Journal, December 1995, pp. 50&#150;54
Newell, G and De Witt, D 1997, &#145;Assessing New Zealand commercial property performance&#39;, New Zealand Valuers Journal, July 1997, pp. 31&#150;36
Newell, G, Macfarlane, J and Harris, A 1996, &#145;The impact of valuation-smoothing on New Zealand commercial property risk&#39;, New Zealand Valuers Journal, July 1996, p. 48
Newell, G and Tan, YK 2003, &#145;The significance of property sector and geographic diversification in Australian institutional property portfolios&#39;, Pacific Rim Property Research Journal, Vol. 9, No. 3, pp. 248&#150;264
Seiler, MJ, Webb, JR and Myer, FC 1999, &#145;Diversification issues in real estate investment&#39;, Journal of Real Estate Literature, Vol. 7, No. 1, pp. 163&#150;179
Viezer, T 2000, &#145;Evaluating &quot;within real estate&quot; diversification strategies&#39;, Journal of Real Estate Portfolio Management, Vol. 6, No. 1, pp. 75&#150;95
Wolverton, ML, Cheng, P and Hardin, WG 1998, &#145;Real estate portfolio risk reductions through intracity diversification&#39;, Journal of Real Estate Portfolio Management, Vol. 4, No. 1, pp. 35&#150;41
Ziobrowski, BJ and Ziobrowski, AJ 1997, &#145;Higher real estate risk and mixed-asset portfolio performance&#39;, Journal of Real Estate Portfolio Management, Vol. 3, No. 2, pp. 107&#150;115
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/investment-property-diversification-over-different-economic-phases-in-new-zealand</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/online-learning-and-blended-learning-experience-from-a-first-year-undergraduate-property-valuation-course</link>
<title><![CDATA[Online Learning and Blended Learning: Experience from a First-Year Undergraduate Property Valuation Course]]></title>
<description><![CDATA[With the growth of the world-wide web and e-learning some programs are now fully online but blended learning has also become popular, offering various combinations of internal classes and online content. This paper reports the results of delivering an introductory first-year property course using both online and blended learning. The paper investigates the effectiveness of blended and online learning based on the thesis that blended learning is more effective as students have the advantages of both face-to-face learning and the online environment. A case study approach was adopted that involved two recent cohorts of students. Course statistics from the newly introduced Moodle software were used to analyse how these two groups of students used the online material and how these activities were correlated with their learning outcomes. This paper contributes to higher education pedagogy in online learning by providing insights into the use of a project-based learning approach in engaging students.
]]></description>
<content><![CDATA[Arbaugh, JB 2005, &#145;Is there an optimal design for on-line MBA courses?&#39;, Academy of Management Learning and Education, Vol. 4, No. 2, pp. 135&#150;149
Baxter, J (2007, &#145;Re-engineering a valuation degree: how did we get here and where do we go?&#39;, Journal of Property Investment and Finance, Vol. 25, No.5, pp. 444&#150;467
Beckett, GH, Amaro-Jim?nez, C and Beckett, KS 2010, &#145;Students&#39; use of asynchronous discussions for academic discourse socialization&#39;, Distance Education, Vol. 31, No. 3, pp. 315&#150;335
Bonk, CJ, Kim, KJ and Zeng, T 2005, &#145;Future directions of blended learning in higher education and working place learning settings&#39;, in CJ Bonk and CR Graham (Eds), Handbook of blended learning: global perspectives, local designs, Pfeiffer, San Francisco, pp. 550&#150;568
Boyd, T 2010, &#145;Are we exemplars for the property profession?&#39;, Pacific Rim Property Research Journal, Vol. 16, No. 2, pp. 126&#150;140
Cannon, SE 1997, &#145;Real estate education, technology and the Infobahn&#39;, Journal of Financial Education, Vol. 23, pp. 14&#150;26
Centre for Technology in Learning 2009, Evaluation of evidence-based practices in online learning: a meta-analysis and review of online learning studies, US Department of Education, Washington, DC
Clark, RE 1983, &#145;Reconsidering research on learning from media&#39;, Review of Educational Research, Vol. 53, No. 4, pp. 445&#150;460
Cornish, S, Reed, R and Wilkinson, S 2009, &#145;Incorporating new technology into the delivery of property education&#39;, Pacific Rim Property Research Journal, Vol. 15, No. 3, pp. 303&#150;320
Department of Education, Employment and Workplace Relations 2008, Review of Australian higher education, Canberra
Deimann, M and Keller, JM 2006, &#145;Volitional aspects of multimedia learning&#39;, Journal of Educational Multimedia and Hypermedia, Vol. 15, No. 2, pp. 37&#150;158
Dziuban, C, Hartman, J, Juge, F, Moskal, P and Sorg, S 2006, &#145;Blended learning enters the mainstream&#39;, in CJ Bonk and CR Graham (Eds), Handbook of blended learning: global perspectives, local designs, Pfeiffer, San Francisco, pp. 195&#150;206
Garrison, DR and Kanuka, H 2004, &#145;Blended learning: uncovering its transformative potential in higher education&#39;, Internet and Higher Education, Vol. 7, No. 2, pp. 95&#150;105
Green, NC, Edwards, H, Wolodko, B, Stewart, C, Brooks, M and Littledyke, R 2010, &#145;Reconceptualising higher education pedagogy in online learning&#39;, Distance Education, Vol. 31, No. 3, pp. 257&#150;273
Gulbahar, Y and Madran, RO 2009, &#145;Communication and collaboration, satisfaction, equity and autonomy in blended learning environments: a case from Turkey&#39;, International Review of Research in Open and Distance Learning, Vol. 10, No. 2, pp. 1&#150;22. Retrieved from http://eric.ed.gov/
Hefferan, M and Ross, S 2010, Forces for change in property education and research in Australia, 16th Annual Conference of the Pacific Rim Real Estate Society, Wellington, New Zealand
Hilton III, JL, Graham, C, Rich, P and Wiley, D 2010, &#145;Using online technologies to extend a classroom to learners at a distance&#39;, Distance Education, Vol. 31, No. 1, pp. 77&#150;92
Horton, W 2000, Designing web-based training, New York: J Wiley
Johnstone, S 2002, &#145;Signs of the times: change in coming for E-learning&#39;, Educause Review, Vol. 36, No. 6, pp. 15&#150;24
Keller, JM 1999, &#145;Using the ARCS motivational Process in computer-based instruction and distance education&#39;, New Directions for Teaching and Learning, Vol. 78, pp. 37&#150;47
Kerres, M and deWitt, C 2003, &#145;A didactical framework for the design of blended learning arrangement&#39;, Journal of Educational Media, Vol. 28, No. 2, pp. 101&#150;114
Krause, K 2008, Blended learning strategies, Griffith University, Queensland
Lewis, BA 2002, &#145;The effectiveness of discussion forums in online learning&#39;, Brazilian Review of Open and Distance Learning, Vol. 1, No. 1
Lowes, S, Lin, P and Wang, Y 2007, &#145;Studying the effectiveness of the discussion forum in online professional development courses&#39;, Journal of Interactive Online Learning, Vol. 6, No. 3, pp. 181&#150;210
Maag, M 2004, &#145;The effectiveness of an interactive multimedia learning tool on nursing students&#39; math knowledge and self-efficacy&#39;, Computers, Informatics, Nursing, Vol. 22, No. 1, pp. 26&#150;33.
Mak, MY, Sher, WD and Williams, AP 2010, Students&#39; evaluation of an online postgraduate property program, 16th Annual Conference of the Pacific Rim Real Estate Society, Wellington, New Zealand
Martens, RL, Gulikers, J and Bastiaens, T 2004, &#145;The impact of intrinsic motivation on e-learning in authentic computer tasks&#39;, Journal of Computer Assisted Learning, Vol. 20, No. 5, pp. 368 376
Menchaca, MP and Bekele, TA 2008, &#145;Learner and instructor identified success factors in distance education&#39;, Distance Education, Vol. 29, pp. 231&#150;252
Newell, G and Eves, C 2000, &#145;Recent developments in property education in Australia&#39;, Australian Property Journal, Vol. 36, pp. 275&#150;278
Owston, RD, Garrison, DR and Cook, K 2006, &#145;Blended learning at Canadian universities: Issues and practices&#39;, in CJ Bonk and CR Graham (Eds), Handbook of blended learning: global perspectives, local designs, Pfeiffer, San Francisco, pp. 338&#150;350
Owston, R, Wideman, H, Murphy, J and Lupshenyuk, D 2008, &#145;Blended teacher professional development: a synthesis of the three program evaluations&#39;, Internet and Higher Education, Vol. 11, pp. 201&#150;210
Pittenger, A and Doering, A 2010, &#145;Influence of motivational design on completion rates in online self-study pharmacy-content courses&#39;, Distance Education, Vol. 31, No 3, pp. 275&#150;293
Pratt, JR 2002, &#145;The manager&#39;s role in creating a blended learning environment&#39;, Home Health Care Management and Practice, Vol. 15, No. 1, pp. 76&#150;79
Redman, AL 2001, &#145;Teaching aspects of real estate economics and valuation using the internet&#39;, Journal of Real Estate Practice and Education, Vol. 4, No. 1, pp. 71&#150;78
Sakaran, S and Bui, T 2001, &#145;Impact of learning strategies and motivation on performance: A study in web-based instruction&#39;, Journal of Instructional Psychology, Vol. 28, No. 3, pp. 191&#150;198
Singh, H 2003, &#145;Building effective blended learning programs&#39;, Educational Technology, Vol. 43, No. 6, pp. 51&#150;54
Sitzmann, T, Kraiger, K, Stewart, D and Wisher, R 2006, &#145;The comparative effectiveness of web-based and classroom instruction: a meta-analysis&#39;, Personnel Psychology, Vol. 59, No. 3, pp. 623&#150;664
Spiro, RJ and Jehng, J 1990, &#145;Cognitive flexibility and hypertext: Theory and technology for the nonlinear and multidimensional traversal of complex subject matter&#39;, in D Nix and R Spiro (Eds), Cognition, education, and multimedia: Exploring ideas in high technology, Erlbaum, Hillsdale, NJ, pp. 163&#150;205
Stanley, OL 2006, &#145;A comparison of learning outcomes by &#145;in-course&#39; evaluation techniques for an online course in a controlled environment&#39;, The Journal of Educators Online, Vol. 3, No. 2, pp. 1&#150;16
Steinberg, DC 2004, &#145;The business model for e-learning in UK higher education optimization through outsourcing&#39;, Industry and Higher Education, Vol. 18, No. 3, pp. 187&#150;198
Tselios, NK, Avouris, NM, Dimitracopoulou, A and Daskalaki, S 2001, &#145;Evaluation of distance-learning environments: impact of usability on student performance&#39;, International Journal of Educational Telecommunications, Vol. 7, No, 4, pp. 355&#150;378
University of South Australia 2010, About moodle, retrieved from http://www.unisa.edu.au/learnonline/staff/about_moodle.asp
Voci, E and Young, K 2001, &#145;Blended learning working in a leadership development programme&#39;, Industrial and Commercial Training, Vol. 33, No. 5, pp. 157&#150;160
Wall, J, Ahmed, V and Smit, D 2006, &#145;Addressing the lifelong learning needs of construction professionals using technology facilitated learning&#39;, Journal for Education in the Built Environment, Vol. 1, No. 2, pp. 57&#150;69
Wolverton, ML and Wolverton, M 2003, &#145;An asynchronous augmentation to traditional course delivery&#39;, Journal of Real Estate Practice and Education, Vol. 6, No. 2, pp. 225&#150;238
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/online-learning-and-blended-learning-experience-from-a-first-year-undergraduate-property-valuation-course</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/characteristics-of-a-reit-private-placements-during-the-global-financial-crisis</link>
<title><![CDATA[Characteristics of A-Reit Private Placements During the Global Financial Crisis]]></title>
<description><![CDATA[The study investigates a variety of characteristics surrounding Australian Real Estate Investment Trust (A-REIT) private placements with a dataset of A-REIT private placements from July 2006 to June 2011. The private placement of equity securities raised over A$10.4 billion for A-REITs during this period of which nearly A$7.3 billion was raised after the December 2007 Centro Properties liquidity problem announcements and the subsequent global financial crisis, with most of this capital raised during 2008 and 2009. The size and speed of the capital raising continues to
suggest that A-REITs are regarded highly by the investment community. Additionally, while the general finance literature suggests that existing shareholders do not fare badly from private placements offered to subscribers issued at a discount, this is the first Australian REIT study to report similar findings.
]]></description>
<content><![CDATA[Beatty, RP and Ritter, JR 1986, &#145;Investment banking, reputation, and the underpricing of initial public offerings&#39;, Journal of Financial Economics, Vol. 15, No. 1&#150;2, pp. 213&#150;232
Chan, H and Brown, R 2004, &#145;Rights issues versus private placements in Australia: Regulation or choice?&#39;, Company and Securities Law Journal, Vol. 22, pp. 301&#150;312
Chikolwa, B 2008a, &#145;Determinants of Australian listed property trust bond ratings&#39;, Pacific Rim Property Research Journal, Vol. 14, No. 2, pp. 123&#150;149
Chikolwa, B 2008b, &#145;Structuring issues for commercial mortgage-backed securities in Australia&#39;, Pacific Rim Property Research Journal, Vol. 14, No. 3, pp. 334&#150;355
Deng, L, Li, SF and Wu, WX 2011, &#145;Market discounts and announcement effects of private placements: evidence from China&#39;, Applied Economics Letters, Vol. 18, No. 15, pp. 1411&#150;1414
Dimovski, W 2009, &#145;The global financial crisis and the Centro Properties Group earnings revision and refinancing announcement - an event study&#39;, Pacific Rim Property Research Journal, Vol. 15, No. 4, pp. 417&#150;429
Dimovski, W 2010, &#145;The underpricing of A-REIT IPOs in Australia during 2002 to 2008&#39;, Pacific Rim Property Research Journal, Vol. 16, No. 1, pp. 39&#150;51
Dimovski, W 2011, &#145;Characteristics of A-REIT and listed property company rights issues&#39;, Pacific Rim Property Research Journal, Vol. 17, No. 3, pp. 357&#150;369
Dimovski, W and Brooks, R 2006, &#145;The pricing of property trust IPOs in Australia&#39;, Journal of Real Estate Finance and Economics, Vol. 32, No. 2, pp 185&#150;199
Hertzel, M and Smith, RL 1993, &#145;Market discounts and shareholder gains for placing equity privately&#39;, Journal of Finance, Vol. 48, pp. 459&#150;485
Higgins, E, Howton, SD and Howton, SA 2004, &#145;Shareholder wealth effects of private placements of debt made by REITs&#39;, Briefings in Real Estate Finance, Vol. 3, No. 4, pp. 305&#150;314
Krishnamurthy, S, Spindt, P, Subramanium, V and Woidtke, T 2005, &#145;Does investor entity matter in equity issues? Evidence from private placements&#39;, Journal of Financial Intermediation, Vol. 14, pp. 210&#150;238
Marciukaityte, D, Higgins, EJ, Friday HS and Mason, JR 2007, &#145;Positive performance and private equity placements: Outside monitoring or inside expertise?&#39;, Journal of Real Estate Portfolio Management, Vol. 13, No. 4, pp. 389&#150;399
Newell, G 2006, &#145;The changing risk profile of listed property trusts&#39;, Australian Property Journal, Vol. 39, pp. 172&#150;180
Newell, G 2007, &#145;The significance of property in industry-based superannuation funds&#39;, Australian and New Zealand Property Journal, Vol. 1, pp. 34&#150;43
Newell, G and Peng, HW 2006, &#145;The significance of emerging property sectors in property portfolios&#39;, Pacific Rim Property Research Journal, Vol. 12, pp. 177&#150;197
Rock, K 1986, &#145;Why new issues are underpriced&#39;, Journal of Financial Economics, Vol. 15, No. 1 2, pp. 187&#150;212
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Varma, R and Szewczyk, SH 1993, &#145;The private placement of bank equity&#39;, Journal of Banking and Finance, Vol. 17, pp. 1111&#150;1131
Wruck, KH 1989, &#145;Equity ownership concentration and firm value: evidence from private equity financing&#39;, Journal of Financial Economics, Vol. 23, No. 1, pp. 3&#150;28
Wruck, KH and Wu, YL 2009, &#145;Relationships, corporate governance, and performance: evidence from private placements of common stock&#39;, Journal of Corporate Finance, Vol. 15, pp. 30&#150;47
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/characteristics-of-a-reit-private-placements-during-the-global-financial-crisis</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/valuing-sustainability-in-australia-implications-for-the-valuation-profession</link>
<title><![CDATA[Valuing Sustainability in Australia: Implications for the Valuation Profession]]></title>
<description><![CDATA[There is an urgent need for sustainability to be incorporated into the valuation process in order to ascertain and accurately reflect the relationship between sustainability and market value, and increase large-scale sustainability investment in property. This predicament has been recognised and increasing emphasis from industry, valuation bodies and academia is being placed on valuers to incorporate sustainability into the valuation process. However, it is questionable whether valuers are adequately equipped with the knowledge and skills to incorporate sustainability into valuation practice.
This research investigates valuers&#39; incorporation of sustainability in valuation practice and their knowledge of sustainability. It is anticipated that with the increasing need to report on sustainability, valuers&#39; knowledge levels will need to develop. Warren-Myers (2010) found valuers at the time (in 2008) were inadequately skilled to incorporate sustainability into value assessments. The fundamental process of valuation practice is a complex relationship between art and science, and the building of strategic knowledge to develop the heuristics and judgement required in valuation takes time. This research endeavours to track valuers&#39; sustainability knowledge development in Australia over time and will, consequently, lead valuers&#39; to be more th orough in their comparative analysis and assessment of sustainability factors in property. The identification of a clearer relationship between sustainability and market value should result. The research method utilises a mixed-mode approach, using surveys built of open and closed questions that investigate valuers&#39; perceptions of their own knowledge, their actions in practice, and tests their knowledge of sustainability. This paper presents the findings from the first phase of this research project.
The research found valuers in Australia are reporting on sustainability in valuation reports, and providing advice to clients on sustainability. However, it has also found that valuers are reliant on sustainability assessment tools, about which they have only limited knowledge. Compared to previous research where valuers were reluctant to address sustainability in valuation practice, this research has found a demonstrable change in the profession. However, there is cause for concern considering the level of knowledge and understanding valuers are displaying. Long-term, their lack of knowledge may cause more issues with the misapplication or judgements made in valuation regarding the relationship between sustainability and value. This research stresses the implications for the profession, should valuers be reporting and advising on concepts of which they have limited understanding, and should they be adapting or making judgements about sustainability in the valuation process, which ultimately affects the reporting of market value. This research highlights the urgent need for professional development in the property industry and, in particular, for valuers to develop their knowledge, understanding, assessment capabilities and judgement of sustainability in valuation practice.
]]></description>
<content><![CDATA[Adair, A, Berry, J, and McGreal, S 1996, &#145;Valuation of residential property: analysis of participant behaviour&#39;, Journal of Property Valuation and Investment, Vol. 14, No. 1, pp.20 - 35
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Bowman, R and Wills, J 2008, Valuing green: how green buildings affect property values and getting the valuation method right, Australian Green Building Council, Melbourne
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CBRE 2011, Valuing sustainable building: green assets, the role of professional valuers, and assembling an evidence base, Q3 2011 View point, CBRE, London
Diaz, J 1999, &#145;The first decade of behavioral research in the discipline of property&#39;, Journal of Property Investment and Finance, Vol. 17, No. 4, pp.326 - 332
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Eichholtz, P, Kok, N and Quigley, JM 2009, Doing well by doing good? green office buildings, RICS Research, March 2009, Royal Institution of Chartered Surveyors, London
Eichholtz, P, Kok, N and Quigley, JM 2010, Sustainability and the dynamics of green - new evidence on the financial performance of green office buildings in the USA, Research Report, August, Royal Institution of Chartered Surveyors, London
Fuerst, F and McAllister, P 2008a, Green noise or green value? Measuring the price effects of environmental certification in commercial buildings, School of Real Estate and Planning, Henley Business School, University of Reading, Reading,http:// papers.ssrn.com/sol3/papers.cfmabstract id=1140409 (Accessed 12 November 2011)
Fuerst, F and McAllister, P 2008b, Pricing sustainability: an empirical investigation of the value impacts of green building certification, Working Paper from the Proceedings of the American Real Estate Society Conference, April 2008, Florida
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Lorenz, D 2008, Breaking the vicious circle of blame, RICS FiBRE Findings in Built and Rural Environments, Royal Institution of Chartered Surveyors, June 2008, London
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Peto, R, French, N and Bowman, G 1996, &#145;PRACTICE PAPER: Price and worth developments in valuation methodology&#39;, Journal of Property Valuation and Investment, Vol. 14, No. 4, pp. 79 - 100
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Warren-Myers, G 2010, Valuation practice issues in commercial property: the relationship between sustainability and market value, unpublished doctoral dissertation, University of Melbourne, Australia
Warren-Myers, G 2011, &#145;Sustainability - the crucial challenge for the valuation profession&#39;, Pacific Rim Real Estate Journal, December 2011
Warren-Myers, G 2011a, &#145;Valuing sustainability - a challenge for the profession&#39;, Australian and New Zealand Property Journal, September 2011, Australia
Warren-Myers, G 2012, &#145;The value of sustainability in real estate: a review from a valuation perspective&#39;, Journal of Property Investment and Finance, Vol. 30, No. 2
Warren-Myers, G 2012a, &#145;Is sustainability in the commercial property industry just best practice management?&#39;, in N M&#39;Sirdi, A Namaane, RJ Howlett and LC Jain (Eds) Sustainability in energy and buildings: proceedings of the 3rd international conference on sustainability in energy and buildings (SEB11), Springer-Verlag, Berlin
Warren-Myers, G and Reed, R 2010, &#145;Identifying and examining links between sustainability and value: evidence from Australia and New Zealand&#39;, Journal of Sustainable Real Estate, Vol. 2
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/valuing-sustainability-in-australia-implications-for-the-valuation-profession</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume18-2012/sustainable-urban-regeneration-and-the-tod-development-model-lessons-from-albion-mill-in-brisbane</link>
<title><![CDATA[Sustainable Urban Regeneration and the Tod Development Model: Lessons from Albion Mill in Brisbane]]></title>
<description><![CDATA[Many cities are dispersed, disconnected and vulnerable to oil price rises. In contemporary urban policy, Transport Orientated Development (TOD) is a popular solution but remains theoretically conflicted and practically expensive. TODs are walkable precincts, centred on train or other public transit systems with dual logistical and place-enhancement functions. The tension of unresolved function is particularly pernicious for marginal TODs. Mindful of the TOD paradox and project pitfalls, we investigate a regeneration project in Brisbane and evaluate the challenges for this site to achieve sustainable urban regeneration. Generalising beyond the Queensland context, we outline possible strategies to overcome challenges to sustainable TOD development. The result suggest that TOD commercial and collective success turns on five key drivers: partnership engagement (informally or in a joint venture), site simplicity, place distinctiveness or sufficient enhancement funding, transport integration, speculative constraints and, finally, authentic local community discourse.
]]></description>
<content><![CDATA[Barry, D 2008, Perfidious Albion: the Tale of the TOD and the Mill, at http://nebuchadnezzarwoollyd.blogspot.com/2008/05/perfidious-albion-tale-of-TOD-and- mill.html (Accessed on 15th September 2010)
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Boarnet, MG and Compin, NS 1999, &#145;Transit-oriented development in San Diego County. The incremental implementation of a planning idea&#39;, Journal of the American Planning Association, Vol. 65, No.1, pp. 80&#150;95
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Curtis, C, Renne, JL and Bertolini, L 2009, Transit Oriented Development: Making It Happen, Surrey, Ashgate
Dittmar, H and Ohland, G 2004, The New Transit Town, Island Press, Washington DC
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Hale, C and Charles, P 2006, Making the most of transit oriented development opportunities, 29th Australasian Transport Research Forum, 27&#150;29 September 2006, Gold Coast
Hemphill, L, Berry, J and McGreal, S 2004, &#145;An indicator-based approach to measuring sustainable urban regeneration performance. Part I: conceptual foundations and methodological framework&#39;, Urban Studies, Vol. 41, No.4, pp. 725&#150;755
Hess, DB and Lombardi, PA 2004, &#145;Policy support for and barriers to TOD development in the inner city&#39;, Transportation Research Record, TRR 1887 pp. 26&#150;33.
Keen, R 2011, Architectural and TOD Issues at Albion Mill, presentation at the University of Queensland, Brisbane
Khan, S and Bajracharya, B 2007, Governance and implementation challenges for transit oriented developments: Findings from a comparison of South East Queensland and Perth region, State of Australian Cities Conference, Adelaide
Malberry K and Lawson, C, 2011, Urban renewal, Brisbane City Council, presentation at the University of Queensland, Brisbane
Newman, P 2007, Planning for transit oriented development in Australian cities, BEDP Environment Design Guide
Miller, M 2011, Regeneration projects in Brisbane, presentation at the University of Queensland, Brisbane
Queensland Government 2009, South East Queensland regional plan 2009&#150;2031, Brisbane
Queensland Government 2010a, Transit oriented development guide. Guide for practitioners in Queensland, Department of Infrastructure and Planning, Brisbane
Queensland Government 2010b, Transit oriented development: Guide to community diversity, Department of Infrastructure and Planning, Brisbane
Renne, JL 2008, &#145;Smart growth and transit - oriented development at the state level: Lessons from California, New Jersey, and Western Australia&#39;, Journal of Public Transportation, Vol. 11, No. 3, pp. 77&#150;108
Roberts, P 2000, &#145;The evolution, definition and purpose of urban regeneration&#39; in Roberts, P and Sykes, H (Eds) Urban regeneration. A handbook, Routledge, London, pp. 9&#150;36
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<guid isPermaLink="true">https://www.prres.org/volume18-2012/sustainable-urban-regeneration-and-the-tod-development-model-lessons-from-albion-mill-in-brisbane</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume18-2012/analysing-the-risk-and-return-profile-of-chinese-residential-property-markets</link>
<title><![CDATA[Analysing the Risk and Return Profile of Chinese Residential Property Markets]]></title>
<description><![CDATA[This research examines the performance and diversification benefits of five leading Chinese residential property markets. On six years of reliable quarterly data, the low income returns were relatively stable compared to the considerable variations overtime and across markets in capital growth. The marked variations between the performance profiles suggested that speculative Chinese residential property markets appeared to operate independently and are influenced by local factors.
Based on an efficient frontier model, residential property risk profiles can be lowered considerably with a well diversified residential property portfolio. On the available data, the optimum allocation is a residential portfolio anchored by a Beijing residential property with exposure to all markets. This achieved a 40% improvement in risk adjusted returns to that of a single location residential property portfolio. Similarly, for Chinese high net worth investors, the benefits of diversification, by combining an investor&#39;s primary location with an additional residential property in an alternative location, lead to at least a 16% improvement in the risk adjusted returns. For an astute Chinese investor, this diversified portfolio approach provides superior stable long term returns than short term risky speculative residential property investments.
]]></description>
<content><![CDATA[Bain and Co 2011, China private wealth report 2011: China&#39;s private banking industry: competition is getting fierce, Bain and Company, Beijing
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Brown, G and Matysiak, G 2000, Real estate investment: A capital market approach, Prentice Hall, Harlow
Investment market update, mainland China 3 quarter, DTZ Property Consultants, Ch 
Kahn, J 2007, &#145;China backs property law, buoying middle class&#39;, New York Times, March 16.
Li, D 2007, &#145;Investing in Asia - China, the right opportunity?&#39;, IFE Papers, New York
Liu, D 2011, &#145;Forecast on China&#39;s urbanization&#39;, Communications in Information Science and Management Engineering, Vol. 1, No. 4, pp. 70&#150;75
Ling, D and Archer, W 2010, Real estate principles: A value approach, 3 Edition, McGraw-Hill Irwin, New York
Lynn, D and Wang, T 2010, Emerging market real estate investment: Investing in China, India and Brazil, Frank J. Fabozzi Series, New Jersey
Markowitz, H 1959, Portfolio selection: efficient diversification of investments, John Wiley and Sons, New York
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Sharpe, W 1964, &#145;Capital asset prices: A theory of market equilibrium under conditions of risk&#39;, Journal of Finance, Vol. 19, No. 3, pp. 425&#150;436
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Zhang, J 2008, Real estate investment, China Architecture and Building Press, Shanghai
Zhang, L 2009, China&#39;s policy responses to the global financial crisis: efficacy and risks, Global Financial Governance: Challenges and Regional Responses, Berlin Conference, 3 - 4 September
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/analysing-the-risk-and-return-profile-of-chinese-residential-property-markets</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume18-2012/using-real-property-option-valuation-methods-when-market-data-is-not-available</link>
<title><![CDATA[Using Real Property Option Valuation Methods When Market Data is not Available]]></title>
<description><![CDATA[Titman (1985) famously applied optionality to derive the value of a vacant block of land then used as a car park at UCLA for which, in common with traditional property valuation approaches, a willing but not anxious buyer was assumed. However, what might the value of such a vacant block of land be in a property market downturn when willing but not anxious buyers are hesitant and there is an absence of comparable sales for reference? This paper applies concepts of optionality and indifference pricing to explore how such a vacant block of land might be considered relative to other, non-property asset classes to derive an assessment of value in the absence of an active property market.
]]></description>
<content><![CDATA[Alexander, C and Chen, X 2012, A general approach to real option valuation with applications to real estate investments, ICMA Centre Discussion Paper no. DP 2012&#150;04, available at SSRN: http://ssrn.com/abstract=1990957.
Barrieu, P and El Karoui, N 2004, Optimal derivatives design under dynamic risk measures, Proceedings AMS, viewed 15 May 2012, http://finance. unige.ch//laboratoire/docsemin/Barrieu-ElKaroui.pdf
Barrieu, P and El Karoui, N 2009, &#145;Pricing, hedging and designing derivatives with risk measures&#39;, in Carmona, R (ed.), Indifference pricing: theory and applications, Princeton University Press, Princeton, pp. 77&#150;146
Capozza, DR and Sick, GA 1991, &#145;Valuing long-term leases: the option to redevelop&#39;, Journal of Real Estate Finance and Economics, Vol. 4, No. 2, pp. 209&#150;233
Carmona, R (ed.) 2009, Indifference pricing: theory and applications, Princeton University Press, Princeton
Davis, MHA 1997, &#145;Option pricing in incomplete markets&#39;, in Dempster MAH and Pliska, SR (eds), Mathematics of derivative securities, Chicago University Press, Chicago, pp. 216&#150;226
Dixit, AK and Pindyck, RS 1994, Investment under uncertainty, Princeton University Press, Princeton
Edge, P 2011, Stochastic discount factor and real options, working paper, viewed 15 May 2012, http://www.realoptions.org/papers2011/ 28.pdf.
Elliott, RJ and van der Hoek, J 2009, &#145;Duality methods&#39;, in Carmona, R (ed.), Indifference pricing: theory and applications, Princeton University Press, Princeton, pp. 321&#150;386
F&otilde;llmler, H and Schied, A 2004, Stochastic finance, Walter de Gruyter, Berlin.
Flores, NE 2003, &#145;Conceptual framework for nonmarket valuation&#39;, in Champ, PA, Boyle, KJ and Brown, TC (eds), A primer on nonmarket valuation, Kluwer Academic Publishers, pp. 27&#150;58
Geltner, D 1989, &#145;On the use of financial option price model to value and explain vacant urban land&#39;, AREUEA Journal, Vol. 17, no. 2, pp. 142&#150;158
Grenadier, SR 1995, &#145;Valuing lease contracts: a real options approach&#39;, Journal of Financial Economics, Vol. 38, No. 3, pp. 297&#150;331
Henderson, V 2005, &#145;Explicit solutions to an optimal portfolio choice problem with stochastic income&#39;, Journal of Economic Dynamics and Control, Vol. 29, No. 7, pp. 1237&#150;1266
Henderson, V and Hobson, D 2009, &#145;Utility indifference pricing: an overview&#39;, in Carmona, R (ed.), Indifference pricing: theory and applications, Princeton University Press, Princeton, pp. 44&#150;74
International Valuation Standards Council 2011, International Valuation Standards, London
Johnston, M 2004, The stochastic discount factor for the exponential-utility capital asset pricing model, working paper, viewed 15 May 2012, http://www.asb.unsw.edu.au/schools/actuarialstudies/research/Pages/workingpapers.aspx?Year=2004
van der Hoek, J and Elliott, RJ 2005, Binomial models in finance, Springer Verlag, New York
Miao, J and Wang, N 2007, &#145;Investment, consumption, and hedging under incomplete markets&#39;, Journal of Financial Economics, Vol. 86, No. 3, pp. 608&#150;642
Patel, K and Paxson, D 2001, &#145;Real urban development options at Canary Wharf, in Newton, D, Paxson, D, Howell, S, Cavus, M, Stark, A and Pereira, J (eds), Real options: evaluating corporate investment opportunities in a dynamic world, Prentice Hall, Upper Saddle River, pp. 163&#150;176.
Patel, K, Paxson, D and Sing, TF 2005, A review of the practical uses of real property options, RICS Research Paper Series, Vol. 5, No. 1
Titman, S 1985, &#145;Urban land prices under uncertainty&#39;, American Economic Review, Vol 75, No 3, pp. 505&#150;514
Trigeorgis, L 1997, Real options. managerial flexibility and strategy in resource allocation, MIT Press, Cambridge.
Williams, JT 1991, &#145;Real estate development as an option&#39;, Journal of Real Estate Finance and Economics, Vol. 4, No. 2, pp. 191&#150;208
Williams, JT 1993, &#145;Equilibrium and options on real assets&#39;, The Review of Financial Studies, Vol. 6, No. 4, pp. 825&#150;850
Zariphopoulou, T 2001, &#145;A solution approach to valuation with unhedgeable risks&#39;, Finance and Stochastics, Vol. 5, No. 1, pp. 61&#150;82
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/using-real-property-option-valuation-methods-when-market-data-is-not-available</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume18-2012/equilibrium-option-pricing-model-under-a-specific-system-a-view-on-chinas-housing-boom</link>
<title><![CDATA[Equilibrium Option Pricing Model Under A Specific System: A View on China&#39;s Housing Boom]]></title>
<description><![CDATA[For real estate markets, especially emerging economies with a specific system, it is essential to focus on the reasonableness of the theoretical hypothesis underpinning the real option pricing model, prior to considering application in valuation and investment.
In this paper, we focus on this first-step issue in the context of the Land Finance System in China. Compared with the classic hypothesis, for which the underlying housing price is exogenous to the value of the to-be-developed vacant land, the Land Finance System in China impairs this exogeneity to some extent by the interaction between land value and housing market price.
Considering such relationships, we expand the classic option pricing model into a succinct equilibrium model where both the land value and the housing market price are determined simultaneously. The effect of the Land Finance System is reflected as a parameter ?, similar to the parameter ? that reflects the housing market volatility.
Numerical analysis is conducted to investigate the nature of the effect of the system parameter ? and the market parameter ? on the variations of both the expected land value and housing market price. Finally, conclusions are drawn concerning an explanation of the housing boom in terms of a system effect.
]]></description>
<content><![CDATA[Abel, AB, Dixit, AK, Eberly, JC and Pindyck, RS 1996, &#145;Options, the value of capital, and investment&#39;, The Quarterly Journal of Economics, 111, pp. 753&#150;777
Aslund, O, Osth, J and Zenou, Y 2009, &#145;How important is access to jobs? Old question&#151;improved answer&#39;, Journal of Economic Geography, 10(3), pp. 389&#150;422
Bulan, L, Mayer, C and Somerville, CT 2009, &#145;Irreversible investment, real options, and competition: Evidence from real estate development&#39;, Journal of Urban Economics, 65, pp. 237&#150;251
Capozza, D and Li, Y 1994, &#145;The intensity and timing of investment: the case of land&#39;, American Economic Review, 84, pp. 889&#150;904
Capozza, DR and Helsley, RW 1990, &#145;The stochastic city&#39;, Journal of Urban Economics, 28, pp. 187&#150;203
Cheshire, P and Sheppard, S 1995, &#145;On the price of land and the value of amenities&#39;, Economica, 62, pp. 247&#150;267
Cunningham, CR 2006, &#145;House price uncertainty, timing of development, and vacant land prices: evidence for real options in Seattle&#39;, Journal of Urban Economics, 59, pp. 1&#150;31
Ding, W, Zheng, S and Guo, X 2010, &#145;The value of access to jobs and amenities: evidence for new residential properties in Beijing&#39;, Tsinghua Science and Technology, 15, pp. 595&#150;603
Fisher, LM, Pollakowski, HO and Zabel, J 2009, &#145;Amenity-based housing affordability indexes&#39;, Real Estate Economics, 37, pp. 705&#150;746
Grovenstein, RA, Kau, JB and Munneke, HJ 2011, &#145;Development value: a real options approach using empirical data&#39;, The Journal of Real Estate Finance and Economics 43(3), pp. 321&#150;335
Gyourko, J, Kahn, M and Tracy, J 1999, &#145; Quality of life and environmental comparisons&#39;, Handbook of Regional and Urban Economics, 3, pp. 1413&#150;1454
Harchaoui, TM and Lasserre, P 2001, &#145;Testing the option value theory of irreversible investment&#39;, International Economic Review, 42, pp. 141&#150;166
Heckman, JJ 1979, &#145;Sample selection bias as a specification error&#39;, Econometrica: Journal of the Econometric Society, pp. 153&#150;161
Hess, DB and Almeida, TM 2007, &#145;Impact of proximity to light rail rapid transit on station-area property values in Buffalo, New York&#39;, Urban Studies, 44, pp. 1041&#150;1068
Holland, A, Ott, S and Riddiough, T 2000, &#145; The role of uncertainty in investment: an examination of competing investment models using commercial real estate data&#39;, Real Estate Economics, 28, pp. 33&#150;64
Hull, J 2009, Options, futures and other derivatives, Pearson Prentice Hall
Kim, J and Zhang, M 2005, &#145;Determining transit&#39;s impact on Seoul commercial land values: an application of spatial econometrics&#39;, International Real Estate Review, 8, pp. 1&#150;26
Krychowski, C and Qu&eacute;lin, BV 2010, &#145;Real options and strategic investment decisions: can they be of use to scholars?&#39;, Academy of Management Perspectives, 24(2), pp. 65&#150;78
McDonald, R and Siegel, D 1986, &#145;The value of waiting to invest&#39;, The Quarterly Journal of Economics, 101.
Quigg, L 1993, &#145;Empirical testing of real option-pricing models&#39;, The Journal of Finance, 48, pp. 621&#150;640
Rochaa, K, Sallesb, L, Garciab, FAA 2007, &#145;Real estate and real options: a case study&#39;, Emerging Markets Review, 8(1), pp. 67&#150;79
Rhys, H, Song, J and Jindrichovska, I 2002, &#145;The timing of real option exercise: some recent development&#39;, The Engineering Economist, 47, pp. 436&#150;450
Sing, TF and Patel, K 2001, &#145;Evidence of irreversibility in the UK property market&#39;, The Quarterly Review of Economics and Finance, 41, pp. 313&#150;334
Titman, S 1985, &#145;Urban land prices under uncertainty&#39;, American Economic Review, 75, pp. 505&#150;514.
Trigeorgis, L 1996, Real Options, MIT Press, Cambridge
Williams, JT 1991, &#145;Real estate development as an option&#39;, Journal of Real Estate Finance and Economics, 4, pp. 191&#150;208
Williams, JT 1993, &#145;Equilibrium and options on real assets&#39;, Review of Financial Studies, 6, pp. 825&#150;850
Yamazaki, R 2001, &#145;Empirical testing of real option pricing models using land price index in Japan,&#39; Journal of Property Investment and Finance, 19, pp. 53&#150;72
Zheng, S and Kahn, ME 2008, &#145;Land and residential property markets in a booming economy: new evidence from Beijing&#39;, Journal of Urban Economics, 63, pp. 743&#150;757
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/equilibrium-option-pricing-model-under-a-specific-system-a-view-on-chinas-housing-boom</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/uncertainty-flexibility-valuation-and-design-how-21-century-information-and-knowledge-can-improve-21-century-urban-development-part-ii-of-ii</link>
<title><![CDATA[Uncertainty, Flexibility, Valuation and Design: How 21  Century Information and Knowledge Can Improve 21  Century Urban Developm]]></title>
<description><![CDATA[The 21  century presents humankind with perhaps its greatest challenge since our species almost went extinct some 70,000 years ago in Africa. A big part of meeting that challenge lies in how the urbanization of three billion additional people (equal to the entire world population in 1960) will be accomplished between now and mid-century, on top of necessary renewal and renovation of the earth&#39;s existing cities. China alone will urbanize 300 million more people between now and 2030, equal to the entire population of the U.S., the world&#39;s third most populous country, in just 20 years. This is development on a scale and pace that is an order of magnitude greater than the past century, in a world resource and climate environment that is near the breaking point, in a context of greater technological, financial, and economic uncertainty than ever before. To meet this challenge will require that we use the best tools in our kit, including ones that have become available to us only in this new knowledge and information-based century. Technology got us here, and technology will be key to getting us through. In this paper we will review and synthesize two important methodological developments in our profession that can help infrastructure and real estate physical development (i.e., urban development) to be accomplished more effectively and efficiently in a world of uncertainty.
The first methodological development is the honing of real options theory and methodology for practical application to identify and evaluate sources of flexibility in the design and operation of capital projects. The second development is the marriage of digital data compilation of property transactions records with the honing of econometric analysis methodology to allow the practical quantification of real estate and infrastructure asset price dynamics.
We argue that this latter development provides the key input to the former development, enabling a much more complete and rigorous treatment of design and evaluation problems for urban development. We also argue that an engineering systems approach to option modelling is likely to find better traction in actual professional practice than the economic theoretical models that have dominated the academic literature. We provide a concrete example by applying the suggested approach to the Songdo New City development in Korea.
The result can be better informed design and valuation and more efficient urban development laced with greater flexibility to avoid the worst down-side outcomes and to take advantage of the best up-side opportunities, saving vital resources of capital, land, raw materials, and energy.
]]></description>
<content><![CDATA[Black, F and Scholes, M 1973, &#145;The pricing of options and corporate liabilities&#39;, Journal of Political Economy, 81, pp. 637&#150;659
Bulan, L, Mayer, C and Somerville, CT 2009, &#145;Irreversible investment, real options, and competition: evidence from real estate development&#39;, Journal of Urban Economics, 65(3), pp. 237&#150;251
Capozza, D and Helsley, R 1989, &#145;The fundamentals of land prices and urban growth&#39;, Journal of Urban Economics, 26, pp. 295&#150;306
Capozza, D and Li, Y 1994, &#145;The intensity and timing of investment: the case of land&#39;, American Economic Review, 84(1), pp. 889&#150;904
Case, K and Shiller, R 1987, &#145;Prices of single family homes since 1970: new indexes for four cities&#39;, New England Economic Review, September/October, pp. 45&#150;56
Chiara, N, Garvin, M and Vecer, J 2007, &#145;Valuing simple multiple-exercise real options in infrastructure projects&#39;, Journal of Infrastructure Systems, (ASCE), June, pp. 97&#150;103
Clapp, JM and Lindenthal, T 2009, Option value created and destroyed by the big bang in the Berlin housing market 1978&#150;2007, accessed November 19, 2009, available at SSRN: http://ssrn.com/abstract=1537397
Cox, J and Ross, S 1979, &#145; Option pricing: a simplified approach&#39;, Journal of Financial Economics, 7(3), pp. 229&#150;263
Crosby, N, Lavers, A and Murdoch, J 1998, &#145;Property valuation variation and the &#145;margin of error&#39; in the UK&#39;, Journal of Property Research, 15(4), pp. 305&#150;330
Cunningham, CR 2006, &#145;House price uncertainty, timing of development, and vacant land prices: evidence for real options in Seattle&#39;, Journal of Urban Economics, 59(1), pp. 1&#150;31
Cunningham, CR 2007, &#145;Growth controls, real options, and land development&#39;, Review of Economics and Statistics, 89(2), pp. 343&#150;358
de Neufville, R, Scholtes, S and Wang, T 2006, &#145;Valuing options by spread sheet: parking garagecase example&#39;, ASCE Journal of Infrastructure Systems, 12(2), pp. 107&#150;111
de Neufville, R and Scholtes, S 2011, Flexibility in Engineering Design, MIT Press, Cambridge
Diaz, J and Wolverton, M 1998, &#145;A longitudinal examination of the appraisal smoothing hypothesis&#39;, Real Estate Economics, 26(2)
Dixit, A and Pindyck, R 1994, Investment under uncertainty, Princeton University Press, Princeton
Economist Intelligence Unit 2011, Building Rome in a Day: The Sustainability of China&#39;s Housing Boom, The Economist Intelligence Unit Ltd, London

Fisher, J, Geltner, D and Pollakowski, H 2007, &#145;A quarterly transactions-based index (TBI) of institutional real estate investment performance and movements in supply and demand&#39;, Journal of Real Estate Finance and Economics, 34(1)
Geltner, D, MacGregor, B and Schwann, G 2003, &#145;Appraisal smoothing and price discovery in real estate markets&#39;, Urban Studies
Geltner, D, Miller, N, Clayton, J and Eichholtz, P 2007, Commercial real estate analysis and investments, South-Western College Publishing Co, Cincinnati
Grenadier, S 1995a, &#145;The persistence of real estate cycles&#39;, Journal of Real Estate Finance and Economics, 10, pp. 95&#150;119
Grenadier, S 1995b, &#145;Valuing lease contracts: a real options approach&#39;, Journal of Financial Economics, 38(3), pp. 297&#150;331
Grenadier, S 1995c, &#145;Flexibility and tenant mix in real estate projects&#39;, Journal of Urban Economics, 38(3), pp. 357&#150;378
Grenadier, S 1996, &#145;The strategic exercise of options: development cascades and overbuilding in real estate markets&#39;, Journal of Finance, 51(5), pp. 1653&#150;1679
Grenadier, S 2005, &#145;An equilibrium analysis of real estate leases&#39;, Journal of Business, 78(4), pp. 1173&#150;1213
Guma, A, Pearson, J, Wittels, K, de Neufville, R and Geltner, D 2009, &#145;Vertical phasing as a corporate real estate strategy and development option&#39;, Journal of Corporate Real Estate, 11(3), pp. 144&#150;157
Hoesli, M, Jani, E and Bender, A 2006, &#145;Monte Carlo simulations for real estate valuation&#39;, Journal of Property Investment and Finance, 24(2), pp. 102&#150;122
Lin, J, de Weck, O, de Neufville, R and Yue, H 2011, &#145;Enhancing the value of oilfield developments with flexible subsea tieback&#39;, Journal of Petroleum Science and Engineering (in review)
Kang, J 2004, &#145;Valuing flexibilities in large-scale real estate development projects&#39;, unpublished MSRED Thesis, MIT Center for Real Estate 
Lee, J and Oh, J 2008, &#145;New Songdo City and the value of flexibility: a case study of implementation and analysis of a mega-scale project&#39;, unpublished MSRED Thesis, MIT Center for Real Estate 
Luenberger, D 1998, Investment science, Oxford University Press, New York
Macomber, J 2011, &#145;The role of finance and private investment in developing sustainable cities&#39;, Journal of Applied Corporate Finance, 23(3), pp. 64&#150;75
Masunaga, S 2007, &#145; Comparative study of real options valuation methods: economics-based approach vs. engineering-based approach&#39;, unpublished MSRED Thesis, MIT Center for Real Estate
McDonald, R and Siegel, D 1986, &#145;The value of waiting to invest&#39;, Quarterly Journal of Economics, 101, pp. 707&#150;728
Merton, RC 1973, &#145;The theory of rational option pricing&#39;, Bell Journal of Economics and Management Science, 4, pp. 141&#150;183
Myers, SD 1977, &#145;Determinants of corporate borrowing&#39;, Journal of Financial Economics, 5(2), pp. 147&#150;175
Newell, G. and Peng, H 2008, &#145;The role of U.S. infrastructure in investment portfolios&#39;, Journal of Real Estate Portfolio Management, 14(1), pp. 21&#150;32
Newell, G, Chau, K and Wong, S 2009, &#145;The significance and performance of infrastructure in China&#39;, Journal of Property Investment and Finance, 27(2), pp. 180&#150;202
Quigg, L 1993, &#145;Empirical testing of real option-pricing models&#39;, Journal of Finance, 48(2), pp. 621&#150;640
Rose, S 1998, &#145;Valuation of interacting real options in a toll road infrastructure project&#39;, Quarterly Review of Economics and Finance, 38, pp. 711&#150;723
Rothballer, C and Kaserer, C 2011, Is infrastructure really low risk? an empirical analysis of listed infrastructure firms, Working Paper, Technische Universit&auml;t M&uuml;nchen
Samuelson, P 1965, &#145;Rational theory of warrant pricing&#39;, Industrial Management Review, 6, pp. 41&#150;50
Schwartz, E and Torous, W 2007, &#145;Commercial office space: testing the implications of real options models with competitive interactions&#39;, Real Estate Economics, 35(1), pp. 1&#150;20
Smit, HTJ and Trigeorgis, L 2009, &#145;Valuing infrastructure investment: an option games approach&#39;, California Management Review, 51(2), pp. 79&#150;100
Titman, S 1985, &#145;Urban land prices under uncertainty&#39;, American Economic Review, 75(3), pp. 505&#150;514
Trigeorgis, L 2002, Real options: managerial flexibility and strategy in resource allocation, MIT Press, Cambridge
Wang, T and de Neufville, R 2006, Identification of real options &quot;in&quot; projects, Proceedings, INCOSE International Symposium, Orlando, July
Williams, J 1991, &#145; Real estate development as an option&#39;, Journal of Real Estate Finance and Economics, 4(2), pp. 191&#150;209
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/uncertainty-flexibility-valuation-and-design-how-21-century-information-and-knowledge-can-improve-21-century-urban-development-part-ii-of-ii</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/uncertainty-flexibility-valuation-and-design-how-21-century-information-and-knowledge-can-improve-21-century-urban-development-part-i-of-ii</link>
<title><![CDATA[Uncertainty, Flexibility, Valuation and Design: How 21  Century Information and Knowledge Can Improve 21  Century Urban Developm]]></title>
<description><![CDATA[The 21  century presents humankind with perhaps its greatest challenge since our species almost went extinct some 70,000 years ago in Africa. A big part of meeting that challenge lies in how the urbanization of three billion additional people (equal to the entire world population in 1960) will be accomplished between now and mid-century, on top of necessary renewal and renovation of the earth&#39;s existing cities. China alone will urbanize 300 million more people between now and 2030, equal to the entire population of the U.S., the world&#39;s third most populous country, in just 20 years. This is development on a scale and pace that is an order of magnitude greater than the past century, in a world resource and climate environment that is near the breaking point, in a context of greater technological, financial, and economic uncertainty than ever before. To meet this challenge will require that we use the best tools in our kit, including ones that have become available to us only in this new knowledge and information-based century. Technology got us here, and technology will be key to getting us through. In this paper we will review and synthesize two important methodological developments in our profession that can help infrastructure and real estate physical development (i.e., urban development) to be accomplished more effectively and efficiently in a world of uncertainty.
The first methodological development is the honing of real options theory and methodology for practical application to identify and evaluate sources of flexibility in the design and operation of capital projects. The second development is the marriage of digital data compilation of property transactions records with the honing of econometric analysis methodology to allow the practical quantification of real estate and infrastructure asset price dynamics.
We argue that this latter development provides the key input to the former development, enabling a much more complete and rigorous treatment of design and evaluation problems for urban development. We also argue that an engineering systems approach to option modelling is likely to find better traction in actual professional practice than the economic theoretical models that have dominated the academic literature. We provide a concrete example by applying the suggested approach to the Songdo New City development in Korea.
The result can be better informed design and valuation and more efficient urban development laced with greater flexibility to avoid the worst down-side outcomes and to take advantage of the best up-side opportunities, saving vital resources of capital, land, raw materials, and energy.
]]></description>
<content><![CDATA[Black, F and Scholes, M 1973, &#145;The pricing of options and corporate liabilities&#39;, Journal of Political Economy, 81, pp. 637&#150;659
Bulan, L, Mayer, C and Somerville, CT 2009, &#145;Irreversible investment, real options, and competition: evidence from real estate development&#39;, Journal of Urban Economics, 65(3), pp. 237&#150;251
Capozza, D and Helsley, R 1989, &#145;The fundamentals of land prices and urban growth&#39;, Journal of Urban Economics, 26, pp. 295&#150;306
Capozza, D and Li, Y 1994, &#145;The intensity and timing of investment: the case of land&#39;, American Economic Review, 84(1), pp. 889&#150;904
Case, K and Shiller, R 1987, &#145;Prices of single family homes since 1970: new indexes for four cities&#39;, New England Economic Review, September/October, pp. 45&#150;56
Chiara, N, Garvin, M and Vecer, J 2007, &#145;Valuing simple multiple-exercise real options in infrastructure projects&#39;, Journal of Infrastructure Systems, (ASCE), June, pp. 97&#150;103
Clapp, JM and Lindenthal, T 2009, Option value created and destroyed by the big bang in the Berlin housing market 1978&#150;2007, accessed November 19, 2009, available at SSRN: http://ssrn.com/abstract=1537397
Cox, J and Ross, S 1979, &#145; Option pricing: a simplified approach&#39;, Journal of Financial Economics, 7(3), pp. 229&#150;263
Crosby, N, Lavers, A and Murdoch, J 1998, &#145;Property valuation variation and the &#145;margin of error&#39; in the UK&#39;, Journal of Property Research, 15(4), pp. 305&#150;330
Cunningham, CR 2006, &#145;House price uncertainty, timing of development, and vacant land prices: evidence for real options in Seattle&#39;, Journal of Urban Economics, 59(1), pp. 1&#150;31
Cunningham, CR 2007, &#145;Growth controls, real options, and land development&#39;, Review of Economics and Statistics, 89(2), pp. 343&#150;358
de Neufville, R, Scholtes, S and Wang, T 2006, &#145;Valuing options by spread sheet: parking garage case example&#39;, ASCE Journal of Infrastructure Systems, 12(2), pp. 107&#150;111
de Neufville, R and Scholtes, S 2011, Flexibility in Engineering Design, MIT Press, Cambridge
Diaz, J and Wolverton, M 1998, &#145;A longitudinal examination of the appraisal smoothing hypothesis&#39;, Real Estate Economics, 26(2)
Dixit, A and Pindyck, R 1994, Investment under uncertainty, Princeton University Press, Princeton
Economist Intelligence Unit 2011, Building Rome in a Day: The Sustainability of China&#39;s Housing Boom, The Economist Intelligence Unit Ltd, London

Fisher, J, Geltner, D and Pollakowski, H 2007, &#145;A quarterly transactions-based index (TBI) of institutional real estate investment performance and movements in supply and demand&#39;, Journal of Real Estate Finance and Economics, 34(1)
Geltner, D, MacGregor, B and Schwann, G 2003, &#145;Appraisal smoothing and price discovery in real estate markets&#39;, Urban Studies
Geltner, D, Miller, N, Clayton, J and Eichholtz, P 2007, Commercial real estate analysis and investments, South-Western College Publishing Co, Cincinnati
Grenadier, S 1995a, &#145;The persistence of real estate cycles&#39;, Journal of Real Estate Finance and Economics, 10, pp. 95&#150;119
Grenadier, S 1995b, &#145;Valuing lease contracts: a real options approach&#39;, Journal of Financial Economics, 38(3), pp. 297&#150;331
Grenadier, S 1995c, &#145;Flexibility and tenant mix in real estate projects&#39;, Journal of Urban Economics, 38(3), pp. 357&#150;378
Grenadier, S 1996, &#145;The strategic exercise of options: development cascades and overbuilding in real estate markets&#39;, Journal of Finance, 51(5), pp. 1653&#150;1679
Grenadier, S 2005, &#145;An equilibrium analysis of real estate leases&#39;, Journal of Business, 78(4), pp. 1173&#150;1213
Guma, A, Pearson, J, Wittels, K, de Neufville, R and Geltner, D 2009, &#145;Vertical phasing as a corporate real estate strategy and development option&#39;, Journal of Corporate Real Estate, 11(3), pp. 144&#150;157
Hoesli, M, Jani, E and Bender, A 2006, &#145;Monte Carlo simulations for real estate valuation&#39;, Journal of Property Investment and Finance, 24(2), pp. 102&#150;122
Lin, J, de Weck, O, de Neufville, R and Yue, H 2011, &#145;Enhancing the value of oilfield developments with flexible subsea tieback&#39;, Journal of Petroleum Science and Engineering (in review)
Kang, J 2004, &#145;Valuing flexibilities in large-scale real estate development projects&#39;, unpublished MSRED Thesis, MIT Center for Real Estate
Lee, J and Oh, J 2008, &#145;New Songdo City and the value of flexibility: a case study of implementation and analysis of a mega-scale project&#39;, unpublished MSRED Thesis, MIT Center for Real Estate 
Luenberger, D 1998, Investment science, Oxford University Press, New York
Macomber, J 2011, &#145;The role of finance and private investment in developing sustainable cities&#39;, Journal of Applied Corporate Finance, 23(3), pp. 64&#150;75
Masunaga, S 2007, &#145; Comparative study of real options valuation methods: economics-based approach vs. engineering-based approach&#39;, unpublished MSRED Thesis, MIT Center for Real Estate
McDonald, R and Siegel, D 1986, &#145;The value of waiting to invest&#39;, Quarterly Journal of Economics, 101, pp. 707&#150;728
Merton, RC 1973, &#145;The theory of rational option pricing&#39;, Bell Journal of Economics and Management Science, 4, pp. 141&#150;183
Myers, SD 1977, &#145;Determinants of corporate borrowing&#39;, Journal of Financial Economics, 5(2), pp. 147&#150;175
Newell, G. and Peng, H 2008, &#145;The role of U.S. infrastructure in investment portfolios&#39;, Journal of Real Estate Portfolio Management, 14(1), pp. 21&#150;32
Newell, G, Chau, K and Wong, S 2009, &#145;The significance and performance of infrastructure in China&#39;, Journal of Property Investment and Finance, 27(2), pp. 180&#150;202
Quigg, L 1993, &#145;Empirical testing of real option-pricing models&#39;, Journal of Finance, 48(2), pp. 621&#150;640
Rose, S 1998, &#145;Valuation of interacting real options in a toll road infrastructure project&#39;, Quarterly Review of Economics and Finance, 38, pp. 711&#150;723
Rothballer, C and Kaserer, C 2011, Is infrastructure really low risk? an empirical analysis of listed infrastructure firms, Working Paper, Technische Universit&auml;t M&uuml;nchen
Samuelson, P 1965, &#145;Rational theory of warrant pricing&#39;, Industrial Management Review, 6, pp. 41&#150;50
Schwartz, E and Torous, W 2007, &#145;Commercial office space: testing the implications of real options models with competitive interactions&#39;, Real Estate Economics, 35(1), pp. 1&#150;20
Smit, HTJ and Trigeorgis, L 2009, &#145;Valuing infrastructure investment: an option games approach&#39;, California Management Review, 51(2), pp. 79&#150;100
Titman, S 1985, &#145;Urban land prices under uncertainty&#39;, American Economic Review, 75(3), pp. 505&#150;514
Trigeorgis, L 2002, Real options: managerial flexibility and strategy in resource allocation, MIT Press, Cambridge
Wang, T and de Neufville, R 2006, Identification of real options &quot;in&quot; projects, Proceedings, INCOSE International Symposium, Orlando, July
Williams, J 1991, &#145; Real estate development as an option&#39;, Journal of Real Estate Finance and Economics, 4(2), pp. 191&#150;209
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/uncertainty-flexibility-valuation-and-design-how-21-century-information-and-knowledge-can-improve-21-century-urban-development-part-i-of-ii</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/a-real-option-approach-to-pricing-embedded-options-in-retail-leases</link>
<title><![CDATA[A Real Option Approach to Pricing Embedded Options in Retail Leases]]></title>
<description><![CDATA[Percentage lease agreements (PLAs) contain lease clauses with payments of a flat base rent plus a variable rent, which is pegged to sales turnover. This paper applies a multi-period binomial tree option-pricing model to value default options in PLAs. In the absence of penalties on lease pretermination, tenants have an implicit call option, if exercised, giving them a right to &quot;break&quot; a lease and move to alternative premises at a lower prevailing market rent. Using a hypothetical PLA lease defined by key input parameters, the value of the tenants&#39; default option is estimated at 1.08% for a 3-year PLA lease. When sales turnover and relocation costs are simulated using selected random probability processes, the expected option premiums increase by 0.18% to 1.26%. The levels of base rent and the overage rate are positively related with option premiums. The option premiums, however, decline when relocation costs and sale breakpoint increase.
]]></description>
<content><![CDATA[Addae-Dapaah, K and Yeo, C 1999, &#145;Percentage lease agreement as a shopping center management tool: a panacea for Singapore&#39;s retail industry woes?&#39;, Property Management, 17(1), pp. 24&#150;36
Ambrose, BW, Hendershott, PH and Kosek, MM 2002, &#145;Pricing upward-only adjusting leases&#39;, Journal of Real Estate Finance and Economics, 25(1), pp. 33&#150;49
Benjamin, JD, Boyle, GW and Sirmans, CF 1990, &#145;Retail leasing: the determinants of shopping center rents&#39;, AREUEA Journal, 18(3), pp. 302&#150;312
Brueckner, JK 1993, &#145;Inter-store externalities and space allocation in shopping centers&#39;, Journal of Real Estate Finance and Economics, 7(1), pp. 5&#150;16
Chun, GH, Eppli, MJ and Shilling, JD 2001, &#145;A simulation analysis of the relationship between retail sales and shopping center rents&#39;, Journal of Real Estate Research, 21(3), pp. 163&#150;186
Chun, GH, Eppli, MJ and Shilling, JD 2003, &#145;The effect of firm characteristics on the use of percentage retail leases&#39;, Journal of Real Estate Finance and Economics, 27(1), pp. 25&#150;37
Colwell, PF and Munneke, HJ 1998, &#145;Percentage leases and the advantage of regional malls&#39;, Journal of Real Estate Research, 15(3), pp. 239&#150;252
Cox, J, Ross, S and Rubinstein, M 1979, &#145;Option pricing: a simplified approach&#39;, Journal of Financial Economics, 7 (Oct 1979), pp. 229&#150;264
Eppli, MJ, Hendershott, PH, Mejia, LC and Shilling, JD 2001, Base and overage rent clauses in retail leases: motivation and use, working paper
Grenadier, SR 1995a, &#145;Valuing lease contracts: a real-options approach&#39;, Journal of Financial Economics, 38, pp. 297&#150;331
Grenadier, SR 1995b, &#145;The persistence of real estate cycles&#39;, Journal of Real Estate Financial and Economics, 10, pp. 95&#150;119
Grenadier, SR 1995c, &#145;Flexibility and tenant mix in real estate projects&#39;, Journal of Urban Economics, 36, pp. 357&#150;378
Grenadier, SR 1996, &#145;Leasing and credit risk&#39;, Journal of Urban Economics, 42, pp. 333&#150;364
Miceli, TJ and Sirmans, CF 1995, &#145;Contracting with spatial externalities and agency problems -the case of retail leases&#39;, Regional Science and Urban Economics, 25, pp. 355&#150;372
McAlister, P 1996, &#145;Turnover rents: comparative valuation issues&#39;, Journal of Property Valuation and Investment, 14(2), pp. 6&#150;23
McAlister, P 2001, &#145;Pricing short leases and break clauses using simulation methodology&#39;, Journal of Property Investment and Finance, 19(4), pp. 361&#150;374
Rowland, P 2000, &#145;Pricing lease clauses: the prospective of an art becoming science&#39;, Journal of Property Investment and Finance, 18(2), pp. 177&#150;195
Sing, TF and Tang, WL 2004, &#145;Valuing leasing risks in commercial property with a discrete-time binomial tree option model&#39;, Journal of Property Investment and Finance, 22(2), pp. 173&#150;191
Ward, CWR 1982, &#145;Arbitrage and investment in commercial property&#39;, Journal of Business Finance and Accounting, 9(1), pp. 93&#150;108
Ward, CW. and French, N 1996, &#145;The valuation of upward-only rent reviews: an option pricing model&#39;, Journal of Property Valuation and Investment, 15(2), pp. 171&#150;182
Ward, CWR and Hendershott, PH 2000, &#145;Incorporating option-like features in the valuation of shopping centers &#145;, Real Estate Finance, pp. 31&#150;36
Ward, CWR, Hendershott, PH and French, N 1998, &#145;Pricing upwards-only rent review clause&#39;, Journal of Property Valuation and Investment, 16(5), pp. 447&#150;454
Wheaton, WC 2000, &#145;Percentage rent in retail leasing: the alignment of landlord-tenant interest&#39;, Real Estate Economics, 28(2), pp. 185&#150;204
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/a-real-option-approach-to-pricing-embedded-options-in-retail-leases</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/real-option-analysis-a-switching-application-for-mixed-use-real-estate-development</link>
<title><![CDATA[Real Option Analysis: A Switching Application for Mixed-Use Real Estate Development]]></title>
<description><![CDATA[In real estate development, properties are developed irreversibly in an uncertain economic environment. The uncertain environment for rents or occupancy may jeopardize the return on investment. In this paper, to mitigate the risk, we use a real option valuation analysis to find the optimal strategy for developing a mixed-use property. A mixed-use real estate project under construction in Denver incorporating apartments, retail, and parking is used as an example. We adopt a switch-option valuation analysis to compare the return on investment for building as planned or switching to a different property mix conforming to allowable zoning codes. We then examine the use of various option models for optimizing when to switch the property mix.
]]></description>
<content><![CDATA[Black, F and Scholes, M 1973, &#145;The pricing of options and corporate liabilities&#39;, Journal of Political Economy, 81:3, pp. 637&#150;654
Botteron, P and Casanova, JF 2003, Start-ups defined as portfolios of embedded options, FAME Research Paper Series rp 85, International Center for Financial Asset Management and Engineering
Childs, PD, Riddiough, TJ and Triantis, AJ 1996, &#145; Mixed uses and the redevelopment option&#39; , Real Estate Economics, 24, pp. 317&#150;39
Clapp, JM, Jou, JB and Lee, T 2012, &#145; Hedonic models with redevelopment options under uncertainty&#39; , Real Estate Economics, 40:2, pp. 197&#150;216
Fama, EF 1977, &#145; Risk adjusted discount rates and capital budgeting under uncertainty&#39;, Journal of Financial Economics, 5, pp. 3&#150;24
Ford, DN, Lander, DM and Voyer, JJ 2002, &#145;A real options approach to valuing strategic flexibility in uncertain construction projects&#39;, Construction Management and Economics, 20, pp. 343&#150;351
Hodder, J and Riggs, H 1985, &#145;Pitfalls in evaluating risky projects&#39;, Harvard Business Review, 63:1, pp. 128&#150;135
PKF Consulting 2011, Hospitality Investment Survey, PKF Consulting, USA
Hui, CM and Fung, HK 2009, &#145;Real estate development as real options&#39;, Construction Management and Economics, 27, pp. 221&#150;227
Johnson, LA 2010, &#145;Switching options and the impact on business strategy and risk management&#39;, Academy of Accounting and Financial Studies Journal, 14:3, pp. 75&#150;84
Jou, JB and Lee, T 2007, &#145;Do tighter restrictions on density retard development?&#39;, Journal of Real Estate Finance Economics, 34, pp. 225&#150;232
Lander, DM and Pinches, GE 1998, &#145;Challenges to the practical implementation of modelling and valuing real options&#39;, The Quarterly Review of Economics and Finance, 38, pp. 537&#150;567
Lee, T and Jou, JB 2010, &#145;Urban spatial development: a real options approach&#39;, Journal of Real Estate Finance Economics, 40, pp. 161&#150;187
Leung, YP and Hui, CM 2002, &#145;Option pricing for real estate development: Hong Kong Disneyland&#39;, Journal of Property Investment and Finance, 20:6, pp. 473&#150;495
Lucius, DI 2001, &#145;Real options in real estate development&#39;, Journal of Property Investment and Finance, 19:1, pp. 73&#150;78
McDonald, RLand Siegel, D 1986, &#145;The value of waiting to invest&#39;, Quarterly Journal of Economics, 101, pp. 707&#150;727
Myers, SC 1977, &#145;Determinants of corporate borrowing&#39;, Journal of Financial Economics, 5, pp. 147&#150;176
Myers, SC and Turnbull, SM 1977, &#145;Capital budgeting and the capital asset pricing model: good news and bad news&#39;, Journal of Finance, 32, pp. 321&#150;333
Mezey, EW and Conrad, JM 2010, &#145;Real options in resource economics&#39;, Annual Review of Resource Economics, 2:1, pp. 33&#150;52
Oppenheimer, PH 2002, &#145;A critique of using real options pricing models in valuing real estate projects and contracts&#39;, Briefings in Real Estate Finance, 2:3, pp. 221&#150;233
Paxson, DA 2007, &#145;Sequential American exchange property options&#39;, Journal Real Estate Financial Economics, 34, pp. 135&#150;157
Pindyck, R 1993, &#145;Investments of uncertain cost&#39;, Journal of Financial Economics, 34, pp. 53&#150;76
Quigg, L 1993, &#145;Empirical testing of real option-pricing models&#39;, The Journal of Finance, 48:2, pp. 621&#150;640
Ross, SA 1995, &#145;Uses, abuses, and alternatives to the net-present-value rule&#39;, Financial Management, 24:3, pp. 96&#150;102
Sirmans, CF 1997, &#145;Research on discounted cash flow models&#39;, Real Estate Finance, 13:4, pp. 93&#150;95
Smith, JE and McCardle, KF 1999, &#145;Options in the real world: lessons learned in evaluating oil and gas investments&#39;, Operations Research, 47:1
Smith, S 2001, &#145;Lodging asset value in recovery&#39;, Hospitality Investment Survey, 22, pp. 1&#150;7
S&oslash;dal, S, Koekebakker, S and Aadland, R 2008, &#145;Market switching in shipping: a real option model applied to the valuation of combination carriers&#39;, Review of Financial Economics, 17, pp. 183&#150;203
STR, 2011, U.S. Hotel Operating Statistics Study Report for the Year 2010
Teisberg, EO 1994, &#145;An option valuation analysis of investment choices by a regulated firm&#39;, Management Science, 40:4, pp. 535&#150;548
Titman, S 1985, &#145;Urban land prices under uncertainty&#39;, American Economic Review, 75:3, pp. 505&#150;514
Trigeorgis, L 1993, &#145;Real options and interactions with financial flexibility&#39;, Financial Management, 22:3, pp. 202&#150;224
Trigeorgis, L 1995, Real options in capital investments: models, strategies, and applications, Praeger Publisher, Westport, Connecticut
Trigeorgis, L 2005, &#145;Making use of real options simple: an overview and applications in flexible/modular decision making&#39;, The Engineering Economist, 50:1, pp. 25&#150;53
Williams, JT 1991, &#145;Real estate development as an option&#39;, Journal of Real Estate Finance and Economics, 4:2, pp. 191&#150;208
Williams, JT 1997, &#145;Redevelopment of real assets&#39;, Real Estate Economics, 25:3, pp. 387&#150;407
Zeng, S and Zhang, S 2011, &#145;Real estate options literature review&#39;, iBusiness, 3, pp. 43&#150;48
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/real-option-analysis-a-switching-application-for-mixed-use-real-estate-development</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/the-role-of-taiwan-reits-in-investment-portfolios</link>
<title><![CDATA[The Role of Taiwan REITs in Investment Portfolios]]></title>
<description><![CDATA[REITs in Taiwan (T-REITs) have been an important property investment vehicle in Taiwan since 2005. This paper assess the significance, risk-adjusted performance and portfolio diversification benefits of T-REITs in a mixed-asset portfolio in Taiwan over 2005-2011. Whilst T-REITs under-performed the construction shares sector in Taiwan, they provided portfolio diversification benefits, with enhanced risk-adjusted returns, enhanced diversification benefits and a significant role in the mixed-asset portfolio in the post-GFC period. The key strategic issues for the ongoing strategic development of the T-REIT market are identified; particularly relating to the size and growth opportunities for T-REITs.
]]></description>
<content><![CDATA[
Cheok, SM, Sing, TF and Tsai, IC 2011, &#145;Diversification as a value-adding strategy for Asian REITs: a myth or reality?&#39;, International Real Estate Review, 14, 184-207.
Chiang, YH, So, CK and Tang, BS 2008, &#145;Time-varying performance of four Asia-Pacific REITs&#39;, Journal of Property Investment and Finance, 26, 210-231.
CIA 2011, The World Factbook, CIA.

Kim, BS 2009, &#145;The impact of the global financial crisis on Asia-Pacific real estate markets: evidence from Korea, Japan, Australia and US REITs&#39;, Pacific Rim Property Research Journal, 15, 398-416.
Kutsuna, K, Dimovski, W and Brooks, R 2008, &#145;The pricing and underwriting cost of Japanese REIT IPOs&#39;, Journal of Property Research, 25, 225-239.
Lee, ML, Kuo, SH, Lee, MT and Lin, CW 2011, &#145;Market signals associated with Taiwan REIT IPOs: reactions of non-REIT real estate stocks&#39;, Journal of Real Estate Literature, 19, 93-109.
Lin, TC 2007, &#145; The development of REIT markets and real estate appraisal in Taiwan&#39;, Journal of Real Estate Literature, 15, 281-301.
Liow, KH and Adair, A 2009, &#145;Do Asian real estate companies add value to investment portfolios&#39;, Journal of Property Investment and Finance, 27, 42-64.
Liow, KH and Sim, MC 2006, &#145;The risk and return profile of Asian real estate stocks&#39;, Pacific Rim Property Research Journal, 12, 283-310.
Macquarie Securities 2011, Global Property Securities Analytics: April 2011, Macquarie Securities.
Newell, G, Chau, KW, Wong, SK and Liow, KH 2009, &#145;The significance and performance of property securities markets in the Asian IFCs&#39;, Journal of Property Research, 26, 125-148.
Newell, G and Osmadi, A 2009, &#145;The development and preliminary performance analysis of Islamic REITs in Malaysia&#39;, Journal of Property Research, 26, 329-347.
Newell, G and Osmadi, A 2010, &#145;Assessing the importance of factors influencing the future development of REITs in Malaysia&#39;, Pacific Rim Property Research Journal, 16, 358-376.
Newell, G, Wu, Y, Chau, KW and Wong, SK 2010, &#145;The development and performance of REITs in Hong Kong&#39;, Pacific Rim Property Research Journal, 16, 190-206.
Ong, SE, Ooi, JL and Kawaguichi, Y 2011, &#145;Seasoned equity issuance by Japan and Singapore REITs&#39;, Journal ofReal Estate Finance and Economics, 43, 205-220.
Ooi, J, Newell, G and Sing, TF 2006, &#145;The development of Asian REITs&#39;, Journal of Real Estate Literature, 14, 203-224.
Pham, AK 2011a, &#145;The performance of Thai REITs in a mixed-asset portfolio&#39;, Pacific Rim Property Research Journal, 17, 197-214.
Pham, AK 2011b, &#145;The significance and performance of South Korea REITs in a mixed-asset portfolio&#39;, Journal of Real Estate Literature, 19, in press.
Pramerica 2011, A Bird&#39;s Eye View of Global Real Estate Markets: 2011 Update, Pramerica.
Quek, M and Ong, SE 2008, &#145;Securitising China real estate: a tale of two China-centric REITs&#39;, Journal of Property Investment and Finance, 26, 247-273.
Real Capital Analytics 2011, Global Capital Trends: March 2011, RCA.
Sing, TF, Ho, D and Mak, MF 2002, &#145;Real estate market reaction to public listings and acquisition news of Malaysia REITs&#39;, Journal of Real Estate Portfolio Management, 8, 209-227.
Sing, TF and Ling, SC 2003, &#145;The role of Singapore REITs in a downside risk asset allocation framework&#39;, Journal of Real Estate Management, 9, 219-236.
Standards &amp; Poor&#39;s 2011, Global Property and REIT Report: 1st Quarter 2011, S&amp;P.
Su, HM, Huang, CM and Pai, TY 2010, &#145;The hybrid characteristics of REIT returns: evidence from Japan and US markets&#39;, Journal of Real Estate Literature, 18, 77-97.
Ting, KH and Choi, KW 2011, &#145; Effects of property portfolio characteristics on M-REIT risks&#39;, Pacific Rim Property Research Journal, 17, 230-247.
Transparency International 2010, Corruption Perception Index 2010, TI.
Trust 2011, Asia-Pacific REIT Survey, Trust.
World Economic Forum 2010, Global Competitiveness Report 2010-11, WEF.
World Federation of Exchanges 2011, Focus: February 2011, WEF.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/the-role-of-taiwan-reits-in-investment-portfolios</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/investigating-the-housing-market-fluctuation-under-an-expansionary-monetary-policy-in-australia</link>
<title><![CDATA[Investigating the Housing Market Fluctuation Under an Expansionary Monetary Policy in Australia]]></title>
<description><![CDATA[This research empirically investigates the impact of monetary policy on the housing market in Australia from 1996 to 2009. Three primary variables associated with the housing sector and monetary policy, including interest rates, money supply and house prices, are estimated by a structural vector autoregression (VAR) model. Depending upon the analysis using the impulse response function, it can be identified that monetary policy significantly affects the housing market in Australia by the adjustments in interest rates and money supply. The empirical results from this study may be useful for policy makers to enact appropriate policies in relation to the infrastructure planning.
]]></description>
<content><![CDATA[ABS 2005, House price indexes: Eight capital cities - Explanatory notes, available at: http://www.abs.gov.aU/AUSSTATS/abs@.nsf/Lookup/6416.0ExplanatoryNotes1Sep20057OpenDocument(accessed 28 April 2010).
ABS 2009, House price indexes: Eight capital cities, available at: http://www.abs. gov.au/ausstats/meisubs.nsf/0/827C228A8F600419CA25760700192B82$File/641603.xls(accessed 28 April 2010).
Aoki, K, Proudman, J and Vleghe, G 2002, &#145;House as collateral: has the link between house price and consumption in the U.K.?&#39;, Federal Reserve Bank of New York Economic Policy Review, 8(1), 163-177.
Baffoe-Bonnie, J. 1998, &#145;The dynamic impact of macroeconomic aggregates on housing prices and stock houses: A national and regional analysis&#39;, Journal of Real Estate Finance and Economics, 17(2), 179-197.
Charemza, WW and Deadman, DF 1997, New directions in econometric practice, Edward Elgar, Cheltenham, UK, Lyme, US.
Cooley, TF and Leroy, S.T 1985, &#145;Atheoretical macroeconometrics: A critique&#39;, Journal of Monetary Economics, 16(3), 283-308.
Elbourne, A 2008, &#145;The UK housing market and the monetary policy transmission mechanism: An SVAR approach&#39;, Journal of Housing Economics, 17(1), 65-87.
Giuliodori, M 2005, &#145;The role of house prices in the monetary transmission mechanism across European countries&#39;, Scottish Journal of Political Economy, 52(4), 519-543.
Granger, CWJ and Newbold, P 1974, &#145;Spurious regression in econometrics&#39;, Journal of Econometrics, 2(2), 111-120.
Hui, ECM and Yue, S 2006, &#145;Housing price bubbles in Hong Kong, Beijing and Shanghai: A comparative study&#39;, Journal of Real Estate Finance and Economics, 33(4), 299-327.
Iacoviello, M 2002, House prices and business cycles in Europe: a VAR analysis, Boston College Working Paper 540.
Iacoviello, M 2005, &#145;House prices, borrowing constraints, and monetary policy in the business cycle&#39;, The American Economic Review, 95(3), 739-764.
Iacoviello, M and Minetti, R 2008, &#145;The credit channel of monetary policy: evidence from the housing market&#39;, Journal of Macroeconomics, 30(1), 69-96.
Lastrapes, WD 2002, &#145;The real price of housing and money supply shocks: time series evidence and theoretical simulations&#39;, Journal of Housing Economics, 11(1), 40-74.
Liu, C, Ma, L, Luo, Z and Picken, D 2009, &#145;An interdependence analysis of Australian house prices using variance decomposition&#39;, International Journal of Housing Markets and Analysis, 2(3), 218-232.
McTaggart, D, Findlay, C and Parkin, M 2003, Economics, 4th Edition, NSW: Pearson Education Australia
Quigley, JM 1999, &#145;Real estate prices and economic cycle&#39;, International Real Estate Review, 2(1), 1-20.
RBA 2007a, About monetary policy, available at: http://www.rba.gov.au/monetary-policy/about.html(accessed 28 April 2010).
RBA 2007b, Statement on the conduct of monetary policy, available at: http://www.rba. gov.au/monetary-policy/framework/stmt-conduct-mp-4-06122007.html(accessed 28 April 2010).
RBA 2009a, Interest rates and yields - money market, available at: http://www.rba.gov.au/statistics/tables/xls/f01hist.xls(accessed 28 April 2010).
RBA 2009b, Monetary aggregates - money market, available at: www.abs.gov.au/statistics/tables/xls/d03hist.xls(accessed 28 April 2010).
Sims, CA 1980, &#145;Macroeconomics and reality,&#39; Econometrica, 48(1), 1-48.
Uhlig, H 2005, &#145;What are the effects of monetary policy on output? Results from an agnostic identification procedure&#39;, Journal of Monetary Economics, 52(2), 381-419.
Vargas-Silva, C 2008, &#145;Monetary policy and the US housing market: a VAR analysis imposing sign restrictions&#39;, Journal of Macroeconomics, 30(3), 977-990.
Wilhelmsson, M 2008, &#145;Regional house prices: an application of a two-equation model to the Swedish market&#39;, International Journal of Housing Markets and Analysis, 1(1), 33-51.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/investigating-the-housing-market-fluctuation-under-an-expansionary-monetary-policy-in-australia</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/the-significance-and-performance-of-japan-reits-in-a-mixed-asset-portfolio</link>
<title><![CDATA[The Significance and Performance of Japan REITs in a Mixed-Asset Portfolio]]></title>
<description><![CDATA[REITs in Japan (J-REITs) are the largest REIT market in Asia and the 5
	 largest REIT market globally. To examine the attractiveness of J-REITs for investors, this paper assesses the significance, risk-adjusted performance and portfolio diversification benefits of J-REITs in a mixed-asset portfolio context in Japan over 2001-2011. Amongst the major asset classes, J-REITs delivered the best risk-adjusted returns and portfolio diversification benefits over 2001-2011, with enhanced risk-adjusted returns in the post-GFC period. Key strategic issues for the ongoing development of the J-REIT market are also identified.
]]></description>
<content><![CDATA[Asia Pacific Real Estate Association 2010, The Significance of Real Estate in Asian Pension Funds, APREA.
Asia Pacific Real Estate Association 2011, Asia Pacific REIT Weekly Report: June 2011, APREA.
The 10 Questionnaire Survey on Real Estate Investment By Institutional Investors 
Association For Real Estate Securitisation 2011, ARES J-REITReport: Sept. 2011(and miscellaneous copies), ARES.
CB Richard Ellis 2011a, REITs Across Asia: 2H 2010, CBRE.
CB Richard Ellis 2011b, MarketView: Asia REITs: 1H 2011, CBRE.
Cheok, SM, Sing, TF and Tsai, IC 2011, &#145;Diversification as a value-adding strategy for Asian REITs: a myth or reality?&#39;, International Real Estate Review, 14, 184-207.
Chiang, YH, So, CK and Tang, BS 2008, &#145;Time-varying performance of four Asia-Pacific REITs&#39;. Journal of Property Investment and Finance, 26, 210-231.
European Public Real Estate Association 2011, Global REIT Survey, EPRA.
IPD 2011, IPD Japan Annual Property Index, IPD.
Jones Lang LaSalle 2010, Real Estate Transparency Index, JLL.
Jones Lang LaSalle 2011, Asia Pacific Property Digest, Q2: 2011, JLL.
Kim, BS 2009, &#145;The impact of the global financial crisis on Asia-Pacific real estate markets: evidence from Korea, Japan, Australia and US REITs&#39;, Pacific Rim Property Research Journal, 15, 398-416.
Kudus, S and Sing, TF 2011, &#145;Interest alignment and insider shareholdings in the emerging Asian REIT markets&#39;, Journal of Real Estate Portfolio Management, 17, 127-137.
Kutsuna, K, Dimovski, W and Brooks, R 2008, &#145;The pricing and underwriting cost of Japanese REIT IPOs&#39;, Journal of Property Research, 25, 225-239.
Liow, KH and Adair, A 2009, &#145;Do Asian real estate companies add value to investment portfolios&#39;, Journal of Property Investment and Finance, 27, 42-64.
Liow, KH and Sim, MC 2006, &#145;The risk and return profile of Asian real estate stocks&#39;, Pacific Rim Property Research Journal, 12, 283-310.
Macquarie Securities 2011, Global Property Securities Analytics, June 2011, Macquarie Securities.
Newell, G, Chau, KW, Wong, SK and Liow KH 2009, &#145;The significance and performance of property securities markets in the Asian IFCs&#39;, Journal of Property Research, 26, 125-148.
Ong, SE, Ooi, JL and Kawaguichi, Y 2011, &#145;Seasoned equity issuance by Japan and Singapore REITs&#39;, Journal of Real Estate Finance and Economics, 43, 205-220.
Ooi, J, Newell, G and Sing, TF 2006, &#145;The development of Asian REITs&#39;, Journal of Real Estate Literature, 14, 203-224.
Pramerica 2011, A Bird&#39;s Eye View of Global Real Estate Markets: 2011 Update, Pramerica.
Real Capital Analytics 2011, Global Trends: August 2011, RCA.
Global Property and REIT Report: 2 Quarter 2011 
Su, HM, Huang, CM and Pai, TY 2010, &#145;The hybrid characteristics of REIT returns: evidence from Japan and US markets&#39;, Journal of Real Estate Literature, 18, 77-97.
Transparency International 2010, Corruption Perception Index 2010, TI.
Trust 2011, Asia-Pacific REIT Survey, Trust.

]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/the-significance-and-performance-of-japan-reits-in-a-mixed-asset-portfolio</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/the-intra-industry-effects-of-reit-dividend-announcements</link>
<title><![CDATA[The Intra-Industry Effects of REIT Dividend Announcements]]></title>
<description><![CDATA[This study investigates the intra-industry effects of cash dividend announcements for U.S. real estate investment trusts (REITs). That is, based on the market model framework, this study examines whether a change in an announcing REIT&#39;s dividends has information externality on its peers/rivals. Our results suggest that REIT dividend announcements have contagion effects. In addition, consistent with the existing literature, these contagion effects are found to be asymmetric and more prevalent for dividend-decreasing events.
]]></description>
<content><![CDATA[Ambrose, BW, Lee DW and Peek, J 2007, &#145;Comovement after joining an index: spillovers of nonfundamental effects&#39;, Real Estate Economics, 35, 57-90.
Balachandran, B, Faff, R and Nguyen, TA 2004, &#145;The intra-industry impact of special dividend announcements: contagion versus competition&#39;, Journal of Multinational Financial Management, 14, 369-385.
Below, SD and Johnson, KH 1996, &#145;An analysis of shareholder reaction to dividend announcements in bull and bear markets&#39;, Journal of Financial and Strategic Decisions, 9, 15-26.
Bessler, W and Nohel, T 2000, &#145;Asymmetric information, dividend reductions, and contagion effects in bank stock returns&#39;, J ournal of Banking and Finance, 24, 1831-1848.
Bhattacharya, S 1979, &#145;Imperfect information, dividend policy, and &quot;the bird in the hand&quot; fallacy&#39;, Bell Journal of Economics, 10, 259-270.
Bradley, M, Capozza, DR and Seguin, PJ 1998, &#145;Dividend policy and cash flow uncertainty&#39;, Real Estate Economics, 26(4), 555-580.
Brav, A, Graham, JR, Harvey, CR and Michaely, R 2005, &#145;Payout policy in the 21st century&#39;, Journal of Financial Economics, 1(77), 483-527.
Caton, GL, Goh, J and Kohers, N 2003, &#145;Dividend omissions and intra-industry information transfers&#39;, The Journal of Financial Research, 26(1), 51-64.
Chen, SS, Ho, LC and Shih, YC 2007, &#145;Intra-industry effects of corporate capital investment announcements&#39;, Financial Management, 36(2), 125-145.
Chiang, K 2010, &#145;On the comovement of REIT prices&#39;, Journal of Real Estate Research, 32, 187-200.
Denis, D, Denis, D and Sarin, A 1994, &#145;The information content of dividend changes: cash flow signalling, overinvestment, and dividend clienteles&#39;, Journal of Financial and Quantitative Analysis, 29, 567-587.
Erwin, GR and Miller, JM 1998, &#145;The intra-industry effects of open market share repurchases: contagion or competitive&#39;, Journal of Financial Research, 21(4), 389-406.
Firth, M 1996, &#145;Dividend changes, abnormal returns, and intra-industry firm valuation&#39;, Journal of Financial and Quantitative Analysis, 31(2), 189-211.
Frankfurter, GM and Wood, BG 2002, &#145;Dividend policy theory and their empirical tests&#39;, International Review of Financial Analysis, 11,111-138.
Gujarati, DN 2003, Basic Econometrics, Fourth Edition, McGraw-Hill, Singapore.
Hardin III, W and Hill, MD 2008, &#145;REIT dividend determinants: excess dividends and capital markets&#39;, Real Estate Economics, 36, 349-369.
Hayunga, DK and Stephens, CP 2009, &#145;Dividend behaviour of US equity REITs&#39;, Journal of Property Research, 26:2, 105-123.
Hertzel, MG 1991, &#145;The effects of stock repurchases on rival firms&#39;, Journal of Finance, 46: 707-716.
Hong, H and Stein, JC 2003, &#145;Differences of opinion, short-sales constraints, and market crashes&#39;, Review of Financial Studies, 16, 487-525.
Howe, JS and Jain, R 2004, &#145;The REIT Modernization Act of 1999&#39;, Journal of Real Estate Finance and Economics, Vol. 28 No. 4, pp. 369-388.
Howe, JS and Shen, YP 1998, &#145;Information associated with dividend initiations: firm-specific or industry-wide&#39;, Financial Management, 27(3), 17-26.
Impson, M 2000, &#145;Contagion effects of dividend reduction or omission announcements in the electric utility industry&#39;, Financial Review, 41, 121-136.
Jansen, DW and Tsai, CL 2010, &#145;Monetary policy and stock returns: financing constraints and asymmetries in bull and bear markets&#39;, Journal of Empirical Finance, 17(5), 981-990.
Jensen, GR, Lundstrum, LL and Miller, RE 2010, &#145;What do dividend reductions signal&#39;, Journal of Corporate Finance, forthcoming.
John, K and Williams, J 1985, &#145;Dividends, dilution, and taxes: a signalling equilibrium&#39;, Journal of Finance, 40, 1053-1070.
Kohers, N 1999, &#145;The industry wide implications of dividend omission and initiation announcements and the determinants of information transfer&#39;, The Financial Review, 34, 137-158.
Lang, L and Stulz, R 1992, &#145;Contagion and competitive intra-industry effects of bankruptcy announcements&#39;, Journal of Financial Economics, 32, 45-60.
Laux P, Starks, LT and Yoon, PS 1998, &#145;The relative importance of competition and contagion in intra-industry information transfers: an investigation of dividend announcements&#39;, Financial Management, 27(3), 5-16.
Lee, ML, Chiang, KCH and Lin, CW 2011, REIT stock dividends: the policy and intra-industry wealth effects, 17 Annual Pacific Rim Real Estate Society Conference, Gold Coast, Australia.
Lee, MT, Chiu, BH, Lee, ML, Chiang, KCH and Slawson, Jr, VC 2010, &#145;REIT excess dividend and information asymmetry: evidence with taxable income&#39;, Journal of Property Investment and Finance, 28(3), 221-236.
Lee, ML, Kuo, SH, Lee, MT and Lin, CW 2011, &#145;Market signals associated with Taiwan REIT IPOs: reactions of non-REIT real estate stocks&#39;, Journal of Real Estate Literature, 19(1): 93-110.
Li, W and Lie, E 2006, &#145;Dividend changes and catering incentives&#39;, Journal of Financial Economics, 80, 293-308.
Li, Q, Sun, H and Ong, SE 2006, &#145;REIT splits and dividend changes: tests of signalling and information substitutability&#39;, Journal of Real Estate Finance and Economics, 33(2), 127-150.
Lie, E 2004, &#145;Operating performance following dividend decreases and omissions&#39;, Journal of Corporate Finance, 25, 27-53.
Lintner, J 1956, &#145;Optimal dividends and corporate growth under uncertainty&#39;, Quarterly Journal of Economics, 78, 4995.
Liu, Y, Szewczyk, SH and Zantout, Z 2008, &#145;Underreaction to dividend reductions and omissions&#39;, Journal of Finance, 63, 987-1020.
Marsh, TA and Merton, RC 1987, &#145;Dividend behavior for the aggregate stock market&#39;, Journal of Business, 60, 1-40.
Miller, MH and Rock, K 1985, &#145;Dividend policy under asymmetric information&#39;, The Journal of Finance, 40(4), 1031-1051.
Muhlhofer, T and Ukhov, AD 2010, Do stock prices move too much to be justified by changes in dividends? Evidence from real estate investment trusts, Working Paper, Indiana University.
Ooi, JTL 2001, &#145;Dividend payout characteristics of U.K. property companies&#39;, Journal of Real Estate Portfolio Management, 7(2), 133-142.
Schultz, P 2003, &#145;Pseudo market timing and the long-run underperformance of IPOs&#39;, Journal of Finance, 58(2), 483-517.
Simpson, MW, Emery, JT and Moreno, JF 2009, &#145;Overreaction and underreaction to REIT dividend announcements and the role of monetary policy&#39;, Journal of Real Estate Portfolio Management, 15(3), 289-298.
Wang, K, Erickson, J and Gau, GW 1993, &#145;Dividend policies and dividend announcement effects for real estate investment trusts&#39;, Journal of the American Real Estate and Urban Economics Association, 21(2), 185-201.
White, H 1980, &#145;A heteroskedasticity-consistent covariance matrix estimator and a direct test of heteroskedasticity&#39;, Econometrica, 48, 817-838.
Yuan, K 2005, &#145;Asymmetric price movements and borrowing constraints: a rational expectations equilibrium model of crises, contagion, and confusion&#39;, Journal of Finance, 60, 379-411.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/the-intra-industry-effects-of-reit-dividend-announcements</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume18-2012/determinants-of-capital-structure-of-a-reits-and-the-global-financial-crisis</link>
<title><![CDATA[Determinants of Capital Structure of A-Reits and the Global Financial Crisis]]></title>
<description><![CDATA[This paper contributes to the capital structure literature by investigating the determinants of capital structure of Australian Real Estate Investment Trusts (A-REITs) over the period 2006-2009. By using a panel approach and a Global Financial Crisis (GFC) dummy variable, our analysis incorporates the Global Financial Crisis (GFC) shock which appears to have affected the market after December 2007. We find that A-REIT size, profitability, tangibility, operating risk and number of growth opportunities impact similarly to many previous studies of international entities upon the degree of leverage. We also find mixed support for prevailing capital structure theories of Pecking Order, Trade-off and Agency Theory, but find that Market Timing Theory can be rejected over our sample period. With specific focus after onset of the GFC, we find that the relationship between capital structure and our independent variables is somewhat distorted. Consequently, the postulations of theory also become distorted whereby changes to capital structure come about because of the primary goal to survive, rather than managerial opportunism.
]]></description>
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Baker, M and Wurgler, J 2002, &#145;Market timing and capital structure&#39;, Journal of Finance, Vol. 57, No. 1, pp. 1-32.
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Westgaard, S, Eidet, A, Frydenberg, S and Grosas, TC 2008, &#145;Investing the capital structure of U.K real estate companies&#39;, Journal of Property Research, Vol. 25, No. 1, pp. 61-87.
White, H 1980, &#145; A heteroskedasticity consistent covariance matrix estimator and a direct test of heteroskedasticity&#39;, Econometrica, Vol. 48, No. 4, pp. 817-38.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/determinants-of-capital-structure-of-a-reits-and-the-global-financial-crisis</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume18-2012/the-volatility-spillovers-in-asian-listed-property-companies-in-developed-and-emerging-markets</link>
<title><![CDATA[The Volatility Spillovers in Asian Listed Property Companies in Developed and Emerging Markets]]></title>
<description><![CDATA[This paper uses exponential-generalised autoregressive conditional heteroskedasticity (EGARCH) model to examine empirically the volatility spillovers of listed property companies in 13 Asian country markets. The capitalisation-weighted index for 3 tiers of developed markets (Japan, Hong Kong, Singapore), emerging markets (Thailand, Taiwan, Malaysia, Korea) and lesser emerging markets (China, India, Indonesia, Philippines, Sri Lanka, Vietnam) were analysed. The results showed that property companies returns in individual countries have no excessive return compared to the stock index, are more aggressive than the respective local equity indices whilst lagged property companies returns provided little explanatory power in the current property returns. At the tier level, tier 1 determined its stable role in the region with significant spillovers to the other two tiers, and the heteroskedasticity in the tier series whilst tier 3 showed the significant, yet unstable role in the region. The tier 2 countries saw no spillover from the local stocks, yet received some impact from the US market. Tier 3 countries show reducing spillover factors from high spillover (China) to moderate (India and Indonesia) and low spillover (Vietnam, Philippines, and Sri Lanka), which reflects the low integration of these countries to the global market.
]]></description>
<content><![CDATA[Chatrath, A, Liang, Y and Mclntosh, W 2000, &#145;The asymmetric REIT-beta puzzle&#39;, Journal of Real Estate Portfolio Management, 6(2), 101-111.
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Hoesli, M and Serrano, C 2007, &#145;Securitized real estate and its link with financial assets and real estate: an international analysis&#39;, Journal of Real Estate Literature, 15(1), 59-84.
Li, DD and Yung, K 2007, &#145;REIT returns: between the Pacific and the Atlantic&#39;, Review of Accounting and Finance, 6(4), 353-369.
Liow, KH 1997, &#145;The historical performance of Singapore property stocks&#39;, Journal of Property Finance, 8(2), 111-125.
Liow, KH 2008, &#145;Financial crisis and Asian real estate securities market interdependence: some additional evidence&#39;, Journal of Property Research, 25, 127-155.
Liow, KH, Ooi, J and Gong, Y 2005, &#145;Cross-market dynamics in property stock market - some international evidence&#39;, Journal of Property Investment and Finance, 23(1), 55-75.
Liow, KH, Ho, KHD, Ibrahim, MF and Chen, Z 2008, &#145;Correlation and volatility dynamics in international real estate securities markets&#39;, Journal of Real Estate Finance and Economics, 39, 202-223.
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Mei, J and Hu, J 2000, &#145;Conditional risk premiums of Asian real estate stocks&#39;, Journal of Real Estate Finance and Economics, 21, 297-313.
Michayluk, D, Wilson, PJ and Zurbruegg, R 2006, &#145;Asymmetric volatility, correlation and returns dynamics between the U.S. and U.K. securities real estate markets&#39;, Real Estate Economics, 34(1), 109-131.
Milunovich, G and Thorp, S 2006, &#145;Valuing volatility spillovers&#39;, Global Finance Journal, 17, 1-22.
Newell, G and Chau, KW 1996, &#145;Linkages between direct and indirect property performance in Hong Kong&#39;, Journal of Property Finance, 7, 9-29.
Nguyen, TK 2011a, &#145;The significance and performance of listed property companies in Asian developed and emerging markets&#39;, Pacific Rim Property Research Journal, 17(1), 24-47.
Nguyen, TK 2011b, &#145;The significance and performance of listed property companies in the Philippines&#39;, Pacific Rim Property Research Journal, 17(2), 260-286.
Philips, PCB and Perron, P 1988, &#145;Testing for a unit root in time series regression&#39;, Biometrika, 75, 335-346.
Sing, TF and Sng, SBS 2003, &#145;Conditional variance tests of integration between direct and indirect real estate markets&#39;, Journal of Property Investment and Finance, 21(4), 366-382.
Stevenson, S 2002, &#145;An examination of volatility spillovers in REIT returns&#39;, Journal of Real Estate Portfolio Management, 8(3), 229-238.
Wilson, P and Zurbruegg, R 2004, &#145;Contagion or interdependence? Evidence from comovements in Asia-Pacific securities real estate markets during the 1997 crisis&#39;, Journal of Property Investment and Finance, 22(5), 401-413.
Wilson, P, Stevenson, S and Zurbruegg, R 2007, &#145;Measuring spillover effects across Asian property stocks&#39;, Journal of Property Research, 24, 123-128.
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World Federation of Exchanges 2011, 2010 Annual Report and Statistics, WFE.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume18-2012/the-volatility-spillovers-in-asian-listed-property-companies-in-developed-and-emerging-markets</guid>
<pubDate>31 Dec 2011 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume17-2011/the-value-of-built-heritage-community-economy-and-environment</link>
<title><![CDATA[The Value of Built Heritage: Community, Economy and Environment]]></title>
<description><![CDATA[Heritage protection in Australia was initiated by community groups such as the National Trust before the legislatures at each tier of government established the statutory controls now evident. Professional bodies in the built environment arena have also generated international guidelines in recent times with the adoption of standardised approaches to valuation and management practices for heritage property attesting to the acknowledgement of their special value and the recognition of characteristics common to diverse cultures.
The objective of this paper is to review elements of our perceptions of heritage reflecting value which incorporate yet transcend the merely economic. It identifies the framework of heritage management in Australia and considers the many meanings of the relevant terminology. The traditional view is then extended to consider the potential environmental benefits of heritage conservation, contributing a contemporary commentary to some economic, social and professional concerns and reflects upon the challenges of the journey yet to come.
]]></description>
<content><![CDATA[Abelson, P 2001, Economics of heritage listings part A: Valuing the public benefits of heritage listing of commercial buildings, NSW Heritage Office, Sydney.
Allen Consulting Group, 2005, Valuing the priceless: The value of heritage protection in Australia, Research report 2, Prepared for the Heritage Chairs and Officials of Australia and New Zealand, Sydney.
Aplin, G 2002, Heritage &#150; identification, conservation and management, OUP, Melbourne.
Armitage, LA and Yau, Y 2008, &#145;Heritage protection in the built environment in Hong Kong and Queensland: a cross cultural comparison&#39;, ch.11, in Khadpekar NR (ed), Urban Revitalisation - perspectives and initiatives, Icfai University Press, Hyderabad, India, pp.137&#150;152.
Asabere, PK and Huffman, FE 1994, &#145;Historic designation and residential market values&#39;, The Appraisal Journal, vol. 62, no. 3, pp. 396&#150;401.
Asabere, P.K, Huffman, FE and Mehdian, S 1994, &#145;The adverse impacts of local historic designation: The case of small apartment buildings in Philadelphia&#39;, Journal of Real Estate Finance and Economics, vol. 8, no. 3, pp. 225&#150;234.
Ashworth, GJ 2002, &#145;Conservation designation and the revaluation of property: The risk of heritage innovation&#39;, International Journal of Heritage Studies, vol. 8, no. 1, pp. 9&#150;23.
Australia ICOMOS (International Council on Monuments and Sites) 1999, The Burra charter: The Australia International Council on Monuments and Sites charter for places of cultural significance 1999, Australia ICOMOS, Sydney.
Australian Bureau of Statistics (ABS) 2009, 4172.0 &#150; Arts and culture in Australia: A statistical overview: International cultural tourism, accessed 8 October 2010.
Australian Bureau of Statistics (ABS) 2009a, 4172.0 &#150; Arts and culture in Australia: A statistical overview: Domestic cultural tourism, accessed 8 October 2010.
Australian Government Productivity Commission 2006, Conservation of Australia&#39;s historic heritage places, Australian Government Productivity Commission, Melbourne.
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Australian Property Institute 2008, Australia and New Zealand Valuation and property standards, Australian Property Institute, Deakin, ACT.
Brown, S 2004, &#145;How to extract cash from old bricks&#39;, The Estates Gazette, 4 Sept, pp. 112&#150;113.
Carbon Trust 2008, Low carbon refurbishment of buildings, Carbon Trust, London, accessed 12 October 2010 http://www.carbontrust.co.uk/Publications/pages/publicationdetail.aspx?id=CTV 038
Clark, DE and Herrin, WE 1997, &#145;Historical preservation and home sale prices: Evidence from the Sacramento housing market&#39;, The Review of Regional Studies, vol. 27, no. 1, pp. 29&#150;48.
Coulson, NE and Lahr, ML 2005, &#145;Gracing the land of Elvis and Beale Street: Historic designation and property values in Memphis&#39;, Real Estate Economics, vol. 33, no. 3, pp. 487&#150;507.
Deodhar, V 2004, &#145;Does the housing market value heritage? Some empirical evidence&#39;, Macquarie Economics Research Paper, no. 3, accessed 10 October 2010. http://www.heritage.wa.gov.au/assets/files/LG publications/SyndeyResearchHo usingMarket.pdf
Dixon, T 2009, Property in the economy &#150; Sustainability and corporate real estate, RICS, London.
Dominy, C 2001, The economics of heritage listings: The impacts of heritage requirements on the financial viability of individual development proposals. University of Western Sydney, Sydney.
 (Cth).Environment Protection and Biodiversity Conservation Act 1999
Environmental Protection Authority Western Australia (EPAWA) 2007, State of the environment report: Western Australia, Environmental Protection Authority, Perth, WA, accessed Feb. 2008.http://www.soe.wa.gov.au/report/heritage.html.
Ford, DA 1989, &#145;The effect of historic district registration on single family home prices&#39;, ARUEA Journal, vol. 17, no. 3, pp. 353&#150;342.
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Gore, A 2006, An Inconvenient Truth, motion picture, Lawrence Bender Productions and Participant Productions, distributed by Paramount Classics, United States.
Heritage Council of Western Australia (HCWA) and Tourism Western Australia 2005, A heritage tourism strategy for Western Australia: Background paper, Heritage Council of Western Australia, Perth.
Horrigan, K 2009, A study of international approaches to the relationship between heritage conservation and sustainability, final report of 2009 Churchill Fellowship, Winston Churchill Memorial Trust of Australia., accessed 12 October 2010 www.churchilltrust.com.au/site media/./Horrigan Kenneth 2009.pdf
International Valuation Standards Committee 2007, International valuation standards, IVGN No. 15 &#150; Valuation of historic property, International Valuation Standards Committee, London.
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Irons, J 2009, &#145;Heritage listing and property value&#39;, dissertation presented to the Queensland University of Technology School of Urban Development in partial fulfilment of the requirements for a Master of Property Economics, Queensland University of Technology, Brisbane.
Irons, J and Armitage, LA 2010, &#145;Heritage listing and property value: an Australian perspective of the legislative framework&#39;, paper presented to the European Real Estate Society Conference, Milan, 23 to 26 June 2010.
Irons, J and Armitage LA 2011, forthcoming. &#145;Heritage listing and property value: The Australian experience.&#39; Manuscript currently under peer review.
Nahkies, B 2002, &#145;Heritage protection &#150; redefining highest and best use&#39;, paper presented to the 8 annual Pacific Rim Real Estate Society Conference, 18&#150;21 January, Christchurch, New Zealand.
New South Wales Heritage Office 2002, Local government heritage guidelines, NSW Heritage Office, Sydney.
Quigley, J 1987, Incentives for heritage conservation and the effect of heritage listing on the value of residential properties, South Australian Institute of Technology, Adelaide.
RICS 2009, Valuing heritage assets: Final report of a research project examining the case for the valuation of heritage assets, Royal Institution of Chartered Surveyors, London.
Rypkema, DD 2005, The economics of historic preservation: a community leader&#39;s guide, National Trust for Historic Preservation, Washington DC, USA.
Scanlon, K, Edge A and Willmott, T 1994, The listing of buildings: The effect on value, RICS, London.
Schaeffer, P V and Millerick C A 1991, &#145;The impact of historic district designation on property values: An empirical study&#39;, The Economic Development Quarterly, vol.5, no. 2, pp. 301&#150;331.
Shipley, R. 2000, &#145;Heritage designation and property values: Is there an effect?&#39;, International Journal of Heritage Studies, vol. 6, no. 1, pp. 83&#150;100.
Stern, N 2006, The economics of climate change, Cambridge University Press, Cambridge.
Wikipedia 2010, accessed 19 October 2010, http://en.wikipedia.org/wiki/Stewardship
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/the-value-of-built-heritage-community-economy-and-environment</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume17-2011/distribution-payout-practices-and-the-collapse-of-a-reits</link>
<title><![CDATA[Distribution Payout Practices and the Collapse of A-Reits]]></title>
<description><![CDATA[In the lead up to the Global Financial Crisis, A-REITS pursued aggressive distribution practices. Payout ratios significantly in excess of 100% of underlying earnings became common place, funded largely from increased borrowings. The GFC painfully exposed the unsustainability of this practice. A-REITs were punished when the global debt markets froze and property values crashed, leading to massive equity destruction for over geared A-REITs. This research explores the pre-GFC distributions practices of A-REITs. Annual report financial data analysis and semi-structured interviews with five industry experts were conducted to examine A-REIT distribution practices. The results reveal a clear systematic decline in the relationship between underlying earnings and distributions. It is further discovered that the since abandoned practice of distributing un-realised profits was designed to boost share prices. Paradoxically, it eventually led to their decline and the A-REIT sector&#39;s demise.
]]></description>
<content><![CDATA[Boudry, W., Coulson E., Kallberg J. and Liu C. (2010), On the Hybrid Nature of REITs. working paper.
Boudry, W., Kallberg J. and Liu C. (2010), An Analysis of REIT Security Issuance Decisions, Real Estate Economics 38(1):30.
Bradley, M., Capozza D. and Seguin, P. (1998), Dividend Policy and Cash-Flow Uncertainty, Real Estate Economics 26(4):25.
Charmaz, K. (2004), Grounded Theory, In Approaches to Qualitative Research: A Reader on Theory and Practice,eds. Nagy S., Hesse-Biber and Leavy, P. New York: Oxford University Press.
Feng, Z, Ghosh, C. and Sirmans, C.F. (2007) On the Capital Structure of Real Estate Investment Trusts (REITs), Journal of Real Estate Finance and Economics 34:25.
Ghosh, C. and Sirmans, C.F. (2006) Do Managerial Motives Impact Dividend Decisions in REITs, Journal of Real Estate Finance and Economics 32:29.
Hardin, W and Hill, M. (2008), REIT Dividend Determinants: Excess Dividends and Capital Markets, Real Estate Economics 36(2).:22.
Kallberg, J., Liu, C. and Srinivasan, A. (2003), Dividend Pricing Models and REITs, Real Estate Economics 31(3):16.
Kumar, R. (2005), Research methodology: a step by step guide for beginners. 2 Edition.Sydney: Pearson Education Australia.
Modigliani, F. and Miller, M. (1958), The Cost of Capital, Corporation Finance and the Theory of Investment, The American Economic Review 48(3):37.
Newell, G. and Yen, K. (2005), Factors influencing the performance of Listed Property Trusts. Pacific Rim Real Estate Society.Melbourne.
Oliver, S. (2004), Listed Property Trust Changes - Implications for investors.
Ott, S., Riddiough, T. and Yi, H. (2005), Finance, Investment, and Investment Performance: Evidence from the REIT Sector, Real Estate Economics 33(1):23.
Strauss, A. and Corbin, J. (1998), Basics of qualitative research: techniques and procedures for developing. 1st Edition.
Wang, K., Erickson, J. and Gau, G. (1993), Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts, Journal of the American Real Estate and Urban Economics Association 21(2):17.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/distribution-payout-practices-and-the-collapse-of-a-reits</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume17-2011/the-impact-of-alternative-assets-on-the-role-of-direct-property-in-australian-mixed-asset-portfolios</link>
<title><![CDATA[The Impact of Alternative Assets on the Role of Direct Property in Australian Mixed-Asset Portfolios]]></title>
<description><![CDATA[Australian superannuation funds have increased their allocations to the alternative assets in recent years; this includes private equity, infrastructure, hedge funds and commodities. This raises the issue of whether this increased allocation to these alternative assets impacts on the strategic role and allocation of direct property in the Australian mixed-asset portfolio, due to the potential increased competition between these assets. This paper assesses the risk-adjusted performance and portfolio diversification benefits of direct property and various alternative assets over 1995&#150;2009 and their role in optimal mixed-asset portfolios. While direct property is still seen to play a key role in the portfolio, direct property plays a less significant role in the portfolio when the alternative assets are included. In particular, Australian unlisted infrastructure and listed infrastructure are seen as key alternative assets across a significant portion of the portfolio risk spectrum. This is seen as validating the investment strategy of Australian superannuation funds who have significant exposure to the infrastructure sector.
]]></description>
<content><![CDATA[Ankrim, E. and C. Hensel (1993), Commodities in asset allocation: a real-asset alternative to real estate. Financial Analysts Journal, May: 20&#150;29.
Australian Prudential Regulatory Authority (2011a), Annual Superannuation Bulletin: June 2010. APRA.
Australian Prudential Regulatory Authority (2011b), Statistics: Quarterly Superannuation Performance: December 2010. APRA.
Blundell-Wignall, A. (2007), An Overview of Hedge Funds and Structured Products: Issues in Leverage and Risk. OECD.
Bond, S., Karolyi, A. and A. Sanders (2003), International real estate returns: a multifactor, multi-country approach. Real Estate Economics, 31: 481&#150;500.
Bond, S., Hwang, S., Mitchell, P. and S.Satchell (2007), Will private equity and hedge funds replace real estate in mixed-asset portfolios? Journal of Portfolio Management, Special Issue: 74&#150;84.
Finkenzeller, K., Dechant, T. and W. Schafers (2010), Infrastructure: a new dimension of real estate? an asset allocation analysis. Journal of Property Investment and Finance, 28: 263&#150;274.
Geltner, D. (1993), Estimating market values from appraised values without assuming an efficient market. Journal of Real Estate Research, 8: 325&#150;345.
Georgiev, G., Gupta, B. and T. Kunkel (2003), Benefits of real estate investment. Journal of Portfolio Management, Special Issue: 28&#150;34.
Hoesli, M., Lekander, J. and W. Witkiewicz (2004), International evidence on real estate as a portfolio diversifier. Journal of Real Estate Research, 26: 165&#150;206.
Hudson-Wilson, S., Fabozzi, F. and J. Gordon (2003), Why real estate. Journal of Portfolio Management, Special Issue: 12&#150;24.
Hung, K., Onayev, Z. and C. Tu (2008), Time-varying diversification effect of real estate in institutional portfolios: when alternative assets are considered. Journal of Real Estate Portfolio Management, 14: 241&#150;261.
IPD/PCA (2009), Investment Performance Index: June 2009. IPD/PCA.
Ling, D. and A. Naranjo (2002), Commercial real estate return performance: a crosscountry analysis. Journal of Real Estate Finance and Economics, 24: 119&#150;142.
Mueller, A. and G. Mueller (2003), Public and private real estate in a mixed-asset portfolio. Journal of Real Estate Portfolio Management, 9: 193&#150;203.
Newell, G. (2005), The changing dynamics of Australian commercial property portfolios. Australian Property Journal, 38: 553&#150;558.
Newell, G. (2007a), The significance of property in industry-based superannuation funds. Australian and New Zealand Property Journal, 1: 34&#150;43.
Newell, G. (2007b), The significance of wholesale property funds. Australian and New Zealand Property Journal, 1: 216&#150;223.
Newell, G. (2008), The significance of property in superannuation funds. Australian and New Zealand Property Journal, 1: 670&#150;677.
Newell, G., Chau, K.W. and S.K. Wong (2009), The significance and performance of infrastructure in China. Journal of Property Investment and Finance, 27:180&#150;202.
Newell, G. and H.W. Peng (2008a), Assessing the significance of motivating factors and risk factors in infrastructure funds management. Pacific Rim Property Research Journal, 14: 399&#150;411.
Newell, G. and H.W. Peng (2008b), The role of US infrastructure in investment portfolios. Journal of Real Estate Portfolio Management, 14: 21&#150;34.
Newell, G., Peng, H.W. and A. DeFrancesco (2011), The performance of unlisted infrastructure in investment portfolios. Journal of Property Research, 28: 59&#150;74.
Peng, H.W. and G. Newell (2007), The significance of infrastructure in Australian investment portfolios. Pacific Rim Property Research Journal, 13: 423&#150;450.
Peyton, M. and F. Lotito (2007), Real estate: the classic diversifying asset. PREA Quarterly, Winter: 54&#150;60.
Preqin (2011a), Australian Investor Outlook: Private Equity. Preqin.
Preqin (2011b), 2011: A Year of Recovery? Private Equity Spotlight. Preqin.
Preqin (2011c), The 2011 Infrastructure Market. Infrastructure Spotlight. Preqin.
Preqin (2011d), Public Pension Plans and Alternative Assets. Preqin.
Russell Investments (2010), 2010 Global Survey on Alternative Investing. Russell Investments.
Sa-Aadu, J., Shilling, J. and A. Tiwari (2010), On the portfolio properties of real estate in good times and bad times. Real Estate Economics, 38: 529&#150;565.
Singhal, S., Newell, G. and K. Nguyen (2011), The significance and performance of infrastructure in India. Journal of Property Research, 28: 15&#150;34.
Sirmans, C. and E. Worzala (2003), International direct real estate investment: a review of the literature. Urban Studies, 40: 1081&#150;1114.
Terhaar, K., Staub, R. and B. Singer (2003), Appropriate policy allocation for alternative investments. Journal of Portfolio Management, 29: 101&#150;110.
Worzala, E. and C. Sirmans (2003), Investing in international real estate stocks: a review of the literature. Urban Studies, 40: 1115&#150;1149.
]]></content>
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<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/developing-guidelines-for-riverfront-developments-for-malaysia</link>
<title><![CDATA[Developing Guidelines for Riverfront Developments for Malaysia]]></title>
<description><![CDATA[Rivers and water are important resources for human life, the environment and national development. In Malaysia, the importance of rivers as the focal point of cities was established from the early times of civilisation and will remain so. Population growth, economic growth, urbanisation and increased technology have transformed many Malaysian river systems from water industries into non water industries. Due to these changes, the functions of riverfront areas have also changed and the current pattern of riverfront development in Malaysia now focuses more on mixed-use development and recreation.
To date, numbers of riverfront development projects are being developed in Malaysia for recreation, residential and mixed-use. Unfortunately, in most cases, the developments identified are not successful, having cost effects more than their economic value. Example are increases in water pollution indexes and rates of juvenile problems.
The focus of this study was to identify the attributes of riverfront development, in order to develop guidelines for riverfront development for Malaysia. The findings of this study were based on interviews conducted with Government officers, Property developers, and the Waterfront community from three case study areas (qualitative phase), and from questionnaires mailed and e-mailed to property development companies listed under Bursa Malaysia (quantitative phase). The findings identified 18 attributes to be used in assisting developers when undertaking riverfront projects in the future. The attributes identified were then recommended to be used as guidelines of best practices of riverfront development in Malaysia.
]]></description>
<content><![CDATA[Abidin, R. Z. R. Z. (2004). Water resources management in Malaysia: The way forward. Paper presented at the Asia Water 2004 (30 March - 02 April 2004).
Andaya, B. W., &amp; Andaya, L. Y. (2001). A history of Malaysia (Second ed.). Hampshire, Britain: Palsgrave.
Bertsch, H. (2008). The key elements to successful waterfront design. Real Estate Weekly, 54.39.
Bicknell, K. B., &amp; Gan, C. (1997). The value of waterway enhancement in Christchurch: A preliminary analysis (Department of Economics and Marketing discussion paper). Canterbury, New Zealand: Department of Economics and Marketing.
Breen, A., &amp; Rigby, D. (1996). The new waterfront: A worldwide urban success story. New York: McGraw-Hill.
Breen, A., &amp; Rigby, D. (Eds.). (1994). Waterfronts: Cities reclaim their edge. United State: McGraw-Hill, Inc.
Bruttomesso, R. (2006). Waterfront development: A strategic choice for cities on water. Paper presented at the Waterfront Development Forum: China Maritime (02 March 2006), Hong Kong.
Bursa Malaysia. (2009). Kuala Lumpur, Malaysia: Bursa Malaysia.
Butuner, B. (2006). Waterfront Revitalisation as a Challengeing Urban Issue. Paper presented at the 42nd ISoCaRP Congress.
Choguill, C. L. (1996). Towards sustainability of human settlements. Habitat International, 20(3), v-viii.
Cohen, J. W. (1988). Statistical power analysis for the behavioral sciences (2 ed.). New Jersey: Lawrence Erlbaum Associates.
Concise Oxford English Dictionary (Ed.). (2009). (11 ed.). Oxford: Oxford University Press.
Costanza, R. (1999). The ecological, economic, and social importance of the oceans. Ecological Economics, 31, 199&#150;213.
Creswell, J. W., Clark, V. L. P., Gutmann, M. L., &amp; Hanson, W. E. (2003). Advanced mixed-methods research designs. In A. Tashakorri &amp; C. Teddlie (Eds.), Mixed methods in social &amp; behavioral research (pp. 209&#150;240). Thousand Oaks, California: Sage Publications, Inc.
Dong, L. (2004). Waterfront developmenA case study of Dalian, China. Unpublished master thesis, University of Waterloo, Canada.
Gaffen, Y. G. (2004). Cities riding waves of success with well planned waterfront restoration. Public Management, 86(10).
Hair, J. F., Black, B., Babin, B., Anderson, R. E., &amp; Tatham, R. L. (2006). Multivariate Data Analysis (6th ed.): Prentice Hall.
Hoyle, B. (2002). Urban waterfront revitalisation in developing countries: The example of Zanzibar&#39;s Stone Town. The Geographical Book, 168(2), 141&#150;162.
Hussein, H. (2006). Urban recreational riverfronts: Successful revitalisation elements. Book of Design and the Built Environment, 2(1).
Kitchin, R., &amp; Tate, N. J. (2000). Conducting research in human geography: Theory, methodology and practice. Harlow: Prentice Hall.
Latip, N. S. A., Heath, T., Shamsuddin, S., Liew, M. S., &amp; Vallyutham, K. (2010). The contextual integration and sustainable development of Kuala Lumpur&#39;s city centre waterfront: An evaluation of the policies, law and guidelines. Paper presented at the The World, Engineering, Science and Technology Congress (ESTCON 2010) (15&#150;17 June 2010), Kuala Lumpur Convention Centre, Malaysia.
Logan, J. R. (2001). The New Ethnic Enclaves in America&#39;s Suburbs. Albany, New York: Lewis Mumford Center.
Malaysian Department of Drainage and Irrigation. (2009). Manual and guidelines for water management. Kuala Lumpur, Malaysia: Ministry of Natural Resource and Environment.
Malaysian Department of Environment. (2007). Environmental Quality Report, 2007. Kuala Lumpur, Malaysia: Department of Environment, Ministry of Natural Resources and Environment.
Mann, R. (Ed.). (1973). Rivers in the city. Newton Abbot: David &amp; Charles.
Meyer, W. B., &amp; B.L.Turner. (1991). Changes in land use and land cover: A global perspective. Cambridge: Cambridge University Press.
Morse, J. M. (2003). Principles of mixed-method and multi-method research design. In A. Tashakorri &amp; C. Teddlie (Eds.), Handbook of mixed method in social and behavioral research (pp. 189&#150;207). Thousand Oaks, California: Sage Publication, Inc.
Murray, G. (2003). A Room with a Water View. Beijing Review, 46(19), 26.
Newman, I., &amp; McNeil, K. (1998). Conducting survey research in the social sciences. Lanham, Maryland: University Press of America.
Ryckbost, P. (2005). Redeveloping urban waterfront property. USA: University of Michigan.
Sapsford, R., &amp; Jupp, V. (2006). Data collection and analysis. London: SAGE Publications.
Sekaran, U. (2003). Research methods for business: A skill building approach (4th edition ed.). New York, NY: John Wiley &amp; Sons.
Sweet, S. A., &amp; Grace-Martin, K. (2008). Data analysis with SPSS: A first course in applied statistics (3 ed.). USA: Pearson Education, Inc.
Tashakkori, A., &amp; Teddlie, C. (2003). Mixed methods in social and behavioral research. California: SAGE Publications Incorporated.
Tong, S. T. Y., &amp; Chen, W. (2002). Modeling the relationship between land use and surface water quality. Book of Environmental Management, 66, 377&#150;393.
Torre, L. A. (1989). Waterfront development. New York: Van Nostrand Reinhold.
Tunbridge, J., &amp; Ashworth, G. (1992). Leisure resource development in cityport revitalisation: The tourist-historic dimension. In B. Hoyle &amp; D. Pinder (Eds.), European port cities in transition (pp. 177&#150;199). London: Belhaven Press.
Wagner, W. E. (2010). Using SPSS for social statistics and research methods (2 ed.). Thousand Oaks, California: Pine Forge Press.
Watson, J. S. (1986). Ross&#39;s landinA river edge park opportunity. Paper presented at the 2nd International Conference on Making Cities Liable.
Weng, C. N. (2002). Sustainable management of rivers in Malaysia: Involving all stakeholders. Paper presented at the Regional Symposium on Environment and Natural Resources (10&#150;11 April 2002).
Weng, C. N. (2005). Sustainable management of rivers in Malaysia - Involving all stakeholders. International Book River Basin Management, 3(3), 147&#150;162.
Weng, C. N. (2009). Issue and challenges in water governance in Malaysia. Environmental Health Science Engineering, 6(3), 143&#150;152.
Weng, C. N., Ibrahim, A. L., &amp; Hajar, A. R. (2002). The role of Non-Governmental Organisations in water resources management in Malaysia. Paper presented at the Regional Symposium on Environment and Natural Resources (10&#150;11 April 2002), Hotel Renaissance Kuala Lumpur, Malaysia.
Wrenn, D. M. (1983). Urban waterfront development. Washington, D.C.: The Urban Land Institute.
Yassin, A. M., Eves, C., &amp; McDonagh, J. (2010a). An evolution of waterfront development in Malaysia. Paper presented at the 16 Pacific Rim Real Estate Society Conference (24&#150;27 January 2010), Intercontinental Hotel, Wellington, New Zealand.
Yassin, A. M., Eves, C., &amp; McDonagh, J. (2010b). Waterfront development in Malaysia: Do we have sustainable governance?. Paper presented at the PhD. Colloqium Program for 16 Pacific Rim Real Estate Society Conference (24&#150;27 January 2010) Intercontinental Hotel, Wellington, New Zealand.
Yunus, A. J. M., Nakagoshi, N., &amp; Ibrahim, A. L. (2003). Application of GIS and Remote Sensing for measuring and evaluating land-use change and its impact on water quality in the Penang River Watershed. Ecol. Civil Eng., 6(1), 97&#150;110.
Zhang, L. (2002). An evaluation an urban riverfront park, Riverfront Park, Spokane, Washington- Experience and lessons for designer. Unpublished master thesis, Washington State University, United States.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/developing-guidelines-for-riverfront-developments-for-malaysia</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume17-2011/sustainability-the-crucial-challenge-for-the-valuation-profession</link>
<title><![CDATA[Sustainability &#150; The Crucial Challenge for the Valuation Profession]]></title>
<description><![CDATA[Valuation has a pivotal role in increasing the level of sustainability in the built environment. To date, sustainability has received limited attention in valuation practice, and as a result the relationship between sustainability and market value has not been clearly defined. As a consequence, the commercial investment community are hesitant to invest in sustainability beyond best practice management techniques. Valuers&#39; lack of acknowledgement of sustainability in valuation practice and its changing role in property investment in the built environment, has had a potentially detrimental impact by limiting investment in sustainability in commercial property. Consequently, this lack of acknowledgment and incorporation of sustainability in practice has the potential to cause chaos within the market in the future.
It was found that valuers, per se, are inexperienced and have limited knowledge of sustainability in commercial property. Due to differences between generations of valuers, this paper examines whether &#145;younger&#39; valuers&#39;  knowledge of sustainability, as a concept, measurement and any possible relationship with market value is more extensive than senior valuers. Or whether senior valuers experiences in the market are more sensitive to the change sustainability is having in the commercial property market. A key issue for the profession concerning sustainability and its effect on the market is the limited channels for knowledge development. The implications of this research are the need for increased curriculum in university education, so knowledge dissemination across the profession can be achieved. The development of knowledge of sustainability and its relationship in commercial property will progress the incorporation of sustainability in valuation practice. As a consequence, this will increase the investment in sustainability in the commercial property market.]]></description>
<content><![CDATA[Anonymous, (2005) &#145;Assigning value to green buildings&#39;, Building Operating Management, Vol. 52, Issue 12, p 34.
API, (2007) Valuation Principles and Practice, Australian Property Institute, Deakin, ACT.
Baum, A., Crosby, N., &amp; MacGregor, B., (1996) &#145;Price formation, mispricing and investment analysis in the property market&#39;, Journal of Property Valuation and Investment, Vol. 14, pp. 36&#150;49
Boughey, J., (2000) &#145;Environmental valuation, real property and sustainability&#39;. in RICS RESEARCH FOUNDATION (Ed.) The Cutting Edge 2000. Liverpool John Moores University, Liverpool.
Bowman, R. &amp; Wills, J., (2008) Valuing Green: How Green Buildings Affect Property Values and Getting the Valuation Method Right, Australian Green Building Council, Melbourne
Cadman, D., (2000) &#145;The vicious circle of blame&#39;, in Upstream, accessed 17th September 2006, from http//:www.upstreamstrategies.co.uk.
Edgerton, N., (2007) &#145;Perceptions of the relationship between sustainability and market value&#39;, accessed from Your Building, at www.yourbuilding.org on 19 September 2007.
Emary, R., (1997) &#145;Chapter 5: New Zealand&#39;, in Gelbtuch, H. C., Mackim, D. &amp; M.R., M. (Eds.) Real Estate Valuation in Global Markets, Appraisal Institute, Chicago.
Havard, T., (1996) &#145;Valuation Variance: A Study of the Relationships between process, character and behaviour&#39;, Proceedings of RICS Cutting Edge Conference, London, Royal Institution of Chartered Surveyors, London.
Havard, T., (1999) &#145;Why do valuers get it wrong? A survey of senior commercial valuation practitioners&#39;, Proceedings of RICS Cutting Edge Conference, Royal Institution of Chartered Surveyors, University of Cambridge, Cambridge.
Holdsworth, S., Wyborn, C., Bekessy, S., and Thomas, I., (2008) &#145;Professional development for education for sustainability: How advanced are Australian universities?&#39;, International Journal of Sustainability in Higher Education, Vol. 9, No. 2, pp. 131&#150;146.
JLL, (2004) Commercial Property Going Green, Jones Lang LaSalle, Sydney.
JLL, (2006) Assessing the Value of Sustainability, Jones Lang LaSalle, Sydney.
JLL, (2007) Sustainability 101, Jones Lang LaSalle, Wellington.
JLL, (2008) Global Trends in Sustainable Real Estate: An Occupier&#39;s Perspective. Jones Lang LaSalle and CoreNet, February 2008, Sydney.
Kats, G., (2003) &#145;The Costs and Financial Benefits of Green Buildings&#39; in SUSTAINABLE BUILDING TASK FORCE (Ed.) A Report to California&#39;s Sustainable Task Force, CA.
Levy, D. &amp; Schuck, E., (2005) &#145;The influence of clients on valuation: the clients perspective&#39;, Journal of Property Investment and Finance, Vol. 23, pp. 182&#150;201.
Lorenz, D., (2008) &#145;Breaking the Vicious Circle of Blame&#39;, RICS Findings in Built and Rural Environments, Royal Institution of Chartered Surveyors, June 2008, London.
Lorenz, D., Truck, S. &amp; Lutzkendorf, T., (2007) &#145;Exploring the relationship between the sustainability of construction and market value; Theoretical basics and initial empirical results from the residential property sector&#39;, Property Management, Vol. 25, Issue 5, pp. 119&#150;149.
Lorenz, D., D&#39;amato, M., Desrosiers, F., Elder, B., Vangenne, F., Hartenberger, U., Hill, S., Jones, K., Kauko, T., Kimmet, P., Lorch, R., Lutzkendorf, T. &amp; Percy, J., (2008) &#145;Sustainable Property Investment and Management: Key Issues &amp; Major Challenges&#39; in RICS (Ed.). RICS Research, Royal Institution of Chartered Surveyors, London.
Mackmin, D. &amp; Emary, R., (2000) &#145;The assessment of worth: the need for standards&#39;, Journal of Property Investment and Finance, Vol. 18, Issue 1, pp. 52&#150;65.
Madew, R., (2006) The Dollars and Sense of Green Buildings 2006, Australian Green Building Council, Sydney.
New Zealand Ministry for Environment, (2006) Value Case for Sustainable Buildings in New Zealand, Ministry for Environment, New Zealand Government, Wellington.
New Zealand Ministry for Environment, (2007) Sustainable Government Office Buildings: Value Cases for achieving Green Star NZ: 4 star, 5 Star and 5 Star + environmental ratings, 2nd ed., Ministry for Environment, New Zealand Government, Wellington.
Paumgarten, P. V., (2003) &#145;The business case for high performance green buildings: Sustainability and its financial impact&#39;, Journal of Facilities Management, Vol. 2, Issue 1, pp 26&#150;52.
Reed, R. G., (Ed.) (2007) The Valuation of Real Estate: The Australian Edition of the Appraisal of Real Estate, Union Offset Printers, Canberra.
RICS, (2005) &#145;Green Value - Green Buildings, Growing Assets&#39;, IN RICS (Ed.) Green Value, Royal Institution of Chartered Surveyors Canada and UK.
RICS, (2009) Sustainability and Commercial Property Valuation, RICS VIP, Royal Institution of Chartered Surveyors, London, September 2009
Robinson, J., (2005) &#145;Property Valuation and Analysis applied to Environmentally Sustainable Development&#39;, PRRES Eleventh Annual Conference, The University of Melbourne, Melbourne.
Robinson, J. &amp; Lawther, P., (2005) &#145;The Valuation and Appraisal of Sustainable Development&#39;, in Facilities Business and its Management, Technical Research Centre of Finland, Helsinki, Finland.
Sayce, S. &amp; Ellison, L., (2003) &#145;Towards sustainability indicators for commercial property occupiers and owners&#39;, Kingston University, Kingston.
Warren-Myers, G., (2010), Valuation practice issues in commercial property: the relationship between sustainability and market value, Ph.D thesis, University of Melbourne.
3 International Conference in Sustainability and Energy in Buildings, June 2011, Marseille, France 
Warren-Myers, G., (2011a), The value of sustainability in real estate: a review from a valuation perspective, Journal of Property Investment and Finance, Vol. 30, Issue 2.
Warren-Myers, G., Reed, R., (2010) Identifying and Examining Links between Sustainability and Value: Evidence from Australia and New Zealand, Journal of Sustainable Real Estate, Vol. 2.
Warren-Myers, G., Warren, C., Bienert, S. (2009) &#145;Valuation and Sustainability: Are rating tools enough?&#39; Paper presented at the 17th Annual ERES Conference, June 2009, Stockholm, Sweden.
Whipple, R., (1995) Property Valuation and Analysis, The Law Book Company, Riverwood, NSW, Australia.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/sustainability-the-crucial-challenge-for-the-valuation-profession</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/exploring-australian-housing-supply-volatility</link>
<title><![CDATA[Exploring Australian Housing Supply Volatility]]></title>
<description><![CDATA[This study examines the volatility series of housing supply in Australia. A Generalised Autoregressive Conditional Heteroskedasticity-in-Mean (GARCH-M) model is employed to analyse the volatility series of Australian housing supply over the study period of 1974&#150;2010. The results show the volatility of housing starts is negatively linked to housing starts, suggesting that higher uncertainty does lower housing starts. The results also reveal that the uncertainty of housing starts is also captured by the volatilities of interest rates and construction costs. Therefore policy makers should monitor and attempt to minimise the volatility of housing supply. These steps will enhance housing construction activities and increase the availability of housing supply to potential home buyers.
]]></description>
<content><![CDATA[ABS (2007) Household wealth &amp; wealth distribution, Canberra, Australia, Australian Bureua of Statistics.
ABS (2008) Australian social trend (4102.0), Canberra, Australia, Australian Bureua of Statistics.
ABS (2010a) Dwelling unit commencements: June quarter 2010, Canberra, Australian Bureau of Statistics.
ABS (2010b) House price indexes: eight capital cities, Canberra, Australian Bureau of Statistics.
Bollerslev, T. (1986) Generalized autoregressive conditional heteroskedasticity. Book of Econometrics, 31: 307&#150;327.
Bulan, L., Mayer, C. &amp; Somerville, C. T. (2009) Irreversible investment, real options, and competition: evidence from real estate development. Book of Urban Economics, 65: 237&#150;251.
Clemhout, S. (1981) The impact of housing cyclicality on the construction of residential units and housing costs. Land Economics, 57: 609&#150;623.
Cotter, J. &amp; Stevenson, S. (2006) Multivariate modeling of daily REIT volatility. Book of Real Estate Finance and Economics, 32: 305&#150;325.
Coulson, N. E. (1999) Housing inventory and completion. Book of Real Estate Finance and Economics, 18: 89&#150;105.
Coulson, N. E. &amp; Richard, C. (1996) The dynamic impact of unseasonable weather on construction activity. Real Estate Economics, 24: 179&#150;194.
Crawford, G. W. &amp; Fratantoni, M. C. (2003) Assessing the forecasting performance of Regime-Switching, ARIMA and GARCH models of house prices. Real Estate Economics, 31: 223&#150;243.
Cunningham, C. R. (2006) House price uncertainty, timing of development, and vacant land prices: evidence for real options in Seattle. Book of Urban Economics, 59: 1&#150;31.
Cunningham, C. R. (2007) Growth controls, real options and land development. The Review of Economics and Statistics, 89: 343&#150;358.
DiPasquale, D. &amp; Wheaton, W. C. (1994) Housing market dynamics and the future of housing prices. Book of Urban Economics, 3: 51&#150;28.
Engle, R. F. (1982) Autoregressive conditional heteroscedasticity with estimates of the variance of United Kingdom inflation. Econometrica, 50: 987&#150;1008.
Goodman, J. L. (1986) Reducing the error in monthly housing starts estimates. AREUEA Book, 14: 557&#150;566.
Hui, E. C. M. &amp; Fung, H. H. K. (2009) Real estate development as real options. Construction Management and Economics, 27: 221&#150;227.
Lee, C. L. (2009a) Housing price volatility and its determinants. International Book of Housing Markets and Analysis, 2: 293&#150;308.
Lee, C. L. (2009b) Volatility transmission in Australian REIT futures. Book of Real Estate Portfolio Management, 15: 221&#150;238.
Liow, K. H., Ho, D. K. H., Ibrahim, M. F. &amp; Chen, Z. (2009) Correlation and volatility dynamics in international real estate securities markets. Book of Real Estate Finance and Economics, 39: 202&#150;223.
Malpezzi, S. &amp; Maclennan, D. (2001) The long-run price elasticity of supply of new residential construction in the United States and the United Kindgom. Book of Housing Economics, 10: 278&#150;306.
Malpezzi, S. &amp; Wachter, S. M. (2005) The role of speculation in real estate cycles. Book of Real Estate Literature, 13: 143&#150;164.
Mayer, C. &amp; Somerville, C. T. (2000) Residential construction: Using the urban growth model to estimate housing supply. Book of Urban Economics, 48: 85&#150;109.
Miles, W. (2008) Volatility clustering in U.S. home prices. Book of Real Estate Research, 30: 73&#150;90.
Miles, W. (2009) Irreversibility, uncertainty and housing investment. Book of Real Estate Finance and Economics, 38: 173&#150;182.
Miller, N. &amp; Peng, L. (2006) Exploring metropolitan house price volatility. Book of Real Estate Finance and Economics, 33: 5&#150;18.
Quigg, L. (1993) Empirical testing of real option-pricing models. Book of Finance, 48: 621&#150;640.
REIA (2010) REIA Real Estate Market Facts, Sydney, Real Estate Institute of Australia.
Somerville, C. T. (1999) Residential construction costs and the supply of new housing. Book of Real Estate Finance and Economics, 18: 43&#150;62.
Somerville, C. T. (2001) Permits, starts, and completions: structural relationships versus real options. Real Estate Economics, 29: 161&#150;190.
Stevenson, S. (2002) An examination of volatility spillovers in REIT returns. Book of Real Estate Portfolio Management, 8: 229&#150;238.
Stevenson, S. &amp; Young, J. (2007) Forecasting housing supply: empirical evidence from the Irish market. European Journal of Housing Policy, 7: 1&#150;17.
Titman, S. (1985) Urban land prices under uncertainty. American Economic Review, 75: 505&#150;514.
Tse, R. Y. C. &amp; Webb, J. R. (2006) An economic analysis of housing construction: evidence from Hong Kong. Journal of Construction Research, 7: 1&#150;12.
Vermeulen, W. &amp; Rouwendal, J. (2007) Housing supply in the Netherlands, the Hague, the Netherlands, CPB Netherlands Bureau for Economic Policy Analysis.
Williams, J. (1991) Real estate development as an option. Journal of Real Estate Finance and Economics, 4: 191&#150;208
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/exploring-australian-housing-supply-volatility</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/the-impacts-of-commercial-lease-structures-on-landlord-and-tenant-leasing-behaviours-and-experiences</link>
<title><![CDATA[The Impacts of Commercial Lease Structures on Landlord and Tenant Leasing Behaviours and Experiences]]></title>
<description><![CDATA[The commercial property market in New Zealand is characterized by two standard but distinct lease environments. In Auckland, the commercial core of the economy, net leases dominate, whereas in Wellington, the political capital, gross leases are dominant. These different lease environments have the potential to strongly influence the nature of landlord and tenant relationships in these markets. Using in-depth interviews with key industry personnel, this study examines the perceptions, behaviours, experiences and key issues confronting landlords and tenants under net and gross leases. The paper examines how different lease structures affect the behavioural and attitudinal characteristics of landlords and tenants including: landlord/tenant perceptions of a lease, the operation and maintenance procedures, landlord-tenant relationship, and ultimately, overall satisfaction.
]]></description>
<content><![CDATA[Adair, A.S., Berry, J.N. and McGreal, W.S. (1994). Investment decision making: a behavioural perspective. Journal of Property Finance, 5(4), 32 &#150; 42.
Adamshick, L.T.S. (1995). Understanding operating cost escalations from a tenant&#39;s perspective. Facilities, 13(4), 14 &#150; 19.
Ball, M., Lizieri, C. and MacGregor, B.D. (1998). The economics of commercial property markets. London: Routledge.
Bayleys (2010). Wellington CBD office. Bayleys Research: New Zealand.
Baum, A., Crosby, N., Gallimore, P., Gray, A. and McAllister, P. (2000). The influence of valuers and valuations on the workings of the commercial property market. Report for the Education Trusts of IPF, RICS and Jones Lang LaSalle.
Bierschenk, L.M., Bierschenk, K.R. and Bierschenk, W.C. (1999). Singling out triple net leases. Commercial Investment Real Estate (March/April), 18(2), 17 &#150; 20.
Calvert, J. (2009), The Loughborough Report 2009: commercial property service charges. Loughborough University Business School, Loughborough.
CBRE (2008). Market view: Wellington office, retail, industrial (third quarter). CB Richard Ellis: New Zealand.
Christiansen, W.K.S. (1988). The net lease revisited: what outgoings should be included in the service charge?. The New Zealand Valuers&#39; Journal (March), 27(8), 473 &#150; 474.
Colliers International (2010). Colliers International market indicators report: Auckland metropolitan office. Colliers International: New Zealand.
Crosby, N., Gibson, V. and Murdoch, S. (2003). UK commercial property leases: landlord and tenant mismatch. Urban Studies, 40(8), 1487 &#150; 1516.
Crosby, N., Hughes, C. and Murdoch, S. (2006). Flexible leasing and the small business tenant. Paper presented at 12 Pacific Rim Society Conference, Auckland, New Zealand.
Daly, J., Gronow, S., Jenkins, D. and Plimmer, F. (2003). Consumer behaviour in the valuation of residential property: a comparative study in the UK, Ireland and Australia. Property Management, 21(5), 295 &#150; 314.
Diaz III, J. (1999). The first decade of behavioural research in the discipline of property. Journal of Property Investment and Finance, 17(4), 326 &#150; 332.
Diaz, J. (2000). Peering into the black box: a behavioural approach to real property research. Proceedings, Sixteenth Annual American Real Estate Society Meeting, Santa Barbara, CA.
Dunn, N. (2003). The UK property market: impact of the code of practice for commercial leases in England and Wales. European Retail Digest (Spring), 37, 46 &#150; 47.
Eccles, T. and Holt, A. (2010). Sinking funds within the service charge in the UK office market: evidence upon best and actual practice, Property Management, 28(3), 163 &#150; 173.
Institutional leases in the 21 century 
French, N. and Jones, L.S. (2010), Implications of the changes in user preferences in the economic downturn on investment strategies. Journal of Property Investment and Finance, 28(6), 466 &#150; 474.
Goldman, G. (2000a). Tenant triage: operating on a landlord&#39;s operating expense clause. The Practical Real Estate Lawyer, 16(2), 19 &#150; 28.
Goldman, G. (2000b). The top 100 changes a tenant would like to see in a landlord&#39;s standard lease. The Practical Real Estate Lawyer, 16(6), 19 &#150; 29.
Halvitigala, D., Murphy, L. and Levy, D. (2011) Dominant and non-dominant lease structures and their effect on place-based valuation practices, Journal of Property Investment and Finance, (in Press).
Hamilton, M., Lim, L.C. and McCluskey, W. (2006). The changing pattern of commercial lease terms: evidence from Birmingham, London, Manchester and Belfast. Property Management, 24(1), 31 &#150; 46.
Hardin III, W. (1999). Behavioural research into heuristics and bias as an academic pursuit: lessons from other disciplines and implications for real estate. Journal of Property Investment and Finance, 17(4), 333 &#150; 352.
Harris, E. (2004). The lease audit: is it fair for tenants?. Journal of Corporate Real Estate, 6(4), 335 &#150; 343.
Hennigh, M.S. (2004). Sample tenant exclusions from operating expense &#145;pass-throughs&#39; in gross leases. The Practical Real Estate Lawyer, 20(2), 31 &#150; 37.
Hollyfield, J.S. (1994). Negotiating net leases (with form). The Practical Real Estate Lawyer, 10(1), 61 &#150; 69.
Jaffe, A. and Yang, S.X. (1997). Fun and games in real estate leasing. Real Estate Finance, 14(2), 55 &#150; 62.
Jones Lang LaSalle (2005). The Auckland office market in 2005: where is demand heading?. Jones Lang LaSalle: New Zealand.
Kingsley Lipsey Morgan and IPD. (2007) UK occupier satisfaction index report, RICS http://www.occupiersatisfaction.org.uk/pdf/2007UKOSIreport.pdf (retrieved 12 April, 2011).
Leishman, C. and Watkins, C. (2004). The decision-making behaviour of office occupiers. Journal of Property Investment and Finance, 22(4), 307 &#150; 319.
Levy, D. and Henry, M. (2003). A comparative analysis of US, UK and Australian published property research methodologies and methods. Pacific Rim Property Research Journal, 9(2), 148 &#150; 162.
Levy, D.S. (2005). Conceptualizing the influence of clients on valuations. Unpublished PhD thesis, The University of Auckland, New Zealand.
Lewison, K. (1999). Out of service. Property Week, 64(8), 26 February, 32 &#150; 34.
Lizieri, C., Gibson, V., Crosby, N. and Ward, C. (1997). Right space, right pricea study of the impact of changing business patterns on the property market. London: Royal Institution of Chartered Surveyors.
Mattson-Teig, B. (2000). Net-lease financing keeps tenants&#39; real estate off the books. National Real Estate Investor (March), 74&#150;82.
Metawa, S.A. (1995). The evaluation of lease investment opportunities: a decision-support methodology. Facilities, 13(8), 6 &#150; 17.
Mooradian, R.M. and Yang, S.X. (2002). Commercial real estate leasing, asymmetric information and monopolistic competition. Real Estate Economics, 30(2), 293 &#150; 315.
Noor, M.N.M. and Pitt, M. (2009). A discussion of UK commercial property service charges. Journal of Retail &amp; Leisure Property, 8(2), 119 &#150; 138.
Noor, M.N.M., Pitt, M., Hunter, G. and Tucker, M. (2010). Compliance for RICS code of practice for commercial service charges. Journal of Corporate Real estate, 12(2), 135 &#150; 144.
Pfrang, D.C. and Wittig, S. (2008). Negotiating office lease contracts: from a game-theoretical towards a behavioural view. Journal of European Real Estate Research, 1(1), 88&#150;105.
Property Industry Alliance and CoreNet Global (2010), Occupier Satisfaction Survey, http://www.occupiersatisfaction.org.uk/pdf/2010UKOSIreport.pdf (retrieved 12 April, 2011).
Rasila, H. (2010), Customer relationship quality in landlord-tenant relationship. Property Management, 28(2), 80 &#150; 92.
 (2005). Royal Institution of Chartered Surveyors (RICS), London.RICS Tenant Satisfaction Index: tune into tenant
RICS (2011) RICS Code of Practice: Service charges in commercial property (2 Edn). http://www.rics.org/site/download feed.aspx?fileID=9649&amp;fileExtension=PDF(retrieved 12 April, 2011).
Roberts, C. and Henneberry, J. (2007). Exploring different office investment decision-making in different European contexts. Journal of Property Investment and Finance, 25(3), 289 &#150; 305.
Rothenberg, P.V. and Ruddy, L. (2004). Mind the gap. Journal of Property Management, 69(1), 40 &#150; 44.
Rowland, P. (1994). Liability for repair in non-residential leases. Paper published in the Proceedings of the Fourth Australian Real Estate Educators&#39; Conference, New Zealand.
Rowland, P. (1996). Comparing net with gross rents. Journal of Property Valuation &amp; Investment, 14(3), 20&#150;32.
Rowland, P. (2000). Pricing lease clauses: the prospect of an art becoming science. Journal of Property Investment &amp; Finance, 18(2), 177 &#150; 195.
Rowland, P. (2002). Leasing length and the care of properties. Paper published in the proceedings of the Eighth Pacific Rim Real Estate Society Conference.
Saltz, S.G. (1990). Do tough landlord lease forms really pay off? Real Estate Review, 20(2), 55 &#150; 62.
Silman, G. (2007). Service charges in commercial property &#150; information on the new RICS code of practice. Journal of Retail &amp; Leisure Property, 6(1), 1&#150;7.
Sirmans, C.F. and Miller, N.G. (1997). Research on leases. Real Estate Finance, 14(1), 78 &#150; 83.
Turner, N. and Thomas, M. (2001a). Property market indices and lease structures &#150; the impact on investment return delivery in the UK and Germany: Part I. Journal of Property Investment and Finance, 19(2), 175 &#150; 187.
Turner, N. and Thomas, M. (2001b). Property market indices and lease structures &#150; the impact on investment return delivery in the UK and Germany: Part II. Journal of Property Investment and Finance, 19(3), 296 &#150; 321.
Wyldbore-Smith, M. (1990). Service charges &#150; who needs them?. Property Management, 8(3), 245 &#150; 250.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/the-impacts-of-commercial-lease-structures-on-landlord-and-tenant-leasing-behaviours-and-experiences</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/event-study-of-successful-land-tenders-singapores-evidence-from-2003-to-2010</link>
<title><![CDATA[Event Study of Successful Land Tenders: Singapore&#39;s Evidence from 2003 To 2010]]></title>
<description><![CDATA[This paper adopts the event study methodology in examining the market reaction of the stock price of the winning tenderer from the announcement of the tender win. The companies studied are those listed in the Singapore Stock Exchange (SGX) during the period between 2003 and 2010. The findings from the study show that land tender win announcements resulted in positive abnormal return for the winning companies&#39; stock prices. The underlying factors which are responsible for the positive abnormal return are the level of experience of the winning tenderer, level of uncertainty of the development, number of participating bidders and the type of land zoning for the site. On the other hand, a negative relationship is observed between the bid margin and the abnormal return. The higher the margin, the lower the return will be.
]]></description>
<content><![CDATA[Allen, P. R., and C. F. Sirmans (1987). &quot;An Analysis of Gains to Acquiring Firm&#39;s Shareholders: The Special Case of REITs,&quot; Journal of Financial Economics 18, 175&#150;184.
Bowman, R. G. (1983). &quot;Understanding and Conducting Event Studies,&quot; Journal of Business Finance and Accounting, 10(4), 561&#150;584.
Campbell, D. R., Petrova, M. and Sirmans, C. F. (2003). &quot;Wealth Effect of Diversification and Financial Deal Structuring: Evidence from REIT Property Portfolio Acquisitions,&quot; Real Estate Economics, 31(3), 347&#150;366.
Campbell, R. D., C. Ghosh and C. F. Sirmans, (1998). &quot;The Great REIT Consolidation: Fact or Fancy?&quot; Real Estate Finance, Summer, 45&#150;54.
Chau, K.W., S.K. Wong, C.Y. Yiu, J.K.S. Tse and F.I.H. Preterms. (2010). &quot;Do Unexpected Land Auction Outcomes bring New Information to the Real Estate Market?&quot; Journal of Real Estate Finance and Economics, 40, 480&#150;496.
Ching, S. and Fu Y. (2003). &quot;Contestability of Urban Land Market: an Event Study of Government Land Auctions in Hong Kong,&quot; Regional Science and Urban Economics, 33(6), 695&#150;720.
Fama, E., Fisher, L., Jensen, M., and Roll, R. (1969). &quot;The Adjustment of Stock Prices to New Information,&quot; International Economic Review, 10, 1&#150;21.
Glascock, J., W. Davidson, and C. F. Sirmans (1991). &quot;An Analysis of the Acquisition and Disposal of Real Estate Assets,&quot; Journal ofReal Estate Research 4(3), 131&#150;140.
Hite, G. L., Owers, J. E. and Rogers, R. C. (1984). &quot;The Separation of Real Estate Operations by Spin-off,&quot; Journal of Risk and Insurance, 284&#150;305.
McIntosh, W., Ott, S.H. and Liang, Y. (1995). &quot;The Wealth Effects of Land Acquisition,&quot; Journal ofReal Estate Finance and Economics, 29(3), 277&#150;294.
Ooi, T. L. J, Newell G., and Sing T. F. (2006). &quot;The Growth of REIT Markets in Asia,&quot; Journal ofReal Estate Literature, Vol. 14 No. 2, pp. 203&#150;222.
Ooi T. L. and C. F. Sirmans. (2004). &quot;The Wealth Effects of Land Acquisitions,&quot; Journal ofReal Estate Finance and Economics, 29(3), 277&#150;294.
Price, R. M. (2009). &quot;REIT Holdings and Performance,&quot; Journal of Real Estate Portfolio Management. 15(1), 33&#150;44.
Ting, K.H. (2006) &quot;Impact of the Asian Financial Crisis on Corporate Real Estate Disposals,&quot; Journal of Corporate Real Estate, 8(1), 27&#150;342.
Ting, K.H. (2007) &quot;Impact of the Asian Financial Crisis on Corporate Real Estate Acquisitions,&quot; Journal of Corporate Real Estate, 9(4), 239&#150;256.
Tse, M. K.S., F.I.H. Preterms and K.W. Chau. (2011). Market Sentiments, Winner&#39;s Curse and Bidding Outcome in Land Auctions, Journal of Real Estate Finance and Economics, 42(3), 247&#150;274.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/event-study-of-successful-land-tenders-singapores-evidence-from-2003-to-2010</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/assessing-the-consistency-of-valuation-smoothing-and-the-impact-on-property-in-australian-mixed-asset-portfolios</link>
<title><![CDATA[Assessing The Consistency Of Valuation-Smoothing and the Impact on Property in Australian Mixed-Asset Portfolios]]></title>
<description><![CDATA[The use of valuations in the major property indices has seen valuation-smoothing, leading to under-stated levels of property risk. De-smoothing the property returns has become the standard procedure to obtain more appropriate property risk estimates. The impact of valuation-smoothing on property risk and correlations are assessed for Australian commercial property over 1995&#150;2009. The resulting de-smoothed property risk estimates are shown to need to be increased significantly to account for this impact of valuation-smoothing. The impact of valuation-smoothing on property risk is also shown to vary considerably over time and is influenced by the level of property valuation information available. The resulting impact of valuation-smoothing and more appropriate property risk estimates on the level of property in the mixed-asset portfolio is also assessed. Importantly, even after adjusting for valuation-smoothing, Australian commercial property is still seen to play a significant and important role in the mixed-asset portfolio; further validating the contribution of commercial property as an important asset class in an Australian portfolio.
]]></description>
<content><![CDATA[Australian Prudential Regulatory Authority (2011a), Annual Superannuation Bulletin: June 2010. APRA.
Australian Prudential Regulatory Authority (2011b), Statistics: Quarterly Superannuation Performance: December 2010. APRA.
Barkham, R. and Geltner, D. (1994), Unsmoothing British valuation-based returns without assuming an efficient market. Journal of Property Research 11: 81&#150;95.
Blundell, G. and Ward, C. (1987), Property portfolio allocation: a multi-factor model. Land Development Studies 4: 145&#150;156.
Bond, S. and Hwang, S. (2003), A measure of fundamental volatility in the commercial property market. Real Estate Economics 31: 577&#150;600.
Byrne, P. and Lee, S. (2005), The impact of real estate on the terminal wealth of UK mixed-asset portfolios. Journal of Real Estate Portfolio Management 11: 133&#150;146.
Chau, K. W., MacGregor, B. and Schwann, G. (2001), Price discovery in the Hong Kong real estate market. Journal of Property Research 18: 187&#150;216.
Clayton, J., Geltner, D. and Hamilton, S. (2001), Smoothing in commercial property valuations: evidence from individual appraisals. Real Estate Economics 29: 337&#150;360.
Crosby, N., Newell, G., Matysiak, G., French, N. and Rodney, W. (1997), Client perceptions of property investment valuation reports in the UK. Journal of Property Research 14: 27&#150;47.
Diaz, J. and Wolverton, M. (1998), A longitudinal examination of the appraisal smoothing hypothesis. Real Estate Economics 26: 349&#150;358.
Edelstein, R. and Quan, D. (2006), How does appraisal smoothing bias real estate returns measurement? Journal of Real Estate Finance and Economics 32: 137&#150;164.
Fisher, J., Geltner, D. and Pollakowski, H. (2007), A quarterly transactions-based index of institutional real estate investment performance and movements in supply and demand. Journal of Real Estate Finance and Economics 34: 5&#150;33.
Geltner, D. (1989), Estimating real estate&#39;s systematic risk from aggregate level appraisal-based returns. AREUEA Journal 17: 463&#150;481.
Geltner, D. (1991), Smoothing in appraisal-based returns. Journal of Real Estate Finance and Economics 4: 327&#150;345.
Geltner, D. (1993), Estimating market values from appraisal values without assuming an efficient market. Journal of Real Estate Research 8: 325&#150;345.
Geltner, D. and Ling, D. (2006), Considerations in the design and construction of investment real estate research indices. Journal of Real Estate Research 28: 411&#150;444.
Geltner, D., MacGregor, B. and Schwann, G. (2003), Appraisal-smoothing and price discovery in real estate markets. Urban Studies 40: 1047&#150;1064.
Giliberto, M. (1990), Equity REITs and real estate returns. Journal of Real Estate Research 5: 259&#150;263.
Giliberto, M. (1993), Measuring real estate returns: the hedged REIT index. Journal of Portfolio Management, Spring: 94&#150;99.
Hoesli, M., Lekander, J. and Witkiewicz, W. (2004), International evidence on real estate as a portfolio diversifier. Journal of Real Estate Research 26: 165&#150;206.
Higgins, D. (2010), Investment styles and performance in the Australian unlisted wholesale property fund market. Pacific Rim Property Research Journal 16: 254&#150;271.
IPD/PCA (2010), Investment Performance Index: December 2009. IPD/PCA.
Jones Lang LaSalle 2008), Real Estate Transparency Index. JLL.
Key, T. and Marcato, G. (2007), Index Smoothing and the Volatility of UK Commercial Property. Investment Property Forum.
Lai, T. and Wang, K. (1998), Appraisal smoothing: the other side of the story. Real Estate Economics 23(3): 511&#150;535.
Lee, C.L. (2009), Downside beta and valuation-based property returns. Pacific Rim Property Research Journal 15: 182&#150;203.
Lee, S. (2005), The return due to diversification of real estate to the US mixed-asset portfolio. Journal of Real Estate Portfolio Management 11: 19&#150;28.
Lee, S. and Stevenson, S. (2006), Real estate in the mixed-asset portfolio: the question of consistency. Journal of Property Investment and Finance 24: 123&#150;135.
Lee, S. and Higgins, D. (2009), Evaluating the Sharpe performance of the Australian property investment markets. Pacific Rim Property Research Journal 15: 358&#150;370.
Leung, A. (2010), Commercial property as an inflation hedge: an Australian perspective. Pacific Rim Property Research Journal 16: 97&#150;115.
Levy, D. and Schuck, E. (2005), The influence of clients on valuations: the clients&#39; perspective. Journal of Property Investment and Finance 23: 182&#150;201.
M Allister, P., Baum, A., Crosby, N., Gallimore, P. and Gray, A. (2003), Appraisal behavior and appraisal smoothing: some qualitative and quantitative evidence. Journal of Property Research 20: 261&#150;280.
Newell, G. (1996), The inflation-hedging characteristics of Australian commercial property: 1984&#150;95. Journal of Property Finance 7: 6&#150;20.
Newell, G. (2004), Client perceptions of the quality of valuation reports in Australia. Pacific Rim Property Research Journal 10: 437&#150;450.
Newell, G. (2005), The changing dynamics of Australian commercial property portfolios. Australian Property Journal 38: 553&#150;558.
Newell, G. (2007a), The significance of property in industry-based superannuation funds. Australian and New Zealand Property Journal 1: 34&#150;43.
Newell, G. (2007b), The significance of wholesale property funds. Australian and New Zealand Property Journal 1: 216&#150;223.
Newell, G. (2007c), The significance and performance of industrial investment property in Australia. Pacific Rim Property Research Journal 13: 361&#150;388.
Newell, G. (2007d), The significance and performance of retail property in Australia. Journal of Property Investment and Finance 25: 147&#150;165.
Newell, G. (2008), The significance of property in superannuation funds. Australian and New Zealand Property Journal 1: 670&#150;677.
Newell, G. and Kishore, R. (1998), Are valuations an effective proxy for property sales? The Valuer and Land Economist 35: 150&#150;153.
Newell, G. and MacFarlane, J. (1994), Property: more volatile than you thought. Journal of Australian Securities Institute, March: 25&#150;37.
Newell, G. and MacFarlane, J. (1995), Improved risk estimation using appraisal-smoothed real estate returns. Journal of Real Estate Portfolio Management 1: 51&#150;57.
Newell, G. and MacFarlane, J. (1996), Risk estimation and appraisal-smoothing in UK property returns. Journal of Property Research 13: 1&#150;12.
Newell, G. and MacFarlane, J. (1998), The effect of seasonality of valuations on property risk. Journal of Property Research 15: 167&#150;182.
Newell, G., Razali, M. and Juanil, D. (2010), Assessing client perceptions of the quality of commercial valuation reports in Malaysia. Pacific Rim Property Research Journal 16: 458&#150;475.
Property Investment Research (2010), Australian Property Funds Industry Survey: 2010. PIR.
Stevenson, S. (2004), Testing the statistical significance of real estate in an international mixed-asset portfolio. Journal of Property Investment and Finance 22: 11&#150;24.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/assessing-the-consistency-of-valuation-smoothing-and-the-impact-on-property-in-australian-mixed-asset-portfolios</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/analysing-the-deleveraged-performance-of-australian-wholesale-property-funds</link>
<title><![CDATA[Analysing The Deleveraged Performance Of Australian Wholesale Property Funds]]></title>
<description><![CDATA[This research examines the impact of debt on the performance of Australian unlisted wholesale property funds. The research benchmarked eight leading property funds leveraged and deleveraged performance to the corresponding property market indices. The results for the 2002&#150;2009 period were mixed as to the leveraged property funds outperforming their respective property market indices. On removing debt, only one property fund managed to beat both the return and risk reading from the corresponding property market index. The marked variations between leveraged and deleveraged performance had limited impact on property fund rankings as it appeared the variation in commercial property lending rates had a greater impact than property fund leverage levels, which averaged 15.31%.
To add to the familiar risk and return benchmarks, the risk adjusted performance (RAP) measure, first outlined by Modigliani and Modigliani (1997), provided a comparative return for a given level of risk. On quarterly unleveraged property fund data, the RAP 1.74%&#150;3.25% range highlighted the considerable differences in the property funds performance for a given level of risk. Of the eight selected property funds, only one provided excess returns from portfolio selection. This RAP approach is a powerful investment tool, as it can highlight the property fund manager&#39;s asset allocation capabilities to add value.
]]></description>
<content><![CDATA[Allen F, 2010, Analysis: Commercial Property, Over Correction or Fair Value?, Westpac Institutional Bank, Sydney.
Baum A, 2009, Commercial Real Estate Investment: A Strategic Approach, 2 edit, EG Books, London.
Brown G and Matysiak G, 2000, Real Estate Investment: A Capital Market Approach, Prentice Hall, London.
Brueggeman W and Fisher J, 2008, Real Estate Finance and Investment, 13 edit, McGraw-Hill, New York.
Chikolwa B, 2010, Determinants of Capital Structures for A-REITs, Pacific Rim Real Estate Conference, Wellington.
Geltner D, Milllar N, Clayton J and Eichholtz P, 2007, Commercial Real Estate Analysis and Investment, Thomson, Ohio.
Fischer D, 2000, Risk Adjusted Performance: Bricks or Paper?, Pacific Rim Real Estate Conference, Sydney.
Higgins D, 2010, Investment Styles and Performance in the Australian Unlisted Wholesale Property Fund Market, Pacific Rim Property Journal , Vol. 16, p 254&#150;272.
Higgins D &amp; Ng B, 2009, Australian Securitised Property Funds: An Examination of their Risk-Adjusted Performance, Journal of Property Investment and Finance, Vol 27, No. 4, p404&#150;412.
Hopkins R and Acton R, 1999, Where Does the Return Come From? Using the Risk-Adjusted Performance in Real Estate, Real Estate Finance, Summer, p 23&#150;29.
IPD, 2009, IPD/PCA Property Investors Digest Series, IPD, Sydney, June.
Lee S, 2010, The Changing Benefits of REITs to the Mixed Asset Portfolio, Journal of Real Estate Portfolio Management, Vol 16, p201&#150;216.
Mercer, 2009, Mercer Unlisted Property Fund Index, Mercer, Sydney, June.
Modigliani F and Modigliani L, 1997, Risk-Adjusted Performance, How to Measure it and Why?, Journal of Portfolio Management, Vol 23, p 45&#150;54.
Newell G, 2007a, The Significance of Property in Industry Based Superannuation Funds, Australian and New Zealand Property Journal, Vol1, p34&#150;43.
Newell G, 2007b, The Significance of Wholesale Property Funds, Australian and New Zealand Property Journal, Vol1, p216&#150;223.
Newell G and Keng T, 2005, The Changing Risk Profile of Listed Property Trusts, Pacific Rim Real Estate Conference, Melbourne.
PIR, 2010, Australian Property Fund Survey 2010, Property Investment Research, Sydney.
Rees D and Ballantyne A, 2010, Recovery: Strategies for the Upturn, Jones Lang LaSalle, Sydney.
Rowland P, 2010, Australian Property Investment and Financing, Lawbook Company, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/analysing-the-deleveraged-performance-of-australian-wholesale-property-funds</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/characteristics-of-a-reit-and-listed-property-company-rights-issues</link>
<title><![CDATA[Characteristics of A-Reit and Listed Property Company Rights Issues]]></title>
<description><![CDATA[Rights issue capital raisings are common amongst Australian listed property entities (including A-REITs) with 71 of them having raised over $22 billion during 2001 to 2009 by this method. This study examines some of the characteristics of these rights issues. The study finds the amount of equity sought during the GFC period by rights issues was around 2.5 times that of before, the volatility of returns was 2.5 times that of before and the discounts offered to induce investors was around 2.5 times that of before. While the rights offerings raise important equity capital for the issuers, this study also investigates whether subscribing investors have profited from taking up their right to buy more equity. The theoretical ex-rights share price is calculated for these issuers to find that over 60% of subscribers have actually suffered a decrease in wealth.
]]></description>
<content><![CDATA[Armitage, S. (2000), The direct costs of UK rights issues and open offers, European Financial Management, 6 (1): 57&#150;68.
Bacon, P. W. (1972), The subscription price in rights offerings, Financial Management, 1 (2): 59&#150;64.
Balachandrin, B., Faff, R., and Theobald, M., (2008), Rights offerings, takeup, renounceability, and underwriting status, Journal of Financial Economics, 89: 328&#150;46.
Chan, H., (1997), The effect of volatility estimates in the valuation of underwritten rights, Applied Financial Economics 7(5): 473&#150;480.
Dimovski, W. (2010), Discounts and underwriting fees associated with A-REIT rights issues, mimeo.
Dimovski, W. (2009), The global financial crisis and the Centro Properties Group earnings revision and refinancing announcements: An event study, Pacific Rim Property Research Journal, 15 (4): 417 -429.
Kim B.S. (2009), The global financial crisis on Asia Pacific real estate markets: Evidence from Korea, Japan, Australia and US REITs, Pacific Rim Property Research Journal, 15 (4): 398 - 416.
Lumsden, A., Koster, B., and Yik, A. (2009), A-REITS: Impact of the Global Financial Crisis, Corrs Chambers and Westgarth.
Macquarie Securities (2011), Global Property Insight. Macquarie Securities.
Martin-Ugedo, J. (2003), Equity rights issues in Spain: Floatation costs and wealth effects, Journal of Business Finance &amp; Accounting 30 (9&amp;10): 1277&#150;1304.
Mola, S. and Loughran, T. (2004), Discounting and clustering in seasoned equity offering prices, Journal of Financial and Quantitative Analysis, 39 (1): 1&#150;22.
Newell, G. and Peng, H.W. (2009), The impact of the global financial crisis on A-REITs, Pacific Rim Property Research Journal, 15 (4): 453 - 470.
Ooi, J.T.L, Ong S.E. and Li, L. (2010), An analysis of the financing decisions of REITs: The role of market timing and target leverage, Journal of Real Estate Finance and Economics, 40: 130&#150;160.
Owen, S. and Suchard, J. (2008), The pricing and impact of rights issues of equity in Australia, Applied Financial Economics, 18: 1147&#150;1160.
Property Investment Research. (2009), Property Funds Manager Survey 2009. PIR.
Smith, C. (1977), Alternative methods for raising capital: Rights versus underwritten offerings, Journal of Financial Economics, 5 (3): 273&#150;307.
Yuan Z, Ong S. and Yeo, W. (2010), Do REITs manipulate their financial results around easoned equity offerings? Evidence from US equity REITs, Journal of Real Estate Finance and Economics, 40: 412&#150;445.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/characteristics-of-a-reit-and-listed-property-company-rights-issues</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/assessing-the-linkages-between-corporate-social-esponsibility-and-a-reit-performance</link>
<title><![CDATA[Assessing The Linkages Between Corporate Social Esponsibility and A-Reit Performance]]></title>
<description><![CDATA[Corporate social responsibility (CSR) has taken on increased significance in the property sector in recent years. This paper assesses the level of CSR practices by A-REITs across the environmental, social and governance dimensions of CSR and compares this to other ASX sectors. A number of unique CSR A-REIT performance indices are developed for A-REIT investors committed to the principles of CSR, and their added-value assessed via risk-adjusted performance analysis and their portfolio diversification benefits. Importantly, these CSR A-REIT indices do not significantly under-perform the conventional A-REIT indices, as well as providing portfolio diversification benefits. The CSR A-REIT investment implications are also highlighted.
]]></description>
<content><![CDATA[APREA (2010), Scoring Frameworks for Corporate Governance of Externally Managed REITs. APREA.
Bauer, R., Eichholtz, P. and Kok, N. (2010), Corporate governance and performance: the REIT effect. Real Estate Economics, 38:1&#150;29.
Bianco, C., Ghosh, C. and Simians, C. (2007), The impact of corporate governance on the performance of REITs. Journal of Portfolio Management, 33:175&#150;191.
Capaldi, N. (2005), Corporate social responsibility and the bottom line. International Journal of Social Economics, 32: 408&#150;423.
Carbon Disclosure Project (2009), 2009 Australia and New Zealand Report. CDP.
Corporate Knights (2010), Global 100 2010 Annual Review. Corporate Knights.
Demisi, S. (2009), Effect of LEED ratings and levels on office property assessed and market values. Journal of Sustainable Real Estate, 1:23&#150;47.
Dow Jones (2010), Dow Jones World Sustainability Indices Fact Sheet: October 2010. Dow Jones.
Eichholtz, P., Kok, N. and Quigley, J. (2009), Doing Well by Doing Good? An Analysis of the Financial Performance of Green Office Buildings in the US. RICS Research.
Eichholtz, P., Kok, N. and Quigley, J. (2010), Sustainability and the Dynamics of Green Buildings. RICS Research.
Ellison, L., Sayce, S. and Smith, J. (2007), Socially responsible property investment: quantifying the relationship between sustainability and investment property worth. Journal of Property Research, 24: 191&#150;219.
EPRA (2009), Corporate Governance Survey. EPRA.
Eurosif (2010), European SRI Study 2010. Eurosif.
Falkenbach, H., Lindholm, A. and Schleich, H. (2010), Environmental sustainability: drivers for the real estate investor. Journal of Real Estate Literature, 18: 203&#150;223.
FTSE (2010), FTSE4Good Market Performance Report: October 2010. FTSE.
Fuerst, F. (2009), Building momentum: an analysis of investment trend in LEED and Energy Star-certified properties. Journal of Retail and Leisure Property, 8: 285&#150;297.
Fuerst, F. and McAllister, P. (2009), An investigation of the effect of eco-labelling on office occupancy rates. Journal of Sustainable Real Estate, 1:49&#150;64.
Fuerst, F. and McAllister, P. (2011), Green noise or green value: measuring the effects of environmental certification on office value. Real Estate Economics, 39: 45&#150;69.
Global Reporting Initiative (2010), G3 Sustainability Reporting Guidelines. GRI.
Hartzell, J., Sun, L. and Titman, S. (2006), The effect of corporate governance on investment: evidence from REITs. Real Estate Economics, 34:343&#150;376.
Kok, N., Eichholtz, P., Bauer, R. and Peneda, P. (2010), Environmental Performance: A Global Perspective on Commercial Real Estate. European Centre for Corporate Engagement.
Macquarie Securities (2011), Global Property Insight. Macquarie Securities.
Miller, N., Spivey, J. and Florence, A. (2008), Does green pay off? Journal of Real Estate Portfolio Management, 14: 385&#150;399.
Miller, N., Pogue, D., Gough, Q. and Davis, S. (2009), Green buildings and productivity. Journal of Sustainable Real Estate, 1: 65&#150;89.
Newell, G. (2008), The strategic significance of environmental sustainability by Australian LPTs. Journal of Property Investment and Finance, 26:522&#150;540.
Newell, G. and Manaf, Z. (2008), The significance of sustainability practices by Malaysian property companies. Local Economy, 23: 152&#150;167.
Newell, G. (2009a), Developing a socially responsible property investment index for UK property companies. Journal of Property Investment and Finance, 27: 511&#150;521.
Newell, G. (2009b), The significance of sustainability best practice in retail property. Journal of Retail and Leisure Property, 8: 259&#150;271.
Newell, G. (2009c), Sustainability Best Practice &#150; The Challenge For Asian Property Companies. Asian Public Real Estate Association.
Newell, G. and Peng, H.W. (2009), The impact of the GFC on A-REITs. Pacific Rim Property Research Journal, 15: 453&#150;470.
Pivo, G. (2008), Responsible property investing: what the leaders are doing. Journal of Property Investment and Finance, 26: 562&#150;576.
Pivo, G. and Fisher, J. (2010), Income, value and returns in socially responsible office properties. Journal of Real Estate Research, 32: 243&#150;269.
Property Investment Research (2010), Australian Property Fund Manager Survey 2010. Aegis.
Rapson, D., Shiers, D., Roberts, C. and Keeping, M. (2007), Socially responsible property investment: an analysis of the relationship between equities SRI and UK property investment activities. Journal of Property Investment and Finance, 25: 342&#150;358.
RREEF (2010), Green Buildings: A Niche Becomes Mainstream. RREEF.
Sparkes, R. and Cowton, C. (2004), The maturing of socially responsible investment: a review of the developing link with corporate social responsibility. Journal of Business Ethics, 52: 45&#150;57.
UBS (2010), UBS Indices: June 2010. UBS.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/assessing-the-linkages-between-corporate-social-esponsibility-and-a-reit-performance</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/the-adoption-of-residential-sustainability-programs-lessons-from-the-commercial-sector</link>
<title><![CDATA[The Adoption of Residential Sustainability Programs: Lessons from the Commercial Sector]]></title>
<description><![CDATA[The article explains and compares sustainability programs available for use by residential and commercial premises; as well as the respective legal tenure frameworks of commercial and residential tenancies. It identifies that while the desire of commercial tenants drive the participation by landlords in these programs, residential tenants appear to be ignorant of sustainable measures. The article contends that the reason for this difference is rooted in the legal and social status of residential tenants. It explores the impact that secure tenure may have in promoting residential sustainability programs and concludes by observing that the lack of involvement of residential tenants in programs stems from the absence of tenure security, which prevents any long term cooperation between the parties.
]]></description>
<content><![CDATA[ABS, (2010b) &#145;Energy in Focus: Energy Efficiency of Australian Homes&#39;, 4614.0.55.002 Australian Bureau of Statistics, April 2010 http://www.abs.gov.au/ausstats/abs@.nsf/ProductDocumentCollection?OpenAgent&amp;p roductno=4614.0.55.002&amp;issue=Apr2010 (viewed 28/01/2011).
ABS, (2009a) &#145;Household choices related to water and energy&#39;, 4656.5 Australian Bureau of Statistics, October 2009 http://www.ausstats.abs.gov.au/Ausstats/subscriber.nsf/0/33DDF4E11D6FE823CA25 7743001A9855/$File/46565 october2009.pdf.
ABS, (2009b) &#145;Household Choices Related to Water and Energy &#150; WA&#39;, 4656.5 Australian Bureau of Statistics, October 2009 http://abs.gov.au/ausstats/abs@,.nsf/ProductDocumentCollection?OpenAgent&amp;product no=4656.5&amp;issue=October2009 (viewed 28/01/2011).
ABS, (2009c) &#145;Household Water, Energy Use and Conservation, Victoria&#39;, 4602.2 Australian Bureau of Statistics, October 2009 http://abs.gov.au/ausstats/abs@,.nsf/ProductDocumentCollection?OpenAgent&amp;product no=4602.2&amp;issue=Oct2009 (viewed 28/01/2011).
ABS, (2010a) &#145;Australian Social Trends&#39;, 4102.0 Australian Bureau of Statistics, December 2010 http://abs.gov.au/AUSSTATS/abs@.nsf/ProductsbyTopic/0F7E1ADC77B6BB66CA2 5732C00206FBF?OpenDocument (viewed 28/01/2010).
Adkins, A., Guthrie, D., Mead, E., and Summerville, J., (2002) Tenure security and its impact on private renters in Queensland, Australian Housing and Urban Research Institute Queensland Research Centre http://eprints.qut.edu.au/2462/1/SOT PP.pdf (viewed 24/09/2010).
Auslndustry, (2011) &#145;Green Building Fund: Stream A &#150; Customer information guide&#39;, January 2011 http://www.ausindustry.gov.au/InnovationandRandD/GreenBuildingFund/Documents/ GBFCustomerInformationGuide-StreamA.pdf (viewed 25/02/2011).
Auslndustry, (2008) &#145;Green Building Fund: Stream B &#150; Customer information guide&#39;, December 2008 http://www.ausindustry.gov.au/InnovationandRandD/GreenBuildingFund/Documents/ GBF Customer Information Guide Stream B.pdf (viewed 25/02/2011).
AusIndustry, (2010) &#145;LPG Vehicle Scheme &#150; Customer Guidelines&#39;, June 2010 http://www.ausindustry.gov.au/EnergyandFuels/LPGVehicleScheme/Documents/LPG CustomerGuidelines.pdf(viewed 05/02/2011).
Australian Government, (2009) &#145;National Rainwater and Greywater Initiative: Household Rebate Guidelines&#39;, 30 January 2010 http://environment.gov.au/water/programs/nrgi/index.html (viewed 10/01/2011).
Australian Government, (2010) &#145;Rebates &amp; assistance&#39;, www.LivingGreener. gov.au(viewed 10/01/2011).
Australian Government, (2010a) &#145;Small Generation Units: Owner&#39;s Guide&#39;, December 2010 http://www.orer.gov.au/publications/pubs/sguowners-guide-1210.pdf (viewed 10/01/2011).
Australian Government, (2011) &#145;Tax Breaks for Green Buildings &#150; Consultation Paper&#39;, January 2011 http://www.climatechange.gov.au/en/government/initiatives/~/media/publications/tax-breaks-green-buildings/tax-breaks-green-buildings-consultation-paper-pdf.pdf (viewed 25/02/2011).
Carr, P. &amp; Tennant, M. (2010) A Better Lease on Life &#150; Improving Australian Tenancy Law, A National Shelter Reporthttp://tuq.org.au/wp/wp-content/uploads/2010/07/A Better -Lease on Life April.pdf (viewed 17/09/2010).
Christensen, S., and Duncan, W., (2010) &#145;Green leases &#150; Becoming a reality&#39;, 19 Australian Property Law Web, 30.
Chong, F., (2010) &#145;Green&#39; buildings key tenant demand: older office towers&#39;, The Australian, May 13, 2010).
Colliers International (2010) &#145;2010 Office Tenant Survey&#39;, http://www.colliers.com.au/General/2010 Office Tenant Survey.aspx (viewed 27/02/2011).
Colliers International (2010a) &#145;Sustainability and property&#39;, August 31, 2010 http://www.colliers.com.au/News/News-details.aspx?NewsId={9D7ABF68&#150;057D-43B5&#150;9E0F-1970AC1F7C47} (viewed 27/02/2011).
DCCEE, (2010) &#145;2009&#150;10 Annual Report&#39;, Department of Climate Change and Energy Efficiency, 2010 http://www.climatechange.gov.au/~/media/publications/annual-report/dcc-annual-report-200910.pdf (viewed 28/01/2011).
Demographia, (2011) &#145;7 Annual Demographia International Housing Affordability Survey: 2011 &#150; Ratings for Metropolitan Markets&#39;, 24 January 2011 http://www.demographia.com/dhi.pdf (viewed 28/01/2011).
Duncan, W., (2008) Commercial Leases in Australia, 5 Ed. (Lawbook Co., Pyrmont) NABERS (2010), &#145;Rated Buildings&#39;, http://www.nabers.com.au/iframe.aspx?LinkId=6&amp;site=2 (viewed 27/02/2011).
NABERS (2010a), &#145;Rated Shopping Centres&#39;, http://www.nabers.com.au/iframe.aspx?LinkId=10&amp;site=5 (viewed 27/02/2011).
Office of the Renewable Energy Regulator, (2011) (&#145;ORER&#39;) &#145;LRET/SRES &#150; the basics&#39;, January 2011 htt/www. orer. gov. au/publications/pubs/LRET-SRES-thebasics0111.pdf(viewed 25/02/2011).
Pivo, G., (2010) &#145;Owner-Tenant Engagement in Sustainable Property Investing&#39;, 2 (1) Web of Sustainable Real Estate, 183.
RBA, (2010) &#145;Commercial Property and Financial Stability &#150; An International Perspective&#39;, Reserve Bank of Australia Bulletin, June Quarter 2010 http://www.rba.gov.au/publications/bulletin/2010/iun/4.html (viewed 07/03/2011).

Sayce, S., Sundberg, A., Parnell, P., and Cowling, E., (2009) &#145;Greening leases: Do tenants in the United Kingdom want green leases?&#39; Web of Retail &amp; Leisure Property, 273&#150;284.
Tapim, F., (2011) &#145;More natural disasters on Australia&#39;s radar&#39;, ABC News, January 23, 2011 http://www.abc.net.au/news/stories/2011/01/23/3119109.htm (viewed 05/02/2011).
Tenants&#39; Union of Queensland, (&#145;TUQ&#39;) (2006) Submission on the Review of the Residential Tenancies Act 1994.
Webb, E. and Stephenson, M., (2009) Land Law, 3 Ed. (LexisNexis Butterworths, Chatswood).
17 Annual PRRES Conference 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/the-adoption-of-residential-sustainability-programs-lessons-from-the-commercial-sector</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/waterfront-development-in-malaysia-do-we-have-sustainable-governance</link>
<title><![CDATA[Waterfront Development in Malaysia: Do We Have Sustainable Governance?]]></title>
<description><![CDATA[The waterfront is recognised as the zone of interaction between a city and a river. In Malaysia, waterfront developments were established when the country was first settled, mainly as a transport route and for trading. Waterfronts became more urbanised and commercialised from the early 1990&#39;s onwards. However, due to constraints such as ineffective governance as well as inadequate federal, state and municipal planning guidelines, the waterfronts have problems such as environmental degradation, crime and flooding. Although some waterfront development projects continue to remain profitable, with good public access, many do not.
This paper examines the effectiveness of governance for waterfront developments in Malaysia. The data presented in this paper was obtained from in-depth interviews with stakeholders involved in waterfront development projects in Malaysia; in particular, from three selected case study areas: Kuching Riverfront, Malacca Waterfront and Glenmarie Cove Riverfront. The interview results show that Malaysia does not have effective governance for waterfront developments for several reasons. A low level of cooperation between stakeholders involved in waterfront development projects was identified as a main contributor to the governance problems. These results will be used to provide information for developing guidelines for best practice for waterfront developments in Malaysia.
]]></description>
<content><![CDATA[Abidin, R. Z. R. Z. (2004). Water resources management in Malaysia: The way forward. Paper presented at the Asia Water 2004 (30 March - 02 April 2004).
Andaya, B. W., &amp; Andaya, L. Y. (2001). A history of Malaysia (Second ed.). Hampshire, Britain: Palsgrave.
Bertsch, H. (2008). The key elements to successful waterfront design. Real Estate Weekly, 54.39.
Bruttomesso, R. (2006). Waterfront development: A strategic choice for cities on water. Paper presented at the Waterfront Development Forum: China Maritime (02 March 2006), Hong Kong.
Concise Oxford English Dictionary (Ed.). (2009). (11 ed.). Oxford: Oxford University Press.
Costanza, R., Andrade, F., Antunes, P., Belt, M. V. D., Boersma, D., Boesch, D. F., et al. (1998). Principles for sustainable governance of the oceans. Science, 281, 198&#150;199.
Costanza, R., Cumberland, J. H., Daly, H., Goodland, R., &amp; Norgaard, R. B. (1997). An Introduction to Ecological Economics. In R. Costanza (Ed.), Lisbon Principles of Sustainable Governance. Florida: St. Lucie Press.
Duxbury, J., &amp; Dickinson, S. (2007). Principles for sustainable governance of the coastal zone: In the contex of coastal disasters. Ecological Economics, 63, 319&#150;330.
Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management, 14(4), 532.
Elfithri, R., Mokhtar, M., Shah, A. H. H., &amp; Idrus, S. (2008). Collaborative decision making within the context of integrated water resources management in Langat River Basin, Malaysia. Paper presented at the 7th World Wide Workshop for Young Environmental Scientist 2008 (13&#150;16 May 2008), Cr&eacute;teil &#150; France.
Federal Constitution. (2006). Laws of Malaysia. Malaysia: Constitution of Malaysia.
Glenmarie Cove Development Sdn. Bhd. (2009). Proposal of development - Report.
Glenmarie Cove Development Sdn. Bhd.
Kitchin, R., &amp; Tate, N. J. (2000). Conducting research in human geography: Theory, methodology and practice. Harlow: Prentice Hall.
Kuala Lumpur Structure Plan. (1984). Kuala Lumpur, Malaysia: Kuala Lumpur Planning and Building Control Department, Kuala Lumpur City Hall.
Malaysian Department of Drainage and Irrigation. (2009). River management activities. Kuala Lumpur, Malaysia: Department of Drainage and Irrigation, Ministry of Natural Resources and Environment.
Mann, R. (Ed.). (1973). Rivers in the city. Newton Abbot: David &amp; Charles.
Martinez, M. L., Intralawan, A., Vazquez, G., Perez-Maqueoa, O., Sutton, P., &amp; Landgrave, R. (2007). The coasts of our world: Ecological, economic and social importance. Ecological Economics of Coastal Disaster - Coastal Disasters Special Edition, 63(2&#150;3), 254&#150;272.
Mokhtar, M., &amp; Elfithri, R. (2005). Participatory management for integrated water resources management through collaborative decision making. Paper presented at the IWRM consultation for senior executive in the public sector.
Post, J. C., &amp; Lundin, C. G. (1996). Guidelines for integrated coastal zone management. Washington D.C., U.S.A: The International.
Rogers, P., &amp; Hall, A. W. (2003). Effective Water Governance. Stockholm: Global Water Partnership (TEC Background Papers No.7).
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State Government of Malacca. (2009). Fact sheet - Malacca Waterfront. State Government of Malacca.
Torre, L. A. (1989). Waterfront development. New York: Van Nostrand Reinhold.
Welch, D. N., &amp; Keat, L. T. (1987). Water Resources Development and Management in Malaysia. In Water Resources Policy for Asia. Rotterdam, Netherlands: A. A. Balkema.
Weng, C. N. (2005). Sustainable management of rivers in Malaysia - Involving all stakeholders. International Journal River Basin Management, 3(3), 147&#150;162.
Yassin, A. M., Eves, C., &amp; McDonagh, J. (2010a). An evolution of waterfront development in Malaysia. Paper presented at the 16 Pacific Rim Real Estate Society Conference (24&#150;27 January 2010), Intercontinental Hotel, Wellington, New Zealand.
Yassin, A. M., Eves, C., &amp; McDonagh, J. (2010b). Waterfront development in Malaysia: Do we have sustainable governance?. Paper presented at the PhD. Colloqium Program for 16 Pacific Rim Real Estate Society Conference (24&#150;27 January 2010) Intercontinental Hotel, Wellington, New Zealand.
Yin, R. K. (1984). Case study research: Design and methods. Beverly Hills, California: SAGE Publications.
Yin, R. K. (1993). Application of case study research. California: SAGE Publication.
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Yossi, B., &amp; Sajor, E. E. (2006). Development of riverside kampung and management of rivers in Yogjakarta Indonesia: Issue of policy coherence and relevance of socio economic characteristics of river bank communities Paper presented at the Regional Conference on Urban Water and Sanitation in Southest Asean Cities, Vientiane, Lao PDR.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/waterfront-development-in-malaysia-do-we-have-sustainable-governance</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/an-analysis-of-spatial-autocorrelation-in-hong-kongs-housing-market</link>
<title><![CDATA[An Analysis of Spatial Autocorrelation in Hong Kong&#39;S Housing Market]]></title>
<description><![CDATA[Spatial autocorrelation is commonly found in the Hedonic Pricing model for real estate prices, but little is known about the time window within which nearby sales are used to form current prices. The primary objective of this study is to examine how spatial autocorrelation varies with the length of this time window. We hypothesize that more recent sales have a stronger influence than earlier sales on current prices, so a shorter time window should induce stronger spatial autocorrelation. We propose a Spatial Hedonic Pricing (SHP) model to test our hypothesis. Based on 15,500 transactions of residential units in Taikooshing, Hong Kong from 1992 to 2006, we conclude that while positive spatial autocorrelation is present in housing prices, its magnitude increases when the reference period of past sales becomes shorter. The latter is a new finding in the spatial hedonic literature that not only confirms the importance of timeliness in weighting nearby housing price information, but also calls for further research on how fast such information expires in different markets.
]]></description>
<content><![CDATA[Anselin, L. 1988. Spatial Econometrics: Methods and Models. Dordrecht; Boston: Kluwer Academic Publisher.
Anselin, L. 1998. GIS Research Infrastructure for Spatial Analysis of Real Estate Markets. Journal of Housing Research 9(1): 113 &#150; 133.
Anselin, L. 2001a. Rao&#39;s Score Test in Spatial Econometrics. Journal of Statistical Planning and Inference 97(1): 113 &#150; 139.
Anselin, L. 2001b. Spatial Econometrics in A Companion to Theoretical Econometrics, ed. Baltagi, B. H., 310 &#150; 330. Oxford: Blackwell Publisher.
Anselin, L. and Bera, A. 1998. Spatial Dependence in Linear Regression Models with an Introduction to Spatial Econometrics. In Handbook of Applied Economic Statistics, ed. Ullah, A. and Giles, David. E. A., 237 &#150; 289. New York: Marcel Dekker.
Archer, W. R., Gatzlaff, D. H. and Ling, D. C. 1996. Measuring the Importance of Location in House Price Appreciation. Journal of Urban Economics 40(3): 334 &#150; 353
Bailey, M.J., Muth, R.F. and Nourse, H.O. 1963. A Regression Method for Real Estate Price Index Construction. Journal of American Statistical Association 58: 933 &#150; 942.
Basu, S. and Thibodeau, T.G. 1998. Analysis of Spatial Autocorrelation in House Prices. The Journal of Real Estate Finance and Economics 17(1): 61 &#150; 85.
Brasington, D.M. 1999. Which Measures of School Quality Does the Housing Market Value? The Journal of Real Estate Research 18(3): 395&#150;414.
Can, A. 1990. The Measurement of Neighbourhood Dynamics in Urban House Prices. Economic Geography 66(3): 254 &#150; 272.
Can, A. and Megbolugbe, I. 1997. Spatial Dependence and House Price Index Construction. The Journal of Real Estate Finance and Economics 14: 203 &#150; 222.
Case, B., Clapp, J., Dubin, R.A. and Rodriguez, M. 2004. Modelling Spatial and Temporal House Price Patterns: A Comparison of Four Models. The Journal of Real Estate Finance and Economics 29(2): 167 &#150; 91.
Chau, K. W. 1997. Political Uncertainty and the Real Estate Risk Premiums in Hong Kong. Journal of Real Estate Research 13(3): 297&#150;315.
Chau, K. W., Wong, S. K., Yiu, C. Y. and Leung, H. F. 2005. Real Estate Price Indices in Hong Kong. Journal of Real Estate Literature 13(3): 337&#150;356.
Clapp, John M., Kim, H., and Gelfand, Alan E. 2002. Predicting Spatial Patterns of House Prices Using LPR [Local Percentile Rank] and Bayesian Smoothing. Real Estate Economics 30(4): 505 &#150; 532.
Cliff, A.D. and Ord, J.K. 1981. Spatial Processes: Models and Applications. London: Pion.
Colwell, P. F., Gujral, S. S., and Coley, C. 1985. The Impact of A Shopping Center on the Value of Surrounding Properties. Real Estate Issues 10(1): 35&#150;39.
Colwell, P.F. 1990. Power Lines and Land Values. Journal of Real Estate Research 5(1): 117&#150;127.
Court, A.T. 1939. Hedonic Price Indexes with Automotive Examples. In The Dynamics of Automobile Demand, ed. American Statistical Association, 99&#150;117. New York: General Motors Corporation.
Des Rosiers, F., Lagana, A. and Theriault, M. 2001. Size and Proximity Effects of Primary Schools on Surrounding House Values. Journal of Property Research 18(2): 149 &#150; 168.
Des Rosiers, F., Lagana, A., Theriault, M. and Beaudoin, M. 1996. Shopping Centers and House Values: An Empirical Investigation. Journal of Property Valuation &amp; Investment 14(4): 41&#150;62.
Deutsch, S.J. and Ramos, J.A. 1986. Space-Time Modelling of Vector Hydrologic Sequences. Journal of the American Water Resources Association 22(6): 967 &#150; 981.
Dubin, R. A. 1988. Estimation of Regression Coefficients in the Presence of Spatially Autocorrelated Error Terms. Review of Economics and Statistics 70(3): 466 &#150; 474.
Dubin, R.A. 1992. Spatial Autocorrelation and Neighbourhood Quality. Regional Science and Urban Economics 22(3): 433 &#150; 452.
Dubin, R.A. 1998. Predicting House Prices Using Multiple Listings Data. The Journal of Real Estate Finance and Economics 17(1): 35 &#150; 59.
Dubin, R.A. 2003. Robustness of Spatial Autocorrelation Specifications: Some Monte Carlo Evidence. Journal of Regional Science 43(2): 221 &#150; 248.
Dubin, R., Pace, R.K. and Thibodeau, T.G. 1999. Spatial Autoregression Techniques for Real Estate Data. Journal of Real Estate Literature 7(1): 79 &#150; 96.
Gelfand, A.E., Ghosh, S.K., Knight, J.R. and Sirmans, C.F. 1998. Spatio-Temporal Modelling of Residential Sales Data. Journal of Business and Economic Statistics 16(3): 312 &#150; 321.
Goetzmann, W.N. and Spiegel, M. 1997. A Spatial Model of Housing Returns and Neighbourhood Substitutability. Journal of the Real Estate Finance and Economics 14: 11 &#150; 32.
Grether, D.M. and Mieszkowski, P. 1980. The Effects of Non-residential Land Uses on the Prices of Adjacent Housing: Some Estimates of Proximity Effects. Journal of Urban Economics 8(1): 1 &#150; 15.
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Hui, E. and Lui, T. Y. 2002. Rational Expectations and Market Fundamentals: Evidence from Hong Kong&#39;s Boom and Bust Cycles. Journal of Property Investment and Finance 20(1): 9 &#150; 22.
Kang, H. and Reichert, A.K. 1991. An Empirical Analysis of Hedonic Regression and Grid-adjustment Techniques in Real Estate Appraisal. Journal of the American Real Estate and Urban Economics Association Spring: 70 &#150; 91.
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Kelejian, H.H. and Prucha, I.R. 1999. A Generalised Moments Estimator for the Autoregressive Parameter in a Spatial Model. International Economic Review 40(2): 509 &#150; 533.
Kelejian, H.H. and Robinson, D.P. 1993. A Suggested Method of Estimation for Spatial Independent Models with Autocorrelated Errors, and an Application to a County Expenditure Model. Papers in Regional Science 72(3): 297 &#150; 312.
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Miron, J. 1984. Spatial Autocorrelation in Regression Analysis: A Beginner&#39;s Guide. In Spatial Statistics and Models, ed. Gaile, G.L. and Willmott, C.J, 201 &#150; 222. Boston: D. Reidel Publishing Company.
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Odland, J. 1988. Spatial Autocorrelation. Newbury Park, CA: Sage Publications.
Pace, R.K., Barry, R., Clapp, J.M. and Rodriguez, M. 1998. Spatiotemporal Autoregressive Models of Neighbourhood Effects. The Journal of Real Estate Finance and Economics 17(1): 15 &#150; 33.
Pace, R. K. and Gilley, O. W. 1998. Generalising the OLS and Grid Estimators. Real Estate Economics 26(2): 331 &#150; 347.
Pfeifer, P.E. and Bodily, S.E. 1990. A Test of Space-Time ARMA Modelling and Forecasting of Hotel Data. Journal of Forecasting 9(3): 255 &#150; 272.
Pfeifer, P.E. and Deutsch, S.J. 1980. A Three-Stage Iterative Procedure for Space-Time Modelling. Technometrics 22(1): 35 &#150; 47.
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Silk, John. 1979. Statistical Concepts in Geography. London: George Allen &amp; Unwin, Ltd.
Stoffer, D.S. 1986. Estimation and Identification of Space-Time ARMAX Models in the Presence of Missing Data. Journal of the American Statistical Association 81(395): 762 &#150; 772.
Sun, H., Tu, Y. and Yu S. 2005. A Spatio-Temporal Autoregressive Model for Multi-Unit Residential Market Analysis. The Journal of Real Estate Finance and Economics 31(2): 155 &#150; 187.
Upton, G. and Fingleton, B. 1985. Spatial Data Analysis by Example. New York: Wiley.
Wilhelmsson, M. 2002. Spatial Models in Real Estate Economics. Housing, Theory and Society 19(2): 92 &#150; 101.
Wong, S. K., Chau, K. W. and Yiu, C. Y. 2007. Volatility Transmission in the Real Estate Spot and Forward Markets. Journal of Real Estate Finance and Economics 35: 281 &#150; 293.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/an-analysis-of-spatial-autocorrelation-in-hong-kongs-housing-market</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/efficacy-in-modelling-location-within-the-mass-appraisal-process</link>
<title><![CDATA[Efficacy in Modelling Location Within the Mass Appraisal Process]]></title>
<description><![CDATA[Although Geographic Information Systems (GIS) has long been recognised as a natural partner in the computer assisted mass appraisal (CAMA) process, it has not always been clear how CAMA management (practitioners) may be able to utilise this partnership to produce regular re-assessments at an acceptable level of accuracy and cost. The objective of this study is to help demonstrate how this may occur by examining the accuracy generated by various simple, transparent and cost effective approaches traditionally used to model location as part of the CAMA process and compare the accuracy of the predicted result to that generated by using an integrated GIS environment to model location. Models were constructed to account for &#145;location&#39; in three ways. They are firstly, in an a priori fashion based on established suburb and post code administrative boundaries. Secondly, by utilising the GIS to generate location factors based on the residuals of location &#145;blind&#39; global hedonic models and creating an interpolated location factor surface that can be applied to global hedonic models to give a predicted value. Finally, by using hedonic Geographically Weighted Regression (GWR) that allows the regression coefficients to vary across geographic space in response to local variation. These last two approaches take advantage of the parcel&#39;s spatial coordinates to model location within a GIS environment. All three approaches are used to generate values using available secondary data normally collected as part of the determination of capital market value integrated within the spatial framework of a digital cadastre. The results indicate an acceptable degree of accuracy can be achieved when using basic hedonic GWR models that account for location in an intuitively simple way, thus providing transparency and efficiency to the mass appraisal process. GWR accounts for location giving comparatively more accurate results at little or no extra cost.
]]></description>
<content><![CDATA[Adair, A., J. Berry, et al. (1996). &quot;Hedonic Modelling, housing submarkets and residential valuation.&quot; Journal of Property Research (1): 67&#150;83.
Adair, A. S., J. N. Berry, et al. (2000). &quot;The Local Housing System in Craigavon, N. Ireland: Ethno-religious Residential Segregation. Socio-tenurial Polarisation and Sub-markets.&quot; Urban Studies (7): 1079&#150;1092.
Borst, R. and W. McCluskey (2008). &quot;Using Geographically Weighted Regression to Detect Housing Submarkets: Modelling Large-Scale Spatial Variations in Value.&quot; Journal of Property Tax Assessment &amp; Administration (1).
Bourassa, S., E. Cantoni, et al. (2007). &quot;Spatial Dependence, Housing Submarkets, and House Price Prediction.&quot; Journal of Real Estate Finance and Economic143160.
Chhetri, P., R. Stimson, et al. (2006). &quot;Modelling the Factors of Neighbourhood Attractiveness Reflected in Residential Location Decision Choices.&quot; Chiikigaku Kenkyu (Studies in Regional Science) (2): 393&#150;417.
Clapp, J. (2003), &quot;A Semiparametric Method for Valuing Residential Locations: Application to Automated Valuation&quot;. Journal of Real Estate Finance and Economics 27:303&#150;320.
Eckert, J., Ed. (1990). Property Appraisal and Assessment Administration, International Association of Assessing Officers.
Fotheringham, A., C. Brunsdon, et al. (2002). Geographically Weighted Regression the analysis of spatially varying relationships, Wiley.
Gallimore, P., M. Fletcher, et al. (1996). &quot;Modelling the Influence of Location on Value.&quot; Journal of Property Valuation and Investment (1): 6&#150;19.
Galster, G. (1996). &quot;William Grigsby and the Analysis of Housing Sub-markets and Filtering.&quot; Urban Studies (10): 1797&#150;1805.
Goodman, A. and T. Thibodeau (2003). &quot;Housing market segmentation and hedonic prediction accuracy.&quot; Journal of Housing Economic181&#150;201.
Kauko, T. and M. d&#39;Amato, Eds. (2008). Mass Appraisal Methods An international perspective for property valuers. Real Estate Issues. Oxford, Wiley-Blackwell.
Ming, Y. and K. Siu (2003). &quot;Refining the Effects of Location on Computer Assisted Rating Valutaion.&quot; Pacific Rim Property Research Journal (3): 224&#150;247.
Moore, W. and J. Myers (2010). &quot;Using Geographic-attribute Weighted Regression for CAMA Modeling.&quot; Journal of Property Tax Assessment &amp; Administration (3): 5&#150;28.
O&#39;Connor and Eichenbaum (1988). &quot;Location Value Response Surfaces: The Geometry of Advanced Mass Appraisal.&quot; Property Tax Journal (3): 277&#150;296.
Rossini, P. and P. Kershaw (2008). Automated Valuation Model Accuracy: Some Empirical Testing. 14th Pacific Rim Real Estate Conference. Kuala Lumpur.
Tobler, W. (1970). &quot;A Computer Movie Simulating Urban Growth in the Detroit Region.&quot; Economic Geography (Supplement): 234&#150;240.
Ward, R. (2006). &quot;Developing Location Effects Using Cluster Analysis with Response Surface Analysis.&quot; Journal of Property Tax Assessment &amp; Administration (2): 5&#150;17.
Ward, R. D., J. R. Weaver, et al. (1999). &quot;Improving CAMA Models Using Geographic Information Systems/Response Surface Analysis Location Factors.&quot; Assessment Journal (1): 30&#150;39.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/efficacy-in-modelling-location-within-the-mass-appraisal-process</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume17-2011/the-role-of-institutional-rural-property-in-diversified-investment-portfolios-in-nsw-australia</link>
<title><![CDATA[The Role of Institutional Rural Property in Diversified Investment Portfolios in NSW, Australia]]></title>
<description><![CDATA[The food and fuel crisis experienced in 2006 to 2008 has highlighted the importance of agricultural commodity production throughout developing and developed economies and has placed greater awareness and importance on rural property and rural property markets. These factors have led to an increased interest from major property investment institutions and property companies in the role of rural property in a mixed asset or mixed property investment portfolio. This paper will analyse rural property sales in New South Wales for the period 1990&#150;2008, and will compare total return performance across a number of rural property sectors based on geographic location and land use type. These results show that the inclusion of rural property in an investment portfolio has benefits in relation to return and risk.
]]></description>
<content><![CDATA[Eves, C. (2010). An analysis of NSW rural land performance 1990&#150;2008. Pacific Rim Real Estate Society Conference. Wellington, New Zealand, January 2010.
Eves, C. (2010a). The role of institutional rural property in diversified investment portfolios in Australia. RICS Rural Conference. Plumpton College, Lewes England, April 2010.
Eves C. (2009). Developing a New Zealand rural property investment performance index. RICS Rural Property Conference &quot;Roots 2009&quot; Cambridge England, March 2009.
Eves, C. (2004). Development of a NSW rural property performance index. Portfolio Construction Journal, Vol 1, No 2, pp 26&#150;31.
Eves, C. (2002). NSW rural land market: 1990&#150;1999. Australian Property Journal, Vol 37, No 2, pp 128&#150;134.
Eves, C. (1997). Analysis of NSW rural land performance: 1985&#150;1995. The Valuer and Land Economist, Vol 34, No 6, pp 551&#150;557.
Eves, C. and Painter, M. (2008). A comparison of US, Canadian, Australian and New Zealand rural property. Australian New Zealand Property Journal, Vol 1, No 7, pp 588&#150;598.
Franklin, M. and Vasek, L. (2010). Liberals to limit foreign farm investment. The Australian. July 31, 2010.
Hardin, W. and P. Cheng (2002). Farmland investment under conditions of certainty and uncertainty. Journal of Real Estate Finance and Economics, Vol 25, pp 81&#150;98.
Hardin, W. and P. Cheng (2005). Farmland in a mixed-asset portfolio: a mean-semivariance approach. Journal of Real Estate Portfolio Management, Vol 11, pp 187&#150;195.
Hargreaves, B and McCarthy, I. (2010). Is New Zealand farmland worth what it will produce? Australian and New Zealand Property Journal, Vol 2, No 6, pp 365&#150;374.
Higgins, D. (2004). Stone the crows: rural property investments: Shining beacon or black hole? Property Investment Research, December 2004.
Kaplan, H. (1985). Farmland as a portfolio investment. Journal of Portfolio Management, Vol 11, pp 73&#150;78.
Lins, D., Sherrick, B. and A. Venigalla (1992). Institutional portfolios: diversification through farmland investment. AREUEA Journal, Vol 20, pp 549&#150;571.
Nartea, G. and Eves, C. (2008). Diversification benefits from New Zealand real estate. Pacific Rim Property Research Journal, Vol 14, pp 27&#150;43.
Nartea, G. and Eves, C. (2010). Role of farm real estate in a globally diversified asset portfolio. Journal of Property Investment and Finance, Vol 28, No 3, pp 198&#150;220.
Newell, G. and Eves, C. (2007). The role of US farmland in real estate portfolios. Journal of Real Estate Portfolio Management, Vol 13, No 4, pp 317&#150;327.
Painter, M. (2005). Returns to farmland and farm labour and management in western Canada. Journal of Farm Management. Vol 12, No 3, pp 123&#150;141.
Painter, M. and Eves, C. (2008). The financial gains from adding farmland to an international investment portfolio. Journal of Real Estate Portfolio Management, Vol 14, No 1, pp 63&#150;74.
Painter, M. (2007). A comparison of the dairy industries in Canada and New Zealand. Journal of International Farm Management. (http://ifmaonline.org).
PriceWaterhouseCoopers (2004). Independent Review of the NZ Rural Property Trust. PWC, September 2004.
Rubens, J., Bond, M. and J. Webb. (1989), The inflation-hedging effectiveness of real estate. Journal of Real Estate Research, Vol 4, pp 45&#150;55.
Rubens, J. and J. Webb. (1995), Farmland as an inflation hedge. Real Estate Research Issues, Vol 2, pp 129&#150;134.
Rural Funds Management (2009). Rural Equities: Annual Report 2009.
Tonts, D., D. Halpin, J. Collins and A. Black (2003). Rural Communities and Changing Farm Business Structures: An Assessment of the Socio-Economic Impacts. Rural Industries Research and Development Corporation, Canberra.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/the-role-of-institutional-rural-property-in-diversified-investment-portfolios-in-nsw-australia</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume17-2011/the-importance-of-mathematics-background-and-student-performance-in-a-property-degree</link>
<title><![CDATA[The Importance of Mathematics Background and Student Performance in A Property Degree]]></title>
<description><![CDATA[This paper investigates the relative importance of a wide range of academic and personal variables that may impact on student performance in a property degree. In particular, the importance of the property students&#39; mathematics background and prior knowledge is assessed. Using a multi-year data set over 2006&#150;2010, regression analysis (OLS) and quantile regression analysis are used to quantify the marginal learning effects of specific variables, including mathematics background. This issue is assessed at the overall property student performance level ( Grade Point Average (GPA) on completion of property degree) and at the individual property subject level (3 valuation subjects). Mathematics background is seen to be an important determinant of success in the property degree; particularly in the more advanced valuation subjects requiring cashflow analysis. The property education implications are also highlighted.
]]></description>
<content><![CDATA[Allen, M. and C. Carter (2007), Academic success determinants for undergraduate real estate students. Journal of Real Estate Practice and Education, 10:149&#150;160.
Becker, W. and M. Andrews (2004), The Scholarship of Teaching and Learning in Higher Education. Indian University Press: Bloomington.
Birch, E. and P. Miller (2006), Student outcomes at university in Australia: a quantile regression approach. Australian Economic Papers, 45:1&#150;17.
Blake, A. and C. Susilawati (2009), An evaluation of how well undergraduate property students are prepared for commencing their careers. Pacific Rim Property Research Journal, 15: 204&#150;224.
Chan, K., Shum, C. and D. Wright (1997), Class attendance and student performance in Principles of Finance. Financial Practice and Education, Fall: 58&#150;65.
Cornish, S., Reed, R. and S. Wilkinson (2009), Incorporating new technology into the delivery of property education. Pacific Rim Property Research Journal, 15: 303&#150;320.
Commonwealth of Australia (2009), Transforming Australia&#39;s Higher Education System. CA.
DEEWR (2008), Review of Australian Higher Education. DEEWR.
Didia, D. and B. Hasnat (1998), The determinants of performance in the university introductory finance course. Financial Practice and Education, Spring: 102&#150;107.
Ely, D. and L. Hittle (1990), The impact of math background on performance in managerial economics and basic finance courses. Journal of Financial Education, 19: 59&#150;61.
Everist, L., Francis, V. and L. Armitage (2005), Student preferences for career mentoring in property and construction. Pacific Rim Property Research Journal, 11: 337&#150;354.
Group of Eight (2009), Review of Education in Mathematics, Data Science and Quantitative Disciplines. Group of Eight: Canberra.
International Association for the Evaluation of Educational Achievement (2008), TIMSS 2007 International Mathematics Report. IEA: Boston.
Johnson, D., Joyce, P. and S. Sen (2002), An analysis of student effort and performance in the finance principles course. Journal of Applied Finance, Fall: 67&#150;72.
Koenker, R. (2005), Quantile Regression. Cambridge University Press: Cambridge.
Koenker, R. and K. Hallock (2001), Quantile regression. Journal of Economic Perspectives, 15: 143&#150;156.
Mallik, G. and P. Basu (2009), Does high school mathematics improve student learning in economics in university? The International Journal of Learning, 16:15&#150;20.
Mallik, G. and J. Lodewijks (2010), Student performance in a large first year economics subject: which variables are significant? Economics Papers, 29: 80&#150;86.
Mallik, G. and M. Varua (2008), HSC mathematics results and tertiary success in quantitative units: an Australian experience. Australian Journal of Economic Education, 5: 1&#150;10.
National Committee for the Mathematical Sciences (2009), A National Strategy for Mathematical Sciences in Australia. NCMS: Melbourne.
Newell, G., Susilawati, C. and S. Yam (2010), Student perceptions of the quality of property education in Australia: 1994&#150;2009. Pacific Rim Property Research Journal, 16: 400&#150;422.
NSW Board of School Education (2010), NSW HSC Participation Statistics (from NSWBSE website).
OECD Programme For International Student Assessment (2010), PISA 2009 Results: What Students Know and Can Do. OECD: Paris.
Page, G. (2008), Australian graduates&#39; perspective on their professional socialization. Australian and New Zealand Property Journal, 1: 561&#150;570.
Sen, S., Joyce, P., Farrell, K. and J. Toutant (1997), Performance in principles of finance courses by students with different specialisations. Financial Practice and Education, Fall: 66&#150;73.
Yam, S. and P. Rossini (2010), Effectiveness of project-based learning as a strategy for property education. Pacific Rim Property Research Journal, 16: 291&#150;313.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/the-importance-of-mathematics-background-and-student-performance-in-a-property-degree</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/linkages-between-malaysian-housing-prices-property-companies-and-stocks</link>
<title><![CDATA[Linkages Between Malaysian Housing Prices, Property Companies and Stocks]]></title>
<description><![CDATA[Although the relationships between house prices, property companies and stocks have received considerable attention in developed markets, little study has been undertaken in emerging markets. Therefore this study aims to investigate the linkages between the Malaysian housing market, property companies and stocks by using a vector-autoregressive model (VAR) over the study period 1999&#150;2009. The results reveal a uni-directional relationship between housing prices, property companies and stocks. Specifically, property companies and general stocks Granger cause the housing market, whereas there is no evidence to support that property companies and stocks will incorporate the information spillover from the housing market. These findings offered some insights into the dynamic behaviour of housing prices, particularly in a developing country context.
]]></description>
<content><![CDATA[Barkham, R. and Geltner, D. (1995) Price Discovery in American and British Property Markets. Real Estate Economics 23 (1):21&#150;44.
Case, K. E. and Shiller, R. J. (1989) The Efficiency of the Market for Single Family Homes. American Economic Review 79 (1): 125&#150;137.
CBM (2010) Bank Negara Malaysia Annual Report 2009.Central Bank of Malaysia, Kuala Lumpur, 1&#150;196.
Chen, M.-C. and Patel, K. (1998) House Price Dynamics and Granger Causality: An Analysis of Taipei New Dwelling Market. Journal of the Asian Real Estate Society 1 (1):101&#150;126.
Chin, H. and Dent, P. (2005) An Analysis of the Level of Maturity in South-East Asian Property Markets. Pacific Rim Property Research Journal 11 (4):355&#150;372.
Geltner, D.,MacGregor, B. D. and Schwann, G. M. (2003) Appraisal Smoothing and Price Discovery in Real Estate Markets. Urban Studies 40 (5&#150;6):1047&#150;1064.
GPG Global Property Guide Mortgage Market Indicators. Global Property Guide, Access on 12/3/2010 Available from http://www.globalpropertyguide.com/real-estate-school/Mortgage-markets.
Green, R. K. (1997) Follow the Leader: How Changes in Residential and Nonresidential Investment Predict Changes in GDP. Real Estate Economics 25:253&#150;270.
Gyourko, J. and Keim, D. B. (1992) What Does the Stock Market Tell Us About Real Estate Returns? AREUEA Journal 20 (3):457&#150;485.
Gyourko, J. and Keim, D. B. (1993) Risk and Return in Real Estate: Evidence From Real Estate. Financial Analysts Journal 49 (5):39&#150;46.
He, L. T. (2000) Causal Relationships between Apartment REIT Stock Returns and Unsecuritized Residential Real Estate. Journal of Real Estate Portfolio Management 6 (4):365&#150;372.
Hui, E. C. M.,Yu, K. H. and Ho, D. K. H. (2007) Office Price Index Lagging in Singapore and Hong Kong. International Journal of Strategic Property Management 11 (1):33&#150;46.
JLL (2010) Real Estate Transparency Index: Global Foresight Series 2010. Jones Lang LaSalle, Chicago, 1&#150;39.
Jud, G. D. and Winkler, D. T. (2002) The Dynamics of Metropolitan Housing Prices. Journal of Real Estate Research 23 (1/2):29&#150;45.
Kakes, J. and Van Den End, J. W. (2004) Do Stock Prices Affect House Prices? Evidence for the Netherlands. Applied Economics Letters 11:741&#150;744.
Kapopoulos, P. and Siokis, F. (2005) Stock and Real Estate Prices in Greece: Wealth versus &#145;Credit-Price&quot; Effect. Applied Economics Letters 12:125&#150;128.
Kim, K.-H. (2004) Housing and the Korean Economy. Journal of Housing Economics 13:321&#150;341.
KLSE (2001) KLSE Listing Requirements.KLSE Publication, Kuala Lumpur, Malaysia.
Lee, C. L. and Ting, K. H. (2009) The Role of Malaysian Securitised Real Estate in a Mixed-asset Portfolio. Journal of Financial Management of Property and Construction 14 (3):208&#150;230.
Li, J.,Mooradian, R. M. and Yang, S. X. (2009) The Information Content of the NCREIF Index. Journal ofReal Estate Research 31 (1):93&#150;116.
Liang, Y.,Chatrath, A. and Mcintosh, W. (1996) Apartment REITs and Apartment Real Estate. Journal ofReal Estate Research 11 (3):277&#150;289.
Ling, D. C. and Naranjo, A. (1999) The Integration of Commercial Real Estate Markets and Stock Markets. Real Estate Economics 27 (3):483&#150;516.
Liow, K. H. (2006) Dynamic Relationship between Stock and Property Markets. Applied Financial Economics 16:371&#150;376.
Miles, W. (2008) Volatility Clustering in U.S. Home Prices. Journal of Real Estate Research 30 (1):73&#150;90.
Myer, F. C. N. and Webb, J. R. (1994) Statistical Properties of Returns: Financial Assets Versus Commercial Real Estate. Journal of Real Estate Finance and Economics 8 (3):267&#150;282.
Newell, G. and Chau, K. W. (1996) Linkages between Direct and Indirect Property Performance in Hong Kong. Journal of Property Finance 7 (4):9&#150;30.
Newell, G.,Chau, K. W. and Wong, S. K. (2009) The Significance of Chinese Commercial Property in an Asian Property Portfolio. Journal of Property Investment and Finance 27 (2):102&#150;119.
Newell, G.,Ting, K. H. and Acheampong, P. (2002) Listed Property Trusts in Malaysia. Journal of Real Estate Literature 10 (1):109&#150;118.
Nishigaki, H. (2007) An Analysis of the Relationship between US REIT Returns. Economics Bulletin 13 (1):1&#150;7.
Ong, S. E. (1994) Structural and Vector Autoregressive Approaches to Modelling Real Estate and Property Stock Prices in Singapore. Journal of Property Finance 5 (4):4&#150;18.
Pagliari, J. L., Jr. and Webb, J. R. (1995) A Fundamental Examination of Securitized and Unsecuritized Real Estate. Journal of Real Estate Research 10 (4):381&#150;425.
Quan, D. C. and Titman, S. (1999) Do Real Estate Prices and Stock Prices Move Together? An International Analysis. Real Estate Economics 27 (2):183&#150;207.
Sim, S. H. and Chang, B. K. (2006) Stock and Real Estate Markets in Korea: Wealth or Credit-Price Effect. Journal of Economic Research 11:99&#150;122.
Sutton, G. D. (2002) Explaining Changes in House Prices. BIS Quarterly Review (September):46&#150;55.
TheStar (2010) Top 100 Companies by Market Capitalisation. The Star, 13 September 2010.
Ting, K. H. (2002). Listed Property Companies in Malaysia: A Comparative Performance Analysis. Paper presented at the 7th Pacific Rim Real Estate Society Conference, at Christchurch.
US Census Bureau (2010) Residential Vacancies and Homeownership in the Second Quarter 2010.US Census Bureau, Washington D.C., 1&#150;12.
Wheaton, W. C. (1999) Real Estate Some Fundamentals. Real Estate Economics 27 (2):209&#150;230.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/linkages-between-malaysian-housing-prices-property-companies-and-stocks</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/the-performance-of-thai-reits-in-a-mixed-asset-portfolio</link>
<title><![CDATA[The Performance of Thai-Reits in A Mixed-Asset Portfolio]]></title>
<description><![CDATA[This study examines the development of REITs in Thailand over October 2003 &#150; September 2010, analyses their risk and return characteristics, investigates the dynamic correlations between REITs and other investment vehicles and determines the diversification potential of Thai-REITs in a mixed-asset portfolio. Sub-period analysis is also conducted to analyse the impact of the GFC to the performance of Thai-REITs and correlations with other asset classes. As there was no REIT index available for the Thai listed REITs, a value-weighted REITs index was constructed to represent listed REITs on the Stock Exchange of Thailand. The results show that pre-GFC and during the GFC, Thai-REITs only played a minor role in the mixed-asset portfolio at low risk levels due to their poor risk-adjusted performance. However, the period post-GFC saw Thai-REITs gaining a significant position in the mixed-asset portfolio as the inclusion of Thai-REITs reduced risk and enhanced the return of the portfolio. In addition, the study also suggests that Thai-REITs offer a low-risk investment option and a better portfolio optimizer than property companies for shares investors.
]]></description>
<content><![CDATA[Boonsong, S., and Charoenwongse, S. (2010). Baker &amp; McKenzie&#39;s update on Thai REIT law. Baker &amp; McKenzie, Bangkok.
CBRE. (2010). REITs around Asia 1H2010. CB Richard Ellis, Hong Kong.
Chiang, Y. H., So, C. K. J., and Tang, B. S. (2008). &quot;Time-varying performance of four Asia-Pacific REITs.&quot; Journal of Property Investment &amp; Finance, 26(3), 210&#150;231.
Kim, B. S. (2009). &quot;The impact of the global financial crisis on Asia-Pacific real estate markets: evidence from Korea, Japan, Australia and US REITs.&quot; Pacific Rim Property Research Journal, 15(4), 398&#150;416.
Kutsuna, K., Dimovski, W., and Brooks, R. (2008). &quot;The pricing and underwriting cost of Japanese REIT IPOs.&quot; Journal of Property Research, 25(3), 221&#150;239.
Lee, C. L., and Ting, K. H. (2009). &quot;The role of Malaysian securitised real estate in a mixed-asset portfolio.&quot; Journal of Financial Management of Property and Construction, 14(3), 208&#150;230.
Lin, T. C. (2007). &quot;The development of REIT markets and real estate appraisal in Taiwan.&quot; Journal of Real Estate Literature, 15(2), 281&#150;301.
Liow, K. H., and Adair, A. (2009). &quot;Do Asian real estate companies add value to investment portfolio?&quot; Journal of Property Investment &amp; Finance, 27(1), 42&#150;64.
Liow, K. H., and Sim, M. C. (2006). &quot;The risk and return profile of Asian real estate stocks.&quot; Pacific Rim Property Research Journal, 12(3), 283&#150;310.
Macquarie. (2010). Global property insight. Macquarie Equities Research.
Newell, G., Liow, K.H., Ooi, J., and Haihong, Z. (2005). &quot;The impact of information transparency and market capitalisation on out-performance in Asian property companies.&quot; Pacific Rim Property Research Journal, 11(4), 393&#150;411.
Newell, G., and Peng, H. W. (2009). &quot;The impact of the global financial crisis on A-REITs.&quot; Pacific Rim Property Research Journal, 15(4), 453&#150;470.
Newell, G., Ting, K. H., and Acheampong, P. (2002). &quot;Listed property trusts in Malaysia.&quot; Journal of Real Estate Literature, 10(1), 109&#150;118.
Newell, G., Chau, K.W., Wong, S.K. and Liow, K.H. (2009). &quot;The significance and performance of property securities markets in the Asian IFCs.&quot; Journal of Property Research, 26(2), 125&#150;148.
Newell, G., Wu, Y., Chau, K. W., and Wong, S.K. (2010). &quot;The development and performance of REITs in Hong Kong.&quot; Pacific Rim Property Research Journal, 16(2), 191&#150;206.
Ooi, J. T. L. (2009). &quot;The compensation structure of REIT managers: impact on stock valuation and performance.&quot; Journal of Property Research, 26(4), 309&#150;328.
Ooi, J. T. L., Newell, G., and Sing, T.F. (2006). &quot;The growth of REIT markets in Asia.&quot; Journal of Real Estate Literature, 14(2), 203&#150;222.
Pholphirul, P., and Rukumnuaykit, P. (2009). &quot;The real estate cycle and real business cycle: Evidence from Thailand.&quot; Pacific Rim Property Research Journal, 15(2), 145&#150;165.
Quek, M. C. H., and Ong, S. E. (2008). &quot;Securitising China real estate: a tale of two China-centric REITs.&quot; Journal of Property Investment &amp; Finance, 26(3), 247&#150;274.
Sing, T. F., and Ling, S. C. (2003). &quot;The role of Singapore REITs in a downside risk asset allocation framework.&quot; Journal of Real Estate Portfolio Management, 9(3), 219&#150;235.
TRUST. (2010). Asia-Pacific REIT survey. The Trust Company.
Vanichvattana, S. (2007). &quot;Thailand Real Estate Market Cycles: Case Study of 1997 Economic Crisis.&quot; GH Bank Housing Journal, 1(1), 38&#150;47.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/the-performance-of-thai-reits-in-a-mixed-asset-portfolio</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/serial-persistence-and-risk-structure-of-local-housing-market</link>
<title><![CDATA[Serial Persistence and Risk Structure of Local Housing Market]]></title>
<description><![CDATA[This paper investigated serial correlations and the risk structure of local house price movements for single family homes. It was found house price changes were strongly correlated over time, but the market risk structure (variance of price changes) was specific to location differences and varied largely depending on different measurement intervals. For the monthly measurement interval, the market risk was close to a linear form. However, measured quarterly, the market risk tended to follow a quadratic form for a shorter time period up to 8 quarters and after that, the actual risk form seemed to sit in between the linear and quadratic forms. These findings have important implications in developing a house price index based on the weighted repeated sales (WRS) method.
]]></description>
<content><![CDATA[Abraham, J. M. and Schauman, W. S. (1991), New evidence on home prices from Freddie Mac repeat sales. AREUEA Journal, 19, 333&#150;352.
Bailey, M. J., Muth, R. F. and Nourse, H. O. (1963), A regression method for real estate price index construction. Journal of the American Statistical Association, 58, 933&#150;942.
Calhoun, C. A. (1996), OFHEO house price indexes: HPI technical description. Washington, D.C., Office of Federal Housing Enterprise Oversight.
Campbell, J. Y., Lo, A. and Mackinlay, A. (1997), The econometrics of financial markets. Princeton, New Jersey, Princeton University Press.
Campbell, J. Y. and Shiller, R. J. (2001), Valuation ratios and the long-run stock market outlook: an update. National Bureau of Economic Research.
Case, B., Pollakowski, H. O. and Wachter, S. M. (1997), Frequency of transaction and house price modelling. Journal of Real Estate Finance and Economics, 14, 173&#150;187.
Case, K. E. and Shiller, R. J. (1987), Prices of single-family homes since 1970: new indexes for four cities. Cambridge, MA: National Bureau of Economics Research.
Case, K. E. and Shiller, R. J. (1989), The efficiency of the market for single-family homes. The American Economic Review, 79, 125&#150;137.
Clapham, E., Englund, P., Quigley, J. M. and Redfearn, C. L. (2006), Revisiting the past and settling the score: Index revision for house price derivatives. Real Estate Economics, 34, 275&#150;302.
Clapp, J. M. and Giaccotto, C. (1992), Repeated sales methodology for price trend estimation: an evaluation of sample selectivity. Journal of Real Estate Finance and Economics, 5, 357&#150;374.
Englund, P., Quigley, J. M. and Redfearn, C. L. (1999), The choice of methodology for computing housing price indexes: comparisons of temporal aggregation and sample definition. Journal of Real Estate Finance and Economics, 19, 91&#150;112.
Fama, E. F. (1965), Random walks in stock market prices. Financial Analysts Journal, 21, 55&#150;59.
Goetzmann, W. N. and Spiegel, M. (1995), A spatial model of housing returns and neighbourhood substitutability. Journal of Real Estate Finance and Economics, 14, 11&#150;31.
Gu, A. Y. (2002), The predictability of house prices. Journal of Real Estate Research, 24, 213.
Haurin, D. R. and Hendershott, P. H. (1991), House price indexes: issues and results. AREUEA Journal, 19, 259&#150;269.
Lin, Z. and Liu, Y. (2008), Real estate returns and risk with heterogeneous investors. Real Estate Economics, 36, 753&#150;776.
Lo, A. and Mackinlay, A. (1988), Stock market prices do not follow random walks: evidence from a simple specification test. The Review of Financial Studies, 1, 41&#150;66.
Meese, R. and Wallace, N. (1997), The construction of residential housing price indices: a comparison of repeated sales, hedonic regression and hybrid approaches. Journal ofReal Estate Finance and Economics, 14, 51&#150;74.
Schindler, F., Rottke, N. and Fuss, R. (2010), Testing the predictability and efficiency of securitized real estate markets. Journal of Real Estate Portfolio Management, 16, 171&#150;191.
Shi, S., Young, M. and Hargreaves, B. (2009), Issues in measuring a monthly house price index in New Zealand. Journal of Housing Economics, 18, 336&#150;350.
Shiller, R. J. (1991), Arithmetic repeat sales price estimators. Journal of Housing Economics, 1, 110&#150;126.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/serial-persistence-and-risk-structure-of-local-housing-market</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/a-duration-analysis-of-the-time-from-prospectus-to-listing-for-a-reit-ipos</link>
<title><![CDATA[A Duration Analysis of the Time from Prospectus to Listing for A-Reit Ipos]]></title>
<description><![CDATA[Dimovski (2010) finds that the time from prospectus registration to listing is significantly positively related to the amount of underpricing amongst 45 Australian Real Estate Investment Trust (A-REIT) initial public offerings (IPOs) from 2002 to 2008. This makes the understanding of the time from prospectus registration to listing for A-REITs an important matter. This study analyses 82 A-REIT IPOs from 1994 to 2008 using a Cox proportional hazard model to analyse the duration from prospectus date to listing date. The study finds that A-REIT IPOs issued after 2000 listed more quickly, as did those A-REITs that were underwritten and also those that sought to raise larger amounts of equity capital. Those that proposed higher debt to assets ratios in their prospectuses listed more slowly. When the data is partitioned into 1994 to 1999 and 2002 to 2008 groupings, earlier A-REIT IPOs listed more quickly if they were larger while in the more recent group, those that had higher debt to asset ratios took longer to fill their subscriptions.
]]></description>
<content><![CDATA[Beatty, R. P. (1989) Auditor reputation and the pricing of initial public offerings, The Accounting Review, 64, 693&#150;709.
Beatty, R.P. and Ritter, J.R. (1986) Investment banking, reputation, and the underpricing of initial public offerings, Journal of Financial Economics, 15(1&#150;2), 213&#150;232.
Brooks, R., Fry, T., Dimovski, W. and Mihajilo, S. (2009) A duration analysis of the time from prospectus to listing for Australian initial public offerings, Applied Financial Economics, 19(3), 183&#150;190.
Carter, R. and Manaster, S. (1990) Initial public offerings and underwriter reputation, Journal of Finance, 45(4), 1045&#150;1067.
Chalk, A.J. and Peavy, J.W., III. (1987) Initial public offerings: daily returns, offering types and the price effect, Financial Analysts Journal, 43(5), 65&#150;69.
Chen, H.C. &amp; Lu, C. (2006). How much do REITs pay for their IPOs, Journal of Real Estate Finance and Economics, 33(2), 105&#150;125.
Cox, D.R. (1972) Regression models and life tables (with discussion), Journal of the Royal Statistical Society, Series B, 34, 187&#150;220.
Cox, D.R. and D. Oates (2001) Analysis of survival data, Chapman and Hall, London, England.
Dimovski, W. and Brooks, R. (2004) Do you really want to ask an underwriter how much money you should leave on the table?, Journal of International Financial Markets, Institutions and Money, 14(3), 267&#150;280.
Dimovski, W. and Brooks, R. (2006) The pricing of property trust IPOs in Australia, Journal of Real Estate Finance and Economics, 32(2), 185&#150;199.
Dimovski, W. (2010) The underpricing of A-REIT IPOs in Australia during 2002 to 2008, Pacific Rim Property Research Journal, 16(1), 39&#150;51.
Gordon, M.J. and Jin, J. (1993) Risk, asymmetric payoffs, and the underpricing of Initial Public Offering, Research in Finance, 11, 133&#150;165.
How, J. C.Y., Izan H.Y. and Monroe, G.S. (1995) Differential information and the underpricing of Initial Public Offerings: Australian evidence, Accounting and Finance, 35, 87&#150;105.
James, C. and Wier, P. (1990) Borrowing relationships, intermediation and the cost of issuing public securities, Journal of Financial Economics, 29, 149&#150;172.
Joel-Carbonell, A. &amp; Rottke, N.B. (2009) Efficient markets versus behavioral anomalies: the case of REITs, Journal of Property Investment &amp; Finance, 27(4), 413&#150;424.
Lee, P.J., Taylor, S.L. and Walter, T.S. (1996) Australian IPO pricing in the short and long run, Journal of Banking and Finance, 20(7), 1189&#150;1210.
Ling, D.C. and Ryngaert, M. (1997) Valuation uncertainty, institutional involvement, and the underpricing of IPOs: The case of REITs, Journal of Financial Economics, 43(3), 433&#150;456.
Kutsuna, K., Dimovski, W. &amp; Brooks, R. (2008) The pricing and underwriting costs of Japanese REIT IPOs, Journal of Property Research, 25(3), 221&#150;239.
Newell, G. (2007) The significance of property in industry-based superannuation funds, Australia and New Zealand Property Journal, 1 (1), 34&#150;43.
Newell, G., and Peng H. W. (2008) LPT fund manager decision-making in the emerging property sectors, Pacific Rim Property Research Journal, 14 (2), 222&#150;32.
Ritter, J.R. (2003) Difference between European and American IPO markets, European Financial Management, 9(4), 421&#150;34.
Rock, K. (1986) Why new issues are underpriced, Journal of Financial Economics, 15(1&#150;2), 187&#150;212.
Wang, K., Chan, S.H. and , G. (1992) Initial public offerings of equity securities: Anomalous evidence using REITs, Journal of Financial Economics, 31(3), 381&#150;410.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/a-duration-analysis-of-the-time-from-prospectus-to-listing-for-a-reit-ipos</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/effects-of-property-portfolio-characteristics-on-m-reit-risks</link>
<title><![CDATA[Effects of Property Portfolio Characteristics on M-Reit Risks]]></title>
<description><![CDATA[This study examines the effects of property portfolio characteristics on risks of Malaysian REITs. Risk is represented by three different proxies i.e. log of standard deviation, beta and Sharpe&#39;s ratio. The analysis is based on the March 2007 to December 2008 period. Three separate regressions are carried out and a total of ten independent property variables are used in this study. These independent variables are property type, diversification, management type, insider ownership, age, debt/equity ratio to represent leverage, price/FFO, variable to fixed debt ratio, total market capitalisation and book to market value. The cross-sectional regression technique is used to examine each variable&#39;s effect on risk and whether the risk factor is statistically significant. This study found diversification as a factor which consistently affects property portfolio risks, while other characteristics such as insider ownership, age, leverage, debt ratio and size are also found to have high significance in explaining the risk of a REIT property portfolio. The findings of this study suggest that REIT managers should pay attention to diversification, as it affects a REIT&#39;s property portfolio risk in a consistent manner.
]]></description>
<content><![CDATA[Allen, M T, Madura, J and Springer, T M (2000), REIT Characteristics and the Sensitivity of REIT Returns. Journal of Real Estate Finance and Economics, 21(2), 141&#150;152.
Ambrose, B W, Highfield, M J, and Linneman, P D (2005), Real Estate and Economies of Scale: The Case of REITs. Real Estate Economics, 33 (2), 323&#150;350.
Anderson, R I and Springer, T (2005), Investor Perception of Retail Property Risk: Evidence from REIT Portfolios. Journal of Shopping Centre Research, 12(1), 103&#150;120.
Below, S D, Stansell, S R and Coffin, M (2000), The Determinants of REIT Institutional Ownership: Tests of the CAPM. Journal of Real Estate Finance and Economics, 21(3), 263&#150;278.
Bers, M and Springer, T (1998), Differences in Scale Economies Among Real Estate Investment Trusts: More Evidence. Real Estate Finance, Fall, 37&#150;44.
Bhandari, L C (1988), Debt/Equity Ratio and Expected Common Stock Returns: Empirical Evidence. Journal of Finance, 43(2), 507&#150;528.
Bond, S A, Karolyi, G A and Sanders, A B (2003), International Real Estate Returns: A Multifactor, Multicountry Approach. Real Estate Economics, 31(3), 481&#150;500.
Byrne, P J and Lee, S (2000a), The relationship between portfolio size and risk. RICS Research Foundation: The Cutting Edge 2000.
6 Pacific Rim Real Estate Society Annual Conference 
Capozza, D R and Lee, S (1995), Property Type, Size and REIT Value. Journal of Real Estate Research, 10 (4), 7&#150;15.
Chen, S J, Hsieh, C, Vines, T W and Chiou, S N (1998), Macroeconomic Variables, Firm-Specific Variables and Returns to REITs, Journal of Real Estate Research, 16(3), 269&#150;277.
Chui, A C W, Titman, S and Wei, J K C (2003), The Cross Section of Expected REIT Returns. Real Estate Economics, 31(3), 451&#150;479.
Ciochetti, B A, Craft, T M and Shilling, J D (2002), Institutional Investors&#39; Preferences for REIT Stocks. Real Estate Economics, 30(4), 567&#150;593.
Clayton, J and Mackinnon, G (2003), The Relative Importance of Stock, Bond, and Real Estate Factors in Explaining REIT Returns. Journal of Real Estate Finance and Economics, 27, 39&#150;60.
Colwell, P F and Park, H Y (1990), Seasonality and Size Effects: The Case of Real-Estate-Related Investment, Journal of Real Estate Finance and Economics, 3, 251&#150;259.
Gyourko, J and Neiling, E (1996), Systematic Risk and Diversification in the Equity REIT Market. Real Estate Economics, 4, 493&#150;515.
Hartzell, J C, Kallberg, J G and Liu, C H (2005), The Role of the Underlying Real Esset Market in REIT IPOs. Real Estate Economics, 1, 27&#150;50.
Hess, R and Liang, Y (2003), Some Structural Attributes of Institutional Office Investments. Journal of Real Estate Portfolio Management, 9(1), 59&#150;69.
Hsieh, C H, and Peterson, J D (1997), Do Common Risk Factors in the Returns on Stocks and Bonds Explain Returns on REITs? Real Estate Economics, 25(2), 321&#150;345.
11 Pacific Rim Real Estate Society Annual Conference 
Lee, M L, Lee M T and Chiang, K C H (2008), Real Estate Risk Exposure of Equity Real Estate Investment Trusts. Journal of Real Estate Finance Economy, 36, 165&#150;181.
Lewis, D, Springer, T M and Anderson, R I (2003), The Cost Efficiency of Real Estate Investment Trusts: An Analysis with a Bayesian Stochastic Frontier Model. Journal of Real Estate Finance and Economics, 26(1), 65&#150;80.
McIntosh, W, Liang, Y and Tompkins, D L (1991), An Explanation of the Small-Firm Effect Within the REIT Industry, Journal of Real Estate Research, 6(1), 9&#150;16.
Newell, G, Ting, K H and Acheampong, P (2002), Listed Property Trusts in Malaysia. Journal of Real Estate Literature, 10(1), 109&#150;118.
Ooi, J T L and Liow, K H (2004), Risk-Adjusted Performance of Real Estate Stocks: Evidence from Developing Markets. Journal of Real Estate Research, 26(4), 371&#150;395
Ooi, J T L, Webb, J R and Zhou, D (2007), Extrapolation Theory and the Pricing of REIT Stocks. Journal of Real Estate Research, 29(1), 27&#150;55.
12 Pacific Rim Real Estate Society Annual Conference 
Sanders, A B (1997), The Historical Behavior of REIT Returns: A Capital Market Perspective, The Handbook of Real Estate Investment Trusts, Irwin Publishing Co.
Schulte, K M (2009), Determinants of Risk-Adjusted REIT-performance &#150; Evidence from US Equity REITs. European Real Estate Society Annual Conference, 24&#150;27 June 2009, Stockholm, Sweden.
Springer, T M and Cheng, P (2006), Real Estate Property Portfolio Risk: Evidence from REIT Portfolios. Real Estate Research Institute Annual Conference, 27&#150;28 April 2006, Chicago, Illinois.
13 Pacific Rim Real Estate Society Annual Conference 
Ziering, B, Winograd, B and McIntosh, W (1997), The Evolution of Public and Private Market Investing in the New Real Estate Capital Markets. Prudential Real Estate Investors.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/effects-of-property-portfolio-characteristics-on-m-reit-risks</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/the-significance-and-performance-of-listed-property-companies-in-the-philippines</link>
<title><![CDATA[The Significance and Performance of Listed Property Companies in the Philippines]]></title>
<description><![CDATA[Located in a highly dynamic region, the Philippines have been emerging as an unexplored property market, with a competitive advantage of a highly skilled labor force. Although the Philippine property market has drawn increasing attention in the recent years, details about the Philippine property market are still limited. This paper presents a profile of the Philippine property market and assesses the significance and performance of listed property companies on the Philippine Stock Exchange. The risk-adjusted performance analysis and significance of listed property companies in the Philippines is assessed over Jan. 1999 &#150; May 2010, with the ongoing property investment issues highlighted.
]]></description>
<content><![CDATA[Addae-Dapaah, K. and H.L. Loh (2005) Exchange rate volatility and international real estate diversification: a comparison of emerging and developed economies, Journal of Real Estate Portfolio Management, 11, 225&#150;240.
Aldaba, R.M. (2006) FDI investment incentive system and FDI inflows: The Philippine experience, Philippine Institute for Development Studies, Discussion paper series No. 2006&#150;20.
Aquino, R.Q. (2004) News, noise and stock price movements, The University of the Philippines, College of Business Administration, Discussion Paper No. 0404.
Aquino, R.Q. (2005) A jump diffusion analysis of Philippine foreign exchange and stock markets, The University of the Philippines, College of Business Administration, Discussion Paper No. 0503.
Bird, K. and H. Hill (2008) Philippine economic development: A turning point? Center for Contemporary Asian Studies, Doshisha University, CCAS working paper No.16.
Bangko Sentral Ng Pilipinas, http://www.bsp.gov.ph, Central Bank of the Philippines.
Bond, S., A. Karolyi and A. Sanders (2003) International real estate returns: a multifactor, multicountry approach, Real Estate Economics, 31, 481&#150;500.
CB Richard Ellis (2009) Asia Investment Marketview: 2H 2009, CBRE.
CB Richard Ellis (2009) CBRE Property Marketview: June 2009, CBRE.
Chau, K.W., B. MacGregor and G. Schwann (2001) Price discovery in the Hong Kong real estate market, Journal of Property Research, 18, 187&#150;216.
Chau, K.W., S.K. Wong and G. Newell (2003) Performance of property companies in Hong Kong: a style analysis approach, Journal of Real Estate Portfolio Management, 9, 29&#150;44.
Congress of the Philippines (2009) Republic Act No. 98561 An act providing the legal framework for real estate investment trust and for other purposes, Congress of the Philippines.
CIA (2010) World Factbook 2010, CIA.
EPRA (2010) Global Real Estate Universe, EPRA News, 33/2010, EPRA.
Gerlach, R., P. Wilson and R. Zurbruegg (2006) Structural breaks and diversification: the impact of the 1997 Asian financial crisis on the integration of Asia-Pacific real estate markets, Journal of International Money and Finance, 25, 974&#150;991.
Jin, C., T. Grissom and A. Ziobrowski (2007) The mixed-asset portfolio for Asia-Pacific markets, Journal of Real Estate Portfolio Management, 13, 249&#150;256.
Jones Lang LaSalle (2006) Philippines Economic Insight: October 2006, JLL.
Jones Lang LaSalle (2008) Philippines Economic Insight: May 2008, JLL.
Jones Lang LaSalle (2008) Sustaining the competitiveness of the Philippine outsourcing and offshoring (O&amp;O) industry, JLL.
Jones Lang LaSalle (2010) Asia Pacific Property Digest: Second Quarter 2010, JLL.
Lim, L.C., A. Adair and S. McGreal (2002b) The perception of real estate investment opportunities in Southeast Asia, Pacific Rim Property Research Journal, 8(3), 163&#150;182.
Liow, K.H. (2000) The dynamics of the Singapore commercial property market, Journal of Property Research, 17, 279&#150;292.
Liow, K.H. (2001a) The long-term investment performance of Singapore real estate and property stocks, Journal of Property Investment and Finance, 19, 156&#150;174.
Liow, K.H. (2001b) The abnormal return performance of Singapore property companies, Pacific Rim Property Research Journal, 7, 104&#150;112.
Liow, K. H and M.C. Sim (2006) The risk and return profile of Asian real estate stocks, Pacific Rim Property research Journal, 12(3), 283&#150;308.
Liow, K.H. (2007) The dynamics of return volatility and systematic risk in international real estate security markets, Journal of Property Research, 24, 1&#150;29.
Liow, K.H. (2008) Financial crisis and Asian real estate securities market interdependence: some additional evidence, Journal of Property Research, 25, 127&#150;155.
Liow, K. H and A. Adair (2009) Do Asian real estate companies add value to investment portfolio?, Journal of Property Investment &amp; Finance, 27(1), 42&#150;64.
Macquarie Securities (2010) Global Property Pulse: July 2010, Macquarie Securities.
Majid, M.S.A., A.K.M. Meera, M.A.Omar and H.A.Aziz (2009) Dynamic linkages among ASEAN-5 emerging stock markets, International Journal of Emerging Markets, 4(2), 160&#150;184.
Mei, J. and J. Hu (2000) Conditional risk premiums of Asian real estate stocks, Journal of Real Estate Finance and Economics, 21, 297&#150;313.
Moody&#39;s. Moody&#39;s sovereign rating. http://v3.moodys. com/Pages/default. aspx. Moody&#39;s.
Newell, G. and K.W. Chau (1996) Linkages between direct and indirect property performance in Hong Kong, Journal of Property Finance, 7, 9&#150;29.
Newell, G., K.W. Chau and S.K. Wong (2004) The level of direct property in Hong Kong property company performance, Journal of Property Investment and Finance, 22, 512&#150;532.
Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2005) Dynamics of the direct and indirect real estate markets in China, Journal of Real Estate Portfolio Management, 11, 263&#150;279.
Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2007) Factors influencing the performance of Hong Kong real estate companies, Journal of Real Estate Portfolio Management, 13, 75&#150;86.
Newell, G. and R. Kamineni (2007) The significance and performance of real estate markets in India, Journal of Real Estate Portfolio Management, 13, 161&#150;172.
Newell, G., K.W. Chau and S.K. Wong (2009) The significance of Chinese commercial property in an Asian property portfolio, Journal of Property Investment and Finance, 27, 102&#150;119.
Nguyen, T.K (2010) The significance and performance of listed property companies in Vietnam, Pacific Rim Property Research Journal, 16(2), 221&#150;245.
Ong, S.E. (1994) Structural and vector autoregressive approaches to modelling real estate and property stock prices in Singapore, Journal of Property Finance, 5, 4&#150;18.
Ong, S.E. (1995) Singapore real estate and property stocks &#150; a cointegration test, Journal of Property Research, 12, 29&#150;39.
Ooi, J. and K.H. Liow (2004) Risk-adjusted performance of real estate stocks: evidence from developing markets, Journal of Real Estate Research, 26, 371&#150;395.
Philippine Stock Exchange. http://www.pse.com.ph/.
Schwann, G. and K.W. Chau (2003) News effects and structural shifts in price discovery in Hong Kong, Journal of Real Estate Finance and Economics, 27, 257&#150;271.
Securities and Exchange Commission (2010) Implementing rules and regulations of the real estate investment trust (REIT) act of 2009, SEC.
Sing, T.F. and S.H. Low (2000) The inflation-hedging characteristics of real estate and financial assets in Singapore, Journal of Real Estate Portfolio Management, 6, 373&#150;386.
Standard &amp; Poor&#39;s sovereigns ratings, http://www2.standardandpoors.com, Standard &amp; Poor&#39;s.
Tholons (2007) Top 50 Emerging Outsourcing Cities-II, Tholons.
Tholons (2008) Top 50 Emerging Global Outsourcing Cities, Global Services-Tholons Study, Tholons.
Tholons (2009) Top Ten Trends In Services Globalization 2009, Tholons.
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Wilson, P. and R. Zurbruegg (2004) Contagion or interdependence? Evidence from co-movements in Asia-Pacific securitised real estate markets during the 1997 crisis, Journal of Property Investment and Finance, 22, 401&#150;413.
Wilson, P., S. Stevenson and R. Zurbruegg (2007) Measuring spillover effects across Asian property stocks, Journal of Property Research, 24, 123&#150;128.
World Economic Forum (2008) Global Competitiveness Report 2008&#150;09, WEF.
Yu, J.C. (2003) Time Variation and Structural Change in the Beta of the Philippine Stocks, The University of the Philippines, College of Business Administration, Discussion Paper No. 0305.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/the-significance-and-performance-of-listed-property-companies-in-the-philippines</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/a-multivariate-study-of-medium-density-housing-development-and-neighbourhood-change-within-australian-cities</link>
<title><![CDATA[A Multivariate Study of Medium Density Housing Development and Neighbourhood Change Within Australian Cities]]></title>
<description><![CDATA[The introduction of medium density housing development within suburban areas has been favoured by government as a means of improving the efficiency of land use, reducing the costs associated with the delivery of government infrastructure and services, increasing the opportunity for affordable housing and balancing social mix. However, it has been hypothesised that such development may be having a negative impact on local neighbourhoods in terms of social structure; for example, reducing diversity as measured by economic status and family makeup or in terms of local housing market performance as measured by price. This paper considers whether such outcomes are able to be measured in terms of social structure and housing market performance for three Australian cities: Adelaide, Sydney and Melbourne between 2001 and 2006. The analysis is conducted at a disaggregated level to more accurately measure impacts at the local level. The paper attempts to identify whether medium density housing development has any impact on housing market performance at a suburb level as measured by median price and if there are associated changes in neighbourhood structure as measured by social constructs developed using the technique of principal components analysis.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/a-multivariate-study-of-medium-density-housing-development-and-neighbourhood-change-within-australian-cities</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/property-taxes-and-fees-a-tale-of-two-cities</link>
<title><![CDATA[Property Taxes and Fees &#150; A Tale of Two Cities]]></title>
<description><![CDATA[Housing affordability is a concern around the world. Australia and China have different political systems. The former has a western democratic system, while the latter has a communist/socialist system. Despite the difference in political ideology and economy, the people in both countries are complaining about the high property prices problem. There are many factors for high property prices. High property taxes and fees are alleged to be a major suspect for causing high property prices. The paper examines the property taxes and fees for residential developments in these two countries. Sydney in Australia and Wuhan in China are chosen as case study cities. The property taxes and fees in these two cities are examined and compared. It is found that property taxes and fees account for a substantial portion of property prices in both cities. Housing affordability can be enhanced if the relevant governments are determined to reduce the amount of property taxes and fees.
]]></description>
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/property-taxes-and-fees-a-tale-of-two-cities</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume17-2011/house-price-bubble-estimations-in-australias-capital-cities-with-market-fundamentals</link>
<title><![CDATA[House Price Bubble Estimations in Australia&#39;s Capital Cities with Market Fundamentals]]></title>
<description><![CDATA[This paper investigates the existence of house price bubbles in Australia&#39;s eight capital cities in recent years by using quantitative analyses including Johansen cointegration test, Granger causality test, impulse response and Chow forecast test. While interactions between house prices and market fundamentals are discussed in long-run and causal estimations, shocks from the market fundamentals to house prices are investigated in generalized impulse response analyses. Findings from estimating house price bubbles for eight capital cities suggest that there was an obvious house price bubble in Perth, while a slight house price bubble occurred in Sydney. In contrast, house prices in Adelaide and Darwin can be explained very well by market fundamentals, while house prices in Melbourne, Brisbane, Hobart and Canberra were undervalued in the study period.
]]></description>
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Cycles&quot;, Journal of Real Estate Literature, vol. 13, no. 2, pp. 143&#150;164.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/house-price-bubble-estimations-in-australias-capital-cities-with-market-fundamentals</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume17-2011/concerns-about-the-rollout-of-broadband-a-legal-consideration-of-australias-nbn-greenfield-policy</link>
<title><![CDATA[Concerns About the Rollout of Broadband: A Legal Consideration of Australia&#39;s NBN Greenfield Policy]]></title>
<description><![CDATA[This paper examines the Australian federal government&#39;s proposal that developers take the primary role for deploying the National Broadband Network (&#145;NBN&#39;) in greenfield estates. It identifies issues facing the NBN&#39;s implementation and concerns raised by industry. A failure to address these concerns may lessen industry support as well as adversely impact on consumers as NBN implementation costs are passed onto them. The author identifies the need for NBN legislation to clearly establish what is a &#145;greenfield estate&#39;; how and when exemptions from implementation obligations will apply; and that NBN services must be treated the same as any other utility service.
]]></description>
<content><![CDATA[Allen Consulting Group (2003). Funding Urban Public Infrastructure: Approaches compared. Report for the Property Council of Australia.

Battersby, B. (2006). Does Distance Matter? The Effect of Geographic Isolation on Production Level. OECD Economic Studies No. 42, 2006/1, 205.
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Capling, A. &amp; Nossal, K. R. (2001). Death of distance or tyranny of distance? The Internet, deterritorialization, and the anti-globalization movement in Australia. The Pacific R. 14(3), 443.
Chang, S., Lee, H., &amp; Middleton, C. (2003) The deployment of broadband Internet in Australia: Areas for Attention and Implications from Canada and Korea. Proceedings of the ITS Asia- Australasian Regional Conference on Business, E-Commerce and the Impact of Broadband on Regional Development and Business Prospects, http://www.broadbandresearch.ca/ourresearch/Lee.pdf (viewed 08/09/2009)
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Fiedler, L. (2008). Submission to the &#145;Call for submissions on broadband solutions for area&#39;. http://www.dbcde.gov.au/consultation and submissions/regional broadband s olutions/public submissions on policy and funding initiatives to provide enhance d broadband to rural and remote areas/submissions(accessed 17/05/2009).
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Islam, AHM R., Selvadurai, N. &amp; Town, G. (2008). Wireless Broadband Technologies for Regional and Rural Australia: A last-mile perspective. Telecommunications J. of Australia. 58(2&#150;3) 28.1
Kooymans, R. &amp; Flehr, M. (2000). Arresting the decline in the number of office users in the Adelaide Central Business District. Paper presented at the 6th PRRES Conference, Sydney, New South Wales.
Mackay, H. (1999). Turning point &#150; Australians choosing their future. (Pan McMillan Australia).
Mason, P. (2009). &#145;National Broadband Network: Fibre to the premises in greenfield estates consultation paper&#39;, NBN and Fibre Roll-out Regulation Branch, DBCDE. (email).
Middleton, C. (2007). Understanding the Benefits of Broadband: Insights for a Broadband Enabled Ontario. A paper prepared for the Ministry of Government Services, Ontario, Canada. http://www.broadbandresearch.ca/ourresearch/middleton BB benefits.pdf (viewed 29/08/2009).
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Wu, T. (2004). The Broadband Debate, A User&#39;s Guide. J.Telecom. &amp; High Tech. L, Vol. 3, 69.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/concerns-about-the-rollout-of-broadband-a-legal-consideration-of-australias-nbn-greenfield-policy</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/the-significance-and-performance-of-listed-property-companies-in-asian-developed-and-emerging-markets</link>
<title><![CDATA[The Significance and Performance of Listed Property Companies in Asian Developed and Emerging Markets]]></title>
<description><![CDATA[Whilst property has become a major global investment class beside shares and bonds, listed property companies also take a higher exposure in the Asian stock markets compared to the other continents. This reflects an increasingly significant role of Asian property securities in the regional and global context. This study presents a profile and performance analysis of the listed property companies for 13 Asian countries according to the level of market maturity as the developed, emerging and lesser emerging tiers over Jan. 1999 &#150; Dec. 2009. This covers the developed market tier (Japan, Hong Kong, Singapore), emerging market tier (Malaysia, Korea, Taiwan, Thailand) and the lesser emerging market tier (China, India, Indonesia, Philippines, Sri Lanka and Vietnam). The research shows the tier of the lesser emerging markets in Asia have the potential to provide enhanced property investment returns.
]]></description>
<content><![CDATA[Addae-Dapaah, K. and C. Kion (1996) International diversification of property stock: a Singaporean investor&#39;s viewpoint, Real Estate Finance, 13, 54&#150;66.
Addae-Dapaah, K. and H.L.Loh (2005) Exchange rate volatility and international real estate diversification: a comparison of emerging and developed economies, Journal of Real Estate Portfolio Management, 11, 225&#150;240.
Bond, S., A. Karolyi and A. Sanders (2003) International real estate returns: a multifactor, multicountry approach, Real Estate Economics, 31, 481&#150;500.
Chau, K.W., B. MacGregor and G. Schwann (2001) Price discovery in the Hong Kong real estate market, Journal of Property Research, 18, 187&#150;216.
Chau, K.W., S.K. Wong and G. Newell (2003) Performance of property companies in Hong Kong: a style analysis approach, Journal of Real Estate Portfolio Management, 9, 29&#150;44.
Conner, P., Y. Liang and W. Mcintosh (1999) Myth and realities of international real estate investing, Prudential Real Estate Investors, 1&#150;12.
EPRA (2010) Global Real Estate Universe, EPRA News, 33/2010, EPRA.
Garvey, R., G. Santry and S. Stevenson (2001) The linkages between real estate securities in the Asia Pacific, Pacific Rim Property Research Journal, 7, 240&#150;258.
Gerlach, R., P. Wilson and R. Zurbruegg (2006) Structural breaks and diversification: the impact of the 1997 Asian financial crisis on the integration of Asia-Pacific real estate markets, Journal of International Money and Finance, 25, 974&#150;991.
Jin, C., T. Grissom and A. Ziobrowski (2007) The mixed-asset portfolio for Asia-Pacific markets, Journal of Real Estate Portfolio Management, 13, 249&#150;256.
Jones Lang LaSalle (2010) Real Estate Transparency Index, JLL.
Liow, K.H. (2000) The dynamics of the Singapore commercial property market, Journal of Property Research, 17, 279&#150;292.
Liow, K.H. (2001a) The long-term investment performance of Singapore real estate and property stocks, Journal of Property Investment and Finance, 19, 156&#150;174.
Liow, K.H. (2001b) The abnormal return performance of Singapore property companies, Pacific Rim Property Research Journal, 7, 104&#150;112.
Liow, K. H and M.C. Sim (2006) The risk and return profile of Asian real estate stocks, Pacific Rim Property research Journal, 12(3), 283&#150;308.
Liow, K.H. (2007) The dynamics of return volatility and systematic risk in international real estate security markets, Journal of Property Research, 24, 1&#150;29.
Liow, K.H. (2008) Financial crisis and Asian real estate securities market interdependence: some additional evidence, Journal of Property Research, 25, 127&#150;155.
Liow, K. H and A. Adair (2009) Do Asian real estate companies add value to investment portfolio?, Journal of Property Investment &amp; Finance, 27(1), 42&#150;64.
Macquarie Securities (2010) Global Property Pulse: January 2010, Macquarie Securities.
Mei, J. and J. Hu (2000) Conditional risk premiums of Asian real estate stocks, Journal of Real Estate Finance and Economics, 21, 297&#150;313.
Newell, G. and K.W. Chau (1996) Linkages between direct and indirect property performance in Hong Kong, Journal of Property Finance, 7, 9&#150;29.
Newell, G., K.W. Chau and S.K. Wong (2004) The level of direct property in Hong Kong property company performance, Journal of Property Investment and Finance, 22, 512&#150;532.
Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2005) Dynamics of the direct and indirect real estate markets in China, Journal of Real Estate Portfolio Management, 11, 263&#150;279.
Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2007) Factors influencing the performance of Hong Kong real estate companies, Journal of Real Estate Portfolio Management, 13, 75&#150;86.
Newell, G. and R. Kamineni (2007) The significance and performance of real estate markets in India, Journal of Real Estate Portfolio Management, 13, 161&#150;172.
Newell, G., K.W. Chau and S.K. Wong (2009) The significance of Chinese commercial property in an Asian property portfolio, Journal of Property Investment and Finance, 27, 102&#150;119.
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Sing, T.F. and S.H. Low (2000) The inflation-hedging characteristics of real estate and financial assets in Singapore, Journal of Real Estate Portfolio Management, 6, 373&#150;386.
Wilson, P. and R. Zurbruegg (2004) Contagion or interdependence? Evidence from co-movements in Asia-Pacific securitised real estate markets during the 1997 crisis, Journal of Property Investment and Finance, 22, 401&#150;413.
Wilson, P., S. Stevenson and R. Zurbruegg (2007) Measuring spillover effects across Asian property stocks, Journal of Property Research, 24, 123&#150;128.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/the-significance-and-performance-of-listed-property-companies-in-asian-developed-and-emerging-markets</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/earnings-management-a-case-of-new-zealand-listed-property-trusts</link>
<title><![CDATA[Earnings Management: A Case of New Zealand Listed Property Trusts]]></title>
<description><![CDATA[Existing literature of earnings management focuses on a wide range of firms and large corporations. However, LPTs are usually limited in the use of accruals for earnings management because of the characteristics of real estate investment. This paper examines earnings management strategies among New Zealand LPTs by using itemized contributing elements of total cash flow incorporating fundamental direct property data, such as average lease term and vacancy rates. Using White&#39;s heteroscedastic-correction estimate, the model specification using total cash flow rather than itemized elements revealed significant results for average lease term and accruals playing little role in future earnings. When itemized elements of total cash flow were analyzed, fundamental property variables were not significant, with contributory elements of total cash flow providing the best estimator of earnings next period. These findings suggest that New Zealand LPTs use different earnings management strategies than the literature dealing with a wide variety of firms would suggest. Additionally, this paper reveals that when contributory elements of cash flow are available to investors, that indicators of fundamental underlying direct property performance is of limited benefit for estimating earnings.
]]></description>
<content><![CDATA[Ambrose, B.W. &amp; Bian, X. (2010). Stock Market Valuation and REIT Earnings Management. Journal of Real Estate Research, 32 (1), 101&#150;138.
Beneish, M. D. and Nichols, D. C. (2005). Earnings Quality and Future Returns: The Relation Between Accruals and the Probability of Earnings Manipulation. Social Science Research Network (SSRN) paper #725162.
Bradley, M., Capozza D.R. and Seguin, P.J. (1998). Dividend Policy and Cash-Flow Uncertainty. Real Estate Economics, 26(4), 555&#150;580.
Bugshan, T. O. (2005). Corporate Governance, Earnings Management, and the Information Content of Accounting Earnings: Theoretical Model and Empirical Tests, PhD, ePublications@Bond University, Faculty of Business.
Chan, K., L. Chan, N. Jegadeesh, and J. Lakonishok. (2006). Earnings Quality and Stock Returns. Journal of Business, 79 (3), 1041&#150;1082.
Collins, D.W., Kothari, S.P., and Ravburn, J.D. (1987). Firm Size and the Information Content Of Prices With Respect To Earnings. Journal of Accounting and Economics July, 111&#150;138.
Dipasquale, D. and Wheaton, W. C. (1992). The Market for Real Estate Assets and Space: A Conceptual Framework. Journal of the American Real Estate and Urban Economics Association, 20, 181&#150;197.
Edelstein, R., Liu, P. and Tsang, D. (2008). Real Earnings Management and Dividend Payout Signals: A Study for U.S. Real Estate Investment Trusts. American Real Estate and Urban Economics International Conference and Asian Real Estate Society Conference, Shanghai, July 2008.
Geltner, D. (1990). Return Risk and Cash Flow Risk with Long-term Riskless Leases in Commercial Real Estate. Real Estate Economics, 18(4), 377&#150;402.
Graham, J.R., Harvey, C.R., and Rajgopal, S., (2005). The Economic Implications of Corporate Financial Reporting. Journal of Accounting and Economics, 40, 3&#150;73.
Healy, P.M., and Wahlen, J.M. (1999). A Review of the Earnings Management Literature and Its Implications for Standard Setting. Accounting Horizons, 13, 365&#150;383.
Keenan, C. (2008). Behind the Numbers. Black Enterprise, 38(12), 35.
Leuz, C., Nanda, D. and Wysocki, P. (2003). Earnings Management and Investor Protection: An International Comparison. Journal of Financial Economics, 69, 505&#150;527.
Levy, D. (2005). Conceptualising the Influence of Clients on Valuations. Unpublished PhD Thesis, University of Auckland.
Lo, K. (2008). Earnings Management and Earnings Quality. Journal of Accounting and Economics, 45, 350&#150;357.
Moricz, Z. and Murphy, L. (1997). Space Traders: De-regulation, Property Companies, and Auckland&#39;s Office Market, 1975&#150;1994. International Journal of Urban and Regional Research, 21(2), 165&#150;179.
Murphy, L. (2008). Globalising Commercial Property Markets: The Development and Evolution of the Listed Property Trust Sector in New Zealand. Chapter 7, 73&#150;84. In Tamasy, C. and Taylor, M. (Eds.) Globalizing Worlds and New Economic Configurations, Ashgate: London.
Ooi, J.T. L. (2001). Dividend Payout Characteristics of U.K. Property Companies, Journal of Real Estate Portfolio Management, 7(2), 133&#150;142.
Ou, J., and Penman, S. (1989). Financial Statement Analysis and the Prediction of Stock Returns, Journal of Accounting &amp; Economics, 11, 295&#150;329.
Roychowdhury, S., (2006). Management of Earnings Through the Manipulation of Real Activities That Affect Cash Flow From Operations. Journal of Accounting and Economics, 42, 335&#150;370.
Sloan, R.G. (1996). Do Stock Prices Fully Reflect Information in Accruals and Cash Flow About Future Earnings? The Accounting Review, 71 (3), 289&#150;315.
Tse, R. (1999). Lag Vacancy, Effective Rents and Optimal Lease Term. Journal of Property Investment and Finance, 17(1), 75&#150;88.
Wang, K., Erickson, J., and Gau, G.W. (1993). Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts, Journal of the American Real Estate and Urban Economics Association, 21(2), 185&#150;201.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/earnings-management-a-case-of-new-zealand-listed-property-trusts</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/how-attractive-is-a-shop-a-fuzzy-expert-system</link>
<title><![CDATA[How Attractive is a Shop: A Fuzzy-Expert System]]></title>
<description><![CDATA[Professional planners of shopping centres know that intangible factors of a shop, including product type, quality, variety, pricing, branding, and image, are all vital in determining the pedestrian flow into the shop. These intangible factors cannot be easily quantified. Yet by experience, professional planners know how to assess them, and hence assign different shops to different strategic locations within a shopping centre, in order to optimize pedestrian flow. The objective of this study is to model experts&#39; professional judgment on these intangible factors. A model combining a fuzzy expert system and regression is found capable of predicting pedestrian flow at reasonable accuracies. By fine tuning the location of potential tenants, using an integrated simulation model, it is possible to optimise the shopping centre&#39;s rental performance, even at the early stage of the shopping centre design.
]]></description>
<content><![CDATA[Areni, C. and D. Kim (1995), &quot;The Influence of In-Store Lighting on Consumers&#39; Examination of Merchandise in a Wine Store&quot;, International Journal of Research in Marketing, Vol. 11(4): 117&#150;125
Bagnoli, C. and Smith, H.C. (1997) &quot;Fuzzy Logic: The New Paradigm for Decision Making&quot;, Real Estate Issues, Vol. 22(2): 35&#150;41
Bagnoli, C. and Smith, H.C. (1998), &quot;The Theory of Fuzzy Logic and its Application to Real Estate Valuation&quot;, Journal of Real Estate Research, Vol. 16: 169&#150;99.
Brown, S. (1992), Retail location: a micro-scale perspective, Aldershot: Avebury.
Brown, S. (1992), &quot;Tenant Mix, Tenant Placement and Shopper Behaviour in a Planned Shopping Centre&quot;, The Service Industries Journal, Vol. 12(3): 384&#150;402.
Dawson, J.A. (1983), Shopping Centre Development, London: Longman.
Dennis, C., A. Newman, and D. Marshland (2005), Objects of Desire-Consumer Behaviour in Shopping Centre Choices, New York: Palgrave MacMillian.
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G. W. Nurcahyo, S. Shamsuddin, R. Alias and M. Noor Md. Sap (2003), &quot;Selection of Defuzzification Method to Obtain Crisp Value for Representing Uncertain Data in a Modified Sweep Algorithm&quot;, JCS&amp;T, Vol. 3(222&#150;28.
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Ng, S., Luu, D.T., Chen, S.E. and Lam, K.C. (2002), &quot;Fuzzy Membership Functions of Procurement Selection Criteria&quot; Construction Management and Economics, Vol. 20: 285&#150;296.
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Sit, J., Merrilees, B. and Birch, D. (2003), &quot;Entertainment-seeking Shopping Centre Patrons: the Missing Segments&quot;, International Journal of Retail &amp; Distribution Management, Vol. 31(2): 80&#150;94.
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Wong, K.C. and So, T.P. (1995), &quot;A Fuzzy Expert System for Contract Decision Making&quot;, Construction Management and Economics, Vol. 13: 95&#150;103.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/how-attractive-is-a-shop-a-fuzzy-expert-system</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume17-2011/time-on-market-and-house-prices-in-auckland-new-zealand</link>
<title><![CDATA[Time-On-Market and House Prices in Auckland, New Zealand]]></title>
<description><![CDATA[This paper offers the first empirical investigation of the impact of marketing time on house sale price in Auckland, New Zealand. Using residential sales data and life table analysis, the impact of market cycle on the hazard of sale was tested. It was found that properties in a booming market sold more quickly than properties sold in a declining market. In addition, the relationship between time-on-market and price is tested using a two stage least square estimation. The results show that prolonged time-on-market reduces sale price. However, this impact is not uniform with variations observed due to changes in market conditions.
]]></description>
<content><![CDATA[Allen, M.T., Faircloth, S. and Rutherford, R.C. 2005. The Impact of Range Pricing on Marketing Time and Transaction Price: A Better Mousetrap for the Existing Home Market? Journal of Real Estate Finance and Economics, 31(1): 71&#150;82.
Allen, M. T. and Dare, W. H. 2004. The Effects of Charm Listing Prices on House Transaction Prices. Real Estate Economics, 32(4): 695&#150;713.
Allen, M. T. and Dare, W. H. 2006. Charm Pricing as a Signal of Listing Price Precision. Journal of Housing Research, 15: 113&#150;27.
Anglin, P. M., Rutherford, R. and Springer, T. M. 2003. The Trade-Off Between the Selling Price of Residential Properties and Time-on-the-Market: The Impact of Price Setting. Journal of Real Estate Finance and Economics, 26(1): 95&#150;111.
Asabere, P. K., Huffman, F. E. and Mehdian, S. 1993. Mispricing and Optimal Time on the Market. Journal of Real Estate Research, 8(1): 149&#150;155.
Belkin, J., Hempel, D. J. and McLeavey, D. W. 1976. An Empirical Study of Time on Market Using Multidimensional Segmentation of Housing Markets. AREUEA Journal, 4(2): 57&#150;75.
Bjorklund, K., Dadzie, J. A., and Wilhelmsson, M. 2006. Offer Price, Transaction Price and Time-on-market. Property Management, 24(4): 415&#150;426.
Brastow, R.T., Johnson, K.H., Waller, B. and Farmville, V.A. 2009. Listing Contract Length and Time on Market. Working paper.
Clauretie, T. M. and Thistle, P. D. 2007. The Effect of Time-on-Market and Location on Search Costs and Anchoring: The Case of Single-Family Properties. Journal of Real Estate Finance and Economics, 35(2): 181&#150;196.
Cubbin, J. 1974. Price, Quality and Selling Time in the Housing Market, Applied Economics, 6(3): 171&#150;187.
Dotzour, M.G., Moorhead, E. and Winkler, D. 1998. The Impact of Auctions on Residential Sales Prices in New Zealand. Journal of Real Estate Research, 16(1): 5771.
Ferreira, E. J. and Simians, G. S. 1989. Selling Price, Financing Premiums, and Days on the Market. Journal of Real Estate Finance and Economics, 2(3): 209&#150;222.
Ford, J.S., Rutherford, R.C. and Yavas, A. 2005. The Effects of the Internet on Marketing Residential Real Estate. Journal of Housing Economics, 14(2): 92&#150;108.
Forgey, F. A., Rutherford, R. C. and Springer, T. M. 1996. Search and Liquidity in Single-Family Housing. Real Estate Economics, 24(3): 273&#150;292.

Glower, M., Haurin, D. R. and Hendershott, P. H. 1998. Selling Time and Selling Price: The Influence of Seller Motivation. Real Estate Economics, 26(4): 719&#150;740.
Harding, J. P., Knight, J. R. and Sirmans, C. F. 2003. Estimating Bargaining Effects in Hedonic Models: Evidence from the Housing Market. Real Estate Economics, 31(4): 601&#150;622.
Haurin, D. 1988. The Duration of Marketing Time of Residential Housing. Real Estate Economics, 16(4): 396&#150;410.
Huang, J.C. and Palmquist, R.B. 2001. Environmental Conditions, Reservation Prices, and Time on the Market for Housing. Journal of Real Estate Finance and Economics, 22: 203&#150;219.
Johnson, K.H., Anderson, R.I. and Benefield, J.D. 2004. Salesperson Bonuses and Their Impact on Residential Property Price and Time on Market. Journal of Real Estate Practice and Education, 7(1): 1&#150;14.
Johnson, K.H., Benefield, J.D. and Wiley, J. A. 2007. The Probability of Sale for Residential Real Estate. Journal of Housing Research, 16(2): 131&#150;142.
Jud, G. D., Seaks, T. G. and Winkler, D. T. 1996. Time on the Market: The Impact of Residential Brokerage. Journal of Real Estate Research, 12(3): 447&#150;458.
Kang, H.B. and Gardner, M.J. 1989. Selling Price and Marketing Time in the Residential Real Estate Market. Journal of Real Estate Research, 4(1): 21&#150;35.
Knight, J. R. 2002. Listing Price, Time on Market, and Ultimate Selling Price: Causes and Effects of Listing Price Changes. Real Estate Economics, 30(2): 213&#150;237.
Knight, J.R. 2008. &quot;Hedonic Modeling of the Home Selling Process&quot;, in Baranzini et al. (eds) Hedonic Methods in Housing Markets. New York: Springer, pp. 39&#150;54.
Larsen, J. E. and Park, W. J. 1989. Non-uniform Percentage Brokerage Commissions and Real Estate Market Performance. Real Estate Economics, 17(4): 422&#150;438.
McDonald, C. and Smith, M. 2009. Developing Stratified Housing Price Measure for New Zealand. Reserve Bank of New Zealand. Discussion Paper Series DP2009/07.
McGreal, S., Adair, A., Brown, L. and Webb, J. R. 2009. Pricing and Time on the Market for Residential Properties in a Major U.K. City. Journal of Real Estate Research, 31(2): 209&#150;233.
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Miller, N. G. and Sklarz, M. A. 1987. Pricing Strategies and Residential Property Selling Prices. Journal of Real Estate Research, 2(1): 31&#150;40.
Munneke, H.J. and Yavas, A. 2001. Incentives and Performance in Real Estate Brokerage. Journal of Real Estate Finance and Economics, 22(1): 5&#150;21.
Ong, S.E. and Koh, Y.C. 2000. Time On-market and Price Trade-offs in High-rise Housing Sub-markets. Urban Studies, 37(11): 2057&#150;2071.
Pryce, G. and Gibb, K. 2006. Submarket Dynamics of Time to Sale. Real Estate Economics, 34(3): 377&#150;415.
REAA (2009a) New Zealand Residential Property Sale and Purchase Agreement Guide. Available at: http://www.reaa.govt.nz/page/publications-and-forms/publications-and-forms-updated (Accessed: 10 May 2010).
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REAA (2009c) Tenders Fact Sheet. Available at: http://www.reaa.govt.nz/page/publications-and-forms/publications-and-forms-updated(Accessed: 10 May 2010).
Rehm, M., Filippova, O. and Stone, J. 2006. The Influence of Vintage on House Value. Pacific Rim Property Research Journal, 12 (3): 232&#150;253.
Rossini, P., Kupke, V., Kershaw, P., and McGreal, S. 2010. Time on Market Indicators for Adelaide, South Australia. Proceedings of the Sixteenth Annual Conference of the Pacific Rim Real Estate Society, January 24&#150;27, 2010, Wellington, New Zealand.
Rutherford, R.C., Springer, T.M. and Yavas, A. 2005. Conflicts between Principals and Agents: Evidence from Residential Brokerage. Journal of Financial Economics, 76(3): 627&#150;665.
Rutherford, R.C., Springer, T.M. and Yavas, A. 2007. Evidence of Information Asymmetries in the Market for Residential Condominiums. Journal of Real Estate Finance and Economics, 35(1): 23&#150;38.
Salter, S. P., Johnson, K. H. and Spurlin, W. P. 2007. Off-Dollar Pricing, Residential Property Prices, and Marketing Time. Journal of Housing Research, 16(1): 33&#150;46.
Sirmans, G.S., Macpherson, D.A. and Zietz, E.N. 2005. The Composition of Hedonic Pricing Models. Journal of Real Estate Literature, 13(1): 1&#150;44.
Sirmans, C.F., Turnbull, G.K. and Benjamin, J.D. 1991. The markets for housing and real estate broker services. Journal of Housing Economics, 1(3): 207&#150;217.
Taylor, C. 1999. Time-on-the-Market as the Sign of Quality. Review of Economic Studies, 66: 555&#150;578.
Terralink. 2009. Terralink Mortgagee Sales Report. Zoodle [Online] Available at: http://www.zoodle.co.nz/cms/terralink-mortgagee-sales-report (Accessed: 7 October 2010)
Turnbull, G.K. and Dombrow, J. 2006. Spatial Competition and Shopping Externalities: Evidence from the Housing Market. Journal of Real Estate Finance and Economics, 32: 391&#150;408.
Turnbull, G.K. and Dombrow, J. 2007. Individual Agents, Firms, and the Real Estate Brokerage Process. Journal of Real Estate Finance and Economics, 35(1): 57&#150;76.
Turnbull, G. K. and Simians, C. F. 1993. Information, Search, and House Prices. Regional Science and Urban Economics, 23(4): 545&#150;557.
Yang, S. X. and Yavas, A. 1995. Bigger Is Not Better: Brokerage and Time on the Market. Journal of Real Estate Research, 10(1): 23&#150;33.
Yavas, A. 1992. A Simple Search and Bargaining Model of Real Estate Markets. Real Estate Economics, 20: 533&#150;548.
Yavas, A. and Yang, S. 1995. The Strategic Role of Listing Price in Marketing Real Estate: Theory and Evidence. Real Estate Economics, 23(3): 347&#150;368.
Zuehlke, T. W. 1987. Duration Dependence in the Housing Market. Review of Economics and Statistics, 69(4): 701&#150;709.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume17-2011/time-on-market-and-house-prices-in-auckland-new-zealand</guid>
<pubDate>31 Dec 2010 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/land-development-in-new-zealand-case-studies-on-the-importance-of-site-selection-due-diligence-finance-and-the-regulatory-environment</link>
<title><![CDATA[Land Development in New Zealand &#150; Case Studies on the Importance of Site Selection, due DIligence, Finance and the Regulatory En]]></title>
<description><![CDATA[This research investigated critical factors that contribute to the success of residential land development in New Zealand. The methodology involved determining those factors identified as critical by international researchers and then drawing comparisons to critical factors identified in interviews with various members of four property development teams active in New Zealand. This paper focuses on factors associated with the site itself. The findings presented here include the concept of &quot;success&quot; in New Zealand is centered on profitability, timeframes and budgets. There was a greater focus on the due diligence phase, at the expense of the site selection phase, compared with earlier research. There were also fewer options available for financing property development in the New Zealand context. The development legislation was generally seen as appropriate, but its application was felt to be inconsistent and the source of much of the risk in a property development. While the critical factors identified were similar to those found in the literature, there was a much greater reliance on experience to manage their impact than on the more formal approaches employed in other countries.
]]></description>
<content><![CDATA[Arrow International Ltd, Arrow International: Project Development. (No date). Development Planning Guide, Christchurch, pp. 2&#150;30
Bank of America. (2002). Mezzanine Finance: Closing The Gap Between Debt And Equity. Capital Eyes, October, pp. 1&#150;4.
Christiansen, W. K. S. (Ed). (1996) Fundamentals of Property Management. (2 Ed). Wellington: Butterworths.
Crosby, A. (1994), Implications for Property from Trends in Resource Management, New Zealand Valuers Journal, June, pp. 48&#150;49.
Dowell, D. E. (1989). Making Land Development Work: The Process and Critical Elements for Success. Real Estate Finance, Fall, pp. 15&#150;26.
Gitman, L.J., Juchau, R., Pearson, K., &amp; Clemens, M. (1995). Principles of Managerial Finance in Australia. New York: Harper Collins Inc.
Guerard, R. (2005). Land Acquisition and Development Finance Part 4. Professional Builder, November, pp. 33&#150;37.
Heimlich, R.E., &amp; Anderson, W.D. (2001). Development at the urban fringe and beyond: Impacts on argriculture and rural land. Agricultural Economic Report, no. 803. U.S.D.A, pp. 1&#150;8.
Jarchow, S. P. (1991), Graaskamp on Real Estate, Washington: Urban Land Institute.
Loh, P. K. (2003). Mezzanine Finance: The resurgence of an old investment tool. Technopreneurial.com. Electronic Journal [on line]. Retrieved on 24 July, 2006, from http://www.technopreneurial.com
Martin, W. B. (1984), How to Predict Urban Growth Paths, The Appraisal Journal, April, pp 424&#150;429.
Pearson, T.D. (1991), Location! Location! Location! What is Location?, The Appraisal Journal, January, pp. 7&#150;20.
Peiser, R.B. &amp; Schwanke, D. (1992) Professional Real Estate Development. Washington: Dearbon Financial Publishing Inc. and the Urban Land Institute.
Rae, B. (1999), Healer Heal Thyself? A Strategic Approach To RMA Issues, The Property Business, Issue no. 3, pp. 50.
Rowland, P.J. (1993). Property investments and their financing. Sydney: The Law Book Company Limited.
Sorenson, R C. (1990). Project Management: Success or Failure? The Appraisal Journal, April, pp. 147&#150;152.
Waterhouse, M. D. (1991). Principles of the Real Estate Development Process. Economic Development Review, Fall, pp. 25&#150;28.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/land-development-in-new-zealand-case-studies-on-the-importance-of-site-selection-due-diligence-finance-and-the-regulatory-environment</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/community-perceptions-of-wind-farm-development-and-the-property-value-impacts-of-siting-decisions</link>
<title><![CDATA[Community Perceptions of Wind Farm Development and the Property Value Impacts of Siting Decisions]]></title>
<description><![CDATA[With the Government-led drive to reduce greenhouse gas emissions under the Kyoto Protocol through the increased generation of electricity from renewable sources, there has been an associated increase in the deployment of wind technology. In Australia, the total operating wind capacity at the end of 2008 was 1125 MW. Possible &quot;Not in My Back Yard&quot; (NIMBY) reactions to proposed or constructed wind farm developments can have detrimental impacts on nearby property values. To estimate any value effects, it is important to establish the nature and level of market reaction.
This paper outlines the results of research carried out in Western Australia in 2008 to investigate community attitudes, and help verify the reported level of opposition, towards the proposed development of a wind farm in the south-western town of Denmark.  Contrary to media reports, the results indicate that the majority of the respondents generally think of a wind farm in positive terms. Nearly three quarters (74%) of the respondents were either moderately or strongly in favour of the proposed development due to the perceived benefits of producing &quot;clean&quot;, renewable energy. However, there were grave concerns voiced about the specific site selected for the development and the way in which the proponents/developers had managed the development process. These results highlight the need for research into the market reactions towards wind farm developments to fully understand if, and how much, they may impact nearby property values.]]></description>
<content><![CDATA[Auspoll 2001. Report To Pacific Hydro Limited Portland Wind Energy Project -Quantitative Research, July, http://pacifichYdro.com.au/docs/Auspoll Survey Portland 0701.pdf [Accessed April 30 2007].
Auspoll 2002. Report To Pacific Hydro Limited Portland Wind Energy Project -Quantitative Research, February, http://pacifichydro.com.au/docs/Auspoll Survey Portland 0701.pdf [Accessed April 30 2007].
Australian Research Group 2003. National Renewable Energy - Quantitative Research, Unpublished report to the Australian Wind Energy Association, September.
Australian Wind Energy Industry Association (Auswind), Windfarms in Western Australia, http//www.auswea.com.au/auswea/projects/wa.asp [Accessed April 30, 2007].
Bond, S.G. 2007. &quot;Cell Phone Tower Proximity Impacts on House Prices: a New Zealand Case Study&quot;, Pacific Rim Property Research Journal, Vol. 13, No. 1, pp. 63&#150;91.
Bond, S.G. 2008. &quot;Attitudes Towards the Development of Wind Farms in Australia&quot;, Journal of Environmental Health Australia, Vol. 8, No.3, pp. 19&#150;32.
Bond, S.G. &amp; Hopkins, J. 2000.&quot;The Impact of Transmission Lines on Residential Property Values: Results of a Case Study in a Suburb of Wellington, New Zealand&quot;, Pacific Rim Property Research Journal, Vol.6, No. 2, pp.52&#150;60.
Bond, S.G. and Wang, K. 2005. &quot;The Impact of Cell Phone Towers on House Prices in Residential Neighborhoods&quot;, The Appraisal Journal, Volume LXXIII, No.3, pp.256&#150;277.
Dent, P. &amp; Sims, S. 2007, What is the impact of wind farms on house prices?A research report commissioned by the RICS Education Trust, http://www.rics.org/NR/rdonlyres/63D1BF3E-A608&#150;45CD-8086- A6E7924D7F14/0/WindfarmsFiBREversionthreelowres.pdf [Accessed April 22 2008].
Eltham, D. C., Harrison, G. P. and Allena, S. J. 2008, &quot;Change in Public Attitudes Towards a Cornish Wind Farm: Implications for Planning&quot;, Energy Policy, Vol 36, pp23&#150;33.
Frew, W. (2006). &quot;It&#39;s an ill wind&quot; http://www.smh.com.au/news/national/its-an-ill-wind-133/2006/05/18/1147545460802.html?page=fullpage#contentSwap1 [Accessed 18 August 2009].
Global Wind Energy Council 2007, Global Wind 2007 Report, http://www.gwec.net/uploads/media/Global Wind 2007 Report final.pdf[Accessed April 23 2008].
Government of Western Australia 2007, Making Decisions for the Future: Climate Change, The Premier&#39;s Climate Change Action Statement, http://www.5starplus.wa.gov.au/uploads/2007006ClimateChangeV3h.pdf [Accessed June 4 2007].
Hannan, E. and Warren, M. 2007, Energy plan hits turbulence, The Australian, September 25, http://www.theaustralian.news.com.au/story/0,25197,22476921&#150;601,00.html [Accessed May 14 2009].
Hoen, B. &amp; Wiser, R. 2007, Do wind facilities affect local property values? Results from a multi-site analysis, Paper presented at WINDPOWER Conference &amp; Exhibition, Los Angeles, California, June 4&#150;6.
Khatri, M. 2004, RICS Wind farm research: impact of wind farms on the value of residential property and agricultural land, Royal Institution of Chartered Surveyors, November 3, 2004. http://www.rics.org/NR/rdonlyres/66225A93&#150;840F-49F2&#150;8820-0EBCCC29E8A4/0/Windfarmsfinalreport.pdf [Accessed April 22 2008].
Krohn, S. and Damborg, S. 1999, &quot;On Public Attitudes Towards Wind Power&quot;, Renewable Energy, Vol 16, pp954&#150;960.
Kroll, C. and Priestley, T. 1992, &quot;The Effects of Overhead Transmission Lines on Property Values: A Review and Analysis of the Literature&quot;, Edison Electric Institute, July.
Madden, C. 20088. &quot;Bad blood in battle for who is the greenest&quot;, November 6, http://www.sciencewa.net.au/index.php?option=com content&amp;view=article&amp;id=233ad-blood-in-battle-for-who-is-the-greenest[Accessed 18 August 2009].
Pierpont, N. MD. 2008, &quot;WindFarm Syndrome: Nina Pierpont&#39;sResearch&quot;, pending publication,http://www.windturbinesyndrome.com/, accessed 27 November 2008.
Sims, S. and Dent, P. 2005, &quot;High-voltage Overhead Power Lines And Property Values: A Residential Study in the UK&quot;, Urban Studies, Vol.42, No.4, pp. 665&#150;694.
Sterzinger, G., Beck, F. &amp; Kostiuk, D. 2003, The effect of wind development on local property values, Renewable Energy Policy Project, Washington D.C., United States.
Warren, C., Lumsden, C., O&#39;Dowd, S. &amp; Birnie, R. 2005, &#145;&quot;Green On Green&quot;: Public Perceptions of Wind Power in Scotland and Ireland&#39;, Journal of Environmental Planning and Management, Vol. 48, No.6, pp. 853&#150;875.
Watts, C.W., Schluter, P.J., &amp; Whiting, R. 2005, &#145;Public Opinion of a Proposed Wind Farm Situated Close to a Populated Area in New Zealand: Results from a Cross-sectional Study&#39;, Environmental Health, Vol. 5, No. 3, pp. 73&#150;83.
Webb, H. and Inlgis, J. 2006, &quot;Minister gives reasons for Denmark windfarm&quot;, May 5, http://www.abc.net.au/wa/stories/s1632060.htm[Accessed 18 August 2009].
Wikipedia 2009, &quot;NIMBY&quot; http://en.wikipedia.org/wiki/NIMBY [Accessed 18 August 2009].
Wolsink, M. 1994, &#145;Entanglement of Interests and Motives: Assumptions Behind the NIMBY-Theory on Facility Siting&#39;, Urban Studies, Vol 31, No 6, pp851&#150;866.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/community-perceptions-of-wind-farm-development-and-the-property-value-impacts-of-siting-decisions</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/commercial-property-as-an-inflation-hedge-an-australian-perspective</link>
<title><![CDATA[Commercial Property as an Inflation Hedge: An Australian Perspective]]></title>
<description><![CDATA[There is ongoing interest in assets with inflation hedging capabilities, as many investors&#39; liabilities are linked directly or indirectly to inflation, which cannot be assumed to be forever benign. Numerous studies have shown that equity and bonds are poor at hedging inflation. In contrast, property presents itself as a candidate for this task, by virtue of rental structures that are linked to inflation.
Though the intuition for property as an inflation hedge sounds encouraging, overseas experience has been mixed, and there is limited evidence for Australia. This paper applies established analytical approaches to Australian data for commercial property in examining its inflation hedging capabilities. It finds that Australian property at an aggregate level can provide a good hedge for both expected and unexpected inflation, even after allowing for the effect of tax in reducing investors &#145; returns.
]]></description>
<content><![CDATA[Australian Bureau of Statistics (2008), 6401.0 Consumer Price Index, Australia.
Baum. A. E.and B. D. MacGregor (1992). The Initial Yield Revealed: Explicit Valuations and the Future of Property Investment, Journal of Property Valuation and Investment 10(4), 709&#150;726.
Brueggeman, W. B., A. H. Chen, and T. G. Thibodeau. (1984). Property Investment Funds: Performance and Portfolio Considerations, AREUEA Journal 12(3), 333&#150;354.
Chatrath, A., Liang, Y. (1998): REITs and Inflation: A Long Run Perspective, Journal of Real Estate Research, 16, 311&#150;325.
Chaudry, M, Meyer P.C. N. and Webb J.R., (1999), Stationarity and Cointegration in Systems with Real Estate and Financial Assets, Journal of Real Estate Finance and Economics, 18(3), 339- 349.
Chu, Y and Sing, T.F. (2004), Inflation-hedging Characteristics of the Chinese Real Estate Market, Journal of Real Estate Portfolio Management, 145&#150;154.
Engle, R.F. and Granger, C.W.J (1987), Cointegration and Error Correction: Representation, Estimation and Testing, Econometrica, 55, 251&#150;276.
Fama, E. F., and G. W. Schwert, (1977) Asset Returns and Inflation, Journal of Financial Economics, 5, 115&#150;46.
Goetzmann, W. N. and Valaitis, E. (2006) Simulating Real Estate in the Investment Portfolio: Model Uncertainty and Inflation Hedging, Yale ICF Working Paper No. 0604.
Hartzell, D., J, Hekman, and M. Miles. (1987), Real Estate Returns and Inflation, Journal of the American Real Estate and Urban Economics Association, 15(1), 617&#150;637.
Hoesli, M., Lizieri, C., and MacGregor B.D., (2006) The Inflation hedging Characteristics of US and UK Investments: a Multi-factor Error Correcting Approach, Journal of Real Estate Finance and Economics, 36(2), 483&#150;206.
Hoesli, M., Macgregor, B.D., Matysiak, G. and Nathakumaran N. (1997), The Short-Term Inflation-Hedging Characteristics of U.K. Real Estate, Journal of Real Estate Finance and Economics, 15, 27&#150;57.
Huang, H and Hudson-Wilson, S.(2007) Private Commercial Real Estate Equity Returns and Inflation, Journal of Portfolio Management, 63&#150;73.
Liu, C. H., D. J. Hartzell, and M. E. Hoesli, (1997), International Evidence on Real Estate Securities as an Inflation Hedge, Real Estate Economics, 25(2), 193&#150;221.
NERA Economic Consulting (2007), Bias in Indexed CGS Yields as a proxy for the CAPM risk-free rate,.
Newell, G. (1996), The Inflation-Hedging Characteristics of Australian Commercial Property: 1984&#150;1995, Journal of Property Finance, 7:1, 6&#150;20.
Reserve Bank of Australia (2008), Publication F02: Capital Market Yields, Government Bonds.
Sing, T.F. and Low, S.H., (2000), The Inflation-hedging Characteristics of Real Estate and Financial Assets in Singapore, Journal of Real Estate Portfolio Management, 373&#150;385.
Westerheide, P, (2006), Cointegration of Real Estate Stocks and REITs with Common Stocks, Bonds and Consumer Price Inflation, Discussion Paper No. 06&#150;057, Centre for European Economic Research.
Wurtzebach, C.H., Mueller G. R. and Machi, D.(1991) The Impact of Inflation and Vacancy on Real Estate Returns, Journal of Real Estate Research, 6, 153&#150;68.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/commercial-property-as-an-inflation-hedge-an-australian-perspective</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/the-impact-of-land-supply-on-housing-affordability-in-the-perth-metropolitan-region</link>
<title><![CDATA[The Impact of Land Supply on Housing Affordability in the Perth Metropolitan Region]]></title>
<description><![CDATA[A number of commentators and policy makers believe that a potential solution to housing affordability is available through large scale release of newly subdivided land on the urban periphery. The argument follows that releasing more land increases supply and, through market forces, leads to lower new land and house prices. This will, in turn, lead to improved affordability within the stock of existing houses. Despite this view, there has been very little empirical research investigating how large scale land release on the urban fringe actually affects housing affordability. This question has important implications for both planning policy and affordability within local housing markets, but also within the wider aggregate urban housing market. This paper explores this issue by quantifying land release in a number of Perth (Western Australia) Metropolitan suburbs and comparing the extent of land release with changes in land and house prices. Our analysis indicates only a weak relationship between land supply and rates of house price growth, concluding that the drivers of housing affordability are far more complex than the single issue of land release.
]]></description>
<content><![CDATA[
Bramley, G. and Leishman, C. (2005a). &#145;Planning and housing supply in two-speed Britain: Modelling Local Market Outcomes&#39;, Urban Studies, 42(12), pp. 2213&#150;2244.
Bramley, G. and Leishman, C. (2005b). &#145;A local housing market model with spatial interaction and land-use planning controls&#39;, Environment and Planning A, 37, pp. 1637&#150;1649.
Bramley, G. (2007). &#145;The sudden rediscovery of housing supply as a key policy challenge&#39;, Housing Studies, 22(2), pp. 221&#150;241.
Bramley, G., Leishman, C., Watkins, D.(2008). &#145;Understanding Neighbourhood Housing Markets: Regional Context, Disequilibrium, Sub-markets and Supply&#39;. Housing Studies, 23(2), pp. 179.
Coiacetto, E. (2006) &quot;Real estate development industry structure: Is it competitive and why?&quot;, Urban Research Program, Research Paper 10(Brisbane: Griffith University Urban Research Program).
Crook, ADH, Monk, S, Rowley, S and Whitehead CME (2006) Planning gain and the supply of new affordable housing in England: Understanding the numbers. Town Planning Review, Vol. 77 (3), pp. 353&#150;373.
Communities and Local Government (2007) Strategic Housing Market Assessments practice guidance version 2. Communities and Local Government Publications, London.
Demographia (2007) Third Annual Demographia International Housing Affordability Survey: 2007(Pavelich Properties Limited).
Evans, A. (2004). Economics, real estate and the supply of land, Oxford: Blackwell Publishing Ltd.
Glaeser, EL, Wards, BA, 2009, &quot;The causes and consequences of land use regulation: Evidence from Greater Boston&quot;, Journal of Urban Economics, 65, pp. 265&#150;278.
Gyourko, J, Saiz, A., Summers, A. (2008), &quot;A new measure of the regulatory environment for housing markets: the Wharton Residential Land Use Regulatory Index&quot;, Urban Studies, 45, pp. 693&#150;729.
Gurran N., (2008). &#145;Affordable housing: A dilemma for Metropolitan planning?&#39;, Urban Policy and Research, 26(1),pp. 101&#150;110.
Gurran, N., Milligan V., Baker, D., Beth Bugg, L., Christensen, S., (2008). &quot;New directions in planning for affordable housing: Australian and international evidence and implications&quot;, AHURI Report No. 120, July 2008, ISBN / ISSN 1 921201 32 0.
HIA (2009) Housing Industry Association-Commonwealth Bank of Australia Housing Affordability Index September Quarter 09. Canberra, Housing Industry Association.
Jones, C, Leishman, C and Watkins, C (2005). &quot;Housing market processes, urban housing submarkets and planning policy&quot;, Town Planning Review, 76(2), pp. 33&#150;52.
Lawson, J. and Milligan, V. (2008). &#145;International Trends in Housing and Policy Responses&#39;. Final Report, AHURI, Melbourne.
Meen, G., Andrew, M., (2008). &quot;Planning for housing in the post-Barker era: Affordability, household formation, and tenure Choice&quot;. Oxford Review of Economic Policy, 24 (1), pp. 79&#150;98.
Milligan, V., Phibbs, P., Fagan, K. and Gurran, N. (2004) &#145;A practical framework for expanding affordable housing services in Australia: Learning from experience &#145;. Final Report, AHURI, Melbourne.
Moran, A. (2006). &#145;The tragedy of planning: Losing the great Australian dream&#39;. Institute of Public Affairs, Victoria.
Moran, A. (2008). &quot;How land supply restrictions have locked young people out of the housing market, and how Australia is starting to figure it out&quot;. Review - Institute of Public Affairs, 60 (3), pp. 54&#150;55.
Nelson, A., Pendall, R., Dawkins, C. and Knaap, G. (2002). &#145;The link between growth management and housing affordability: The Academic Evidence&#39;. A Discussion Paper Prepared for the Brookings Institution Centre on Urban and Metropolitan Policy, Washington.
Pendall, R., R. Puentes, J. Martin. (2006) &#145;From traditional to reformed: A review of the land use regulations in the Nation&#39;s 50 largest Metropolitan Areas &#145;, Brookings Institution, August 2006, Washington.
Real Estate Institute of Western Australia (2008) REIWA market update: Quarterly review of the Western Australian property market. December Quarter 2008. REIWA.
Searle, G., (2006). &#145; Is the City of Cities strategy the answer for Sydney?&#39;Address by Dr Glen Searle, University of Technology-Sydney, Sydney Futures Twilight Symposia, 1 June 2006. From: .
Social Housing Task Force (2009) More than a roof and four walls. Social Housing Task Force Final Report, 30 June 2009, Government of Western Australia.http://www.housing.wa.gov.au/585 2146.asp.
Western Australian Planning Commission. (Quarterly Publication 1999&#150;2009) State Lot Activity. WAPC.
White, M. and Allmendinger, P. (2003). &#145;Land-use planning and the housing market: A comparative review of the U.K. and the USA&#39;, Urban Studies, 40(5&#150;6), pp. 953&#150;972.
Williams, P. (2005). &#145;Statutory planning approaches for affordable and social housing provision: a comparison of recent Australian and Irish experience&#39;. Environmental Planning Law Journal, 22(7), pp. 7&#150;19.
Winter, D.I. (2008) AHURI submission to the Senate Select Committee on Housing Affordability in Australia.www.aph.gov.au.senate/committee/hsaf ctte/submissions/sub19.pdf.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/the-impact-of-land-supply-on-housing-affordability-in-the-perth-metropolitan-region</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/the-underpricing-of-a-reit-ipos-in-australia-during-2002-to-2008</link>
<title><![CDATA[The Underpricing of A-REIT IPOs in Australia During 2002 to 2008]]></title>
<description><![CDATA[This study analyses 45 Australian Real Estate Investment Trust (A-REIT) initial public offerings (IPOs) in Australia from January 2002 to June 2008, since the introduction of the single responsible entity to oversee the activities of listed property trusts (LPTs) rather than the trustee and manager roles. The study finds that this sample of A-REIT IPOs had a significant 3.37% underpricing and that the direct costs of capital raising help explain this indirect cost of underpricing. There is some evidence to suggest that A-REIT IPOs that seek to raise more equity capital have less underpricing, while those that are subscribed to more quickly have higher underpricing. The findings offer insights for issuers who seek to maximize the value of the A-REIT at the time of the IPO, underwriters who guarantee the success of the capital raising and for investors who are looking to invest in Australian A-REIT IPOs.
]]></description>
<content><![CDATA[Allen, F., and Faulhaber, G.R. (1989) Signalling by Underpricing in the IPO Market, Journal of Financial Economics, 23, 303&#150;324.
Baron, D.P. (1982) A Model of the Demand for Investment Banking Advising and Distribution Services for New Issues, Journal of Finance, 37(4), 955&#150;976.
Beatty, R. P. (1989) Auditor Reputation and the Pricing of Initial Public Offerings, The Accounting Review, 64. 693&#150;709.
Beatty, R.P. and Ritter, J.R. (1986) Investment Banking, Reputation, and the Under pricing of Initial Public Offerings, Journal of Financial Economics, 15(1&#150;2), 213&#150;232.
Benveniste, L. M., and. Spindt, P.A. (1989) How Investment Bankers Determine the Offer Price and Allocation of New Issues, Journal of Financial Economics, 24, 343&#150;362.
Carter, R. and Manaster, S. (1990) Initial Public Offerings and Underwriter Reputation, Journal of Finance, 45(4), 1045&#150;1067.
Chalk, A.J. and Peavy, J.W., III. (1987) Initial Public Offerings: Daily Returns, Offering Types and the Price Effect, Financial Analysts Journal, 43(5), 65&#150;69.
Dimovski, W. and Brooks, R. (2004) Do You Really Want to Ask an Underwriter How Much Money You Should Leave on the Table?, Journal of International Financial Markets, Institutions and Money, 14(3), 267&#150;280.
Dimovski, W. and Brooks, R. (2006a) The Pricing of Property Trust IPOs in Australia, Journal of Real Estate Finance and Economics, 32(2), 185&#150;199.
Dimovski, W. and Brooks, R. (2006b) Factors Influencing Money Left by Australian Property Trust IPOs, Journal of Property Research 26(3), 169&#150;180.
Ibbotson, R.G., Sindelar, J.L. and Ritter, J.R. (1994) The Market&#39;s Problems with the Pricing of Initial Public Offerings, Journal of Applied Corporate Finance, 7(1), 66&#150;74.
James, C. and Wier, P. (1990) Borrowing Relationships, Intermediation and the Cost of Issuing Public Securities, Journal of Financial Economics, 29, 149&#150;172.
Jenkinson, T. and Ljundqvist, A. (1996) Going Public: The Theory and Evidence on How Companies Raise Equity Finance. Clarendon Press, Oxford.
Koop, G.and Li, K. (2001) The Valuation of IPO and SEO Firms, Journal of Empirical Finance, 8, 375&#150;401.
KPMG Corporate Finance (Aust) Pty Ltd (2007). &quot;Survey of Australian Capital Markets 2006&#150;7&quot;.
Lee, P.J., Taylor, S.L. and Walter, T.S. (1996) Australian IPO Pricing in the Short and Long Run, Journal of Banking and Finance, 20(7), 1189&#150;1210.
Ling, D.C. and Ryngaert, M. (1997) Valuation Uncertainty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs, Journal of Financial Economics, 43(3), 433&#150;456.
Loughran, T., Ritter, J.R. and Rydqvist, K. (1994) Initial Public Offerings: International Insights, Pacific-Basin Finance Journal, 2(2&#150;3), 165&#150;199.
Newell, G. (2007), The Significance of Property in Industry Based Superannuation Funds, Australia and New Zealand Property Journal, 1 (1), 34&#150;43.
Newell, G., and Peng H. W. (2008), LPT Fund Manager Decision-Making in the Emerging Property Sectors, Pacific Rim Property Research Journal, 14 (2), 222&#150;32.
Ritter, J.R. (1984) The &#145;Hot Issue&#39; Market of 1980, Journal of Business, 57(2), 215&#150;240.
Rock, K. (1986) Why New Issues are Underpriced, Journal of Financial Economics, 15(1&#150;2), 187&#150;212.
Ruud, J.S. (1993) Underwriter Price Support and the IPO Under-pricing Puzzle, Journal of Financial Economics, 34(2), 135&#150;151.
Tinic, S.M. (1988) Anatomy of Initial Public Offerings of Common Stock, Journal of Finance, 43(4), 789&#150;822.
Wang, K., Chan, S.H. and Gau, G. (1992) Initial Public Offerings of Equity Securities: Anomalous Evidence Using REITs, Journal of Financial Economics, 31(3), 381&#150;410.
Welch, I. (1989) Seasoned Offerings, Imitation Costs, and the Underpricing of Initial Public Offerings, Journal of Finance, 44: 421&#150;450.
White, H. (1980) A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskesticity, Econometrica, 48(4), 817&#150;838.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/the-underpricing-of-a-reit-ipos-in-australia-during-2002-to-2008</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/transaction-cost-and-landownership-constraints-in-the-supply-of-brown-field-sites-in-kuala-lumpur</link>
<title><![CDATA[Transaction Cost and Landownership Constraints in the Supply of Brown Field Sites in Kuala Lumpur]]></title>
<description><![CDATA[The study deals with landownership constraints that restrict the supply of brown field sites onto the market for redevelopment purposes. The constraints may disturb the effectiveness of the land market. As a result, the underutilized area may become derelict and needs regeneration in the form of urban renewal programs. Empirically, the study investigates sources of landownership constraints in the area of brown field sites in Kuala Lumpur. Data were gathered using interview with selected landowners of undeveloped and developed sites to examine why they had developed or simply abandoned their lands undeveloped. Qualitative analysis was undertaken to collect data from respondents using either direct and/or indirect quotations. The main finding is that landowners were unwilling to undertake redevelopment due to landownership constraints as revealed by transaction costs involved in the initiatives to transfer the indigenous lands. The findings enable various interested parties to strategize their actions in the future to redevelop brown field sites in Kuala Lumpur.
]]></description>
<content><![CDATA[Adams, D. (1994). Urban Planning and the Development Process. London: UCL Press.
Adams, D., Disberry, A., Hutchison, N. and Munjoma, T. (2000a). &quot;Managing Urban Land: the case for urban partnership zones&quot;. Aberdeen Papers in Land Economy. University Aberdeen. Aberdeen.
Adams, D., Disberry, A., Hutchison, N. and Munjoma, T. (2000b). Urban development: contextual influences and landowner behavior. Journal of Property Research, 18(3), 217&#150;234.
Alchian, A.A. &amp; Demstez. (1973). The property right paradigm. Journal of Economic History, 33, 16&#150;27.
Ambrose, B.W. (2005). Forced development and urban land prices. Journal of Real Estate Finance and Economics, 30(3), 245&#150;265.
Benham, A. and Benham, L. (1998). Measuring the cost of exchange. Second Annual Meeting of the International Society for New Institutional Economics, September 1719. Paris.
Benham, A. and Benham, L. (2001). The Costs of Exchange. Ronald Coase Institute Working Paper. No.1. July.
Buitelaar, E. (2004). A transaction-cost analysis of land development process. Urban Studies, 41, 2539&#150;2553.
Cadman, D. and Topping, R. (1995). Property Development. 4 edition. London: E&amp;FN Spon.
Djurdjani W (2008). Transaction Cost in Redeveloping Indigenous Land, Unpublished PhD Thesis, Universiti Teknologi Malaysia.
Demsetz, H. (1967). Toward a theory of property rights. American Economic Review, 57, 347&#150;595.
Eggertsson,T. (1995). Economic Perspective on Property Rights and the Economic of Institutions. In Pal Foss (Ed) Economic Approaches to Organizations and Institutions. (pp.47&#150;61). Aldershot: Dartmouth.
Green, J.K. (1987). Evaluating the impact of consolidation of Holdings, Individualization of Tenure, and Registration of Title: Lessons from Kenya. Land Tenure Centre, LTC paper No. 129. University of Wisconsin-Madison.
Guerin, K. (2003). Property rights and environmental policy: A New Zealand perspective. New Zealand Treasury Working Paper 03/02. New Zealand.
Hamisah, H. (2005). RAH Properties upbeat on Kg Baru Project. Business Times. June 11. Retrieved August 17.
Ismail Omar, Djurdjani W and Prijono NJ (2009). Land supply constraints in redeveloping Kampong Baru, Kuala Lumpur, Journal of Serial Economica, Romania.
Ismail Omar (1999). Land Supply Constraint of Indigenous Lands in Kuala Lumpur. PhD Thesis. University of Aberdeen. Scotland.
Lai, S. K. (2001). Property rights, acquisition and land development behavior. Planning Forum, 7, 21&#150;27.
Nik Abdul Majid N A R. (1993). Malay Reservation Land: Concepts. Seminar Tanah Rezab Melayu - Perspektif Pembangunan. 28 September, Hotel Pan Pacific, Kuala Lumpur.
North, D.C. (1996). Institution, Institutional Change and Economic Performance. (Reprinted ). Cambridge: Cambridge University Press.
Onn, L. H. (2006). Interview Schedule with member of Group Executive Naza Properties. December 12.
Petersen, T. (1995). Transaction cost economics. Pal Foss (Ed.) Economics approach to organizations and institutions: an introduction. Aldershot: Darmouth.
Priyono N D (2008). Teori Neoklasik Dalam Penawaran Tanah di Kuala Lumpur, Unpublished PhD Thesis, Universiti Teknologi Malaysia.
Sulaiman, M. (2000). Sejarah Kampung Bahru. Selangor: Institut Alam dan Tamadun Melayu.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/transaction-cost-and-landownership-constraints-in-the-supply-of-brown-field-sites-in-kuala-lumpur</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/use-of-derivatives-by-australian-property-funds</link>
<title><![CDATA[Use of Derivatives by Australian Property Funds]]></title>
<description><![CDATA[Property derivatives as a financial tool have gained increasing attention by practitioners in recent years. However, there is relatively little evidence on the patterns of use and the property funds &#145; attitudes with respect to derivatives. Therefore, this study seeks to address this shortfall and aims to examine the application of derivatives by Australian property funds. A survey of Australian property fund managers was undertaken. The results show that different types of property funds have exhibited various patterns regarding the use of derivatives. The results also reveal that large property funds are more likely to use derivatives. The motivation factors (namely to reduce cash flows volatility and hedging currency risk) and risk factors (development of internal control and complicated accounting procedures) for using derivatives have also been identified. In addition, significant differences are found between the perceptions of derivative users and non-users. The findings have offered some insights into the knowledge base of property investors towards derivatives.
]]></description>
<content><![CDATA[ASX (2009a) Monthly SFE Trading Report for July 2009. Sydney, Australian Securities Exchange.
ASX (2009b) S&amp;P/ASX 200 A-REIT Index Futures. Sydney, Australian Securities Exchange.
Benson, K. &amp; Oliver, B. (2004) Management Motivation for Using Financial Derivatives in Australia. Australian Journal of Management, 29 (2), 225&#150;242.
Berkman, H., Bradbury, M. E., Hancock, P. &amp; Innes, C. (1997) An Analysis of Disclosures of Derivative Financial Instruments in Australia and New Zealand. Accounting Forum 21 (2), 207&#150;228.
Bodnar, G. M., Hayt, G. S. &amp; Marston, R. C. (1996) 1995 Wharton Survey of Derivatives Usage by US Non-financial Firms. Financial Management 25 (4), 113&#150;133.
Bouzouita, R. &amp; Young, A. J. (1998) Property/Casualty Insurers&#39; Use of Financial Derivatives. CPCU Journal, 51 (2), 114&#150;119.
Burghardt, G. &amp; Acworth, W. (2009) Annual Volume Survey: 2008 A Wild Ride. Futures Industry, (March 2009), 16&#150;29.
Ceuster, M. D., Flanagan, L., Hodgson, A. &amp; Tahir, M. I. (2003) Determinants of Derivative Usage in the Life and General Insurance Industry: The Australian Evidence. Review of Pacific Basin Financial Markets and Policies, 6 (4), 405&#150;431.
Ceuster, M. J. K. D., Durinck, E., Laveren, E. &amp; Lodewyckx, J. (2000) A Survey into the Use of Derivatives by Large Non-financial Firms Operating in Belgium. European Financial Management, 6 (3), 301&#150;318.
Clayton, J. (2007) Commercial Real Estate Derivatives: The Developing U.S. Market. Real Estate Issues, (Fall 2007), 33&#150;40.
Dhar, R. &amp; Goetzmann, W. N. (2005) Institutional Perspectives on Real Estate Investing: The Role of Risk and Uncertainty. PREA Research,
Ertugrul, M., Sezer, O. &amp; Sirmans, C. F. (2008) Financial Leverage, CEO Compensation, and Corporate Hedging: Evidence from Real Estate Investment Trusts. Journal of Real Estate Finance and Economics, 36 53&#150;80.
Geczy, C., Minton, B. A. &amp; Schrand, J. C. (1997) Why Firms Use Currency Derivatives. Journal of Finance, 52 (4), 1323&#150;1353.
Geltner, D. &amp; Fisher, J. (2007) Pricing and Index Considerations in Commercial Real Estate Derivatives. Journal of Portfolio Management, (Special Issue 2007), 99&#150;118.
Heaneya, R. &amp; Winata, H. (2005) Use of Derivatives by Australian Companies. Pacific-Basin Finance Journal, 13 (4), 411&#150;430.
Higgins, D. (2007) Placing Commercial Property in the Australian Capital Market, RICS Research, August 2007, 1&#150;8.
Horng, Y.-S. &amp; Wei, P. (1999) An Empirical Study of Derivatives Use in the REIT Industry. Real Estate Economics, 27 (3), 561&#150;586.
Hoyt, R. E. (1989) Use of Financial Futures by Life Insurers The Journal of Risk and Insurance, 56 (4), 740&#150;748.
IPD (2009) IPD / IPF UK Trade Volume Report. London, IPD.
IPF (2010) Getting into Property Derivatives. London, Investment property Forum (IPF).
JLL (2007) Property Derivatives: The Next Frontier for Australian Real Estate? Sydney, Jones Lang LaSalle, 1&#150;3.
JLL (2008) Investment Case for Australia. Sydney, Jones Lang LaSalle, 1&#150;27.
Lecomte, P. (2007) Beyond Index-Based hedging: Can Real Estate Trigger a New Bread of Derivatives Market? Journal of Real Estate Portfolio Management, 13(4), 345&#150;375.
Lee, C. L., Reed, R. &amp; Robinson, J. (2008) An Investigation of the Risk Perceptions of Australian Property Fund Managers. Pacific Rim Property Research Journal, 14 (2), 199&#150;221.
MS (2009) Global Property Pulse: July 2009. London, Macquarie Securities.
Mian, S. L. (1996) Evidence on Corporate Hedging Policy. Journal of Financial and Quantitative Analysis, 31 419&#150;439.
Nance, D. R., Smith, C. W. &amp; Smithson, C. W. (1993) On the Determinants of Corporate Hedging. Journal of Finance, 48 (1), 267&#150;284.
Newell, G. &amp; MacIntosh, I. (2007) Currency Risk Management Practices by Australian Listed Property Trusts. Pacific Rim Property Research Journal, 13 (2), 213&#150;233.
Newell, G. &amp; Tan, Y. K. (2004) The Development and Performance of Listed Property Trust Futures. Pacific Rim Property Research Journal, 10 (2), 132&#150;145.
Nguyen, H. &amp; Faff, R. (2002) On the Determinants of Derivative Usage by Australian Companies. Australian Journal of Management, 27 (1), 1&#150;24.
Nguyen, H. &amp; Faff, R. (2003) Further Evidence on the Corporate Use of Derivatives in Australia: The Case of Foreign Currency and Interest Rate Instruments. Australian Journal of Management, 28 (3), 307&#150;317.
Ong, S. E. &amp; Ng, K. H. (2009) Developing the Real Estate Derivative Market for Singapore: Issues and Challenges. Journal of Property Investment and Finance, 27 (4), 425&#150;432.
PIR (2009) Australian Property Funds Industry Survey 2009. Melbourne, Property Investment Research 1&#150;203.
Rogelberg, S. G. &amp; Stanton, J. M. (2007) Introduction: Understanding and Dealing with Organizational Survey Nonresponse. Organizational Research Methods, 10 (2), 195&#150;209.
RREEF (2007) Global Real Estate Securities. London, RREEF Real Estate Research.
RREEF (2008) Global Real Estate Investment and Performance 2007 and 2008. London, RREEF Real Estate Research, 1&#150;36.
Sinkey, J. F. &amp; Carter, D. A. (2000) Evidence on the Financial Characteristics of Banks that do and do not Use Derivatives. The Quarterly Review of Economics and Finance, 40 (4), 431&#150;449.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/use-of-derivatives-by-australian-property-funds</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/the-significance-and-performance-of-listed-property-companies-in-vietnam</link>
<title><![CDATA[The Significance and Performance of Listed Property Companies in Vietnam]]></title>
<description><![CDATA[Vietnam has emerged as a rapidly growing economy in the last few years, with the average growth rate in excess of 8.0% per year before the global financial crisis and 5.3% in 2009. Although Vietnam is located in a region of significant growth in new property developments, details about the Vietnam property market are still not readily available. This paper presents a profile of the Vietnam property market and assesses the significance and performance of listed property companies on the Ho Chi Minh City Stock Exchange (HSX). The risk-adjusted performance analysis and significance of listed property companies in Vietnam is assessed over August 2003 - August 2009, with the ongoing property investment issues highlighted.
]]></description>
<content><![CDATA[Addae-Dapaah, K. and H.L.Loh (2005) Exchange rate volatility and international real estate diversification: a comparison of emerging and developed economies, Journal of Real Estate Portfolio Management, 11, 225&#150;240.
Bardham, A., R. Edelstein and D. Tsang (2008) Global financial integration and real estate security returns, Real Estate Economics, 36, 285&#150;311.
Bond, S., A. Karolyi and A. Sanders (2003) International real estate returns: a multifactor, multicountry approach, Real Estate Economics, 31, 481&#150;500.
Chau, K.W., B. MacGregor and G. Schwann (2001) Price discovery in the Hong Kong real estate market, Journal of Property Research, 18, 187&#150;216.
Chau, K.W., S.K. Wong and G. Newell (2003) Performance of property companies in Hong Kong: a style analysis approach, Journal of Real Estate Portfolio Management, 9, 29&#150;44.
CB Richard Ellis (2008b) HCMC Market Overview Q2: 2008, CBRE.
CB Richard Ellis (2009b) Market Insight from CBRE&#39;s HCMC Quarterly Report Q2: 2009, CBRE.
Conover, M., S. Friday, and S. Sirmans (2002) Diversification benefits from foreign real estate investment, Journal of Real Estate Portfolio Management, 8, 17&#150;26.
Economist Intelligent Unit (2010) Country Forecast February 2010, EIU.
Eichholtz, P., R. Huisman, K. Koedijk and L. Schuin (1998) Continental factors in international real estate returns, Real Estate Economics, 26(3), 493&#150;509.
EPRA (2010) Global Real Estate Universe, EPRA News, 33/2010, EPRA.
Garvey, R., G. Santry and S. Stevenson (2001) The linkages between real estate securities in the Asia Pacific, Pacific Rim Property Research Journal, 7, 240&#150;258.
Gerlach, R., P. Wilson and R. Zurbruegg (2006) Structural breaks and diversification: the impact of the 1997 Asian financial crisis on the integration of Asia-Pacific real estate markets, Journal of International Money and Finance, 25, 974&#150;991.

Jin, C., T. Grissom and A. Ziobrowski (2007) The mixed-asset portfolio for Asia-Pacific markets, Journal of Real Estate Portfolio Management, 13, 249&#150;256.
Jones Lang LaSalle (2006) Destination Vietnam - The Final Frontier?, JLL.
Jones Lang LaSalle (2008) Real Estate Transparency Index, JLL.
Jones Lang LaSalle (2009b) Asia Pacific Property Digest, JLL.
Ling, D. and A. Naranjo (2002) Commercial real estate return performance: a crosscountry analysis, Journal of Real Estate Finance and Economics, 24(1), 119&#150;142.
Liow, K.H. (2000) The dynamics of the Singapore commercial property market, Journal of Property Research, 17, 279&#150;292.
Liow, K.H. (2001a) The long-term investment performance of Singapore real estate and property stocks, Journal of Property Investment and Finance, 19, 156&#150;174.
Liow, K.H. (2001b) The abnormal return performance of Singapore property companies, Pacific Rim Property Research Journal, 7, 104&#150;112.
Liow, K. H and M.C. Sim (2006) The risk and return profile of Asian real estate stocks, Pacific Rim Property research Journal, 12(3), 283&#150;308.
Liow, K.H. (2007) The dynamics of return volatility and systematic risk in international real estate security markets, Journal of Property Research, 24, 1&#150;29.
Liow, K.H. (2008) Financial crisis and Asian real estate securities market interdependence: some additional evidence, Journal of Property Research, 25, 127&#150;155.
Liow, K. H and A. Adair (2009) Do Asian real estate companies add value to investment portfolio?, Journal of Property Investment &amp; Finance, 27(1), 42&#150;64.
Macquarie Securities (2010) Global Property Pulse: January 2010, Macquarie Securities.
Mei, J. and J. Hu (2000) Conditional risk premiums of Asian real estate stocks, Journal of Real Estate Finance and Economics, 21, 297&#150;313.
Newell, G. and K.W. Chau (1996) Linkages between direct and indirect property performance in Hong Kong, Journal of Property Finance, 7, 9&#150;29.
Newell, G., K.W. Chau and S.K. Wong (2004) The level of direct property in Hong Kong property company performance, Journal of Property Investment and Finance, 22, 512&#150;532.
Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2005) Dynamics of the direct and indirect real estate markets in China, Journal of Real Estate Portfolio Management, 11, 263&#150;279.
Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2007) Factors influencing the performance of Hong Kong real estate companies, Journal of Real Estate Portfolio Management, 13, 75&#150;86.
Newell, G. and R. Kamineni (2007) The significance and performance of real estate markets in India, Journal of Real Estate Portfolio Management, 13, 161&#150;172.
Newell, G., K.W. Chau and S.K. Wong (2009) The significance of Chinese commercial property in an Asian property portfolio, Journal of Property Investment and Finance, 27, 102&#150;119.
Ong, S.E. (1994) Structural and vector autoregressive approaches to modelling real estate and property stock prices in Singapore, Journal of Property Finance, 5, 4&#150;18.
Ong, S.E. (1995) Singapore real estate and property stocks - a cointegration test, Journal of Property Research, 12, 29&#150;39.
Ooi, J. and K.H. Liow (2004) Risk-adjusted performance of real estate stocks: evidence from developing markets, Journal of Real Estate Research, 26, 371&#150;395.
Ooi, J., G. Newell and T.F. Sing (2006) The development of Asian REITs, Journal of Real Estate Literature, 14, 203&#150;224.
Real Capital Analytics (2009) Global Capital Trends: February 2009, RCA (and miscellaneous copies).
Schwann, G. and K.W. Chau (2003) News effects and structural shifts in price discovery in Hong Kong, Journal of Real Estate Finance and Economics, 27, 257&#150;271.
Sing, T.F. and S.H. Low (2000) The inflation-hedging characteristics of real estate and financial assets in Singapore, Journal of Real Estate Portfolio Management, 6, 373&#150;386.
Transparency International (2008) Corruption Perception Index 2008, TI.
Wilson, P. and R. Zurbruegg (2003) International diversification of real estate assets: is it worth it, Journal of Real Estate Literature, 11(3), 259&#150;277.
Wilson, P. and R. Zurbruegg (2004) Contagion or interdependence? Evidence from co-movements in Asia-Pacific securitised real estate markets during the 1997 crisis, Journal of Property Investment and Finance, 22, 401&#150;413.
Wilson, P., S. Stevenson and R. Zurbruegg (2007) Measuring spillover effects across Asian property stocks, Journal of Property Research, 24, 123&#150;128.
World Economic Forum (2008) Global Competitiveness Report 2008&#150;09, WEF.
World Bank (2008) Taking Stock: An Update On Vietnam&#39;s Recent Economic Development, Prepared for the mid-year consultative group meeting for Vietnam, June 2008, WB.
Worzala, E. and C. Sirmans (2003) Investing in international real estate stocks: a review of the literature, Urban Studies, 40, 1115&#150;1149.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/the-significance-and-performance-of-listed-property-companies-in-vietnam</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/are-we-exemplars-for-the-property-profession</link>
<title><![CDATA[Are we Exemplars for the Property Profession?]]></title>
<description><![CDATA[This paper examines the present and future roles of the property scholar. It proposes that the property scholar, either in academia or in industry, should be an exemplar for the property profession. Using the think-learn-act framework, the paper considers the role of the exemplar and highlights the rethinking of brain functionality, the findings on blended learning and student engagement as challenging activities of the exemplar. There is an illustration of a property learning case on investment valuation within a blended learning environment.
The paper looks at the future role of the exemplar and includes proposals on the scholarly challenge, virtual learning environments, academic collaboration, market-based research and meaningful industry interaction. The paper concludes with an emphasis on enhanced communication and collaboration. This paper is an edited version of the keynote address presented at the 2010 PRRES conference in Wellington, New Zealand.
]]></description>
<content><![CDATA[Alexander, J (2001) Live Well: The Ayurvedic way to health and inner bliss, Harper Cooper Publishers, London.
AUQA Advisory Group on Academic Standards (2009) Setting and Monitoring Academic Standards for Australian Higher Education, AUQA, May, Canberra.
Australian Government (2009) Transforming Australia&#39;s Higher Education System, Commonwealth of Australia, Canberra.
Boyd, C (2009) Game&#39;s Up, Be, Winter, CQU Publications, pp. 24 &amp; 25.
Boyd, TP (2007) Bridging the Gap: A Graduate Training Program for the Property Industry in Australia, Paper delivered at the 13 PRRES Conference, January, Fremantle, Australia.
Doidge, N (2007) The Brain that changes itself: stories of personal triumph from the frontiers of brain science, Penguin Books, USA.
Edelman, GM &amp; Tononi (2000) A Universe of Consciousness: How matter becomes imagination, Basic Books, New York.
Gleeson, C (2009) Spirituality and Stewardship, Workshop, 5 August, St Thomas Moore School, Sunshine Beach, Australia.
Gonczi, A (2004) The new professional and vocational education, Ch.2 in Dimensions of Adult Learning, ed. Griff Foley, Allen &amp; Unwin, NSW.
Gulbahar, Y and Orcun Madraw, R (2009), Communication and Collaboration, Satisfaction, Equity and Autonomy in Blended Learning Environments: A Case from Turkey, International Review of Research in Open and Distance Learning, 10:2, pp. 1&#150;22.
Herrington, A &amp; Herrington, J (2006) Authentic Learning Environments in Higher Education, Infosci Publishing, London.
Horton, W (2000) Designing web-based training, J Wiley, USA.
Jensen, E (2006) Enriching the Brain; how to maximize every learner&#39;s potential, Jossey-Boss, San Francisco.
Kandel, ER (2003) The molecular biology of memory storage: A dialogue between genes and synapses(In Nobel Lectures: Physiology or Medicine 1996 - 2000 ed: Jornwall, Singapore).
Krause, K (2005) Understanding and promoting student engagement in university learning communities.Keynote address at the James Cook University Symposium 2005 Sharing Scholarship in Learning and Teaching: Engaging Student, James Cook University, Townsville/Cairns, Sept.
Krause, K (2008) Blended Learning Strategies, Griffith University, Document no: 2008/0016252, 1 Jan, Griffith Uni, Queensland.
Ladyshewsky, R and Ryan, J (2006) Peer Coaching and Reflective Practice in Authentic Business Contacts, Ch 5 in Herrington, A and Herrington, J, Authentic Learning Environments in Higher Education, Infosci Publishing, London.
Macaulay, C (2000) Transfer of Learning, Ch 1 in Transfer of Learning in Professional and Vocational Education by Cree, VE and Macaulay, C, Routledge, New York.
McCarthy, I (2009) Professional Development for Recent Graduates, Australia and New Zealand, Australian and New Zealand Property Journal, June, pp. 118 - 123.
McLellan, H (1996) Situated learning perspectives.Education Technology Publications, New Jersey.
Merzenich, MM (2001) Cortical plasticity contributing to childhood development, - In Mechanisms of cognitive development: Behavioural and neural perspectives- ed. McClelland and Siegler, Lawrence Erlbaum Associates, New Jersey.
Miller, R and Morgaine, W (2009) The benefit of e-portfolios for students and faculty in their own words, Peer Review, Winter, 11:1,www.aacu.org/peerreview/pr-wi09/pr-wi09/pr-wi09 benefits.cfm
O&#39;Neil, H (2005) What works in distance education, Report by Centre for the Study of Evaluation, National Centre for Research on Evaluation, UCLA, California.
Pyhrr, SA, Cooper, JR, Wofford, LE, Kapplin, SD and Lapides, PD (1989) Real Estate Investment - Strategy Analysis, Decisions, 2 ed, J Wiley and Son, USA.
Sharma, P and Barrett, B (2007) Blended Learning: Using technology in and beyond the language classroom, Macmillan Education, Oxford.
US Centre for Technology in Learning (2009) Evaluation of Evidence-Based Practices in Online Learning: A Meta-Analysis and Review of Online Learning Studies, US Dept of Education, Washington, DC.
Zax, D (2009) Learning in 140-Character Bites, PRISM, October, www.prism-magazine.org/oct09/tt.01.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/are-we-exemplars-for-the-property-profession</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/forecasting-residential-rents-the-case-of-auckland-new-zealand</link>
<title><![CDATA[Forecasting Residential Rents: The Case of Auckland, New Zealand]]></title>
<description><![CDATA[A large number of studies have examined the price dynamics of housing markets and the comparative forecasting ability of alternative methodological frameworks. However, there has been relatively little work that focuses on forecasting residential rents. This paper uses two alternative methodological frameworks to forecast residential rents in Auckland, New Zealand from the early 1990&#39;s onwards; namely a fundamental variable based Ordinary Least Squares (OLS) model and a univariate Auto Regressive Integrated Moving Average (ARIMA) approach. The results indicate that the simple ARIMA is superior in forecasting residential rents. This suggests that the fundamental variable specification may be useful in estimating turning points in rental movements, but that the simple autoregressive framework is more accurate in predicting rent levels. This is thought to be due to the heterogeneous profile of residential investors and key behavioural issues, such as myopic expectations surrounding returns that surround small-scale non-institutional investors dominating the residential rental market.
]]></description>
<content><![CDATA[Blackley,D. M. and Follain, J. R. (1996), In Search of Empirical Evidence That Links Rent and User Cost. Regional Science and Urban Economics, 26, 3&#150;4, 409&#150;431.
Brooks, C. (2003), Introductory Econometrics for Finance, Cambridge University Press, p. 280.
Brown, J., Song, H. and McGillivray, A. (1997), Forecasting UK House Prices: A Time Varying Coefficient Approach. Economic Modelling, 14, 529&#150;548.
Case, K. E. and Shiller, R. J. (2003), Is There a Bubble in the Housing Market? Brookings Papers on Economic Activity, 2, 299&#150;362.
Crawford, G. and Franatoni, M. (2003), Assessing the Forecasting Performance of Regime-Switching, ARIMA and GARCH Models of House Prices. Real Estate Economics, 31(2), 223&#150;243.
Department of Building and Housing, New Zealand (2008), Disclaimer, copyright and use of Market Rent Data. Retrieved September 2, 2008, fromhtt/www. dbh. govt. nz/market-rent-statisticalterms 
DiPasquale, D. and Wheaton, W. (1992), The Markets for Real Estate Assets and Space: A Conceptual Framework. Journal of the American Real Estate and Urban Economics Association, 20(1), 181&#150;197.
DTZ Research (2006), CHRANZ - The Future of Home Ownership and the Role of the Private Rental Market in the Auckland Region. Retrieved September 2, 2008, from http://www.chranz.co.nz/pdfs/future-of-home-ownership-and-the-role-of-the-private-rentalmarket-in-auckland.pdf
Glaeser, E. and Gyourko, J. (2005), Urban Decline and Durable Housing, Journal of Political Economy, 113, 345&#150;375.
Guirguis, H. S., Giannikos, C. I. and Anderson, R. I. (2005), The US Housing Market: Asset Pricing Forecasts using Time-varying Coefficients, Journal of Real Estate Finance and Economics, 30, 33&#150;53.
Hargreaves, B. (2008), What Do Rents Tell Us About House Prices? International Journal of Housing Markets and Analysis, 1(1), 7&#150;18.
Inland Revenue-IRD (2009), Rental Income (Guide IR264), Wellington, NZ.
Investment Property Databank-IPD (2009), IPD Index Guide, London.
Kim, K. H. and Shu, S. H. (1993), Speculation and Price Bubbles in the Korean and Japanese Real Estate Markets, Journal of Real Estate Finance and Economics, 6, 73&#150;88.
Malpezzi, S. and Wachter, S. M. (2005), The Role of Speculation in Real Estate Cycles, Journal of Real Estate Literature, 13, 143&#150;166.
National Council of Real Estate Investment Fiduciaries-NCREIF (2009), User Guide - National Property Index.
Potepan, M. (1996), Explaining Intermetropolitan Variation in Housing Prices, Rents and Land Prices. Real Estate Economics, 24(2), 219&#150;245.
Rehm, M. and Filippova, O. (2008), The Impact of Geographically Defined School Zones On House Prices in New Zealand, International Journal of Housing Markets and Analysis, 1(4), 313&#150;336.
Reserve Bank of New Zealand (2008), Historical Fixed-term Mortgage Rates. Retrieved August 20, 2008, from http://www.rbnz.govt.nz/
Scheinkman, J. and Xiong,W. (2003), Overconfidence and Speculative Bubbles, Journal of Political Economy, 111, 1183&#150;1219.
Seiler. M. J., Seiler, V. L., Traub, S. and Harrison, D. (2008). Regret Aversion and False Reference Points in Residential Real Estate. Journal of Real Estate Research, 30(4), 461&#150;474.
Statistics New Zealand (2008A), Quarterly Employment Survey - Technical Notes. Retrieved August 30, 2008, fromhttp://www.stats.govt.nz/ 
Statistics New Zealand (2008B) Information about International Travel and Migration. Retrieved August 30, 2008, from http://www2.stats.govt.nz/
Stevenson, S. and Young, J. (2007), Forecasting Housing Supply: Empirical Evidence from the Irish Market. European Journal of Housing Policy, 7(1), 1&#150;17.
Quotable Value, Ltd. (2008), Quotable Value New Zealand House Price Index.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/forecasting-residential-rents-the-case-of-auckland-new-zealand</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/property-development-principles-and-process-an-industry-analysis</link>
<title><![CDATA[Property Development Principles and Process &#150; An Industry Analysis]]></title>
<description><![CDATA[Property development is widely regarded as an integrated process revolving around numerous components that link distinct phases in the development cycle. This paper explores industry participants &#145; perceptions of important components of the property development process. We focus upon the development of commercial property in Queensland Australia. Utilising a sample of major Queensland-based developer, we use a questionnaire to survey industry perceptions of the important concepts in the property development industry. The main emphasis of the survey is to identify common principles and characteristics of the property development process as they occur prior to the commencement of construction activities. Our results confirm that in general, developers apply many pre-construction development principles within a structured framework. We conclude by identifying and discussing several key performance areas identified in our survey responses: (i) location and site selection, (ii) market research/analysis, and (iii) feasibility principles incorporating design development and financial analysis.
]]></description>
<content><![CDATA[Beeny, S. (2004). Property ladder: The developer&#39;s Bible. Cassell Illustrated, London.
Beyard, M.D. &amp; O&#39;Mara, W.P. (1999). Shopping center development handbook. 3 Edition. The Urban Land Institute (ULI), Washington, D.C.
Bruce-Radcliffe, G. (1996). Practical property development and financing. FT Law &amp; Tax, London.
Brueggeman, W.B. &amp; Fisher, J.D. (2005). Real estate finance and investment. 12 edn. McGraw-Hill Irwin, New York.
Cadman, D. &amp; Topping, R. (1995). Property development. 4 edn. Spon Press, London.
Cloete, C.E. (1996). Property development. Volume 1. The South African National Property Education Committee. Sandton.
Cloete, C.E. (Ed.) (2004). Principles of property valuation. 2 edn. The South African National Property Education Committee, Sandton.
Collier, N.S., Collier, C.A. &amp; Halperin, D.A. (2002). Construction funding: the process of real estate development, appraisal and finance. 3 edn. John Wiley &amp; Sons, Inc., New York.
Fenker, R.M. (1996). The site book. a field guide to commercial real estate evaluation. Mesa House Publishing, Fort Worth, Texas.
Fisher, S.D. (2007). The complete guide to real estate optionwhat smart investors need to know - explained simply. Atlantic Publishing Group, Inc., Ocala, Florida.
Fisher, P., &amp; Robson, S. (2006). &quot;The Perception and Management of Risk in UK Office Property Development&quot;. Journal of Property Research, 23, (2), pp 135&#150;161
Forlee, R. (2004). An intelligent guide to Australian property development. Wrightbooks, Milton.
Forlee, R. (2005). Australian residential property development: a step-by-step guide for investors. Wrightbooks, Milton.
Frej, A. (Ed.) (2001). Business park and industrial development handbook. The Urban Land Institute (ULI), Washington, D.C.
Gause, J.O. (Ed.) (1998). Office development handbook, 2nd edn. The Urban Land Institute (ULI), Washington, D.C.
Geltner, D. &amp; Miller, N.G. (2007). Commercial real estate analysis and investment. South-Western Publishing, Mason, Ohio.
Ghyoot, V.G. (1996). Property marketing research. Property education series. The National Property Education Committee, Technicon SA, Florida.
Graaskamp, J.A. (1970). A guide to feasibility analysis. Chicago Society of Real Estate Appraisers cited in Wurtzebach, C.H., Miles, M.E. &amp; Cannon, S.E., Modern Real Estate, 5 edn. John Wiley &amp; Sons, Inc., New York.
Guy, S. &amp; Henneberry, J. (2000). &quot;Understanding Urban Development Processes: Integrating the Economic and the Social in Property Research&quot;. Urban Studies, 37, No. 13, pp. 2399&#150;2416.
Guy, S. &amp; Henneberry, J. (2002a). &quot;Bridging the Divide?&quot; Complementary Perspectives on Property&quot;. Urban Studies, 39, 8, pp. 1471&#150;1478.
Kahr, J. &amp; Thomsett, M.C. (2005). Real estate market valuation and analysis. John Wiley &amp; Sons, Inc., Hoboken, New Jersey.
Ling, D.C. &amp; Archer, W.R. (2005). Real estate principles: a value approach. McGraw-Hill Irvin, New York.
Miles, M.E., Berens, G. &amp; Weis, M.A. (2000). Real estate development: principles and process, 3 edn. The Urban Land Institute (ULI), Washington, D.C.
Miller, N.G. &amp; Geltner, D.M. (2005). Real estate principles for the new economy, South-Western, Mason, Ohio.
Newell, G. &amp; Steglick, M. (2006). &quot;Assessing the Importance of Property Development Risk Factors&quot;. Pacific Rim Property Research Journal, 12, 1, pp. 22&#150;37.
Patton, W. &amp; Ryan, J. (2007). Making hard cash in a soft real estate market. John Wiley &amp; Sons, Inc., New Jersey.
Peiser, R.B. &amp; Frej, A.B. (2003). Professional real estate development: The ULI guide to business. 2nd edn. The Urban Land Institute (ULI), Washington, D.C.
Pyhrr, S.A., Cooper, J.R., Wofford, L.E., Kapplin, S.D. &amp; Lapides, P.D. (1989). Real estate investment. Strategy analysis decisions, 2 edn. John Wiley &amp; Sons, Inc.
Schmitz, A. (Ed.) (2004). Residential development handbook. 3 edn. The Urban Land Institute (ULI), Washington, D.C.
Squirrel, M. (1997). Readings in property economics. The Australian Institute of Valuers and Land Economists, Deakin, ACT.
Thomsett, M.C. (2000). Getting financing &amp; developing land. Craftsman Book Company, Carlsbad, CA.
Viruly, F. (1999). Property economics &amp; risk analysis. Paper presented at the SAPOA Property Development Programme. Graduate School of Business. Cape Town University, Cape Town.
Waterhouse, M.D. (1991). &quot;Principles of the Real Property Development Process&quot; Economic Development Review, Fall, pp. 25&#150;28.
Weis, M.B. (2005). Secrets of a millionaire real estate developer. Dearborn Trade Publishing, Chicago.
West, S. (1994). &quot;A Guide to development Success and Profitability&quot; Cost Engineering, 36, Iss. 7, pp 19.
Whipple, R.T.M. (1995). Property valuation and analysis. The Law Book Company Limited, Sydney.
Wilkinson, S. &amp; Reed, R. (2008). Property development. 5th edn. Routledge, Abingdon, Oxon.
Woodson, R.D. (2005). Be a successful residential land developer, 2nd edn. McGraw-Hill Inc., New York.
Wurtzebach, C.H., Miles, M.E. &amp; Cannon, S.E. (1994). Modern real estate. 5 edn. John Wiley &amp; Sons Inc. New York.
Zuckerman, H.A. &amp; Blevins, G.D. (2003). Real estate development. Workbook and manual. Aspen Publishers Inc., New York.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/property-development-principles-and-process-an-industry-analysis</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/the-development-and-performance-of-reits-in-hong-kong</link>
<title><![CDATA[The Development and Performance of REITs in Hong Kong]]></title>
<description><![CDATA[Hong Kong is one of the most dynamic commercial property markets in Asia. With the recent development of REITs in Asia, HK-REITs have become an important property investment vehicle in Hong Kong since 2005. This paper assesses the significance, risk-adjusted performance and portfolio diversification benefits of HK-REITs in a mixed-asset portfolio in Hong Kong over 2005&#150;2008. The impact of the global financial crisis on HK-REITs and the ongoing strategic development of HK-REITs are also assessed. HK-REITs are seen to deliver strong risk-adjusted returns and to have been robust during the GFC with superior risk-adjusted returns to other listed asset classes, but some loss of diversification benefits was also evident in the GFC.
]]></description>
<content><![CDATA[Asian Public Real Estate Association (2009) Weekly Asian REIT Report: June 2009, APREA.
Brown, G. and K.W. Chau (1997) Excess returns in the Hong Kong commercial real estate market, Journal of Real Estate Research, 14, 91&#150;105.
CB Richard Ellis (2009a) REITs Across Asia: 1H2009, CBRE.
CB Richard Ellis (2009b) Asia Market View Q2: 2009, CBRE
Chau, K.W. (1997) Political uncertainty and the real estate risk premiums in Hong Kong, Journal of Real Estate Research, 13, 297&#150;316.
Chau, K.W., B. MacGregor and G. Schwann (2001) Price discovery in the Hong Kong real estate market, Journal of Property Research, 18, 187&#150;216.
Chau, K.W., S.K. Wong and G. Newell (2003) Performance of property companies in Hong Kong: a style analysis approach, Journal of Real Estate Portfolio Management, 9, 29&#150;44.
Chiang, Y.H., C.K. So and B.S. Tang (2008) Time varying performance of four Asia-Pacific REITs, Journal of Property Investment and Finance, 26, 210&#150;231.
Chin, W., P. Dent and C. Roberts (2006) An exploratory analysis of barriers to investment and market maturity in Southeast Asian cities, Journal of Real Estate Portfolio Management, 12, 49&#150;58.
European Public Real Estate Association (2008) Global REIT Survey, EPRA.
Ganesan, S. and Chiang, Y. H. (1998) The inflation-hedging characteristics of real and financial assets in Hong Kong, Journal of Real Estate Portfolio Management, 4, 55&#150;67.
He, L.T. and J. Webb (2000) Causality in real estate markets: the case of Hong Kong, Journal of Real Estate Portfolio Management, 6, 259&#150;271.
Hong Kong Securities and Futures Commission (2003) Code on Real Estate Investment Trusts, HKSFC.
Jones Lang LaSalle (2006) The Evolving Hong Kong Grade A Office Landscape, JLL.
Jones Lang LaSalle (2008a) Real Estate Transparency Index, JLL.
Jones Lang LaSalle (2008b) Hong Kong - A Bright Decade Forward, JLL.
Jones Lang LaSalle (2009a) Asia Pacific Property Digest Q2:2009, JLL.
Jones Lang LaSalle (2009b) Hong Kong Property Market Monitor: October 2009, JLL.
Kutsuna, K., W. Dimovski and R. Brooks. (2008) The pricing and underwriting cost of Japanese REIT IPOs, Journal of Property Research, 25, 225&#150;239.
Lin, T.C. (2007) The development of REIT markets and real estate appraisal in Taiwan, Journal of Real Estate Literature, 15, 281&#150;301.
Liow, K.H. (2007) The dynamics of return volatility and systematic risk in international real estate security markets, Journal of Property Research, 24, 1&#150;29.
Liow, K.H. (2008) Financial crisis and Asian real estate securities market interdependence: some additional evidence, Journal of Property Research, 25, 127&#150;155.
Liow, K.H. and A. Adair (2009) Do Asian real estate companies add value to investment portfolios, Journal of Property Investment and Finance, 27, 42&#150;64.
Liow, K.H. and M.C. Sim (2006) The risk and return profile of Asian real estate stocks, Pacific Rim Property Research Journal, 12, 283&#150;310.
Macquarie Securities (2009) Global Property Securities Analytics: June 2009, Macquarie Securities.
NAREIT (2009) REIT Watch: September 2009, NAREIT.
Newell, G. and K.W. Chau (1996) Linkages between direct and indirect property performance in Hong Kong, Journal of Property Finance, 7, 9&#150;29.
Newell, G., Chau, K.W. and F. Pretorius (1996) Adjusting the volatility of the Hong Kong property market, Journal of Real Estate and Construction, 6, 1&#150;16.
Newell, G., K.W. Chau and S.K. Wong (2004) The level of direct property in Hong Kong property company performance, Journal of Property Investment and Finance, 22, 512&#150;532.
Newell, G., K.W. Chau, S.K. Wong and K.H. Liow (2009) The significance and performance of property securities markets in the Asian IFCs, Journal of Property Research, 26, 125&#150;148.
Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2007) Factors influencing the performance of Hong Kong real estate companies, Journal of Real Estate Portfolio Management, 13, 75&#150;86.
Newell, G. and H.W. Peng (2009) The impact of the global financial crisis on A-REIT risk, Pacific Rim Property Research Journal, 15, 453&#150;470.
Ooi, J., G. Newell and T.F. Sing (2006) The development of Asian REITs, Journal of Real Estate Literature, 14, 203&#150;224.
Property Investment Research (2009) PIR Investment Monitor: December 2009, PIR.
Quek, M. and Ong, S.E. (2008) Securitising China real estate: a tale of two China-centric REITs, Journal of Property Investment and Finance, 26, 247&#150;273.
Real Capital Analytics (2009), Global Capital Trends: August 2009, RCA (and miscellaneous previous copies).
Schwann, G. and K.W. Chau (2003) News effects and structural shifts in price discovery in Hong Kong, Journal of Real Estate Finance and Economics, 27, 257&#150;271.
Serrano, C. and M. Hoesli (2009) Global securitised real estate benchmarks and performance, Journal of Real Estate Portfolio Management, 15, 1&#150;19.
Global Property and REIT Report: 3 Quarter 2009 
Trust (2009) Asia-Pacific REIT Survey, Trust.
Tse, R. and J. Webb (2000) Public versus private real estate in Hong Kong, Journal of Real Estate Portfolio Management, 6, 53&#150;60.
Wilson, P., S. Stevenson and R. Zurbruegg (2007) Measuring spillover effects across Asian property stocks, Journal of Property Research, 24, 123&#150;138.
World Economic Forum (2009) Global Competitiveness Report 2009&#150;10, WEF.
World Federation of Exchanges (2009) Focus: July 2009, WFE.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/the-development-and-performance-of-reits-in-hong-kong</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/assessing-client-perceptions-of-the-quality-of-commercial-valuation-reports-in-malaysia</link>
<title><![CDATA[Assessing Client Perceptions of the Quality of Commercial Valuation Reports in Malaysia]]></title>
<description><![CDATA[A property industry survey of major external users of commercial valuation reports in Malaysia was conducted in September 2008 to assess the client perceptions of the quality of commercial property valuation reports in Malaysia; this being the first such client satisfaction survey in a developing property market. This client satisfaction survey highlighted the perceived stature and integrity of the commercial valuation reports in Malaysia and the high levels of client satisfaction in valuations for all commercial property types. Concerns were raised in a number of key areas, with proposed solutions to these weaknesses identified. Ongoing issues for ISM and BOVAEA regarding the continued enhanced stature of the valuation process, valuation practice standards, valuation reports and public confidence in valuers in Malaysia are identified.
]]></description>
<content><![CDATA[Adair, A. and Hutchison, N. (2005), The reporting of risk in real estate appraisal property risk scoring. Journal of Property Investment and Finance 23(3): 254&#150;268.
Adair, A., Hutchison, N., MacGregor, B., McGreal, S. and Nanthakumaran, N. (1996), An analysis of valuation variation in the UK commercial property market. Journal of Property Valuation and Investment 14(5): 34&#150;47.
Appraisal Foundation (2008), 2008&#150;09 Uniform Standards of Professional Appraisal Practice. Appraisal Foundation, Washington.
Australian Property Institute (2008), Australia and New Zealand Valuation and Property Standards. API, Canberra.
Bank of International Settlements (2006), Basel II: Revised International Capital Framework. BIS.
Brown, G., Matysiak, G. and Shepherd, M. (1998), Valuation uncertainty and the Mallinson report. Journal of Property Research 15(1): 1&#150;14.
Carsberg Report (2002), Property Valuation. RICS, London.
CIA (2009), World Factbook. CIA.
Colwell, P. and Trefzger, J. (1992), Impact of regulation on appraisal quality. The Appraisal Journal (July): 428&#150;429.
Crosby, N. (2000), Valuation accuracy, variation and bias in the context of standards and expectations. Journal of Property Investment and Finance 18(2): 130&#150;161.
Crosby, N., Lavers, A. and Murdoch, J. (1998), Property valuation variation and the margin of error in the UK. Journal of Property Research 15(4): 305&#150;330.
Crosby, N., Newell, G., Matysiak, G., French, N. and Rodney, W. (1997), Client perceptions of property investment valuation reports in the UK. Journal of Property Research 14(1): 27&#150;47.
Dotzour, M. and Le Compte, R. (1993), Lender perceptions of appraisal quality after FIRREA. The Appraisal Journal (April): 227&#150;233.
Gilbertson, B. and Preston, D. (2005), A vision for valuation. Journal of Property Investment and Finance 23(2): 123&#150;140.
Hutchison, N., Adair, A. and Leheny, I. (2005), Communicating investment risk to clients: property risk scoring. Journal of Property Research 22(2): 137&#150;161.
International Valuation Standards Council (2007), International Valuation Standards 2007. IVSC, London.
Jones Lang LaSalle (2008), Real Estate Transparency Index. JLL.
Joslin, A. (2005), An investigation into the expression of uncertainty in property valuations. Journal of Property Investment and Finance 25(3): 269&#150;285.
Knitter, R. (1995), 1994 survey of appraisal clients. The Appraisal Journal (April): 213&#150;219.
Levy, D. and Schuck, E. (2005), The influence of clients on valuations: the clients&#39; perspective. Journal of Property Investment and Finance 23(2): 182&#150;201.
Macquarie Securities (2009), Global Property Securities Analytics: December 2008. Macquarie Securites.
Mallinson Report (1994), Commercial Property Valuation. RICS, London.
Mallinson, M. and French, N. (2000), Uncertainty in property valuation. Journal of Property Investment and Finance 18(1): 13&#150;32.
Nasir, A. (2006), Valuation variance of commercial properties in Malaysia. Pacific Rim Property Research Journal 12(3): 272&#150;282.
Newell, G. (1995), The quality of valuation reports. The Valuer and Land Economist 33(5): 358&#150;360.
Newell, G. (1999), The quality of valuation reports in Australia: 1998. Australian Property Journal 35(7): 605&#150;608.
Newell, G. (2004), Client perceptions of the quality of valuation reports in Australia. Pacific Rim Property Research Journal 10(4): 437&#150;450.
Newell, G. and Barrett, V. (1990), The quality of valuation reports. The Valuer 1(2): 96&#150;98.
Newell, G. and Kishore, R. (1998), Are valuations an effective proxy for property sales? The Valuer and Land Economist 35(2):150&#150;153.
Real Capital Analytics (2009), Global Capital Trends: February 2009. RCA. RICS (2007), RICS Valuation Standards. RICS, London.
RICS (2008), Valuation and Sale Price 2008 Report. RICS, London.
Securities Commission Malaysia (2003), Guidelines on Asset Valuations. SCM, Kuala Lumpur.
Securities Commission Malaysia (2009), Asset Valuation Standards. SCM, Kuala Lumpur.
Waters Report (2000), Valuers&#39; Compliance with the Reporting Standards of the RICS Red Book. RICS, London.
Whipple, T. (1984), Real Estate Valuation Reports and Appraisals. Law Book Company, Sydney.
Whipple, T. (2006), Property Valuation and Analysis. Thomson Legal, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/assessing-client-perceptions-of-the-quality-of-commercial-valuation-reports-in-malaysia</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/rtm-whipple-a-distinguished-career-in-property</link>
<title><![CDATA[RTM Whipple &#150; A Distinguished Career in Property]]></title>
<description><![CDATA[This paper provides a chronological review of the career of the late RTM (Tom) Whipple. Tom is widely regarded as being Australia&#39;s first &quot;senior&quot; property academic and was considered as a leader to many within the academic community. He spent his entire working life within the property industry, both as a practitioner and esteemed academic. His career can be viewed as comprising four main periods; the early period in industry 1949&#150;1966, the Sydney University period 1966&#150;1989, the Curtin University period 1989&#150;1997 and the retirement period 1997&#150;2010. This paper reviews all of these periods. The paper provides a comprehensive bibliography of Tom&#39;s publications. So as to provide an appropriate context and to familiarise the reader with the work, these publications are discussed in the text by year and title with full publication details contained in the bibliography. The paper concludes with a discussion of Tom&#39;s final research contributions and a pertinent quotation taken from his final written communication to his many colleagues within the Pacific Rim Real Estate Society (PRRES) community.
]]></description>
<content><![CDATA[Alexander, I.C., (1974) The City Centre, University of Western Australia Press, 1974.
Alexander, I.C., (1977) Offices in the Suburbs, Department of Environment, Housing and Community Development, Canberra, 1977.
Archer, R.W., (1972) Site Value Taxation in Central Business District Redevelopment, Urban Land Institute, Washington, D.C., 1972.
Behmber, M.F., (1976) &quot;Tail Wags the Dog Theory of Valuation&quot; The Valuer, Vol. 24, pp 109&#150;14, 1976.
Bunker, R.C. (1971) Town and Country or City and Region?, Melbourne University Press, 1971.
Child, J.F., Poole, W.A., Rapkin, C., Whipple, R.T.M., (1971) Retailing in Canberra 1970&#150;1980. A review of Canberra&#39;s shopping structure, formulation of a retail release program and retail model for National Capital Development Commission, Canberra, 1971.
Christie, K.M., (1973) Retailing Performance, Planning and Policy, New Zealand Institute of Economic Research, 1973.
Costello, G., (1995) &quot;Research Design for Regression Techniques in Real Estate Market Analysis - An Australian Perspective&quot;, Australian Land Economics Review, Vol. 1, No. 1 1995, pp11&#150;20.
Grotz, R., (1987) &quot;Die Entwicklung des Central Business Districts von Sydney 19501986&quot;, Berliner Geographische Studien, Vol. 24, 1987, pp 101&#150;130.
Hockley, J. J., Whipple, R.T.M., (2009) &quot;How relevant is Spencer&#39;s case 100 years on? The need for a new valuation definition: The most probable price&quot;, Australian Property Law Journal, Vol. 17, 2, pp.201&#150;218.

Paris J. D. (1970) &quot;Regional Structural Analysis of Population Changes&quot; Regional Studies, 1970.
Rimmer, P.J., (1969) Manufacturing in Melbourne, Department of Human Geography, Australian National University, 1969.
Rost, R.O., and Collins, H.G., (1971) Land Valuation and Compensation in Australia, Australian Institute of Valuers, 1971.
Speedy, S.L., (1974) Property Investments, Butterworth, 1974.
Stilwell, F.J. and Hardwick J.M. (1973) Regional Development in Australia, Planning Research Centre, University of Sydney.
Whipple, R.T.M., (1962) &quot;What Determines the Highest and Best Use?&quot; The Valuer, Vol. 17, 1962, pp 181&#150;185.
Whipple, R.T.M., (1963) &quot;Indoor Bowling Centres - The Developer&#39;s Viewpoint&quot;, The Valuer, Vol 17. 1963, pp 375&#150;390.
Whipple, R.T.M., (1964) &quot;Trends in Metropolitan and Central City Space Demand&quot; in: Gleghorn (ed) Building Modernization and Rehabilitation Seminar, to Association, Melbourne, 1964, pp 13&#150;84.
Whipple, R.T.M., (1965) &quot;Some Economic and Growth Aspects of Sydney&#39;s Central Area &quot;, Building Ideas, Vol. 3, No. 1,1965, pp 12&#150;14.
Whipple, R.T.M., (1966) &quot;Regional Differentials and Economic Planning&quot;, Australian Planning Institute Journal, 1966, Vol.4, 180&#150;187.
Whipple, R.T.M., (1967) &quot;Industrial Melbourne - Demand Trends and Land Market Structure&quot;, The Valuer, Vol. 19, 1967, pp 390&#150;406.
Whipple, R.T.M., (1968a) &quot;Redevelopment and the Real Estate Market in Sydney&#39;s Central Area&quot; in: P.N. Troy (ed) Urban Redevelopment in Australia, Australian National University, Canberra, 1968, pp 250&#150;272.
Whipple, R.T.M., (1968b) &quot;Land Use Associations in Melbourne&#39;s Central Area&quot;, Australian Planning Institute Journal, Vol. 6, 1968, pp 64&#150;70.
Whipple, R.T.M., (1968c) &quot;Land Taxation and Land Prices in Western Australia&quot;, Australian Planning Institute Journal, Vol. 6, 1968, pp 64&#150;70.
Whipple, R.T.M., (1968d) &quot;Teaching Land Economics&quot;, The Valuer, Vol. 20, 1968, pp 28&#150;30 and p 53.
Whipple, R.T.M., (1968e) &quot;On the Use of Capitalisation&quot;, The Valuer, Vol. 20, 1968, p 252.
Whipple, R.T.M., (1969a) &quot;Sinking Funds in Investment Property Appraisal &quot;, The Valuer, Vol. 20, 1969, p 692&#150;695.
Whipple, R.T.M., (1969b) &quot;Comment on A.M. Woodruff: Valuation Education for Valuers &quot;, The Valuer, Vol. 20, 1969, p 691.
Whipple, R.T.M., (1969c) &quot;Land Use and Utilisation &quot;, The Developer, Vol. 7, 1969, pp 72&#150;75.
Whipple, R.T.M., (1969d) &quot;Central Area Morphology - Towards an Objective Delimitation&quot;, Australian and New Zealand Association for the Advancement of Science (ANZAAS) congress, Adelaide, 1969 (Geographical Sciences Section).
Whipple, R.T.M., (1969e) &quot;Computer Applications in Town Planning Research&quot;, Australian and New Zealand Association for the Advancement of Science (ANZAAS) congress, Adelaide, 1969 (Town Planning Section).
Whipple, R.T.M., (1970) &quot;Office Space Development in Sydney Central Area: a Temporal and Spatial Review&quot;, in: Clark, N. (Ed) Proceedings of the Tewkesbury Symposium, University of Melbourne, 1970, pp 3.35 - 3.55.

Whipple, R.T.M., (1971b) Urban Renewal and the Private Investor, West Publishing Corporation, Sydney, 1971 (Distributed by John Wiley, Sydney).
Whipple, R.T.M., (1971c) &quot;Information Required for Future Planning &quot;, in: City of Sydney Strategic Plan, The Council of the City of Sydney, 1971, Annexure C.

Whipple, R.T.M., (1972a) &quot;Comment on the Sydney Area Transportation Study&quot;, in: G. Sheather (Ed) SATS - the Issues and Options, Planning Research Centre, University of Sydney, 1972, pp 33&#150;35.
Whipple, R.T.M., (1972b) &quot;Human Movements in the City System: Analysis of Journey-To-Work Patterns in Sydney in 1966&quot; in: H.A. Nix (Ed) The City As a Life System, Proceedings of the Ecological Society of Australia, Vol. 7, Canberra, 1972, pp 193&#150;210.
Whipple, R.T.M., (1974a) &quot;Land Reform and the Real Estate Market&quot;, in: G. Sheather (Ed) Reform of Land Tenure Systems, Planning Research Centre, University of Sydney, 1974, pp 15&#150;74.
Whipple, R.T.M., (1974b) &quot;Use of Multiple Regression in Mass Appraisal Work-An Agnostic View&quot;, The Valuer, Vol. 23, 1974, pp 264&#150;269.
Whipple, R.T.M., (1976a) Central Area Structure - A Study of Sydney, unpublished PhD thesis, University of Sydney, 1976.
Whipple, R.T.M., (1976b) Classifying Urban Land Use: Principles in Practice, Working Paper 22, Research Centre for Urban and Environmental Planning, Princeton University, 1976.
Whipple, R.T.M., (1978) &quot;The Planners&#39; Contribution to Escalating Residential Land Prices&quot;, Proceedings of the Seventh National Congress of UDIA, The Developer, March 1978, pp 49&#150;54.
Whipple, R.T.M., (1980) &quot;Emerging Requirements for Education in Property&quot;, The Valuer, Vol. 26, No. 3, July 1980, pp 188&#150;199.
Whipple, R.T.M., (1983) &quot;Pipe, Bowl and Fiddlers Three: a Commentary on the N.S.W. Coal Acquisition Act, 1981&quot;, The Developer, March 1983, pp 36&#150;44.
Whipple, R.T.M., (1984a) &quot;Valuation and Reporting Standards in England and North America &quot;, in: Whipple, R.T.M., (Ed) Real Estate Valuation Reports and Appraisals, Law Book Company Ltd., Sydney, 1984, pp 25&#150;46.
Whipple, R.T.M., (1984b) &quot;Regularities in the Vertical Arrangement of Land Uses in Sydney&#39;s Central Area&quot;, Land Development Studies, Vol. 1, No. 1, January 1984, pp 3&#150;22.
Whipple, R.T.M., (1985) &quot;Real Estate and Its Market&quot;, in: Whipple, R.T.M., (Ed) Accounting for Property Development, Law Book Company Ltd., Sydney, 1985, pp 118.
Whipple, R.T.M., (1986a) &quot;Commercial Rent Reviews: Disputations and Definitions&quot;, in: Whipple, R.T.M., (Ed) Commercial Rent Reviews: Law and Valuation Practice, Law Book Company Ltd., Sydney, 1986, pp 1&#150;40.
Whipple, R.T.M., (1986b) &quot;Office Building Rental Data Analysis &quot;, in: Whipple, R.T.M., (Ed) Commercial Rent Reviews: Law and Valuation Practice, Law Book Company Ltd., Sydney, 1986, pp 165&#150;191.
Whipple, R.T.M., (1986c) &quot;The Settlement of Rent Review Disputes: Procedures in England and North America &quot;, in: Whipple, R.T.M., (Ed) Commercial Rent Reviews: Law and Valuation Practice, Law Book Company Ltd., Sydney, 1986, pp 97&#150;119.
Whipple, R.T.M., (1986d) &quot;The Segama Case&quot;, in: Whipple, R.T.M., (Ed) Commercial Rent Reviews: Law and Valuation Practice, Law Book Company Ltd., Sydney, 1986, pp 192&#150;201.
Whipple, R.T.M., (1987) &quot;Measuring Yields after Taxation and Inflation&quot;, Land Economy Practice Notes, The Valuer, Vol. 29, No. 8, October 1987, pp 627&#150;629.

Whipple, R.T.M., (1988b) &quot;Mortgage Amortisation&quot;, Land Economy Practice Notes, The Valuer, Vol. 30, No. 1, January 1988, pp 36&#150;37.
Whipple, R.T.M., (1988c) &quot;Mortgage Trading&quot;, Land Economy Practice Notes, The Valuer, Vol. 30 October, 1988, pp 211&#150;12.
Whipple, R.T.M., (1988d) &quot;The Refinancing Problem&quot;, Land Economy Practice Notes, The Valuer, Vol. 30, No. 2, April 1988, p 39.
Whipple, R.T.M., (1989) &quot;Measures of Return&quot; Land Economy Practice Notes, The Valuer, July, 1989 pp 467&#150;9.
Whipple, R.T.M., (1990) &quot;Valuations for Commercial Rent Review Purposes: Procedural Guidelines and Other Commentary&quot;, The Valuer, Vol. 31, p179.
Whipple, R.T.M., (1991) &quot;Property as an Investment: Some Strategic Considerations&quot; The Valuer, Vol. 31, p256.
Whipple, R.T.M., (1992) &quot;Valuations: A Problem Solving Imperative&quot;, The Valuer, Vol. 32, pp 18&#150;29.
Whipple, R.T.M., (1995) Property Valuation and Analysis, Law Book Company, Pyrmont, New South Wales, Australia, republished 2006, second edition.
Whipple, R.T.M., (Ed), (1984) Real Estate Valuation Reports and Appraisals, Law Book Company Ltd., Sydney, 1984.
Whipple, R.T.M., (Ed), (1985) Accounting for Property Development, Law Book Company Ltd., Sydney, 1985.
Whipple, R.T.M., (Ed), (1986) Commercial Rent Reviews: Law and Valuation Practice, Law Book Company Ltd., Sydney, 1986.
Whipple, R.T.M., Kummerow, M. &amp; Fraser, R.R., (1993) &quot;Issues in Valuation Reform&quot;, The Valuer, Vol. 32, pp 455&#150;63.
Woodruff, A.M., (1969) &quot;The Valuation Education to Valuers, Assessors and Appraisers&quot;, The Valuer, Vol. 20, (7), 1969, p 683.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/rtm-whipple-a-distinguished-career-in-property</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/real-value-valuation-for-property-in-the-21-century-a-comparison-of-conventional-and-real-value-models</link>
<title><![CDATA[Real Value Valuation for Property in the 21  Century? &#150; A Comparison of Conventional and Real Value Models]]></title>
<description><![CDATA[An old idea transforms into a simplified dynamic application for valuing investment property in the 21st Century. This paper presents a new all risks real yield (ARRY) valuation model for the 21st Century valuer&#39;s use. It requires a paradigm shift in the minds of valuers from 20th Century thinking in nominal value terms to thinking in real value terms. This affects the methodology, valuation models and techniques required to value income producing property. It is compared to and distinguished from the conventional all risks yield (ARY) model used in the UK and previous real value valuation models developed in the UK and USA in the 1970-80&#39;s. This ARRY model is an advance on generic real value valuation models of the 1990&#39;s. A sales analysis and common valuation examples compare the ARRY model with conventional valuation methodology.
]]></description>
<content><![CDATA[Appraisal Institute. (2008). The Appraisal of Real Estate (13th ed.). Chicago, IL: Appraisal Institute.
Armatys, J., Askham, P., &amp; Green, M. (2009). Principles of Valuation. London: Estates Gazette Books.
Baum, A., &amp; Crosby, N. (1988). Property Investment Appraisal (1st ed.). London, UK: Routledge.
Baum, A., &amp; Crosby, N. (1995). Property Investment Appraisal (2nd ed.). London, UK: Routledge.
Baum, A., &amp; Crosby, N. (2008). Property Investment Appraisal (3rd ed.). Oxford: Blackwell Publishing.
Blackadar, C. G. (1984). Dynamic Capitalization: an income approach in real dollars at real interest. The Appraisal Journal, October 565-594.
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Blackadar, C. G. (1989). Dynamic Capitalization: an income approach in real dollars at real interest, Part 3: The dynamics of expectations. The Appraisal Journal, July 338-371.
Blackledge, M. (2009). Introducing Property Valuation. London: Routledge.
Bullard, S. H., &amp; Straka, T. J. (1998). Forestry valuation and investment analysis. Auburn, AL: Preceda.
Clark, R. E. (1978). Equated yield analysis. The Estatesman, April.
Crosby, N. (1985). The application of equated yield and real value approaches to the market valuation of commercial property. Unpublished PhD Thesis, Department of Land Management and Development, University of Reading, UK.
Crosby, N. (1986). The application of equated yield and real value approaches to market valuation: the logic of techniques and analysis of comparables. Journal of Valuation 4 (2 &amp; 3), 158-169; 261-274.
Crosby, N., &amp; Henneberry, J. (2010). Changing investment valuation practices in the UK. Paper presented at the 17th Annual Conference of the European Real Estate Society, 23-26 June, Milan, Italy. Retrieved from http://www.eres2010.org/contents/papers/eres2010 110 Crosby Changing Valuation P.pdf
Faustmann, M. (1849). Berechnung des Wertes welchen Waldboden, sowie noch nicht haubare Holzbest&auml;nde f&uuml;r die Waldwirtschaft besitzen. Allgemeine Forst- und JagdZeitung 15, 441-455.
Fisher, C. E. (1995). Rates and ratios used in the income capitalization approach: an Appraisal. Chicago, Ill: Appraisal Institute.
IVSC. (2008). Guidance Note No. 9 - Discounted cash flow (DCF) Analysis for market valuations and investment analyses (Revised 2007). In International Valuation Standards. London: International Valuation Standards Council (IVSC).
IVSC. (2010). Proposed New International Valuation Standards Exposure Draft (June ed.). London: International Valuation Standards Council (IVSC).
Jefferies, R. L. (1997a). A generic &#145;real value&#39; valuation model. Paper presented at the 2nd European Real Estate Society Conference, European Business School, Berlin, Germany, 25-27 June.
Jefferies, R. L. (1997b). A &#145;real value&#39; lessor&#39;s and lessee&#39;s interest valuation model. Paper presented at the 2nd European Real Estate Society Conference, European Business School, Berlin, Germany, 25-27 June.
Jefferies, R. L. (2009a, 18-21 January ). A brief history and development of &#145;real value &#145; valuation models - The last four decades. Paper presented at the Pacific Rim Real Estate Society Conference, Sydney, Australia. Retrieved from http://www.prres.net/papers/Jefferies_A_Brief_History_And_Development_Of.pdf
Jefferies, R. L. (2009b, January). A short history of income property valuation models - The 17th to 21st Century. Paper presented at the European Real Estate Society Conference, Stockholm, Sweden. Retrieved fromhttp://www.eres2009.com/papers/7H Jefferies.pdf
Jones, I. G. (1983). Equivalent yield analysis. Journal of Valuation 1, 246-252.
Marshall, P. J. L. (1976). Equated yield analysis A valuation method of the future. Estates Gazette, 239, 493-497.
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Sayce, S., Smith, J., Cooper, R., &amp; Venmore-Rowland, P. (2006). Real Estate Appraisal. From Value to Worth Oxford: Blackwell Publishing.
Scarrett, D. (2008). Property Valuation: The five methods (2nd ed.). London: Routledge.
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Whipple, R. T. M. (1990). Valuations: A problem solving imperative, Part I. The N Z Valuer&#39;s Journal, (June), 14-24.
Whipple, R. T. M. (1992). Valuations: A problem solving imperative, Part II. The N Z Valuer&#39;s Journal, (February), 18-29.
Whipple, R. T. M. (1995). Property valuation and analysis. North Ryde, N.S.W.: Law Book Co.
Whipple, R. T. M. (2006). Property valuation and analysis (2nd ed.). Pyrmont, N.S.WLawbook.
Whipple, R. T. M., Kummerow, M., &amp; Fraser, R. R. (1993). Issues in valuation reform. The Valuer and Land Economist, 32 (6, May), 455-463.
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Wyatt, P. (2007). Property valuation in an economic context. Oxford, UK: Blackwell Publishing.
]]></content>
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<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/tom-whipple-and-the-formal-object-of-the-discipline</link>
<title><![CDATA[Tom Whipple and the Formal Object of the Discipline]]></title>
<description><![CDATA[Tom Whipple&#39;s focus on the formal object of valuation is reviewed in terms of its significance for the discipline of property economics. His recognition of the distinction between value and price and the social objectives of economics as a discipline lead to recognition that rental growth as the object of valuation runs counter to community quality of life growth that is the object of classical realist economics. Tom Whipple&#39;s connections to both of these traditions is shown to lead to the conclusion that his work contained sufficient elements to suggest that the formal object of property economics deserves separate attention and is likely to be related to the common good. Such a focus could make it possible to construct a property economics that could be capable of meeting the community&#39;s needs regarding property, provide a framework for a more effective integration with customary property systems and insights for the general discipline of economics.
]]></description>
<content><![CDATA[Aristotle (1981). The Politics. London, Penguin.
Bajic, V. (1983). &quot;The Effects of a New Subway Line on Housing Prices in Metropolitan Toronto.&quot; Urban Studies (147&#150;158).
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Barzel, Y. (1989). Economic Analysis of Property Rights. Cambridge, Cambridge University Press.
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Crespo, R. F. (1998). &quot;Is Economics a Moral Science?&quot; Markets and Morality (2): 201&#150;211.
D&#39;Arcy, &Eacute;. (2006). &quot;Markets, Market Structures and Market Change: Expanding the Real Estate Research Paradigm.&quot; Pacific Rim Property Research Journal(4).
Fisher, I. (1977). The theory of interest: as determined by impatience to spend income and opportunity to invest it. Philadelphia, Porcupine Press.
Frey, B. S. and W. W. Pommerehne (1993). &quot;On the Fairness of Pricing&#151;An Empirical Survey among the General Population.&quot; Journal of Economic Behavior and Organization (3): 295&#150;307.
Goyder, G. (1993). The Just Enterprise: a Blueprint for the responsible company. London, Adamantine.
Hockley, J. J. and R. T. M. Whipple (2009). &quot;How relevant is Spencer&#39;s case 100 years on? The need for a new valuation definition: &#145;The most probable price&#39;.&quot; Australian Property Law Journal (8).
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Mangioni, V. (2006). Valuing the purchase price of property - Is the purchase price of property the best evidence of value? PRRES Twelfth Annual Conference, Auckland, NZ.
Marshall, A. (1890). Principles of Economics. London, Macmillan. Marx, K. (1957). Das Kapital.
Medaille, J. (2007). The Vocation of Business. New York, Continuum.
Meikle, S. (1995). Aristotle&#39;s Economic Thought. Oxford, England, Oxford University Press.
Ong, S. (2006). &quot;Price Discovery in Real Estate Auctions: The Story of unsuccessful Attempts.&quot; Journal of Real Estate Research (1): 39.
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Roll (1942). A History of Economic Thought. New York, Prentice Hall.
Seo, Y. and R. Simons (2009). &quot;The Effect of School Quality on Residential Sales Price.&quot; Journal of Real Estate Research (3): 307&#150;328.
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Small, G. (2009). &quot;Household Dynamics and Housing Affordability: A more human approach to understanding the direction of house prices.&quot; Australia and New Zealand Property Journal (2):.
Smith, A. (1778). The Wealth of Nations. London, J. M. Dent.
Von Kettler, W. E. (1981). The Social Teachings of Wilhelm Emmuel Von Kettler. Lanham, MD, University Press of America.
Warren, E. and A. W. Tyagi (2004). The Two-Income TraWhy Middle-class Mothers and Fathers Are Going Broke. New York, Basic Books.
Whipple, R. T. M. (1995). Property Valuation and Analysis. North Ryde, N.S.W., Law Book Co.
Whipple, R. T. M. (2009). &quot;The Siren Song of Precedent.&quot; NONNUMQUAM(1).
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/tom-whipple-and-the-formal-object-of-the-discipline</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/student-perceptions-of-the-quality-of-property-education-in-australia-1994-2009</link>
<title><![CDATA[Student Perceptions of the Quality of Property Education in Australia: 1994 &#150; 2009]]></title>
<description><![CDATA[Using the Graduate Careers Australia&#39;s Course Experience Questionnaire (CEQ), the students &#145; perceptions of the quality ofproperty education in Australia is assessed over 1994&#150;2009. Analyses are presented for the major property universities in Australia regarding good teaching and overall satisfaction, as well as the property discipline benchmarked against the property-related disciplines of accounting, building, business, economics, law and planning. The link between good teaching and overall satisfaction, and the delivery of added value by property programs are also assessed. Changes over this 16-year period are highlighted in terms of student perceptions of the quality of property education in Australia.
]]></description>
<content><![CDATA[Alexander, S. and C. Bajada (2008) The Quality of Teaching and Learning in Australia. Submission to the Review of Australian Higher Education.
Allen, M. and C. Carter (2007) Academic success determinants for undergraduate real estate students. Journal of Real Estate Practice and Education, 1149&#150;160.
Anderson, R., A. Loviscek and J. Webb (2000) Problem-based learning in real estate education. Journal of Real Estate Practice and Education, 35&#150;41.
Australian Universities Quality Agency Advisory Group on Academic Standards (2009) Setting and Monitoring Academic Standards for Australian Higher Education. AUQA.
Avdiev, R. (2000) Golden apple or poisoned chalice: the influence of education on careers. Australian Property Journal, 3270&#150;272.
Barrie, S., P. Ginns and M. Prosser (2005) Early impact and outcomes of an institutionally aligned, student-focused learning perspective on teaching quality assurance. Assessment and Evaluation in Higher Education, 3641&#150;656.
Baxter, J. (2007) Re-engineering a valuation degree: how did we get here and where do we go? Journal of Property Investment and Finance, 2444&#150;467.
Black, R. and J. Rabianski (2003) Defining the real estate body of knowledge: a survey approach. Journal of Real Estate Practice and Education, 6: 33&#150;54.
Blake, A. and C. Susilawati (2009) An evaluation of how well undergraduate property students are prepared for commencing their careers. Pacific Rim Property Research Journal, 1204&#150;224.
Born, W. (2003) A real estate fundamentals project to enhance learning. Journal of Real Estate Practice and Education, 6: 239&#150;256.
Boyd, T. (2000a) CPD: change the product. Australian Property Journal, 36: 279&#150;282.
Boyd, T. (2000b) Educating the property professional of tomorrow. Pacific Rim Property Research Journal, 6: 45&#150;60.
Boyd, T. (2010) Are we exemplars for the property profession? Pacific Rim Property Research Journal, 16: 126&#150;140.
Brown, T., J. Goodman and K. Yasukawa (2008) Casualisation of academic work: industrial justice and quality education. Dialogue, 217&#150;29.
Callanan, J. and I. McCarthy (2003) Property education in New Zealand: industry requirements and student perceptions. Journal of Real Estate Practice and Education, 6: 23&#150;32.
Cornish, S., R. Reed and S. Wilkinson (2009) Incorporating new technology into the delivery of property education. Pacific Rim Property Research Journal, 1303&#150;320.
Cherry, R. and D. Dave (1997) An application of outcomes assessments to measure effectiveness of graduate courses in a US business school. International Journal of Management, 1646&#150;653.
Cohen, P. (1980) Effectiveness of student-rating feedback for improving college instruction: a meta analysis of findings. Research in Higher Education, 1447&#150;457.
Commonwealth of Australia (2009) Transforming Australia&#39;s Higher Education System. CA.
DEEWR (2008) Review of Australian Higher Education. DEEWR.
Everist, L., V. Francis and L. Armitage (2005) Student preferences for career mentoring in property and construction. Pacific Rim Property Research Journal, 1337&#150;354.
Fischer, D. (2000) Is the valuation paradigm a paradigm. Australian Property Journal, 36: 292&#150;299.
Ford, D. and L. Elkes (2008) Team building and communication: keys to success in real estate curricula and the marketplace. Journal of Real Estate Practice and Education, 11: 179&#150;185.
Ginns, P. and R. Ellis (2007) Quality in blended learning: exploring the relations between on-line and face-to-face teaching and learning. Internet and Higher Education, 10: 53&#150;64.
Ginns, P., M. Prosser and S. Barrie (2007) Students&#39; perception of teaching quality in higher education: the perspective of currently enrolled students. Studies in Higher Education, 3603&#150;615.
Graduate Careers Australia (2009) GradStats. GCA.
Haddad, K. (1999) Using the balanced scorecard for improving finance education. Financial Practice and Education, 92&#150;102.
James, R. (2003) Academic standards and the assessment of student learning: some current issues in Australian higher education. Tertiary Education and Management, 9: 187&#150;198.
Manning, C. (2002) Improving real estate and other business courses through targeted student assessment. Journal of Real Estate Practice and Education, 5: 27&#150;43.
Manning, C. and D. Eply (2006) Do real estate faculty teach the skills and competencies needed by corporate real estate executives. Journal of Real Estate Practice and Education, 9: 37&#150;59.
Manning, C. and S. Roulac (2001) Where can real estate faculty add the most value at universities in the future? Journal of Real Estate Practice and Education, 4: 17&#150;40.
Marginson, S. (2007) Global position and position taking: the case of Australia. Journal of Studies in International Education, 11: 5&#150;32.
McCarthy, I. (2009) Professional development of recent graduates. Australian and New Zealand Property Journal, 118&#150;123.
McKone, K. (1999) Analysis of student feedback improves instructor effectiveness. Journal of Management Education, 23: 396&#150;415.
Miles, W. and J. Trefzger (2006) A practical guide to better writing for real estate classes. Journal of Real Estate Practice and Education, 9: 61&#150;79.
Newell, G. (2003) The quality of property education in Australia. Pacific Rim Property Research Journal, 9: 361&#150;378.
Newell, G. (2007) Challenges and opportunities for property academics. Pacific Rim Property Research Journal, 1136&#150;145.
Newell, G. and C. Eves (2000) Recent developments in property education in Australia. Australian Property Journal, 36: 275&#150;278.
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Wagner, Z. (1999) Using student journals for course evaluation. Assessment and Evaluation in Higher Education, 2261&#150;273.
Webb, J. (1997) A global view of real estate education and research. Australian Land Economics Review, 3: 3&#150;10.
Weeks, S. and H. Finch (2003) An analysis of real estate curriculum requirements at AACSB international-accredited institutions. Journal of Real Estate Practice and Education, 6: 257&#150;267.
Whipple, R. (1968) Teaching of land economics. The Valuer (January8&#150;30. Whipple, R. (1980) Emerging requirements for education in property. The Valuer (July): 188&#150;189.
Wolverton, M. and M. Wolverton (2003) An asynchronous augmentation to traditional delivery. Journal of Real Estate Practice and Education, 6: 225&#150;238.
Yiu, C.Y. (2008) A new model to help students develop professional ethics. Journal of Real Estate Practice and Education, 11: 41&#150;56.
Yu, S.M. (2001) New paradigms in real estate education. Pacific Rim Property Research Journal, 7: 79&#150;88.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/student-perceptions-of-the-quality-of-property-education-in-australia-1994-2009</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/investment-styles-and-performance-in-the-australian-unlisted-wholesale-property-fund-market</link>
<title><![CDATA[Investment Styles and Performance in the Australian Unlisted Wholesale Property Fund Market]]></title>
<description><![CDATA[Unlisted wholesale property funds are an established property investment product which offers institutional investors an attractive approach for exposure to the Australian commercial property market. This research benchmarks the investment styles of the property funds covered by the Mercers unlisted property fund index with reference to IPD/PCA Property Investor Digest indices over the 2001&#150;2009 period.
Based primarily on tracking error analysis, this research identified a range of structured and active investment styles in the selected property funds. This appears to be linked to debt levels and to be sector specific with the relatively highly geared office property funds being the most affected by changes in property market conditions.
Further research is recommended as to the impact of debt funding on investment performance measures. However, this research shows how investment evaluation techniques can be a valuable decision making tool for an astute investment into unlisted wholesale property funds.
]]></description>
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Bernstein P, 2007, Capital Ideas Evolving, John Wiley &amp; Sons, New Jersey.
Bond S and Mitchell P, 2009, Alpha and Persistence in Real Estate Fund Performance, Working Paper, University of Cincinnati, Cincinnati.
Brown G and Matysiak G, 2000, Real Estate Investment: A Capital Market Approach, Financial Times, London.
Eichholtz P, Kok N, Margararitova A, 2007, Investment Style and Performance in the Global Real Estate Mutual Fund Market, RERI Annual Conference, April.
El-Hassan N and Kofman P, 2003, Tracking Error and Active Portfolio Management, Quantitative Finance Research Centre, University of Technology, Sydney, Research Paper No. 98.
Gupta F, Prajogi R and Stubbs E, 1999, The Information Ratio and Performance, Journal of Portfolio Management, Vol 26, Issue 1, p 33&#150;40.
Higgins D, 2009, Australian Securitised Property Funds: Tracking Error Analysis and Investment Styles, Pacific Rim Property Conference, Sydney, January.
IPD, 2009, IPD/PCA Property Investors Digest Series, IPD, Sydney, June.
Markowitz H, 1952, Portfolio Selection, Journal of Finance, Vol 7, Noi, p77&#150;91.
Mercer, 2009, Mercer Unlisted Property Fund Index, Mercer, Sydney, June.
Mirvac, 2009, Australian Four Quadrant Allocation, Working paper, Mirvac, Sydney.
O&#39;Roarty C, 2005, Value Added Property Funds: Managing Market Risk to Maximize Returns, Australian Property Journal, November.
PIR, 2009, Australian Property Fund Survey 2009, Property Investment Research, Melbourne.
Sharpe W, 1964, Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk, Journal of Finance, Vol 19, No. 3, p425&#150;436.
Sharpe W, 1991, The Arithmetic of Active Management, The Financial Analyst Journal, Vol 47, No1, p7&#150;9.
Shein J, 2000, Is It More Than Just Performance: Tracking Error and the Information Ratio, Journal of Investment Consulting, Vol 2, No 2, p18&#150;22.
Treynor J and Black F, 1973, How to Use Security Analysis to Improve Portfolio Selection, Journal of Business, Vol 46, No1, p66&#150;86.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/investment-styles-and-performance-in-the-australian-unlisted-wholesale-property-fund-market</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/effectiveness-of-project-based-learning-as-a-strategy-for-property-education</link>
<title><![CDATA[Effectiveness of Project-Based Learning as a Strategy for Property Education]]></title>
<description><![CDATA[Project-based learning (PBL) is a student-centred instructional approach used to promote active and deep learning by involving students in investigating real-world issues in a collaborative environment. In this paper, we discuss how PBL was implemented in an introductory property course running in semester one, year one, which is offered in multiple modes of study. Two qualitative student surveys were conducted during the study period to solicit feedback from students on their learning experience. Comments from students suggested that PBL provides beneficial insight into the valuation process, and the field work and group exercises help motivate students and make the subject matter more interesting. University conducted, end of study period evaluations were used to compare the outcomes of the new course to other courses in the property program and the University. Finally, we identify a number of challenges in implementing PBL; these include workload issues, teachers &#145; content knowledge, lack of experience from both teachers and students, and the need to develop specialised material for off-campus study.
]]></description>
<content><![CDATA[Adderley, K, Ashwin, C, Bradbury, P, Freeman, J, Goodland, S, Greene, J. Jenkins, D, Rae, J &amp; Wren, O 1975, Project methods in higher education, Society for Research in Higher Education, Working Party on Teaching Methods: techniques group.
Anderson, RI, Loviscek, AL &amp; Webb, JR 2000, &#145;Problem-based learning in Real Estate Education,&#39; Journal of Real Estate Practice and Education, vol. 3, no. 1, pp. 35&#150;41.
Barron, BJS, Schwartz, DL, Vye, NJ, Moore, A, Petrosino, A, Zech, L, Bransford, JD &amp; The Cognition and Technology Group at Vanderbilt 1998, &#145;Doing with understanding: lessons from research on problem- and project-based learning&#39;, The Journal of the Learning Science, vol. 7, no. 3 &amp; 4, pp. 271&#150;311.
Biggs, J 2003, &#145;Aligning teaching and assessing to course objectives&#39;, in Proceedings of Teaching and Learning in Higher Education: New Trends and Innovations Conference, Univeristy of Aveiro, 13&#150;17 April.
Biggs, J &amp; Tang, C 2007, Teaching for quality learning at university: what the student does, 3 edn, Society for Research into Higher Education &amp; Open University Press, Maidenhead.
Blumenfeld, PC, Soloway, E, Marx, RW, Krajcik, JS, Guzdial, M &amp; Palincsar, A 1991, &#145;Motivating project-based learning: sustaining the doing, supporting the learning&#39;, Educational Psychologist, vol. 26, no. 3 &amp; 4, pp. 369&#150;398.
Brown, S 2004, 500 Tips on assessment, Taylor &amp; Francis Routledge, London. Brown, S 2008, &#145;Fit-for-purpose assessment&#39;, paper presented at ATN Assessment Conference: Engaging Students in Assessment, Univeristy of South Australia, Adelaide, 20&#150;21 November.
Callanan, J &amp; McCarthy, I 2003, &#145;Property education in New Zealand: Industry requirements and student perception,&#39; Journal of Real Estate Practice and Education, vol. 6, no. 1, pp. 23&#150;32.
Cornish, S, Reed, R &amp; Wilkinson, S 2009, &#145;Incorporating new technology into the delivery of property education&#39;, Pacific Rim Property Research Journal, vol. 15, no. 3, pp. 303&#150;320.
Felder, RM, Woods, DR, Stice, JE &amp; Rugarcia, A 2000, &#145;The future of engineering education II: teaching methods that work&#39;, Chem. Engr. Education, vol. 34, no. 1, pp. 26&#150;39.
Frank, M, Lavy, &amp; Elata, D 2003, &#145;Implementing the project-based learning approach in an academic engineering course&#39;, International Journal of Technology and Design Education, vol. 13, pp. 273&#150;288.
Grant, MM n.d., Getting a grip on project-based learning: theory, cases and recommendations, Meridian, A Middle School Computer Technologies Journal, viewed 5 September 2009, .
Green, AM 1998, &#145;Project-based learning; moving students towards meaningful learning&#39;, ERIC Database, ED422466.
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Havnes, A 2004, &#145;Examination and learning: an activity-theoretical analysis of the relationship between assessment and educational practice&#39;, Assessment and Evaluation in Higher Education, vol. 29, no. 2, pp. 159&#150;177.
Helle, L, Tynjala, P &amp; Olkinuora, E 2006, &#145;Project-based learning in post-secondary education - theory, practice and rubber sling shots&#39;, Higher Education, vol. 51, pp. 287&#150;314.
Houghton Mifflin n.d., Project-based learning space, viewed 5 September 2009, .
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Krajcik, JS, Czerniak, CM &amp; Berger, CF 1999, Teaching science: a project-based approach, McGraw-Hill College, New York.
Krajcik, JS, Czerniak, CM &amp; Berger, CF 2003, Teaching science in elementary and middle school classrooms - a project-based approach&#39;, 2 edn, McGraw-Hill, New York.
Morgan, A 1983, &#145;Theoretical aspects of project-based learning in higher education&#39;, British Journal of Educational Technology, vol. 14, no. 1, pp. 66&#150;78.
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Yu, SM 2001, &#145;New paradigms in real estate education&#39;, Pacific Rim Property Research Journal, vol. 7, no. 2, pp. 79&#150;88.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/effectiveness-of-project-based-learning-as-a-strategy-for-property-education</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/assessing-the-importance-of-factors-influencing-the-future-development-of-reits-in-malaysia</link>
<title><![CDATA[Assessing the Importance of Factors Influencing the Future Development of REITs in Malaysia]]></title>
<description><![CDATA[REITs in Malaysia (M-REITs) have become an important property investment vehicle in Malaysia since 2005. This paper reports the results of a major industry survey in Malaysia to assess property industry views regarding the key factors influencing the future development of M-REITs. Key factors emerge regarding the future development of M-REITs. These key factors for the future development of M-REITs include tax issues, provision of professional M-REIT services, availability of quality properties and strategic property locations; reflecting the need for both regulatory changes and clearly articulated growth strategies for M-REITs.
]]></description>
<content><![CDATA[Ameer, R. (2007) Dividend payout of the property firms in Malaysia, Pacific Rim Property Research Journal, 13, 451&#150;472.
Asian Public Real Estate Association (2009) Weekly Asia REIT Report: October 2, APREA.
CB Richard Ellis (2009) REITs Across Asia: 1H2009, CBRE.
Chiang, Y.H., C.K. So and B.S. Tang (2008) Time varying performance of four Asia-Pacific REITs, Journal ofProperty Investment and Finance, 26, 210&#150;231.
Chin, W., P. Dent and C. Roberts (2006) An exploratory analysis of barriers to investment and market maturity in Southeast Asian cities, Journal of Real Estate Portfolio Management, 12, 49&#150;58.
EPRA (2008) Global REIT Survey, EPRA.
Jones Lang LaSalle (2008) Real Estate Transparency Index, JLL.
Jones Lang LaSalle (2009) Asia Pacific Property Digest Q3:2009, JLL.
Kok, K. and K. Khoo (1995) Performance of property trusts in the Kuala Lumpur stock exchange, Capital Markets Review, 3, 1&#150;19.
Kutsuna, K., W. Dimovski and R. Brooks. (2008) The pricing and underwriting cost of Japanese REIT IPOs, Journal of Property Research, 25, 225&#150;239.
Lin, T.C. (2007) The development of REIT markets and real estate appraisal in Taiwan, Journal of Real Estate Literature, 15, 281&#150;301.
Liow, K.H. (2008) Financial crisis and Asian real estate securities market interdependence: some additional evidence, Journal of Property Research, 25, 127&#150;155.
Liow, K.H. and A. Adair (2009) Do Asian real estate companies add value to investment portfolios, Journal of Property Investment and Finance, 27, 42&#150;64.
Liow, K.H. and M.C. Sim (2006) The risk and return profile of Asian real estate stocks, Pacific Rim Property Research Journal, 12, 283&#150;310.
Macquarie Securities (2009) Global Property Securities Analytics: September 2009, Macquarie Securities.
Mahmood, W. and R. Zakaria (2007) Profitability and capital structure of the property and construction sectors in Malaysia, Pacific Rim Property Research Journal, 13, 92&#150;105.
Newell, G., K.H. Liow, J. Ooi and Z. Haihong (2005) The impact of information transparency and market capitalisation on out-performance in Asian property companies, Pacific Rim Property Research Journal, 11, 393&#150;411.
Newell, G. and Z. Manaf (2008) The significance of sustainability practices by the Malaysian property sector, Local Economy, 23, 152&#150;167.
Newell, G. and A. Osmadi (2009) The development and preliminary performance analysis of Islamic REITs in Malaysia, Journal of Property Research, 26, 329&#150;347.
Newell, G. and M. Razali (2009) The impact of the global financial crisis on commercial property investment in Asia, Pacific Rim Property Research Journal, 15, 452&#150;469.
Newell, G., K.W. Ting and P. Acheampong (2002) Listed property trusts in Malaysia, Journal of Real Estate Literature, 10, 109&#150;120.
Ooi, J., G. Newell and T.F. Sing (2006) The development of Asian REITs, Journal of Real Estate Literature, 14, 203&#150;224.
Osmadi, A. (2006) A guide to Islamic finance and Islamic REITs, Australian Property Journal, 39, 212&#150;218.
Quek, M. and Ong, S.E. (2008) Securitising China real estate: a tale of two China-centric REITs, Journal of Property Investment and Finance, 26, 247&#150;273.
Real Capital Analytics (2009) Global Capital Trends: October 2009, RCA (and previous copies).
Securities Commission of Malaysia (2005a) Guidelines On Real Estate Investment Trusts, SCM.
Securities Commission of Malaysia (2005b) Guidelines For Islamic Real Estate Investment Trusts, SCM.
Securities Commission of Malaysia (2008) Guidelines on Real Estate Investment Trusts, SCM.
Shakir, R. (2008a) Board size, executive directors and property firm performance in Malaysia, Pacific Rim Property Research Journal, 14, 66&#150;80.
Shakir, R. (2008b) Effect of block ownership on performance of Malaysian property companies, Pacific Rim Property Research Journal, 14, 361&#150;382.
Shakir, R. (2009) Examining the effect of leadership structure and CEO tenure on Malaysian property firm performance, Journal of Real Estate Literature, 17, 47&#150;61.
Ting, K.W., A. Nassir, G. Newell and T. Hassan (2006) Impact of Asian financial crisis on Malaysian corporate real estate disposals, Pacific Rim Property Research Journal, 12, 55&#150;84.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/assessing-the-importance-of-factors-influencing-the-future-development-of-reits-in-malaysia</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/the-effectiveness-of-a-reit-futures-as-a-risk-management-strategy-in-the-global-financial-crisis</link>
<title><![CDATA[The Effectiveness of A-Reit Futures as a Risk Management Strategy in the Global Financial Crisis]]></title>
<description><![CDATA[A-REITs have been highly successful indirect property investment vehicles in Australia. However, the global financial crisis has had a significant impact on the performance of A-REITs in 2007-09. A-REIT futures were also established on the Australian Stock Exchange (ASX) in August 2002. This paper assesses the performance and trading of the A-REIT futures market over August 2002 - November 2009; particularly highlighting their significantly increased role by institutional investors during the global financial crisis. Using a number of scenarios, these A-REIT futures are also assessed for their effectiveness as a risk management strategy for institutional investors for hedging their A-REIT exposure during the volatility of the global financial crisis.
]]></description>
<content><![CDATA[Australian Prudential Regulatory Authority (2009), Annual Superannuation Bulletin: June 2008. APRA.
DeFrancesco, A. and Hartigan, L. (2009), The impact of changing risk characteristics in the A-REIT sector. Journal of Property Investment and Finance, 27: 543-562.
Giliberto, M. (1993), Measuring real estate returns: the hedged REIT index. Journal of Portfolio Management, (Spring): 94-99.
Investment Property Databank/Property Council of Australia (2009), Investment Performance Index: September 2009. IPD/PCA.
Jones Lang LaSalle (2008), Real Estate Transparency Index. JLL.
Jud, D. and Winkler, D. (2008), Housing futures markets: early evidence of return and risk. Journal of Housing Research, 17:1-12.
Jud, D. and Winkler, D. (2009), The housing futures market. Journal of Real Estate Literature, 17:181-204.
Lee, C. (2009), Volatility transmission in Australian REIT futures. Journal of Real Estate Portfolio Management, 15:221-238.
Liang, Y., Seiler, M. and Chatrath, W. (1998), Are REIT returns hedgeable? Journal of Real Estate Research, 16: 87-97.
Macquarie Securities (2009), Global Property Securities Analytics Monthly Report: November 2009. Macquarie Securities (and previous copies).
Newell, G. (1996), A hedge around your property. Journal of Australian Society of Security Analysts (July): 28-30.
Newell, G. (2006), The changing risk profile of listed property trusts. Australian Property Journal, 39: 172-180.
Newell, G. (2008), The significance of property in superannuation funds. Australian and New Zealand Property Journal, 1: 670-677.
Newell, G. and MacIntosh, I. (2007), Currency risk management practices by Australian LPTs. Pacific Rim Property Research Journal, 13: 214-234.
Newell, G. and Peng, H.W. (2009), The impact of the global financial crisis on A-REITs. Pacific Rim Property Research Journal, 15: 453-470.
Newell, G. and Tan, Y.K. (2004), The development and performance of listed property trust futures. Pacific Rim Property Research Journal, 10: 132-145.
Oppenheimer, P. (1996), Hedging REIT returns using futures markets. Journal of Real Estate Portfolio Management, 2: 41-53.
Property Investment Research. (2009a), Property Funds Manager Survey 2009. PIR. Property Investment Research (2009b), Investment Monitor: October 2009. PIR. Standard &amp; Poor&#39;s (2009), Global Property &amp; REIT Quarterly Report: Q3 2009. S&amp;P.
Trust (2009), Asia-Pacific REIT Survey. Trust.
UBS (2009), UBS Indices: September 2009. UBS.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/the-effectiveness-of-a-reit-futures-as-a-risk-management-strategy-in-the-global-financial-crisis</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/lessons-from-the-leaders-of-green-designed-commercial-buildings-in-australia</link>
<title><![CDATA[Lessons from the Leaders of Green Designed Commercial Buildings in Australia]]></title>
<description><![CDATA[This research identifies property stakeholders&#39; motivations for, and experiences of, achieving proven examples of best practice in sustainable development in Australia. The results can help inform others of how to design sustainable buildings that work well in both financial and non-financial terms. The results show that the most successful outcomes are achieved through the use of an integrated approach: allowing the design team to innovate solutions, and involving all parties early in the design process. Further, adopting tried and tested technologies, ensuring the tenant fit-out matches the base building, and that the building is finely tuned on a regular basis, is critical.
]]></description>
<content><![CDATA[Australian Greenhouse Office, Department of the Environment and Water Resources (2007), National Greenhouse Gas Inventory 2005. www.greenhouse.gov.au/inventory/2005/index.html, [accessed 14 January 2008].
Australian Greenhouse Office (1999), Australian Commercial Building Sector Greenhouse Gas Emissions 1990&#150;2010, www.greenhouse.gov.au/buildings/publications/commercial.html, [accessed 20 December 2007].
Australian Greenhouse Office (1999), Scoping Study of Minimum Energy Performance Requirements For Incorporation Into The Building Code Of Australia, report produced by CSIRO Division of Building, Construction and Engineering www.greenhouse.gov.au/buildings/publications/pubs/s study.pdf, accessed 15 January 2008.
Australian Greenhouse Office, Department of the Environment and Water Resources (2007), An Assessment of the Need to Adapt Buildings for the Unavoidable Consequences of Climate Change, report prepared by BRANZ Ltd. www.greenhouse.gov.au/impacts/publications/pubs/buildings-report.pdf, [accessed 15 January 2008].
Choi. C. (2009). Removing market barriers to green development: principles and action projects to promote widespread adoption of green development practices Journal of Sustainable Real Estate, 1(1), pp. 107&#150;138.
Council of Australian Governments (2009) Action on energy efficiency and renewables, Media Statement 20 April 2009, http://www.alp.org.au/media/0409/msccwenhpm300.php [accessed 29 September 2009].
Commonwealth Department of Environment, Water, Heritage and the Arts -DEWHA, (2008), &quot;National Framework for Energy Efficiency Mandatory Disclosure of Commercial Office Building Energy Efficiency: Consultation Regulation Document, December 8,http://www.environment.gov.au/settlements/energyefficiency/buildings/publication s/pubs/consultation-regulation.pdf, [accessed 7 September 2009].
De Wit, E. &amp; Webb, R. (2009), Australia: Draft Energy Efficiency Strategy, June. http://www.mondaq.com/article.asp?articleid=80986, [accessed 7 September 2009].
Department of Environment &amp; Heritage, Australian Building Codes Board, and the CRC for Construction Innovation, Sustainability and the Building Code of Australia, a scoping study edited by Ashe, B. and prepared by Newton, P. et al. 2003 www.construction-innovation.info/images/pdfs/Final Report 2001&#150;013-B-01.pdf, [accessed 31 January 2008].
Dixon, T., Keeping, M. and Roberts. C. (2008), Facing the Future: Energy Performance Certificates and commercial property, a paper presented at the Pacific Rim Real Estate Society Conference, 21- 23 January, Kuala Lumpur, Malaysia.
Eichholtz, P. Kok, N. and Quigley, J.M. (2008),&quot;Doing Well by Doing Good? Green Office Buildings&quot;. Berkeley Program on Housing and Urban Policy. Working Papers: Paper W08&#150;001. April 1.http://repositories.cdlib.org/iber/bphup/working papers/W08&#150;001, [accessed 7 September 2009].
Energy Efficiency Working Group (2004), National Framework for Energy Efficiency: Stakeholder Consultation Report, State and Commonwealth Governments of Australia, Canberra, www.nfee.gov.au/about nfee.jsp?xcid=64, [accessed 30 January 2008].
Fisk, W.J. (2000), &quot;Health and Productivity Gains from Better Indoor Environments and Their Relationship with Building Energy Efficiency,&quot; Annual Review of Energy and Environment, 25:1, 537&#150;566. http://www.rand.org/scitech/stpi/Evision/Supplement/fisk.pdf [accessed 9 October 2009].
Fuerst, F., McAllister, P. (2009). An investigation of the effects of eco-labeling on office occupancy rates. Journal of Sustainable Real Estate, 1(1), pp. 49&#150;64.
GPT (2008), Sustainability Covenant, http://epanote2.epa.vic.gov.au/EPA/Publications.nsf/d85500a0d7f5f07b4a2 565d1002268f3/073454363d2ed25eca257392001cdbaa/$FILE/1194.pdf, [accessed 30 September 2009].
Green Building Council Australia (2007). Australia&#39;s buildings can play a major role in the fight against climate change ,.www.gbcaus.org/gbca.asp?sectionid=5&amp;docid=1413, [accessed 16 January 2008].
Green Building Council Australia (2008a), Green Star: An Environmental Rating System for Buildings, www.gbcaus.org/gbca.asp?sectionid=12&amp;docid=1434,[accessed 30 January 2008].
Green Building Council of Australia (2008b), &quot;The Dollars and Sense of Green Buildings 2008&quot;, http://www.gbca.org.au/docs/dollars-sense08 [accessed 23 May 2009].
Green Building Council Australia (2009), &quot;Green Star - Office Interiors v1.1&quot; htt/www. gbca.org. au/green-star/rating-tools/green-star-office-interiors-v1 -1/1530.htm[accessed 29 September 2009].
Green Building Council Australia (2010), &quot;Green Star Project Directory&quot; http://www.gbca.org.au/greenstar-projects/[accessed 12 June 2010].
Jones Lang LaSalle (2009), The Green Phoenix: Perspectives on Sustainability, April. http://www.nzgbc.org.nz/documents/greenbuildingreading/2009/GreenPhoenix 2009.pdf[accessed 14 August 2009].
Kats, G. H. (2003) The Costs and Financial Benefits of Green Buildings, California: Sustainable Building Task Force. 2003. htt/www. cap-e.com/ewebeditpro/items/O59F3259.pdf[accessed 14 September 2009].
Kumar, S. and Fisk, W.J. (2002), &quot;The Role of Emerging Energy Efficient Technology in Promoting Workplace Productivity and Health: Final Report&quot; LBNL, February 13, pp. 20&#150;21. Available at: http://www-library.lbl.gov/docs/LBNL/497/06/PDF/LBNL-49706.pdf [accessed 9 October 2009].
Miller, N., Spivey, J. and Florance, A. (2008), Does Green Pay Off, Journal of Sustainable Real Estate, July 8. http://www.costar.com/josre/pdfs/CoStar-JOSRE-Green-Study.pdf[Accessed 7 September 209].
Myers, G., Reed, R., &amp; Robinson, J. (2008), Investor Perception of the Business Case for Sustainable Office Buildings: evidence from New Zealand, paper presented at the Pacific Rim Real Estate Society Conference, 21- 23 January. Kuala Lumpur, Malaysia.
Muldavin, S. (2008), Quantifying &quot;Green&quot; Value: Assessing the Applicability of the CoStar Studies, June. www.greenbuildingfc.com/Home/ViewResearchDoc.aspx?id=34 [accessed 6 March 2010].
Newell, G. (2008), The Strategic Significance of Environmental Sustainability by Australian-listed Property Trusts, Journal of Property Investment &amp; Finance, 26: 6, pp. 522 - 540.
Newell, G. (2009), &quot;The significance of sustainability best practice in retail property&quot;, Journal of Retail &amp; Leisure Property 8:4, pp. 259&#150;271.

Paevere,P. &amp; Brown, S. (2008), &quot;Indoor Environment Quality and Occupant Productivity in the CH2 Building: Post-Occupancy Summary&quot; March. CSIRO, Report No. USP2007/23.
Pivo, G. and McNamara, P. (2005), Responsible Property Investing. International Real Estate Review, 8: 128&#150;143.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/lessons-from-the-leaders-of-green-designed-commercial-buildings-in-australia</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume16-2010/affordable-housing-solutions-affordable-housing-providers-perspective</link>
<title><![CDATA[Affordable Housing Solutions: Affordable Housing Providers&#39; Perspective]]></title>
<description><![CDATA[Accessibility to housing for low to moderate income groups in Australia has experienced a severe decline since 2002. On the supply side, the public sector has been reducing its commitment to the direct provision of public housing. Despite strong demand for affordable housing, limited supply has been generated by nongovernment housing providers. This paper identifies and discusses some current affordable housing solutions which have been developed by non-government housing providers to ameliorate the problem.
This study utilises case studies generated from nineteen housing providers during in-depth interviews in South East Queensland in 2007&#150;2008. The case studies are classified into four categories which relate to the nature of their product: affordable rental housing, mixed housing, affordable housing for people with special needs and low cost home ownership. Each category is discussed on the basis of the characteristics typical of that organisation of housing provider, their partnership arrangements and main target market. In addition, the special design and facilities required for people with special needs which include high care accommodation and aged care are highlighted. Finally, this study recommends offering a continuum of solutions to affordable housing for low income people by means of a rent-to-buy scheme.
]]></description>
<content><![CDATA[Australian Bureau of Statistics. (2000). Australian Housing Survey, Queensland, 1999 (No. ABS Cat. No. 4182.3.40.001). Canberra: Australian Bureau of Statistics.
Australian Bureau of Statistics. (2007a). 2006 Census Tables, Australia,&#39;Tenure Type and Landlord Type by Dwelling Structure for Time Series: Count of occupied private dwellings&#39;. Canberra: Australian Bureau of Statistics.
Australian Bureau of Statistics. (2007b). Household Income and Income Distribution, Australia, 2005&#150;06 (No. ABS Cat. No.6523.0). Canberra: Australian Bureau of Statistics.
Australian Bureau of Statistics. (2007c). Housing Occupancy and Costs, Australia, 2005&#150;06 (No. ABS Cat. 4130.0.55.001). Canberra: Australian Bureau of Statistics.
Australian Department of Families, H., Community Services and Indigenous Affairs,. (2008, 5 June 2008). Submission to the Senate Select Committee on Housing Affordability in Australia. Retrieved 23 December, 2008, fromhttp://www.aph.gov.au/SENATE/committee/hsaf ctte/submissions/sub104.pdf
Badcock, B. A., &amp; Beer, A. P. (2000). Home Truths: Property ownership and housing wealth in Australia. Melbourne: Melbourne University Press.
Berry, M., &amp; Hall, J. (2001). Policy Options for Stimulating Private Sector Investment in Affordable Housing Across Australia - Stage 1 Report: Outlining the Need for Action. Retrieved 27 August, 2003, from htt/www. consortium. asn. au/library/stage 1 -report.pdf
Bolt, Gideon , Phillips, Deborah and Van Kempen, Ronald (2010) &#145;Housing Policy, (De)segregation and Social Mixing: An International Perspective&#39;, Housing Studies, 25: 2, 129&#150;135.
5 Annual Demographia International Housing Affordability Survey: 2009; Rating for Metropolitan Markets: Australia, Canada, Republic of Ireland, New Zealand, United Kingdom and United States 
Graham, E., Manley, D., Hiscock, R., Boyle, P and Doherty, J (2009) &#145;Mixing Housing Tenures: Is it Good for Social Well-being?&#39;, Urban Studies, 46,139&#150;165.
Gruis, i., &amp; Nieboer, N. (2004). &#145;Market Orientation in Social Housing Management&#39;, Property Management, 22(3), 186&#150;188.
Harris, J. M., &amp; Goodwin, N. R. (2003). Reconciling Growth and Environment. In J. M. Harris &amp; N. R. Goodwin (Eds.), New thinkings in macroeconomics. Social, institutional and environmental perspectives. Cheltenham ; Northampton, M.AEdward Elgar Publishing.
Jones, A., Phillips, R., &amp; Milligan, V. (2007). Integration and social housing in Australia: challenges and options. AHURI Positioning Paper. Melbourne.
Kearns, A. and Mason, P. (2007) &#145;Mixed Tenure Communities and Neighbourhood Quality&#39;, Housing Studies, 22, 661&#150;691.
Larkin, A., Lawson, J., &amp; NCHF Australia. (1998). Financing arrangements for social housing in England, the Netherlands, Denmark and Germany: A report for the National Community Housing Forum. Ultimo, N.S.W.: National Community Housing Forum.
Miles, M. E., Weiss, M. A., &amp; Berens, G. (2000). Real estate developmenprinciples and process (3rd ed.). Washington, D.C.: Urban Land Institute.
Milligan, V., Phibbs, P., Fagan, K., &amp; Gurran, N. (2004). A Practical Framework for Expanding Affordable Housing Services in Australia: Learning from experience. Sydney: AHURI, Sydney Research Centre.
Musterd, S. &amp; van Kempen, R. (2007). &#145;Trapped or on the Springboard? Housing Careers in Large Housing Estates in European Cities&#39;, Journal of Urban Affairs, 29(3), 311&#150;329.
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Phillips, R., Milligan, V., &amp; Jones, A. (2009). Integration and Social Housing in Australia: theory and practices, AHURI Final Report Melbourne: AHURI.
Powall, M., &amp; Withers, G. (2004, 27&#150;29 June). Resource Paper. Paper presented at the National Summit on Housing Affordability, Canberra.
Queensland Department of Communities. (2009). Queensland housing market - data package. Retrieved 10 July, 2009, from http://www.housing. qld. gov. au/partnerships/affordable/package.htm
Queensland Department of Housing. (2001). Affordable Housing in Sustainable Communities - A Discussion Paper. Retrieved 5 September, 2003, from http://www.housing.qld.gov.au/new_approaches_to_housing/discussion/what.htm
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Queensland Department of Housing. (2008). Community programs and funding. Retrieved 29 August 2008, fromhttp://www.housing.qld.gov.au/programs/index.htm
Queensland Department Infrastructure and Planning (2010). South East Queensland. Retrieved 20 June, 2010, from http://www.dip.qld.gov.au/seq
Short, P., Seelig, T., Warren, C., Susilawati, C., &amp; Thompson, A. (2008). Risk-Assessment Practices in the Private Rental Sector: Implications for Low-Income Renters, Final Report. Melbourne: AHURI.
Sirmans, G. S., &amp; Macpherson, D. A. (2003). &#145;The State of Affordable Housing&#39;. Journal of Real Estate Literature, 11(2), 133&#150;155.
Susilawati, C. (2009). &#145;Can Risk Management Boost Affordable Housing Supply?&#39;, International Journal of Housing Markets and Analysis (in press).
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Wood, M. (2003). &#145;A Balancing Act? Tenure Diversification in Australia and the UK&#39;. Urban Policy and Research, 21(1), 45&#150;56.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume16-2010/affordable-housing-solutions-affordable-housing-providers-perspective</guid>
<pubDate>31 Dec 2009 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/the-role-of-property-in-the-portfolio-of-small-and-medium-enterprises</link>
<title><![CDATA[The Role of Property in the Portfolio of Small and Medium Enterprises]]></title>
<description><![CDATA[Previous published academic property research has tended to focus on the optimal allocation of real estate from the perspective of large institutions. Little attention has been given to mixed business portfolios of small to medium enterprises. This study seeks to address this imbalance by examining the perceptions of entrepreneurs who own more than one distinct business at any given time. Using in-depth interviews, this paper explores the role of property within the portfolio of small and medium enterprises (SMEs) of 15 successful entrepreneurs. The results suggest that property or property-related businesses feature prominently in these portfolios. The importance and differing roles of property during the life cycle of the portfolio is also highlighted and further indicate that property plays a strategic role in business decisions and often dictates the direction of individual businesses and the portfolio as a whole.
]]></description>
<content><![CDATA[Bradley, M., Jarrell, G.A., Kim, H. (1984). &quot;On the existence of an optimal capital structure: Theory and evidence&quot;, The Journal of Finance 39(3): 857-878.
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Carter, S., Tagg, S. and Dimitratos, P. (2004). &quot;Beyond portfolio entrepreneurship: multiple income sources in small firms&quot;, Entrepreneurship and Regional Development 16: 481-499.
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Gilliberto, S.M. (1992). &quot;The allocation of real estate to future mixed-asset institutional portfolios&quot;, Journal of Real Estate Research 7(4): 423-432.
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Ibbotson, R.G., and Siegel, L.B. (1984), &quot;Real estate returns: A comparison with other investments&quot;, Journal of the American Real Estate and Urban Economics Association 12: 219-242.
Kallberg, J.G., Liu, C.H. and Greig, D.W. (1996), &quot;The role of real estate in the portfolio allocation process&quot;, Real Estate Economics 24(3): 359-377.
Katz, J. (1995), Which track are you on? Inc., Boston. 14: 27-28.
Liu, C.H., Hartzell, D.J., Greig, W. and Grissom, T.V. (1990), &quot;The integration of the real estate market and the stock market: Some preliminary evidence&quot;, The Journal of Real Estate Finance and Economics 3(3): 261-282.
Liu, C.H. and Mei, J. (1992), &quot;The predictability of returns on equity REITs and their co-movement with other assets&quot;, The Journal of Real Estate Finance and Economics 5(4): 401-418.
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Sarasvathy, S. (2001). &quot;Causation and effectuation: Toward a theoretical shift from economic inevitability to entrepreneurial contingency&quot;, Academy of Management Review 26(2): 243-263.
Sarasvathy, S. (2004a). &quot;Making it happen: Beyond theories of the firm to firm design.&quot; Entrepreneurship Theory and Practice Winter: 519 -531.
Seiler, M.J., Webb, J.R. and Myer, F.C.N. (1999), &quot;Diversification issues in real estate investment&quot;, Journal of Real Estate Literature 7(2): 163-179.
Sekaran, U. (1992), Research Methods for Business - A Skill Building Approach, Wiley: USA.
Shane, S., &amp; Venkataraman, S. (2000). &quot;The promise of entrepreneurship as a field of research&quot;, Academy of Management Review 25: 1217-226.
Singer, B.P., Bossink, B.A.G., Putte, H.J.M.V. (2007), &quot;Corporate real estate and competitive strategy&quot;, Journal of Corporate Real Estate 9(1): 25-38.
Taylor, S. J., and Robert Bogdan (1998). Introduction to Qualitative Research Methods. New York, NY, John Wiley and Sons.
Titman, S. and Wessels, R. (1988), &quot;The determinants of capital structure choice&quot;, The Journal of Finance 43(1): 1-19.
Webb, J.R., Curcio, R.J. and Rubens, J.H. (1988), &quot;Diversification gains from including real estate in mixed-asset portfolios&quot;, Decision Sciences 19: 434-452.
Westhead, P., &amp; Wright, M. (1998a). &quot;Novice, portfolio and serial founders in rural and urban areas&quot;, Entrepreneurship Theory and Practice 22(4): 63-100.
Westgaard, S., Eidet, A., Grosas, T.C. and Frydenberg, S. (2008), &quot;Investigating the capital structure of UK real estate companies&quot;, Journal of Property Research 25(1): 61-87.
Wills, P. (2008), &quot;Corporate real estate practice in Australia&quot;, Journal of Corporate Real Estate 10(1): 40-53.
Wright, M., Robbie, K., Ennew, C. (1997). &quot;Serial entrepreneurs&quot;, British Journal of Management 8: 251-268.
Wurtzebach, C.H., Mueller, G.R. and Machi, D. (1991), &quot;The impact of inflation and vacancy on real estate returns&quot;, Journal of Real Estate Research 6: 153-168.
Ziobrowski, B.J., and Ziobrowski, A.J. (1997), &quot;Higher real estate risk and mixed-asset portfolio performance&quot;, Journal of Real Estate Portfolio Management 3(2): 107-115.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/the-role-of-property-in-the-portfolio-of-small-and-medium-enterprises</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/incorporating-new-technology-into-the-delivery-of-property-education</link>
<title><![CDATA[Incorporating New Technology into the Delivery of Property Education]]></title>
<description><![CDATA[Property education has changed substantially in Australia in recent years. Whilst there has been an increase in the number of courses being offered in property education, the profile of a typical student has also changed. Property students are under increasing pressure to balance study and work due to the higher cost of living and the associated cost of education. This in turn has placed pressure on the education system to deliver property in a manner which meets the needs of the industry and the students. At the same time, there has been a marked increase in the use of technology in the business and corporate world which has resulted in increased efficiencies.
This paper critiques the potential for a property education course to embrace new technology rather than 100% face-to-face teaching and only paper-based assignments. The focus is placed on the delivery of material and the interaction between the students, the lecturing staff and the wider community. Using the new Deakin property course as a case study approach, the emphasis is placed on pushing the boundaries of the conventional property education process, including the delivery of property lectures, assignment submission and assessment, as well as the overall communication process. The findings conclude that by embracing technology in a property course, there can be a &#130;win-win? scenario for the students, the staff and the industry stakeholders. Whilst different property courses embrace varying levels of technology, it seems inevitable that we must continue to evolve the delivery of property education in order to become efficient and effective over the long-term.
]]></description>
<content><![CDATA[Angelo T. A. &amp; Cross K. P. (1993) Classroom Assessment Techniques- A handbook for college Teachers, 2 ed., Jossey-Bass publishing, San Francisco.
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Gibbs, G. (1982) Eliciting student feedback from structured group sessions, Oxford Brookes University, Oxford.
Heywood J. (2000) Assessment in higher education: student learning, teaching, programmes and institutions, Jessica Kingsley Publishers, London.
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Joliffe, A. Ritter, J. &amp; Stevens, D. (2001) The on-line learning handbook. Developing and using web-based learning, Kogan Page Ltd., London.
Kahn, P. &amp; Baume, D. (2003) A guide to staff and educational development, Routledge, London.
Lajoie, S.P. &amp; Derry, S.J. (1993) Computers as cognitive tools, Lawrence Erlbaum Associates, London.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/incorporating-new-technology-into-the-delivery-of-property-education</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume15-2009/evaluating-the-sharpe-performance-of-the-australian-property-investment-markets</link>
<title><![CDATA[Evaluating the Sharpe Performance of the Australian Property Investment Markets]]></title>
<description><![CDATA[The Sharpe performance is a commonly recognised measure for comparing the risk adjusted returns of competing investment classes. On the surface, Australian property investment markets, display good Sharpe performances with relatively solid returns and low risk profiles. However, the Sharpe performance formula neglects two important features typically displayed by appraisal based property returns: non-normality and autocorrelation. These both can lead to an underestimation of the true risk of direct property and so an overestimation of the associated Sharpe performance. On applying a number of adjustments to the traditional Sharpe ratio, this research examines the joint effects that autocorrelation and non-normality have on the risk-adjusted performance of direct property in comparison with shares and bonds. The results indicate that overall direct property still maintains its attractiveness and ranking even after the effects of non-normality and autocorrelation are taken into account.
]]></description>
<content><![CDATA[Bernstein P, 2007, Capital Ideas Evolving, John Wiley, New Jersey.
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Higgins D , Ditrocchio N and Hughes N, 2008, Mapping the Australian Property Investment Universe, School of Property, Construction and Property Management, RMIT University, Working paper.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/evaluating-the-sharpe-performance-of-the-australian-property-investment-markets</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume15-2009/the-influence-of-lot-position-on-house-price</link>
<title><![CDATA[The Influence of Lot Position on House Price]]></title>
<description><![CDATA[This study aims to understand and quantify the influence that residential lot position has on house price in Auckland City, New Zealand. The empirical results show that price effects largely depend on whether the lot accesses an arterial or local road. With an inside lot fronting a local road as the default condition, the study finds corner lots facing arterial roads are most heavily discounted, while rear lots off arterial roads are on par with sought-after inside lots on quiet streets. These findings reflect homebuyers&#39; willingness-to-pay for refuge from the air and noise pollution generated by vehicles travelling on arterial roads.
]]></description>
<content><![CDATA[Adair, A., McGreal, S., Smyth, A., Cooper, J. and Ryley, T. (2000) House prices and accessibility: The testing of relationships within the Belfast urban area, Housing Studies, 15(5), pp. 699-716.
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Bourassa, S., Hoesli, M. and Sun, J. (2005) The price of aesthetic externalities, Journal of Real Estate Literature, 13(2), pp. 167-87.
Downs, A. (2005) Smart Growth: Why we discuss it more than we do it, Journal of the American Planning Association, 71 (4), pp. 367-380.
Filippova, O. (2009) The influence of submarkets on water view house price premiums in New Zealand, International Journal of Housing Markets and Analysis, 2(1), pp. 91-105.
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Wilhelmsson, M. (2000) The impact of traffic noise on the values of single-family houses, Journal of Environmental Planning and Management, 43(6), pp. 799-815.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/the-influence-of-lot-position-on-house-price</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume15-2009/long-term-benefits-from-investing-in-asia-pacific-real-estate</link>
<title><![CDATA[Long-Term Benefits from Investing in Asia-Pacific Real Estate]]></title>
<description><![CDATA[This paper analyses long- and short-term co-movements between Asia-Pacific real estate markets and the real estate markets in the U.K. and the U.S. based on bivariate testing for cointegration and correlation analysis. The results indicate that there exist strong long-term relationships between Asia-Pacific real estate markets, while investors located in Asia would benefit from broadening their investment horizon to Australia, Europe, and the U.S. For international investors from the U.S. and the U.K., there exist long-term opportunities to diversify across the Asia-Pacific real estate markets.
]]></description>
<content><![CDATA[Bond, S.A., Karolyi, G.A. and Sanders, A.B. (2003), International Real Estate Returns: A Multifactor, Multicountry Approach, Real Estate Economics, 31(3), 481-500.
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Cheng, P. and Roulac, S.E. (2007), Measuring the Effectiveness of Geographical Diversification, Journal of Real Estate Portfolio Management, 13(1), 29-44.
Conover, C.M., Friday, H.S. and Sirmans, G.S. (2002), Diversification Benefits from Foreign Real Estate Investments, Journal of Real Estate Portfolio Management, 8(1), 17-25.
Dickey, D.A. and Fuller, W.A. (1981), Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root, Econometrica, 49(4), 1057-1072.
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Engle, R.F. and Granger, C.W.J. (1987), Co-Integration and Error Correction: Representation, Estimation, and Testing, Econometrica, 55(2), 251-276.
Engle, R.F. and Granger, C.W.J. (1991), Long-Run Economic Relationships - Readings in Cointegration, Oxford et al.
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Fugazza, C., Guidolin, M. and Nicodano, G. (2007): Investing for the Long-run in European Real Estate, Journal of Real Estate Finance and Economics, 34(1), 35-80.
Fugazza, C., Guidolin, M. and Nicodano, G. (2008), Diversifying in Public Real Estate: The Ex-post Performance, Journal of Asset Management, 8(6), 361-373.
Fugazza, C., Guidolin, M. and Nicodano, G. (2009), Time and Risk Diversification in Real Estate Investments: Assessing the Ex Post Economic Value, Federal Reserve Bank of St. Louis Working Paper 2009-001A.
Garvey, R., Santry, G. and Stevenson, S. (2001), The Linkages between Real Estate Securities in the Asia-Pacific, Pacific Rim Property Research Journal, 7(4), 240-258.
Hoesli, M. and Serrano, C. (2008), Are Securitized Real Estate Returns More Predictable than Stock Returns?, Swiss Finance Institute Research Paper 08-27.
Idzorek, T.M., Barad, M. and Meier, S.L. (2007), Global Commercial Real Estate - A Strategic Asset Allocation Study, Journal of Portfolio Management, 33(Special Issue), 37-52.
Jin, C., Grissom, T.V. and Ziobrowski, A.J. (2007), The Mixed Asset Portfolio for Asia-Pacific Markets, Journal of Real Estate Portfolio Management, 13(3), 249-256.

Johansen, S. (1988), Statistical Analysis of Cointegration Vectors, Journal of Economic Dynamics and Control, 12(2/3), 231-254.

Liow, K.H. (1997), The Historical Performance of Singapore Property Stocks, Journal of Property Finance, 8(2), 111-125.
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Liow, K.H. and Adair, A. (2009), Do Asian Real Estate Companies Add Value to Investment Portfolio?, Journal of Property Investment &amp; Finance, 27(1), 42-64.
Liow, K.H. and Sim, M.C. (2006), The Risk and Return Profile of Asian Real Estate Stocks, Pacific Rim Property Research Journal, 12(3), 283-310.
Liow, K.H., Ooi, J. and Gong, Y. (2005), Cross-Market Dynamics in Property Stock Markets - Some International Evidence, Journal of Property Investment and Finance, 23(1), 55-75.
Liow, K.H., Ho, K.H.D., Ibrahim, M.F. and Chen, Z. (2009): Correlation and Volatility Dynamics in International Real Estate Securities Markets, Journal of Real Estate Finance and Economics, 39(2), 202-223.
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Ooi, J.T.L., Newell, G. and Sing, T.-F. (2006), The Growth of REIT Markets in Asia, Journal of Real Estate Literature, 14(2), 203-222.
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Worzala, E. and Sirmans, C.F. (2003), Investing in International Real Estate Stocks: A Review of the Literature, Urban Studies, 40(5/6), 1115-1149.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/long-term-benefits-from-investing-in-asia-pacific-real-estate</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume15-2009/comparing-implicit-and-explicit-water-prices-during-the-early-years-of-water-trading-in-australia</link>
<title><![CDATA[Comparing Implicit and Explicit Water Prices During the Early Years of Water Trading in Australia]]></title>
<description><![CDATA[This paper examines aspects of changes to explicit and implicit water prices during the early years of water trading along the River Murray. Focusing on the mid to late 1990s, it traces price changes that occurred during the transition from an &#145;immature&#39; market, where the supply of unused water influenced sales, to an early maturing stage where sales of water from inefficient to more efficient users begins to increase. Importantly, the time period used precedes the date at which land and water rights were formally separated in title and therefore covers a period where land was transacted with the value of the water embedded in the price. Hedonic functions are used to analyse the transactions of irrigated farmland to identify the implicit price of water when sold together with irrigated farmland and compare these to the explicit price paid for water entitlements in the water market. This comparison is conducted separately for three states. There is tentative evidence to suggest that: 1) prices in the two markets tended to converge; 2) the convergence process varies between states depending on how long the entitlement market has been in operation and the type of major water use; and 3) the more capital intensive the production and the more it is based on permanent crops, the more the implicit price is linked to investments in water dependent improvements.
]]></description>
<content><![CDATA[Bjornlund, H. (2008a) Water Scarcity and its implication for land management; Some lessons from Australia. Royal Institute for Chartered Surveyors, London.
Bjornlund, H. (2008b) Water scarcity: the challenges for land managers and property professionals. The Australian and New Zealand Property Journal, September.
Bjornlund, H. (2006a) Water markets - economic instruments to manage scarcity. Journal of Agriculture and Marine Science, May.
Bjornlund, H. (2006b) Increased participation in Australian Water Markets. Proceedings from the conference of Sustainable Irrigation, Bologna, September.
Bjornlund, H. (2006c) Can water markets assist irrigators managing increased supply risk? Some Australian experiences. Water International, 31(2), 221-232.
Bjornlund, H. (2005) Irrigators and the new policy paradigm - an Australian case study, Water Policy, 7(6), 581-596.
Bjornlund, H. (2004) Formal and informal water markets: Drivers of sustainable rural communities. Water Resources Research, 40.
Bjornlund, H. (2003a) Farmer participation in markets for temporary and permanent water in south-eastern Australia. Agricultural Water Management, 63, 57-76.
Bjornlund, H. (2003b) Efficient water market mechanisms to cope with water scarcity. Water Resources Development 19(4), 553-569.
Bjornlund, H. (2003c) Drivers and triggers of water markets. Water, 30(7), 30-36.
Bjornlund, H. (2002) The socio-economic structures of irrigation communities&#151;water markets and the structural adjustment process. Journal of Rural Society, 12(2), 123-147.
Proceedings from the 7 Annual Conference of the Pacific Rim Real Estate Society 
Bjornlund, H. (1995) Water policies and their influence on land uses and land values. The Angas-Bremar proclaimed region: A case study. Property Management, 13(2), 14-20.
Proceedings from the 14 Annual Conference of the Pacific Rim Real Estate Society 
Bjornlund, H. and Rossini, P. (2007) Fundamentals determining prices in the market for water entitlements - An Australian case study. International Journal of Water Resources Development, 23(3), 537-553.
Bjornlund, H. and Rossini, P. (2005) Factors influencing prices paid in the market for temporary water. International Journal of Water Resources Development, 21 (2), 355-69.
Bjornlund, H. and O&#39;Callaghan, B. (2005) A comparison of implicit values and explicit prices of water. Pacific Rim Property Research Journal, 11(3), 316-331.
Bjornlund, H. and McKay, J. (2000) Water markets&#151;an instrument in achieving a more sustainable water use. Proceeding from the X World Water Congress, Melbourne.
Brown, L; McDonald, B; Tusseling, J. and DuMars, C. (1982) &#145;Water reallocation, market proficiency, and conflicting social values&#39;. In G.D. Weatherford, L. Brown, H. Ingram and D. Mann eds. &#145;Water and Agriculture in the West U.S.&#151;Conservation, reallocation, and markets&#39;. Studies in water policy and management, No. 2, Westview Press, Boulder, 191-256.
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Wheeler, S.; Bjornlund, H., Shanahan, M. and Zuo, A. (2008b) Factors Influencing Water Allocation and Entitlement Prices in the Greater Goulburn Area in Australia. In Esteve, Y.V.; Brebbia, C.A. and Rico, C.P Eds. Sustainable Irrigation - Management Technologies and Policies II, 63-72.
Wheeler, S, Bjornlund, H., Shanahan, M. and Zuo, A. (2008c) Modelling the Demand for Water Entitlements in the Goulburn-Murray Irrigation District of Australia. Proceedings from the International Conference, Water Down Under, Adelaide, April, 2008.
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<guid isPermaLink="true">https://www.prres.org/volume15-2009/comparing-implicit-and-explicit-water-prices-during-the-early-years-of-water-trading-in-australia</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume15-2009/downside-beta-and-valuation-based-property-returns</link>
<title><![CDATA[Downside Beta and Valuation-Based Property Returns]]></title>
<description><![CDATA[This study aims to examine the ability of downside beta in explaining the Australian direct property returns with addressing the smoothing issue. Utilising the quarterly IPD/PCA Australian property indices over 1995-2008, the results reveal that smoothed and unsmoothed downside betas are statistically distinguishable. The results also show that unsmoothed downside beta is positive and statistically significant related to Australian direct property returns, while smoothed downside beta exhibits a negative link with the returns, indicating that appraisal-smoothing has profound implications on the efficiency of downside beta. The results are robust after controlling for the different types of property and different smoothing parameters, confirming that a positive premium is required by direct property investors for compensating higher downside losses. These findings provide further insights into the pricing of valuation-based property indices.
]]></description>
<content><![CDATA[ABS (2008) Year Book Australia, 2008. Canberra, Australia, Australian Bureau of Statistics.
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<guid isPermaLink="true">https://www.prres.org/volume15-2009/downside-beta-and-valuation-based-property-returns</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume15-2009/reassessing-the-valuation-of-contaminated-land-in-australia</link>
<title><![CDATA[Reassessing the Valuation of Contaminated Land in Australia]]></title>
<description><![CDATA[The issue of the valuation of contaminated land was explored 10 years ago by the author. Since then, there have been new developments in the technology of decontamination and changes in people&#39;s risk perception over time. Due to the shortage of land supply, more rural land and former industrial sites are converted to commercial and residential uses than before. There is a need to carry out new research to see how contaminated land is valued in Australia today. The survey reveals a number of findings including that the use of the unaffected valuation approach is still dominant in Australia.
]]></description>
<content><![CDATA[Aslam, M.M., Hassan, I. &amp; Malik, M., 2004, Sand As Adsorbent For Removal Of Zinc From Industrial Effluents, Electrontronic Journal of Environmental, Agricultural and Food Chemistry, Vol. 3, No. 6, pp. 792-798.
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Bond, S.G., 1998, The Appraisal of Contaminated Land in New Zealand, paper presented at the 14th American Real Estate Society Conference in conjunction with the International Real Estate Society Meeting, Monterey, California, April 15 - 18.
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Chalmers, J.A. &amp; Jackson T.O., 1996, Risk Factors in the Appraisal of Contaminated Property, The Appraisal Journal, LXIV (1), pp. 44 - 58.
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Chan, N., 2000, How Australian Appraisers Assess Contaminated Land, The Appraisal Journal, Vol. LXVIII, No. 4, pp. 432 - 440.
Chan, N., 2002, Stigma Assessment - A Multi-criteria Decision-making Approach, Pacific Rim Property Research Journal, Vol. 8, No. 1, pp. 29 - 47.
Chan, N., 2003, Contaminated Land Valuation Methods - The Current Status, Australian Property Journal, Vol. 37, No. 8, pp. 567 - 572.
Dotzour, M., 1997, Groundwater Contamination and Residential Property Values, The Appraisal Journal, LXV (3), pp. 279 - 285.
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Petersen, B., 2008, Rhodes foreshore and the Stigma Effect, coursework for Sustainable Development and Urban Development program, University of New South Wales, 19 April.
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Richards T., 1997, Beware the Contamination Factor in Valuation, Chartered Surveyor Monthly, May Issue, pp. 28 - 29.
Sartor, F., 2005, Media Release - Planning for Sydney&#39;s Growth, 22 September,http://www.metrostrategy.nsw.gov.au/dev/digitalAssets/1339_1127710794914_050922MRsustainablelandrelease.pdf
Simm, G., (1992) Problems for the valuation surveyor, paper presented at Seminar on &#39;EnvironmentalAssessment&#39;, Sheffield City Polytechnic, 5 March 1992.
Skelsey, M., 2004, $320 The only penalty paid by Orica for nation&#39;s worst chemical spill, The Daily Telegraph, Thursday 2 September, p. 23.
Starr, C., 1969, Social Benefits versus Technological Risks, Science, Vol. 165, No. 3899, pp. 1232 - 1238.
URS, 2004, Botany Groundwater Cleanup Project - Environmental Impact Statement.
Weber, B.R., 1997, The Valuation of Contaminated Land, Journal of Real Estate Research, Vol. 14, pp. 379 - 398.
Wikipedia, circa 2009, Risk Perception, http://en.wikipedia.org/wiki/Risk_perception, accessed 4 January, 2009.
Wilson, A.R., 1994, The Environmental Opinion: Basis for an Impaired Value Opinion, The Appraisal Journal, LXII (3), pp. 410 - 423.
Wiltshaw, D.G., 1996, An Economic Analysis of Contaminated Land, Remediation and Liability, Journal of Property Research, Vol. 13, pp.131 - 141.
World Intellectual Property Organization (WIPO), circa 2009, Patent Search, http://www.wipo.int/pctdb/cgi/guest/irange5, assessed 4 January, 2009.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/reassessing-the-valuation-of-contaminated-land-in-australia</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/impact-of-agency-issues-on-australian-reit-performance</link>
<title><![CDATA[Impact of Agency Issues on Australian REIT Performance]]></title>
<description><![CDATA[The study seeks to investigate agency issues in the context of AREITs through consideration of price increases and price decreases relative to CEO motivation by self interest and Board independence, controlled for sector and geographic portfolio weighting. Data for price increases in the period July 2006 to December 2006 and price decreases in the period October 2007 to March 2008 for the forty largest AREITs by market capitalization on 30th May 2008 was correlated against data for sectoral and geographic portfolio composition, CEO shareholding and four proxy variables for Board independence. Only 40% of the hypothesized correlations were found to be supported, with none of the hypothesized correlations between price increase or price decrease and related party shareholdings or extent to which an AREIT may be considered a family business found to be supported.
]]></description>
<content><![CDATA[ASX Corporate Governance Council (2003) Principles of Good Corporate Governance and Best Practice Recommendations, Australian Stock Exchange, Sydney.
Bonn, I (2004) Board Structure and Firm Performance: Evidence From Australia, Journal of the Australian and New Zealand Academy of Management, Vol 10, No 1.
Craswell, AT, Taylor, SL and Saywell, RA (1997) Ownership Structure and Corporate Performance: Australian Evidence, Pacific-Basin Finance Journal, Vol 5, No 3.
Fama, EF (1980) Agency Problems and the Theory of the Firm, Journal of Political Economy, Vol 88.
Fama, EF and Jensen, MC (1983) Separation of Ownership and Control, Journal of Law and Economics, Vol 26.
Farrar, J (2001) Corporate Governance in Australia and New Zealand, Oxford University Press, South Melbourne.
Feng, Z, Ghosh, C and Sirmans, CF (2005) How Important is the Board of Directors to REIT Performance?, Journal of Real Estate Portfolio Management, Vol 11, No 3.
Friday, HS and Sirmans, GS (1998) Board of Director Monitoring and Firm Value in REITs, Journal of Real Estate Research, Vol 16, No 3.
Ghosh, C and Sirmans, CF (2002) Board Independence, Ownership Structure and Performance in Real Estate Investment Trusts, Journal of Real Estate Finance and Economics, Vol 26.
Gold, M (2006) Corporate Governance, Activism and the Role of Trustees, JASSA, Issue 2, Winter.
McIntosh, W, Rogers, RC, Sirmans, CF and Liang, Y (1994) Stock Price and Management Changes: The Case of REITs, Journal of the American Real Estate and Urban Economics Association, Vol 22, No 3.
Shakir, R (2008) Board Size, Executive Directors and Property Firm Performance in Malaysia, Pacific Rim Property Research Journal, Vol 14, No 1.
Sirmans, GS, Friday, HS and Price, RM (2006) Do Management Changes Matter? An Empirical Investigation of REIT Performance, Journal of Real Estate Research, Vol. 28.
UBS (2007) Real Estate Monthly Report, UBS, 2007.
UBS (2008) Real Estate Monthly Report, UBS, 2008.
Warner, JB, Watts, RL and Wruck, KH (1988) Stock Prices and Top Management Changes, Journal of Financial Economics, Vol 20.
Weisbach, MS (1988) Outside Directors and CEO Turnover, Journal of Financial Economics, Vol 20.
Weeks, HS, Griffith, JM and Howard Finch, J (2007) Risk and Performance as Determinants of REIT CEO Compensation, American Real Estate Society Conference, San Francisco.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/impact-of-agency-issues-on-australian-reit-performance</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/an-evaluation-of-how-well-undergraduate-property-students-are-prepared-for-commencing-their-careers</link>
<title><![CDATA[An Evaluation of How Well Undergraduate Property Students are Prepared for Commencing their Careers]]></title>
<description><![CDATA[The evolution of property education to adapt to the changing business environment requires changes to course content, methods of delivery and assessment. Many universities have a special interest in understanding how successfully students transition in and transition out of property programs. This study sought the views of final year students engaged in professional employment, employer representatives and representatives from professional associations to assess the preparedness of students to commence professional employment. The study showed that generally students possessed an appropriate level of technical and &#130;soft skills? to enter the professional realm with development required in some areas. All stakeholders agreed that the transition out of university was made more seamless through greater engagement with industry through field work and work experience from the intermediate stages of the property course.
]]></description>
<content><![CDATA[Anderson, R. I., Loviscek, A. L., &amp; Webb, J. R. (2000). Problem-based Learning in Real Estate Education. Journal of Real Estate Practice and Education, 3(1), 35-42.
Australian Property Institute. (2007). API Queensland University of Technology, Bachelor of Urban Development (Property Economics) UD40, Endorsement Report. Brisbane: API.
Baxter, J. S. (2007). Re-engineering a Valuation Degree: How Did We Get Here and Where Do We Go? Journal of Property Investment and Finance, 25(5), 444-467.
Boyd, T. (2000). Educating the Property Professional of Tomorrow. Pacific Rim Property Research Journal, 45-60.
Boyd, T. (2005). Stakeholder Impact on Property Education Programs. Paper presented at the 11th Pacific Rim Real Estate Society Conference, Melbourne, Australia.
Callanan, J., &amp; McCarthy, I. (2003). Property Education in New Zealand; Industry Requirements and Student Perceptions. Journal of Real Estate Practice and Education, 6(1), 23-32.
Crews, G. L. (2004, January 25 to 28 ). Real Estate Education on the Run: The Classroom Comes to Town. Paper presented at the 10th Pacific Rim Real Estate Society Conference, Bangkok, Thailand.
Dunn, S. V., Ehrich, L., Mylonas, A., &amp; Hansford, B. C. (2000). Student&#39;s Perceptions of Field Experience in Professional Development: A Comparative Study. Journal of Nursing Education, 39(9), 393-400.
Franz, J. (2007). Work Integrated Learning for Design: A Scholarship of Integration. Paper presented at the Connected 2007 International Conference on Design Education, University of New South Wales, Sydney, Australia.
Franz, J. (2008, 30 September &#150; 3 October). A pedagogical model of higher education/industry engagement for enhancing employability and professional practice. Paper presented at the WACE Asia Pacific Conference, Work Integrated Learning (WIL):Transforming Futures Practice, Pedagogy, Partnership Sydney Australia.
Jenner, S. (2008). Graduate Development, Discursive Resources and the Employment Relationship at BAE Systems. Education + Training, 50(5), 423-438.
Koulizos, P. (2006, January 22 to 25). Property Education: How Should It Be Taught? Paper presented at the The 12th Annual Conference of the Pacific Rim Real Estate Society, Auckland, New Zealand.
Newell, G. (2003). The Quality of Property Education in Australia. Pacific Rim Property Research Journal, 9(4), 361-378.
Page, G. (2007). An Exploration of Professional Socialization in Pacific Rim Property Programs. Paper presented at the 13th Pacific-Rim Real Estate Society Conference.
Page, G. (2008). Australian Graduates&#39; Perspective of Their Professional Socialisation. Australian and New Zealand Property Journal, September, 561-570.
Perrone, L., &amp; Vickers, M. H. (2003). Life After Graduation as a &quot;Very Uncomfortable World&quot;: an Australian case study. Education + Training, 45(2), 69-78.
Pool, L. D., &amp; Sewell, P. (2007). The Key to Employability: Developing a Practical Model of Graduate Employability. Education + Training, 49(4), 277-289.
Raybould, J., &amp; Sheedy, V. (2005). Are Graduates Equipped With The Right Skills In The Employability Stakes? Industrial and Commercial Training, 37(5), 259-263.
RICS. (2007). RICSExamination Report. Brisbane: RICS.
Savage, S. (2005). Urban Design Education: Learning For Life in Practice. Urban Design International 10, 3-10.
The Honourable Julie Bishop MP. (2006). Knowledge Transfer and Engagement Forum: Keynote Address. Retrieved 1 September 2008, from http://www.dest.gov.au/ministers/media/bishop/2006/06/b001160606.asp
Thomas, S., &amp; Busby, S. (2003). Do Industry Collaborative Projects Enhance Students&#39; Learning? Education + Training, 45(4), 226-235.
(Qld) 1992.Valuers Registration Act
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/an-evaluation-of-how-well-undergraduate-property-students-are-prepared-for-commencing-their-careers</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/determining-the-criteria-for-the-classification-of-purpose-built-office-buildings-in-malaysia</link>
<title><![CDATA[Determining the Criteria for the Classification of Purpose Built Office Buildings in Malaysia]]></title>
<description><![CDATA[The Malaysia property market is deficient of key indicators to make an objective assessment of the market situations. In the effort to monitor the commercial property market performance, it would be useful to develop an indicator that will be useful for the construction of property indices. As such, to develop such indices for commercial properties, it is necessary to assess the performance of each office building through a classification framework. This paper highlights the identification of the criteria to be adopted in the classification of the purpose built office buildings in Malaysia. Through the investigation of the local and international practices as well as the literature on office building classification, a set of criteria was selected for local adoption. In arriving at the final set of criteria, a series of expert panel group discussions were held. This paper highlights the findings of the initial investigation of the identified criteria and the expert panel discussions held in an attempt to arrive at the final classification framework.
]]></description>
<content><![CDATA[Babcock, R. R. (2003). The Tenant/Workplace Equation Part 1, Buildings, Jan 2003, 91.1, pp. 50-52.
Ball, J. &amp; Srinivasan, V. (1994). &quot;Using the analytic hierarchy process in house selection&quot;. Journal of Real Estate Finance and Economics, 9, pp. 69-85.
Bender, A., Din, A., Hoesli, M. &amp; Brocher, S. (2000). &quot;Environmental preferences of homeowners: further evidence using the AHP method&quot;. Journal of Property Investment and Finance, 18 (4), pp.445-455.
Bender, A., Din, A., Hoesli, M. &amp; Laakso, J. (1999). &quot;Environmental quality perceptions of urban commercial real estate&quot;. Journal of Property Investment and Finance, 17 (3), pp. 280-296.
Bender, A., Hoesli, M. &amp; Laakso, J. (1999). &quot;Environmental quality perceptions of urban commercial real estate&quot;. Journal of Property Investment and Finance, 17(1).
BOMA Chicago. (2007). Market Summary Update - end 2006.
Bottom,C., McGreal, S. &amp; Heaney, G. (1998). &quot;The suitability of premises for business use: an evaluation of supply/demand variations&quot;. Property Management, 16 (3), pp. 134-144.
City Hall of Kuala Lumpur. (1990). Guidelines for Classification of Office Buildings in Kuala Lumpur. Building and Planning Control Department, City Hall of Kuala Lumpur, Kuala Lumpur.
Colliers International. (2007). Singapore Office Property Market Overview. Singapore: Colliers International Research &amp; Consultancy.
Hamelink, F., Hoesli, M., Lizieri, C. &amp; B. MacGregor. (2000). &quot;Homogeneous commercial property market groupings and portfolio construction in the United Kingdom&quot;. Environmental and Planning, 33, pp.323-344.
Hansen, K. (1996). &quot;Less opulence more options: what commercial tenants really want&quot;. Journal of Property Management, 61(6), pp. 28-32.
Hemphill, L., McGreal, S. &amp; Berry, J. (2002). &quot;An aggregated weighting system for evaluating sustainable urban regeneration&quot;. Journal of Property Research, 19 (4), pp. 353-373.
Henry Butcher. (2001). How the Buildings are Graded, City and Country, The Edge Publications.
Ho, D., Newell, G. &amp; Walker, A. (2005). &quot;The importance of property-specific attributes in assessing CBD office building quality&quot;. Journal of Property Investment &amp; Finance, 23 (5), pp. 424-444.
Hoffman, J., Schniederjans, M. &amp; Sirmans, G. (1990). &quot;A multi-criteria model for corporate property evaluation&quot;. Journal of Real Estate Research, 5, pp. 285-299.
Hsieh, C.I. (1997). &quot;A note on corporate overseas investment decision priorities of Taiwanese direct real estate investors&quot;. Journal of Real Estate Research, 13, pp. 359-68.
Jackson, C. &amp; White, M. (2005). &quot;Challenging traditional real estate market classifications for investment diversification&quot;. Journal of Real Estate Portfolio Management, 11, pp.307-321.
Jones Lang Wootton. (2001). Overview of the Klang Valley Property Sector as at 1st Quarter-4th Quarter 2001, Jones Lang Wootton, Kuala Lumpur.
Kang, M. &amp;Stam, A. (1994). &quot;PAHAP: a pairwise aggregated hierarchical analysis of ratio-scale preferences&quot;. Decision Sciences, 25 (4), 21-35.
Kauko, T. (2003). &quot;Residential property values and locational externalities&quot;. Journal of Property Investment and Finance, 21, pp. 250-70.
Kitzinger, J. (1994). &quot;The methodology of focus groups: the importance of interaction between research participants&quot;. Sociology of Health and Illness, 16 (1), pp. 103-121.

Leifer, D. (1998). &quot;Evaluating user satisfaction: case studies in Australasia&quot;. Facilities, 15(5/6), pp. 138-142.
Leishman, C. and Watkins, C. (2004). &quot;The decision-making behaviour of office occupiers&quot;. Journal of Property Investment &amp; Finance, 22(4), pp. 307-319.
Morgan L. D. (ed.). (1993). Successful focus groups: advancing the state of the art. Newbury Park: Sage Publications.
Munroe, L. K. (2003). The tenant/workplace equation part II. Buildings, 91 (1), pp. 50-52.
NAPIC. (2006). Property Market Report Quarter 4 2006. NAPIC, Kuala Lumpur.
Ong, S.E. &amp; Chew, T.I. (1996). &quot;Singapore residential market: an expert judgemental forecast incorporating the analytical hierarchy process&quot;. Journal of Property Valuation and Investment, 14 (1), pp. 50-66.
Rahim &amp; Co Research. (1993). The Klang Valley Office Market - An indication of Trends 1993-2008, Rahim &amp; Co., Kuala Lumpur.
RICS. (2005). RICS Tenant Satisfaction Index: Tune in to tenants. RICS, London.
Saaty, T. (1980). The Analytical Hierarchy Process. New York: McGraw-Hill.
Saaty, T. (1996). Multicriteria Decision Making - The Analytical Hierarchy Process, RWS Publications, Pittsburgh, PA.
Schniederjans, M., Hoffman, J. &amp; Sirmans, G. (1995). &quot;Using goal programming and the analytical hierarchy process in house selection&quot;. Journal of Real Estate Finance and Economics, 11, pp. 167-76.
Sinou, M. &amp; Kyvelou, S. (2006). &quot;Present and future building performance assessment tools&quot;. Journal of Management of Environmental Quality, 17, pp. 570-586.
Sullivan, E. (2006). &quot;Satisfied customers&quot;. Building Operating Management, 53(12), pp.21-26.
The Knowledge: Market Overview October 2007, Colliers International Hong Kong.
Tokyo City Profile Autumn 2007, DTZ Debenham Tie Leung Consulting and Research.
Wang, M. &amp; Yang, J. (1998). &quot;A multi-criteria experimental comparison of three multi-attribute weight measurement methods&quot;. Journal of Multi-Criteria Decision Analysis, 7, pp. 340-350.
Wilkinson, S.J. &amp; Reed, R.G. (2006). Office building and the environment - the increasing importance of ESD. 12th Annual Pacific Rim Real Estate Conference, University of Auckland, NZ 22-25 Jan 06.
Yang, J. &amp; Lee, H. (1997). &quot;An AHP decision model for facility location selection&quot;, Facilities, 15(9), 241-54.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/determining-the-criteria-for-the-classification-of-purpose-built-office-buildings-in-malaysia</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/the-real-estate-cycle-and-real-business-cycle-evidence-from-thailand</link>
<title><![CDATA[The Real Estate Cycle and Real Business Cycle: Evidence from Thailand]]></title>
<description><![CDATA[This paper estimates the real estate cycle in Thailand. From the estimated results, we find that duration of the expansion period in the real estate cycle in Thailand was approximately 25.25 months while the contraction period lasted much longer (44.00 months). The duration of the trough-to-trough cycle is estimated to be approximately 69.25 months. The significant leading indicators for the real estate cycle are construction price index, money supply (M2), property stock index and post-credit finance. Compared to Thailand&#39;s economic cycle, the real estate cycle leads the trough and the peak in the business/economic cycle by approximately 14.3 months and 20.3 months respectively. In expansion periods, the real estate cycle is always found to lead the business/economic cycle. However, it is not clear that in contraction periods the real estate cycle leads the business cycle. This finding differs from that of previous studies. We found that real estate crises led to economic crises in the early 1980s and in 1997, while in other contraction periods it was an economic recession that led to a contraction in the real estate sector.
]]></description>
<content><![CDATA[Ahuja, Ashvin, Poonpatpibul, Chaipat, and Mallikamas, Titinun (2003) &quot;Asset Price Bubble and Monetary Policy: Identification and Policy Response under Inflation Targeting&quot;, The Bank of Thailand Symposium Paper, Managing the Recovery: Challenges Ahead, Bangkok: Bank of Thailand
Bjorklund, Kicki, and Soderberg, Bo (1999) &quot;Property Cycles, Speculative Bubbles and the Gross Income Multiplier,&quot; Journal of Real Estate Research, 18(1): 151-174.
Collyns, Charles and Senhadji, Abdelhak (2002) &quot;Lending Booms, Real Estate Bubbles, and the Asian Crisis&quot;, IMF Working Paper No. WP/02/20, Washington, D.C.: International Monetary Fund.
Corsetti, Giancorlo, Paolo Pesenti, and Roubini, Nouriel (1998) &quot;What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview.&quot; Mimeo, 1-39.
Foldvary, E. Fred (1991) &quot;Real Estate and Business Cycle: Henry George&#39;s Theory of the Trade Cycle&quot;, Latvia University of Agriculture, Mimeo.
Herrera, Santiago and Perry, Guillerme E.(2001) &quot;Tropical Bubbles: Asset Prices in Latin America, 1980-2001,&quot; in Asset Price Bubbles: Implications for Monetary, Regulatory, and International Policies, Research in Financial Services Private and Public Policy, William C. Hunter, George G. Kaufman and Michael Pomerleano (Editors), New York: Elsevier.
Melpezzi, Stephen and Wachter, Susan M.(2002) &quot;The Role of Speculation in Real Estate Cycles&quot;, paper prepared for the July 2002 joint meeting of the American Real Estate and Urban Economics Association, Seoul, South Korea, Mimeo.
Mushabbar, Maliha (2003) &quot;Dynamics of Real Estate Market&quot;, Master of Science Thesis No. 181, Department of Infrastructure, Royal Institute of Technology, Sweden.
Pholphirul, Piriya and Vichyanond, Pakorn (2008) &quot;Thailand&quot;, in the Chapter 7 of Jose M. Fanelli (Editor), Macroeconomic Volatility, Institutions, and Financial Architectures: The Developing World Experience, pp.157-189, London: The Palgrave Macmilan.
Pholphirul, Piriya (2006) &quot;Using the Past Experiences of Predict an Early Warning System in Thailand&#39;s Property Market&quot;, Pacific Rim Property Research Journal, 12(1): 85-106.
Renaud, Bertrand (2000) &quot;How Real Estate Contributed to the Thailand Financial Crisis&quot;, in Koichi Mera and Bertrand Renaud (Editors) Asia&#39;s Financial Crisis and the Role of Real Estate. M.E. Sharpe, Armonk, New York.
Renaud, Bertrand, Zhang, Ming, and Koeberle, Stefan (1998) &quot;How the Real Estate Boom Undid Financial Institutions: What Can Be Done Now?&quot; Proceedings of the National Economic and Social Development Board-World Bank Conference on Thailand&#39;s Dynamic Recovery and Competitiveness, May 21-24, Bangkok.
Vanichvattana, Sonthya (2007) &quot;Thailand Real Estate Market Cycles: Case Study of 1997 Economic Crisis&quot;, GH Bank Housing Journal, 1(1): 38-47.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/the-real-estate-cycle-and-real-business-cycle-evidence-from-thailand</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/non-diversifiable-risk-and-quantity-discounts-in-taiwanese-urban-land-markets</link>
<title><![CDATA[Non-Diversifiable Risk and Quantity Discounts in Taiwanese Urban Land Markets]]></title>
<description><![CDATA[Land assembly and subdivision costs are negligible in residential land markets in certain land readjustment districts of Taichung City, Taiwan. Our empirical investigation finds evidence for significant quantity discounts in the case of land sales in these post-consolidated markets. This finding contradicts the prediction of the Le Chatelier-Braun Principle put forward in the work of Lin and Evans (2000). Moreover, the discounts are larger for land sales zoned in R-2 districts than those zoned in R-1 districts. These results are consistent with Brownstone and De Vany&#39;s (1991) non-diversifiable risk hypothesis.
]]></description>
<content><![CDATA[Appraisal Institute, The Appraisal of Real Estate, 12th edition. Chicago, Illinois: Appraisal Institute, 2001.
Atack, J. and R.A. Margo, Location, Location, Location! The Price Gradient for Vacant Urban Land: New York, 1835-1990. Journal of Real Estate Finance and Economics, 1998, 16, 151-172.
Brasington, D.M., House Prices and the Structure of Local Government: An Application of Spatial Statistics. Journal of Real Estate Finance and Economics, 2004 29, 211-231.
Brownstone, D. and A. De Vany, Zoning, Returns to Scale, and the Value of Undeveloped Land. The Review of Economics and Statistics, 1991, 73, 699-704.
Colwell, P.F. and C.F. Simians, Area, Time, Centrality and the Value of Urban Land. Land Economics, 1978, 54, 514-519.
Colwell, P.F. and C.F. Sirmans, Non-Linear Urban Land Prices. Urban Geography, 1980, 1, 141-152.
Colwell, P.F. and C.F. Simians, A Comment on Zoning, Returns to Scale, and the Value of Undeveloped Land. The Review of Economics and Statistics, 1993, 75, 783-786.
Colwell, P.F. and H.J. Munneke, The Structure of Urban Land Prices. Journal of Urban Economics, 1997, 41, 321-336.
Colwell, P.F. and H.J. Munneke, Land Prices and Land Assembly in the CBD. Journal of Real Estate Finance and Economics, 1999, 18: 163-180.
Department of Economic Development, 2004 Survey on Firms at Taipei Neihu Technology Park, Dawan Southern Section Industrial Park, and Nankang Software Park. Taipei City, Taiwan: Taipei City Government, 2004.
Department of Land Administration, Zone Expropriation Business Operation, 2009. Taipei: Department of Land Administration, Ministry of Interior
Ecker, M.D. and H.R. Isakson, A Unified Convex-Concave Model of Urban Land Values. Regional Science and Urban Economics, 2005, 35, 265-277.
Fujita, M. Urban Economic Theory. New York: Cambridge University Press, 1989. Gujarati, D.N. Essentials of Econometrics. Singapore: McGraw-Hill, 2006.
Guntermann, K.L. and G. Thomas, Parcel Size, Location and Commercial Land Values. Journal of Real Estate Research, 2005, 27, 343-354.
Hsieh, Jing-chi. Land Readjustment. Taipei: Wu-Nan Book Inc., 2007.
Isakson, H.R., An Empirical Analysis of the Determinants of the Value of Vacant Land. Journal of Real Estate Research, 1997, 13, 103-114.
Isakson, H.R. and M.D. Ecker, An Analysis of the Influence of Location in the Market for Undeveloped Urban Fringe Land. Land Economics, 2001, 66, 30-41.
Keefe, J.E. The Land Value Curve. Assessment Journal, 1997, 4, 31-35.
Lee, L.-F. Some Approaches to the Correction of Selectivity Bias. Review of Economic Studies, 1982, 49, 355-372.
Lee, L.-F. Notes and Comments Generalized Econometric Models with Selectivity. Econometrica, 1983 51, 507-513.
Lee, M.-L. and R.K. Pace, Local Housing Prices and Mortgage Refinancing in U.S. Cities. Property Management, 2006, 24, 427-441.
Lin, T.-C. and A.W. Evans, The Relationship Between the Price of Land and Size of Plot When Plots Are Small. Land Economics, 2000, 76, 386-394.
McMillen, D.P. and J.F. McDonald, Selectivity Bias in Urban Land Value Functions. Land Economics, 1989, 65, 341-351.
Mills, E.S., Studies in the Structure of the Urban Economy. Baltimore: Johns Hopkins University Press, 1972.
Muth, R.F., Cities and Housing. Chicago: University of Chicago Press, 1969.
Pace, R.K., R. Barry, O.W. Gilley, and C.F. Sirmans, A Method for Spatial-Temporal Forecasting with an Application to Real Estate Prices. International Journal of Forecasting, 2000, 16, 229-246.
Reuter, F.H., Externalities in Urban Property Markets: An Empirical Test of the Zoning Ordinance of Pittsburgh. Journal of Law and Economics, 1973, 16, 313-349.
Samuelson, P.A., Foundations of Economic Analysis. Cambridge: Harvard University Press, 1983.
Tabuchi, T., &quot;Quantity Premia in Real Property Markets. Land Economics, 1996, 72: 206217.
Taichung City Government, Tacihung City&#39;s Urban Land Consolidation Achievements. Taichung City, Taiwan: Taichung City Government, 2002.
Thorsnes, P. and D.P. McMillen, Land Value and Parcel Size: A Semiparametric analysis. Journal of Real Estate Finance and Economics, 1998, 17, 233-244.
Wallace, N.E., The Market Effects of Zoning Undeveloped Land: Does Zoning Follow the Market? Journal of Urban Economics, 1988, 23, 307-326.
Wolverton, M.L., Empirical Study of the Relationship between Residential Lot Price, Size, and View. Journal of Property Valuation and Investment, 1997, 15, 48-57.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/non-diversifiable-risk-and-quantity-discounts-in-taiwanese-urban-land-markets</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/developing-a-compensation-framework-for-the-acquisition-of-orang-asli-native-lands-in-malaysia-the-professionals-perceptions</link>
<title><![CDATA[Developing a Compensation Framework for the Acquisition of Orang Asli Native Lands in Malaysia: The Professionals&#39; Perceptions]]></title>
<description><![CDATA[This research explores the issues of land rights and land acquisition compensation related to the Orang Asli (the Malay term for indigenous peoples) in Peninsular Malaysia. Acquisition of Orang Asli native lands is inevitable as land is scarce to meet the national growth agenda and socio-economic developments. As an independent country, Malaysia provides constitutional guarantees, and customary land tenure is recognised and respected. Unfortunately, due to the ambiguity in Malaysian legal system in relation to the definition of land rights of Orang Asli native lands, the practice of payment of compensation to acquisition of the land tends to be unstructured, and disparity exists among the different states. It is therefore pertinent to propose a uniform compensation framework for the acquisition of Orang Asli native lands. This research adopts a questionnaire survey as the method of study, the descriptive and inferential analysis technique to present the results. The study showed that laws of Malaysia are deficient with regard to the protection of Orang Asli lands and rights to fair and just compensation. This research found that the position of Orang Asli land rights has not improved much. Due to this unresolved land rights issue, the present structure of compensation as spelt out under Sections 11 and 12 of the Aboriginal Peoples Act 1954 is perceived as inadequate. As currently practised, in the absence of proper guidelines and regulations, the determination of compensation is entirely at the discretion of the various authorities. Some authorities apply the legislation rigidly, while others are too generous. This research also led to the recommendation that the compensation framework for land acquisition of Orang Asli native lands should possess two categories of compensation -monetary and non-monetary components.
]]></description>
<content><![CDATA[Altman, J. and Smith, D.E. (1994). &#145;The Economic Impact of Mining Moneys: The Nabarlek Case, Western Arnhem Lanc F, CAEPR Discussion Paper No. 63, CAEPR, ANU, Canberra.
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Dollah, R., (1996), Orang Asli: Tiada Tanah, Tiada Jatidiri, Diterkam Pembangunan dan Terjun ke Dalam Kemiskinan, Paper presented at the National Conference on Pan-Malaysia Indigenous Peoples and Rights and Cultural Identity at University Malaya from 2 to 3 September 1996.

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Jafry, M., (1996), Perundangan dan Dasar-Dasar Tanah Yang Melibatkan Hak Asasi Anak Negeri (Native Customary Right) di Sabah, Paper presented at the National Conference on Pan-Malaysia Indigenous Peoples and Rights and Cultural Identity at University Malaya from 2 to 3 September 1996.
Jamaludin I., (1997), Kenyataan Ketua Pengarah Jabatan Hal Ehwal Orang Asli Malaysia pada perjumpaan dengan Wakil-Wakil Media Massa pada 31 Oktober 1997, Kuala Lumpur: JHEOA.
JHEOA, (1996), Jabatan Hal Ehwal Orang Asli, Kementerian Luar Bandar dan Pembangunan Wilayah, Malaysia
JHEOA, (2006), Jabatan Hal Ehwal Orang Asli, Kementerian Luar Bandar dan Pembangunan Wilayah, Malaysia
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Salleh, M. T., (1990), An Examination of Development Planning Among the Rural Orang Asli of West Malaysia, PhD Dissertation, University of Bath. Unpublished.
Small, R. (1998), A Strategy for the Integration of Native Title, PRRES Conference, January 1998, Perth.
Smith, D. (2001), Valuing Native Title: Aboriginal, Statutory and Policy Discourse about Compensation, Discussion Paper No. 222/2001, Centre for Aboriginal Economic Policy Research, The Australian National University.
Suhut, M., (2006), Teks Ucapan Presiden POASM, Mesyuarat Agung Ke-16, Persatuan Orang Asli Semenanjung Malaysia (POASM) Pada 30 April 2006, Putrajaya, Malaysia: Jawatankuasa POASM.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/developing-a-compensation-framework-for-the-acquisition-of-orang-asli-native-lands-in-malaysia-the-professionals-perceptions</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/delineation-of-geospatial-residential-real-estate-submarket-boundaries</link>
<title><![CDATA[Delineation of Geospatial Residential Real Estate Submarket Boundaries]]></title>
<description><![CDATA[The objective of this study was to develop and assess a methodology for deriving the geospatial dimensions of residential real estate submarkets. This was achieved through the analysis of marketplace behaviour with respect to the underlying dimensions of the residential real estate geography. Importantly, the methodology makes no prior assumptions about where the spatial boundaries might be as they were empirically derived from the data alone. The contribution made lies in the use of the principal components of the underlying real estate geography as linearly independent variables in a geographically weighted hedonic model. This allows changing patterns in the parameter estimates of the principal components to define the geospatial submarket boundaries.
]]></description>
<content><![CDATA[Adair, A, Berry, J &amp; McGreal, S 1996a, &#145;Valuation of residential property: Analysis of participant behaviour&#39;, Journal of Property Valuation and Investment, vol.14, pp.20-35.
Adair, A, Berry, J &amp; McGreal, S 1996b, &#145;Hedonic modelling, housing submarkets and residential valuation&#39;, Journal of Property Research, vol.13, pp.67-83.
Barker, K 2004, Review of housing supply delivering stability: Securing our future housing needs (Final report - recommendations), HM Treasury, London.
Bates, L 2006, &#145;Does neighborhood really matter? Comparing historically defined neighborhood boundaries with housing submarkets&#39;, Journal of Planning Education and Research, vol.26, pp.5-17.
Borst R. &amp; McCluskey W. (2008) &#145;Using Geographically Weighted Regression to detect housing submarkets: modeling large-scale spatial variations in value&#39;, Journal of Property Tax Assessment &amp; Administration Vol 5 Issue 1.
Bourassa, S, Cantoni, E &amp; Hoesli, M 2007, &#145;Spatial dependence, housing submarkets, and house price prediction&#39;, Journal of Real Estate Finance and Economics, vol.35, pp.143-60.
Bourassa, S, Hameling, F, Hoesli, M &amp; McGregor, B 1999, &#145;Defining housing submarkets&#39;, Journal of Housing Economics, vol.8, pp.160-83.
Bourassa, SC, Hoesli, M &amp; Peng, VS 2003, &#145;Do housing submarkets really matter?&#39;, Journal of Housing Economics, pp.12-28.
Cano-Guervos, R, Chica-Olmo, J &amp; Hermoso-Gutierrez, J 2003, &#145;A geo-statistical method to define districts within a city&#39;, Journal of Real Estate Finance and Economics, vol.27, pp.61-85.
Chhetri, P, Stimson, R &amp; Western, J 2006, &#145;Modelling the factors of neighbourhood attractiveness reflected in residential location decision choices&#39;, Chiikigaku Kenkyu (Studies in Regional Science), vol.36, pp.393-417.
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Figueroa, R 1999, &#145;Modelling the value of location in Regina using GIS and spatial autocorrelation statistics&#39;, Assessment Journal, vol.6, pp.29-38.
Fik, T, Ling, D &amp; Mulligan, G 2003, &#145;Modelling spatial variation in housing prices: A variable interaction approach&#39;, Real Estate Economics, vol.31, pp.623-46.
Fotheringham, A, Brunsdon, C &amp; Charlton, M 2002, Geographically weighted regression the analysis of spatially varying relationships, Wiley.
Gallimore, P, Fletcher, M &amp; Carter, M 1996, &#145;Modelling the influence of location on value&#39;, Journal of Property Valuation and Investment, vol.14, pp.6-19.
Goodman, A &amp; Thibodeau, T 2007, &#145;The spatial proximity of metropolitan area housing submarkets&#39;, Real Estate Economics, vol.35, pp.209-32.
Grigsby, W 1963, Housing markets and public policy, University of Pennsylvania Press.
Jackson, E, Kupke, V &amp; Rossini, P 2007, The relationship between socio-economic indicators and residential property values in Darwin, Thirteenth Annual Pacific-Rim Real Estate Society Conference, Fremantle, Western Australia.
Kauko, T 2000, Modelling location in house prices: A literature review of the empirical research methodology, Urban Research Centre Utrecht (URU), Utrecht.
Kestens, Y, Theriault, M &amp; Des Rosiers, F 2004, &#145;The impact of surrounding land use and vegetation on single-family house prices&#39;, Environmental and Planning B, vol.31, pp.539-67.
Lockwood, A &amp; Coffee, N 2006, &#145;Residential living structure as a basis for the spatial delineation of residential submarkets&#39;, Pacific Rim Property Research Journal, vol.12, pp.350-68.
Maclennan, D &amp; Tu, Y 1996, &#145;Economic perspectives on the structure of local housing systems&#39;, Housing Studies, vol.11, pp.387-405.
McCluskey, WJ, Deddis, WG &amp; Lamont, IG 2002, The application of spatially derived location factors within a GIS environment, PRRES conference, Christchurch, New Zealand, .
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Wheeler, D. &amp; Tiefelsdorf, M. (2005) &#145;Multicollinearity and correlation among local regression coefficients in geographically weighted regression&#39; J Geograph Syst 7: pp.161-187.
]]></content>
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<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/determinants-of-house-prices-in-new-zealand</link>
<title><![CDATA[Determinants of House Prices in New Zealand]]></title>
<description><![CDATA[Residential house prices in New Zealand (NZ) have experienced substantial increases even as the rate of house transactions began to slow down in 2007. This paper develops house price forecasting models using multiple regression analysis in order to analyse the main determinants of house prices in the New Zealand market. Quarterly time series data for the period from March 1980 to December 2007 were collected from the Department of Statistics and the Reserve Bank New Zealand for the model development. The estimated model suggests that house prices will fall after 2007 and will continue to fall in 2008 and 2009, and that migration plays an important role in determining house price fluctuation, so that a one-percent increase in migration arrivals is associated with approximately a 10 percent change in house prices with a one-year lag. Investment expectations, unemployment, mortgage rate and building permits are also the main determinants of price variations. The model shows that even before the sub-prime crisis hit NZ, the prices had been on the way down.
]]></description>
<content><![CDATA[Abelson, P. (1997). House and land prices in Sydney from 1931 to 1989. Urban Studies, 34(9), 1381-1400.
Bloch, B. (1997). Volatility in the residential house market: an international perspective. Property Management, 15(1), 12-24.
Bollard, A. (2008). OCR remains unchanged at 8.25%. Journal, (24/01/2008). Retrieved from http://www.landlords.co.nz/read-article.php?article id=3123
Brown, J. P., Song, H., &amp; McGillivray, A. (1997). Forecasting UK house prices: a time varying coefficient approach. Economic Modelling, 14, 529-548.
Cabinet, D. o. t. P. M. a. (2008). Final Report of the House Prices Unit: House Price Increases and Housing in New Zealand - March 2008.
Case, K. E., &amp; Mayer, C. J. (1996). Housing price dynamics within a metropolitan area. Regional Science &amp; Urban Economics, 26, 387-407.
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Clayton, J. (1997). Are housing price cycles driven by irrational expectations? Journal of Real Estate Finance and Economics, 14(3), 341-363.
Coleman, A., &amp; Landon-Lane, J. (2007). Housing markets and migration in New Zealand, 1962-2006. Journal, DP2007/2. Retrieved from www.rbnz.govt.nz/research/discusspapers
Cutler, D. M., Poterba, J. M., &amp; Summers, L. J. (1991). Speculative dynamics. Review of Economic Studies, 58(2), 529-546.
Dieleman, F. M., Clark, w. A. V., &amp; Deurloo, M. C. (2000). The geography of residential turnover in twenty-seven large US metropolitan housing markets, 1985-95. Urban Studies, 37(2), 223-245.
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Eslake, E. (2007). Economic factors affecting the housing market. The Australian Financial Review, March.
Ganesan, S. (1984). Property cycle: theoretical apexes and empirical observation on Hong Kong. Hong Kong: University of Hong Kong.
Gatzlaff, D. H. (1994). Excess returns, inflation and the efficiency of the housing market. Journal of the American Real Estate and Urban Economics Association, 22(4), 553-581.
Ge, X. J. (2004). Housing price models for Hong Kong. Unpublished PhD, University of Newcastle, Australia, Newcastle, NSW.
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Megbolugbe, I. F., Marks, A. P., &amp; Schwartz, M. B. (1991). The economic theory of housing demand: a critical review. Journal of Real Estate Research, 6(3), 381-393.
Mile, D. (1996). Property and inflation. Journal of Property Finance, 7(1), 21-32.
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News Team (2007). Surprise as New Zealand property prices hit new high. Journal. Retrieved from http://news.emigratenz.org/category/real-estate
Ortale-Magne, F., &amp; Rady, S. (2001). Housing market dynamics: on the contribution of income shocks and credit constrains. Journal, 70. Retrieved from Http://www.ise.ac.uk/people/f.n.ortale-magne@ise.au.uk/publications.htm
Pain, N., &amp; Westaway, P. (1997). Modelling structural change in the UK housing market: a comparison of alternative house price models. Economic Modelling, 14, 587-610.
Peng, R., &amp; Wheaton, W. C. (1994). Effect of restrictive land supply on housing in Hong Kong: an econometric analysis. Journal of Housing Research, 15(2), 263-292.
Pollak, R. A., &amp; Wale, T. J. (1981). Demographic variables in demand analysis. Econometrica, 49(6).
Potepan, M. J. (1994). Intermetropolitan migration and housing process: simultaneously determined? Journal of Housing Economics, 3, 77-91.
Potepan, M. J. (1996). Explaining intermetropolitan variation in housing prices, rents and land prices. Real Estate Economics, 24, 219-246.
Poterba, J. M. (1991). House price dynamics: the role of tax policy and demography. Brookings Papers on Economic Activity, 99(2), 143-203.
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Reichert, A. K. (1990). The impact of interest rates, income and employment upon regional housing prices. Journal of Real Estate Finance and Economics, 3, 373-391.
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Rex, T. R. (2000). Housing affordability worsens for low-income households. Journal, 47(11). Retrieved from http://www.azbusinessmagazine.com/azb/index.html
Richardson, C. (2007). Fundamentals Business Review Weekly, 29(32), 19.
Riddel, M. (1999). Fundamentals, feedback trading, and housing market speculation: evidence from California. Journal of Housing Economics, 8, 272-284.
Rosen, S. (1979). Wege-based indexes of urban quality of life. In P. Mieszkowski &amp; M. Straszeim (Eds.), Current Issues in Urban Economics. Baltimore, MD: John Hopkins University Press.
Siek, D. K. (1997). The provision of low-cost housing by private development in Bangkok. Journal. Retrieved from http://business2.unisa.edu.au/Proceedings/Proceedings2003/Pornchokchai_Lessons_Learnt_from_Housing_Speculation_in_Bangkok.pdf
Statistics,N.(2007)Migration. http://www.stats.govt.nz/datasets/population/migration.htm. Retrieved 10/12/07.
Stevenson, S. (2000). A long-term analysis of regional housing markets and inflation. Journal of Housing Economics, 9, 24-39.
Stillman, S., &amp; Mare, D. C. (2008). Housing markets and migration: evidence from New Zealand. Retrieved 12/09/08. from newzealand.govt.nz.
Tse, R. Y. C., Ho, C. W., &amp; Ganesan, S. (1999). Income elasticity of housing consumption in Hong Kong: a cointegration approach. Journal of Property Research, 16(2), 123-138.
Voith, R. (1999). The suburban housing market: effects of city and suburban employment growth. Real Estate Economics, 21, 621-667.
Wheeler, M., &amp; Chowdhury, A. R. (1993). The housing market, macroeconomic activity and financial innovation: an empirical analysis of US data. Applied Economics, 25(3), 385-392.
]]></content>
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<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/the-housing-puzzle</link>
<title><![CDATA[The Housing Puzzle]]></title>
<description><![CDATA[This paper is the keynote address, presented by Professor Bob Hargreaves at the 15
	 PRRES Conference in Sydney over 18&#150;21 January 2009, on research opportunities in housing for property academics. The keynote address was sponsored by Estate Master.
]]></description>
<content><![CDATA[Bourassa,S.C., Hoesli,M., and Sun, J. (2004) &#145;A Simple Alternative House Price Method&#39;, FAME Working Paper No. 119. SSRN: http://ssrn.com/abstract=631008.
Brower, A. (2008), Who owns the High Country? Craig Potton Publishing, Nelson.
Fisher, L and Jaffe, A. (2003), &#145;Determinants of International Home Ownership Rates&#39;, Housing Finance International, Sept.
Fisher,L., Pollakowski,H., and Zabel J. (2007), &#145;Amenity-based Housing Affordability Indexes&#39;, Draft paper, Massachusetts Institute of Technology. http://web.mit.edu/cre/research/hai/aff-index.html.
Graaskamp, J.A. (1981), &#145;Fundamentals of Real Estate Development&#39;, Development Component Series Monograph, Urban Land Institute, Washington,DC.
Greenspan,A. (2008) &#145;Testimony on Sources of Financial Crisis&#39; to House Committee on Government Oversight and Reform. Washington. http://blogs.wsi.com/economics/2008/10/23/greenspan-testimony-on-sources-of-financial-crisis/.
Marcromarkets (2008), &#145;U S Housing: 21 Century Alternatives for Investment and Risk Management&#39; http://macromarkets.com/index.shtml.
Quotable Value, (2008), &#145;Urban Sales Statistics-Half Year Ended June, 2007&#39;, Quotable Value, Wellington.
Jones, D.G., Galvin, K. and Woodhouse, D. (2000), &#145;Universities as Critic and Conscience of Society: The Role of Academic Freedom&#39;, New Zealand Universities Academic Audit Unit , AAU Series on Quality: no.6.
Larson, K., Intille, S., McLeish, T., Beaudin, J., and Williams, R. &#145;Open source building-reinventing places of living&#39;, BT Technology Journal, Vol 22, no. 4.
Rothenberg, J., Galster, G.C., Butler ,R.V. and Pitkin, J.R. (1991), The Maze of Urban Housing Markets: theory, Evidence and Policy, The University of Chicago Press.
Shi, S., Martin, Y., &amp; Hargreaves, B. (2008). &#145;House price-volume dynamics: does the index matter? Evidence from 12 cities in New Zealand&#39; paper presented to The 13 Asian Real Estate Society Annual Conference, Shanghai.
Shiller R.J. (2005), Irrational Exuberance, 2 ed. Princeton University Press, New York, New York.
Shiller R.J. (2007), &#145;Implications of Behavioural Finance for Real Estate and Other markets&#39; Seminar presented to CFA Institute, May www.cfawwebcasts.org.
Statistics New Zealand, (2006), &#145;Census 2006&#39; Hot off the Press, Statistics New Zealand, Wellington, www.stats.govt.nz.
Smith, W.F. (1971), Housing- The Social and Economic Elements, University of California Press.
Smith, W.F. (1975), Urban Development&#39;, University of California Press.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/the-housing-puzzle</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume15-2009/managing-the-development-of-multi-titled-golf-complexes</link>
<title><![CDATA[Managing the Development of Multi-Titled Golf Complexes]]></title>
<description><![CDATA[Multi-titled golf development (MTGD) complexes represent an increasingly popular form of living in Australia. This form of living presents some particular challenges due to the number of stakeholders involved (eg, complex developer, body corporate service provider, accommodation owners, golf-course owner and other potential commercial operators). In this study, qualitative data collected from thirteen interviews with Queensland-based developer representatives and body corporate managers experienced in MTGDs is examined to explore issues arising from the protracted involvement of developers in the life of an MTGD complex. The role of the body corporate management function is also examined and a potential for a conflict of interest arising noted. The importance of developing a sense of community in a MTGD is also observed and commented on. Academic and practical implications as well as future research opportunities are outlined.
]]></description>
<content><![CDATA[Agar, M.H. (1988) Speaking of Ethnography, Thousand Oaks, California: Sage Publications.
Ball, R. (1984), What is a multi-title?, Law Institute Journal, August, pp.924-925.
Blandy, S., Dixon, J., and Dupuis, A. (2006), Theorising power relationships in multi-owned residential developments: Unpacking the bundle of rights, Urban Studies, Vol. 43, pp.2365-2383.
Blondin, A. (2006), Housing market sets future of golf courses, Knight Ridder Tribune Business News, Jan 22.
Chen, T. (2004), A study of golf courses management: The in-depth interview approach, Journal of American Academy of Business, Vol. 5, pp.138-143.
Costley, D. (2006), Master planned communities: Do they offer a solution to urban sprawl or a vehicle for seclusion of the more affluent consumers in Australia? Housing, Theory, and Society, Vol. 23, pp.157-175.
Guilding, C., Ardill, A., Fredline, E., and Warnken, J. (2005), An agency theory perspective on the owner / manager relationship in tourism-based condominiums, Tourism Management, Vol. 26, pp.409-420.
Guilding, C., and Whiteoak, J. (2008), An examination of management issues arising in residential golf complexes, Pacific Rim Property Research Journal, Vol. 14, pp.44-65.
Gwyther, G. (2003), Paradise planned: Socioeconomic differentiation and the master planned community on Sydney&#39;s urban fringe. Conference paper as cited in Costley, D. (2006), Master planned communities: Do they offer a solution to urban sprawl or a vehicle for seclusion of the more affluent consumers in Australia? Housing, Theory, and Society, Vol. 23, pp.157-175.
Hodges, A. W., and Haydu, J. J. (2004), Golf, tourism and amenity based development in Florida, Journal of American Academy of Business, Vol. 4, pp.481-488.
Kimes, S. E. (2000), Revenue management on the links, Cornell Hotel and Administration Quarterly, Vol. 41, pp.120-127.
Lambert, R. A. (2001), Contracting theory and accounting, Journal of Accounting and Economics, Dec, pp.3-87.
Lillis, A.M. (1999). A framework for the analysis of interview data from multiple field research sites, Accounting and Finance, Vol. 39, pp.79-105.
Lum, R. (2003), Course management lofty business for firm, Baltimore Business Journal, Vol. 20, pp.24-25.
Mertens, D.M. (2004), Research Methods in Education and Psychology: Integrating diversity with quantitative, qualitative, and mixed methods. 2 ed, London: Sage Publications.
Petrick, J. F., and Backman, S. J. (2002), An examination of the determinants of golf traveler satisfaction, Journal of Travel Research, Vol. 40, pp.252-258.
Rosenblatt, T., Cheshire, L., &amp; Lawrence, G. (2008). Social interaction and sense of community in a master planned community, Housing, Theory, and Society, Vol. N/A, pp.1-21.
Shamske, S. (1999), The economics of golf course condition and beauty, Atlantic Economic Journal, Vol. 27, pp.301-313.
Turner, B. S., and Edmunds, J. (2002), The distaste of taste. Bourdieu, cultural capital and the Australian post-war elite, University of Cambridge, Journal of Consumer Culture, Vol, 2, pp.219-240.
Walters. P., &amp; Rosenblatt, T. (2008). Co-operation or Co-presence? The comforting ideal of community in a master planned estate, Urban Policy and Research, Vol. 26, pp.397413.
Warnken J. (2002). Tourism Infrastructure Audit - Gold Coast, Project 2.2 of the Gold Coast Visioning Project CRC Research Report Series. Gold Coast: Co-operative Research Centre for Sustainable Tourism, Griffith University: Gold Coast.
Warnken, J., Guilding, C. and K. Cassidy, (2008), A review of the nature and growth of multi-titled tourism accommodation complexes, International Journal of Hospitality Management, Vol. 27, pp.574-583.
Warnken, J., Russell, R., and Faulkner, B., (2003), Condominium developments in maturing destinations: Potentials and problems for long-term sustainability, Tourism Management, Vol. 24, pp.155-168.
Case Study Research: Design and Methods (3 ed.) 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/managing-the-development-of-multi-titled-golf-complexes</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume15-2009/the-global-financial-crisis-and-the-centro-properties-group-earnings-revision-and-refinancing-announcements-an-event-study</link>
<title><![CDATA[The Global Financial Crisis and the Centro Properties Group Earnings Revision and Refinancing Announcements: An Event Study]]></title>
<description><![CDATA[This study analyses the impact of the global financial crisis using Centro Properties Group&#39;s earnings revision and refinancing announcements on December 17
	 2007 as the event date to investigate the change in risk profile for A-REITs that were included in the S&amp;P/ASX 300. The study finds that nine of the 25 A-REIT constituents on the S&amp;P/ASX 300 recorded statistically significant negative abnormal returns on 17
	 December 2007 and that the systematic risk for many A-REITs moved significantly higher after this date. This increased systematic risk has major implications for the cost of capital to the sector.
]]></description>
<content><![CDATA[Allen, P. R. and Sirmans, C. F. (1987), An analysis of gains to acquiring firm&#39;s shareholders: The special case of REITs. Journal of Financial Economics 18 (1):175-184.
BDO Corporate Finance. (2008), A-REIT Survey. BDO Kendalls, Melbourne.
BDO Corporate Finance. (2009a), A-REIT Half Year Survey. BDO Kendalls, Melbourne.
BDO Wealth Management. (2009b), Wealth Management News June 2009. BDO Kendalls, Melbourne.
Campbell, R. D., Ghosh, C., and Sirmans C.F. (2001), The information content of method of payment in mergers: evidence from real estate investment trusts (REITs). Real Estate Economics 29 (3):361-387.
KPMG Corporate Finance. (2007), Survey of the Australian Capital Markets. KPMG, Melbourne.
KPMG Corporate Finance. (2008), Survey of the Australian Capital Markets. KPMG, Melbourne.
Elton, E.J. and Gruber, M.J. (1977), Risk reduction and portfolio size: An analytic solution. Journal of Business 50: 415-37.
Glascock, J., Davidson, W., and Sirmans C.F. (1989), An analysis of the acquisition and disposition of real estate assets. Journal of Real Estate Research 4 (3):131-140.
Lintner, J. (1965), The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. Review of Economics and Statistics 47(1): 13-37.
Markowitz, H. (1952), Portfolio Selection. Journal of Finance 7 (1): 77-91.
Mossin, J. (1966), Equilibrium in a capital asset market. Econometrica 34 (4): 768-83.
Newell, G. (2005), Factors influencing the performance of listed property trusts. Pacific Rim Property Research Journal 11(2): 211-227.
Newell, G. (2008), The significance of property in superannuation funds. Australian and New Zealand Property Journal 1: 670-677.
Newell, G. and Peng, H. W. (2006), The significance of emerging property sectors in property portfolios. Pacific Rim Property Research Journal 12(2): 177-197.
Newell, G. and Peng, H.W. (2008), LPT fund manager decision-making in the emerging property sectors. Pacific Rim Property Research Journal 14(2): 222-240.
Newell, G. and MacIntosh, I. (2007), Currency risk management practices by Australian listed property trusts. Pacific Rim Property Research Journal 13(2): 213-233.
MacKinlay, A.C. (1997), Event studies in economics and finance. Journal of Economic Literature 35: 13-39.
Peng, H.W. and Newell, G. (2007), The significance of infrastructure in Australian investment portfolios. Pacific Rim Property Research Journal 13(4): 423-450.
Ratcliffe, C. and Dimovski, W. (2007), The responsiveness of LPT returns and their attributes. Pacific Rim Property Research Journal 13 (3): 280 -297.
Ting, K.H., Nassir, A.M., Newell, G. and Hassan, T. (2006), Impact of Asian financial crisis on Malaysian corporate real estate disposals. Pacific Rim Property Research Journal 12(1): 55-84.
Sharpe, W. (1963), Capital asset prices: a theory of market equilibrium conditions under conditions of risk, Journal of Finance 19(3): 425-42.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/the-global-financial-crisis-and-the-centro-properties-group-earnings-revision-and-refinancing-announcements-an-event-study</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/the-impact-of-the-global-financial-crisis-on-commercial-property-investment-in-asia</link>
<title><![CDATA[The Impact of the Global Financial Crisis on Commercial Property Investment in Asia]]></title>
<description><![CDATA[Commercial property investment in Asia has taken on increased importance in recent years. However, the global financial crisis of 2007-2009 has had a major impact on global property markets, including the Asian property markets. This paper examines global commercial property transactions in 2007-2008 to assess the impact of the global financial crisis on commercial property investment in Asia. Major property investor profiles and property transaction locations are also assessed. Clear differences emerge regarding the relative impact in Asia, both in a global context and regional context. The results highlight the increased relative contribution by the Asian property markets across a range of property investment characteristics during the global financial crisis. Issues relating to the ongoing impact of the global financial crisis over 2009-2010 are also highlighted.
]]></description>
<content><![CDATA[Asian Public Real Estate Association (2009) Weekly Asian REIT Report: January 2009, APREA.
Bond, S., A. Karolyi and A. Sanders (2003) International real estate returns: a multifactor, multicounty approach, Real Estate Economics, 31, 481-500.
Chau, K.W., B. MacGregor and G. Schwann (2001) Price discovery in the Hong Kong real estate market, Journal of Property Research, 18, 187-216.
Chau, K.W., S.K. Wong and G. Newell (2003) Performance of property companies in Hong Kong: a style analysis approach, Journal of Real Estate Portfolio Management, 9, 29-44.
Chin, W., P. Dent and C. Roberts (2006) An exploratory analysis of barriers to investment and market maturity in Southeast Asian cities, Journal of Real Estate Portfolio Management, 12, 49-58.
Conover, M., S. Friday and S. Sirmans (2002) Diversification benefits from foreign real estate investment, Journal of Real Estate Portfolio Management, 8, 17-26.
European Public Real Estate Association (2009) Global Real Estate Universe, EPRA News, 27, 60.
Gray, L. (2009) Asset values take a hit, Institutional Real Estate Letter-Europe, July/August.
Hoesli, M., J. Lekander and W. Witkiewicz (2004) International evidence on real estate as a portfolio diversifier, Journal of Real Estate Research, 26, 165-206.
Jin, C., T. Grissom and A. Ziobrowski (2007) The mixed-asset portfolio for Asia-Pacific markets, Journal of Real Estate Portfolio Management, 13, 249-256.
Jones Lang LaSalle (2008) Real Estate Transparency Index, JLL.
Jones Lang LaSalle (2009) Asia Pacific Property Digest Q1:2009, JLL.
Ling, D. and A. Naranjo (2002) Commercial real estate return performance: a crosscountry analysis, Journal of Real Estate Finance and Economics, 24, 119-142.
Liow, K.H. (2000) The dynamics of the Singapore commercial property market, Journal of Property Research, 17, 279-292.
Liow, K.H. (2001a) The long-term investment performance of Singapore real estate and property stocks, Journal of Property Investment and Finance, 19, 156-174.
Liow, K.H. (2001b) The abnormal return performance of Singapore property companies, Pacific Rim Property Research Journal, 7, 104-112.
Liow, K.H. (2007) The dynamics of return volatility and systematic risk in international real estate security markets, Journal of Property Research, 24, 1-29.
Liow, K.H. (2008) Financial crisis and Asian real estate securities market interdependence: some additional evidence, Journal of Property Research, 25, 127-155.
Liow, K.H. and A. Adair (2009) Do Asian real estate companies add value to investment portfolios, Journal of Property Investment and Finance, 27, 42-64.
Liow, K.H. and M.C. Sim (2006) The risk and return profile of Asian real estate stocks, Pacific Rim Property Research Journal, 12, 283-310.
Macquarie Securities (2009) Global Property Securities Analytics: December 2008, Macquarie Securities.
Newell, G. and K.W. Chau (1996) Linkages between direct and indirect property performance in Hong Kong, Journal of Property Finance, 7, 9-29.
Newell, G., K.W. Chau and S.K. Wong (2004) The level of direct property in Hong Kong property company performance, Journal of Property Investment and Finance, 22, 512-532.
Newell, G., K.W. Chau and S.K. Wong (2009) The significance of Chinese commercial property in an Asian property portfolio, Journal of Property Investment and Finance, 27, 102-119.
Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2005) Dynamics of the direct and indirect real estate markets in China, Journal of Real Estate Portfolio Management, 11, 263-279.
Newell, G., K.W. Chau, S.K. Wong and K. McKinnell (2007) Factors influencing the performance of Hong Kong real estate companies, Journal of Real Estate Portfolio Management, 13, 75-86.
Newell, G. and R. Kamineni (2007) The significance and performance of real estate markets in India, Journal of Real Estate Portfolio Management, 13, 161-172.
Ooi, J., G. Newell and T.F. Sing (2006) The development of Asian REITs, Journal of Real Estate Literature, 14, 203-224.
Real Capital Analytics (2009), Global Capital Trends: April 2009, RCA (and miscellaneous previous copies).
Schwann, G. and K.W. Chau (2003) News effects and structural shifts in price discovery in Hong Kong, Journal of Real Estate Finance and Economics, 27, 257-271.
Sing, T.F. and S.H. Low (2000) The inflation-hedging characteristics of real estate and financial assets in Singapore, Journal of Real Estate Portfolio Management, 6, 373-386.
Global Property and REIT Report: 4 Quarter 2008 
Transparency International (2008) Corruption Perception Index 2008, TI.
Wilson, P., S. Stevenson and R. Zurbruegg (2007) Measuring spillover effects across Asian property stocks, Journal of Property Research, 24, 123-138.
World Economic Forum (2008) Global Competitiveness Report 2008-09, WEF.
World Federation of Exchanges (2009) 2008 Annual Report, WFE.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/the-impact-of-the-global-financial-crisis-on-commercial-property-investment-in-asia</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/the-impact-of-the-global-financial-crisis-on-a-reits</link>
<title><![CDATA[The Impact of the Global Financial Crisis on A-REITs]]></title>
<description><![CDATA[A-REITs have previously been highly successful indirect property investment vehicles in Australia. However, the global financial crisis has had a significant impact on the performance of A-REITs in 2007-09. This has seen the factors of international property exposure, high debt levels and stapled securities structures having an impact on A-REIT performance. This paper assesses the changing risk profile and portfolio diversification benefits of A-REITs over 1996-2008, specifically identifying the impact of international property, high gearing and property development activities on the performance and risk profile of A-REITs in the current global credit crisis. The impact of high gearing is seen to be the most critical factor in recent A-REIT under-performance.
]]></description>
<content><![CDATA[Chikolwa, B. (2007), The development of commercial mortgage backed securities in Australia. Pacific Rim Property Research Journal, 13: 397-422.
Chikolwa, B. (2008), Determinants of Australian LPT bond ratings. Pacific Rim Property Research Journal, 14(2): 123-149.
Dimovski, W. and Brooks, R. (2006a), The pricing of property trust IPOs in Australia. Journal of Real Estate Finance and Economics, 32: 185-198.
Dimovski, W. and Brooks, R. (2006b), Factors influencing money left on the table by property trust IPO issuers. Journal of Property Research, 23: 269-280.
Dimovski, W. and Brooks, R. (2007), Factors influencing the direct costs of property trust IPOs. Pacific Rim Property Research Journal, 13(1): 2-15.
Investment Property Databank/Property Council of Australia (2007), Investment Performance Index: September 2007. IPD/PCA, Melbourne.
Investment Property Databank/Property Council of Australia (2009), Investment Performance Index: December 2008. IPD/PCA, Melbourne.
Jones Lang LaSalle (2008), Real Estate Transparency Index. JLL.
Lee, C. L., Reed, R. and Robinson, J. (2007), Momentum profits in Australian listed property trusts. Pacific Rim Property Research Journal, 13(3): 322-343.
Lee, C. L., Robinson, J. and Reed, R. (2008), Downside beta and the cross-section determinants of LPT returns. Journal of Real Estate Portfolio Management, 14(1): 49-62.
Macquarie Securities (2009), Global Property Securities Analytics Monthly Report: September 2009. Macquarie Securities, London (and previous copies).
Newell, G. (2006), The changing risk profile of listed property trusts. Australian Property Journal, 39: 172-180.
Newell, G. (2007a), The significance of property in industry-based superannuation funds. Australian and New Zealand Property Journal, 1: 34-43.
Newell, G. (2007b), The significance of wholesale property funds. Australian and New Zealand Property Journal, 1: 216-233.
Newell, G. (2008), The significance of property in superannuation funds. Australian and New Zealand Property Journal, 1: 670-677.
Newell, G. and MacIntosh, I. (2007), Currency risk management practices by Australian LPTs. Pacific Rim Property Research Journal, 13: 214-234.
Newell, G. and Peng, H. W. (2006), The significance of emerging property sectors in property portfolios. Pacific Rim Property Research Journal, 12: 177-197.
Newell, G. and Peng, H.W. (2008), LPT fund manager decision-making in the emerging property sectors. Pacific Rim Property Research Journal, 14(2): 222-240.
Newell, G. and Tan, Y.K. (2003), The significance of property sector and geographic diversification in Australian institutional property portfolios. Pacific Rim Property Research Journal, 9: 248-264.
Newell, G. and Tan, Y.K. (2004), The development and performance of listed property trust futures. Pacific Rim Property Research Journal, 10: 132-145.
Peng, V. (2004), Selectivity, timing and the performance of listed property trusts: implications for investment strategies. Pacific Rim Property Research Journal, 10: 235-254.
Property Investment Research. (2008), Property Funds Manager Survey 2008. PIR, Melbourne.
Ratcliffe, C. and Dimovski, W. (2007), The responsiveness of LPT returns and their attributes. Pacific Rim Property Research Journal, 13 (3): 280 - 297.
Standard &amp; Poor&#39;s (2009), Global Property &amp; REIT Quarterly Report: Q3 2009. S&amp;P (and previous copies).
Tan, Y.K. (2004a), Benchmarking international property in Australian LPT portfolios. Pacific Rim Property Research Journal, 10: 3-29.
Tan, Y.K. (2004b), The role of international property trusts in Australian mixed-asset portfolios. Pacific Rim Property Research Journal, 10: 215-234.
Tan, Y.K. (2004c), Internal management and size the winning factors. Property Australia, 19(2): 58-59.
Tan, Y.K. (2004d), Is development good for LPTs? Property Australia, 19(3): 50-51.
UBS (2009), UBS Indices: December 2008. UBS. 
]]></content>
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<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume15-2009/the-impact-of-the-global-financial-crisis-on-asia-pacific-real-estate-markets-evidence-from-korea-japan-australia-and-u.s.-reits</link>
<title><![CDATA[The Impact of the Global Financial Crisis on Asia-Pacific Real Estate Markets: Evidence from Korea, Japan, Australia and U.S. RE]]></title>
<description><![CDATA[This paper analyzes the impact of the U.S. real estate market collapse on the Asia-Pacific real estate markets, by examining the Korea, Japan, Australia, and U.S. REITs indexes during the sample period of January 2004 - June 2009 with two sub-samples of before-crisis and after-crisis. The findings indicate that linkages between the U.S. and Australia REIT sectors was strong during January 2004 - June 2009. In the case of linkages between the U.S. and Korean REIT sectors, co-movements have become significant only after the breakout of global financial crisis. The Japanese REIT sector shows a weak relationship with the U.S. REIT sector. In addition, this paper shows a weak co-integration among Asia-Pacific REIT sectors. A-REITs, K-CR REITs, J-REITs show different magnitudes of contagion effects. This finding can be explained by characteristics of REITs, structure offinancing, and country&#39;s economic situation.
]]></description>
<content><![CDATA[Arshanapalli, B. and Doukas, J. (1993) International Stock Market Linkage: Evidence from the Pre- and Post-October 1987 Period. Journal of Banking and Finance 17, 193-208.
Bardhan, A. Edelstein, R. and Tsang, D. (2008) Global Financial Integration and Real Estate Security Returns. Real Estate Economics 36, 285-311.
Brooks, C. (2008) Introductory Econometrics for Finance 2 edition, Cambridge University Press.
Campbell, J. and Hamao P. (1992) Predictable Stock Returns in the United States and Japan: A Study of Long-Term Capital Market Integration. Journal of Finance 47, 43-69.
Eichholtz, P. Huisman, R. Koedijk, K. and Schuin, L. (1998) Continental Factors in International Real Estate Returns. Real Estate Economics 26, 493-509.
Engle, R. and Granger C. (1987) Co-integration and Error-Correction: Representation, Estimation, and Testing. Econometrica 55, 251-276.
Eun, C. and Shim, S. (1989) International Transmission of Stock Market Movements. Journal of Financial and Quantitative Analysis 24, 241-256.
Garvey, R. Santry G. and Stevenson, S. (2001) The Linkages Between Real Estate Securities in the Asia-Pacific. Pacific Rim Property Research Journal 7, 240-258.
Hardouvelis, G. Malliaropilos, D and Preistly, R. (2006) EMU and European Stock Market Integration. Journal of Business 79, 365-392.
Johansen, S (1988) Statistical Analysis of Cointegration Vectors, Journal of Economic Dynamic and Control 12, 231-254.
Johansen, S. and Juselius K. (1990) Maximum Likelihood Estimation and Inference on Cointegration with Application to the Demand for Money, Oxford Bulletin of Economics and Statistics 52, 169-209.
Kim, B, (2008) Real Estate Finance 2nd ed. (Korean Version), Chongmok Publishing Co., Seoul, Korea.
Liow, K. (2008) International Real Estate Market Linkages: Evidence from Time-Varying Correlation and Cointegration Tests. 17 AREUEA International Conference, 2008.
Liow, K. and Sim, M. (2006) The Risk and Return Profile of Asian Real Estate Stocks. Pacific Rim Property Research Journal 12 (3), 283-310.
Liow, K. and Webb, J. (2007) Are International Real Estate Markets Integrated: Evidence from Chaotic Dynamics. Research Report, RERI.
Osterwald L. (1992) A Note with Quantiles of the Asymptotic Distribution of the Maximum Likelihood Cointegration Rank Test Statistics. Oxford Bulletin of Economics and Statistics 54, 461-471.
Talbott, J. (2009) Contagion. John Wiley. &amp; Sons, Inc.
Whiting, D. (2007) Playing the REIT Game: Asia&#39;s New Real Estate Investment Trusts. John Wiley &amp; Sons, Inc.
Zandi, M. (2009) Financial Shock: A 360 Look at the Subprime Mortgage Implosion and How to Avoid the Next Financial Crisis. FT Press.
Zhu, H. and Liow, K. (2005) Relationship Between the Shanghai and Hong Kong Property Stock Market. Pacific Rim Property Research Journal 11, 24-43.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/the-impact-of-the-global-financial-crisis-on-asia-pacific-real-estate-markets-evidence-from-korea-japan-australia-and-u.s.-reits</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume15-2009/capital-strategies-for-survival-for-a-property-development-company-during-an-economic-crisis</link>
<title><![CDATA[Capital Strategies for Survival for a Property Development Company During an Economic Crisis]]></title>
<description><![CDATA[During an economic crisis, it is crucial for a property development company to empio) appropriate survival business strategies. This research investigates, via both in-deptl interviews and questionnaire surveys, property development companies in Thailand who have been able to survive the 1997 - 2000 crisis and are working through the 2008 -2009 crisis. Perception level to keep good credit with lenders has significan relationships with the types of property developed. There are more strategies to acquire capital other than loans from banks. Developers whose registered capital is less than 500 million baht (USD 14.5 million) preferred acquiring capital from shareholders, while those with higher registered capital preferred a strategy of expediting sale and transfer.
]]></description>
<content><![CDATA[Augustine, N, 2000. Harvard Business Review on Crisis Management. Boston, M.A., Harvard Business Review.
Business Dictionary.Org, n.d. Economic Crisis. Available at: http://www.businessdictionary.com/definition/economic-crisis.html[Accessed 5 October 2009]
Harvard Business Essentials, 2004. Crisis Management: Master the Skills to Prevent Disasters. Boston, MHarvard Business School Publishing Corporation.
Hewlett, C. and Kaufmann, G. (2008), Strategy for Real Estate Companies. Urban Land Institute, Washington D.C.
Keller, G., Jenks, D., and Papasan, J. (2009), Shift: How Top Real Estate Agents Tackle Tough Times. McGraw Hill, U.S.A.
Leinberger, C. (1993), Strategy for Real Estate Companies: Marketing, Finance, Organization. Urban Land Institute, Washington D.C.
Lussier, R. (2005), A Success Versus Failure Prediction Model for the Real Estate Industry. Mid-American Journal of Business, 20(1), 47 - 53.
Mullineux, A., Agung, J., and Pinijkulviwat, A., (1999), Paths to Recovery in Thailand and Indonesia. Journal of Financial Regulation and Compliance, 7(2), 183-197.
Pheng, L., Ho, D., and Ann, Y., 1999. Crisis Management: a Survey of Property Development Firms. Property Management, 17(3), 231-251.
Porter, M. (1989), Competitive Strategy and Real Estate Development. Remark to the 1989 Harvard Business School Real Estate Symposium. http://www.isc.hbs.edu/Porter_ Strategy_ Real _Estate1.pdf
Sophastienphong, S., 2009. Will the Global Financial Crisis Sink Thailand? Bangkok Post, [Online] 5 March. Available  at: http://www.bangkokpost.com/business/economics/12764/will-the-global-financial-crisis-sink-thailand[Accessed 19 October 2009]
World Bank, 2009. Chapter 1: the Impact of the Crisis on the Countries in the East Asia and Pacific, 19 April. Available at: http://siteresources.worldbank.org/INTEAPHALFYEARLYUPDATE/ Resources/550192-1238574864269/5976918-1239010682147/update april09 chapter1.pdf[Accessed 22 October 2009]
Vanichvatana, S. (2004), Thailand 2003 Up Trend Real Estate Cycle: Fundamental and Characteristics. Proceedings of the Tenth Pacific Rim Real Estate Society (PRRES) Conference, Bangkok, Thailand, January.
Vanichvatana, S. (2007), Thailand Real Estate Market Cycle: Case Study of 1997 Economic Crisis. GH Bank Housing Journal, 1(1): 38 - 47. Available at: http://www.ghbank.co.th/en/Journal/Vol1/10.pdf[Accessed 22 September 2009]
Watanagase, T., 2009. Thai Economy through 2009 Global Economic Crisis. Government Housing Bank Journal, issue 56, January-March, 61-64. Available at: http://www.ghbhomecenter.com/news/news_journal.asp[Accessed 5 October 2009]
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume15-2009/capital-strategies-for-survival-for-a-property-development-company-during-an-economic-crisis</guid>
<pubDate>31 Dec 2008 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/structuring-issues-for-commercial-mortgage-backed-securities-in-australia</link>
<title><![CDATA[Structuring Issues for Commercial Mortgage-Backed Securities in Australia]]></title>
<description><![CDATA[This paper presents survey results of factors considered by originators/issuers and arrangers of Australian Commercial Mortgage-Backed Securities to obtain high credit ratings and those considered in the pricing of the issues to ensure their success. Rating of issues was found to be the main reason why investors invest in CMBSs and provision of funds at attractive rates as the main motivation behind CMBS issuance. Furthermore, asset quality was found to be the most important factor necessary to obtain a high credit rating, supporting the previous industry view that the assets backing the securitisation are its fundamental credit strength.
]]></description>
<content><![CDATA[Alles, L. 2000, Asset Securitisation in Australia: How and Why it Works, Curtin Business School, Perth.
Chikolwa, B. 2007, &#145;Development of Australian Commercial Mortgage-Backed Securities&#39;, Pacific Rim Property Research Journal, vol. 13, no. 4, pp. 398-422.
Chikolwa, B. 2008, &#145;Assessment of Property Risk in Australian Commercial Mortgage-Backed Securities&#39;, Pacific Rim Property Research, vol. 14, no. 1, pp. 3-26.
Chikolwa, B. and Chan, F. 2008, &#145;Determinants of Commercial Mortgage-Backed Securities Credit Ratings: Australian Evidence&#39;, International Journal of Strategic Property Management, vol. 12, no. 2, pp. 69-94.
Clayton UTZ 2003, A Guide to the Law of Securitisation in Australia: Third Edition, Clayton UZ, Sydney.
Commercial Mortgage Alert 2008, &#145;Global CMBS Issuance in 2007&#39;, in Commercial Mortgage Alert, vol. January 12, p. 22.
Condon, T. 2008, &#145;Commercial Sales Plunge&#39;, The Australian, Prime Space Business, July 3, p. 25.
Croucher, J. S. 1997, Elements of Statistics for Business, McGraw-Hill Book Company, New York.
Denzin, N. K. 1978, The Research Act, McGraw-Hill, New York.
Fitch Ratings 2005, Rating Single-Borrower Commercial Mortgage Transactions, Fitch Ratings, New York.
Gallimore, P. and McAllister, P. 2004, &#145;Expert Judgement in the Process of Commercial Property Market Forecasting&#39;, Journal of Property Research, vol. 21, no. 4, pp. 337-360.
Gallimore, P. and McAllister, P. 2005, Judgement and Quantitative Forecasts in Commercial Property Investment, RICS, London.
Han, J. 1996, &#145;To Securitize or Not to Securitize? The Future of Commercial Real Estate Debt Markets&#39;, Real Estate Finance, vol. 13, no. 2, pp. 71-80.
Henderson, J. and ING Barings 1997, Asset Securitization: Current Techniques and Emerging Market Applications, Euromoney Books, London.
Huang, Z., Chen, H., Hsu, C., Chen, W. and Wu, S. 2004, &#145;Credit Rating Analysis with Support Vector Machines and Neural Networks: A Market Comparative Study&#39;, Decision Support Systems, vol. 37, pp. 543-558.
Kim, K. S. 2005, &#145;Predicting Bond Ratings Using Publicly Available Information&#39;, Expert Systems with Applications, vol. 29, no. 1, pp. 75-81.
Kohler, H. 1993, Statistics for Business and Economics, 3rd edn, Harper Collins, Sydney.
Kose, J., Lynch, A. W. and Puri, M. 2003, &#145;Credit Ratings, Collateral, and Loan Characteristics: Implications for Yield&#39;, The Journal of Business, vol. 76, no. 3, pp. 371409.
Levy, D. and Henry, M. 2003, &#145;A Comparative Analysis of US, UK and Australian Published Property Research Methodologies and Methods&#39;, Pacific Rim Property Research, vol. 9, no. 2, pp. 148-162.
Moody&#39;s Investor Service 2001, The Combined Use of Qualitative Analysis and Statistical Models in the Rating of Securitisations, Moody&#39;s Investor Service, New York.
Moody&#39;s Investor Service 2003, CMBS: Moody&#39;s Approach to Rating Australian CMBS, Moody&#39;s Investor Service, Sydney.
National Australia Bank 2007, Monthly Business Survey - November 2007. Retrieved January 3, 2008, from http://www.nabcapital.com/downloads/public/28870 0.pdf?SourcePage=/research/austrari a/economics.aspx
Newell, G. 2006, &#145;The Significance of Property in Industry Based Superannuation Funds in Australia&#39;, Australia and New Zealand Property Journal, vol. 1, no. 1, pp. 34-43.
Ooi, J., Liow, K. H. and Tay, L. 2003, &#145;The Wealth Effects of Securitising Commercial Real Estate: A Case on Raffles Holdings, Singapore&#39;, Pacific Rim Property Research, vol. 9, no. 113-27.
Reserve Bank of Australia 2006, Financial Stability Review: March 2006, Reserve Bank of Australia, Sydney.
Reserve Bank of Australia 2007, Financial Stability Review: September 2007, Reserve Bank of Australia, Sydney.
Reserve Bank of Australia 2008, Financial Stability Review: March 2008, Reserve Bank of Australia, Sydney.
Richardson, K. 2003, &#145;CMBS Market Shaping For Another Growth Spurt&#39;, Property Australia, vol. March, pp. 36-39.
Roche, T. 2002, &#145;Commercial Mortgage-Backed Securities: A Homogeneous Asset Class?&#39; Australian Property Journal, August, pp. 170-174.
Sing, T. F., Ong, E. S. and Ng, K. H. 2004, &#145;Commercial Mortgage Backed Securitization in Singapore: The Challenges Ahead&#39;, Real Estate Finance, vol. 21, no. 3, pp. 14-27.
Standard &amp; Poor&#39;s 2001, Australian Commercial Mortgage-Backed Securitization - The Rating Process, Standard &amp; Poor&#39;s, Melbourne.
Standard &amp; Poor&#39;s 2005, Guide to Legal Issues in Rating Australian Securitisation, Standard &amp; Poor&#39;s, Sydney.
Steel, R. G. D., Torrie, J. H. and Dickey, D. A. 1997, Principles and Procedures of Statistics: A Biometrical Approach, McGraw-Hill, New York.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/structuring-issues-for-commercial-mortgage-backed-securities-in-australia</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/sustainable-property-the-future-of-the-new-zealand-market</link>
<title><![CDATA[Sustainable Property &#150; The Future of the New Zealand Market]]></title>
<description><![CDATA[The New Zealand property industry has recently been introduced to the concept of sustainability. Even though targeted measures have been taken by the New Zealand Green Building Council and government, there is considerable hesitation and scepticism existing in the property market from both an investor&#39;s and a building owner&#39;s perspective. This paper discusses the results of an investigation into market perception of sustainable buildings from the investment community in New Zealand. Property investors from New Zealand were surveyed about their perception of sustainable buildings in New Zealand and their actions with regards to their own commercial portfolios, as well as the relationship between sustainability and property investment decisions.
]]></description>
<content><![CDATA[Adair, A. and Hutchinson, H. (2005), &quot;The reporting risk in real estate appraisal property risk scoring&quot;, Journal of Property Investment and Finance, 23:3.
Aldridge, T.M. (1989). &quot;Law, lore or legerdemain?&quot; City University, Public Lecture November 1st. Subsequently published (1992) as Discussion Papers in Property Research, 1, Property
Boyd, T. (2006). &quot;Evaluating the impact of sustainability on investment property performance&quot;, Pacific Rim Property Research Journal, 12:3
Burton, J. (1992). &quot;Retail Rents - Fair and Free Market&quot;. London. Adam Smith Institute.
Cadman, D. (Upstream) (2006) &quot;The Vicious Circle of Blame&quot; accessed http//:www.upstreamstrategies.co.uk accessed 17th September 2006.
Crosby, N., Murdoch, S. (1997) &quot;The influence of procedure on rent determination in the commercial property market of England and Wales&quot;, RICS The Cutting Edge 1997, ISBN 0-85406-864-0
Emary, R. (1997). Chapter 5: New Zealand. &quot;Real Estate Valuation in Global Markets&quot;. H. C. Gelbtuch, D.
IVSC (2008). IVS 1, &quot;Market Value Basis of Valuation/Scope&quot;. International Valuation Standards. IVSC, International Valuation Standards Committee. 1.
Jones Lang LaSalle, (Myers, G. and Bannon, K.) (2006) &quot;Future Proofing New Zealand&#39;s Commercial Property for a Sustainable Future&quot;, July 2006, Jones Lang LaSalle White Paper, Jones Lang LaSalle, New Zealand.
Jones Lang LaSalle, (Myers, G.) (2007) &quot;Sustainability 101&quot;, July 2007, Jones Lang LaSalle White Paper, Jones Lang LaSalle, New Zealand.
Kats, G. (2003). &quot;The Costs and Financial Benefits of Green Buildings. A Report to California&#39;s Sustainable Task Force&quot;. S. B. T. Force, Sustainable Building Task Force: 1120.
Lawther, P., Robinson, J. and Low, S. (2005) &quot;The Business Case for Sustainable Design - the City of Melbourne CH2 Project&quot;, City of Melbourne, Melbourne, Australia.
Lorenz D, Lutzkendorf, T. (2007), &quot;Sustainability in Property Valuation - Theory and Practice&quot;, currently unpublished paper.
Lorenz, D. (2007a), &quot;Financing and Valuing sustainable property: we need to talk&quot;. RICS FiBRE report April 2007, accessed www.rics.org on the 20/6/07.
Lutzkendorf, T., Lorenz D. (2005).&quot;Sustainable property investment: valuing sustainable buildings through property performance assessment.&quot; Building Research and Information 33(3): 212 - 234.
Madew, R. (2006). &quot;The Dollars and Sense of Green Buildings&quot; 2006. G. B. C. Australia, Green Building Council Australia. 2006.
McColl-Kennedy, J. R., Kiel, G., Lussch, R. F. and Lussch, V. N. (1992). &quot;Marketing: Concepts and Strategies&quot;. Thomas Nelson, MacArthur Press, South Melbourne, Australia.
New Zealand Ministry for Environment (2006) &quot;Value Case for Sustainable Buildings&quot;, Ministry for Environment, Wellington, New Zealand.
New Zealand Green Building Council, www.nzgbc.org.nz Accessed on the 6/6/2007.
Reed, R. G., Wilkinson S. J. (2005). &quot;The increasing importance of sustainability for building ownership.&quot; Journal of Corporate Real Estate.
Robinson, J. (1989). &quot;Property Valuation and Investment Analysis: A Cash Flow Approach&quot;. Melbourne, The Law Book Company Limited.
Sayce, S., Ellison L. (2003). &quot;Integrating sustainability into the appraisal of property worth: identifying appropriate indicators of sustainability&quot;. The American Real Estate and Urban Economics Association Conference, Skye, Scotland.
Sayce, S., Ellison L., and Smith J. (2004). &quot;Incorporating Sustainability in Commercial Property Appraisal: Evidence from the UK&quot;. The 11th European Real Estate Society Conference, Milan, Italy.
Teale, M. (1995). &quot;Reviewing Retail Rents by Audit&quot;. Journal of Property Valuation and Investment, 13: 66-81.
US Green Building Council (2003). &quot;Making the Business Case for High Performance Green Buildings.&quot; Washington, US Green Building Council. 2006.
Whipple, R.T.M. (1991). &quot;Valuations for Commercial Rent Review Purposes: Procedural Guidelines and Other Commentary&quot;. Journal of Property Valuation &amp; Investment, 9:159-74.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/sustainable-property-the-future-of-the-new-zealand-market</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/internet-business-strategies-by-property-companies-in-malaysia</link>
<title><![CDATA[Internet Business Strategies by Property Companies in Malaysia]]></title>
<description><![CDATA[This paper presents the results of a study of property development companies in Malaysia on their internet business strategy. Data was collected from various real estate related companies&#39; web sites. The services and information offered in these web sites are discussed and used to describe the growth of internet usage in these real estate businesses. Most of the real estate businesses in Malaysia are still in the infancy stage of using the internet as a tool in business. However, some of these companies do have adequate information regarding their internet business strategy which would improve their business competitiveness.
]]></description>
<content><![CDATA[Bardhan, A., Jaffe, D. and Kroll, C. (2000). A Research Report: The Internet, ECommerce and the Real Estate Industry. Fisher Center for Real Estate and Urban Economics.
Benjamin, J.D. and Chinloy, P.T. (1995). Technological Innovation in Real Estate Brokerage. Journal of Real Estate Research 10(135-44.
Dixon, T. and Marston, A. (2005). Taking the Shopping Centre OnlinNew Modes in eCommerce. Property Management 23 (2): 97- 109
Dermisi, S.V. (2004). Internet versus Traditional Office Sales. Property Management 22 (2): 155-165.
Gordon, B., Salter, S.P and Johnson, K.H (2002). Difficult to Show Properties and Utility Maximizing Broker. Journal of Real Estate Research 23(1-2): 111-127.
Greenwald, J. (1997). Thinking Big. Wired, August.
Hamill, J. (1997). The Internet and International Marketing. International Marketing Review 14(5): 300-323.
Heinen, J. (1996). Internet Marketing Practices. Information Management &amp; Computer Security 4(57-14.
Ibrahim, M.F. (2006). Opportunities of Commercialised Real Estate Portals in Asia: Evidence from Singapore, paper presented at International Real Estate Symposium and Research, Kuala Lumpur, Malaysia, April 2006, 1-30.
Internet World Statistics (2007). Usage and Population Statistics, available at http:// www.internetworldstats.com/stats3.htm.
Jussawalla, M. (1999). The Impact of ICT Convergence on Development in the Asian Region. Telecommunication Policy 23: 217-234.
Khadaroo, M.I. (2005). Business Reporting on the Internet in Malaysia and Singapore Corporate. Communication and International Journal 10 (1): 1356-3289.
Klein, L.R., and Quelch, J. A. (1997). Business to Business Market Making on the Internet. International Marketing Review 1 (5):345-361.
Kummerow, M. and Lun, J.C. (2005). Information and Communication Technology in Real Estate Industry: Productivity, Industry Structure and Market Efficiency. Telecommunications Policy 29 (2-3173-190.
Littlefield, J.E, Bao, Y. and Cook, D.L. (2000). Internet Real Estate Information: Are Home Purchasers Paying Attention To It? Journal of Consumer Marketing 17(7575-590.
Malewar,T.C. and Smith, N. (2003). The Internet Revolution: Some Global Marketing Implications. Marketing Intelligence &amp; Planning 21(6): 363-369.
McDonagh, J. (2006) Trend in the Use of the Internet for Marketing Residential Real Estate in New Zealand, paper presented at Pacific Rim Real Estate Society Conference, Fremantle, Australia, January 2006.
Rowley, J. (2004). The Evolution of Internet Business Strategy: The Case of UK Estate Agency. Property Management 23(3): 217- 226.
Spurge,V. and Almond, N. (2004). Broadband Technology: How Developers are Responding to Office Occupiers&#39; Needs. Property Management 22(2): 108-126.
South Coast Information and Library Services, University Bournemouth (1995), Marketing Desk Research. Accessed April, 21, 2008 from World Wide Web: www.zmf-kht.hu/dl_sp.php?id=6&amp;f=MarkDeskResearch.pdf
The Edge (2007). Survey on Top 30 Property Developers Companies in Malaysia, 2007. The Edge, Malaysia.
Zumpano, L. V., Johnson, K. H. and Anderson, R. (2003). Internet Use and Real Estate Brokerage Market Intermediation. Journal of Housing Economics 12 (2134-150.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/internet-business-strategies-by-property-companies-in-malaysia</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/exploring-the-increasing-role-of-the-real-estate-sector-in-the-chinese-economy-19972002</link>
<title><![CDATA[Exploring the Increasing Role of the Real Estate Sector in the Chinese Economy: 1997&#150;2002]]></title>
<description><![CDATA[The Chinese government launched a series of real estate reform policies in 1998, which further changed the real estate sector from socialist plan-oriented to modern market-oriented. This paper compares the role of the real estate sector in the Chinese economy in years 1997 and 2002 by using the recently published input-output OECD database. Results verify that the Chinese real estate sector played an increasing role in the Chinese economy with higher contributions and stronger push and pull power in 2002 than those in 1997. However, compared with other countries, especially for some OECD countries, the Chinese real estate sector has a relative lower contribution.
]]></description>
<content><![CDATA[Bon, R. (2000) Economic Structure and Maturity: Collected Papers in Input-Output Modelling and Applications, Aldershot, Ashgate Publishing Ltd.
Cardenete, M. A. &amp; Sancho, F. (2006) Missing Links in Key Sector Analysis. Economic Systems Research, 18, 319-325.
Ding, C. (2003) Land Policy Reform in China: Assessment and Prospects. Land Use Policy, 20, 109-120.
Fung, H.-G., Huang, A. G., Liu, Q. W. &amp; Shen, M. X. (2006) The Development of the Real Estate Industry in China. The Chinese Economy, 39, 84-102.
Guo, J. &amp; Planting, M. A. (2000) Using Input-Output Analysis to Measure U.S. Economic Structural Change Over a 24 Year Period. 13th International Conference on Input-Output Techniques. Macerata, Italy.
Guo, X. (2005) Development of China Real Estate Industry &amp; Impact of WTO. Division of Building and Real Estate Economics Department of Infrastructure. Stockholm, Royal Institute of Technology, Sweden.
Han, S. S. (1998) Real Estate Development in China: A Regional Perspective. Journal of Real Estate Literature, 6, 121-133.
Hu, B. &amp; Mcaleer, M. (2004) Input-output Structure and Growth in China. Mathematics and Computers in Simulation, 64, 193 - 202.
Klein, L. (2003) Some Potential Linkages for Input-Output Analysis with Flow-of-Funds. Economic Systems Research, 15, 269-277.
Lee, J. (2000) From Welfare Housing to Home Ownership: The Dilemma of China&#39;s Housing Reform. Housing Studies, 15, 61-76.
Li, F., Xie, D., and Feng, C. (2003) Input-output Analysis of Real Estate Industry and National Economy in China Mainland (in Chinese). The International Symposium on &quot;Advancement of Construction Management and Real Estate&quot;. University of Macao.
Liu, C., Song, Y. &amp; Langston, C. (2005) Economic Indicator Comparisons of International Real Estate Sectors Using the OECD Input-output Database. The International Journal of Construction Management, 5, 59-75.
NBSC (2003) China Statistical Yearbook. Beijing, National Bureau of Statistics of China (NBSC).
Pietroforte, R. &amp; Gregori, T. (2003) An Input-Output Analysis of the Construction Sector in Highly Developed Economies. Construction Management and Economics, 21, 319-327.
Polenske, K. R. &amp; Sivitanides, P. (1990) Linkage in the Construction Sector. The Annals of Regional Science, 24, 147-161.
Raa, T. T. (2006) The Economics of Input-Output Analysis, New York, Cambridge University Press.
Roulac, S. E. (1999) Real Estate Value Chain Connections: Tangible and Transparent. Journal of Real Estate Research, 3, 387-404.
Song, Y. &amp; Liu, C. (2007) An Input-Output Approach for Measuring Real Estate Sector Linkages. Journal of Property Research, 24, 71-91.
Song, Y., Liu, C. &amp; Langston, C. (2006) Linkage Measures of the Real Estate Sector Considering the Effect of Capital. International Journal of Strategic Management, 10, 131-143.
Song, Y., Liu, C. &amp; Langston, C. (2005) A Linkage Measure Framework for the Real Estate Sector. International Journal of Strategic Property Management, 9, 121-143.
Su, C., Lin, C. &amp; Wang, M. (2003) Taiwanese Construction Sector in a Growing &#145;Maturity&#39; Economy, 1964-1999. Construction Management and Economics, 10, 719-728.
Tang, B., Wong, S. &amp; Liu, S. (2006) Property Agents, Housing Markets and Housing Services in Transitional Urban China. Housing Studies, 21, 799-823.
Wang, G. &amp; Liu, S. (2004) The Driving Effects on Real Estate to the Correlative Industries (in Chinese). Economic Research Journal, 8, 38-47.
Yamano, N. &amp; Ahmad, N. (2006) The OECD Input-Output Database: 2006 Edition. Directorate for Science, Technology and Industry. Organization for Economic Cooperation and Development (OECD).
Zhang, X. &amp; Sun, T. (2006) China&#39;s Current Real Estate Cycle and Potential Financial Risks. China &amp; World Economy, 14, 57-74.
Zhao, Y. &amp; Bourassa, S. C. (2003) China&#39;s Urban Housing Reform: Recent Achievements and New Inequities. Housing Studies, 18, 721-744.
Zhao, Z., Ran, L. &amp; L, J. (2006) The Research on Financing Channels Innovation in Chinese Real Estate Industry. Journal of Systems Science and Information, 4, 97-103.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/exploring-the-increasing-role-of-the-real-estate-sector-in-the-chinese-economy-19972002</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/assessing-the-linkages-between-economic-competitiveness-and-property-market-transparency</link>
<title><![CDATA[Assessing the Linkages Between Economic Competitiveness and Property Market Transparency]]></title>
<description><![CDATA[The effective functioning of commercial property markets is influenced by a wide range of local and global factors. To explore these inter-relationships and linkages, 54 countries are assessed in terms of their property market transparency and their global competitiveness across a wide range of parameters, including economic, institutional, infrastructure, environmental and technology factors. This analysis is at a regional property market level and property market maturity level. Quantitative measures of these inter-relationships are assessed to provide insights regarding these linkages with the transparency of these global commercial property markets.
]]></description>
<content><![CDATA[Adair, A., S. Allen, J. Berry and S. McGreal (2006), Central and Eastern European property investment markets. Journal of Property Investment and Finance, 24, 211-220.
AME Capital (2008), Global REIT Research: December 2007. AME Capital, London.
Bond, S., A. Karolyi and A. Sanders (2003), International real estate returns: a multifactor, multicountry approach. Real Estate Economics, 31, 481-500.
Brounen, D., Cools, T. and M. Schweizer (2001), Information transparency pays: evidence from European property shares. Real Estate Finance, Summer, 39-49.
Brounen, D., Op&#39;t Veld, H. and Raitio, V. (2007), Transparency in the European non-listed real estate funds market. Journal of Real Estate Portfolio Management, 13, 107118.
Chin, W., P. Dent and C. Roberts (2006), An exploratory analysis of barriers to investment and market maturity in South East Asian cities. Journal of Real Estate Portfolio Management, 12, 49-58.
De Wit, I. and Van Dijk, R. (2003), The global determinants of direct office real estate returns. Journal of Real Estate Finance and Economics, 26, 27-45.
Eichholtz, P., Huisman, R., Koedick, K. and Schuin, L. (1998), Continental factors in international real estate returns. Real Estate Economics, 26, 493-509.
EPRA (2008), Global Real Estate Universe. EPRA News (March), 34.
Gelos, R. and Wei, S.J. (2002), Transparency and International Investor Behaviour. IMF, Washington.
Hamelink, F. and Hoesli, M. (2004), What factors determine international real estate security returns? Real Estate Economics, 32, 437-462.
Hoesli, M., J. Lekander and W. Witkiewicz (2004), International evidence on real estate as a portfolio diversifier. Journal of Real Estate Research, 26, 165-206.
Jin, C., Grissom, T. and Ziobrowski, A. (2007), The mixed-asset portfolio for Asia Pacific markets. Journal of Real Estate Portfolio Management, 13, 249-256.
Jones Lang LaSalle (2006), Real Estate Transparency Index. JLL, Chicago.
Jones Lang LaSalle (2007), Global Real Estate Capital: Moving Further and Faster. JLL, London.
Lim, L.C., S. McGreal and J. Webb (2006), Perceptions of real estate investment opportunities in Central/South America and Africa. Journal of Real Estate Portfolio Management, 12, 261-276.
Ling, D. and A. Naranjo (2002), Commercial real estate returns performance: a crosscountry analysis. Journal of Real Estate Finance and Economics, 24, 119-142.
Lizieri, C., McAllister, P. and Ward, C. (2003), Continental shift: an analysis of convergence trends in European real estate. Journal of Real Estate Research, 13, 369-381.
McAllister, P. and Lizieri, C. (2006), Monetary integration and real estate markets: the impact of Euro on European real estate equities. Journal of Property Research, 23, 281303.
Matysiak, G. and Tsolacos, S. (2003), Identifying short-term leading indicators for real estate rental performance. Journal of Property Investment and Finance, 21, 212-232.
Moss, A. and Hughes, F. (2007), Global and global REIT funds update. EPRA News (December), 13-18.
Newell, G., Chau, K.W., Wong, S.K. and McKinnell, K. (2005), The dynamics of the direct and indirect real estate markets in China. Journal of Real Estate Portfolio Management, 11, 263-280.
Newell, G. and Higgins, D. (1996), Impact of leading economic indicators on commercial property performance. The Valuer and Land Economist, 34, 138-144.
Newell, G. and Kamineni, R. (2007), The significance and performance of real estate markets in India. Journal of Real Estate Portfolio Management, 13, 161-192.
Newell, G., Liow, K.H., Ooi, J. and Zhu, H. (2005), The impact of information transparency and market capitalisation on out-performance in Asian property companies. Pacific Rim Property Research Journal, 11, 393-411.
Ng, B.F. and Higgins, D. (2007), Modelling the commercial property market: an empirical study of the Singapore office market. Pacific Rim Property Research Journal, 13, 176-193.
Transparency International (2007), Transparency International Corruption Perceptions Index 2006. TI, Berlin.
World Economic Forum (2007), The Global Competitiveness Report 2006-2007. WEF, Geneva.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/assessing-the-linkages-between-economic-competitiveness-and-property-market-transparency</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/a-comparative-analysis-of-house-prices-and-bubbles-in-the-u.k.-and-new-zealand</link>
<title><![CDATA[A Comparative Analysis of House Prices and Bubbles in the U.K. and New Zealand]]></title>
<description><![CDATA[Utilising a dynamic and forward-looking present value model, our analysis investigates whether bubbles exist in the New Zealand and U.K. housing markets by constructing an implied fundamental (real) price series based on what house prices &#145;should be&#39; given expectations of household real disposable income and comparing these prices with actual prices. The analysis also investigates the type of behaviour driving revealed deviations from fundamental value. While we find evidence of bubbles in both markets, they occur in different time periods and would appear to be driven by different behaviour. The results suggest that U.K. house price deviations from their implied fundamental value are driven by an overreaction to future income, with price dynamics only coming into predominance when prices are well above or below this value. In contrast, New Zealand deviations appear to be driven by price dynamics alone.
]]></description>
<content><![CDATA[Ayuso, J. and F. Restoy (2003), &#145;House prices and rents: an equilibrium asset pricing approach&#39;, Working Paper No. 0304, Madrid: Bank of Spain.
Barberis, N., A. Shleifer and R. Vishny (1998), &#145;A model of investor sentiment&#39;, Journal of Financial Economics, 49, pp. 307-343.
Benjamin, J. D., P. Chinloy and G. D. Jud (2004), &#145;Real estate versus financial wealth in consumption&#39;, Journal of Real Estate Finance and Economics, 29, pp. 341-354.
Black, A., P. Fraser and N. Groenewold (2003), &#145;U.S. stock prices and fundamentals&#39;, International Review of Economics and Finance, 12, pp. 1-23.
Black, A., P. Fraser and M. Hoesli (2006), &#145;House prices, fundamentals and bubbles&#39;, Journal of Business Finance and Accounting, 33, pp. 1535-1555.
Bogdon, A. and A. Can (1997), &#145;Indicators of local housing affordability: comparative and spatial approaches&#39;, Real Estate Economics, 25, pp. 43-80.
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Case, K. E., J. M. Quigley and R. J. Shiller (2005), &#145;Comparing wealth effects: the stock market versus the housing market&#39;, Advances in Macroeconomics, 5, pp. 1-32.
Campbell, J. Y. and R. J. Shiller (1987), &#145;Cointegration and tests of present value models&#39;, Journal of Political Economy, 95, pp. 1062-1088.
Campbell, J. Y. and R. J. Shiller (1988), &#145;Stock prices, earnings and expected dividends&#39;, Journal of Finance, 43, pp. 661-676.
Campbell, J. Y. and R. J. Shiller (1989), &#145;The dividend-price ratio and expectations of future dividends and discount factor&#39;, Review of Financial Studies, 1, pp. 195-228.
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Chung, H. and B. S. Lee (1998), &#145;Fundamental and nonfundamental components in stock prices of Pacific-Rim countries&#39;, Pacific-Basin Journal of Finance, 6, pp. 321-346.
Claus, I. and G. Scobie (2001), &#145;Household net wealth: an international comparison&#39;, New Zealand Treasury Working Paper, 01/19.
Coleman, A. and J. Landon-Lane (2007), &#145;Housing markets and migration in New Zealand, 1962-2006&#39;, Reserve Bank of New Zealand Discussion Paper, DP2007/12.
Cuthbertson, K. (1996), Quantitative Financial Economics, John Wiley &amp; Sons, New York, U.S.A.
Cuthbertson, K., S. Hayes and D. Nitzsche (1997), &#145;UK stock prices and returns&#39;, Economic Journal, 107, pp. 986-1008.
Daniel, K., D. Hirshleifer and A. Subrahmanyam (1998), &#145;Investor psychology and security market under-and-overreactions&#39;, Journal of Finance, 53, pp. 2143-2184.
DeLong, J. B., A. Schleifer, L. H. Summers and R. J. Waldmann (1990), &#145;The economic consequences of noise traders&#39;, Journal of Political Economy, 98, pp. 703-738.
Diba, B. T. and H. L. Grossman (1988), &#145;Explosive rational bubbles in stock prices?&#39;, American Economic Review, 78, pp. 520-530.
Economist (2006a), &#145;Global house prices: soft isn&#39;t safe&#39;, March 4.
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Englund, P., M. Hwang and J. M. Quigley (2002), &#145;Hedging housing risk&#39;, Journal of Real Estate Finance and Economics, 24, pp. 167-200.
Farlow, A. (2004), &#145;UK house prices: a critical assessment.&#39; Part One of a report prepared for the Credit Suisse First Boston Housing Market Conference in May 2003, London: Credit Suisse First Boston (CSFB), January, http://www.economics.ox.ac.uk/members/andrew.farlow/Part1UKHousing.pdf
Flavin, M. and T. Yamashita (2002), &#145;Owner-occupied housing and the composition of the household portfolio&#39;, American Economic Review, 92, pp. 345-362.
Fraser, P., M. Hoesli and L. McAlevey (2008), &#145;House prices and bubbles in New Zealand&#39;, Journal of Real Estate Finance and Economics, 37, pp. 71-91.
Froot, K. A. and M. Obstfeld (1991), &#145;Intrinsic bubbles: the case of stock prices&#39;, The American Economic Review, 81, pp. 1189-1214.
Gjerde, O. and F. Saettem (1999), &#145;Causal relations among stock returns and macroeconomic variables in a small, open economy&#39;, Journal of International Financial Markets, Institutions and Money, 9, pp. 61-47.
Gyourko, J. and P. D. Linneman (1993), &#145;The affordability of the American dream: an examination of the last thirty years&#39;, Journal of Housing Research, 1, pp. 39-72.
Hawksworth, J. (2004), &#145;Outlook for UK house prices - July 2004.&#39; in UK Economic Outlook, Chapter III, pp. 19-28, London: PricewaterhouseCoopers, http://www.pwc.com/uk/eng/ins-sol/publ/ukoutlook/pwc July04.pdf
Helbling, T. and M. Terrones (2003), &#145;When bubbles burst&#39;, in Word Economy Outlook, Chapter II, pp. 61-94, Washington, DC: International Monetary Fund, available for download at: http://www.imf.org/external/pubs/ft/weo/2003/01/pdf/chapter2.pdf
Herring R. J. (2006), &#145;Booms and busts in housing markets: how vulnerable is New Zealand?&#39;, available for download at: http://www.rbnz.govt.nz/research/fellowship/3324563.pdf
Hess, P. J. and B. S. Lee (1999), &#145;Stock returns and inflation with supply and demand disturbances&#39;, The Review of Financial Studies, 12, pp. 1203-1218.
Himmelberg, C., C. Mayer and T. Sinai (2005), &#145;Assessing high house prices: bubbles, fundamentals, and misperceptions&#39;, Federal Reserve Bank of New York Staff Reports, No. 218.
Hong, H. and J. C. Stein (1999), &#145;A unified theory of underreaction, momentum trading, and overreaction in asset markets&#39;, Journal of Finance, 54, pp. 1839-1885.
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Lee, B. S. (1995), &#145;The response of stock prices to permanent and temporary dividend shocks&#39;, Journal of Financial and Quantitative Analysis, 30, pp. 1-22.
Lee, B. S. (1998), &#145;Permanent, temporary and non-fundamental components of stock prices&#39;, Journal of Financial and Quantitative Analysis, 33, pp. 1-32.
Levin, E. J. and R. E. Wright (1997), &#145;The impact of speculation on house prices in the United Kingdom&#39;, Economic Modelling, 14, pp. 567-585.
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Merton, R. (1973), &#145;An inter-temporal capital asset pricing model&#39;, Econometrica, 41, pp. 867-888.
Merton, R. (1980), &#145;On estimating the expected return on the market: an exploratory investigation&#39;, Journal of Financial Economics, 8, pp. 323-361.
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O&#39;Donovan, B. and D. Rae (1997), &#145;The determinants of house prices in New Zealand: an aggregate and regional analysis&#39;, New Zealand Economic Papers, 31, pp. 175-198.
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Shiller, R. (1984), &#145;Stock prices and social dynamics&#39;, Brookings Papers on Economic Activity, 2, pp. 457-498.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/a-comparative-analysis-of-house-prices-and-bubbles-in-the-u.k.-and-new-zealand</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/analysis-of-ipo-dividend-forecasts-for-australian-lpts</link>
<title><![CDATA[Analysis of IPO Dividend Forecasts for Australian LPTs]]></title>
<description><![CDATA[While dividend forecasts in the prospectuses of initial public offerings (IPOs) are common, Brown et al. (2000) have found them to be optimistically biased. This study investigates the dividend/distribution forecasts in the prospectuses of Australian LPT IPOs during the period 1994 to 2004 and finds on average that they are not optimistically biased. Because dividends have important cash flow implications for investors, this study also examines factors that might influence the magnitude of the errors between the forecast and the actual distributions. It finds that LPT IPOs that offer stapled securities have overestimated their distribution paying ability.
]]></description>
<content><![CDATA[Blair, M., and S. Taylor (1989). &quot;Forecasting: The Profit Speaks&quot; Chartered Accountant 6, 50-54.
Bradley, M., D. R. Capozza, and P. J. Seguin (1998). &quot;Dividend Policy and Cash Flow Uncertainty&quot;, Real Estate Economics, 26, 555-580.
Brown, P., A. Clarke, J. C.Y. How and K. Lim (2000). &quot;The Accuracy of Management Dividend Forecasts in Australia&quot;, Pacific-Basin Finance Journal, 8, 309-331.
Dimovski, W. and R. Brooks (2006). &quot;The Pricing of Property Trust IPOs in Australia&quot;, Journal of Real Estate Finance and Economics, 32, 185-199.
Downs, D. H., and Z. N. Guner (2006). &quot;The Quality of FFO Forecasts&quot;, Journal of Real Estate Research, 28, 257-274.
KPMG Corporate Finance (Aust) Pty Ltd (2007). &quot;Survey of Australian Capital Markets 2006-7&quot;.
Firth, M. and A. Smith (1992). &quot;The Accuracy of Profits Forecasts in Initial Public Offering Prospectuses&quot;, Accounting and Business Research, 22, 239-247.
Firth, M., B. C. H. Kwok, C. K. Liau-Tan and G. H. H. Yeo (1995). &quot;Accuracy of Profit Forecasts Contained in IPO Prospectuses&quot;, Accounting and Business Review, 2, 58-83.
Jelic, R., B. Saadouni and R. Briston (1998). &quot;The Accuracy of Earnings Forecasts in IPO Prospectuses on the Kuala Lumpur Stock Exchange&quot;, Accounting and Business Research, 29, 57-72.
Lee, P., S. Taylor, C. Yee and M. Yee (1993). &quot;Prospectus Earnings Forecasts: Evidence and Explanations&quot;, Australian Accounting Review, 3, 21-32.
Lee, P. J., S. L. Taylor, and T. S. Walter. (1996). &quot;Australian IPO Pricing in the Short and Long Run&quot;, Journal of Banking and Finance, 20, 1189-1210.
McConomy, B. J., (1998). &quot;Bias and Accuracy of Management Earnings Forecasts: An Evaluation of the Impact of Auditing&quot;, Contemporary Accounting Research, 15, 167-95.
Mohamad, S, A. Nassir, T. K. Kuing, and M. Ariff (1994). &quot;The Accuracy of Profit Forecasts of Malaysian IPOs&quot;, Capital Markets Review, 31, 46-69.
Wang, K., J. Erickson, and G. Gau (1993). &quot;Dividend Policies and Dividend Announcement Effects for Real Estate Investment Trusts&quot;, Journal of American Real Estate and Urban Economics Association, 21, 185-201.
White, H. (1980). &quot;A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskesticity&quot;, Econometrica, 2, 817-838.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/analysis-of-ipo-dividend-forecasts-for-australian-lpts</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/corporate-social-responsibility-in-malaysia-housing-development-the-developers-perspective</link>
<title><![CDATA[Corporate Social Responsibility in Malaysia Housing Development &#150; The Developer&#39;s Perspective]]></title>
<description><![CDATA[The focus of this paper is on corporate social responsibility from the perspective of housing developers in Johor Bahru, Malaysia; particularly how they believe socially responsible practice can benefit project marketability. One-to-one interviews with housing developers were conducted to explore their perceptions, level of commitment and limitations to implementing CSR. An observational study of housing development trends from 1985 to 2004 was performed to identify major changes, predominantly from the aspect of CSR application, and to validate the interviews. Research findings showed that for the past five years, developers in Johor Bahru placed more emphasis on CSR elements; most developers committed to implement CSR; not only to improve marketability, but also to achieve the objective of sustainable housing development.
]]></description>
<content><![CDATA[Adair, A. and Lay, C.L. (2003). Research review. Briefings in Real Estate Finance. 2(2): 188-195.
Angelidis, J. and Ibrahim, N. (2004). An exploratory study of the impact of degree of religiousness upon an individual&#39;s corporate social responsiveness orientation. Journal of Business Ethics. 0:1-10.
Balabanis, G, Philips, H.G. and Lyall, J. (1998). Corporate social responsibility and economic performance in the top British companies: are they linked. European Business Review. 98(8): 25-44.
Betts, R.M and Ely, S.J. (2005). Basic Real Estate Appraisal. 6 edn. Ohio: Thomson South-Western.
Boehm, A. (2002). Corporate social responsibility: a complementary perspective of community and corporate leaders. Business and Society Review. 107(2): 171-194.
Bowen, H.R. (1953). Social Responsibilities of the Businessman. New York: Harper &amp; Row.
Carroll, A.B. (2000). A commentary and an overview of key questions on corporate social performance measurement. Business and Society. 39(4): 466-478.
Carroll, A.B. (1999). Corporate social responsibility. Business and Society. 38(3): 268-295.
Carroll, A.B. (1979). A three-dimensional conceptual model of corporate performance. The Academy of Management Review. 4(4): 497-505.
Cavana, R., Delahaye, B.L. and Sekaran, U. (2001). Applied Business Research: Qualitative and Quantitative Methods. Australia: John Wiley &amp; Sons.
Chiu, R.L.H. (2004). Socio-cultural sustainability of housing: a conceptual exploration. Housing, Theory and Society. 21(2): 65-76.
Cleghorn, B. (2004). CSR: Creating greater competitive advantage. Opening remarks by the British High Commissioner at the Corporate Social Responsibility Conference, Kuala Lumpur, 21-22 June.
CBI (2008). What is corporate social responsibility? Confederation of British Industry. Viewed 15 April 2008. 
Davis, K. (1973). The case for and against business assumption of social responsibilities. Academy of Management Journal. 16(2): 312-322.
Davis, K. (1960). Can business afford to ignore social responsibilities? California Management Review. 2(3): 70-76.
Dirks, G. (2004). Corporate social responsibility - an overview. Paper presented at the Corporate Social Responsibility Conference, Kuala Lumpur, 21-22 June.
Drucker, P.F. (1993). Management: Task, Responsibilities, Practices. New York: Harper Perennial.
Drucker, P.F. (1984). Converting social problems into business opportunities: the new meaning of corporate social responsibility. California Management Review. 26(2): 5363.
Epstein, E. (1999). The continuing quest for accountable, ethical and humane corporate capitalism. Business and Society. 38(3): 253-267.
Frederick, W.C. (1994). From CSR1 to CSR2. Business and Society. 33(2): 150-164.
Frederick, W.C. (1960). The growing concern over business responsibility. California Management Review. 2(4): 54-61.
Friedman, M. (1970). The social responsibility of business is to increase its profits. The New York Times Magazine. September 13.
Hall, R. (1992). The strategic analysis of intangible resources. Strategic Management Journal. 13(2): 135-144.
Hair, J.F., Babin, B., Money, A.H. and Samouel, P. (2003). Essentials of Business Research Methods. New Jersey: John Wiley &amp; Sons.
Hemingway, C.A. and Maclagan, P.W. (2004). Managers&#39; personal values as drivers of corporate social responsibility. Journal of Business Ethics. 50(1): 33-44.
Holmes, J. (2002). The property dimension of corporate social responsibility. Paper Presented at ERES Conference. Glasgow.
Idowu, S. (2005). Corporate social responsibility, what&#39;s it really about. Accountancy Ireland, 37(4): 86- 88.
Kotler, P. and Armstrong, G. (2004). Principles of Marketing. New Jersey: Pearson Prentice Hall.
Lantos, G. P. (2001). The boundaries of strategic corporate social responsibility. Journal of Consumer Marketing. 18(7): 595-632.
Lewis, S. (2003). Reputation and corporate responsibility. Journal of Communication Management. 7(4): 356-364.
Maignan, I. and Ferrel, O.C. (2001). Corporate citizenship as a marketing instrument -concepts, evidence and research directions. European Journal of Marketing. 35(3/4): 457-484.
McWilliams, A. and Siegel. D. (2001). Corporate social responsibility: a theory of the firm perspective. Academy of Management. 26(1): 117-127.
Md Zabid, A.R. and Saadiatul, I. (2002). Executive and management attitudes towards corporate social responsibility in Malaysia. Corporate Governance. 2(4): 10-16.
Najib Tun Abdul Razak (2004). CSR: creating greater competitive advantage - the role of CSR in achieving Vision 2020. Paper presented at the Corporate Social Responsibility Conference. 21- 22 June. Kuala Lumpur.
Nanyang Siang Pau (2003). Developers to meet market needs. 21 December.
New Straits Times (2004). Go for CSR, developers told. 11 December.
New Straits Times (2004). Strategy for brand growth. 23 October.
New Straits Times (2004). Leveraging for success. 16 October.
Oladapo, R.A. and Olotuah, A.O. (2007). Appropriate real estate laws and policies for sustainable development in Nigeria. Structural Survey. 25(3/4): 330-338.
Peterson, D., Rhoads, A. and Vaught, B.C. (2001). Ethical beliefs of business professionals: A study of gender, age and external factors. Journal of Business Ethics. 31(3): 225-232.
Post, J.E., Preston, L.E. and Sachs, S. (2002). Managing the extended enterprise: The new stakeholder view. California Management Review. 5(1): 6-28.
Ring, A.A. and Boykin, J.H. (1986). The Valuation of Real Estate. 3 edn. New Jersey: Prentice-Hall.
Sethi, S.P. (2003). Globalization and the good corporation: a need for proactive coexistence. Journal of Business Ethics. 43: 21-31.
Singh, G (1994). Environmental considerations and real estate development in Malaysia. The Surveyor. 3rd Quarterly. 53-63.
Twichell, A.A. (1947). An appraisal method for measuring the quality of housing. Paper presented at the Annual Meeting of the American Sociological Society. 28-30 December. New York.
Trevino, L.K. and Nelson, K.A. (1999). Managing Business Ethics, Straight Talk About How To Do It Right&#39;. 2 edn. New York: John Wiley &amp; Sons.
Waddock, S.A. and Graves, S. (1997). The corporate social performance - financial performance link. Strategic Management Journal. 18(4): 303-319.
Yin, R.B. (2003). Case Study Research - Design and Methods. California: Sage Publications.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/corporate-social-responsibility-in-malaysia-housing-development-the-developers-perspective</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/an-investigation-on-the-risk-perceptions-of-australian-property-fund-managers</link>
<title><![CDATA[An Investigation on the Risk Perceptions of Australian Property Fund Managers]]></title>
<description><![CDATA[Recent empirical and analytical studies have demonstrated that downside risk appears as an intuitively appealing risk measure in which it is more consistent with investors&#39; behaviour. Conversely, qualitative studies into the behaviour of investors, particularly real estate investors, have been relatively limited. This study seeks to address this shortfall and aims to examine the perceptions of property fund managers towards risk. A survey was conducted to investigate the risk perceptions of property fund managers and determine whether they only require compensation for bearing with higher downside risk. The acceptance level of downside risk is also examined. The findings reveal that downside risk is more consistent with how investors individually perceive risk. However, there is also a gap between theoretical assertions and practice in which downside risk is not commonly used in the practice. The results give an insight into the knowledge base of property investors towards risk, particularly downside risk.
]]></description>
<content><![CDATA[ABS (2007) Managed Funds, Australia, Mar 2007. Canberra, Australia, Australian Bureau of Statistics.
Ang, A., Chen, J. and Xing, Y. (2006) Downside Risk. Review of Financial Studies, 19 (4), 1191-1239.
Arrow, K. J. (1971) Essays in the Theory of Risk-bearing, Amsterdam, North-Holland Pub. Co.
ASX (2007a) Listed Managed Investments: March 31, 2007, Australian Stock Exchange, accessed on 23 May 2007. Available at http://www.asx.com.au/investor/pdf/lmi performance.pdf.
ASX (2007b) Listed Property Trusts (LPTs), Australian Stock Exchange, accessed on 23 May 2007. Available at http://www.asx.com.au/investor/lmi/how/property trusts.htm.
Bond, S. A. and Patel, K. (2003) The Conditional Distribution of Real Estate Returns: Are Higher Moments Time Varying? Journal of Real Estate Finance and Economics, 26 (2/3), 319-339.
Brown, G. R. and Matysiak, G. A. (2000) Real Estate Investment: A Capital Market Approach, Harlow, Financial Times Prentice Hall.
Cheng, P. (2001) Comparing Downside-Risk and Mean-Variance Analysis Using Bootstrap Simulation. Journal of Real Estate Portfolio Management, 7 (3), 225-238.
Cheng, P. (2005) Asymmetric Risk Measures and Real Estate Returns. Journal of Real Estate Finance and Economics, 30 (1), 89-102.
Coleman, M. S. and Mansour, A. (2005) Real Estate in the Real World: Dealing with Non-Normality and Risk in an Asset Allocation Model. Journal of Real Estate Portfolio Management, 11 (1), 37-53.
Estrada, J. (2002) Systematic Risk in Emerging Markets: The D-CAPM. Emerging Markets Review, 3 (4), 365-379.
Evans, J. L. (2004) Wealthy Investor Attitudes, Expectations, and Behaviors Toward Risk and Return. The Journal of Wealth Management, 7 (1), 12-18.
Graff, R. A., Harrington, A. and Young, M. S. (1997) The Shape of Australian Real Estate Return Distributions and Comparisons to the United States. Journal of Real Estate Research, 14 (3), 291-308.
Gul, F. (1991) A Theory of Disappointment Aversion. Econometrica, 59 (3), 667-686.
Harlow, W. V. (1991) Asset Allocation in a Downside-Risk Framework. Financial Analysts Journal, 47 (5), 28-40.
Kahneman, D. and Tversky, A. (1979) Prospect Theory: An Analysis of Decision under Risk. Econometrica, 47 (2), 263-292.
Lee, C. L., Robinson, J. and Reed, R. (2007) Downside Systematic Risk in Australian Listed Property Trusts. Paper presented at the 13th Pacific Rim Real Estate Society Conference, Fremantle, Australia.
Lee, C. L., Robinson, J. and Reed, R. (2008) Downside Beta and the Cross-sectional Determinants of Listed Property Trust Returns. Journal of Real Estate Portfolio Management, 14 (1), 49-62.
Louargand, M. A. (1992) A Survey of Pension Fund Real Estate Portfolio Risk Management Practices. Journal of Real Estate Research, 7 (4), 361-373.
Mao, J. C. T. (1970) Survey of Capital Budgeting: Theory and Practice. Journal of Finance, 25 (2), 349-360.
Markowitz, H. M. (1959) Portfolio Selection: Efficient Diversification of Investment Second Edition, Massachusetts, John Wiley &amp; Sons, Inc.
Myer, F. C. N. and Webb, J. R. (1993) Return Properties of Equity REITs, Common Stocks, and Commercial Real Estate: A Comparison. Journal of Real Estate Research, 8 (1), 87-106.
Myer, F. C. N. and Webb, J. R. (1994) Retail Stocks, Retail REITs, and Retail Real Estate. Journal of Real Estate Research, 9 (1), 65-78.
Nawrocki, D. N. (1999) A Brief History of Downside Risk Measures. Journal of Investing, 8 (3), 9-24.
Newell, G. and Worzala, E. (1995) The Role of International Property in Investment Portfolios. Journal of Property Finance, 6 (1), 55-63.
PIR (2006) Australian Property Funds Industry Survey 2006. Melbourne, Property Investment Research, 1-164.
Post, T. and Vilet, P. V. (2004) Conditional Downside Risk and the CAPM. Rotterdam, the Netherlands, Erasmus Research Institute of Management (ERIM), Rotterdam School of Management/ Rotterdam School of Economics, Erasmus Universiteit Rotterdam.
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Rogelberg, S. G. and Stanton, J. M. (2007) Introduction: Understanding and Dealing With Organizational Survey Nonresponse Organizational Research Methods 10 (2), 195-209.
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Sing, T. F. and Ong, S. E. (2000) Asset Allocation in a Downside Risk Framework. Journal of Real Estate Portfolio Management, 6 (3), 213-223.
Sivitanides, P. S. (1998) A Downside-Risk Approach to Real Estate Portfolio Structuring. Journal of Real Estate Portfolio Management, 4 (2), 159-168.
Tan, Y. K. (2004) Australian Property Securities Funds: A Survey of Strategic Investment Issues. Pacific Rim Property Research Journal, 10 (3), 263-282.
Werner, S., Praxedes, M. and Kim, H.-G. (2007) The Reporting of Nonresponse Analysis in Survey Research. Organizational Research Methods, 10 (2), 287-295.
Wippern, R. F. (1971) Utility Implications of Portfolio Selection And Performance Appraisal Models. Journal of Financial and Quantitative Analysis, 6 (3), 913-924.
Worzala, E. (1994) Overseas Property Investments: How Are They Perceived by the Institutional Investor? Journal of Property Valuation &amp; Investment, 12 (3), 31-47.
Worzala, E. and Newell, G. (1997) International Real Estate: A Review of Strategic Investment Issues. Journal of Real Estate Portfolio Management, 3 (2), 87-96.
Worzala, E. and Sirmans, C. F. (2003) Investing in International Real Estate Stocks: A Review of the Literature. Urban Studies, 40 (5-6), 1115-1149.
Worzala, E., Sirmans, G. S. and Zietz, E. N. (2000) Risk and Return Perceptions of Institutional Investors. Journal of Real Estate Portfolio Management, 6 (2), 153-166.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/an-investigation-on-the-risk-perceptions-of-australian-property-fund-managers</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/lpt-fund-manager-decision-making-in-the-emerging-property-sectors</link>
<title><![CDATA[LPT Fund Manager Decision-Making in the Emerging Property Sectors]]></title>
<description><![CDATA[In recent years, the emerging property sectors, including retirement, healthcare, leisure and childcare, have taken on increased importance for institutional investors. This paper assesses the increasing significance of emerging property sector funds in Australia and the investment decision-making by emerging property sector LPT fund managers. Motivating factors and risk factors are identified; as well as the processes involved in selecting a suitable business partner, given the operating business element involved with these emerging sector property assets. The ongoing future development of the emerging property sectors is also identified and discussed.
]]></description>
<content><![CDATA[Australian Bureau of Statistics. 2004. ABS Census of Population and Housing and Population Projections (#3222.0). ABS, Canberra.
Australian Prudential Regulatory Authority. 2007. Quarterly Superannuation Performance: September 2007. APRA, Canberra.
Newell, G. 2007a. The significance of property in industry-based superannuation funds. Australia and New Zealand Property Journal. Vol. 1, No. 1, 34-43.
Newell, G. 2007b. The significance of wholesale funds. Australia and New Zealand Property Journal. Vol. 1, No. 3, 216-223.
Newell, G. and Peng, H. W. 2006a. The significance of emerging property sectors in property portfolios. Pacific Rim Property Research Journal. Vol. 12, No. 2, 177-197.
Newell, G. and Peng, H. W. 2006b. The role of non-traditional real estate sectors in REIT portfolios. Journal of Real Estate Portfolio Management. Vol. 12, No. 2, 155-166.
Newell, G. and Peng, H. W. 2007. The significance of leisure property in property portfolios in Australia. Journal of Retail &amp; Leisure Property. Vol. 6, No. 2, 109-116.
Peng, H. W. and Newell, G. 2007. The significance of infrastructure in Australian investment portfolios. Pacific Rim Property Research Journal. Vol. 13, No. 4, 423-450.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/lpt-fund-manager-decision-making-in-the-emerging-property-sectors</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/determinants-of-australian-listed-property-trust-bond-ratings</link>
<title><![CDATA[Determinants of Australian Listed Property Trust Bond Ratings]]></title>
<description><![CDATA[Using artificial neural networks (ANN) and ordinal regression (OR) as alternative methods to predict LPT bond ratings, we examine the role that various financial and industry-based variables have on Listed Property Trust (LPT) bond ratings issued by Standard and Poor&#39;s from 1999-2006. Our study shows that both OR and ANN provide robust alternatives to rating LPT bonds and that there are no significant differences in results between the full models of the two methods. OR results show that of the financial variables used in our models, debt coverage and financial leverage ratios have the most profound effect on LPT bond ratings. Further, ANN results show that 73.0% of LPT bond rating is attributable to financial variables and 27.0% to industry-based variables, with the office LPT sector accounting for 2.6%, retail LPT sector 10.9% and stapled management structure 13.5%.
]]></description>
<content><![CDATA[Alles, L. 2000, Asset Securitisation in Australia: How and Why it Works, Curtin Business School, Perth.
Altman, E. I. and Rijken, H. A. 2006, &#145;A Point-in-Time Perspective on Through-the-Cycle Ratings&#39;, Financial Analysts Journal, vol. 62, no. 1, pp. 54-70.
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Blundell, L. 2001, &#145;Fundamentals Firm as Economy Falters&#39;, Property Australia, May, pp. 18-22.
Carey, M. and Hrycay, M. 2001, &#145;Parameterizing Credit Risk Models with Rating Data&#39;, Journal of Banking &amp; Finance, vol. 25, pp. 197-270.
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Chaveesuk, R., Srivaree-ratana, C. and Smith, A. 1999, &#145;Alternative Neural Network Approaches to Corporate Bond Rating&#39;, Journal of Engineering Valuation and Cost Analysis, vol. 2, no. 2, pp. 117-131.
Chikolwa, B. 2007a, &#145;Development of Australian Commercial Mortgage-Backed Securities&#39;, Pacific Rim Property Research Journal, vol. 13, no. 4, pp. 398-422.
Chikolwa, B. 2007b, &#145;An Empirical Analysis of Commercial Mortgage-Backed Securities Credit Ratings: Australian Evidence&#39;, 13th Pacific Rim Real Estate Society Annual Conference, Fremantle, Perth.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/determinants-of-australian-listed-property-trust-bond-ratings</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume14-2008/housing-price-misalignments-from-fundamentals-before-the-199798-financial-crisis-evidence-from-malaysia</link>
<title><![CDATA[Housing Price Misalignments from Fundamentals Before the 1997&#150;98 Financial Crisis: Evidence from Malaysia]]></title>
<description><![CDATA[This paper attempts to assess the presence and extent of house price misalignments from fundamental values, with particular focus on the pre-Asian financial crisis years in Malaysia. The main findings suggest two episodes where overpricing of houses were historically large, namely 1990-92 and 1995-97. However, the magnitude of housing price misalignments before 1997 was not large enough to be considered as bubbles. As such, &#145;housing price bubbles&#39; could not have been a contributor to Malaysia&#39;s 1997-98 financial crisis.
]]></description>
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Lau, W.K. (2001), Residential property cycles, business cycles and credit availability, unpublished master&#39;s dissertation, University Malaya.
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Ng, A. (2006), &#145;Housing and mortgage markets in Malaysia,&#39; in Kusmiarso, B. (ed.), Housing and Mortgage Markets in SEACEN Countries, SEACEN Publication, 123-188.
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Pesaran, H. and Y. Shin (1999), &#145;An autoregressive distributed lag modelling approach to cointegration analysis&#39;, in: S. Strom (ed), Econometrics and Economic Theory in the 20th Century: The Ragnar Frisch Centennial Symposium. Cambridge, UK: Cambridge University Press), 371-413.
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Zhu, H. (2003), &#145;The Importance of Property Markets for Monetary Policy and Financial Stability&#39;, paper presented at the IMF-BIS Conference on Real Estate Indicators and Financial Stability, 27-28 October 2003, Washington D.C.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/housing-price-misalignments-from-fundamentals-before-the-199798-financial-crisis-evidence-from-malaysia</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/assessing-the-significance-of-motivating-factors-and-risk-factors-in-infrastructure-funds-management</link>
<title><![CDATA[Assessing the Significance of Motivating Factors and Risk Factors in Infrastructure Funds Management]]></title>
<description><![CDATA[Infrastructure, including tollroads, airports and utilities, has taken on increased importance for institutional investors in recent years. This paper assesses the increasing significance of infrastructure funds in Australia and identifies the importance of the motivating factors and risk factors for infrastructure fund managers. The ongoing future development of the infrastructure sector in the context of the current global credit crisis is also identified and discussed.
]]></description>
<content><![CDATA[APRA(2008), Statistics: Quarterly Superannuation Performance: March 2008. Australian Prudential Regulation Authority, Canberra.
Miara, J.(2008), The bond of infrastructure. Property Australia 22(8): 36-40.
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Peng, H.W. and Newell, G.(2007), The significance of infrastructure in Australian investment portfolios. Pacific Rim Property Research Journal 13(4): 423-450.
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RREEF(2006a), Opportunities in Private Infrastructure Investment in the US. RREEF Real Estate Research, San Francisco.
RREEF(2006b), European Infrastructure Market. RREEF Real Estate and Infrastructure Research, London.
RREEF(2006c), Asia Infrastructure Markets: Explaining Current Trends in a Changing Market. RREEF Real Estate and Infrastructure Research, London.
RREEF(2007), Asian Infrastructure Markets. RREEF Real Estate and Infrastructure Research, London.
RREEF(2008), China Infrastructure Investment. RREEF Real Estate and Infrastructure Research, London.
UBS Investment Research(2008), UBS InfraWatch: March 2008. UBS, Sydney.
World Bank(2006), Connecting East Asia: New Framework For Infrastructure. World Bank, New York.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/assessing-the-significance-of-motivating-factors-and-risk-factors-in-infrastructure-funds-management</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/volatility-spillover-in-australian-commercial-property</link>
<title><![CDATA[Volatility Spillover in Australian Commercial Property]]></title>
<description><![CDATA[Extensive real estate studies have demonstrated the linkages between direct property and capital assets, particularly REITs by emphasising on the common movements in prices. However, the study of volatility spillover between these assets is relatively limited. This study aims to investigate the volatility linkages between Australian commercial property and capital assets by utilising generalised autoregressive conditional heteroskedasticity (GARCH) and Exponential GARCH (EGARCH) over the study period 1985-2006. The results reveal that direct commercial property is strongly influenced by LPTs and bonds. It is also shown that direct property is asymmetric to negative and positive news. These findings have provided additional insights into the knowledge base of real estate risk and portfolio management.
]]></description>
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Bollerslev, T., Chou, R. Y. and Kroner, K. F.(1992) ARCH Modeling in Finance: A Review of the Theory and Empirical Evidence. Journal of Econometrics, 52(1-2), 5-59.
Bond, S. A. and Hwang, S.(2003) A Measure of Fundamental Volatility in the Commercial Property Market. Real Estate Economics, 31(4), 577-600.
Bond, S. A. and Patel, K.(2003) The Conditional Distribution of Real Estate Returns: Are Higher Moments Time Varying? Journal of Real Estate Finance and Economics, 26(2/3), 319-339.
Chau, K. W., MacGregor, B. D. and Schwann, G. M.(2001) Price Discovery in the Hong Kong Real Estate Market. Journal of Property Research, 18(3), 187-216.
Clayton, J. and Mackinnon, G.(2003) The Relative Importance of Stock, Bond and Real Estate Factors in Explaining REIT Returns. Journal of Real Estate Finance and Economics, 27(1), 39-60.
Cotter, J. and Stevenson, S.(2006) Multivariate Modeling of Daily REIT Volatility Journal of Real Estate Finance and Economics, 32(3), 305-325.
Crawford, G. W. and Fratantoni, M. C.(2003) Assessing the Forecasting Performance of Regime-Switching, ARIMA and GARCH Models of House Prices. Real Estate Economics, 31(2), 223-243.
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Engle, R. F. and Ng, V. K.(1993) Measuring and Testing the Impact of News on Volatility. Journal of Finance, 48(5), 1749-1778.
Garvey, R., Santry, G. and Stevenson, S.(2001) The Linkages Between Real Estate Securities in the Asia-Pacific. Pacific Rim Property Research Journal, 7(4), 240-258.
Geltner, D., MacGregor, B. D. and Schwann, G. M.(2003) Appraisal Smoothing and Price Discovery in Real Estate Markets. Urban Studies, 40(5-6), 1047-1064.
Geltner, D. M.(1993) Estimating Market Values from Appraisal Values without Assuming an Efficient Market. Journal of Real Estate Research, 8(3), 325-345.
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Kallberg, J. G., Liu, C. H. and Pasquariello, P.(2002) Regime Shifts in Asian Equity and Real Estate Markets. Real Estate Economics, 30(2), 263-291.
Liow, K. H., Ooi, J. and Gong, Y.(2005) Cross-market Dynamics in Property Stock Markets: Some International Evidence. Journal of Property Investment and Finance, 23(1), 55-75.
Michayluk, D., Wilson, P. J. and Zurbruegg, R.(2006) Asymmetric Volatility, Correlation and Returns Dynamics Between the U.S. and U.K. Securitized Real Estate Markets. Real Estate Economics, 34(1), 109-131.
Miller, N. and Peng, L.(2006) Exploring Metropolitan House Price Volatility. Journal of Real Estate Finance and Economics, 33(5), 5-18.
Miles, W.(2008) Volatility Clustering in U.S. Home Prices. Journal of Real Estate Research, 30(1), 73-90.
Najand, M., Lin, C. Y. and Fitzgerald, E.(2006) The Conditional CAPM and Time Varying Risk Premium for Equity REITs. Journal of Real Estate Portfolio Management, 12(2), 167-175.
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Newell, G.(2005b) Factors Influencing the Performance of Listed Property Trusts. Pacific Rim Property Research Journal, 11(2), 211-227.
Newell, G., Chau, K. W., Wong, S. K. and McKinnell, K.(2007) Factors Influencing the Performance of Hong Kong Real Estate Companies. Journal of Real Estate Portfolio Management, 13(1), 12.
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PIR(2006) Australian Property Funds Industry Survey 2006. Melbourne, Property Investment Research, 1-164.
PIR(2007) LPT Sector at a Glance, Property Investment Research, accessed on 17th May 2007. Available at http://www.pir.com.au/?mp=faq&amp;sp=featuredisplay&amp;id=960.
Stevenson, S.(2002) An Examination of Volatility Spillovers in REIT Returns. Journal of Real Estate Portfolio Management, 8(3), 229-238.
Tuluca, S. A., Myer, F. C. N. and Webb, J. R.(2000) Dynamics of Private and Public Real Estate Markets. Journal of Real Estate Finance and Economics, 21(3), 183-207.
Wong, S. K., Chau, K. W. and Yiu, C. Y.(2007) Volatility Transmission in the Real Estate Spot and Forward Markets. Journal of Real Estate Finance and Economics, 35(3), 281-293.
Wong, S. K., Yiu, C. Y., Tse, M. K. S. and Chau, K. W.(2006) Do the Forward Sales of Real Estate Stabilize Spot Prices? Journal of Real Estate Finance and Economics, 32(3), 289-304.
Zhu, H. and Liow, K. H.(2005) Relationship between the Shanghai and Hong Kong Property Stock Markets. Pacific Rim Property Research Journal, 11(1), 24-44.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/volatility-spillover-in-australian-commercial-property</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/factors-important-in-the-decision-to-buy-a-first-home</link>
<title><![CDATA[Factors Important in the Decision to Buy a First Home]]></title>
<description><![CDATA[The purchase of a first home is seen as a very important stage in the housing career of an individual or household and has received considerable attention in the literature. Explanations of the switch in tenure have traditionally been explained using the family life cycle or the life course models. More recently, the importance of housing market factors has been recognized. This study reports on a survey conducted in Australia in March 2000 in which first home buyers were asked which factors were most important in the timing of their decision to purchase. Attention was paid to the sampling process in order to ensure a representative sample. The results show that housing market conditions are critical in understanding the timing of the decision to purchase a first home.
]]></description>
<content><![CDATA[Australian Bureau of Statistics.(1996). Census of population and housing 1996. Canberra:AGPS.
Australian Bureau of Statistics.(1997). Australian social trends family formation: age at first marriage. Cat no. 4102.0 Canberra:AGPS.
Australian Bureau of Statistics.(1998). Housing occupancy survey, Australia. AGPS.
Australian Bureau of Statistics.(1999). Australian housing survey, housing characteristics, costs and conditions. Cat. No. 4182.0. Canberra: AGPS.
Australian Bureau of Statistics.(2000). Housing finance for owner occupation january 2000. Cat. No. 5609.0. Canberra: AGPS.
Australian Bureau of Statistics.(2000b). Year book australia: special article-first home buyers. Canberra: AGPS.
Australian Bureau of Statistics.(2001). Australian social trends family formation: older mothers. Cat no 4102.0 Canberra: AGPS.
Australian Bureau of Statistics.(2002). Australian social trends family formation: trends in childlessness. Cat no. 4102.0 Canberra: AGPS.
Australian Bureau of Statistics.(2002a). Living arrangements: transitions in living arrangements. Cat no. 4102.0. Australian social trends, Canberra.: AGPS.
Australian Bureau of Statistics.(2003). Australian social trends housing and lifestyle: first home buyers. Canberra: AGPS.
Badcock, B.(1995). Towards more equitable cities: a receding prospect. In p. Troy(ed.), Australian cities: issues, strategies and policies for urban Australia in the 1990s. Melbourne: Cambridge University Press.
Baxter, J., &amp; McDonald, P.(2004). Trends in home ownership rates in Australia: the relative importance of affordability trends and changes in population composition. Melbourne: AHURI Final Report.
Clark W, Deurloo, M. &amp; Dieleman, I.(2003) Housing careers in the united states, 196893: modelling the sequencing of housing states Urban Studies, 40(1), 143-160.
Clark, W.(1976). Migration in Milwaukee. Economic geography, 52(1), 48-60.
Clark, W., &amp; Huang, Y.(2003). The life course and residential mobility in British housing markets. Environment and Planning A, 35, 323-339.
Clark, W., &amp; Withers, S.(1999). Changing jobs and changing houses: mobility outcomes of employment transitions. Journal of Regional Science, 39, 653-673.
Commonwealth of Australia(2008) Making housing affordable again, http: /www.facs.gov.au /internet/ facinternetnsf /news/ housing-affordable.htm
Department of Information and Administrative Services SA.(2000). Residential sales history file. Adelaide
Department of Land Information WA.(1999). Property sales. Perth
Deurloo, M., Clark, W., &amp; Dieleman, F.(1994). The move to housing ownership in temporal and regional contexts. Environment and Planning A, 26(11), 1659.
Dieleman, F. M., &amp; Everaers, P. C.(1994). From renting to owning: life course and housing market circumstances. Housing Studies, 9(1), 11-25.
Flatau, P., Hendershott, P., Watson, R., &amp; Wood, G.(2004). What drives housing outcomes in Australia? Understanding the role of aspirations, household formation, economic incentives and labour market interactions. Melbourne: AHURI Final Report.
Flatau, P Hendershott, P., Watson R., &amp; Wood, G(2006) What drives Australian housing careers? AHURI Research &amp; Policy Bulletin AHURI Melbourne.
Henley, A.(1998). Residential mobility, housing equity and the labour market. Economic Journal, 108, 414-427.
Housing Industry Association. Commonwealth Bank.(2000). Housing Report: A Quarterly Review of Housing Affordability. June Qtr 2000. Sydney: HIA CBA.
Housing Industry Association. Commonwealth Bank.(2001). Housing Report: A Quarterly Review of Housing Affordability: June Qtr 2001 HIA CBA.
Housing Industry Association. Commonwealth Bank.(2004). Housing Report. A Quarterly Review of Housing Affordability: June Qtr 2004. HIA CBA.
Housing Industry Association. Commonwealth Bank.(2007). Housing Report. A Quarterly Review of Housing Affordability: June Qtr 2007. HIA CBA.
Jackson, N.(2002). The higher education contribution scheme - a HECS on the family? (Special issue of the) journal of population research, the new Zealand and Australian populations at the millennium, Australian and New Zealand population association, Canberra and Wellington, 105-120.
Kendig, H.(1984). Housing careers, life cycle and residential mobility: implications for the housing market. Housing Studies, 21(3), 271-283.
Kendig, H.(1990). A life course perspective on housing attainment. In d. Myers(ed.), Housing demography: linking demographic structure and housing markets(pp. 133-156). Madison Wi: University of Wisconsin press.
Macquarie Bank.(2001). Is This the Great Australian Dream? Property Market Outlook, 2(1), 1-27.
Merlo, R., &amp; McDonald, P.(2002). Outcomes of home ownership aspirations and their determinants. Melbourne: AHURI final report.
Mortgage choice(2008) One in two Australian first home buyers fear affordability of repayments, Mortgage Choice Survey Sydney.
Mudd, B., Tesfaghiorghis, H., &amp; Bray, R.(1999). Some issues in home ownership, Australia housing choices stability or change? Department of Family &amp; Community Services, Canberra:AGPS.
Mulder, C., &amp; Manting, D.(1994). Strategies of nest leavers: settling down versus flexibility. European Sociological Review, 10(2), 155-172.
Mulder, C., &amp; Wagner, M.(1998). First time home ownership in the family life course: a West Germany Dutch comparison. Urban Studies, 35(4), 687-713.
Percival, R.(1998). Changing housing expenditure, tenure trends and household incomes in Australia, 1975-76 to 1997. NATSEM Canberra:
Residex.(1999). The Residex Report New South Wales. Sydney.
Rossi, P. H.(1955). Why families move. New York: Macmillan.
Smith, S. J.(1989). Gender differences in the attainment and experience of owner occupation in Australia working paper no 19(pp. V- 45). Canberra: Australian National University.
Tanton, R Nelap, B &amp; Harding A(2008) NATSEM Wherever I lay my debt that&#39;s my home NATSEM issue 19 Canberra
Thorns, D.(1980). The role of the family life cycle in residential mobility: University of Birmingham, Centre for Urban and Regional Studies Workshop Paper no.69.
Van der vlist, A., Gorter, C., Nijkamp, P., &amp; Rietveld, P.(2002). Residential mobility and local housing market differences. Environment and Planning A, 34, 1147-1164.
Winter, I., &amp; Stone, W.(1998). Social polarisation and housing careers: exploring the interrelationship of labour and housing markets in Australia: working paper 13. Australian Institute of Family Studies.
Wulff, M., &amp; Evans, S.(1998). The spatial impacts of Commonwealth rent assistance on Australia&#39;s low income households, Australian Population Association National Conference. Queensland.
Wulff, M., Yates, J., &amp; Burke, T.(2001). Low cost renting in Australia 1986 to 1996: how has it changed, who does it work for and who does it fail? Australian Housing Research Fund Project no 213. Canberra: Department of Family and Community Services.
Yates, J.(1999). Decomposing Australian home ownership trends 1975-1994, Australian Housing Choices: stability or change? Canberra: Department of Family &amp; Community Services.
Yates, J.(2002). Housing implications of social, spatial and structural change. Housing &gt;Studies, 17(4), 581-618.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/factors-important-in-the-decision-to-buy-a-first-home</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/knowledge-management-strategies-by-property-management-companies-in-malaysia</link>
<title><![CDATA[Knowledge Management Strategies by Property Management Companies in Malaysia]]></title>
<description><![CDATA[This paper attempts to develop a theoretical base for the understanding of knowledge management concepts that can be used by property management companies in Malaysia. The strategy, which is a conceptual model, is formulated from various literature surveys on knowledge management. A case study includes 25 property management companies registered with the Board of Valuers, Estate Agents and Appraisers. The empirical validation was done to propose a KM strategies model in the context of property management. Using factor analysis, several dimensions were identified as key strategies of KM in property management companies. From the findings, an inclusive set of activities of KM in property management companies in Malaysia is shown.
]]></description>
<content><![CDATA[Act 242, Property Management Practice(www.lppeh.gov.my)
Aladwani, A.M. and Palvia, P.C.(2002). &quot;Developing and validating an instrument for measuring user-perceived web quality&quot;. Information and Management, 39(6): 467-476
Aliaga, O.A.(2000). &quot;Knowledge Management and Strategic Planning&quot;. Advances in Developing Human Resources. 2(2): 91-104.
Almond, N.(2001). &quot;The Transportability and Dissemination of Knowledge: A Surveyor&#39;s Perspective&quot;. Property Management. 19(2): 124-135.
April, K.A.(2002). &quot;Guidelines for Developing a K-Strategy&quot;. Journal of Knowledge Management. 6(5): 445-456
Aurum, A., Danesgar, F and Ward, J.(2008). &quot;Investigating Knowledge Management Practices in Software Development Organisations- An Australian Experience&quot;. Information and Software Technology. 50(6): 511-533.
Baker, K.A. and Badamshina, G.M.(2002). Chapter 5: Knowledge Management, available at: www.wren-network.net/resources/benchmark/05-KnowledgeManagement.pdf.
Barney, J.(1986). &quot;Organisational Culture: Can It be a Source of Sustained Competitive Advantage?&quot;. The Academy of Management Review. 11(3): 656-665.
Bhatt, G.D.(2001). &quot;Knowledge Management in Organisations: Examining the Interaction Between Technologies, Techniques and People&quot;. Journal of Knowledge Management. 5(1): 68-75.
Callahan, S.(2000). Crafting a Knowledge Strategy, Australia: Anecdote Pty. Ltd.
Chin, L., and Poh, L.K.(1999). &quot;Implementing Quality in Property Management- The Case of Singapore&quot;. Property Management. 17(4): 310-320.
Clarke, P. and Staunton, N.(1989), Innovation in Technology and Organisation, Routledge , London.
Diakoulakis, I.E., Georgopoulos, N.B., Koulouritis, D.E., and Emiris, D.M.(2004). &quot;Towards a Holistic Knowledge Management Model&quot;. Journal of Knowledge Management. 8(1): 32-46.
Dixon, T.(2005). &#145;&#145;The Impact of Information and Communications Technology on Commercial Real Estate in the New Economy&quot;. Journal of Property Investment and Finance. 22(6): 480-493.
Fitzek, D.(1999). Knowledge Management in Inter-Project Learning - A Systematic Attempt of Integration. Unpublished Master&#39;s Thesis. University of Link&ouml;ping.
Hair, JF, Anderson, RE, Tatham, RL and Black,WC.(1992). Multivariate Data with Reading. NY: Macmillan Publishing Company.
Hamilton,J. and Selen W(2004). &quot;Enabling Real Estate Service Chain Management Through Personalised Web Interfacing Using QFD&quot;. International Journal of Operation and Production Management. 24(3): 270-288.
Helms,MM., Ahmadi,M., Jih WJK. and Etkin LP(2008). &quot;Technologies in Support of Mass Customisation Strategy: Exploring the Linkages between E-Commerce and Knowledge Management&quot;. Computers in Industry. 59(4):351-363.
Hislop,D.(2003). &quot;Linking Human Resource Management and Knowledge Management via Commitment&#39;. Employee Relations. 25(2): 182-202.
Gibson,V., and Hedley,C.(1999) Information and Performance Measurement: A Study of Current Practice in Corporate Property Management, RICS/ University of Reading.
Grenon,P.,(2000). Knowledge Management from the Ontological Standpoint, available at: http://www.dfki.uni-kl.de/~klein/wm2003-pre-proceedings/pdf/grenon.pdf.
Guidebook on Good People Management Practices of the Property Management Industry, Tripartite Committee on the Property Management Industry, Workplace Consultation Promotion Division, Labour Department, available at www.labour.gov.hk.
Lam, TYM.(2008), &quot;The Impact of Management Measures Performance of Outsourced Professional Housing Maintenance Services&quot;. Property Management. 26(22):112- 124.
Li, HL(1997), &quot;Property Management in China: Opportunities and Problems&quot;, Property Management, Vol. 15, pp. 6-11.
Lopez, SP., Montes Peon, JM., and Vazquez Ordas, CJ.(2004). &quot;Managing Knowledge: the Link between Culture and Organisational Learning&quot;. Journal of Knowledge Management. 8(6): 93-104.
Malmberg,A., Solvell,O. and Zander,I(1996). &quot;Spatial Clustering, Local Accumulation of Knowledge and Firm Competitiveness&quot;. Geografsika Annaler. 78(2): 85-97.
Maier,R., and Remus,U.,(2003). &quot;Implementing Process Oriented Knowledge Management Strategies&quot;. Journal of Knowledge Management. 7(4): 62-74.
Park,H., Ribiere,V., and Schulte, WD.(2004). &quot;Critical Attributes of Organisational Culture that Promote Knowledge Management Technology Implementation Success&quot;. Journal of Knowledge Management. 8(3): 106-117.
Roberston,J.(2004). Developing a Knowledge Management Strategy. Step Two Designs Pty Ltd, Broadway NSW, Australia.
Rubeinstein, B., Liebowitz, J., Buchwalter, J., McCaw, D., Newman, B and Rebeck,K.(2001) &quot;A systems thinking framework for knowledge management&quot;. Decision Support Systems. 31(1): 5-16.
Smith, A.D.,(2004). &quot;Knowledge Management Strategies: a Multi Case Study&quot;. Journal of Knowledge Management. 8(3): 6-16.
Soliman,F., Innes,C. and Spooner,K.(1999). &quot;Managing the Human Resources Knowledge&quot;, Proceedings of the Seventh Annual Conference on the International Employment Relations Association, Lincoln University, Christchurch, New Zealand.
Soliman,F. and Spooner K.(2000). &quot;Strategies for Implementing Knowledge Management: Role of Human Resources Management&quot;. Journal of Knowledge Management. 4(4): 337-345.
Thomson,B(2005). &quot;Information and Communications Technology and Industrial Property&quot;. Journal of Property Investment ad Finance. 23(6): 506-515.
Wynn,M., Jones,P., Roberts,C., and Little,E.(2007). &quot;Innovation in the Construction and Property Management Industries: Case Studies of the Knowledge Transfer Partnership Scheme&quot;, Property Management. 26(1): 66-78.
Zack,M.(1999).&quot;Developing a Knowledge Strategy&quot;, California Management Review. 41(3): 125-45.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/knowledge-management-strategies-by-property-management-companies-in-malaysia</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/is-new-zealand-facing-a-baby-boomer-housing-bust</link>
<title><![CDATA[Is New Zealand Facing a Baby Boomer Housing Bust?]]></title>
<description><![CDATA[The baby boomer generation (1946-1964) represents a population bulge that isn&#39;t replicated in the younger generation who might be expected to live in the houses vacated by the baby boomers. Several authors have observed from 2010 there are likely to be more sellers than buyers, hence price reductions. This paper takes a contrary viewpoint. The following reasons are advanced as to why a baby boomer housing bust is unlikely to occur in New Zealand: positive demographic projections, reduced occupancy rates per dwelling, the elasticity of housing market supply, increasing numbers of investor buyers, policies relating to encouraging retirement in place, legislation underpinning the price of second hand houses, real incomes rising and intergenerational transfers. At a national level, demographic projections and housing supply characteristics are the variables most likely to influence future house prices. The paper then goes on to consider the regional implications of a baby boomer housing sell off, by examining possible future changes in housing preferences as well as trends in internal migration and regional economies.
]]></description>
<content><![CDATA[Bollard, A.(2006). &#145;Kiwis Like Buying Houses More Than Buying Businesses&#39;, Speech by Alan Bollard to Pricewaterhouse Coopers Annual Tax Conference, November, www.rbnz.nz/speeches.
Bollard, A. &amp; Jones M.(2007). &#145;Commodities, Dairy Prices and the New Zealand Economy&#39;. Speech by Alan Bollard to Waikato Grasshoppers, June, www.rbnz.govt.nz/speeches.
Coleman A. &amp; Landon-Lane, J.(2007). &#145;Housing Markets and Migration in New Zealand 1962-2006&#39;, Reserve Bank of New Zealand, Discussion Paper 2007/12.
Daley, J.(2007). &#145;A guide to releasing cash from your home&#39;, 27 October, www.independent.co.uk/money.
Department of Building &amp; Housing,.(2008). &#145;The Building Act 2004&#39;, www.dbh.govt.nz/blc-building.act.
Department of Prime Minister and Cabinet,(2008). &#145;Final Report of the House Prices Unit: House Price Increases &amp; Housing in New Zealand - March 2008&#39; www.dpmc.govt.nz.
Davey, J., de Joux, V., Nana, E. &amp; Arcus, M.(2004). &#145;Accommodation Options for Older People in New Zealand&#39;, Centre for Housing Research, www.chranz.co.nz.publications.html.
DTZ(2004). &#145;Changes in the Structure of the New Zealand Housing Market - Volume I&#39;, Report for Centre for Housing Research, www.chranz.co.nz.publications.html.
DTZ(2007). &#145;Census 2006 &amp; Housing in New Zealand&#39;, Report for Centre for Housing Research, www.chranz.co.nz.publications.html.
Economist(2008). &#145;Baby Boom and Bust&#39;. The Economist, Jan 17.
Evans, A. W.(2004). &#145;Economics, real estate development and the supply of land&#39;, Blackwell Publishing.
Engelhardt, G. V. &amp; Poterba, J. M.(1991). &#145;House Prices &amp; Demographic Change: Canadian Evidence&#39;, Regional Science &amp; Urban Economics 21, 539-546.
Gaynor, B.(2008). &#145;Housing downturn a problem of aging&#39;, July 12, www. nzherald.co.nz
Giles, R.(2008). &#145;The housing market has a new problem: aging Kiwis&#39;. www.babyboomersguide.co.nz
Grimes, A., Kerr, S. &amp; Aitken, A.(2003). &#145;Housing and Structural Adjustment&#39;, Report for Centre for Housing Research, www.chranz.co.nz.publications.html.
Hargreaves, D.(2008). &#145;The tax system and housing demand in New Zealand&#39;. Reserve Bank Discussion paper, DP 2008/06.
Hargreaves, R. V. &amp; Shi, S.(2006). &#145;A total returns index for investor housing in New Zealand&#39;. Paper presented to Pacific Rim Real Estate Society conference, Auckland, www.prres,net.
Hendershott, P. H. &amp; Weicher, J. C.(2002). &#145;Forecasting Housing Markets: Lessons Learned&#39;, Real Estate Economics, 30, 1, pp 1-11.
Hoyt,H.(1933) &quot;One Hundred Years of Land Values in Chicago&quot;, University of Chicago Press
Kennerley, G.(2008). &#145;The House Price Crash of 2010&#39;. www.babyboomersguide.co.nz
Krainer, J.(2005). &#145;Housing Markets and Demographics&#39; Federal Reserve Bank of San Francisco - Economic Letter, 2005-21.
Mankiw, G. &amp; Weil, D.(1989). &#145;The Baby Boom, The Baby Bust &amp; the Housing Market, Regional Science &amp; Urban Economics, 19, 235-258.
Ministry of Environment(2004) &#145;Your guide to the Resource Management Act&#39;. www.mfe.govt.nz
Motu,(2006). &#145;Affordable Housing in Nelson, Tasman and Marlborough - taking action&#39;, Report for Centre for Housing Research, www.chranz.co.nz.publications.html.
Myers, D. &amp; Ryu, S. H.(2007). &#145;Aging Baby Boomers and the Generational Housing Bubble: Foresight and Mitigation of an Epic Transition&#39;, Journal of the American Planning Association, Winter, 74, pp 1-17.
Quotable Value(2002). &#145;Urban Property Sales Statistics Half Year Ended December 2002&#39;, Quotable Value, Wellington.
Quotable Value(2007). &#145;NZ Real Estate Market - Half Year Ended June 2007&#39;, Quotable Value, Wellington.
Real Estate Institute of New Zealand,(2008) &quot;Housing Facts&quot;, REINZ, www.reinz.co.nz
Reed, R.(2000). &#145;Baby Boomers and Property Busts&#39;. Paper delivered at the 10 Biennial Conference of the Australia Population Association, Melbourne.
Reserve Bank(2008), &#145;Financial Stability Report&#39; May. www.rbnz.govt.nz
Retirement Commissioner(2001), &#145;The worth of New Zealanders: a report on their assets and debts.&#39; www.retirement.org.nz
Retirement Commissioner(2008), &#145;Quick Reverse Mortgage Calculator&#39;. www.retirement.org.nz
Statistics New Zealand(2006). &#145;Census 2006&#39;. Hot off the Press, Statistics NZ, www.stats. govt.nz
Statistics New Zealand(2007a). &#145;National Population Projections: 2006(base - 2061)&#39;. Hot off the Press, Statistics NZ, www.stats.govt.nz.
Statistics New Zealand(2007b). &#145;Sub-national Population Projections 2006(base -2031)&#39;. Hot off the Press, Statistics NZ, www.stats.govt.nz.
Statistics New Zealand(2008). &#145;Estimated resident population of New Zealand&#39;. Statistics NZ Population Clock, www.stats. govt.nz.
United States Census Bureau(2008). &#145; US Census Bureau International Data Base, Country Population Summaries&quot; http://www.census.gov/
Wall Street Journal(2008). &#145;Why Baby Boomers May Bust the Housing Market&#39;, Wall Street Journal, Jan 16.
Woodward, S. E.(1991). &#145;Economists&#39; prejudices: Why the Mankiw-Weil story is not credible&#39;, Regional Science &amp; Urban Economics, 21, 531-537.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/is-new-zealand-facing-a-baby-boomer-housing-bust</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/effect-of-block-ownership-on-performance-of-malaysian-property-companies</link>
<title><![CDATA[Effect of Block Ownership on Performance of Malaysian Property Companies]]></title>
<description><![CDATA[Concentration of ownership is said to be more evident in Asian firms due to the prevalence of family-controlled and state-controlled firms. This study empirically examines the relationship between firm performance and the presence of block holders. It analyses panel data drawn from 81 Malaysian property firms studied during the period of 1999-2005. Results from ordinary least squares and two stage least squares regression within a simultaneous equation system suggests firms with high block ownership has a negative impact on firm performance. The results indicate that firm performance represented by Tobin&#39;s Q does not reward firms with block owners as the market fears large shareholders would impose their wills in order to improve their own positions at the expense of other shareholders, thus favouring a dispersed ownership structure. However, contrasting findings were reported when an accounting measure is used as firm performance. The findings also show that causality runs in both directions indicating that block ownership is a determinant of performance and vice versa.
]]></description>
<content><![CDATA[Agrawal, A. &amp; Knoeber, C. R. 1996, &#145;Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders&#39;, Journal of Financial and Quantitative Analysis, vol. 31, no. 3, pp. 377-397.
Asian Development Bank. 1999 a,b,c,d,e, Country Studies under RETA 5802.
Baek, J.-S., Kang, J.-K. &amp; Park, K. S. 2004, &#145;Corporate Governance and Firm Value: Evidence from the Korean Financial Crisis&#39;, Journal of Financial Economics, vol. 71, no. 2, pp. 265-313.
Berle, A. &amp; Means, G. 1932, The Modern Corporation and Private Property Macmillan, New York.
Campbell, R., C. Ghosh, and C. F. Simians.(2001). &#145;The Information Content of Method of Payment in Mergers: Evidence from Real Estate Investment Trusts(REITs)&#39;, Real Estate Economics (29) pp. 361-387.
Cannon, S. E. &amp; Vogt, S. C. 1995, &#145;REITs and Their Management: An Analysis of Organizational Structure, Performance and Management Compensation&#39;. The Journal of Real Estate Research, vol.10, pp. 297-317.
Capozza, D. R. &amp; Seguin, P. J. 2003, &#145;Inside Ownership, Risk Sharing and Tobin&#39;s Q-Ratios: Evidence from REITs&#39;, Real Estate Economics, vol. 31, no. 3, pp. 367.
Cho, M. H. 1998, &#145;Ownership Structure, Investment and the Corporate Value: An Emperical Analysis.&#39; Journal of Financial Economics, vol. 47, pp. 103-121.
Claessens, S. Djankov, S. &amp; Lang, L. H. P. 1999(a), &#145;Who Controls East Asian Corporations-and the Implications for Legal Reform&#39; World Bank Discussion Paper, Note No. 195.
Claessens, S. Djankov, S. &amp; Lang, L. H. P. 1999(b), &#145;East Asian Corporations: Heroes or Villains?&#39; World Bank Discussion Paper, 409.
Claessens, S. &amp; Djankov, S. &amp; Lang, L. H. P. 1999(c), &#145;Who Controls East Asian Corporations?&#39; World Bank Policy Paper No. 2054.
Claessens, S., Djankov, S. &amp; Lang, L. H. P. 2000, &#145;The Separation of Ownership and Control in East Asian Corporations&#39;, Journal of Financial Economics, vol. 58, no. 1-2, pp. 81-112.
Claessens, S., Djankov, S., Fan, J. P. H. &amp; Lang, L. H. P. 2002, &#145;Disentagling the Incentive and Entrenchment Effects of Large Shareholdings&#39;, The Journal of Finance, vol. LVII, no. 6.
Demsetz, H. 1983, &#145;The Structure of Ownership and the Theory of the Firm&#39;, Journal of Law and Economics vol. 26, no. 2, pp. 375-390.
Demsetz, H. &amp; Lehn, K. 1985, &#145;The Structure of Corporate Ownership: Causes and Consequences&#39;, Journal of Political Economy, vol. 93, no. 6, pp. 1155-1177.
Demsetz, H. &amp; Villalonga, B. 2001, &#145;Ownership Structure and Corporate Governance&#39;, Journal of Corporate Finance, vol. 7, pp. 209-233.
Denis, D. K. &amp; McConnell, J. J. 2003, &#145;International Corporate Governance &#145;, Journal of Financial and Quantitative Analysis, vol. 38, no. 1, pp. 1-36.
Eichholtz, P. M. A., Kok, N &amp; Otten, R. 2008, &#145;Executive Compensation in UK Property Companies&#39;, Journal of Real Estate Finance and Economics, vol. 36, pp. 405-426.
Franks, J. &amp; Mayer, C. 1997, &#145;Corporate Ownership and Control in the U.K., Germany, and France&#39;, Journal of Applied Corporate Finance, vol. 9, no. 4 pp. 30-45.
Friday, H. S., Sirmans, G. S. &amp; Conover, C. M. 1999, &#145;Ownership Structure and the Value of the Firm: The Case of RETS&#39;, Journal of Real Estate Research, vol. 17, no. 1/2, pp. 7190.
Ghosh, G. &amp; Sirmans, C. F. 2003, &#145;Board Independence, Ownership Structure and Performance: Evidence from Real Estate Investment Trusts&#39;, Journal of Real Estate Finance and Economics, vol. 26, no. 2/3, pp. 287-318.
Ghosh, C. &amp; Sirmans, C. F. 2005, &#145;On REIT CEO Compensation: Does Board Structure Matter?&#39; Journal of Real Estate Finance and Economics, vol. 30, no.4, pp.397-428.
Griffith, J. M., Fogelberg, L. &amp; Weeks, H. S. 2002, &#145;CEO Ownership, Corporate Control, and Bank Performance&#39;, Journal of Economics and Finance, vol. 26, no. 2, pp. 170-183.
Haniffa, R. M. &amp; Cooke, T. E. 2002, Culture, Corporate Governance and Disclosure in Malaysian Corporations Available: [http://www.blackwell-synergy.com.dbgw. lis.curtin.edu.au/toc/abac/38/3](26 May 2006).
Haniffa, R. &amp; Hudaib, M. 2006, &#145;Corporate Governance Structure and Performance of Malaysian Listed Companies&#39;, Journal of Business Finance &amp; Accounting, vol. 33, no. 78, pp. 1034-1062.
Hartzell, J. C., Sun, L. &amp; Titman, S. 2005, &#145;The Effect of Corporate Governance on investment: Evidence from Real Estate Investment Trusts&#39;, The University of Texas at Austin, Working Paper.
Hermalin, B. E. &amp; Weisbach, M. S. 1991, &#145;The Effects of Board Composition and Direct Incentives on Firm Performance&#39;, Financial Management, vol. 20, pp. 101-112.
Himmelberg, C. P., Hubbard, R. G. &amp; Palia, D. 1999, &#145;Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance&#39;, Journal of Financial Economics, vol. 53, pp. 353-384.
Holderness, C. G., Kroszner, R. S. &amp; Sheehan, D. P. 1999, &#145;Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression&#39;, The Journal of Finance, vol. 54, no. 2, p. 435.
Jensen, M. &amp; Meckling, W. 1976, &#145;Theory of firm: Managerial Behavior, Agency Costs and Ownership Structure.&#39; Journal of Financial Economics, vol. 3, pp. 305-360.
Kaplan, S. N. 1997, &#145;Corporate Governance and Corporate Performance: A comparison of Germany, Japan, and the U.S.&#39; Bank of America Journal of Applied Corporate Finance, vol. 9, no. 4, pp. 86-93.
Kole, S. 1996, &#145;Managerial Ownership and Firm Performance: Incentives or rewards&#39;, Working Paper. 93-10, Univ. Rochester, Rochester, NY.
La Porta, R., Lopez-de-Silanes, F. Shleifer, A. &amp; Vishny, R. W. 1998, &#145;Law and Finance&#39;, Journal of Political Economy, vol. 106, no. 6, pp. 1113-1155.
La Porta, R., Lopez-De-Silanes, F. and Shleifer, A.1999, &#145;Corporate Ownership Around the World&#39;, The Journal of Finance, 54, 471-517.
La Porta, R., Lopez-De-Silanes, F., Shleifer, A. and Vishny, R. 2000, &#145;Investor Protection and Corporate Governance&#39;, Journal of Financial Economics, 58, 3-27.
Lemmon, M. L. &amp; Lins, K. V. 2003, &#145;Ownership Structure, Corporate Governance, and Firm Value: Evidence from the East Asian Financial Crisis &#145;, The Journal of Finance, vol. 58, no. 4, pp. 1445-68.
Lim, L. 1999, &#145;Malaysia&#39;s Response to the Asian Financial Crisis&#39;, in statement before the Subcommittee on Asia and the Pacific Committee on International Relations, United States House of Representatives.
Linderberg, E. B. &amp; Ross, S. A. 1981, &#145;Tobin&#39;s Q Ratio and Industrial Organization&#39;, Journal of Business, vol. 54, pp. 1-32.
Lins, K. V. 2003, &#145;Equity Ownership and Firm Value in Emerging Markets&#39;, Journal of Financial and Quantitative Analysis, vol. 38, no. 1, pp. 159-184.
Mak, Y. T. &amp; Kusnadi, Y. 2005, &#145;Size Really Matters: Further Evidence on the Negative Relationship between Board Size and Firm Value&#39;, Pacific Basin Finance Journal, vol. 13, no. 3, pp. 301-318.
Mak, Y. T. &amp; Li, Y. 2001, &#145;Determinants of Corporate Ownership and Board Structure: Evidence from Singapore&#39;, Journal of Corporate Finance, vol. 7, pp. 236-256.
McConnel, J. J. &amp; Servaes, H. 1990, &#145;Additional Evidence on Equity Ownership and Corporate Value.&#39; Journal of Financial Economics, vol. 27, pp. 595-612.
McConnell, J. J. &amp; Servaes, H. 1995, &#145;Equity Ownership and the Two Faces of Debt&#39;, Journal of Financial Economics vol. 39, pp. 131-157.
Morck, R., Shleifer, A. &amp; Vishny, R. 1988, &#145;Management Ownership and Market Valuation: An Emperical Analysis.&#39; Journal of Financial Economics, vol. 20, pp. 293-316.
On, K.T. &amp; Tan, M. G. 2007, &#145;Ownership, Governance and Firm Performance in Malaysia.&#39; Corporate Governance: An International Review, vol. 15, no. 2, pp. 208-222.
Ooi, J.T.L. 2000, &#145;Managerial Opportunism and the Capital Structure Decisions of Property Companies&#39;. Journal of Property Investment and Finance, vol. 18, no.3, pp. 316-331.
Perfect, S. B. &amp; Wiles, K. W. 1994, &#145;Alternative Construction of Tobin&#39;s Q: An Empirical Comparison&#39;, Journal of Empirical Finance, vol. 1, pp. 313-341.
Shakir, R. 2007, Malaysian Property Firms: Behaviour and Performance. Unpublished Doctoral Thesis. Curtin Business School.
Seifert, B., Gonenc, H. &amp; Wright, J. 2005, &#145;The International Evidence on Performance and Equity Ownership by Insiders, Blockholders, and Institutions&#39;, Journal of Multinational Financial Management, vol. 15, no. 2, pp. 171-191.
Shleifer, A. &amp; Vishny, R. W. 1997, &#145;A Survey of Corporate Governance&#39;, The Journal of Finance, vol. 52, no. 2, pp. 737-783.
Tan, M. 2005, &#145;Ownership Concentration, Board Concentration and Performance in Malaysia.&#39; In The 16th Asian Finance Association Conference, Asian Finance Association, Malaysia.
Thomsen, S. &amp; Pedersen, T. 1996, &#145;Nationality and Ownership Structures: The 100 Largest Companies in Six European Nations&#39;, Management International Review, vol. 36, no. 2, pp. 149-166.
Thomsen, S. &amp; Pedersen, T. 1999, &#145;Economic and Systemic Explanations of Ownership Concentration among Europe&#39;s Largest Companies&#39;, Economic and systemic Explanations of Ownership Concentration among Europe&#39;s Largest Companies, Vol. 6, Iss. 3, pp. 367-372.

Zhuang, J., Edwards, D. &amp; Capulong, V. A. 2001, Corporate Governance and Finance in East Asia A Study of Indonesia, Republic of Korea, Malaysia, Philippines, and Thailand: Volume Two(Country Studies), Asian Development Bank, Manila.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/effect-of-block-ownership-on-performance-of-malaysian-property-companies</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/board-size-executive-directors-and-property-firm-performance-in-malaysia</link>
<title><![CDATA[Board Size, Executive Directors and Property Firm Performance in Malaysia]]></title>
<description><![CDATA[In light of the 1997 Asian financial crisis, the effectiveness of good governance in Asian economies has been a confronting issue. This situation raised the key issue in corporate governance of how to effectively monitor managers and to exercise control so that managers act in the best interest of the shareholders. Amongst others, the existence of a board of directors is an important system for shareholding monitoring and control. This research empirically examines the relationship between board size, percentage of executives and performance of property companies listed in Malaysia. The findings provide evidence that the market seems to have a preference for small boards, but with more executive directors.
]]></description>
<content><![CDATA[Abdullah, S. N. 2004, &#145;Board Composition, CEO Duality and Performance among Malaysian Listed Companies&#39;, Corporate Governance, vol. 4, no. 4, pp. 47-61.
Adams, R. B. &amp; Mehran, H. 2005, &#145;Corporate Performance, Board Structure and its Determinants in the Banking Industry&#39;, in EFA 2005 Moscow Meetings.
Agrawal, A. &amp; Knoeber, C. R. 1996, &#145;Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders&#39;, Journal of Financial and Quantitative Analysis, vol. 31, no. 3, pp. 377-397.
Anderson, R. C. &amp; Reeb, D. M. 2003, &#145;Founding-Family Ownership and Firm Performance: Evidence from the S&amp;P 500&#39;, The Journal of Finance, vol. LVIII, no. 3.
Andres, P. D., Azofra, V. &amp; Lopez, F. 2005, &#145;Corporate Boards in OECD Countries: Size, Composition, Functioning and Effectiveness&#39;, Corporate Governance, vol. 13, no. 2, pp. 197-210.
Barnhart, S. W. &amp; Roseinstein, S. 1998, &#145;Board Composition, Managerial Ownership, and Firm Performance: An Empirical Analysis&#39;, The Financial Review, vol. 33, pp. 1-16.
Bennedsen, M., Kongsted, H. C. &amp; Nielsen, K. M. 2004, &#145;Board Size Effects in Closely Held Corporations&#39;, CAM Institute of Economics, University of Copenhagen Working Papers, vol. 25.
Berle, A. &amp; Means, G. 1932, The Modern Corporation and Private Property Macmillan, New York.
Bhagat, S. &amp; Black, B. 2002, &#145;The Non-correlation between Board Independence and Long-term Firm Performance&#39;, Journal of Corporation Law, vol. 27, no. 2, pp. 231-274.
Bonn, I. 2004, &#145;Board Structure and Firm PerformancEvidence from Australia&#39;, Journal of the Australian and New Zealand Academy of Management, vol. 10, no. 1, pp. 14-24.
Bonn, I., Yoshikawa, T. &amp; Phan, P. H. 2004, &#145;Effects of Board Structure on Firm Performance: A Comparison Between Japan and Australia&#39;, Asian Business &amp; Management, vol. 3, pp. 105-125.
Boumosleh, A. S., &amp; Reeb, D. M. 2005, &#145;The Governance Role of Corporate Insiders&#39;, Available at SSRN: http://ssrn.com/abstract=674082 downloaded on 7 April 2007.
Dalton, C. M. &amp; Dalton, D. R. 2005, &#145;Boards of Directors: Utilizing Empirical Evidence in Developing Practical Prescriptions&#39;, British Journal of Management, vol. 16, pp. s91-s97.
Dalton, D. R., Daily, C. M., Ellstrand, A. E. &amp; Johnson, J. L. 1998, &#145;Meta-analytic Reviews of Board Composition, Leadership Structure, and Financial Performance&#39;, Strategic Management Journal, vol. 19, no. 3, pp. 269-290.
Daily, C. M., Johnson, J. L. &amp; Dalton, D. R. 1999, &#145;On the Measurement of Board Composition: Poor Consistency and a Serious Mismatch of Theory and Operationalization&#39;, Decision Sciences, vol. 30, no. 1, pp. 83-106.
Dogan, E. &amp; Smyth, R. 2002, &#145;Board Remuneration, Company Performance, and Corporate Governance Evidence from Publicly Listed Malaysian Companies &#145;, ASEAN Economic Bulletin, vol. 19, no. 3, pp. 319-47.
Demsetz, H. &amp; Lehn, K. 1985, &#145;The Structure of Corporate OwnershiCauses and Consequences&#39;, Journal of Political Economy, vol. 93, no. 6, pp. 1155-1177.
Eisenberg, T., Sundgren, S. &amp; Wells, M. T. 1998, &#145;Larger Board Size and Decreasing Firm Value in Small Firms&#39;, Journal of Financial Economics, vol. 48, no. 1, pp. 35-54.
Fama, E. F. &amp; Jensen, M. C. 1983, &#145;Separation of Ownership and Control&#39;, Journal of Law &amp; Economics., vol. xxvi, pp. 301-325.
Filatotchev, I. &amp; Bishop, K. 2002, &#145;Board Composition, Share Ownership, and Underpricing of U.K. IPO firms&#39;, Strategic Management Journal, vol. 23, no. 10, pp. 941 955.
Finance Committee on Corporate Governance 2000, Malaysian Code on Corporate Governance, Securities Commission.
Hermalin, B. E. &amp; Weisbach, M. S. 1991, &#145;The Effects of Board Composition and Direct Incentives on Firm Performance&#39;, Financial Management, vol. 20, pp. 101-112.
Hermalin, B. E. &amp; Weisback, M. S. 2003, &#145;Board of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature.&#39; Center for Responsible Business. Working Paper Series. Paper 3
Jensen, M. &amp; Meckling, W. 1976, &#145;Theory of firm: Managerial Behavior, Agency Costs and Ownership Structure.&#39; Journal of Financial Economics, vol. 3, pp. 305-360.
Jensen, M. C. 1993, &#145;The Modern Industrial Revolution, Exit and the Failure of Internal Control Systems.&#39; Journal of Finance, vol. 48, no. 3, pp. 831-880.
Lipton, M. &amp; Lorsch, J. W. 1992, &#145;A Modest Proposal for Improved Corporate Governance&#39;, Business Lawyer, vol. 48, no. 1, pp. 59-77.
Mak, Y. T. &amp; Li, Y. 2001, &#145;Determinants of Corporate Ownership and Board Structure: Evidence from Singapore&#39;, Journal of Corporate Finance, vol. 7, pp. 236-256.
Mak, Y. T. &amp; Kusnadi, Y. 2005, &#145;Size Really Matters: Further Evidence on the Negative Relationship between Board Size and Firm Value&#39;, Pacific Basin Finance Journal, vol. 13, no. 3, pp. 301-318.
Mak, Y. T. &amp; Yuanto, K. 2003, &#145;Board Size Really Matters: Further Evidence on the Negative Relationship Between Board Size and Firm Value&#39;, Pulses by Singapore Stock Exchange.
Shleifer, A. &amp; Vishny, R. W. 1997, &#145;A Survey of Corporate Governance&#39;, The Journal of Finance, vol. 52, no. 2, pp. 737-783.
Sirmans, G. S., Friday, H. S. &amp; Price, R. M. 2006, Do Management Changes Matter? An Empirical Investigation of REIT Performance. Journal of Real Estate Research, vol.28, pp. 132-148.
Thompson, P. &amp; Chu, H. 2002, Cracking the Singapore Code of Corporate Governance: A Step Towards World-class Corporate Governance and Superior Performance, Nottingham University Business School, The University of Nottingham, Malaysia Campus, Kuala Lumpur, 02/2002.
Vafeas, N. 2000, &#145;Board Structure and the Informativeness of Earnings&#39;, Journal of Accounting and Public Policy, vol. 19, no. 2, pp. 139-160.
Williamson, O. E. 1985, The economic institutions of capitalism: Firms, markets, and relational contracting, Macmillan, New York.
Wu, Y. 2000, &#145;&quot;Honey, CalPERS Shrunk the Board&quot; &#145;, Working Paper. University of Chicago.
Yermack, D. 1996, &#145;Higher Market Valuation of Companies with a Small Board of Directors&#39;, Journal of Financial Economics, vol. 40, no. 2, pp. 185-211.
Zhuang, J., Edwards, D. &amp; Capulong, V. A. 2001, Corporate Governance and Finance in East Asia A Study of Indonesia, Republic of Korea, Malaysia, Philippines, and Thailand: Volume Two (Country Studies), Asian Development Bank, Manila.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/board-size-executive-directors-and-property-firm-performance-in-malaysia</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/an-examination-of-management-and-governance-issues-arising-in-residential-golf-complexes</link>
<title><![CDATA[An Examination of Management and Governance Issues Arising in Residential Golf Complexes]]></title>
<description><![CDATA[This study provides an examination of governance issues arising in residential golf communities. Drawing on qualitative data collected from thirteen interviews with Queensland-based developer representatives and body corporate managers experienced in MTGDs, it has been found that there is a legislative trend towards accommodation owners experiencing diminished levels of influence on golf course management and operations. All interviewees felt this to be the most appropriate model for future MTGDs. It is nevertheless noted that this development signifies a degree of neighbourhood disenfranchisement for residential owners and that a poorly managed golf course can negatively influence residential property values and political harmony in an MTGD.
]]></description>
<content><![CDATA[Agar, M.H. (1988) Speaking of Ethnography, Thousand Oaks, California: Sage Publications.
Ardill, A. K., Everton-Moore, L., Fredline, C., Guilding, and Warnken, J. (2004), Community titles reforms in Queensland: A regulatory panacea for commercial, residential and tourism stakeholders, The Queensland Lawyer, Vol. 25, pp. 13-27.
Asabere, P. K., and Huffman, F. E. (1996), Negative and positive impacts of golf course proximity on home prices, The Appraisal Journal, Vol. 64, pp. 351-355.
Ball, R. (1984), What is a multi-title?, Law Institute Journal, August, pp. 924-925.
Berle, A. A., and Means G. C. (1967), The modern corporation and private property, Harcourt, Brace &amp; World: New York.
Blandy, S., Dixon, J., and Dupuis, A. (2006), Theorising power relationships in multi-owned residential developments: Unpacking the bundle of rights, Urban Studies, Vol. 43, pp. 2365-2383.
Blondin, A. (2006), Housing market sets future of golf courses, Knight Ridder Tribune Business News, Jan 22.
Bourdieu, P. (1987), The force of law: Toward a sociology of the juridical field, The Hastings Law Journal, Vol. 38, pp. 814-853.
Brown, C. (2007), Two kinds of holism about values, Philosophical Quarterly, 57, 456 463.
Chen, T. (2004), A study of golf courses management: The in-depth interview approach, Journal of American Academy of Business, Vol. 5, pp. 138-143.
Christudason, A. (1996), Subdividing buildings: Developments in Australia, Singapore and England, International and Comparative Law Quarterly, Vol. 45, pp. 343-364.
Creswell J.W. (2003), Research Design: Qualitative, Quantitative, and Mixed Methods Approaches, 2 ed, Thousand Oaks, California: Sage Publications.
Everton-Moore, K., Ardill, A., Guilding, C., and Warnken, J. (2006), The law of multi-title in Australia: A jurisdictional stocktake, Australian Property Law Journal, Vol. 13, 135.
Foucault, M. (1980), Power/Knowledge. Harvester Press: Brighton.
Guilding, C., Ardill, A., Fredline, E., and Warnken, J. (2005), An agency theory perspective on the owner / manager relationship in tourism-based condominiums, Tourism Management, Vol. 26, pp. 409-420.
Guilding, C., Ardill, A., Warnken, J., Cassidy, K., and Everton-Moore, K. (2006), Investigation of the multi-titled tourism accommodation sector in Australia: Legal context and stakeholder views, Co-operative Research Centre for Sustainable Tourism Technical Report, Griffith University: Gold Coast.
Hodges, A. W., and Haydu, J. J. (2004), Golf, tourism and amenity based development in Florida, Journal of American Academy of Business, Vol. 4, pp. 481-488.
Kimes, S. E. (2000), Revenue management on the links, Cornell Hotel and Administration Quarterly, Vol. 41, pp. 120-127.
Jensen, M., and Meckling, W. (1976), Theory of the firm: Managerial behavior, agency costs and ownership structure, Journal of Financial Economics, Vol. 3, pp. 305-360.
Lambert, R. A. (2001), Contracting theory and accounting, Journal of Accounting and Economics, Dec, 3-87.
Lillis, A.M. (1999). A framework for the analysis of interview data from multiple field research sites, Accounting and Finance, Vol. 39:1, pp. 79-105.
Lum, R. (2003), Course management lofty business for firm, Baltimore Business Journal, Vol. 20, pp. 24-25.
Mertens, D.M. (2004), Research Methods in Education and Psychology: Integrating Diversity with Quantitative, Qualitative, and Mixed Methods. 2 ed, London: Sage Publications.
Miles, M.B and Huberman A.M. (1994), Qualitative Data Analysis, 2 ed, Thousand Oaks, California: Sage Publications.
Ryan, R., Scapens, R. W., and Theobald, M. (1992), Research Method and Methodology in Finance and Accounting, Academic Press: London.
Shamske, S. (1999), The economics of golf course condition and beauty, Atlantic Economic Journal, Vol. 27, pp. 301-313.
Warnken J. (2002). Tourism Infrastructure Audit - Gold Coast, Project 2.2 of the Gold Coast Visioning Project CRC Research Report Series. Gold Coast: Co-operative Research Centre for Sustainable Tourism, Griffith University: Gold Coast.
Warnken, J., Russell, R., and Faulkner, B., (2003), Condominium developments in maturing destinations: Potentials and problems for long-term sustainability, Tourism Management, Vol. 24, pp. 155-168.
Warnken J., Thompson, D., and Zakus, D. H. (2001), Golf course development in a major tourist destination: Implications for planning and management, Environmental Management, Vol. 27, pp. 681-696.
Case Study Research: Design and Methods (3 ed.) 
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/an-examination-of-management-and-governance-issues-arising-in-residential-golf-complexes</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/the-voice-behind-shoice-understanding-key-motives-that-drive-consumer-home-choice</link>
<title><![CDATA[The Voice Behind Shoice: Understanding Key Motives that Drive Consumer Home Choice]]></title>
<description><![CDATA[Despite the huge importance of the residential real estate market to New Zealand&#39;s economy, our knowledge of the non-calculative reasons that drive home buyers&#39; choices is limited. This interpretive study sought to identify and understand the motives that underlie actual home choices through ZMET (Zaltman Metaphor Elicitation Technique). This paper focuses on Step Eight of the ZMET interview process where respondents have created mental maps using constructs that have been elicited throughout the interview. It identifies twenty key motives underlying home choices, presents three of these motives in detail and discusses their implications for academics and practitioners. It then concludes with a contribution to existing housing choice literature - that consumers&#39; choice for a home can be driven by non-economic, non-calculative and less tangible factors.
]]></description>
<content><![CDATA[Bates, S &amp; Kane, C 2003, The Future of Housing in New Zealand, Centre for Housing Research New Zealand.
Black, RT, Brown, MG, Diaz, J, Gibler, KM &amp; Grisson, TV 2003, &#145;Behavioral Research in Real Estate: A Search for the Boundaries &#145;, Journal of Real Estate Practice and Education vol. 6, no. 1, pp. 85 - 112.
Black, RT &amp; Diaz, J 1996, &#145;The use of Information versus Asking Price in the Real Property Negotiation Process&#39;, Journal of Property Research, vol. 13, pp. 287-97.
Catchings-Castello, G 2000, &#145;The ZMET alternative&#39;, Marketing Research, vol. 12, no. 2, pp. 6-12.
Christensen, GL &amp; Olson, JC 2002, &#145;Mapping consumers&#39; mental models with ZMET&#39;, Psychology and Marketing, vol. 19, no. 6, pp. 477-501.
Clapham, D 2002, &#145;Housing Pathways: A Post Modern Analytical Framework&#39;, Housing, Theory and Society, vol. 19, no. 2, pp. 57-68.
Coolen, H &amp; van Montfort, X 2001, &#145;Meaning-based Representations of Preferences for Housing Attributes&#39;, in Housing Imaginations: New Concepts, New Theories, New Researchers. OTB Research Institute for Housing, Urban and Mobility StudiesDelft University of Technology Thijsseweg 112629 JA Delft, The Netherlands.
Crews, G &amp; Dyhrberg, K 2004, &#145;Real Estate Consumer Survey 2003&#39;, Real Estate Institue of NZ, p. 81.
D&#39;Arcy, E &amp; Kaleva, H 2003, &#145;Real Estate Service Markets and The Informed Client: Towards a Research Agenda&#39;, PRRES 9th Annual Conference Proceeding.
de Bruin, A &amp; Flint-Hartle, S 2003, &#145;A bounded rationality framework for property investment behaviour&#39;, Journal of Property Investment &amp; Finance, vol. 21, no. 3, pp. 271 84.
Diaz III, J &amp; Hansz, A 2007, &#145;Understanding the Behavioural Pradigm in Property Research&#39;, Pacific Rim Property Research Journal, vol. 13, no. 1, pp. 16-34.
DTZ, NZ 2004, Changes in the Structure of the New Zealand Housing Market Executive Summary, Centre for Housing Research New Zealand 0-9582553-O-X.
DTZ, NZ 2005, Housing Tenure Aspirations and Attainment, Centre for Housing Research New Zealand.
Dupuis, A &amp; Thorns, DC 1998, &#145;Home, Home Ownership and the Search for Ontological Security&#39;, Sociological Review, vol. 46, no. 1, pp. 24-47.
Findsen, AT 2005, Buying a 1st Home, GenX in the Auckland Housing Market, The University of Auckland.
Gibler, KM &amp; Nelson, SL 2003, &#145;Consumer Behaviour Applications to Real Estate Education&#39;, Journal of Real Estate Practice and Education, vol. 6, no. 1, pp. 63-83.
Harper, D 2002, &#145;Talking about pictures: a case for photo elicitation&#39;, Visual Studies, vol. 17, no. 1, pp. 13-26.
Jameson, B, Nana, G 2004, &#145;The Impact of Financial Circumstances on Tenure Choices in New Zealand&#39;, CHRANZ, no. June, p. 38. Report.
Lee, MSY, McGoldrick, PJ, Keeling, KA &amp; Doherty, J 2003, &#145;Using ZMET to explore barriers to the adoption of 3G mobile banking services&#39;, International Journal of Retail &amp; Distribution Management, vol. 31, no. 6, pp. 340-8.
Levy, DS &amp; Lee, C 2006, &#145;Qualitative Methodology and Grounded Theory in Property Research&#39;, Pacific Rim Property Research Journal, vol. 12, no. 4, pp. 369 - 88.
Levy, DS, Murphy, L &amp; Lee, C 2008, &#145;Influences and Emotions: Exploring household decision-making processes when buying a house.&#39; Housing Studies, vol. 23, no. 2, pp. 271 89.
Levy, DS, Murphy, L &amp; Lee, C forthcoming, &#145;Influences and Emotions: Exploring household decision-making processes when buying a house.&#39; Housing Studies, vol. 23, no. 2, pp. 271-89.
Reed, R &amp; Conisbee, N 2005, &#145;Identifying Linkages Between Generations and Dommunity Development - the Effect on Residential and Retail Property&#39;, 11th Annual Pacific Rim Real Estate Conference, University of Melbourne, Australia.
Reisenzein, R &amp; Hofmann, T 1990, &#145;An investigation of dimensions of cognitive appraisal in emotion using the repertory grid technique&#39;, Motivation and Emotion, vol. 14, no. 1, pp. 1-26.
Reynolds, TJ &amp; Gutman, J 1988, &#145;Laddering Theory, Method&#39;, Analysis and Interpretation, Journal.
Sease, KG 2005, Mapping Cognitive Constructs in Males and Females Using ZMET Methodology Comparing Male and Female Experience Within a Campus Ministry Organization, Miami University, Dept. Communication.
Shaw, MLG &amp; McKnight, C 1992, &#145;Think Again. Personal Decision-Making and Problem-Solving&#39;. Centre for Person-Computer Studies, Calgary, Alberta, Can.
Spiggle, S 1994, &#145;Analysis and Interpretation of Qualitative Data in Consumer Research&#39;, The Journal of Consumer Research, vol. 21, no. 3, pp. 491-503.
Sujan, M, Bettman, JR &amp; Baumgartner, H 1993, &#145;Influencing Consumer Judgments Using Autobiographical Memories: A Self-Referencing Perspective&#39;, Journal of Marketing Research, vol. 30, no. 4, pp. 422-36.
Susilawati, C, Anunu, F.B. 2001, &#145;Motivation and Perception Factors Influence Buying Home Behaviour in Dilli, East Timor&#39;, 7th Pacific Rim Real Estate Annual Conference Proceedings, Pacific Rim Real Estate Society, Adelaide, Australia.
Thyne, M 2001, &#145;The Importance of Values Research for Nonprofit Organisations: The Motivation-Based Values of Museum Visitors&#39;, International Journal of Nonprofit and Voluntary Sector Marketing, vol. 6, no. 2, pp. 116-30.
Timmermans, HJP &amp; van Noortwijk, L 1995, &#145;Context Dependencies in Housing Choice Behavior&#39;, Environment and Planning A, vol. 27, no. 2, pp. 181-92.
Veludo-de-Oliveira, TM, Ikeda, AA &amp; Campomar, MC 2006, &#145;Laddering in the practice of marketing research: barriers and solutions&#39;, International Journal, vol. 9, no. 3, pp. 297 306.
Vorell, MS, Theses, OE &amp; Center, D 2003, Application of the ZMET Methodology in an Organizational Context Comparing Black and White Student Subcultures in a University Setting, Miami University.
Watkins, J 2005, &#145;Gen Y Knocking at the Door of Ownership&#39;, The Washington Times, September 18, 2005.
Watkins, L 2006, Culture, Values and Japanese Tourism Behaviour, Doctor of Philosophy Thesis, University of Otago.
Winstanley, A, Thorns, DC &amp; Perkins, HC 2002, &#145;Moving House, Creating Home: Exploring Residnetial Mobility&#39;, Housing Studies, vol. 17, no. 6, pp. 813-32.
Winstanley, A, Thorns, DC &amp; Perkins, HC 2003, &#145;Nolstagia, Community and New Housing Developments: A Critique of New Urbanism Incorporating a New Zealand Perspective.&#39; Urban Policy and Research, vol. 21, no. 2, pp. 175-89.
Woodside, AG 2004, &#145;Advancing from subjective to confirmatory personal introspection in consumer research&#39;, Psychology and Marketing, vol. 21, no. 12, pp. 987-1010.
Zaltman, G 1997, &#145;Rethinking Market Research: Putting People Back In&#39;, Journal of Marketing Research, vol. 34, no. 4, pp. 424-37.
Zaltman, G &amp; Higie, R 1993, Seeing the Voice of the Customer: The Zaltman Metaphor Elicitation Technique, Marketing Science Institute, Massachusetts, 93-114.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/the-voice-behind-shoice-understanding-key-motives-that-drive-consumer-home-choice</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/assessing-property-risk-in-australian-commercial-mortgage-backed-securities</link>
<title><![CDATA[Assessing Property Risk in Australian Commercial Mortgage-Backed Securities]]></title>
<description><![CDATA[This paper investigates how property risk in Australian Commercial Mortgage-Backed Securities (CMBS) issued between 2000 and 2005 can be assessed and reported in a more systematic and consistent approach to be easily understood by institutional investors. Our framework shows that assessing and reporting property risk in Australian CMBSs, which are primarily backed by direct property assets, under the headings of investment quality risk, covenant strength risk, and depreciation and obsolescence risk can easily be done. Rating agencies can adopt a more systematic and consistent approach towards reporting of assessed property risk in CMBS. Issuers and institutional investors can examine the perceived consistency and appropriateness of the rating assigned to a CMBS issue by providing inferences concerning property risk assessment.
]]></description>
<content><![CDATA[Adair, A. &amp; Hutchinson, N. 2005, &#145;The Reporting of Risk in Real Estate Appraisal Property Risk Scoring&#39;, Journal of Property Investment &amp; Finance, vol. 23, no. 3, pp. 254-268.
Chikolwa, B. 2007, &#145;Development of Australian Commercial Mortgage-Backed Securities&#39;, Pacific Rim Property Research, (In Press).
Clayton UTZ 2003, A Guide to the Law of Securitisation in Australia: Third Edition, Clayton UZ, Sydney.
Colonial First Estate Global Asset Management 2006, Australian Property Markets, Colonial First Estate, Sydney.
Fabozzi, F. J. &amp; Jacob, D. P. 1997, The Handbook of Commercial Mortgage-backed Securities, Frank Fabozzi Associates, New Hope.
Fitch Ratings 1999, Australian Commercial Mortgage Default Model, Fitch Ratings, Sydney.
Fitch Ratings 2005a, Multiplex CMBS Issuer Ltd. Series 2005-1, Fitch Ratings, Sydney.
Fitch Ratings 2005b, Multiplex CMBS Issuer Ltd. Series 2005-2, Fitch Ratings, Sydney.
French, N. &amp; Gabrielli, L. 2004, &#145;The Uncertainty of Valuation&#39;, Journal of Property Investment &amp; Finance, vol. 22, no. 6, pp. 484-500.
French, N. &amp; Gabrielli, L. 2005, &#145;Discounted Cash Flow: Accounting for Uncertainty&#39;, Journal of Property Investment &amp; Finance, vol. 23, no. 1, pp. 76-89.
Hedander, J. 2005, &#145;An Empirical Study of Listed Property Trusts in Australia&#39;, Pacific Rim Property Research, vol. 11, no. 1, pp. 84-111.
Henderson, J. &amp; ING Barings 1997, Asset Securitization: Current Techniques and Emerging Market Applications, Euromoney Books, London.
Hughes, F. &amp; Arissen, J. 2005, Global Real Estate Securities - Where Do They Fit in the Broader Market?, Euorpean Public Real Estate Association. Retrieved November 9, 2006, from http://www.epra.com/media/Size of the Total Real Estate Markets.pdf
Hutchinson, N. E., Adair, A. S. &amp; Leheny, I. 2005, &#145;Communicating Investment Risk to Clients: Property Risk Scoring&#39;, Journal of Property Research, vol. 22, no. 2-3, pp. 137 161.
IPF 2000, The Assessment and Management of Risk in the Property Investment Industry, Investment Property Forum, London. Retrieved 10 October 2006, from www.ipf.org.uk/resources/pdf/research/research reports/RiskReport.pdf
IPF 2002, Risk Management for Real Estate Investment Portfolios: Summary Report, Investment Property Forum, London. Retrieved 8 October 2006, from www.ipf.org.uk/servlet.cgi?page id=336
IVSC 2006, The Valuation of Real Estate Serving As Collateral for Securitised Instruments, International Valuation Standards Committee, London.
Jones Lang LaSalle 2001, Commercial Mortgage Backed Securities: The New Kid on the Block, Sydney.
Jones Lang LaSalle 2006, Global Real Estate Transparency Index, Jones Lang LaSalle, Chicago.
Joslin, A. 2005, &#145;An Investigation Into the Expression of Uncertainty in Property Valuations&#39;, Journal of Property Investment &amp; Finance, vol. 23, no. 3, pp. 269-285.
Lee, S. 2007, &#145;Real Estate Portfolio Size in a Higher-moment World&#39;, 13th Pacific Rim Real Estate Society Conference, 21-24 January, Fremantle.
Lorenz, D., Truck, S. &amp; Lutzkendorf, T. 2006, &#145;Addressing Risk and Uncertainty in Property Valuations: A Viewpoint from Germany&#39;, Journal of Property Investment &amp; Finance, vol. 24, no. 5, pp. 400-433.
Mallinson, M. &amp; French, N. 2000, &#145;Uncertainty in Property Valuation: The Nature and Relevance of Uncertainty and How It Might Be Measured and Reported&#39;, Journal of Property Investment &amp; Finance, vol. 18, no. 1, pp. 13-32.
Moody&#39;s Investor Service 2003, CMBS: Moody&#39;s Approach to Rating Australian CMBS, Moody&#39;s Investors Service, Sydney.
Multiplex Property Trust 2005, Multiplex Property Trust Launches A$1 Billion CMBS Issue, Multiplex Property Trust, Sydney. Retrieved November 11, 2006, from http://www.multiplex.biz/page.asp?partid=294&amp;ID=165
O&#39;Sullivan, B. 1998, The Risks and Mitigants in Securitising Australian Commercial Mortgage Backed Securities, Master of Science Dissertation Thesis, University of Western Sydney.
Richardson, K. 2003, &#145;CMBS Market Shaping For Another Growth Spurt&#39;, Property Australia, vol. March, pp. 36-39.
RICS 1994, Commercial Property Valuations (Mallinson Report), Royal Institution of Chartered Surveyors, London.

Roche, T. 2002, &#145;Commercial Mortgage-Backed Securities: A Homogeneous Asset Class?&#39; Australian Property Journal, no. August, pp. 170-174.
Shin, K. &amp; Han, I. 2001, &#145;A Case-Based Approach using Inductive Indexing for Corporate Bond Rating&#39;, Decision Support Systems, vol. 32, no. 1, pp. 41-52.
Simonovski, J. 2003, A Brief Overview of Commercial Mortgage Backed Securitisation (CMBS) in Australia, Bachelor of Science Dissertation Thesis, University of Western Sydney.
Sing, T. F., Ong, E. S., Fan, G. &amp; Sirmans, C. F. 2004, &#145;Analysis of Credit Risks in Asset-Backed Securitization Transactions in Singapore&#39;, Journal of Real Estate Finance and Economics, vol. 28, no. 2/3, pp. 235-253.
Standard &amp; Poor&#39;s 2003, Things That Matter: The Australian Commercial Real Estate-Backed Securities Market, Standard &amp; Poor&#39;s, Melbourne.
Standard &amp; Poor&#39;s 2005a, Australia &amp; New Zealand CMBS Performance Watch, Standard &amp; Poor&#39;s, Melbourne.
Standard &amp; Poor&#39;s 2005b, Guide to Legal Issues in Rating Australian Securitisation, Standard &amp; Poor&#39;s, Sydney.
Standard &amp; Poor&#39;s 2005c, Multiplex CMBS Issuer Ltd. Series 2005-1, Standard and Poor&#39;s, Melbourne.
Standard &amp; Poor&#39;s 2005d, Multiplex CMBS Issuer Ltd. Series 2005-2, Standard and Poor&#39;s, Melbourne.
TEGoVA 2002, European Mortgage Securitisation: A Valuer&#39;s Guide, European Group of Valuer&#39;s Association, Brussels.
TEGoVA 2003, European Property and Market Rating: A Valuer&#39;s Guide, European Group of Valuer&#39;s Association, Brussels.
The Economist 2005, &#145;Survey: Bothersome Basel&#39;, in The Economist, vol. 371, pp. 5-7.
]]></content>
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<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/residential-property-values-and-mass-transit-service-in-brisbane</link>
<title><![CDATA[Residential Property Values and Mass Transit Service in Brisbane]]></title>
<description><![CDATA[The paper reviews the relationship between mass transit service and property values in Brisbane. The results indicate a clear preference in terms of observable price premiums for mass transit among attached housing markets, but results in the traditional detached housing market are less clear-cut. Median income housing consumers are another market segment clearly prepared to pay a premium for mass transit access.
]]></description>
<content><![CDATA[AHURI (2000, October). Australia at Home - an Overview of Contemporary Housing Policy Issues. Australian Housing and Urban Research Institute.
Armstrong, R.J. (1994, June) Impacts of Commuter Rail Service as Reflected in Single-Family Residential Property Values. Transportation Research Record. Issue 1466.
Banister, D. (2002) Transport Planning (Second Edition). New York, NY: Spon Press.
Benjamin, J.D and Sirmans, G.S. (1996) Mass Transportation, Apartment Rent and Property Values. The Journal of Real Estate Research. Volume 12, Number 1.
BCC - Brisbane City Council. (2006) Brisbane City Centre Master Plan. Brisbane.
BCC - Brisbane City Council. (August 2006) Seven Point Plan to Boost Public Transport. Brisbane City Council Website - press release. Accessed November 2007. www.newsroom.brisbane.qld.gov.au
Cervero, R. (1998) The Transit Metropolis - a Global Enquiry. Washington DC: Island Press.
Cervero, R and Duncan, M. (2002, June) Land Value Impacts of Rail Transit Services in San Diego County. National Association of Realtors, Urban Land Institute.
Dittmar, H and Ohland, G. (2004) The New Transit Town - Best Practices in Transit Oriented Development. Washington, DC: Island Press.
Dodson, J and Sipe, N (2006) Suburban Shocks: Assessing locational vulnerability to rising household fuel and mortgage interest costs Gold Coast: Australasian Transport Research Forum 2006
DOI - Department of Infrastructure, Victoria (author and publisher) (2002) Melbourne 2030 - Planning for sustainable growth Melbourne
Forster, C. (2004) Australian Cities - Continuity and Change (Third edition). South Melbourne, Victoria: Oxford University Press.
Gilbert, D and Ginn, S. (2001) Transit Oriented Sustainable Developments. Built Environment Research Unit, Building Division, Queensland Department of Public Works.
Hamnett, S and Freestone, R - eds. (2000) The Australian Metropolis - A Planning History. Crow&#39;s Nest, NSW: Allen &amp; Unwin.
Mumford, L. (1961) The City in History. Orlando, Florida: Harcourt.
OUM - Queensland Government, Office of Urban Management (2006) South East Queensland Regional Plan 2005 - 2026 Brisbane: Office of Urban Management
PRD Nationwide Research. (2005, March) Suburb Profiles - Brisbane Local Government Area.
Reader, J. (2004) Cities. Sydney, NSW: Random House.
Ryan, S. (1999) Property Values and Transportation Facilities: Finding the Transportation-Land Use Connection. Journal of Planning Literature. Vol 13 no. 4.
RICS Policy Unit (author and publisher) (2003) Land Value and Public Transport. Stage 1 - Summary of Findings. Prepared for Office of the Deputy Prime Minister (England).
Salt, B (ed). (2003) The Big Shift (Second Edition). South Yarra, Victoria: Hardie Grant Books.
Troy, P (2004) The structure and form of the Australian city: Prospects for improved urban planning Brisbane: Griffith University, Urban Policy Program
Vuchic, V.R. (2005) Urban Transit - Operations, Planning and Economics. New Jersey: John Wiley &amp; Sons. Part 1 - Transit Systems Operations and Networks.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/residential-property-values-and-mass-transit-service-in-brisbane</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume14-2008/diversification-benefits-from-new-zealand-real-estate</link>
<title><![CDATA[Diversification Benefits from New Zealand Real Estate]]></title>
<description><![CDATA[Although the benefits of further diversifying a portfolio of New Zealand financial assets with unsecuritised New Zealand real estate have been confirmed in previous studies, this paper examines the benefits of further diversifying a portfolio by including rural grazing property. Modern portfolio theory is used to determine the benefits of including rural property, as well as the traditional property investment assets, in a diversified investment portfolio based on New Zealand investment assets. In addition, efficient sets generated with and without real estate are compared and found significant return enhancement and risk reduction benefits of adding retail property and farm real estate to the mix. These benefits are robust even when real estate return variance is increased sixfold or when real estate returns are reduced by 20 per cent, suggesting that real estate can reasonably be expected to be a consistent part of risk efficient portfolios.
]]></description>
<content><![CDATA[Australian Agricultural Company. (2007) Financial Report 2007.
Bajtelsmit, V. and Worzala, E. (1995). Real estate allocation in pension fund portfolios, Journal of Real Estate Portfolio Management, 1, 25-38.
Barry, P.J. (1980). Capital asset pricing and farm real estate, American Journal of Agricultural Economics, 62, 549-553.
Carlson, W. (2006) Surfing the rural property boom. Property Update 2006. National Australia Bank.
Corgel, J.B., and deRoos, J.A. (1999), Recovery of Real Estate Returns for Portfolio allocation, Journal of Real Estate Finance and Economics, 18, 279-296.
Fabozzi, F., Gordon, J. and Hudson-Wilson, S. (2003) Why real estate? The Journal of Portfolio Management, 29, 12-25.
Fisher, J.D., Geltner, D.M., and Webb, R.B. (1994) Value Indices of Commercial Real Estate: A Comparison of Index Construction Methods, Journal of Real Estate Finance and Economics, 9, 137-164.
Folger, H.R. (1984) 20% in real estate: Can theory justify it? The Journal of Portfolio Management, Winter, 6-13.
Giliberto, M.(1992). Real estate risk and return: 1991 Survey results, Real Estate Research Paper. New York,: Salomon Brothers.
Giliberto, M. (1993). Measuring real estate returns: The hedged REIT Index, Journal of Portfolio Management, Spring 94-99.
Hartzell, D., (1986). Real Estate in the Portfolio, New York: Salomon Brothers.
Hardin, W., and Cheng, P. (2005) Farmland in a mixed-asset portfolio: A mean-semivariance approach, Journal of Real Estate Portfolio Management, 11, 187-195.
Irwin, S. and Landa, D. (1987). Real estate, futures and gold as portfolio assets, The Journal of Portfolio Management, 13, 29-34.
Inland Revenue New Zealand (2007) Kiwi Saver. http://www.kiwisaver.govt.nz/kiwisaver-schemes/
Kaplan, H.M. (1985). Farmland as a portfolio investment. The Journal of Portfolio Management 11, 73-79.
Lee, S. and Stevenson, S. (2006). Real estate in the mixed-asset portfolio: the question of consistency, Journal of Property Investment and Finance, 24, 123-135.
Lee, S. and Stevenson, S. (2005). The case for REITS in the mixed-asset portfolio in the short and long run, Journal of Real Estate Portfolio Management, 11, 55-81.
Lins, D., Kowalski, A., and Hoffman, C. (1992). Institutional investment diversification: foreign stocks vs. U.S. farmland, Proceedings of Regional Research
Committee NC-161, Department of Agricultural Economics, Kansas State University, Manhattan, Kansas.
Markowitz, H.M. (1952). Portfolio selection, Journal of Finance, 12, 77-91.
Moss, C.B., Featherstone, M., and Baker, T.G. (1987). Agricultural assets in an efficient multi-period investment portfolio, Agricultural Finance Review, 47, 82-94.
Mottram, R. (1991) Foreign investment in New Zealand&#39;s rural sector. New Zealand Valuers Journal, September 1991, pp20-23.
Nartea, G.V., and Dhungana, B.R. (1998). Diversifiable and nondiversifiable risk in New Zealand dairy farming, Proceedings of the NZ Farm Management Society Annual Conference; 18-20 Nov 1998, Waikato University, Hamilton, 172-182.
Nartea, G.V., and Pellegrino, J.M. (1999). Off-farm investment in financial assets as a risk response for New Zealand sheep and beef farms, Research Report 99/07, Farm and Horticultural Management Group, Division of Applied Management and Computing, Lincoln University.
Newell, G and Boyd, T (1995). Inflation-hedging attributes of New Zealand commercial property. New Zealand Valuers Journal, December 1995, 50-54.
Newell, G. and De Witt, D. (1997). Assessing New Zealand commercial property performance. New Zealand Valuers Journal, July 1997, 31-36.
Newell, G. and Eves, C. (2007). The role of US farmland in real estate portfolios, Journal of Real Estate Portfolio Management, 13, 4, 317-328.
Newell, G., Macfarlane, J. and Harris, A. (1996). The impact of valuation-smoothing on New Zealand commercial property risk. New Zealand Valuers Journal, July 1996, 48.
Newell, G. and Peng, H. W. (2006). The significance of emerging property sectors in property portfolios. Pacific Rim Property Research Journal, 12, 2, 177-197.
New Zealand Meat and Wool Board Economic Service (various dates). The New Zealand Sheep and Beef Farm Survey, Wellington. Selected issues.
Painter, M.J. (2000). Should Saskatchewan farmland be part of your investment portfolio?, Canadian Journal of Agricultural Economics, 48, 39-50.
Seiler, M., Webb, J., Myer, N. (1999). Diversification issues in real estate investment, Journal of Real Estate Literature, 7, 163-179.
Sharpe, W.F., Alexander, G.J., and Bailey, J.V. (1999). Investments, 6th ed, Prentice-Hall, New Jersey.
Sweeney, F. (1988) 20% in Property - a Viable Strategy? Estates Gazette, 13 February, 26-28.
Valuation New Zealand. Rural Property Sales Statistics. Wellington. Selected issues.
Webb, J.R., and Rubens, J.H (1986). Portfolio considerations in the valuation of real estate, AREUEA Journal, 14(3), 465-495.
Webb, J.R., and Rubens, J.H (1987). How much in real estate? A surprising answer, The Journal of Portfolio Management, Spring, 10-14.
Webb, J.R., Curico, R.J. and Rubens, J.H (1988). Diversification gains from including real estate in mixed-asset portfolios, Decision Sciences, 19, 434-452.
Young, R. and Barry, P.J. (1987). Holding financial assets as a risk response: a portfolio analysis of Illinois grain farms, North Central Journal of Agricultural Economics, 9, 77 84.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume14-2008/diversification-benefits-from-new-zealand-real-estate</guid>
<pubDate>31 Dec 2007 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/momentum-profits-in-australian-listed-property-trusts</link>
<title><![CDATA[Momentum Profits in Australian Listed Property Trusts]]></title>
<description><![CDATA[This paper examines the profitability of momentum trading strategies in Australian listed property trusts (LPTs). Monthly value-weighted momentum portfolios are formed using the monthly excess returns of LPTs for the period from 1990 to 2005. Overall the findings confirm that a momentum trading strategy in Australian LPTs is a profitable strategy. More specifically, momentum strategies are profitable after adjusting for variance and downside risk where the momentum returns substantially outperform the benchmark. An analysis using different study periods confirm the findings about momentum. The practical implication from this study is that investors can generate substantial abnormal returns by adopting a momentum trading strategy, particularly with a long strategy (i.e. winner portfolios).
]]></description>
<content><![CDATA[Ang, A., Chen, J. and Xing, Y. (2006) Downside Risk, Review of Financial Studies, 19(4), pp. 1191-1239.
Biglova, A., Ortobelli, S., Rachev, S. and Stoyanov, S. (2004) Different Approaches to Risk Estimation in Portfolio Theory, Journal of Portfolio Management, 31(1), pp. 103112.
Bond, S.A. and Satchell, S.E. (2002) Statistical Properties of the Sample Semi-variance, Applied Mathematical Finance, 9(4), pp. 219-239.
Chui, A.C.W., Titman, S. and Wei, K.C.J. (2003a) The Cross Section of Expected REIT Returns, Real Estate Economics, 31(3), pp. 451-479.
Chui, A.C.W., Titman, S. and Wei, K.C.J. (2003b) Intra-industry Momentum: The Case of REITs, Journal of Financial Markets, 6(3), pp. 33-387.
DeBondt, W.F.M. and Thaler, R. (1985) Does the Stock Market Overracted? Journal of Finance, 40(3), pp. 793-805.
Demir, I., Muthuswamy, J. and Walter, T. (2004) Momentum Returns in Australian Equities: The Influences of Size, Risk, Liquidity and Return Computation, Pacific-Basin Finance Journal, 12(2), pp. 143-158.
Fisher, L. (1966) Some New Stock-Market Indexes, Journal of Business, 39(1), pp. 191225.
Gallo, J.G., Lockwood, L.J. and Rodriguez, M. (2006) Differentiating CREF Performance, Real Estate Economics, 34(2), pp. 173-209.
Glascock, J.L. and Hung, S.-Y.K. (2005) Momentum Profitability and Market Trend: Evidence from REITs. Paper presented at the 10th Asian Real Estate Society (AsRES) International Conference, Sydney, Australia.

Graff, R.A. and Young, M.S. (1997) Serial Persistence in Equity REIT Returns, Journal of Real Estate Research, 14(3), pp. 183-214.
Hurn, S. and Pavlov, V. (2003) Momentum in Australian Stock Returns, Australian Journal of Management, 28(3), pp. 141-155.
Jegadeesh, N. and Titman, S. (1993) Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency, Journal of Finance, 48(1), pp. 65-91.
Jobson, J.D. and Korkie, B.M. (1981) Performance Hypothesis Testing with the Sharpe and Treynor Measures, Journal of Finance, 36(4), pp. 889-908.
Leggio, K.B. and Lien, D. (2003) Comparing Alternative Investment Strategies Using Risk-adjusted Performance Measures, Journal of Financial Planning, 16(1), pp. 82-86.
Lien, D. (2002) A Note on the Relationships Between Some Risk-adjusted Performance Measures, Journal of Futures Markets, 22(5), pp. 483-495.
Lin, C.Y. and Yung, K. (2004) Real Estate Mutual Funds: Performance and Persistence, Journal of Real Estate Research, 26(1), pp. 69-93.
Lo, A.W. and MacKinlay, A.C. (1990) When are Contrarian Profits due to Stock Market Overreaction?, The Review of Financial Studies, 3(2), pp. 175-205.
Lu, K.W. and Mei, J.P. (1999) The Return Distributions of Property Shares in Emerging Markets, Journal of Real Estate Portfolio Management, 5(2), pp. 145-160.
Mao, J.C.T. (1970) Models of Capital Budgeting, E-V Vs. E-S, Journal of Financial Quantitative Analysis, 5(5), pp. 657-676.
Marcato, G. and Key, T. (2005) Direct Investment in Real Estate: Momentum Profits and Their Robustness to Trading Costs., Journal of Portfolio Management, 32(1), pp. 55-69.
Myer, F.C.N. and Webb, J.R. (1993) Return Properties of Equity REITs, Common Stocks, and Commercial Real Estate: A Comparison, Journal of Real Estate Research, 8(1), pp. 87-106.
Nelling, E. and Gyourko, J. (1998) The Predictability of Equity REIT Returns, Journal of Real Estate Research, 16(3), pp. 251-268.
Peng, V. (2005) Risk Measurements and Listed Property Trusts Investment Strategies: Focusing on the Downside, Pacific Rim Property Research Journal, 11(2), 178-199.
Pedersen, C.S. and Hwang, S. (2003) Does Downside Beta Matter in Asset Pricing? Working Report, Cass Business School, City University London.
Pedersen, C.S. and Rudholm-Alfvin, T. (2003) Selecting a Risk-adjusted Shareholder Performance Measure, Journal of Asset Management, 4(3), pp. 152-172.
Plantinga, A. and de Groot, S. (2001) Risk-adjusted Performance Measures and Implied Risk-attitudes. Working Paper. Available at SRRN: http://ssrn.com/abstract=289193.
Rouwenhorst, K.G. (1998) International Momentum Strategies, Journal of Finance, 53(1), pp. 267-284.
Rouwenhorst, K.G. (1999) Local Return Factors and Turnover in Emerging Stock Markets, Journal of Finance, 54(4), pp. 1439-1464.
Sing, T.F. and Ong, S.E. (2000) Asset Allocation in a Downside Risk Framework, Journal of Real Estate Portfolio Management, 6(3), pp. 213-223.
Sortino, F.A. and Price, L.N. (1994) Performance Measurement in a Downside Risk Framework, Journal of Investing, 4(3), pp. 59-64.
Stevenson, S. (2001) Emerging Markets, Downside Risk and the Asset Allocation Decision, Emerging Markets Review, 2(1), pp. 50-66.
Stevenson, S. (2002) Momentum Effects and Mean Reversion in Real Estate Securities, Journal of Real Estate Research, 23(1), pp. 47-64.
Young, M.S. and Graff, R.A. (1995) Real Estate is Not Normal: A Fresh Look at Real Estate Return Distributions, Journal of Real Estate Finance and Economics, 10(3), pp. 225-259.
Young, M.S. and Graff, R.A. (1996) Systematic Behavior in Real Estate Investment Risk: Performance Persistence in REIT Returns, Journal of Real Estate Research, 12(3), pp. 36.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/momentum-profits-in-australian-listed-property-trusts</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/the-determinants-of-foreign-real-estate-investment-in-taiwan</link>
<title><![CDATA[The Determinants of Foreign Real Estate Investment in Taiwan]]></title>
<description><![CDATA[This study examines the preferences of foreign investors in the Taiwan real estate market. A multi-criteria decision analysis tool (Analytic Hierarchy Process: AHP) is used to examine how foreign real estate companies determine their localization in Taiwan. This paper identifies the factors that could explain foreign investors&#39; selection criteria when they decide to invest in Taiwan. The results of our research could be used by the State economic development agencies, real estate developers and central-level policy-makers. The article concludes that among the 24 chosen criteria, the level of perational risk seems to be the determining decision factor.
]]></description>
<content><![CDATA[Alessandro G. (2006), Effects of Foreign Direct Investment on Commercial Real Estate Values in the United States, California of State University Lon Beach Press, Los Angeles.
Bergsman S. (1994), Several Countries Jump to Fill Void Left in U.S. Market by Departing Japanese Players, National Real Estate Investor, September, 82.
Caves, R. (1996), Multinational Enterprise and Economic Analysis, Cambridge University Press, Cambridge.
Chen P.C. ( 1998 ) , The Substitution Relations among Exports of East Asian Countries. The 3 Kuo-shu Liang Memorial Conference, Taipei Department of Economics National Taiwan University.
Chao-I Hsieh(1997), A Note on Corporate Overseas Investment Decision Priorities of Taiwanese Direct Real Estate Investors, Journal of Real Estate Research, Vol.13, No.3, 359-368.
Dicken P. (1998), Global Shift: Transforming the World Economy-3rd Ed, London, Paul Chapman Publishing Ltd.
DuFresne J. (1994), Foreign Investors Poised for Action, National Real Estate Investor, September, 84.
Dunning J.H. (1980), Toward an Eclectic Theory of International Production: Some Empirical Tests, Journal of International Business Studies, Spring &amp; Summer, 9-31.
Friedman F. Gerlowski D. and Silberman J. (1996), Foreign Direct Investment: The Factors Affecting the Location of Foreign Branch Plants in the United State&quot;, Global Financial Journal, Vol. 7, No.1.
Hamelink F. and Hoesli M. (2004), What Factors Determine International Real Estate Security Returns? Real Estate Economics, Vol.32, No.3, 437-462.
Hines M. (1988), International Dimensions of Real Estate, Appraisal Journal, 492-501.
Harris R. and D. Ravenscraft (1991), The Role of Acquisitions in Foreign Direct Investment: Evidence from the U.S. Stock Market; Journal of Finance, Vol. 46, No. 3, 825844.
Hee-Soo Chung &amp; Dong-Sung Lee (1996), Globalization and Housing Industry, Korea Housing Institute.
Hoesli M., Lekander J., and Witkiewicz W. (2004). International Evidence on Real Estate as a Portfolio Diversifier, Journal of Real Estate Research, Vol. 26 161-201.
Ji Chou, Shiu-Tung Wang, Nai-Fong Kuo (2001), Assessment of Liberalization of Telecommunications in Taiwan: A Computable General Equilibrium Analysis.Conference Paper at the 76 Annual WEA International Conference.
Kresl P. (1999), Competitiveness and the Urban Economy: Twenty-Four Large US Metropolitan Areas, Urban Studies, Vol.36, No.5, 1017-1027.
Krugman P. (1996), Urban Concentration: The Role of Increasing Returns and Transports, International Regional Science Review, Vol. 19, 5-48.
Khodov L.(2000), The Acquisition of Real Property Abroad as a Direction of Capital Export, Problems of Economic Transition, Vol.43, No.8, 67-79.
Myer F., M. Chaudhry and J. Webb (1997), Stationary and Co-integration in Systems with Three National Real Estate Indices, Journal of Real Estate Research, Vol.13, 369-381.
Newell G. and Webb J. (1996), Assessing Risk for international Real Estate Investments, Journal of Real Estate Research, Vol.11, No. 2, 103-115.
Porter M. (1990), T he Competitive Advantages of Nations, The Free Press: A Division of Macmillan Inc.
Robertson R. (1992), Globalization: Social Theory and Global Culture, London.
Saaty T. L (1990), How to Make a Decision: The Analytic Hierarchy Process, European Journal of Operations Research, Vol.48, 9-26.
Satty T. (1980), The Analytic Hierarchy Process: Planning, Priority Setting, Resource Allocation, N.Y, McGraw-Hill International Book Co.
Schloes M. and J. Wolfson (1992), Taxes and Business Strategy: A Planning Approach, Englewood Cliffs: NJ: Prentice Hall.
Seek N.H. (1996), Institutional Participation in The Asia Pacific Real Estate Markets: Are The Benefits Worth The Risks? Real Estate Finance, Winter, 51-58.
Singapore Ministry of Manpower &amp; Ministry of National Development (1990), Construction 21.
Wallerstein, I. (1974), The Modern World-System I: Capitalist Agriculture and the Origins of the European World-Economy in the Sixteenth Century.
Worzala E. and Sirmans C.F. (2003), International Direct Real Estate Investment: A Review of the Literature, Urban Studies, Vol. 40, No.5, 1081-1114.
Ziobrowski A. and Curcio R. (1991) , Diversification Benefits of U.S. Real Estate to Foreign Investors, Journal of Real Estate Research, Vol. 6, No.2, 119-142.
Ziobrowski A. and Ziobrowski B. (1993), Hedging Foreign Investment in U.S. Real Estate with Currency Options, Journal of Real Estate Research, Vol.8, No.1, 27-54.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/the-determinants-of-foreign-real-estate-investment-in-taiwan</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/the-significance-and-performance-of-industrial-investment-property-in-australia</link>
<title><![CDATA[The Significance and Performance of Industrial Investment Property in Australia]]></title>
<description><![CDATA[Industrial property is an important property investment sector and contains both direct industrial property and industrial LPTs. The purpose of this paper is to assess the significance of industrial property, the importance and performance of industrial property type, size, value and geographic region in Australian industrial property and the strategic role of direct industrial property and industrial LPTs in a mixed-asset portfolio over Q3:1995-Q2:2006. Risk-adjusted performance analysis is used to assess the added-value of industrial property in a portfolio, with the portfolio diversification benefits of industrial property also assessed. Industrial property and industrial LPTs are shown to provide consistent and well-performed risk-adjusted returns, although both industrial property and industrial LPTs has seen some loss of property portfolio and mixed-asset portfolio diversification benefits in more recent years.
]]></description>
<content><![CDATA[Ambrose, B. 1990. An analysis of the factors affecting light industrial property valuation. Journal of Real Estate Research 5(3): 355-370.
Atteberry, W. and Rutherford, R. 1993. Industrial real estate prices and market efficiency. Journal of Real Estate Research 8(3): 377-385.
Buttimer, R., Rutherford, R. and Witten, R. 1997. Industrial warehouse rent determinants in the Dallas/Fort Worth area. Journal of Real Estate Research 13(1): 47-55.
CB Richard Ellis. 2006. Market View: Australian and New Zealand Industrial Q2:2006.
CB Richard Ellis, Sydney.
Colliers International. 2006. Market Indicators: Sydney Industrial: Winter 2006. Colliers International, Sydney.
Ernst &amp; Young. 2003. Economic Impact of the Development Industry in NSW. E &amp; Y, Sydney.
Fehribach, F., Rutherford, R. and Eakin, M. 1993. An analysis of the determinants of industrial property valuation. Journal of Real Estate Research 8(3): 365-376.
Giliberto, M. 1990. Equity REITs and real estate returns. Journal of Real Estate Research 5: 259-268.
Higgins, D. 2005. Sizing Australia&#39;s property investment market. Property Australia 19(9): 44-47.
Higgins, D. 2006. The composition of property and capital markets. Property Australia 20(6): 48-51.
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IPD/PCA. 2006. Investment Performance Index: June 2006. IPD/PCA, Melbourne.
IPD/PCNZ. 2006. Investment Performance Index: June 2006. PCNZ, Auckland.
Jackson, T. 2002. Environmental contamination and industrial real estate prices. Journal of Real Estate Research 23(1): 179-199.
Jones Lang LaSalle. 2005. The Infrastructure Phenomenon - Shifting Warehousing and Distribution West. JLL, Sydney.
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Jones Lang LaSalle. 2006b. Survey of Investor Sentiment: December 2005. JLL, Sydney.
Jones Lang Wootton. 1993. The Investment Performance of Industrial Property in Australia. JLW, Sydney.
Kim, J. 1998. Industrial rents and land values in the Sydney property market. Journal of the Asian Real Estate Society 1(1): 150-160.
Kim, J. 2003. The dynamics of the Australian industrial property market. Pacific Rim Property Research Journal 9(4): 398-408.
Lockwood, L. and Rutherford, R. 1996. Determinants of industrial property value. Real Estate Economics 24(2): 257-272.
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Nevill, J. 2006b. In a class of its own. Property Australia 20(11): 24-25.
Newell, G. 1996. The inflation-hedging characteristics of Australian commercial property: 1984-95. Journal of Property Finance 7(1): 6-20.
Newell, G. 2005. The changing dynamics of Australian commercial property portfolios. Australian Property Journal 38(7): 553-558.
Newell, G. 2006. The changing risk profile of listed property trusts. Australian Property Journal 39(3): 172-180.
Newell, G. and MacFarlane, J. 1996. What does property trust performance tell us about commercial property returns? Australian Land Economics Review 2(1): 10-19.
Newell, G. and MacFarlane, J. 1998. The effect of seasonality of valuations on property risk. Journal of Property Research 15(3):167-182.
Newell, G. and Tan, Y. K. 2003. The significance of property sector and geographic diversification in Australian institutional property portfolios. Pacific Rim Property Research Journal 9(3): 248-264.
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Thompson, B. and Tsolacos, S. 2000. Projections in the industrial property market using a simultaneous equation system. Journal of Real Estate Research 19(1): 165-188.
Thompson, B. and Tsolacos, S. 2001. Industrial land values - a guide to future markets. Journal of Real Estate Research 21(1): 53-76.
Tsolacos, S., McGough, T. and Thompson, B. 2005. Affordability and performance in the industrial property market. Journal of Property Investment and Finance 23(4): 311-328.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/the-significance-and-performance-of-industrial-investment-property-in-australia</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/a-present-value-approach-to-analysing-residential-property</link>
<title><![CDATA[A Present Value Approach to Analysing Residential Property]]></title>
<description><![CDATA[We adopt a simple Present Value (PV) methodology to investigate the interaction between interest rates, inflation and taxation on the fundamental value of residential real estate for a rational investor with varying degrees of risk-aversion. This approach allows the calculation of the fair present value of residential real estate from only a small number of macro-economic variables, and avoids the need to use historical data to calibrate a model. A PV approach can explain some of the more perplexing results obtained in prior work on residential real estate, such as the inability to consistently find a strong negative correlation between property prices and interest rates. Actual property prices are broadly supported by underlying fundamental value (as determined by our PV model) prior to the mid 90s. Our model suggests that the global policy shift to independent central banks with inflation-targeting mandates has important implications for property values.
]]></description>
<content><![CDATA[Abelson, P. (1985). House and land prices in Sydney from 1925 to 1970. Urban Studies, 22:521-534.
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ABS (2005). Catalogue number 6461.0. Australian Consumer Price Index: Concepts, Sources and Methods. Australian Bureau of Statistics.
ABS (2006). Catalogue number 6401.0. Consumer Price Index, Australia. Australian Bureau of Statistics.
Anari, A. and Kolari, J. (2002). House prices and inflation. Real Estate Economics, 30(1):67-84.
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Bowes, D. R. and Ihlanfeldt, K. R. (2001). Identifying the impacts of rail transit stations on residential property values. Journal of Urban Economics, 50:1-25.
Carroll, T. M., Clauretie, T. M., and Jensen, J. (1996). Living next to godliness: Residential property values and churches. Journal of Real Estate Finance and Economics, 12:319-330.
Chun, G. H., Sa-Aadu, J., and Shilling, J. D. (2002). REIT returns and inflation: Perverse or reverse causality effects. Journal of Real Estate Finance and Economics, 24(3):301- 317.
Chun, G. H., Sa-Aadu, J., and Shilling, J. D. (2004). The role of real estate in an institutional investor&#39;s portfolio revisited. Journal of Real Estate Finance and Economics, 29(3):295-320.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/a-present-value-approach-to-analysing-residential-property</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/an-analysis-of-the-returns-from-an-investment-in-water-entitlements-in-australia</link>
<title><![CDATA[An Analysis of the Returns from an Investment in Water Entitlements in Australia]]></title>
<description><![CDATA[Using thirteen years of market data from the Goulburn-Murray Irrigation District in Victoria, Australia, cash-flow analyses are used to assess returns that investors could have achieved through an investment in water entitlements under different cash-flow management scenarios. Cycle factor analyses were conducted to determine the extent to which entitlement prices follow allocation prices. Returns from investments in water entitlements seem to be higher but more risky than investments in the share market. The movement in prices of water entitlements and allocations are reasonably synchronized, while price fluctuations of allocation prices are about twice that of water entitlements
]]></description>
<content><![CDATA[ACIL Tasman (2003): Water Trading in Australia &#150; Current and Prospective Products. ACIL Tasman, Canberra.
Bjornlund, H. (2004): Water markets and the environment &#150; what the irrigation community told us. Proceedings from the Riversymposium. Brisbane 31 August to 3 September. http://www.riversymposium.com/index.php?page=GeneralArchive
Bjornlund, H. (2002): Signs of Maturity in Australian Water Markets. New Zealand Property Journal, July, 31&#150;46.
Bjornlund, H. (1999): Water Trade Policies as a Component of Environmentally, Socially and Economically Sustainable Water Use in Rural Southeastern Australia. PhD thesis, Adelaide: University of South Australia.
Proceedings from the 12 Annual Conference of the Pacific Rim Real Estate Society 
Proceedings from the 11 Annual Conference of the Pacific Rim Real Estate Society 
Bjornlund, H. Rossini, P. (2004): Factors Influencing Prices Paid in the Market for Temporary Water. Pacific Rim Property Research Journa,l 10(4), 400-419.
Brown, L.; McDonald, B.; Tysseling, J. and Dumars, C. (1982): Water Reallocation, Market Proficiency, and conflicting social values. In Weatherford, G.D.; Brown, L.; Ingram, H. and Mann, D. Eds. Water and Agriculture in the West U.S. - Conservation, Reallocation, and Markets. Studies in Water Policy and management, No. 2. Boulder: Westview Press, 191-256.
Colby, S.B. (1987): Do Water Markets &quot;Work&quot;? Market Transfers and Trade-offs in the Southwestern States. Water Resources Research, 23(7), 1113&#150;1122.

Kerr, S. (2004): Evaluating the New Zealand Individual Transferable Quota Market for Fisheries Management. In OECD Tradeable Permits - Policy Evaluation, design and Reform. Paris: OECD, 121-134.
Newell, R.G.; Sanchirico, J.N. and Kerr, S. (2002): Fishing Quota Markets. Discussion Paper 02-20. Washington D.C.: Resources for the Future.
Person, P. and Michelsen, A. (1994): Determinants and Trends in Water Right Prices: An Econometric Analysis. Wyoming Water Resources Center, Laramie, Wyoming.
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Zekri, S. and Easter, W. (2005): Estimating the Potential Gains from Water Markets: a Case Study from Tunisia. Agricultural Water Management, 72, 161-175.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/an-analysis-of-the-returns-from-an-investment-in-water-entitlements-in-australia</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/the-responsiveness-of-lpt-returns-and-their-attributes</link>
<title><![CDATA[The Responsiveness of LPT Returns and Their Attributes]]></title>
<description><![CDATA[The Australian listed property sector has experienced substantial growth over the past decade. Relative to international property markets, Australia has the highest percentage of listed real estate and the highest proportion that makes up the total equity market in the world, hence, making it an important component of domestic financial markets. This study employs the Stone (1974) two factor asset pricing model to investigate the sensitivity of Listed Property Trust (LPT) returns to market and interest rate returns from 2000 to 2005, and the characteristics (namely, management structure, specialisation and the degree of financial leverage) that may be driving these sensitivities. Our results indicate an increase in the market risk profile of LPTs, suggesting an erosion of the defensive benefits of LPTs against stockmarket volatilities.
]]></description>
<content><![CDATA[Allen, M.T., Madura, J., and Springer, T.M. (2000), &quot;REIT Characteristics and the Sensitivity of REIT Returns&quot;, Journal of Real Estate Finance and Economics, Vol. 21, No. 2, pp. 141-152.
Ambrose, B., and Linneman, P. (2001), &quot;REIT Organisational Structure and Operating Characteristics&quot;, Journal of Real Estate Research, Vol. 21, No. 3, pp. 141-162.
Australian Prudential Regulation Authority, (2005), &quot;Quarterly Superannuation Performance&quot;, (Internet) http://www.apra.gov.au/Statistics/Quarterly-Superannuation-Performance.cfm accessed 10th January 2006.
Australian Stock Exchange, &quot;Fact File 2005&quot;, (2005), (Internet), http://www.asx.com.au/about/pdf/fact file 2005.pdf accessed 7th May 2006.
Australian Stock Exchange, &quot;Listed Property Trusts; Fact Sheet&quot;, (2004), (Internet), www.asx.com.au/markets/pdf/LPTRetailSheet.pdf accessed 6 Dec. 2005.
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Capozza, D. and Seguin, P. (1999), &quot;Focus, Transparency and Value: The REIT Evidence&quot;, Real Estate Economics, Vol. 27, No. 4, pp. 587-619.
Capozza, D. and Seguin, P. (2000), &quot;Debt, Agency, and Management Contracts in REITs: The External Advisor Puzzle&quot;, Journal of Real Estate Finance and Economics, Vol. 20, No. 2, pp. 91-116.
Chan, K.C., Hendershott, P.H., and Sanders, A.B., (1990), &quot;Risk and Return on Real Estate: Evidence from Equity REITs&quot;, AREUEA Journal, Vol. 18, No. 4, pp. 431-452.
Chaudhry, M.K., Maheshwari, S., and Webb, J.R. (2004). &quot;REITs and Idiosyncratic Risk&quot;, Journal of Real Estate Research, Vol. 26, No. 2, pp. 207-222.
Chen, K.C., and Tzang, D.D. (1988), &quot;Interest-Rate Sensitivity of Real Estate Investment Trusts&quot;, Journal of Real Estate Research, Vol. 3, No. 3, pp. 13-22.
Crowe, S. (2005), &quot;Capital Markets Overview: Australian Listed Real Estate in a Global Context&quot;, Proceedings of 2005 PCA Congress, PCA Sydney.
D&#39;Aloisio, T. (2005), &quot;ASX: An Important Part of Australia&#39;s Capital Market&quot;, (Internet), http://www.asx.com.au/about/pdf/asa speech iuly05.pdf accessed 7th May 2006.
Delcoure, N., and Dickens, R. (2004), &quot;RETIT and REOC Systematic Risk Sensitivity&quot;, Journal of Real Estate Research, Vol. 26, No. 3, pp. 237-254.
Dinenis, E., and Staikouras, S.K. (1998), &quot;Interest Rate Changes and Common Stock Returns of Financial Institutions: Evidence From the UK&quot;, European Journal of Finance, Vol. 4, No. 2, pp. 113-127.
Flannery, M.J., and James, C.M. (1984), &quot;The Effect of Interest Rate Changes on the Common Stock Returns of Financial Institutions&quot;, Journal of Finance, Vol. 39. No. 4, pp. 1141-1153.
Fogler, H.R., John, K., and Tipton, J. (1981), &quot;Three Factors, Interest Rate Differentials and Stock Groups&quot;, Journal of Finance, Vol. 36, No. 2, pp. 323-335.
Glascock, J.L., Lu, C., and So, R.W. (2000), &quot;Further Evidence on the Intergration of REIT, Bond and Stock Returns&quot;, Journal of Real Estate Finance and Economics, Vol. 20, No. 2, pp. 177-194.
Gyourko, J., and Nelling, E. (1996), &quot;Systematic Risk and Diversification in the Equity REIT Market&quot;, Real Estate Economics, Vol. 24, No. 4, pp. 493-515.
Hedander, J. (2005), &quot;Focus, Liquidity and Firm Value: An Empirical Study of Listed Property Trusts in Australia&quot;, Pacific Rim Property Research Journal, Vol. 11, No. 1, pp. 84-111.
Hirscham, A.O. (1964), &quot;The Paternity of an Index&quot;, American Economic Review, Vol. 54, No. 5, pp. 761-762.
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Newell, G. (2005), &quot;Factors Influencing the Performance of Listed Property Trusts&quot;, Pacific Rim Property Research Journal, Vol. 11, No. 2, pp. 211-227.
Newell, G. and Tan, Y.K. (2005), &quot;The Changing Risk Profile of Listed Property Trusts&quot;, PRRES Conference, Melbourne, 2005.
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Oliver, S. (2004), &quot;LPT changes - implications for investors&quot;, Property Australia, Vol. 19, No. 1, pp. 106-107.
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Staikouras, S.K. (2003), &quot;The Interest Rate Risk Exposure of Financial Intermediaries: A Review of the Theory and Empirical Evidence&quot;, Financial Markets, Institutions and Instruments, Vol. 12, No. 4, pp. 257-289.
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Tan, Y.K. (2004) &quot;The Effects of Management Structure on the Performance of Listed Property Trusts&quot;, (Internet) http://library.uws.edu.au/adt-NUWS/uploads/approved/adt-NUWS20050223.131622/public/16AppendicesB.pdf accessed 6 Dec. 2005.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/the-responsiveness-of-lpt-returns-and-their-attributes</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/modelling-the-commercial-property-market-an-empirical-study-of-the-singapore-office-market</link>
<title><![CDATA[Modelling the Commercial Property Market: An Empirical Study of the Singapore Office Market]]></title>
<description><![CDATA[This paper disentangles the complexities of the commercial real estate market and provides a clear structure to understand the key determinants driving property market performance. There is a preference for using GDP, unemployment rate, and office (FIRE) employment as the main determinants of the space market (demand side); office floor stock, construction orders and vacancy rate (especially in the United States) as the property market (supply side) determinants in the office market. A regression model for Singapore&#39;s office property market for the period from June 1992 to December 2005 was constructed. The office rent equation was able to account for 72 per cent of variation in gross rent for the period June 1992 to December 2005. Changes in previous year vacancy rates, contemporaneous construction costs, prime lending rate (lagged 6 months) and contemporaneous office sector employment were identified as the key determinants in explaining the variation in office rents in the Central Region of Singapore.
]]></description>
<content><![CDATA[Archer, W. R. &amp; Ling, D. C. 1997, &#145;The Three Dimensions of Real Estate Markets: Linking Space, Capital, and Property Markets&#39;, Journal of Real Estate Finance, Fall, pp. 7-14.
Bond, S. A., Dungey, M. &amp; Fry, R. 2004, &#145;A Web of Shocks: Crises across Asian Real Estate Markets&#39;, Proceedings of the 2004 Hong Kong-Singapore International Real Estate Research Symposium, Hong Kong, pp. 326.
Born, W. L. &amp; Phyrr, S. A. 1994, &#145;Real Estate Valuation: The Effect of Market and Property Cycles&#39;, Journal of Real Estate Research, Vol. 9, No. 4, pp. 455-486.
Chin, H. W. 2003, &#145;Macro-economic Factors Affecting Office Rental Values in Southeast Asian Cities: The Case of Singapore. Hong Kong, Taipei. Kuala Lumpur and Bangkok&#39;, Pacific Rims Real Estate Society Conference, Brisbane, Australia.
Colwell, P. F. &amp; Jackson, C. 2004, &#145;Modelling rental changes across key retail investment market in Britain&#39;, Journal of Property Investment and Finance, Vol. 22, No. 5, pp. 354385.
D&#39;Arcy, E., McGough, T. &amp; Tsolacos, S. 1997a, &#145;An empirical investigation of retail rents in five European cities&#39;, Journal of Property Valuation &amp; Investment, Vol. 15, No. 4, pp. 308-314.
D&#39;Arcy, E., McGough, T. &amp; Tsolacos, S. 1997b, &#145;National economic trends, market size and city growth effects on European office rents&#39;, Journal of Property Research, Vol. 14, No. 4, pp. 297-308.
D&#39;Arcy, E., McGough, T. &amp; Tsolacos, S. 1999, &#145;An econometric analysis and forecasts of office rental cycle in the Dublin area&#39;, Journal of Property Research, Vol. 16, No. 4, pp. 309-321.
De Wit, I. &amp; Van Dijk, R. 2003, &#145;The global determinants of direct office real estate returns&#39;, Journal of Real Estate Finance and Economics, Vol. 26, No. 1, pp. 27-45.
DiPasquale, D., &amp;.Wheaton W. C. 1992, &#145;The Markets for Real Estate Assets and Space: A Conceptual Framework&#39;, Journal of the American Real Estate and Urban Economics Association, Summer, No. 20, pp. 181-197.
Dobson, S. M. &amp; Goddard, J. A. 1992, &#145;The Determinants of Commercial Property Prices and Rents&#39;, Bulletin of Economic Research, Vol. 44, No. 4, pp. 301.
Fisher, J. D., Wilson, S. H. &amp; Wurtzebach., C. H. 1993, &#145;Equilibrium in Commercial Real Estate Market: Linking Space and Capital Markets&#39;, Journal of Portfolio Management, Summer, pp. 101-107.
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Giussani, B., Hsia, M. &amp; Tsolacos, S. 1993, &#145;A comparative analysis major determinants of office rental values in Europe&#39;, Journal of Property Valuation &amp; Investment, Vol.11, pp.157-173.
Glascock, J., Jahanian, S. &amp; Sirmans, C. 1990, &#145;An analysis of the office market rents: some empirical evidence&#39;, AREUEA, Vol.18, No.1, pp.105-119.
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Higgins, D. 2000, The Determinants of Commercial Property Market Performance, Unpublished PHD, University of Technology, Sydney, Sydney.
Matysiak, G. &amp; Tsolacos, S. 2003, &#145;Identifying short-term leading indicators for real estate rental performance&#39;, Journal of Property Investment &amp; Finance, Vol. 21, No. 3, pp. 212232.
McGough, T. &amp; Tsolacos, S. 1999, &#145;Interactions within the office market cycle in Great Britain&#39;, Journal of Real Estate Research, Vol. 18, No. 1, pp. 219-231.
Parker, D., MacFarlane, J., Peng, V. &amp; Murray, J. 2003, &#145;Forecasting Property Market Cycles: An Application of the RICS Model to the Sydney CBD Office Market&#39;, Journal of Financial Management of Property and Construction, Vol. 8, No. 3, pp. 179-191.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/modelling-the-commercial-property-market-an-empirical-study-of-the-singapore-office-market</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/risk-transfer-of-presale-properties-and-the-construction-of-a-forward-property-price-index</link>
<title><![CDATA[Risk Transfer of Presale Properties and the Construction of a Forward Property Price Index]]></title>
<description><![CDATA[Despite the increasing use of forward contracts to pre-sell uncompleted properties, limited research has been conducted to explore the additional risks transferred from developers to buyers in presales of uncompleted properties. This research explored the risk-transfer mechanism specific to the forward property market and how the risks affect the construction of a forward property price index compared to that of spot property price indices. The proposed model using the repeat sales method for constructing the forward property price index is found to be more efficient over the other models in reflecting the general price change of the forward property market.
]]></description>
<content><![CDATA[Apple Daily (2005), &quot;Property News&quot;, Apple Daily, 18 November, p. J1.
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Chau, K.W., Wong, S.K. and Yiu, C.Y. (2003), &quot;Price discovery function of forward contracts in the real estate market: An empirical test&quot;, Journal of Financial Management of Property and Construction, 8(3), pp. 129-137.
Chau, K.W.; Wong, S.K. and Yiu, C.Y. (2005), &quot;Real estate price indices in Hong Kong&quot;, Journal of Real Estate Literature, 13(3), pp. 337-356.
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Ko, K. (2005), &quot;Set your target&quot;, Property Guide, South China Morning Post, Autumn, pp. 8-9.
Lee, A. (2005), &quot;Purpose power: Go through our checklist before you sign on the dotted line, Property: An essential guide for homebuyers and tenants&quot;, South China Morning Post, Autumn, p. 15.
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Yang, Z. (2001), &quot;An application of the hedonic price model with uncertain attribute: The case of the People&#39;s Republic of China&quot;, Property Management, 19(1), pp. 50-63.
Yiu, C.Y. (2002), The effects of age on housing prices in Hong Kong, Unpublished PhD thesis, The University of Hong Kong.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/risk-transfer-of-presale-properties-and-the-construction-of-a-forward-property-price-index</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/currency-risk-management-practices-by-australian-listed-property-trusts</link>
<title><![CDATA[Currency Risk Management Practices by Australian Listed Property Trusts]]></title>
<description><![CDATA[Many Australian listed property trusts (LPTs) have significant levels of international property in their portfolios and have adopted a range of currency risk management strategies to mitigate some of this LPT risk due to their international property exposure. A survey of LPTs with international property is used to assess the characteristics of their international property portfolios and their currency risk management strategies for both capital and income risk management. In addition to the natural hedging strategies, increased use is being made of hedging procedures for both capital and income risk management. Different risk management strategies were also evident, depending on whether the LPT had a 100% international property portfolio or a merged domestic/international property portfolio.
]]></description>
<content><![CDATA[Addae-Dapaah, K. and Loh, H.L. (2005), Exchange rate volatility and international real estate diversification: a comparison of emerging and developed economies. Journal of Real Estate Portfolio Management 11(3):225-240.
Blundell, L. (2006), Safe as houses? Property Australia 20(6):22-25.
Chen, L. and Mills, T. (2004), Global real estate investment goes mainstream. UBS.
Chen, L. and Mills, T. (2006), Global real estate investment: the world is becoming flatter. UBS.
Chua, A. (1999), The role of international real estate in global mixed-asset investment portfolios. Journal of Real Estate Portfolio Management 5(2):129-137.
Conover, C., Friday, H. and Sirmans, G. (2002), Diversification benefits from foreign real estate investments. Journal of Real Estate Portfolio Management 8(1):17-25.
Eichholtz, P., Huisman, R., Koedijk, K. and Schuin, L. (1998), Continental factors in international real estate returns. Real Estate Economics 26:493-510.
Hoesli, M., Lekander, J. and Witkiewicz, W. (2004), International evidence on real estate as a portfolio diversifier. Journal of Real Estate Research 26(2): 165-206.
Hughes, F. and Arissen, J. (2005), Global real estate securities-where do they fit in the broader market. EPRA News (Dec.): 18-21.
IPD/PCA (2007), Investment Performance Index: December 2006. IPD/PCA, Melbourne.
Johnson, R., Lizieri, C. and Worzala, E. (1998), Currency swaps for hedging a realistic international real estate investment: do they work? RICS Research Series.
Jones Lang LaSalle (2006a), Real estate transparency index. JLL, Chicago.
Jones Lang LaSalle (2006b), Global real estate capital: record volumes, record globalisation. JLL, London.
Krippendorf, K. (2004), Content Analysis: An Introduction to its Methodology. Sage, California.
Larsen, C. (2005), The Big Think: predicting the future for property. Property Australia 20(1):54-55.
Liu, C. and Mei, J. (1998), The predictability of international real estate markets: exchange rate risk and diversification opportunities. Real Estate Economics 26:3-39.
Macquarie Research (2006), Listed property trusts. Macquarie Research (May).
McAllister, P. (1999), Globalisation, integration and commercial property. Journal of Property Investment and Finance 17:8-26.
Murdoch, J. (2004), The globalisation of Australian LPTs. Australian Property Journal 38:5-12.
Newell, G. (2006), The changing risk profile of listed property trusts. Australian Property Journal 39(3): 172-180.
Newell, G. and Tan, Y. K. (2005), The significance of fractional interests in LPT portfolios. Pacific Rim Property Research Journal 11(3):282-298.
Newell, G. and Webb, J. (1996), Assessing risk for international real estate investments. Journal of Real Estate Research 11(2):103-115.
Newell, G. and Worzala, E. (1995), The role of international property in investment portfolios. Journal of Property Finance 6:55-63.
Norris, S. (2004), Exploring the LPT landscape. Property Australia 18(9):54-56.
Odier, P. and Solnick, B. (1993), Lessons for international asset allocation. Financial Analysis Journal (March):63-77.
Oliver, S. (2004), LPT changes-implications for investors. Property Australia 19(1):106-107.
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Property Investment Research (2006b), LPT Monthly Review (miscellaneous copies). PIR, Melbourne.
Reserve Bank of Australia (2007), Reserve Bank &quot;Bulletin&quot;. RBA, Sydney.
Sirmans, C. F. and Worzala, E. (2003), International direct real estate investment: a review of the literature. Urban Studies 40:1081-1114.
Tan, Y. K. (2004a), Benchmarking international property in Australian listed property trust portfolios. Pacific Rim Property Research Journal 10(1):3-29.
Tan, Y. K. (2004b), The role of international property trusts in Australian mixed-asset portfolios. Pacific Rim Property Research Journal 10(2):215-234.
UBS (2007), UBS indices: December 2006. UBS, Sydney.
Wilson, P. and Zurbruegg, R. (2003), International diversification of real estate assets: is it worth it? Evidence from the literature. Journal of Real Estate Literature 11(3):259-277.
Worzala, E. (1994), Overseas property investments: how are they perceived by the institutional investors. Journal of Property Valuation and Investment 12:31-47.
Worzala, E. (1995), Currency risk and international property investments. Journal of Property Valuation and Investment 13(5):23-28.
Worzala, E., Johnson, R. and Lizieri, C. (1997), Currency swaps as a hedging technique for an international real estate investor. Journal of Property Finance 8:134-151.
Worzala, E. and Newell, G. (1997), International real estate: a review of strategic investment issues. Journal of Real Estate Portfolio Management 3(2):87-96.
Worzala, E. and Sirmans, C. F. (2003), Investing in international real estate stocks: a review of the literature. Urban Studies 40: 1115-1149.
Ziobrowski, A. and Boyd, J. (1991), Leverage and foreign investments in US real estate. Journal of Real Estate Research 7(1):33-58.
Ziobrowski, A. and Curcio, R. (1991), Diversification benefits of US real estate to foreign investors. Journal of Real Estate Research 6(2): 119-142.
Ziobrowski, A. and Ziobrowski, B. (1993), Hedging foreign investments in US real estate with currency options. Journal of Real Estate Research 8(1):27-54.
Ziobrowski, A. and Ziobrowski, B. (1995), Using forward contracts to hedge foreign investment in US real estate. Journal of Property Valuation and Investment 13(1):22-43.
Ziobrowski, A., Ziobrowski, B. and Rosenberg, S. (1997), Currency swaps and international real estate investment. Real Estate Economics 25:223-252.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/currency-risk-management-practices-by-australian-listed-property-trusts</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/granger-causality-among-house-price-and-macroeconomic-variables-in-victoria</link>
<title><![CDATA[Granger Causality Among House Price and Macroeconomic Variables in Victoria]]></title>
<description><![CDATA[This study analyses the dynamic causality of four macroeconomic variables on house prices. The four macroeconomic variables have interrelationships with house prices in certain lagged terms, but these relationships are not always the same as the notions put forward in prior research. The relationships are detected to be unstable in the three observation periods. The instability of these relationships would cause difficulty in predicting house prices in the market, especially for policy makers and market participants.
]]></description>
<content><![CDATA[Abelson, P., Joyeux, R., Milunovich, G. and Chung, D. (2005) Explaining house price in Australia: 1970-2003, The Economic Record, Vol. 81, No. 255, pp. s96-s103.
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Hamalainen, K. and Bockerman, P. (2004) Regional Labor Market Dynamics, Housing, and Migration, Journal of Regional Science, Vol. 44, No. 3, pp. 543-568.
Harter-Dreman, M. (2004) Drawing inference about housing elasticity from house price responses to income shock, Journal of Urban Economics, Vol. 55, No. 2, pp. 316-337.
Johnes, G. and Hyclak, T. (1999) House prices and regional labor markets, The Annals of Regional Science, Vol. 33, No. 1, pp. 33-49.
Lutkepohl, H. (1993) Introduction to Multiple Time Series Analysis, Springer-Verlag, Berlin.
Maddala, G. S. and Kim, I. N. (1998) Unit Root, Cointegration, and Structural Change, Cambridge University Press, United Kingdom.
Meen, G. (2003) Housing, random walk, complexity and the macroeconomy In Housing Economics and Public Policy (Eds, O&#39;Sullivan, T. and Gibb, K.) Blackwell Science Ltd, Malden, U.S.A., pp. 90-109.
Painter, G. and Radfearn, C. (2002) The role of interest rate in influencing long-run homeownership rate, Journal of Real Estate Finance and Economics, Vol. 25, No. 2/3, pp. 243-67.
Phillips, P. C. B. and Perron, P. (1988) Testing for a unit root in time series regression, Biometrica, Vol. 75, No. pp. 335-46.
Portnov, b. A., Kim, D. C. and Ishikawa, Y. (2001) Investigating the effects of employment-housing change on migration: Evidence from Japan, International Journal of Population Geography, Vol. 7, No. pp. 189-212.
Reichert, A. K. (1990) The impact of interest rates, income, and employment upon regional housing prices, Applied Economics, Vol. 3, No. 4, pp. 373-391.
Sirmans, G. S., MacPherson, D. A. and Zietz, E. N. (2005) The composition of hedonic pricing models, Journal of Real Estate Literature, Vol. 13, No. 1, pp. 3-43.
Tu, Y. (2000) Segmentation of Australia housing market: 1989-98, Journal of Property Research, Vol. 17, No. 4, pp. 311-327.
]]></content>
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<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/disillusion-dilemma-and-direction-the-role-of-the-university-in-property-research</link>
<title><![CDATA[Disillusion, Dilemma and Direction: The Role of the University in Property Research]]></title>
<description><![CDATA[At a time when academics in the vocational built environment disciplines find themselves in an employment environment with an increasing emphasis on research output and impact, there is conflicting push for &#145;reality&#39; from the industry that our graduates will serve. There is resultant disillusionment from both academe and industry. Add to this the expectation from our accreditation bodies that lecturing staff, including part-time faculty with extensive industry expertise, must have a strong research profile and the dilemma is compounded. This keynote address presented at the 13th PRRES conference in Fremantle over 21 &#150; 24 January 2007 will challenge industry, academe, and our professional institutions to come together and find consensus on how we best balance the multiple expectations on our university faculties to serve society in the built environment arena.
]]></description>
<content><![CDATA[ABS (1998) 1297.0 - Australian Standard Research Classification (ASRC). Australian Bureau of Statistics, Accessed: 30/06/05, ABS Website, Available at: http://www.abs.gov.au/AUSSTATS/abs@.nsf/Lookup/1297.0Main+Features11998?Ope Document.
Appiah, K. A. (2006) Cosmopolitanism: Ethics in a World of Strangers, London, Allen Lane / Penguin.
ARC (2006) Strategic Plan 2006-2008.
Barnett, R. (2005) Introduction. IN BARNETT, R. (Ed.) Reshaping the University: New Relationships between Research, Scholarship and Teaching. Maidenhead, Society for Research into Higher Education &amp; Open University Press.
Boydell, S. (2006) The Reality of Research: Multiple Expectations on the Contemporary University Serving the Construction Sector. Keynote Address at the Australasian Universities Building Educators Association (AUBEA) Conference, RUNESON, G. &amp; BEST, R., University of Technology Sydney.
Boyer, E. L. (1990) Scholarship reconsidered: priorities of the professoriate, San Francisco, The Carnegie Foundation for the Advancement of Teaching.
Coady, T. &amp; Miller, S. (1993) Australian higher education and the relevance of Newman. Australian Universities Review, 36, 2, pp. 40-44.
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Commonwealth Department of Education Science &amp; Training (2006b) The Bologna Process and Australia: Next Steps. April 2006.
Corden, M. W. (2005) Moscow, Markets, or Trust: the Uncertain Future of Australian Universities. 4th Annual Sir Leslie Melville Lecture in the ANU Toyota Public Lecture Series, 21 September 2005. Australian National University.
EAG (2005) Research Quality Framework: Assessing the quality and impact of research in Australia. Final advice on the preferred RQF model. Endorsed by the Expert Advisory Group for the RQF. Commonwealth of Australia, Accessed: 30/06/06, 32, PDF, Available at: http://www.dest.gov.au/NR/rdonlyres/1A7E21B1-9C74-4AD8-9C8AFFED7688A32B/9798/Final_Advice_Paper.pdf.
Furedi, F. (2004) Where have all the intellectuals gone? Confronting 21st Century Philistinism, London, Continuum.
Karantonis, A. &amp; Small, G. (2006) A Profile of Property Economics Academics and the maturation of the academic discipline. PRRES Conference, Fremantle, WA.
McCaffer, R. (2005) Research Assessment - the Emerging Experience. The Queensland University of Technology Research Week International Conference in collaboration with COBRA, AUBEA and CIB, SIDWELL, A. C., Brisbane, QUT.
McDonald, S. (2006) Reducing the risk factor. Property Australia, vol.21, 3, pp. 22-24.
Nillsen, R. (2004) Don&#39;t do what Australia has done. Quadrant, XLVIII, 11 - November. OECD (2002) Frascati Manual: The Measurement of Scientific and Technological Activities. Proposed Standard Practice for Surveys on Research and Experimental Development. Organisation for Economic Co-operation and Development, Accessed: 30/06/06, Web PDF, Available at: http://www1.oecd.org/publications/ebook/9202081E.PDF.
PCA (2006) Advert for Property Council Professional Development. Property Australia, vol.21, 2.
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Runeson, G. &amp; Skitmore, M. (1999) Writing Research Reports: a Practical Guide for Students of the Built Environment, Geelong, Deakin University Press.
Salt, B. (2006) The academic&#39;s lament. Property Australia, vol.21, 3, p.72.
Saunders, M. (2006) The Madness and Malady of Managerialism. Quadrant, L, 3 -March, pp. 9-17.
Wagner, J. &amp; Brooks, R. (1990) The Bunyip of Berkeley&#39;s Creek, London, Puffin Books.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/disillusion-dilemma-and-direction-the-role-of-the-university-in-property-research</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/challenges-and-opportunities-for-property-academics</link>
<title><![CDATA[Challenges and Opportunities for Property Academics]]></title>
<description><![CDATA[This paper is the keynote address presented by Professor Graeme Newell at the 13
	 PRRES Conference in Fremantle over 21-24 January 2007 on the challenges and opportunities for property academics. This keynote address was sponsored by the RICS.
]]></description>
<content><![CDATA[Chin, W., Dent, P. and C. Roberts (2006), An exploratory analysis of barriers to investment and market maturity in South-East Asian cities. Journal of Real Estate Portfolio Management 12(1): 49-58.
Gallimore, P. and P. McAllister (2004), Expert judgement in the processes of commercial property market forecasting. Journal of Property Research 21(4): 337-360.
Lim, L.C, McGreal, W. and J. Webb (2006), Perception of real estate investment opportunities in Central/South America and Africa. Journal of Real Estate Portfolio Management 12(3): 261-276.
Ling, D. (2005), A random walk down Main Street: can experts predict returns on commercial real estate? Journal of Real Estate Research 27(2): 137-154.
RICS (2006), The future of surveying education. RICS, London.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/challenges-and-opportunities-for-property-academics</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/toward-a-generally-accepted-valuation-methodology-framework</link>
<title><![CDATA[Toward A Generally Accepted Valuation Methodology Framework]]></title>
<description><![CDATA[The valuation profession has long held closeted doubts about its professional status. The art vs science paradigm features regularly in the literature. This collective doubt is attributed in part to the discipline&#39;s focus on practice rather than theory, and recognition of the endemic use of imprecise terminology. Responsibility lies with both practitioners and educators but the latter should guide the way forward. The International Valuation Standards address these issues but is it enough? A Generally Accepted Valuation Methodology Framework is proposed to improve levels of understanding by students, practitioners, related professions and clients, thereby contributing to the resolution of these problematic issues.
]]></description>
<content><![CDATA[Australian Property Institute (API) (2006), Professional Practice, API, Deakin, ACT.
Betts, R. and Ely, S. (2005), Basic real estate appraisal, 6 th edn, Thomson south-western, Ohio.
Boyd, T. (2007), Bridging the gap: a graduate training program for the property industry in Australia, Pacific Rim Real Estate Society Annual Conference, Perth, Australia.
Canonne, J. and MacDonald, R.J. (2003), &lsquo;Valuation without value theory: a North American &ldquo;Appraisal&rdquo; &lsquo;, Journal of Real Estate Practice and Education, Vol 6, Number 1; ABMNFORM Global, pp 113-162.
Department of Environment, Sport and Territories and Department of Finance (DEST &amp; F) (1995), Techniques to value environmental resources - an introductory handbook, AGPS, Canberra.
Fischer, D. (2003), Property valuation methodology, Black Swan Press, Perth.
French, N. (2005), &lsquo;Editorial - Market value and depreciated replacement cost&rsquo;, Journal of Property Investment and Finance, Vol 22, Issue 6, p 393.
Gilbertson B. (2002), &lsquo;Valuation or appraisal: an art or science?&rsquo;, Australian Property Journal, Vol. 37, Number 1, pp 11-13.
Gilbertson, B. and Duncan, P. (2005), &lsquo;Practice briefing: A vision for valuation&rsquo;, Journal of Property Investment and Finance, Vol. 23, No. 2, pp 123-140.
Hyam, A. (2004), The law affecting valuation of land in Australia, 3 edn, The Federation Press, Sydney.
International Valuation Standards Committee (IVSC) (2007), website, www.ivsc.org/(January 2007).
International Valuation Standards Committee (IVSC) (2005), International Valuation Standards, 7th edn, IVSC, London.
Larson, J. (2003), Real estate principles and practice, John Wiley, Hoboken, NJ.
Pagourtzi, E. Assimakopoulos, V. Hatzichristos, T. and French, N. (2003), Real estate appraisal: a review of valuation methods, Journal of Property Investment and Finance, Vol. 21, Issue 4, pp 383-401.
Whipple, R.T.M. (1995), Property valuation and analysis, The Law Book Company, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/toward-a-generally-accepted-valuation-methodology-framework</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/cell-phone-tower-proximity-impacts-on-house-prices-a-new-zealand-case-study</link>
<title><![CDATA[Cell Phone Tower Proximity Impacts on House Prices: A New Zealand Case Study]]></title>
<description><![CDATA[The siting of cellular phone towers (CPBSs) is of particular public concern due to fears of potential health hazards from the electromagnetic fields (EMFs) that these devices emit. The unsightliness of these structures and fear of lowered property values are other regularly voiced concerns about the siting of CPBs. This paper outlines the results of further research to show the effect that distance to a CPBS has on residential property prices in New Zealand (NZ). The results of this research will be of interest to valuers when valuing properties in close proximity to CPBSs and for determining compensation, if any, to affected property owners.
]]></description>
<content><![CDATA[AGNIR (2003). Health effects from radiofrequency electromagnetic fields. Report of an Advisory Group on Non-ionising Radiation. Doc NRPB, 14(2), 1-177.
Bond, S.G. and Wang, K. (2005). &quot;The Impact of Cell Phone Towers on House Prices in Residential Neighbourhoods&quot;, The Appraisal Journal, Volume LXXIII, No.3, pp.256-277.
Bond, S.G., Beamish, K. (2005). &quot;Cellular Phone Towers: Perceived Impact on Residents and Property Values&quot;, Pacific Rim Property Research Journal, Vol. 11, no. 2, pp. 158-177.
Bond, S.G. &amp; Hopkins, J. (2000).&quot;The Impact of Transmission Lines on Residential Property Values: Results of a Case Study in a Suburb of Wellington, New Zealand&quot;, Pacific Rim Property Research Journal, Vol.6, No. 2, pp.52-60.
Chen, G., Upham, B.L., Wei Sun, Chang, C., Rothwell, E.J., Chen, K., Yamasaki, H., and Trosko, J.E. (2000), &quot;Effect of Electromagnetic Field Exposure on Chemically Induced Differentiation of Friend Erythroleukemia Cells&quot;, Environ Health Perspect. Vol.108:967-972.
Cherry, N. (2000), &quot;Health Effects Associated with Mobil Base Stations in Communities: The Need for Health Studies,&quot; Environmental Management and Design Division, Lincoln University, June 8. Available from: http://pages.britishlibrary.net/orange/cherryonbasestations.htm.
Christchurch City Council website. Available from: www.ccc.govt.nz/index.asp
Colwell, P. (1990), &quot;Power Lines and Land Value&quot;, Journal of Real Estate Research, Vol. 5, No. 1, Spring.
Colwell, P., Bradford, C., Watkins, C. and Leishman, C. (2003), &quot;Estimating the Impact of Environmental Contamination on Condo prices: A hybrid repeat-sale/hedonic approach&quot;, June, European Real Estate Society Conference, Helsinki, Finland.
Court, A.T. (1939). Hedonic Price Indexes with Automotive Examples, in: The Dynamics of Automobile Demand. General Motors, New York.
Des Rosiers, F. (2002), &quot;Power Lines, Visual Encumbrance and House Values: A Microspatial Approach to Impact Measurement&quot;, Journal of Real Estate Research, Vol.23, No.3, pp. 275 - 301.
Flynn, J., MacGregor, D.G., Hunsperger, W., Mertz, C.K., Johnson, S.M. (2004), &quot;Survey Approach for Demonstrating Stigma Effects in Property Value Litigation&quot;, The Appraisal Journal, 72 (1): 35-45.
Freeman, A. M. I. (1979), The Benefits of Environmental Improvement, John Hopkins Press, Baltimore, MD.
Griliches, Z. (ed.) (1971). Price Indexes and Quality Change. Harvard University Press, Cambridge, Mass.
Hamilton, S. and Schwann, G. (1995), &quot;Do High Voltage Electric Transmission Lines Affect Property Value?&quot; Land Economics, Vol.71, No. 4, pp. 436-444.
Halvorsen, R. and Palmquist, R. (1980), &quot;The Interpretation of Dummy Variables in Semi-logarithmic Equations&quot;, American Economic Review, Vol. 70, No. 3, pp. 474-475.
Hardell, L., Mild, K.H., Carlberg, M. (2003), &quot;Further Aspects On Cellular and Cordless Telephones and Brain Tumors&quot;, International Journal of Oncology, Vol.22(2), pp399-407.
Hite. D, Chern, W.S., Hitzhusen, F. Randall, A. (2001), &quot;Property Value Impacts of an Environmental Dis-amenity&quot;. Journal of Real Estate Finance and Economics, Vol.22:2/3, pp.185-202.
Kinnard, W. N., Geckler, M. B., &amp; Dickey, S. A. (1994), &#145;Fear (as a measure of damages) strikes out: two case studies comparisons of actual market behaviour with opinion survey research&#39;, Paper presented at The Tenth Annual American Real Estate Society Conference, April, Santa Barbara, California.
Kinnard,Jr.,W.N. DeLoittie, J.W. Geckler, M.B., Noble, B.H. (1995). &quot;The Impact of Widespread, Long-term Soil Contamination on Residential Property Values: A Case Study,&quot; Paper presented at the American Real Estate Society Conference, Hilton Head, South Carolina.
Michelozzi, P., Capon, A., Kirchmayer, U., Forastiere, F., Biggeri, A., Barca, A., &amp; Perucci, C.A. (2002), &quot;Adult and Childhood Leukemia near a High-Power Radio Station in Rome, Italy&quot;, American Journal of Epidemiology, Vol.155, pp.10961103.
McCluskey, J.J. &amp; Rausser, G. C. (2000), &quot;Stigmatized Asset Values: Is it Temporary or Permanent?&quot; Research paper: Department of Agricultural Economics, Washington State University, WA.
Moulder, J.E., Foster, K.E., Erdreich, L.S., &amp; McNamee, J.P. (2005), &quot;Mobile Phones, Mobile Phone Base Stations, and Cancer: A Review&quot;, International Journal of Radiation Biology, Vol. 81, pp.189-203.
Reichert, A.J. (1997)&quot; Impact of a Toxic Waste Superfund Site on Property Values&quot;, The Appraisal Journal, Vol. 65, pp. 381-392.
Rosen, S. (1974), &quot;Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition&quot;, Journal of Political Economy, Vol. 82, pp. 34-55.
Siemens, H. (2003), &quot;Stigma of Contaminated Land: Difficult to Tackle&quot;, The Appraisal Journal, Vol. 71, pp.121-127.
Simons, R.A. Winson-Geideman, K. and Mikelbank, B. (2001), &quot;The Effects of an Oil Pipeline Rupture on Single-Family House Prices Along the Patuxent River in Maryland&quot;, Paper presented at The American Real Estate Society conference, April, Coeur d&#39;Alene, Idaho.
Slovic, P. (1992), &quot;Perceptions of risk: Reflections on the psychometric paradigm&quot;, in Social Theories of Risk, eds. S. Krimsky &amp; D. Golding, Praeger, Westport, Connecticut, pp. 117-152.
Strand, J. and Vagnes, M. (2001), &quot;The Relationship Between Property Values and Railroad Proximity: A Study Based on Hedonic Prices and Real Estate Brokers&#39; Appraisals&quot;, Transportation, Vol. 28, pp 137.
Szmigielski, S. and Sobiczewska, E. (2000). &quot;Cellular Phone Systems and Human Health - Problems with Risk Perception and Communication&quot;, Environmental Management and Health, Vol. 11, pp 352-368.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/cell-phone-tower-proximity-impacts-on-house-prices-a-new-zealand-case-study</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/profitability-and-capital-structure-of-the-property-and-construction-sectors-in-malaysia</link>
<title><![CDATA[Profitability and Capital Structure of the Property and Construction Sectors in Malaysia]]></title>
<description><![CDATA[This study examines the profitability and capital structure among property developers and constructors in emerging market of Malaysia. Using the sample of 25 property companies and 20 construction companies for a period of eight years, the present study suggests that developers are more profitable than contractors due to the fact that their capital gearing and debt equity ratio are less than those of contractors. The results from the regression analysis indicate that capital gearing is negatively related with net profit margins and price earning ratio for both property and construction sectors. The findings show unequal business relationship with regards to debt and profit even though their business is very interrelated.
]]></description>
<content><![CDATA[Ball, M., Farshchi, M and Grill, M. (2000), &quot;Competition and the persistence of profits in the UK construction industry&quot;, Construction Management and Economics, Vol. 18, pp.733-45.
Barkham, R. J., (1997), &quot;The financial structure and ethos of property companies: an empirical analysis&quot;, Journal of Construction Management and Economics, Vol. 15, pp. 441-56.
Chiang, Y.H., Albert, C.P.C., Eddie, H.C.M (2002), &quot;Capital structure and profitability of the property and construction sectors in Hong Kong&quot;, Journal of Property Investment &amp; Finance, Vol. 20, pp. 434 - 453.
Chiang, Y.H., and Chan, T.Y.M. (2001), &quot;Matching the supply and demand of construction finance- the case of Hong Kong&quot;, Proceedings of the Third International Conference on Construction Project Management: From Fragmentation to Integration, 29-30 March, Singapore, pp.259-69.
Gau, G.W., Wang, K. (1990), &quot;Capital structure decisions in real estate investment&quot;, AREUEA Journal, Vol. 18, pp. 501 - 521.
Howe, J.S., Shilling, J.D. (1988), &quot;Capital structure theory and REIT security offerings&quot;, Journal of Finance, Vol. 43, pp. 983-993.
Liow, K.H,(1997), &quot;The historical performance of Singapore property stocks&quot;, Journal of Property Finance, Vol. 8, pp. 111-125
Market Watch Malaysia (2005), &quot;Construction Industry in Malaysia&quot;.
NPC Productivity Report (2001), Malaysian-Germen Chamber of Commerce and Industry.
Ooi, J. (1999a), &quot;The debt maturity structure of UK property companies&quot;, Journal of Property Research, Vol. 16, pp. 293-307.
Ooi, J. (1999b), &quot;The determinants of capital structure: evidence on UK property companies&quot;, Journal of Property Investment &amp; Finance, Vol. 17, pp. 464-480.
Property Market Report (1999), &quot;Malaysian Property Market&quot;.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/profitability-and-capital-structure-of-the-property-and-construction-sectors-in-malaysia</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/combining-geographic-information-systems-and-regression-models-to-generate-locational-value-residual-surfaces-in-the-assessment-of-residential-property-values</link>
<title><![CDATA[Combining Geographic Information Systems and Regression Models to Generate Locational Value Residual Surfaces in the Assessment ]]></title>
<description><![CDATA[Locational Value Residual Surface (LVRS) has been suggested as an alternative to resolving the difficulty in the traditional modelling of locational influence on property values in a particular area. The objective of this paper was to compare the relative performance of models that apply locational value residual surface (LVRS) and the traditional multiple regression models in the prediction of residential property values. A controlled sample of 125 single- and double-storey residential properties was used to construct regression models. It was found that models applying LVRS were marginally better than the traditional models in predicting property values.
]]></description>
<content><![CDATA[Adair, A. S., Berry, J. N. and McGeal, W. S. (1996). Hedonic Modelling, Housing Submarkets and Residential Valuation. Journal of Property Research. 13(1): 67-83.
Adair, A. S. and McGreal, W.S. (1988). The Application of Multiple Regression Analysis in Property Valuation. Journal of Valuation. 6(1): 57-67.
Anon (2003). Standard on Automated Valuation Models (AVMS). Assessment Journal. 10(4): 109-155.
Azhari, H. (1993). The Measurement of Location: A Case Study of Eighteen Housing Schemes. Asia Pacific Real Estate Society (APRES) Conferrence, November 6-7. Langkawi Island, Malaysia.
Azhari, H. and Ghazali, M. H. (2001). The Construction of Land value Maps Using GIS and MRA: A Case Study of Residential Properties in Johor Bahru. Faculty of Surveying, Universiti Teknologi Malaysia.
Box, G.E.P. and Cox, D.R. (1964). An Analysis of Transformation. Journal of the Royal Statistical Society. 26(2): Series B: 211-251.
Breusch, T.S. and Pagan, A.R. (1979). A Simple Test for Heteroscedasticity and Random Coefficient Variation. Econometrica. 47(5): 1287-1294.

Dubin, R. A. and Sung, C. (1987). Spatial Variation in the Price of Housing: Rent Grandients in Non-monocentric Cities. Urban Studies. 24: 193-204.
Durbin, J. and Watson, G.S. (1951). Testing for Serial Autocorrelation in Least Squares Regression. Biometrika. 38: 159-178.
Evans, A.W. (1973). The Economics of Residential Location. London: Macmillan.
Farrar, D.E. and Glauber, R.R. (1967). Multicollinearity in Regression Analysis. Review of Economics and Statistics. 49: 92-107.
Ferri, M. G. (1977). An Application of Hedonic Indexing Methods to Monthly Changes in Housing Prices: 1965-1975. AREUEA Journal. 5: 455-462.
Figueroa, R. A. (1999). Modelling the Value of Location in Regina Using GIS and Spatial Autocorrelation Statistics. Assessment Journal. 6(6): 29-37.
Fletcher, P., Gallimore, P., and Mangan, J. (2000). The Modeling of Housing Submarkets. Journal of Property Management. 18(5): 366-374.
Frew,J. and Wilson, B. (2002). Estimating the Connection Betweeen Location and Property Value. Journal of Real Estate Practice and Education. 5(1): 17.
Gallimore, P., Fletcher, M. and Carter, M. (1996). Modelling the Influence of Location on Value. Journal of Property Valuation and Investment. 14(1): 6-19.
Greaves, M. (1984). The Determinants of Residential Values: The Hierarchical and Statistical Approaches. Journal of Valuation. 3: 5-23.
Hamid, Abdul, bin Mar Iman and Mohamad Ghazali b. Hashim (1991). Application of Geographic Information System for Estimating Agricultural Land Value. National Seminar on Research and Development in Property Management and Valuation, Universiti Teknologi Malaysia, 8-9 July.
Hamid, Abdul, bin Mar Iman (2001). Incorporating Geographic Information System in the Prediction of Farm Property Values. Unpublished Ph.D thesis. Lincoln University, New Zealand.
Hamid, Abdul, bin Mar Iman (2003). Price-Contour Based Spatial Dummy Variables for Segmenting Market in the GIS-Hedonic Modelling of Residential Property Prices. International Conference on Urban Development and Management, Langkawi, Malaysia, 7-9 July.
Henneberry, J. (1998). Transport Investment and House Prices. Journal of Property Valuation and Investment. 16(2): 144-158.
Hickman, E. P., Gaines, J. P. and Ingram, F. J. (1984). The Influence of Neighbourhood Quality on Residential Property Values. The Real Estate Appraiser and Analyst. 50(2): 36-42.
Isaaks, E. H. and Srivastava, R. M. (1989). An Introduction to Applied Geostatistics. New York: Oxford University Press.
Jack, E. (1989). Incorporating Location into Computer-Assisted Valuation. Property Tax Journal. 8(2): 151-170.
Jud, G.D. and Winkler, D.T. (1991). Location and Amenities in Determining Apartment Rents: An Integer Programming Approach. The Appraisal Journal April: 266-275.
Kain, J. and Quigley, J. (1970). Measuring the Value of Housing Quality. Journal of the American Statistical Association. 45: 532-548.
Kennedy, P. (1992). A Guide to Econometrics, 3rd. ed. Oxford (UK) and Cambridge (USA): Basil Blackwell Ltd.
Mackmin, D. (1989). The Valuation and Sale of Residential Property. London: Routledge.
McCluskey, W. J., Deddis, W. G., Lamont, I. G., and Borst, R. A. (2000). The Application of Surface Generated Interpolation Models for the Prediction of Residential Property Values. Journal of Property Investment and Finance. 18(2): 162-176.
McGuirk, A.M. et al. (1993). Misspecification Testing: A Comprehensive Approach. American Journal of Agricultural Economics, November: 1044-1055.
Muth, R. F. (1960). Cities and Housing. Chicago, II: University of Chicago Press.
Oliver, M. A. and Webster, R. (1990). Kriging: A Method of Interpolation for Geographical Information Systems. International Journal of Geographical Information Systems. 4(3): 313-332.
Pearson, T.D. (1991). Location! Location! Location! What is Location!. The Appraisal Journal, LIX(1): 7-20.
Pendleton, E. C. (1965). Statistical Inference in Appraisal and Assessment Procedures. The Appraisal Journal. 37: 501-512.
Pollakowski, H. O. (1982). Urban Housing Markets and Residential Location. D.C. Lexington, MA: Health and Company.
Ramsey, J.B. (1969). Tests for Specification Errors in Classical Linear Least-Squares Regression Analysis. Journal of the Royal Statistical Society, Series B (Methodological). 31: 350-371.
Reichert, A.K. and Moore, J.S. (1986). Analysing the Nature of Multicollinearity in Real Estate Appraisal Models, The Real Estate Appraiser and Analyst. 52(3): 3438, 55.
Richardson, H. W. (1971). Urban Economics. Penguin: Harmondsworth.
Ridker, R. and Henning, J. (1967). The Determinants of Residential Property Values with Special Reference to Air Pollution. Review of Economics and Statistics. 49: 246-257.
Rodriguez, M. and Sirmans, C.F. (1994). Quantifying the Value of View in Single-Family Housing Markets. The Appraisal Journal. 62(4): 600-603.
Royle, A., Clark, I., Brooker, P. I., Parker, H., Journel, A., Rendu, J. M., Sandeful, R. and Mousset-Jones, P. (1980). Geostatistics. New York: McGraw-Hill. Chapters 1, 2, 3 and 4.
So, H. M., Tse, R.Y. C. and Ganesan, S. (1997). Estimation the Influence of Transport on House Prices: Evidence from Hong Kong. Journal of Property Valuation &amp; Investment. 15(1): 40-47.
Stegman, M. A. (1969). Accessibility Models and Residential Location. Journal of American Institute of Planners. 35: 22-29.
Ward, R., Guilford, J., Jones, B., et al. (2002). Piecing Together Location: Three Studies By The Lucas County Research and Development Staff. Assessment Journal. 9(5): 15-49.
Watkins, C. (1999). Property Valuation and Structure of Urban Housing Markets. Journal of Property Investment and Finance. 17: 157-175.
Wendt, P.F. (1957). Theory of Urban Land Values. Land Economics. 33(3): 228240.
Wyatt, P. J. (1997). The Development of Property Information System for Real Estate Valuation. International Journal of Geographical Information Systems. 11(5): 435-450.
Zan, Y. (2001). An Application of the Hedonic Price Model with Uncertain Attribute - The Case of the People&#39;s Republic of China. Property Management. 19(1): 50-63.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/combining-geographic-information-systems-and-regression-models-to-generate-locational-value-residual-surfaces-in-the-assessment-of-residential-property-values</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/erratum</link>
<title><![CDATA[Erratum]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/erratum</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/factors-influencing-the-direct-costs-of-property-trust-ipos</link>
<title><![CDATA[Factors Influencing the Direct Costs of Property Trust Ipos]]></title>
<description><![CDATA[Underwriting, legal, accounting and valuation costs average around 3.3%, 0.39%, 0.23% and 0.12% of proceeds raised and are substantial costs to property trust initial public offering (IPO) issuers. As such, identifying factors that influence these costs is important. This paper investigates factors influencing these costs as well as the total direct costs of raising equity capital by property trust IPOs in Australia from 1994 to 2004. The results suggest clear economies of scale in direct costs. In addition, IPOs that employ more debt are likely to have higher capital raising costs while those that have proportionally higher net asset values and offer stapled securities (and likely to be engaged in property development activities) have lower capital raising costs.
]]></description>
<content><![CDATA[Atlantic, O., and R.S. Hansen (2000), &quot;Are there Economies of Scale in Underwriting Fees? Evidence of Rising External Financing Costs&quot;, Review of Financial Studies, 29, 191-218.
Brounen, D., and P. Eichholtz. (2001). &quot;Going Public in the European Property Share Market&quot;, Real Estate Finance, 18, 55-60.
Brounen, D., and P. M. A. Eichholtz (2002). &quot;Initial Public Offerings: Evidence From British, French and Swedish Share Markets&quot;, Journal of Real Estate Finance and Economics, 23, 103-117.
Butler, A.W., and P. Huang (2003). &quot;On the Uniformity of Investment Banking Spreads: The Seven Percent Solution is Not Unique&quot;, Journal of Multinational Financial Management, 13, 265-272.
Chan, S. H., M. H. Stohs and K. Wang (2001). &quot;Costs of Raising Capital - Initial Public Offerings (IPOs) and Seasoned Equity Offerings (SEOs) - in Hong Kong&quot;, Journal of Financial Management and Analysis, 15, 27-36.
Chen, K.C., and L. Wu (2002), &quot;Are Real Estate IPOs a Different Species? Evidence from Hong Kong IPOs&quot;, Journal of Real Estate Research, 21, 201-220.
Chen, H.C., R.C.W. Fok and Y.J.Wang (2006), &quot;Why do Underwriters Charge Low Underwriting Fees for Initial Public Offerings in Taiwan?&quot;, Journal of Business Finance and Accounting, 10, 1-27.
Chen, H.C., and J. Ritter (2000), &quot;The Seven Percent Solution&quot;, Journal of Finance, 55, 1105-1131.
Dimovski, W. (2006), &quot;The Costs of Raising Equity Capital by Australian Property Trust Initial Public Offerings&quot;, Pacific Rim Property Research Journal, 12, 162176.
Dimovski, W. and Brooks, R. (2006), &quot;The Pricing of Property Trust IPOs in Australia&quot;, Journal of Real Estate Finance and Economics, 32, 185-199.
Dunbar, C.G. (1995), &quot;The Use of Warrants as Underwriter Compensation in Initial Public Offerings&quot;, Journal of Financial Economics, 38, 59-78.
Ghosh, C., R. Nag and C.F. Sirmans (2000), &quot;A Test of the Signaling Value of IPO Underpricing with REIT IPO-SEO Pairs&quot;, Journal of Real Estate Finance and Economics, 20, 137-154.
How, J.C.Y. and J.J.L. Yeo (2000), &quot;The Pricing of Underwriting Services in the Australian Capital Market&quot;, Pacific-Basin Finance Journal, 8, 347-73.
Kaserer, C., and M. Kraft (2003), &quot;How Issue Size, Risk and Complexity are Influencing External Financing Costs: German IPOs Analyzed from an Economies of Scale Perspective&quot;, Journal of Business Finance and Accounting, 30, 479-512.
Kooli, M., and J. M. Suret (2002), &quot;How Cost-Effective are Canadian IPO Markets&quot;, CIRANO, 83, 1-17.
Lee, I., S. Lochhead, J. Ritter and Q. Zhao. (1996), &quot;The Costs of Raising Capital&quot;, Journal of Financial Research, 19, 59-74.
Ling, D. C., and M. Ryngaert (1997), &quot;Valuation Uncertainty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs&quot;, Journal of Financial Economics 43, 433-456.
Tinic, S. M. (1988), &quot;Anatomy of Initial Public Offerings of Common Stock&quot;, Journal of Finance, 43, 789-822.
Torstila, S., (2001), &quot;What Determines IPO Gross Spreads in Europe?&quot;, European Financial Management Journal, 7, 523-41.
Torstila, S., (2003), &quot;The Clustering of IPO Gross Spreads: International Evidence&quot;, Journal of Financial and Quantitative Analysis, 38, 673-94.
Wang, K, S. H. Chan, and G. Gau (1992). &quot;Initial Public Offerings of Equity Securities: Anomalous Evidence Using REITs&quot;, Journal of Financial Economics, 31, 381-410
 White, H. (1980). &quot;A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskesticity&quot;, Econometrica, 48, 817-838.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/factors-influencing-the-direct-costs-of-property-trust-ipos</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/understanding-the-behavioural-paradigm-in-property-research</link>
<title><![CDATA[Understanding the Behavioural Paradigm in Property Research]]></title>
<description><![CDATA[To seek its definition, the behavioural approach to real estate research fits into a model of research paradigms. The general framework, underlying psychological theories, data generation and data evaluation methods for the approach are identified. The existing literature is organised and discussed. The findings support the view of the real estate decision maker as a problem solver seeking efficiency and pursuing potentially biasing simplifying heuristics to overcome limitations in human information processing. Some results are consistent with an agency bias and the hypothesis that some heuristic behavior may be the unconscious, routinised response to pervasive agent-client concerns.
]]></description>
<content><![CDATA[Adair, A., Berry, J. and McGreal, S. (1996) Valuation of Residential Property: Analysis of Participant Behavior. Journal of Property Valuation and Investment Vol.14 No.1 pp 20-35.
Aycock, S. (1999) The Anchoring Heuristic in Real Estate Negotiations: The Impact of Multiple Reference Points on Final Settlement Price. Dissertation, Georgia State University.
Black, R. (1997) Expert Property Negotiators and Pricing Information, Revisited. Journal of Property Valuation and Investment Vol.15 No.3 pp 274-281.
Black, R. and Diaz, J. (1996) The Use of Information Versus Asking Price in the Real Property Negotiation Process. Journal of Property Research Vol. 13 pp 287297.
Clayton, J., Geltner, D. and Hamilton, S. (2001) Smoothing in Commercial Property Valuations: Evidence from Individual Appraisals. Real Estate Economics Vol.29 No.3 pp 337-360.
Cook, T. and Campbell, D. &quot;The Design and Conduct of Quasi- Experiments and True Experiments in Field Settings.&quot; In Marvin Dunnette The Handbook of Industrial and Organizational Psychology, Chicago: Rand-McNally.
Cypher, M. and Hansz, J. (2003) Does Assessed Value Influence Market Value Judgments? Journal of Property Research Vol.20 No.4 pp 305-318.
Diaz, J. (1987) Process Tracing Investigation into Problem Solving within Residential Real Estate Appraisal. Dissertation, Georgia State University.
Diaz, J. (1990a) How Appraisers Do Their Work: A Test of the Appraisal Process and the Development of a Descriptive Model. The Journal of Real Estate Research Vol.5 No.1 pp 1-15.
Diaz, J. (1990b) The Process of Selecting Comparable Sales. The Appraisal Journal Vol.58 No.4 pp 533-540.
Diaz, J. (1993) Science, Engineering and the Discipline of Real Estate. Journal of Real Estate Literature Vol.1 No.2 pp 183-195.
Diaz, J. (1997) An Investigation into the Impact of Previous Expert Value Estimates on Appraisal Judgment. Journal of Real Estate Research Vol.13 No.1 pp 57-66.
Diaz, J. (2000) Peering Into the Black Box: A Behavioural Approach to Real Property Research. Paper presented at the May 18-21, 2000 Session of the Weimer School of Advanced Studies in Real Estate and Land Economics.
Diaz, J., Gallimore, P. and Levy, D. (2004) Multicultural Examination of Valuation Behaviour. Journal of Property Investment and Finance Vol.22 No.4 pp 339-346.
Diaz, J., P. Gallimore, and Levy, D. (2002) Residential Valuation Behaviour in the United States, the United Kingdom and New Zealand. Journal of Property Research Vol.19 No.4 pp 313-326.
Diaz, J. and Hansz, J. (2006) A Taxonomic Field Investigation into Induced Bias in Residential Real Estate Appraisals (Working Paper).
Diaz, J. and Hansz, J. (1997) How Valuers Use the Value Opinions of Others. Journal of Property Valuation and Investment Vol.15 No.3 pp 256-260.
Diaz, J. and Hansz, J. (2001) The Use of Reference Points in Valuation Judgment. Journal of Property Research Vol.18 No.2 pp 141-148.
Diaz, J. and Wolverton, M. (1998) A Longitudinal Examination of the Appraisal Smoothing Hypothesis. Real Estate Economics Vol.26 No.2 pp 349-358.
Diaz, J., Zhao, R. and Black, R. (1999) Does Contingent Reward Reduce Negotiation Anchoring? Journal of Property Valuation and Investment Vol.17 No.4 pp 374-379.
Gallimore, P. (1994) Aspects of Information Processing in Valuation Judgment and Choice. Journal of Property Research Vol.11 No.2, pp 97-110.
Gallimore, P. (1996) Confirmation Bias in the Valuation Process: A Test for Corroborating Evidence. Journal of Property Research, Vol.13 No.4 pp 261-273.
Gallimore, P. and Wolverton, M. (1997) Price-knowledge-induced Bias: A Cross Cultural Comparison. Journal of Property Valuation and Investment Vol.15 No.3 pp 261-273.
Gallimore, P. and Wolverton, M. (2000) The Objective in Valuation: A Study of the Influence of Client Feedback. Journal of Property Research Vol.17 No.1 pp 47-57.
Gibbon, J. (1976) Nonparametric Methods for Quantitative Analysis. Holt, Rinehart and Winston, New York.
Graaskamp, J. (1991) &quot;The Failure of the Universities to Teach the Real Estate Process as an Interdisciplinary Art Form.&quot; in Jarchow, S. P. (Ed.), Graaskamp on Real Estate, ULI-the Urban Land Institute, Washington, DC, 1991.
Hansz, J. and Diaz, J. (2001) Valuation Bias in Commercial Appraisal: A Transaction Price Feedback Experiment. Real Estate Economics Vol.29 No.4 pp 553-565.
Hansz, J. (2004) The Use of a Pending Mortgage Reference Point in Valuation Judgment. Journal of Property Investment and Finance Vol.22 No.3 pp 259-268.
Hansz, J. (2004) Prior Transaction Price Induced Smoothing: Testing and Calibrating the Quan-Quigley Model at the Disaggregate Level. Journal of Property Research Vol.21 No.4 pp 321-336.
Hardin, W. (1997) Heuristic Use, Credit Constraints and Real Estate Lending. Journal of Property Valuation and Investment Vol.15 No.3 pp 245-255.
Havard, T. (1999) Do Valuers Have a Greater Tendency to Adjust a Previous Valuation Upwards or Downwards? Journal of Property Investment and Finance Vol.17 No.4 pp 365-373.
Kinnard, W., Lenk, M. and Worzala, E. (1997) Client Pressure in the Commercial Appraisal Industry: How Prevalent Is It? Journal of Property Valuation and Investment Vol.15 No.3 pp 233-244.
The Structure of Scientific Revolutions (3 ed.) 
Levy, D. and Schuck, E. (1999) The Influence of Clients on Valuation. Journal of Property Investment and Finance Vol.17 No.4 pp 380-400.
McAllister, P., Baum, A., Crosby, N., Gallimore, P. and Gray, A. (2003) Appraiser Behaviour and Appraisal Smoothing: Some Qualitative and Quantitative Evidence. Journal of Property Research Vol.20 No.3 pp 261-280.
Mori, M. (2006) The Decision to Choose a Fixed Rate versus an Adjustable Rate Mortgage: A Cross-cultural Comparison between the United States and Japan. (Working Paper).
Newell, A. and Simon, H. (1972) Human Problem Solving. Prentice-Hall, Englewood Cliffs, N.J.
Ratcliff, R. (1972) Valuation for Real Estate Decisions. Democrat Press, Santa Cruz, CA.
Simon, H. (1978) &quot;Information-Processing Theory of Human Problem Solving.&quot; In W. K. Estes (Ed.), Handbook of Learning and Cognitive Processes: Vol. 5: Human Information Processing (pp. 271-295). Earlbaum, Hillsdale, NJ.
Tversky, A. and Kahneman, D. (1974) Judgment Under Uncertainty: Heuristics and Biases. Science Vol.185 No.157 pp 1124-1131.
Wolverton, M. (1996) Investigation into Price Knowledge Induced Comparable Sale Selection Bias. Dissertation, Georgia State University.
Wolverton, M. and Gallimore, P. (1999) Client Feedback and the Role of the Appraiser. Journal of Real Estate Research Vol.18 No.3 pp 415-432.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/understanding-the-behavioural-paradigm-in-property-research</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume13-2007/comparative-evaluation-of-the-comparable-sales-method-with-geostatistical-valuation-models</link>
<title><![CDATA[Comparative Evaluation of the Comparable Sales Method with Geostatistical Valuation Models]]></title>
<description><![CDATA[There is an identifiable theoretical relationship between the comparable sales method (CSM) of valuation as practiced by mass appraisers and the recent developments in geostatistical valuation models. This paper provides an evaluation of techniques in respect of their treatment of location and their predictive capability. The CSM is shown to be a special case of a spatially lagged weight matrix model. There is a less formal but clear relationship with Geographically Weighted Regression as well. The predictive accuracy of CSM is compared to several Ordinary Least Squares Model configurations, and results obtained from Geographically Weighted Regression via empirical studies on diverse datasets. An example of a comparable sales weighting scheme as practiced by mass appraisers is provided. In addition, particular interest is focused on how well each method is able to model the spatial variations in property values.
]]></description>
<content><![CDATA[Barry, R.P. and Pace, R.K. (1999), Monte Carlo Estimates of the Log Determinant of Large Sparse Matrices, Linear Algebra and its Applications, 289, 41-54.
Can, A. (1992), Specification and Estimation of Hedonic Housing Price Models, Regional Science and Urban Economics, 22, 453-474.
Cannaday, R.E., (1989), How Should You Estimate and Provide Market Support for Adjustments in Single Family Appraisals, Real Estate Appraiser and Analyst, 55:4, 43-54.
Case, B., Clapp, J., Dubin, R. and Rodriguez, M. (2004), Modeling Spatial and Temporal House Price Patterns: A Comparison of Four Models, Journal of Real Estate Finance and Economics, 29:2, 167-191.
Colwell, P.F., Cannaday, R.E. and Wu, C. (1983), The Analytical Foundations of Adjustment Grid Methods, Journal of the American Real Estate and Urban Economics Association, 11:1, 11-29.
Eichenbaum, J. (1988), Incorporating Location into Computer Assisted Valuation: Progress in New York City, paper presented at the World Congress III Computer-Assisted Valuation and Land Information Systems Assisted Valuation, Cambridge, MA.
Gau, G.W., Lai, T-Y and Wang, K. (1992), Optimal Comparable Selection and Weighting in Real Property Valuation: An Extension, AREUEA Journal, 20:1, 107-123.
Gipe, G.W. (1974), Analysis of Residuals to Improve Multiple Regression Equations, Assessors Journal, 9:1, 9-16.
Harrison, D. and Rubinfeld, D.L. (1978), Hedonic Housing Prices and the Demand for Clean Air, Journal of Environmental Economics and Management, 5, 81-102.
Kang, H-B. and Reichert, A.K. (1991), An Empirical Analysis of Hedonic Regression and Grid-Adjustment Techniques in Real Estate Appraisal, AREUEA Journal, 19: 70-91.
Kelejian, H.H. and Prucha, I.R., (1998), A Generalized Spatial Two-Stage Least Squares Procedure for Estimating a Spatial Autoregressive Model with Autoregressive Disturbances, Journal of Real Estate Finance and Economics, 17:1, 99-121.
Korbo, B.G., Rizvi, S., Ghebre, K. and Merritt, G. (2003), Location Adjustments for Agricultural Land Using the Geostatistical Capabilities of a GIS, Assessment Journal, Fall, 34-43.
Lai, T-Y. and Wang, K. (1996), Comparing the Accuracy of the Minimum-Variance Grid Method to Multiple Regression in Appraised Value Estimates, Real Estate Economics, 24:4, 531-549.
McCluskey, W.J. and Borst, R.A. (1998), Application of Hybrid Intelligent Appraisal Techniques Within The Field of Comparable Sales Analysis, IAAO Conference Proceedings: Today&#39;s Vision Tomorrow&#39;s Reality.
McCluskey, W.J., Deddis, W.G., Lamont, I. and Borst, R.A. (2000), The Application of Surface Generated Interpolation Models for the Prediction of Residential Property Values, Journal of Property Investment and Finance, 18:2, 162-176.
O&#39;Connor, P.M. (1982), Making one MRA Model Behave Appropriately Across the Whole of Large County, Paper presented at the First World Congress on Computer Assisted Valuation, Cambridge, MA.
O&#39;Connor, P.M. and Eichenbaum, J. (1988), Location Value Response Surfaces: The Geometry of Advanced Mass Appraisal, Property Tax Journal, September 1988, 277-298.
Pace, R.K. and Gilley, O.W. (1997), Using the Spatial Configuration of the Data to Improve Estimation, Journal of Real Estate Finance and Economics, 14:3, 333-340.
Pace, R.K. and Gilley, O.W. (1998), Generalizing the OLS and Grid Estimators, Real Estate Economics, 26:2, 331-347.
Smith, R.A. (1986), Comparing Traditional Methods for Selecting Class Intervals on Choropleth maps, Professional Geographer, 38:1, 62-67.
Thibodeau, Thomas G. (2003), Marking Single-Family Property Values to Market, Real Estate Economics, 31:1, 1-22.
Thompson, J.F. (2006), Comparable Sales Weighting Formulae, Cole Layer Trumble, private communication.
Thompson, J.F. and Gordon, J.F. (1987), Constrained Regression Modeling and the Multiple Regression Analysis-Comparable Sales Approach, Property Tax Journal, 6:4, 35-46.
Todora, J. and Whiterell, D. (2002), Automating the Sales Comparison Approach, Assessment Journal, Jan/Feb, 25-33.
Underwood, W.E. and Moesch, J.R. (1982), The Second Generation of CAMA in New York State, paper presented at the First World Congress on Computer Assisted Valuation, Cambridge, MA.
Vandell, K.D. (1991), Optimal Comparables Selection and Weighting in Real Property Valuation, Real Estate Economics, 19:2, 213-239.
Ward, R.D., Guilford, J., Jones, B., Pratt, D. and German, J.C. (2002), Piecing Together Location: Three Studies by the Lucas County Research and Development Staff, Assessment Journal, Sept/Oct., 15-48.
Ward, R.D., Weaver, J.R., and German, J.C., (1999), Improving CAMA Models Using Geographic Information Systems Response Surface Analysis Location Factors, Assessment Journal, Jan/Feb, 30-38.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/comparative-evaluation-of-the-comparable-sales-method-with-geostatistical-valuation-models</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume13-2007/dividend-payout-of-the-property-firms-in-malaysia</link>
<title><![CDATA[Dividend Payout of the Property Firms in Malaysia]]></title>
<description><![CDATA[This study examines the dividend payout practices of the listed property firms in Malaysia from 1995 to 2005. The results show that dividend payments are less sticky and firms have to cut dividend payments as the operating risk increases, measured by cash flow volatility. Family ownership has a significant positive effect on the dividend policy of property firms which seems to suggest that these firms use dividend policy to reduce agency conflicts. Related diversification of the property firms has a significant influence on the dividend payout of the firms. These results contribute to the corporate governance and ownership literature in the emerging markets.
]]></description>
<content><![CDATA[Asquith, P. and Mullins. D. (1983) The impact of initiating dividends on shareholder wealth. Journal of Business 56, 77-96.
Aivazian, V., Booth, L. and Cleary, S., (2003) Dividend policy and the organization of capital markets. Journal of Multinational Financial Management, 13, 101-121.
Aivazian, V., Booth, L. and Cleary, S., (2003) Do emerging firms follow different dividend policies from US firms?. Journal of Financial Research, 26(3), 371-387.
Aivazian, V., Booth, L. and Cleary, S., (2006) Dividend smoothing and debt ratings. Journal of Financial and Quantitative Analysis, 41(2), 439-453.
Allen, F. Bernardo, A. and Welch, I., (2000) A theory of dividends based on tax clienteles. Journal of Finance, 56(6), 2449-2536.
Amihud, Y. and Murgia, M., (1997) Dividend, taxes, and signalling: evidence from Germany. Journal of Finance, 52, 397-408.
Aziz, A. R. and Yi, H.S., (2006) An analysis of competitiveness of housing developers in Malaysia, REHDA.
Baker, H.K. Powell, G.E. and Veit, T.T., (2002) Revisiting managerial perspectives on dividend policy. Journal of Economics and Finance, 26, 267&#150;283.
Baker, M. and Wurgler, J., (2004) A catering theory of dividends. Journal of Finance, 59, 1125-1165.
Barclays, M.J. Smith, C.W. and Watts, R.L., (1995) The determinants of corporate leverage and dividend policies. Journal of Applied Corporate Finance, 7, 4-19.
Bhattacharya, N., (2007) Dividend policy: a review. Managerial Finance, 33(1), 4-13.
Bhattacharya, S., (1979) Imperfect information, dividend policy and the &#145;bird in the hand fallacy&quot;. Bell Journal of Economics, 10, 259-270.
Black, F. and Scholes, M., (1972) The effects of dividend yield and dividend policy on common stock prices and returns, Journal of Financial Economics, 1, 1-22.
Bradley, M,. Capozza, D.R. and Sequin, P.J., (1998) Dividend policy and cash-flow uncertainty. Journal of Real Estate Economics, 26 (4), 555-580.
Bettis, R., Mahajan, V and Cox, L. A. Jr. (1985) Risk/return performance of diversified firms: a new measure of attributable risk for public health application. Management Science 31(7), 785-813.
Chau, K. W., Wong, S. K. and Yiu, C. Y. (2003) Price discovery function of forward contracts in the real estate market: an empirical test. Journal of Financial Management of Property and Construction, 8(3), 129-137.
Chen, Z., Cheung, Y-L, Stouraistis, A. and Wong, W.S. (2005) Ownership concentration, firm performance and dividend policy in Hong Kong. Pacific Basin Finance Journal, 13, 431-449.
Chin, T.L., Chau, K.W. and Ng. F.F. (2004) The impact of the Asian financial crisis on the pricing of condominiums in Malaysia. Journal of Real Estate Literature, 12(2), 33-49.
Chua, (2001) The future of the property sector. Malaysian Journal of Economic Studies, 38 (1), Jun-Dec, 59-64.
Elston, J.A. (2004) Dividend policy and institutional ownership: empirical evidence using a propensity score matching estimator. Discussion Paper, Max Planck Institute of Economics, Group for Entrepreneurship, Growth and Public Policy.
Fudenberg, D. and Tirole, J. (1985) A theory of income smoothing based on incumbency rents. Journal of Political Economy, 103 (1), 75-93.
Geh, M. (2000) Penang Condominiums &amp; Apartments Guidebook, Raine &amp; Horne International Zaki and Partners Sdn Bhd. Penang.
Goergen, M. Reneeboog, L. and Silva, L.C., (2003). When do German firms change their dividends? Journal of Corporate Finance, 11(2,) 375-399.
Gugler, K., (2003) Corporate governance, dividend payout policy, and the interrelation between dividends, R&amp;D, and the capital investment. Journal of Banking and Finance, 27, 1297-1321.
Harada, K., Nguyen, P. (2006) Ownership concentration, agency conflict, and dividend policy in Japan. Working Paper, Chuo University and University of New South Wales. Available from http://papers.ssrn.com/sol3/papers.cfm7abstract id=953433
Hassan, S. Christopher, T. and Evans, R. (2003) Directors&#39; remuneration and firm performance: Malaysian evidence. Malaysian Accounting Review, 2(1). 57-67.
Holder, M.E., Langrehr, F.W. and Hexter, J.L. (1998) Dividend policy determinants: an investigation of the influences of stakeholder theory- Special issue: Dividends. Financial Management, Autumn,
Hwa, T.K. and Rahman, M.Y.A. (2007) Stability of dividends and FFOs: the case of REITs in Malaysia&quot;. 13 Pacific Rim Real Estate Society Annual Conference Fermantle, Perth, Australia
Jensen, M. and Meckling, W. (1976) Theory of the firm, managerial behaviour, agency costs, and ownership structure. Journal of Financial Economics 3, 305-360.
Jensen, M.J. (1986). Agency cost of free cash flow, corporate finance, and takeover. American Economic Review, 76, 323-329.
Jin, C., Grissom, T.V. and Ziobrowski, A.J. (2007) The mixed asset portfolio for Asia-Pacific markets. Journal of Real Estate Portfolio Management 13 (3), 249-257.
La Porta, R, L. Lopez, S. F., Shleifer and A. Vishny, R.W. (2000) Agency problems and dividend policies around the world. Journal of Finance, 55(1), 1-33.
Lintner, J. (1956) Distribution of incomes of corporations among dividends, retained earnings and taxes. American Economic Review, 46, 97-113.
Liow, K, H., Ibrahim, M.F. and Huang, Q. (2006) Macroeconomic risk influences on the property stock market. Journal of Property Investment and Finance, 24 (4), 295-323.
Litzenberger, R. and Ramaswamy, K. (1979) The effects of personal taxes and dividends on capital asset prices: theory and empirical evidence. Journal of Financial Economics, 7, 163-195.
Malaysian Credit Rating Corporation (2006) Rating Approach to Property Company, 1-11.
Mahmood, W.M. and Rozimah (2007) Profitability and capital structure of the property and construction sectors in Malaysia, Pacific Rim Property Research Journal, forthcoming.
Mancinelli, L. and Ozkan, A. (2006) Ownership structure and dividend policy: evidence from Italian firms. The European Journal of Finance 12(3), 265-282.
Miller, M. and Modigliani, F., (1961) Dividend policy, growth and the valuation of shares. Journal of Business, 34, 411-433.
Miller, M. and Rock, K., (1985) Dividend policy under asymmetric information. Journal of Finance, 40, 1031-1051.
Mitton, T. (2004) Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409-426.
Minority Shareholders Watchdog Group (2005) Directors&#39; Remuneration Survey. A Joint Survey of Minority Shareholders Watchdog Group and Universiti Teknologi Mara.
Mooradian, R.M. and Yang, S.X. (2001) Dividend policy and firm performance: hotel REIT vs. Non-REIT hotel companies is bigger better? a re-examination of the scale economies of REITs. Journal of Real Estate Portfolio Management, 7, 79-87.
Newell, G., Hwa, T.K. and Acheampong, P. (2002) Listed property trusts in Malaysia. Journal of Real Estate Literature, 10(1),
Nguyen, P. (2007) Macroeconomic factors and Japan&#39;s industry risk, Journal of Multinational Financial Management, 17(2), 173-185.
Ooi, J.T.L. (2001). Dividend payout characteristics of U.K. property companies. Journal of Real Estate Portfolio Management, 7(2), 133-142.
Rashidah, A. R. (2003). A survey on directors remuneration. Working Paper, Universiti Teknologi Mara. In Mahbob, S. Ali, M.M.N, Ishak, M.R.M and Yusof, N.Y.M. (eds.) Good Governance for Development. Private Sector Perspectives. Malaysian Institute of Integrity. Kuala Lumpur.
Rasheed, A.A. and Tajudeen, A.B., (2006) Performance analysis of listed construction and real estate companies in Nigeria. Journal of Real Estate Portfolio Management, 12(2), 177-185.
Sing, T.F., Ho, K.H. and Mak, M.F. (2002) Real estate market reaction to public listings and acquisition of news of Malaysian REITs, Journal of Real Estate Portfolio Management, 8(3), 209-227.
Wang, K, Erickson, J. and Gau, G.W. (1993) Dividend policies and dividend announcement effects for Real Estate Investment Trusts. Real Estate Economics, 21(2), 185-201.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/dividend-payout-of-the-property-firms-in-malaysia</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume13-2007/structural-breaks-and-cross-continental-real-estate-securities-diversification-evidence-from-spanning-tests</link>
<title><![CDATA[Structural Breaks and Cross-Continental Real Estate Securities Diversification: Evidence From Spanning Tests]]></title>
<description><![CDATA[This study uses mean-variance spanning tests to examine the role of Asian and European real estate securities in real estate-only portfolios from a U.S. investor&#39;s perspective. The results show that including overseas real estate securities helps enhance the meanvariance efficient frontier only when the portfolio does not include direct real estate assets. Furthermore, the diversification benefit of investing in Asian real estate stocks appears only in the vintage REIT era; it disappears in the new REIT era and after the Asian financial crisis. Moreover, after stripped out the equity market influence from international real estate stocks, the results indicate that trading noise in the equity markets could cause real estate stocks to deviate from their real estate fundamentals and thus reduce the diversification benefits to U.S. real estate investors.
]]></description>
<content><![CDATA[Addae-Dappah, K. and Kion, C. (1996), International Diversification of Property Stock: A Singaporean investor&#39;s viewpoint, Real Estate Finance, 13(3), 54-66.
Asabere, P.K., Kleiman, R.T. and McGowan, C.B. (1991), The Risk Return Attributes of International Real Estate Equities, Journal of Real Estate Research, 62(2), 143-151.
Bigman, T. (2002), Investing in International Listed Property Companies, PREA Quarterly, Winter, 53-61.
Bigman, T. and Chiu, C. (2005), The Case for a Strategic Allocation to Global Real Estate Securities, Morgan Stanley Investment Management Journal, 1(2), 15-34.
Books, C. and Tsolacos, S. (1999), The Impact of Economic and Financial Factors on UK Property Performance, Journal of Property Research, 16, 139-152.
Chan, S.H., Leung, W.-K. and Wang, K. (2005), Changes in REIT Structure and Stock Performance: Evidence from the Monday Stock Anomaly, Real Estate Economics, 33(1), 89-120.
Chiang, K.C.H. and Lee, M-L. (2007), Spanning Tests on Public and Private Real Estate, Journal of Real Estate Portfolio Management, 13, 7-16.
Clayton, Jim and Mackinnon, Greg.(2003), The Relative Importance of Stock, Bond, and Real Estate Factors in Explaining REIT Returns, Journal of Real Estate Finance and Economics, 27, 39-60.
Crain, J.L., Cudd, M. and Brown, C.L. (2000), The Impact of the Revenue Reconciliation Act of 1993 on the Pricing Structure of Equity REITs, Journal of Real Estate Research, 19(3), 275-285.
Eichholtz, P. (1997), How to Invest Internationally: Region and Property Type on a Global Scale, Real Estate Finance, 14(3) 70-74.
Eichholtz, P. Mahieu, R. and Schotman, P. (1993), Real Estate Diversification: By Country or by Continent? Working paper, Limburg University, Maastricht.
Eichholtz, P.M.A. (1996), Does International Diversification Work Better for Real Estate than for Stocks and Bonds, Financial Analysts Journal, January-February, 56-62.
Ferson, W., Foerster, S.R., and Keim, D.B. (1993), General Tests of Latent Variable Models and Mean-Variance Spanning, Journal of Finance, 48, 131-156.
Gilberto, S. (1990), Global Real Estate Securities: Index Performance and Diversification Portfolios, Salomon Brothers, Inc.
Glascock, J.L., Lu, C. and So, R.W. (2000), Further Evidence on the Integration of REIT, Bond, and Stock Returns, Journal of Real Estate Finance and Economics, 20, 177-194.
Hamelink, F. and Hoesli, M. (2004), What Factors Determine International Real Estate Securities Returns? Real Estate Economics, 32, 437-467.
Hansen, L.P. (1982), Large Sample Properties of the Generalized Method of Moments Estimators, Econometrica, 50, 1029-1054.
He, L.T. (2002), Excess Returns of Industrial Stocks and the Real Estate Factor, Southern Economic Journal, 68, 632-645.
Huberman, G., and Kandel, S. (1987), Mean-Variance Spanning, Journal of Finance, 42, 873-888.
Kan, R., and Zhou, G. (2001) Test of Mean-Variance Spanning, Working Paper, University of Toronto.
Lee, M-L., Lee, M-T., and Chiang, K.C.H. (2007), Real Estate Risk Exposure of Equity Real Estate Investment Trusts, Journal of Real Estate Finance and Economics, forthcoming.
Lee. M-L., and Lee, M-T. (2003), Institutional Involvement and the REIT January Effect Over Time, Journal of Property Investment and Finance, 21, 435-449.
Liow, K.H. and Sim, M.C. (2006), The Risk and Return Profile of Asian Real Estate Stocks, Pacific Rim Property Research Journal, 12, 283-310.
Liu, C. and Mei, J-P. (1996), The Predictability of International Real State Markets, Exchange Rate Risks and Diversification consequences, Real Estate Economics, 26(1), 339.
McCue, T.E. and Kling, J.L. (1994), Real Estate Returns and Macroeconomics: Some Evidence from Real Estate Investment Trust Data, 1972-1991, Journal of Real Estate Research, 9, 277-289.
Mei, J-P. (1999), Asian Real Estate in a Portfolio Context: Long-Term Opportunities, Real Estate Finance, 15, 85-94.
Mull, S.R. and Soenen, L.A. (1997), REITs as an Asset Class in International Investment Portfolios, Financial Analysts Journal, 53, 55-61.
Pierzak, E. (2001) Exploring International Property Securities for US Investors, Henderson Global Investors Property Economics &amp; Research.
Sing, Tien F., Ho, K.H.D., and Mark, Mei F. (2002), Real Estate Market Reaction to Public Listings and Acquisition News of Malaysian REITs, Journal of Real Estate Portfolio Management, 8(3), 209-227.
Stevenson, S. (2000), International Real Estate Diversification: Empirical Tests using Hedged Indices, Journal of Real Estate Research, 19, 105-131.
Stevenson, S. (2001), A Re-Examination of the Inflation-Hedging Ability of Real Estate Securities: Empirical Tests Using International Orthogonalized &amp; Hedged Data, International Real Estate Review, 4, 26-42.
Stevenson, S. (2003), International Real Estate Security Diversification: Empirical Evidence using Mean-Variance Spanning Tests, Paper presented at PRRES conference, Brisbane, Australia.
Torto, R.G. (2002), Benefits and Issues in Global Real Estate Investing: a Review of the Research, Real Estate Issues, 27, 38-40.
Tuluca, S.A., Myer, F.C.N.and Webb, J.R. (2000), Dynamics of Private and Public Real Estate Markets, Journal of Real Estate Finance and Economics, 21, 279-296.
Wilson, P.J. and Okunev, J. (1996), Evidence of Segmentation in Domestic and International Property Markets, Journal of Property Finance, 7(4), 42-59.
Wilson, P.J. and Zurbruegg, R. (2002), Structural Breaks, Diversification and International Real Estate Markets &#150; Some New Evidence, Briefings in Real Estate Finance, 1(4), 348-366.
Wilson, P.J. and Zurbruegg, R. (2003), International Diversification of Real Estate Assets: Is it
Worth it? Evidence from the literature, Journal of Real Estate Literature, 11(3), 259-277.
Worzala, E. and Sirmans, C.F. (2003), Investing in International Real Estate Stocks: A Review of the Literature, Urban Studies, 50(5-6), 1115-1149.
Ziering, B., Winograd, B. and McIntosh, W (1997), The Evolution of Public and Private Market Investing in the New Real Estate Capital Markets, Parsippany, NJ: Prudential Real Estate Investors, 1997.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/structural-breaks-and-cross-continental-real-estate-securities-diversification-evidence-from-spanning-tests</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/the-significance-of-infrastructure-in-australian-investment-portfolios</link>
<title><![CDATA[The Significance of Infrastructure in Australian Investment Portfolios]]></title>
<description><![CDATA[Infrastructure has taken on increased investment importance in recent years with the growth in listed and unlisted infrastructure funds, and increased interest in infrastructure as an asset class by superannuation funds. In addition to the traditional listed infrastructure companies, a number of major institutional investors in Australia have become increasingly involved in infrastructure funds; this includes Macquarie, AMP, Babcock and Brown, Hastings and James Fielding. The purpose of this paper is to assess the significance of these infrastructure funds in Australia; particularly highlighting the leading infrastructure funds, types of infrastructure investment and superannuation fund investment in infrastructure. The investment characteristics and performance of infrastructure over 1995-2006 will also be assessed, as well as the potential role of infrastructure in portfolios. Strong performance has been shown by the infrastructure sectors, as well as providing diversification benefits in a portfolio; with infrastructure volatility having reduced in more recent years as the sector has matured.
]]></description>
<content><![CDATA[APRA (2007), Statistics: Quarterly Superannuation Performance: December 2006, Australian Prudential Regulation Authority, Canberra.
Australian Stock Exchange (2006a), Listed Managed Investments: June, 2006, ASX, Sydney.
Australian Stock Exchange (2006b), Listed Managed Investment Monthly Update: August 2006, ASX, Sydney.
Blundell, L. (2005), Sparking up change. Property Australia 19 (9): 36-39.
Blundell, L. (2006), Infrastructure investment: on the up. Property Australia 20 (9): 20-22.
DB RREEF (2005), The issues in managing a real estate portfolio. DB RREEF, Sydney.
Kolikias M. (2004), Infrastructure funds on the move. ASX, Sydney.
McCarthy J. (2006), All aboard Europe&#39;s infrastructure train. Professional Investor 16 (5): 10-13.
Mercer (2005), Infrastructure-going global and listed. Mercer Investment Consulting, Melbourne.
Newell, G. and Hsu Wen Peng (2006), The significance of emerging property sectors in property portfolios. Pacific Rim Property Research Book 12 (2): 177-197.
Nielson, L. (2005), Superannuation investment in infrastructure. Parliament of Australia, Canberra.
O&#39;Sullivan, A. (2005), A matter of definition. Property Australia 19 (11): 20-23.
PCA/IPD (2006), Investment Performance Index: June 2006, IPD, Melbourne.
RREEF (2005), Understanding Infrastructure. RREEF Real Estate and Infrastructure Research: London.
RREEF (2006a), Opportunities in Private Infrastructure Investment in the US. RREEF Real Estate Research: San Francisco.
RREEF (2006b), European Infrastructure Market. RREEF Real Estate and Infrastructure Research: London.
UBS Investment Research (2006), UBS Infrastructure &amp; Utilities Index: August 2006, UBS, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/the-significance-of-infrastructure-in-australian-investment-portfolios</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/should-foreign-real-estate-investment-be-controlled-in-china</link>
<title><![CDATA[Should Foreign Real Estate Investment be Controlled in China?]]></title>
<description><![CDATA[Housing prices in China has been increasing rapidly in recent years. While local speculators are blamed for the escalating house prices, foreign real estate investors are also regarded as accomplices for causing the problem. New measures known as the Opinions on Regulating Market Access and Management of Foreign Investment in China&#39;s Real Estate Market were introduced to restrict foreign real estate investment in the country. This paper attempts to examine the justification of the control and its impact on foreign investors. The investigation shows that foreign real estate investment is a tiny portion of the total real estate investment in China and has not cause a threat to the market. The scale of foreign investment does not justify the introduction of the controls.
]]></description>
<content><![CDATA[ANZ Economic Commentary, 2005 &amp; 2006, ANZ Economic Outlook &#150; December Quarter 2005 and September Quarter 2006, http://www.anz.com/aus/corporate/EcoComm/Outlook.asp
Asia USA Realty (Singapore) asiahomes.com Pte Ltd (Asiahomes), 2004, Foreign Investors Buying Singapore Properties, http://www.asiahomes.com/reference/0718links URA.htm
Balanda, L.R., 2006, How easy is it for a foreigner to acquire and develop residential real estate in Australia? http://www.realestate.com.au/review/may06/article3.html
Bloomber, 2006, Morgan Stanley to Triple Investment in China Property This Year, http://www.bloomberg.com/apps/news?pid=10000103&amp;sid=a9kb6jB1pnrA&amp;refer=us
Chan, N. &amp; Jia S.J., 2001, The Property Market in China, Australian Property Journal, Vol. 36, No.7, pp. 629 - 635.
Chang, H.J., 2003, Foreign Investment Regulation in Historical Perspective Lessons for the Proposed WTO Investment Agreement, Third World Network, March, http://www.globalpolicy.org/socecon/ffd/2003/03historical.htm#author
China Daily, 2006, Property Prices Continue to Rise in China, 21 July, http://en.chinabroadcast.cn/3130/2006/07/21/501@116966.htm
China in Brief, c. 2000, Special Economic Zones and Open Coastal Cities, http://www.china.org.cn/e-china/openingup/sez.htm
China View, 2006, China tightens land supply to curb economic overheating, 5 September, http://news.xinhuanet.com/english/2006-09/05/content 5051634.htm
DTZ, 2007, DTZ Index Chinese Mainland Q2 2007.
Crawford, P.J. &amp; Young, T., 2005, Will China float the Yuan? Graziadio Business Report, Vol. 8, Issue 2.
Financial Times, 2007, China&#39;s foreign exchange reserves soar, 13 April, http://www.ft.com/cms/s/c41f22d6-e95c-11db-a162-000b5df10621,dwp uuid=9c33700c-4c86-11da-89df-0000779e2340.html
Hogan &amp; Hartson, 2006, China Update &#150; China Tightens Control Over Foreign Investment in Real Estate, 24 July, http://www.hhlaw.com/newsstand/pubDetail.aspx?publication=2481
Hudgins, M., 2006, Foreign Investment in China Gets Tougher, 27 July, National Real Estate Investor, http://nreionline.com/news/Foreign Investment in China Gets Tougher/index.html
Kotler, M., 2007, Foreign Investment in China&#39;s Real Estate Market, http://www.kotlermarketing.com.cn/chinese/en/2007/0425/692.html
Ministry of Commerce (MoC), 2005, China: Do not expect 40% rise in yuan value, http://preview.english.mofcom.gov.cn/aarticle/counselorsreport/asiareport/200505/200505 00086576.html.
Ministry of Commerce (MoC), 2006, Hot money inflow picks up speed in China, http://english.mofcom.gov.cn/aarticle/newsrelease/significantnews/200607/20060702724092.html
Ministry of Commerce (MoC), 2007, Ministry of Commerce publishes guidelines on foreign investment for 2007, http://english.mofcom.gov.cn/aarticle/newsrelease/commonnews/200703/2007030449839 3.html
National Bureau of Statistics of China (NBSC), 1996, 1998, 2005 &amp; 2006, China Statistical Yearbook.
OECD Observer, 2003, China ahead in foreign direct investment, August, http://www.oecdobserver.org/news/fullstory.php/aid/1037/China ahead in foreign direct investment.html
People&#39;s Daily Online, 2006, Regulating, not restricting foreign investment on housing, 28 July, http://english.people.com.cn/200607/28/eng20060728 287562.html
Soufun, 2006, Macro Control Details Strike Repeatedly, House Prices Still Rose in June, 26 July, http://news.gz.soufun.com/2006-07-26/763766.htm
Xinhua, 2006, China regulates foreign investment in real estate sector, 24 July, http://english.peopledaily.com.cn/200607/24/eng20060724 286073.html
Yu, Y.D., 2001, A Review of China&#39;s Macroeconomic Development and Policies in the 1990&#39;s, China &amp; World Economy, Vol. 9, No. 6, http://www.iwep.org.cn/wec/english/articles/2001 06/6yuyongding.htm
Zhang, K.H., 2002, Why Does China Receive So Much Foreign Direct Investment? China &amp; World Economy, No. 3, pp. 49 &#150; 58.
Zhang, J., 2007, Real Estate Investment Fund and its Practice in China, conference paper presented at the Hong Kong RICS Forum, 10 March.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/should-foreign-real-estate-investment-be-controlled-in-china</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/the-development-of-commercial-mortgage-backed-securities-in-australia</link>
<title><![CDATA[The Development of Commercial Mortgage-Backed Securities in Australia]]></title>
<description><![CDATA[The paper explores the development of the Australian Commercial Mortgage-Backed Securities (CMBS) market from 1999 to 2006 and outlines similarities and dissimilarities with the United States (US) and European (EU) CMBS markets. Whilst the US has been the market leader in terms of issuance volumes and diversity of asset classes backing the issues, the other two regions have not lagged far behind and have replicated the US CMBS model to suit their local needs. In comparison to the much bigger US and EU CMBS markets, the Australian CMBS market is well matured as seen by the diversity of asset classes backing the issues and transaction types, tightening spreads and record issuance volumes. The strong commercial real estate market outlook supports further CMBS issuance, with Listed Property Trusts (LPTs) continuing their dominance as issuers.
]]></description>
<content><![CDATA[Australian Prudential Regulatory Authority 2006a, APRA Insight, Q2:2006, APRA, Canberra.
Australian Prudential Regulatory Authority 2006b, Statistics: Quarterly Superannuation Performance, APRA, Canberra.
Baumgarter, T. A. and Hensley, L. D. 2005, Conducting and Reading Research in Health and Human Performance, Fourth edn, McGraw-Hill, Columbus.
BDO Chartered Accountants &amp; Advisers 2006, BDO Australian Listed Property Trust Survey 2006, BDO Chartered Accountants &amp; Advisers,, Sydney.
Blundell, L. 2001, &#145;Fundamentals Firm as Economy Falters&#39;, Property Australia, May, pp. 18-22.
Burdekin, J. and Snoswell, D. 2004, &#145;Retail Yields: How Low Can They Go?&#39;, Australian Property Journal, Vol. 38, pp. 260-265.
CB Richard Ellis 2006, Global Market Rents: November 2006, Available: [http://www.cbre.com/NR/rdonlyres/19655449-4C90-4388-A74E-F05A58547B7D/0/GMRNov2006FINAL.pdf] (March 14, 2007).
Commercial Mortgage Alert 2007, Global CMBS Issuance in 2006, Commercial Mortgage Alert, Hoboken.
Draffin, P. 2002, &#145;Property Trusts Reviewed&#39;, Australian Property Journal, Vol. 37, pp. 89-93.
ECB 2007, Financial Stability Review, Available: [http://www.ecb.int/pub/pdf/other/financialstabilityreview200612en.pdf] (2007).
Efrat, Z. 2006, CMBS Explosion, Australian Securitisation Forum, Sydney.
Fitch Ratings 2007a, Australian Structured Finance 2006 Summary and 2007 Outlook, Fitch Ratings, Sydney.
Fitch Ratings 2007b, U.S. CMBS 2007 Outlook, Fitch Ratings, New York.
Higgins, D. M. 2006, &#145;Positioning Commercial Property in the Australian Investment Market&#39;, in 12th Annual Conference of the Pacific Rim Real Estate Society, January 22 to 25, 2006, Auckland, New Zealand.
IMD 2006, World Competitiveness Yearbook, Available: [http://www.imd.ch/research/publications/wcy/competitiveness scoreboard 2006.cfm] (March 14, 2007).
InTech 2003, Institutional Listed Property Exposure, JB Were Investment Series.
Jacob, D. P. and Fabozzi, F.J, 2003, The Impact of Structuring on CMBS Class Performance, Journal of Portfolio Management, Special Real Estate Issue, pp. 76-86.
Jones Lang LaSalle 2001, Commercial Mortgage Backed Securities: The New Kid on the Block, Sydney.
Jones Lang LaSalle 2002, Europe&#39;s Real Estate Capital Markets: Debt Changing the Landscape, London.
Jones Lang LaSalle 2006a, Asia Pacific Property Digest: Q4, 2005, Jones Lang LaSalle, Sydney.
Jones Lang LaSalle 2006b, Global Real Estate Transparency Index, Jones Lang LaSalle, Chicago.
Jones Lang LaSalle 2006c, Survey of Investor Sentiment: December 2005, Jones Lang LaSalle, Sydney.
Kavanagh, J. 1997, &#145;Trust Changing Gear&#39;, Property Australia, June, pp. 14-15.
Moody&#39;s Investor Service 2005, 2004 Review and 2005 Outlook: EMEA CMBS: Near Record Issuance and Continued Growth Expected for 2005, Moody&#39;s Investor Service, London.
Moody&#39;s Investor Service 2007a, 2006 Review and 2007 Outlook: EMEA CMBS: Another Record Year with Tremendous Growth in the German CMBS and Multifamily Market, Moody&#39;s Investor Service, London.
Moody&#39;s Investor Service 2007b, European Structured Finance rating Transitions: 1988-2006, New York.
Morrison, R. 2001, &#145;Sophisticated Debt Management by LPTs&#39;, Property Australia, Vol. 15, No. 10, pp. 16-17.
Murdoch, J. 2004, &#145;The Globalisation of Australian Listed Property Trusts&#39;, Australian Property Journal, February, pp. 5-11.
Newell, G. 2006, &#145;The Significance of Property in Industry Based Superannuation Funds in Australia&#39;, in 12th Annual Conference of the Pacific Rim Real Estate Society, January 22 to 25, 2006, Auckland, New Zealand.
Newell, G. and Peng, H. W. 2007a, &#145;The Significance and Performance of Industrial Property in Australia&#39;, in 13th Pacific Rim Real Estate Society Conference, 21-24 January, Fremantle.
Newell, G. and Peng, H. W. 2007b, &#145;The Significance and Performance of Retail Property in Australia&#39;, Journal of Property Investment &amp; Finance, Vol. 25, No. 2, pp. 147-165.
Newell, G. and Tan, Y. K. 2005, &#145;The Changing Risk Profile of Listed Property Trusts&#39;, in 11th Annual Conference of the Pacific Rim Real Estate Society, Melbourne, January 2327.
PCA/IPD (2007). Investment Performance Index: December 2006, PCA/IPD. Sydney
Reserve Bank of Australia 2006, Financial Stability Review: March 2006, RBA, Sydney.
Richardson, K. 2003, &#145;CMBS Market Shaping For Another Growth Spurt&#39;, Property Australia, March, pp. 36-39.
Roche, T. 2000, &#145;Trends in the Debts Markets&#39;, Australian Land Economics Review, pp. 73-86.
Standard &amp; Poors 2005a, Australia &amp; New Zealand CMBS Performance Watch, Standard &amp; Poors, Melbourne.
Standard &amp; Poors 2005b, The Australian CMBS Market: The Story So Far, Standard &amp; Poors, Melbourne.
Standard &amp; Poors 2006a, Australia &amp; New Zealand CMBS Performance Watch, December 31, 2005, Standard &amp; Poors, Melbourne.
Standard &amp; Poors 2006b, Standard &amp; Poor&#39;s CMBS Surveillance Process, Standard &amp; Poors, New York.
Standard &amp; Poors 2007a, European CMBS Outlook 2007 - A Year of Continued Progress, Standard &amp; Poors, London.
Standard &amp; Poors 2007b, Fourth-Quarter and Year-End 2006 Australia and New Zealand Structured Finance Performance Trends, Standard &amp; Poor&#39;s, Melbourne.
Structured Finance International 2006, &#145;Rise of the Conduits&#39;, In Structured Finance International, Vol. 47.
UBS (2007). UBS Indices: December 2006, UBS, Sydney
Vresen, H. J. 2005, European CMBS: A Market Overview, Investment Property Forum, London.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/the-development-of-commercial-mortgage-backed-securities-in-australia</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume13-2007/an-empirical-study-of-the-determinants-of-sydneys-dwelling-price</link>
<title><![CDATA[An Empirical Study of the Determinants of Sydney&#39;s Dwelling Price]]></title>
<description><![CDATA[Australian dwelling prices have increased substantially since the early 1990s, making housing less affordable for many potential home buyers. This study aims to identify the main determinant factors that drove the dwelling prices upwards in Sydney from 1992 to 2006. The findings suggest that real household income, dwelling completions, speculative investment and real interest rate are the main variables influencing the increase of dwelling prices in Sydney. Amongst the findings is that there is a need for policy makers to improve the supply of dwellings to accommodate the growing demand of housing in Sydney.
]]></description>
<content><![CDATA[Abraham, J. M. &amp; Hendershott, P. H. (1996). Bubbles in metropolitan housing markets. Journal of Housing Research, 7, 191-207.
Australian Bureau of Statistics. (2006). Retrieved 20 March, 2007, from http://www.abs.gov.au/Ausstats
Barker, K. (2003). Review of housing supply &#150; securing our future housing needs: London:Correspondence and Enquiry Unit, HM treasury.
BIS Shrapel. (2007). Building Industry Prospects. Paper presented at the March 2007 Conferences Building Industry Prospects, Sydney.
Bloch, B. (1997). Volatility in the residential house market: an international perspective. Property Management, 75(1), 12-24.
Brown, J. P., Song, H. &amp; McGillivray, A. (1997). Forecasting UK house prices: a time varying coefficient approach. Economic Modelling, 14, 529-548.
Case, K. E. &amp; Shiller, R. J. (1990). Forecasting prices and excess returns in the housing market. AREUEA Journal, 18(3), 253-273.
Christopher, L. (2006). Australian Property Monitors. Retrieved 12 April, 2007, from http://homepriceguide.co.au/media release/homepriceguide.pdf.
Dieleman, F. M., Clark, W. A. V. &amp; Deurloo, M. C. (2000). The geography of residential turnover in twenty-seven large US metropolitan housing markets, 1985-95. Urban Studies, 37(2), 223-245.
DiPasquale, D. &amp; Wheaton, W. C. (1994). Housing market dynamics and the future of housing prices. Journal of Urban Economics, 35, 1-27.
Dusansky, R. &amp; Wilson, P. W. (1993). The demand for housing: theoretical considerations. Journal of Economic Theory, 61, 120-138.
Gallin, J. (2003). The Long-Run Relationship between House Prices and Income: Evidence from Local Housing Markets FEDS Working Paper No. 2003-17 Retrieved 03 May, 2007, from http://papers.ssrn.com/sol3/papers.cfm7abstract id=410808
Ganesan, S. (1984). Property cycle: theoretical apexes and empirical observation on Hong Kong. Hong Kong: University of Hong Kong.
Goodman, A. C. (1989). The economics of housing market: Switzerland: Harwood Academic Publishers.
Goodman, A. C. (2002). Estimating equilibrium housing demand for &quot;stayers&quot;. Journal of Urban Economics, 51, 1-24.
Grimes, A., Kerr, S., &amp; Aitken, A. (2004). Bi-directional impacts of economic, social and environmental changes and the New Zealand housing market: Motu Economic and Public Policy Research, NZ.
HIA. (2007). Affordability Report. ACT Australia: Commonwealth Bank.
Ho, W. K. O. (2000). Modelling speculative activity in the Hong Kong residential property market. Review of Urban &amp; Region Development Studies, 12(2), 137-148.
Hui, E. C. &amp; Ho, V. S. (2002). Relationship between the land-use planning system, land supply and housing prices in Hong Kong. Hong Kong: Hong Kong Polytechnic University Central
Ito, T. &amp; Hirono, K. (1993). Efficiency of the Tokyo housing market.Unpublished manuscript, Cambridge.
Keynes, J. M. (1936). The Principle of Effective Demand. The General Theory of Employment, Interest and Money Retrieved 13 April, 2007, from http://www.oikonomia.it/pages/megg/classica.htm
Levin, E. J. &amp; Wright, R. E. (1997a). The impact of speculation on house prices in the United Kingdom. Economic Modelling, 14, 567-585.
Ley, D. &amp; Tutchener, J. (2001). Immigration, globalization and house price in Canada&#39;s gateway cities. Housing Studies, 16, 199-223.
Lum, S. K. (2002). Market fundamentals, public policy and private gain: house price dynamics in Singapore. Journal of Property Research, 19(2).
Maclennan, D. (1982). Housing economics - an applied approach. London: Longman Group Limited.
MaCurdy, T. (2005). Regional Economic Outlook Sacramento Region [Electronic Version]. California Policy Review, 2005. Retrieved 15 May 2007 from http://www.sphereinstitute.org/publications/CPR Summer05.pdf.
Malpezzi, S. (1999). A simple error correction model of house prices. Journal of Housing Economics, 8, 27-62.
Megbolugbe, I. F. &amp; Chao, M. (1993). An empirical analysis of metropolitan housing and mortgage markets. Journal of Housing Research, 4(2), 191-210.
Millington, A. F. (1994). An introduction to property valuation (4th ed.): London: Estate Gazette.
Muellbauer, J. &amp; Murphy, A. (1997). Booms and busts in the UK housing market. Economic Journal, 197, 1701-1727.
Omar, A. A., &amp; Ruddock, L. (2002). The internal and external influence in housing markets [Electronic Version], 222-233. Retrieved 18 May 2003 from http://www.scri.salford.ac.uk/bf2002/pdf/omar.pdf.
Osborne, H. (2006). House prices rise again. Retrieved 15 May, 2007, from http://money. guardian. co.uk/houseprices/story/0,, 1866703,00.html.
Painter, G. &amp; Redfearn, C. (2002). The role of interest rates in influencing long-run homeownership. Journal of Real Estate Finance and Economics, 25(2/3).
PCA. (2007). Australia&#39;s land supply crisis. Sydney: Property Council of Australia.
Peng, R., &amp; Wheaton, W. C. (1994). Effect of restrictive land supply on housing in Hong Kong: an econometric analysis. Journal of Housing Research, 15(2), 263-292.
Pollak, R. A. &amp; Wale, T. J. (1981). Demographic variables in demand analysis. Econometrica, 49 (6).
QMS. (2004). Eviews 5 User&#39;s Guide: Quantitative Micro Sofeware, LLC.
Reichert, A. K. (1990). The impact of interest rates, income and employment upon regional housing prices. Journal of Real Estate and Economics, 3, 373-391.
Statistics, A. B. o. (2007). Purchasing Power [Electronic Version]. Retrieved 20 Aug 2007 from http://www.abs.gov.au/AUSSTATS/.
Stead, A. (2006). Demand and supply imbalance fuelling house price growth: hometrack. Retrieved 15 April, 2007, from http://www.abcmoney.co.uk/news/0220062619.htm
Tse, R. Y. C., Ho, C. W. &amp; Ganesan, S. (1999). Income elasticity of housing consumption in Hong Kong: a cointegration approach. Journal of Property Research, 16(2), 123-138.
Tse, R. Y. C. &amp; Love, P. E. D. (2000). Measuring residential property values in Hong Kong. Property Management, 18(5), 366-374.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume13-2007/an-empirical-study-of-the-determinants-of-sydneys-dwelling-price</guid>
<pubDate>31 Dec 2006 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/impact-of-asian-financial-crisis-on-malaysian-corporate-real-estate-disposals</link>
<title><![CDATA[Impact of Asian Financial Crisis on Malaysian Corporate Real Estate Disposals]]></title>
<description><![CDATA[This study examines the stock price reactions to the announcements of corporate real estate disposals by listed non-property companies in Malaysia and whether disposals under different economic conditions lead to different price reactions. The results show that the cumulative abnormal returns associated with the property disposals differ significantly in different economic conditions. Price reaction for property disposals before the Asian financial crisis is consistent with the normal investor expectations of increasing shareholder value. However, property disposals during and after the crisis have negative wealth effects. Cross-sectional regressions show that the Asian financial crisis and the relative size of the disposal are significant factors affecting the abnormal returns. The findings extend the literature on corporate real estate disposal by concluding that price reactions are conditional on economic conditions at the time of announcements on property disposals.
]]></description>
<content><![CDATA[Alexander, G. J., Benson, P. G. and Kampmeyer, J. M. (1984). Investigating the valuation effects of announcements of voluntary corporate sell-offs. Journal of Finance, 39, pp. 503-517.
Annuar, M. N., Ariff, M., and Shamsher, M. (1994). Is Kuala Lumpur&#39;s emerging share market efficient? Journal of International Financial Markets, Institutions and Money, 4(2), pp. 89-100.
Ariff, M. and Johnson, L. W. (1990). Securities markets and stock pricing: Evidence from a developing capital market in Asia. Singapore: Longman.
Ball, J&#39;Noel, Rutherford, R. C. and Shaw, R. (1993). The wealth effects of real estate spin-offs. Journal of Real Estate Research, 8(4), pp. 597-606.
Baum, A. (1983). Statutory Valuations, London, Routledge &amp; Kegan Paul.
Baum, A., Mackmin, D. and Nunnington, N. (1983). The income approach to property valuation. London, International Thomson Business Press.
Booth, G.G., Glascock, J.L. and Sarkar, S.K. (1996). A reexamination of corporate sell-offs of real estate assets. Journal of Real Estate Finance and Economics, 12, pp. 195-202.
Boudreaux, K. J. (1975). Divestiture and share price. Journal of Financial and Quantitative Analysis, 10, pp. 619-626.
Brown, R. K. et al. (1993). Managing corporate real estate, New York, John Wiley &amp; Sons, Inc.
Cheng, F. F. (2000). The impact of accounting earnings disclosures on stock prices in Malaysia; an emerging market. Unpublished Ph.D. thesis, Universiti Putra Malaysia, Serdang, Malaysia.
Christensen, D. G. and Levi, D. R. (1993). Corporate restructurings involving real estate assets: Some earnings and risk signal implications. Journal of Real Estate Research, 8(4), pp. 579-595.
Dranikoff, Lee, Koller, T. and Schneider, A. (2002). DivestiturStrategy&#39;s missing link. Harvard Business Review, May, pp. 75-83.
Elayan, Fayez and Maris, Brian E. (1991). Stock market response to voluntary liquidations and reorganisation of real estate corporations. AREUEA Journal 19(1), pp. 92-101.
Elayan, Fayez and Young, Philip (1994). The value of controEvidence from full and partial acquisitions in the real estate industry. Journal of Real Estate Finance and Economics, 8(2), pp. 167-182.
Fisher, D. (2000). Indonesia&#39;s real estate disturbance. In Mera, K. and Renaud, B. ed. Asia&#39;s Financial crisis and the role of real estate. New York, M.E. Sharpe.
Fowler, D. and Rorke, C. (1983). Risk measurement when shares are subject to infrequent trading: comment. Journal of Financial Economics, 12(3), 279-283.
Gertner, R. and Scharfstein, S. (1991). A theory of workouts and the effects of reorganization law. Journal of Finance, 46, pp. 1189-1222
Giroux, B. P. (1987). Asset disposition in Silverman, R. A. ed. Corporate Real Estate Handbook McGraw-Hill Book Co., New York
Glascock, John, Davidson, Wallace and Sirmans, C. F. (1989). An analysis of the acquisition and disposition of real estate assets. Journal of Real Estate Research, 4(3), pp. 131-140.
Glascock, John, Davidson, Wallace and Sirmans, C.F.(1991). The gains from corporate selloffThe case of real estate assets. AREUEA Journal, 19(4), pp. 567-582.
Hearth, D. and Zaima, J. K. (1984). Voluntary corporate divestiture and value. Financial Management, 13, pp. 10-16.
Hite, G. L. and Owers, J. E. (1983). Security price reactions around corporate spin-off announcements. Journal of Financial Economics, 12, pp. 409-436.
Jain, P. C. (1985). The effect of voluntary sell-off announcements on shareholder wealth. Journal of Finance, 40, pp. 209-224.
Jensen, Michael C, and Meckling, William. (1976). Theory of the firManagerial Behaviour, agency costs and ownership structure. Journal of Financial Economics, 3(4), pp. 305 - 360.
John, K. and Ofek, E. (1995). Asset sales and increase in focus. Journal of Financial Economics, 37(1), pp. 105-126.
Kallberg, J. G. Liu, C. H. and Pasquariello, P. (2002). Regime shifts in Asian equity and real estate markets. Real Estate Economics, 30(2), pp. 263-291.
Klein, A. (1986). The timing and substance of divestiture announcementindividual, simultaneous and cumulative effects. Journal of Finance, 41, pp. 685-696.
Linn, S. C. and Rozeff, M. S. (1984). The corporate sell-off. Midland Corporate Finance Journal, 2, Summer, pp. 17-26.
Liow, Kim Hiang. (1997). The pricing of Corporate real estate in the UK stock market. Journal of Real Estate and Construction, 7, pp. 1-8.
Liow, Kim Hiang and Ooi, J. T. L. (2004). Does corporate real estate create wealth for shareholders. Journal of Property Investment and Finance, 22(5), pp. 386-400.
Maroney, N., Naka, A. and Wansi, T. (2004). Changing risk, return and leverage: The 1997 Asian Financial Crisis. Journal of Financial and Quantitative Analysis, 39(1), pp. 143-166.
Mera, K. and Renaud, B. ed. (2000). Asia&#39;s Financial Crisis and the role of real estate. New York, M. E. Sharpe.
Mcintosh, Willard, Ott, Steven and Liang, Youguo. (1995). The wealth effects of Real estate transactionThe case of REITs. Journal of Real Estate Finance and Economics, 10, pp. 299-306.
Miles, J. A. and Rosenfeld, J. D. (1983). The effect of voluntary spin-off announcements on shareholder wealth. Journal of Finance, 38, pp. 1597-1606.
Myer, F C, He, Ling, and Webb, James. (1992). Sell-offs of U.S.real estate: The effect of domestic versus foreign buyers of shareholder wealth. AREUEA Journal, 20(3), pp. 487-500.
Myers, S. C. and Majluf, N. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, pp. 187-221.
Owers, J. E. and Rogers, R. C. (1986). The divestiture of real estate assets by sell-off. Real Estate Issues, 11(1), pp. 29-35.
Renaud, B. (2003). Speculative behaviour in immature real estate markets, lessons of the 1997 Asia Financial Crisis. Urban Policy and Research, 21(2), pp. 153-173.
Rodriquez, M. and Sirmans, C. F. (1996). Managing corporate real estate: Evidence for the capital markets. Journal of Real Estate Literature, 4, pp. 13-33.
Schipper, K. and Smith, A. (1983). Effects of recontracting on shareholder wealth: The case of voluntary spin-offs. Journal of Financial Economics, 12, pp. 437-468.
Schipper, K. and Smith, A. (1986). A comparison of equity carve-outs and equity offerings:Share price effects and corporate restructuring. Journal of Financial Economics, 15, pp. 153-186.
Sicherman, N.,W. and Pettway, R. H. (1992). Wealth effects for buyers and sellers of the same divested assets. Financial Management, 21, pp. 119-128.
Ting, Kien Hwa. (2004). Corporate real estate investment and ownership: Empirical evidence from Bursa Malaysia Listed Companies. Unpublished research report for Universiti Teknologi MARA with grant support of Real Estate Research and Development Grant Scheme (NAPREC), Valuation &amp; Property Services Department, Ministry of Finance, Malaysia.
Wang, K., Zhou, Y., Chan, S.H. and Chau, K.W. (2000). Over confidence and cycles in real estate markets: Cases in Hong Kong and in Asia. International Real Estate Review, 3(1), pp. 93-106.
Zaima, J. K. and Hearth, D. (1985). The wealth effects of voluntary selloffs: Implications for divesting and acquiring firms. Journal of Financial Research, 8, pp. 227-236.
Zeckhauser, Sally and Silverman, Robert. (1983). Rediscover your company&#39;s real estate. Harvard Business Review, 6(1), pp. 111-117.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/impact-of-asian-financial-crisis-on-malaysian-corporate-real-estate-disposals</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/expert-system-portfolios-of-australian-and-uk-securitised-property-investments</link>
<title><![CDATA[Expert System Portfolios of Australian and UK Securitised Property Investments]]></title>
<description><![CDATA[This paper examines whether a rule-based expert system is capable of outperforming the general property market, as well as randomly constructed portfolios from the market. While neural network expert systems have been used in property research, there appears little in the literature on the application of rule-based expert systems. Secondly, the paper considers whether there are benefits to international investment in real estate securities. The perspective of the analysis is that of an Australian investor investing in both the domestic market and the UK property market. Several results ensue including the failure of the rule-based system to significantly outperform the market or the random portfolios on a risk-adjusted returns basis, and the failure of hedging to secure a positive rate of return to the portfolio.
]]></description>
<content><![CDATA[Borst, R.A. 1991. Artificial Neural Networks: The Next Modeling/Calibration Technlogy for the Assessment Community? Property Tax Journal, 10(1), 69-94.
Brooks, C. and Tsolacos, S. 2003. International Evidence on the Predictability of Returns to Securitised Real Estate Assets: Econometric Models vs Neural Networks. Journal of Property Research, 20(2), 133-156.
Brown, S.J., Goetzmann, W., Ibbotson, R.G. and Ross, S.A. 1992. Survivorship Bias in Performance Studies. Review of Financial Studies, 5(4), 553-580.
Do, A.Q. and Grudnitski, G. 1992. A Neural Network Approach to Residential Property Appraisal. The Real Estate Appraiser, December, 38-45.
Eakins, S.G. and Stansell, S.R. 2003. Can Value-based Stock Selection Criteria Yield Superior Risk-adjusted Returns: An Application of Neural Networks. International Review of Financial Analysis, 12, 83-97.
Ellis, C. and Wilson, P. 2005. Can a Neural Network Property Portfolio Selection Process Outperform the Property Market? Journal of Real Estate Portfolio Management, 11(2),105-121.
Ellis Johnson, L., Redman, A.L., and Tanner, J.R. 1997. Utilization and Applications of Business Computing Systems in Corporate Real Estate. Journal of Real Estate Research, 13(2), 211-230.
Fama, E.F. and French, K.R. 1996. Size and Book-to-Market Factors in Earnings Returns. Journal of Finance, 51(1), 131-155.
Fama, E.F and French, K.R. 1998. Value versus Growth: The International Evidence. Journal of Finance, 53(6), 1975-1999.
Garman, M.B. and Kohlhagen, S.W. 1983. Foreign Currency Option Values. Journal of International Money and Finance, 2, 231-237.
Harmon, P. King, D. 1985. Artificial Intelligence in Business - Expert Systems. John Wiley and Sons: New York.
Haugen, R.A. 1995. The New Finance: The Case Against Efficient Markets. Prentice-Hall: New Jersey.
Lakonishok, J., Shleifer, A. and Vishny, R. 1994. Contrarian Investment, Extrapolation and Risk. Journal of Finance, 49(5), 1541-1578.
Levis, M. and Liodakis, M. 2001. Contrarian Strategies and Investor Expectations. Financial Analysts Journal, 57(2), 43-56.
Liao, S. 2005. Expert System Methodologies and Applications - A Decade Review from 1995 to 2004. Expert Systems with Applications, 28, 93-103.
McGreal, S., Adair, A., McBurney, D., and Patterson, D. 1988. Neural Networks: The Prediction of Residential Values. Journal of Property Valuation and Investment, 16(1), 57-67.
Nguyen, N. and Cripps, A. 2001. Predicting Housing Value: A Comparison of Multiple Regression Analysis and Artificial Neural Networks. Journal of Real Estate Research, 22(3), 313-336.
O&#39;Shaughnessy, J.P. 1998. What Works on Wall Street. Revised Edition. McGraw-Hill: New York.
Sharpe, W.F. 1966. Mutual Fund Performance. Journal of Business, January, 119-138.
Sortino, F.A. and Forsey, H.J. 1996. On the Use and Misuse of Downside Risk. Journal of Portfolio Management, 22(2), 35-42.
Sortino, F.A., Miller, G.A., and Messina, J.M. 1997. Short-Term Risk-Adjusted Performance: A Style-Based Analysis. Journal of Investing, 6(2), 19-28.
Tay, D.P.H. and Ho, D.K.K. 1992. Artificial Intelligence and the Mass Appraisal of Residential Apartment. Journal of Property Valuation &amp; Investment, 10, 525-540.
Wilson, I.D., Paris, S.D., Ware, J.A., and Jenkins, D.H. 2002. Residential Property Time Series Forecasting with Neural Networks. Journal of Knowledge-Based Systems, 15, 335-341.
Wilson, P.J. and Zurbruegg, R. 2004. Contagion or Interdependence? Evidence from Co-movements in Asian Securitised Real Estate Markets During the 1997 Crisis. Journal of Property Investment and Finance, 22(5), 401-413.
Wilson, P.J. and Zurbruegg, R. 2003. International Diversification of Real Estate Assets - Is it Worth It? Evidence from the Literature. Journal of Real Estate Literature, 11(3), 259-278.
Wilson, P.J. 1987. Expert Systems in Business, Vols. 1 and 2. MTE: Sydney.
Wong, B.K. and Monaco, J.A. 1995a. A Bibliography of Expert System Applications in Business (1984-1992), European Journal of Operational Research, 85, 416-432.
Wong, B.K. and Monaco, J.A. 1995b. Expert System Applications in Business: A Review and Analysis of the Literature (1977 - 1993). Information Management, 29, 141-152.
Worzala, E., Lenk, M. and Silva, A. 1995. An Exploration of Neural Networks and its Application to Real Estate Valuation. Journal of Real Estate Research, 10(2), 185-201.
Ziobrowski, A.J. and Ziobrowski, B.J. 1993. Hedging Foreign Investments in U.S. Real Estate with Currency Options. Journal of Real Estate Research, 8(1), 27-54.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/expert-system-portfolios-of-australian-and-uk-securitised-property-investments</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/recent-reform-of-chinas-rural-land-compensation-standards</link>
<title><![CDATA[Recent Reform of China&#39;s Rural Land Compensation Standards]]></title>
<description><![CDATA[Since China adopted an open door policy in 1978, there has been rapid development in the economy and great improvement to the livelihood of the people. The rapid development also expedites urbanisation in the country. These forces have created great demand for land to support various developments. Compulsory acquisition of rural land has become a convenient means to increase land supply.
Compulsory acquisition of rural land is governed by the People&#39;s Republic of China Law of Land Administration 1998. This law also provides for the payment of compensation to dispossessed farmers. Land acquisition in recent years has encountered increasing resistance from farmers because of improper acquisition procedures and unfair compensation. In some cases, the resistance turns into violence and loss of human life.
In response to the serious problems, the Chinese government has since 2004 taken major steps, including amendment of the Constitution, to reform the land acquisition procedures and compensation standards. This paper aims to examine the latest development in the reform of compensation standards for acquisition of rural land in China. Recommendations for improvement are provided.
]]></description>
<content><![CDATA[Lands Acquisition Act 1989 (Commonwealth), Australia.
Brown D., 2004, Land Acquisition: An examination of the principles of law governing the compulsory acquisition or resumption of land in Australia and New Zealand, 5 edition, Butterworths.
Chan, N., 2003, Land Acquisition Compensation in China - Problems &amp; Answers, International Real Estate Review, Vol. 6, No. 1, pp. 136 - 152.
China Business, 2005, Beijing Olympic Project Land Acquisition Shunyi Dispute, 12 August, http://finance.sina.com.en/g/20050812/2009262318.shtml.
China Daily, 2004a, CPPCC members call for rigid protection of cropland, 09 March, http://english.peopledaily.com.cn/200403/09/print20040309_136919.html
China Daily, 2004b, New Land Rule to Help Farmers, 10 February, http://www. chinagate.com.cn/english/5090.htm
China Statistical Yearbooks 1997, 2000 &amp; 2004,.Retrieved from http://210.72.32.26/index.htm
Denyer-Green B., 2000, Compulsory Purchase And Compensation, 6th edition, Estates Gazette.
Ding, C., 2004, Effects of Land Acquisition on China&#39;s Economic Future, Land Lines, Vol 16, No. 1, pp. 11- 13.
Hu, C.M., 2004, Land Acquisition Reform to Protect Farmers&#39; Rights, China Construction, http://www.realestate.gov.cn/news.asp?recordno=32441&amp;teamno=2&amp;line=111
Lanfranco, E., 2005, Chinese officials purged after riot, The Washington Times, 15 June, United Press International, http://www.washtimes.com/upi/20050615-011043-5912r.htm
Liu, T.Z., 2002, The Management and Practice on Project Land Acquisition in China, http://www.chinaresettlement.com/conference/papers/tianzengliu~the manageme.pdf.
People&#39;s Daily Online, 2005, China solicits public opinions for revising draft law on property rights, 11 July, http://english.people.com.cn/200507/ll/ eng20050711 _195384.html
People&#39;s Republic of China Law of Land Administration 1986 (referred to as &quot;LLA&quot; in the text)
People&#39;s Republic of China Law of Land Administration Implementation Regulation 1998 (referred to as &quot;LLAIR&quot; in the text).
Shi, K. &amp; Qi, Y.J., 2004, Comments on the Third Amendment of Land Administration Law, Economic Reference News, http://www.realestate.gov.cn/news.asp7recordno=3147&amp;teamno=2&amp;line=7
The Land Acquisition Act 1894, India.
Wang, Y.H., (2005), Exploring The New Land Acquisition Compensation System, Ministry of State Land Resources, http://www.chinaccer.com/deart.asp?artid=40575
Wyatt, S., 2004, Growing Problems for China&#39;s Farmers, The Australian Financial Review, Thursday 5 August, p. 13.
Xie, D.K., 2004, Ministry of State Land Resources: Farmers are owed Rmb 14.7 billion land acquisition compensation payment, Xinhua News Agency, 24 August, http://www.realestate.gov.cn/Default.asp?recordno=37325&amp;teamno=1&amp;line=1.
Xinhua News Agency, 2004a, Report on the Work of the Government, Tuesday 16 March, http://english.peopledaily.com.cn/200403/16/eng20040316_137651.shtml
Xinhua News Agency, 2004b, China&#39;s farmland dwindles by 6m ha in 7 years, 25 June, http://english.peopledaily.com.cn/200406/25/eng20040625_147555.html.
Xinhua News Agency, 2004c, Land Administration Law Amendment Bill revises Land Acquisition System, 25 August, http://house.people.com.cn/dichan/articule_04_08_ 25_2850.html.
Zhang H., 1997, Addressing pollution and ecological damage in China, China 2000, http://www.china2thou.com/9704p5.htm.
Zhou, Y. &amp; Zhou, K., 2004, Personnel from Ministry of State Land Resources undertaking Spring Sowing, China Business, http://www.realestate.gov.cn/news.asp? recordno=32310&amp;teamno=2&amp;line=7.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/recent-reform-of-chinas-rural-land-compensation-standards</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume12-2006/assessing-the-importance-of-property-development-risk-factors</link>
<title><![CDATA[Assessing the Importance of Property Development Risk Factors]]></title>
<description><![CDATA[Property development makes a significant contribution to the Australian property industry and economy. However, property development is inherently risky, with a number of risks evident throughout the property development process. From a survey of leading property developers in Australia, the importance of 34 property development risk factors is assessed. The most important property development risk factors identified were environmental risk, time delay risk and land cost risk.
]]></description>
<content><![CDATA[Australian Property Institute (2004), Professional Practice 2004. APCanberra.
Booth, P., Matysiak, G. and Ormerod, P. (2002), Risk Measurement and Management for Real Estate Investment Portfolios. Investment Property ForuLondon.
Byrne, P. (1996), Risk, Uncertainty and Decision-making in Property Development. E &amp; F N SpoLondon.
Cadman, D. and Topping, D. (1995), Property Development. E &amp; F N SpoLondon.
Cameron, S. (1990), Managing interest rate risk in real estate development. Journal of Applied Corporate Finance 72-79.
Dullisear, R. (2001), Checklist helps tick off how to avoid pitfalls during development. Australian Property Journal 3509-514.
Ernst &amp; Young (2002), Economic Impact of the Development Industry in Queensland, 2001/02. Ernst &amp; YounSydney.
Ernst &amp; Young (2003), Economic Impact of the Development Industry in NSW, 2001/02. Ernst &amp; YounSydney.
Markham, J. (2001), Development finance: analysing structures here and internationally. Australian Property Journal 3695-703.
Miles, M., Haney, D. and Berens, G. (2000), Real Estate Development: Principles and Process. Urban Land Institute: Washington.
Pyhrr, S., Roulac, S. and Born, W. (1999), Real estate cycles and their strategic implications for investors and portfolio managers in the global economy. Journal of Real Estate Research 17-68.
Standards Australia and Standards New Zealand (1999), Australian/New Zealand Standard: Risk Management - AS/NZ 4361999.
Tan, Y.K. (2004), Is development good for LPTs? Property Australia 19(350-51.
UBS (2005), Real Estate Monthly Report: January 2005. UBS: Sydney.
Urban Development Institute of Australia (2003), The Development Industry - NSW&#39;s Engine Room. Developers Digest 12-13.
Whipple, T. (1988), Evaluating development projects. The Valuer (Oct158-170.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/assessing-the-importance-of-property-development-risk-factors</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume12-2006/using-past-experiences-to-develop-an-early-warning-system-for-thailands-property-market</link>
<title><![CDATA[Using Past Experiences to Develop an Early Warning System for Thailand&#39;s Property Market]]></title>
<description><![CDATA[This paper has a two-fold purpose. First, it analyzes the causes, effects and consequences of speculative bubbles, and Thailand&#39;s past real estate crises. The role of excessive credit extended by financial institutions is discussed as the main cause of real estate bubbles. Excessive credit is also believed to have been the major cause of passthrough financial imbalances and economic instability. Second, an early warning system for predicting a property-market crisis is created using two approaches: signal analysis and probability analysis. It shows that there are two leading indicators; the &quot;ratio of post-finance to bank loans&quot; and the &quot;percentage increases in the price of construction materials&quot;, that currently exceed the threshold level are signaling a future real estate crisis. However, the interest rate, which the models reveal as the most significant indicator of a crisis, is still far below the threshold level. Moreover, many financial institutions are currently offering competitive incentives for fixed-rate loans of, say, 1-3 years, to buyers of houses. For all these reasons, the probability of a real estate crisis in Thailand is quite low for the next 1-2 years, i.e., 2005-2007. However, neither model treats the potential impact of other incidents, such as restructuring of the financial system, proper bank monitoring and new urban planning, all of which could change the overall structure of the economy.
]]></description>
<content><![CDATA[Baker, Dean. 2002. &quot;The Run-Up in Home Prices: Is It Real or Is It Another Bubble?,&quot; Center for Economic Policy Research.
Berg, A, E. Borensztein, G. M. Milesi-Ferretti, and C. Pattillo. 1999. Anticipating Balance of Payment Crises: The Role of Early Warning Systems, Occasional Paper, No.186, International Monetary Fund, Washington, D.C.
Collyns, Charles and Abdelhak Senhadji. 2002. &quot;Lending Booms, Real Estate Bubbles, and the Asian Crisis.&quot; IMF Working Paper No. WP/02/20.
Corsetti, Giancorlo, Paolo Pesenti, and Nouriel Roubini. 1998. &quot;What Caused the Asian Currency and Financial Crisis? Part I: A Macroeconomic Overview.&quot; Mimeo, 1-39.
Edison, Hali, Luangaram, Pongsak, and Marcus Miller. 2000. &quot;Asset Bubbles, Leverage and Lifeboats: Elements of the East Asian Crisis.&quot; Economic Journal, Vol. 110, 235-255.
Kaminsky, Graciela, and Carmen M. Reinhart. 1996. &quot;The Twin Crisis: The Causes of Banking and Balance-of-Payment Problems.&quot; International Finance Discussion Paper, No. 544 (March), Board of Governors of the Federal Reserve System, Washington, D.C.
Kaminsky, Graciela, Saul Lizondo, and Carmen M. Reinhart. 1997. &quot;Leading Indicators of Currency Crises.&quot; IMF Working Paper, WP/97/79.
Kim, Kyung-Hwan. 2000. &quot;Korea: Could a Real Estate Price Bubble Have Caused the Economic Crisis.&quot; In Koichi Mera and Bertrand Renaud, editors, Asia&#39;s Financial Crisis and the Role of Real Estate. New York: M.E. Sharpe, Armonk.
Luangaram, Pongsak, and Markus Miller. 2004. &quot;Asset Price Bubble and Financial Forbearance: The Role of Margin Requirement.&quot; Working paper, University of Warwick. Mimeo.
Melpezzi, Stephen, and Susan M. Wachter. 2002. &quot;The Role of Speculation in Real Estate Cycles.&quot; Paper prepared for the July 2002 joint meeting of the American Real Estate and Urban Economics Association, Seoul, South Korea. Mimeo.
Renaud, Bertrand. 2000. &quot;How Real Estate Contributed to the Thailand Financial Crisis.&quot; In Koichi Mera and Bertrand Renaud, editors, Asia&#39;s Financial Crisis and the Role of Real Estate. New York: M.E. Sharpe, Armonk.
Renaud, Bertrand, Ming Zhang, and Stefan Koeberle. 1998. &quot;How the Real Estate Boom Undid Financial Institutions: What Can Be Done Now?&quot; Proceedings of the National Economic and Social Development Board-World Bank Conference on Thailand&#39;s Dynamic Recovery and Competitiveness, May 21-24, Bangkok.
Siegel, Jeremy, J. 2002. &quot;What is an Asset Price Bubble? An Operational Definition.&quot; Wharton School, University of Pennsylvania, mimeo.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/using-past-experiences-to-develop-an-early-warning-system-for-thailands-property-market</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume12-2006/the-assessment-of-current-valuation-practices-as-applied-to-local-authority-infrastructural-assets</link>
<title><![CDATA[The Assessment of Current Valuation Practices as Applied to Local Authority Infrastructural Assets]]></title>
<description><![CDATA[This paper outlines the results of a study using two postal surveys to determine the appropriateness and consistency of the valuation methods used in New Zealand by local governments for financial reporting on infrastructural assets. The focus is on those assets which are of a more non-market, public good nature. These assets, which are not commonly traded nor generate a definable income stream, give rise to the more complex valuation issues. The results of the first survey show that progress has been made towards accounting for, and valuation of, local authority infrastructural assets since a prior study by Bond (1996). However, the second survey results reveal that valuation approaches underlying the Optimised Depreciated Replacement Cost (ODRC) method are not being consistently applied.
]]></description>
<content><![CDATA[Auditor-General (2004). &quot;FRS-3 Lessons Learnt - Information Memorandum&quot;, [Online]. E-mail available s.bond@auckland.ac.nz [2004, August 23].
Bond, S.G., (1996), &quot;The valuation of local authority assets: identifying the appropriate methodology&quot;, New Zealand Valuers&#39; Journal, November, 49-63.
Bond, S.G. and Dent, P. (1998), &quot;Efficient management of public sector assets: the call for correct evaluation criteria and techniques&quot;, Journal of Property Valuation &amp; Investment, Vol. 16, No. 4, pp. 369-385.
Dent, P. (1997), &quot;Managing public sector property assets: the valuation issues&quot;, Property Management, Vol.15, No. 4, pp.226.
Dunlop, S. (2003), &quot;Recap of last Friday&#39;s discussion&quot;, [Online]. E-mail Available psak003@ec.auckland.ac.nz [2003, March 18].
Institute of Chartered Accountants of New Zealand (ICANZ), (2002), Financial Reporting Standard No. 3 - Accounting for Property, Plant and Equipment (FRS-3), Wellington: Institute of Chartered Accountants of New Zealand.
Kellet, B. (2002). Plant and Machinery lecture series, Department of Property, The University of Auckland.
Local Government New Zealand. (2002), &quot;Land areas for local authorities&quot;, [Online]. Available from: http://www.lgnz.co.nz/localgovt/lgfacts/faq/landarea.html [Accessed 2003, March 7].
New Zealand Institute of Valuers (1995), Valuation Standards, Wellington: New Zealand Institute of Valuers.
New Zealand Property Institute (2002), Valuation Standards, Wellington: New Zealand Property Institute.
Mair, R. (2002), Statistics New Zealand, &quot;Groupings of urban areas&quot;, [Online], E-mail Available: psak003@ec.auckland.ac.nz.
McClave, J.T., Benson, P.G. and Sincich, T., (1998). Statistics for business and economics. 7 ed. Upper Saddle River: Prentice-Hall, Inc.
New Zealand National Asset Management Steering (NAMS) Group, (1998), New Zealand infrastructure asset management manual. 1.1 ed., Wellington: New Zealand National Asset Management Steering Group.
New Zealand National Asset Management Steering (NAMS) Group, (2001), New Zealand infrastructure asset valuation and depreciation guidelines, Wellington: New Zealand National Asset Management Steering Group.
North Shore City Council, (2002), Wastewater treatment plant asset management plan version C revised final May 2002.
Peters, M. S. and Timmerhaus K. D. (1980), Plant design and economics for chemical engineers. 3rd ed., New York: McGraw-Hill.
Statistics New Zealand (2002a), &quot;The territorial authority by census night population count and rank, 1991, 1996 and 2001&quot;, [Online]. Available: http://www.stats.govt.nz/domino/external/pasfull/pasfull.nsf/0/4c2567ef00247c6acc256bc600095eed/$FILE/Table4.xls [Accessed 2002, August 7].
Statistics New Zealand. (2002b). &quot;Glossary term: rural areas&quot;, [Online]. Available from: http://www.stats.govt.nz/domino/external/omni/omni.nsf/23f076d733ded7e74c25657000 1d92b4/6d7bb4fa17674963cc2569030012acbe?OpenDocument [Accessed 2002 August 7].
Statistics New Zealand. (2002c). &quot;Glossary term: urban areas&quot;, [Online]. Available: http://www.stats.govt.nz/domino/external/omni/omni.nsf/23f076d733ded7e74c25657000 1d92b4/2d15e04a89307212cc2569030012ac4e?OpenDocument, [Accessed 2002, August 7].
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/the-assessment-of-current-valuation-practices-as-applied-to-local-authority-infrastructural-assets</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/the-impact-of-stamp-duty-reductions-on-demand-in-the-perth-housing-market</link>
<title><![CDATA[The Impact of Stamp Duty Reductions on Demand in the Perth Housing Market]]></title>
<description><![CDATA[In 2004, the Western Australian state government announced and implemented policy incentives for first-home buyers in the form of either total conveyance duty (stamp duty) exemptions or significant reductions for specified price bands of housing. This paper analyses the impact of this policy on demand in the Perth housing market. Results confirm an immediate and significant impact on demand in both price segments that were the target of policy and to a lesser extent also within price segments that were not the target of policy. Results also confirm some important information diffusion or &#145;news&#39; effects. The release of information two months prior to enactment of the policy lead to a pronounced decline in demand for cheaper housing and also in other price segments prior to enactment of the policy.
]]></description>
<content><![CDATA[Berry, J., McGreal, S. Stevenson, S., Young, J. (2001). &quot;Government Intervention and Impact on the Housing Market in Greater Dublin&quot;, Housing Studies, Vol 16 (6), 755-769.
Case, K. E., and Shiller, R.J. (1989). &quot;The Efficiency of the Market for Single-Family Homes&quot;, The American Economic Review, Vol 79, 125-137.
Case, K.E., and Shiller, R.J. (2003). &quot;Home-Buyers, Housing and the Macro-Economy&quot;, Reserve Bank of Australia Conference on Asset Prices and Monetary Policy, Sydney 18-19 August, 2003.
Costello, G., (2000). &quot;Pricing Size Effects in Housing Markets&quot;, Journal of Property Research, Vol 17(3), 203-219.
Costello, G., (2001). &quot;Seasonal Influences in Australian Housing Markets&quot;, Pacific Rim Property Research Journal, Vol 7(1), pp 47-60.
Fama, E. F. (1970). &quot;Efficient Capital Markets: A Review of Theory and Empirical Work&quot;, Journal of Finance, Vol 25 383-420.
Gatzlaff, D.H., and Tirtiroglu, D. (1995). &quot;Real Estate Market Efficiency: Issues and Evidence&quot;, Journal of Real Estate Literature, Vol 3, 157-189.
Leung, C.K., Leong, Y.C., and Wong, S.K., (2006). &quot;Housing Price Dispersion: An Empirical Investigation&quot;, Journal of Real Estate Finance and Economics, Vol 32 (3), 357.
Pacific Rim Property Research Journal, Vol 12, No 2 211
Poterba, J.M. (1984). &quot;Tax Subsidies to Owner-occupied Housing: an Asset Market Approach&quot;, Quarterly Journal of Economics, Vol 99(4), 729-752.
Schwann, G.M., and Chau, K.W. (2003). &quot;News Effects and Structural Shifts in Price Discovery in Hong Kong&quot;, Journal of Real Estate Finance and Economics, Vol.27 (2), 257.
Wood, G. A. (1990). &quot;The Tax Treatment of Housing, Economic Issues and Reform Measures&quot;, Urban Studies, Vol 27(6), 822-829.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/the-impact-of-stamp-duty-reductions-on-demand-in-the-perth-housing-market</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/housing-sustainability-in-hong-kong-a-market-based-perspective</link>
<title><![CDATA[Housing Sustainability in Hong Kong: A Market-Based Perspective]]></title>
<description><![CDATA[While sustainability has been under heated debate in the past 20 years, practical issues such as housing sustainability have been overlooked. This research introduces a two-tier analytical framework based on the environmental, economic and social dimensions of housing sustainability. This provides a market-oriented understanding on the issue of housing sustainability. The findings suggest that a balanced, yet flexible, housing policy which emphasizes the coordinated functioning of both the public and the private sectors in the housing market. This calls for more attention from the government to older, lowerincome districts and the needs of present generations.
]]></description>
<content><![CDATA[Beatley, T. &amp; Manning, K. (1997), The ecology of space: planning for environment, economy and community. Washington, DC: Island Press.
Chiu, R. L. H. (2000). Environmental Sustainability of Hong Kong&#39;s Housing System and the Housing Process Model, International Planning Studies, 5(1), 45-64.
Chiu, R. L. H. (2003). Sustainable development: a new perspective for housing development. Paper presented at the National Housing Conference, Adelaide, Australia.
De Roo, G. &amp; Miller, D. (Eds.) (2000), Compact cities and sustainable development: a critical assessment of policies and plans from an international perspective. Aldershot, UK: Ashgate.
Everitt, B. S., Landau, S., &amp; Leese, M. (2001), Cluster Analysis. London: Arnold.
Hong Kong Housing Bureau (1998), Homes for Hong Kong people: the way forward&#151;long term housing strategy review consultative document. Hong Kong: Housing Bureau, Government Secretariat.
Sustainable development in Hong Kong for the 21 century 
Huang, S. L., Wong, J. H., &amp; Chen, T. C. (1998), A framework of indicator system for measuring Taipei&#39;s urban sustainability. Landscape and Urban Planning, 42, 15-27.
Jarvis, H. (2003), Dispelling the myth that preference makes practice in residential location and transport behaviour, Housing Studies, 18(4), 587-606.
Leung, C. Y. (2000, June), Building sustainability in a globalized world: Hong Kong&#39;s sustainable future. Paper presented at the Decision makers 2010: building sustainability in a globalized world conference, Hong Kong, China.
Moorer, P. and Suurmeijer, T.P.B.M. (2001), The Effects of Neighbourhoods on Size of Social Network and the Elderly and Loneliness: A Multi-Level Approach. Urban Studies, 38, 105-118.
Newman, P. (2002), Sustainability and Housing: More than a roof over head, Conference Paper for 2002 Barnett Oration, Melbourne, October 31.
Niam, C.M. and Keung, K.Y. (2004), Improving the Hardware, Retaining the Heartware -The Singapore Way to Sustainable Housing, Conference Paper for the International Housing Conference in Hong Kong 2004.
Perkins, H and Thorns, D. C and Field, M (1999), Urban Sustainability: an annotated Bibliography, House and Home Project, Canterbury and Lincoln Universities,
Planning Department (1999), The Survey of Housing Aspirations of Households (Executive Summary), Hong Kong Government Printer.
Robbins E, (1998), The New Urbanism and the Fallacy of Singularity, Urban Design, 3(1), 33-42.
Rowan-Robinson, J., Ross, A. &amp; Walton, W. (1995), Sustainable development and the development control process. Town Planning Review, 66(3), 269-286.
Satterthwaite, D. 1999, The Earthscan Reader in Sustainable Cities, Earthscan Publications, London.
Son, J.Y. and Kim, K.H. (1998), Analysis of urban land shortages: the case of Korean cities, Journal of Urban Economics, 43, 362-384.
Thorns, D.C. (2004), Creating Sustainable Housing: The challenge of moving beyond environmentalism to new models of social development, Conference Paper for the International Housing Conference in Hong Kong 2004.
Wilson, A.G. (1974), Urban and Regional Models in Geography and Planning, London: John Wiley &amp; Sons.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/housing-sustainability-in-hong-kong-a-market-based-perspective</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/the-creative-paradigm-a-benchmark-for-economic-growth</link>
<title><![CDATA[The Creative Paradigm: A Benchmark for Economic Growth]]></title>
<description><![CDATA[Richard Florida in his two best selling books, The Rise of the Creative Class (2002) and The Flight of the Creative Class (2004) proposed a new paradigm for economic growth based on the concept that city and regional economic growth is aligned to specific demographic characteristics. These characteristics are recognised as a form of social or creative capital and are considered necessary for the innovation required to promote economic growth; for instance, in the high technology sector. Creative capital theory states that where creative people live, the economy grows faster &#150; which is to say that jobs follow people. Governments have been keen to incorporate the notion of a creative index into their strategic planning as a means of benchmarking their ability to attract industry and increase high technology opportunities. This paper will examine what is meant by the &quot;creative class&quot; and attempt as an exploratory exercise to identify any relationship between an index measuring creativity with economic and social indicators for the sixty five economic regions in Australia.
]]></description>
<content><![CDATA[Australian Local Government Association (ALGA) and National Economics (NIEIR) (2001) State of the Regions Report 2002, ALGA ACT.
Australian Local Government Association (ALGA) and National Economics (NIEIR) (2002) State of the Regions Report 2002, ALGA ACT.
Berry M (2005) Melbourne-Is there life after Florida? Urban Policy and Research, Vol 23 No 4 pp 381-392.
Berry M (2003) Innovation by design: the economic drivers of dynamic regions. lab3000 Report RMIT, Melbourne.
Blakely E (2004) Regional science cyclops - from a one eyed view to two eyed view. Australasian Journal of Regional Studies, Vol 10 No 3 pp 265-277.
Brooke N (2004) What makes for a successful city? Winning Cities, RICS Conference Shanghai, Beijing February 2004.
Chambers M (2004) Affordable housing. RICS 2004.
Dicken P (1992) Global Shift. Chp 2 The changing global map: trends in production and trade. pp 16-45.
Florida R (2002) The rise of the creative class and how it is transforming work, leisure, community and every day life. Pluto Press, Melbourne.
Florida R (2004) The flight of the creative class. Harper Business, New York.
Hayes D and Bunker R (1995) The changing role of the city centre in Adelaide and Melbourne Urban Policy and Research, Vol 13 No 3 pp 159-171.
Jacobs J (1984) Cities and the wealth of nations. Economic Press.
Jones C (2002) Rent to buy schemes. ODPM 2002.
Landman J (2004) Social capital: a building block creating a better future. Foresight, Vol 6 No 1 pp 38-46.
Minton A (2004) Mind the gap; tackling social polarisation through balance communities. RICS 2004.
O&#39;Brien, R (1992) Global financial integration: the end of geography. Chp 2: Information Technology and Global Finance pp 7-16.
O&#39;Connor K and Stimson R (1994) Economic change and the fortunes of Australian cities Urban Futures, pp 1-11.
ODPM (Office of Deputy Prime Minister) (2005) Our cities are back. ODPM London.
Porter M (1990) The competitive advantage of nations. The Free Press, New York.
Prud&#39;homme R (1995) On the economic role of cities. Urban Futures, No 19, pp 24-33.
South Australia (SA) State Government (2004) State Strategic Plan Adelaide South Australia. AGPS.
Sawicki D (2003) APA Journal. Vol 69 No 1 pp 90 -91.

Yeung Y (1995) Pacific Asia&#39;s world cities in the new global economy. Urban Futures, No 19 pp 81-91.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/the-creative-paradigm-a-benchmark-for-economic-growth</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/measuring-conversion-of-industrial-land-after-sale</link>
<title><![CDATA[Measuring Conversion of Industrial Land After Sale]]></title>
<description><![CDATA[This paper quantifies the take up of vacant industrial land, in terms of its conversion from vacant to improved land, for the metropolitan area of Adelaide. It involves the comparison of sales for a five year period between 1991 and 1995 with the SA Valuer General&#39;s Valuation List for 1996. The analysis reveals the generally low level of take up in terms of conversion of land, sold as vacant industrial land, to land which is improved. The paper begins by briefly discussing alternative methodologies for estimating demand, in terms of take up rates, and ends by summarising the implications of the study for demand forecasting in general.
]]></description>
<content><![CDATA[Adams, D., Disberry, A., Hutchinson, N., &amp; Munijoma, T. (2001) Journal of Property Research, 18(3), 217-234.
Adams, C., Russell, L. &amp; Taylor-Russell, C. (1995) Market activity and industrial development, Urban Studies, 32(3), 471-489.
Australian Bureau of Statistics, (2003) Labour Force, Australia. Cat. No. 6302.0. Canberra: AGPS.
Australian Bureau of Statistics, (2004) Australian Labour Market Statistics. Cat. No. 6105.0. Canberra: AGPS.
Ball, R.M. (1989) Vacant industrial premises and local development: a survey, analysis and policy assessment of the problem in Stoke-on-Trent, Land Development Studies, 6, 105-128.
Blair, J. &amp; Yardley, R. (1991) Planning for industrial land in the Sydney region, Australian Planner, 16-21.
Gibb, K. (2004) Policy priorities for property and land in Central Scotland, Journal of Property Research, 21(3), 255-277.
Jortberg, R. (1996) Retail market analysis: an intermediate approach to estimate demand, The Appraisal Journal, 423-429.
Stimson, R. (2001) Dividing societies: the socio-political spatial implications of restructuring in Australia, Australian Geographical Studies, 39(2), 198-216.
Stimson, R., O&#39;Connor, K., &amp; Taylor, S. (1997) Five cities: patterns of employment and labour force characteristics in Australia&#39;s metropolitan cities. Melbourne: AHURI.
Tsolacos, S. (1997) A case study of industrial property development in South Hampshire, Journal of Property Research, 14(3), 211-236.
Tsolacos, S. (1995) Industrial property development in the UK: a regional analysis of new orders, Journal of Property Research, 12, 95-125.
Wheaton, W &amp; Torto, R (1990) An investment model of the demand and supply for industrial real estate, AREUEA Journal, 18(4), 530-547.
Wincott, D.R. &amp; Mueller, G (1995) Market analysis in the appraisal process, The Appraisal Journal, 27-32.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/measuring-conversion-of-industrial-land-after-sale</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/the-significance-of-emerging-property-sectors-in-property-portfolios</link>
<title><![CDATA[The Significance of Emerging Property Sectors in Property Portfolios]]></title>
<description><![CDATA[Property funds in Australia have over $160 billion in assets, with office, retail and industrial property being the major property sectors contributing to these property portfolios. However, recent years have seen increased attention given to the property investment opportunities available from the emerging property sectors such as self-storage, healthcare, retirement facilities and leisure/entertainment. This paper will assess the significance of these emerging property sectors in property portfolios in Australia; particularly highlighting issues such as the current portfolio levels and the leading property funds in these emerging property sectors. An emerging sector LPT performance index is established and an emerging property sector risk-adjusted performance analysis carried out over 2002-2005, as well as the portfolio diversification benefits of the emerging property sector assessed. Compared to the other LPT sectors, the emerging sector LPTs were seen to provide superior risk-adjusted performance, as well as providing portfolio diversification benefits.
]]></description>
<content><![CDATA[Australian Bureau of Statistics (2004), ABS Census of Population and Housing and Population Projections (#3222.0). ABS, Canberra.
Blackwell, D. (2005), Understanding self storage. API CPD seminar, Sydney.
Blundell, L. (2003), Popping the healthcare pill. Property Australia 18 (1): 38-41.
Blundell, L. (2004), Survival tactics. Property Australia 18 (5): 26-28.
Blundell, L. (2005a), Sparking up change. Property Australia 19 (9): 36-39.
Blundell, L. (2005b), Time to step outside the comfort zone. Property Australia 20 (1): 1820.
Blundell, L. (2005c), Casting a bigger shadow. Property Australia 20 (2): 34-37.
DB RREEF (2005), The issues in managing a real estate portfolio. DB RREEF: Sydney.
Higgins, D. (2005), Modelling the Australian property investment universe: a preliminary study. Pacific Rim Property Research Journal 11: 268-281.
Kennard, S. and Blackwell, D. (2005), News from Australia: self-storage in the land down under. Mini Storage Messenger: October.
Larsen, C. (2002), Finding the old money. Property Australia 17 (4): 6-8.
Larsen, C. (2005), The Big Think: predicting the future for property. Property Australia 20 (1): 54-55.
Lowrey, C. (2005), Niche strategies in the current market. Prudential Real Estate Investors, Parsippany.
MiniCo (2005), 2006 Self Storage Almanac. MiniCo, Phoenix.
Murdoch, J. (2004), The globalisation of Australian LPTs. Australian Property Journal 38(1): 5-12.
NAREIT (2005a), NAREIT Real Estate Chartbook: October 2005. NAREIT, Chicago.
NAREIT (2005b), REITWatch: October 2005. NAREIT, Chicago.
Norris, S. (2004), Exploring the LPT landscape. Property Australia 18 (9): 54-56.
Oliver, S. (2004), LPT changes - implications for investors. Property Australia 19(1): 106-107.
PIR (2004), Australian Property Funds Industry Survey 2004. PIR, Melbourne.
Schuck, E. and Howard, J. (2005), Implementing an allocation to direct property. Australian Property Journal 38 (7): 535-541.
Self Storage Association of Australasia (2005), Australasian Self Storage Almanac. SSAA, Kilmore.
Severino, R. (2005), The US self-storage market. Prudential Real Estate Investors, Parsippany.
Tan, Y. K. (2004a), Benchmarking international property in Australian LPT portfolios. Pacific Rim Property Research Journal 10 (1): 3-29.
Tan, Y. K. (2004b), The role of international property trusts in Australian mixed-asset portfolios. Pacific Rim Property Research Journal 10 (2): 215-234.
Tan, Y. K. (2004c), Is development good for LPTs? Property Australia 19 (3): 50-51.
UBS (2005), UBS Indices: October 2005. UBS, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/the-significance-of-emerging-property-sectors-in-property-portfolios</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/the-gender-composition-of-boards-of-property-trust-ipos-in-australia-from-1994-to-2004</link>
<title><![CDATA[The Gender Composition of Boards of Property Trust IPOs in Australia from 1994 to 2004]]></title>
<description><![CDATA[This study investigates the gender composition of the boards of directors of Australian property trust IPOs from 1994 to 2004. Like mining and industrial company IPOs, we find that property trust IPOs in Australia generally do not require female directors for the initial equity capital raising. We also find that larger IPOs during 1994 to 1999 tended to engage more women directors but that this relation was not significant in property trust IPOs from 2000 to 2004.
]]></description>
<content><![CDATA[Bilimoria, D. (2000) Building the business case for women corporate directors, Burke, R.J., Mathis, M.C., Women on Corporate Boards of Directors: International Challenges and Opportunities, 25-40.
Burke, R.J. (1994) Women on Corporate Boards of Directors: Views of Canadian Chief Executive Officers, Women in Management, 3-10.
Burke, R.J. (1997) Women Directors: Selection, Acceptance and Benefits of Board Membership, Corporate Governance, 118-125.
Burke, R.J. (2003) Women on Corporate Boards of Directors: the Timing is right, Women in Management Review, 346-8.
Catalyst, 2003, Census of Women Board Directors, Catalyst, New York, NY.
Catalyst, 2004, The Bottom Line: Connecting Corporate Performanc and Gender Diversity , Catalyst, New York, NY.
Dimovski, W. and Brooks, R. (2004) Stakeholder Representation on the Boards of Australian Initial Public Offerings, Applied Financial Economics, 1233-1238.
Dimovski, W., and Brooks, R. (2005a) The Pricing of Property Trust IPOs in Australia, Journal of Real Estate Finance and Economics, forthcoming.
Dimovski, W., and Brooks, R. (2005b) The Gender Composition of Boards after an IPO, Corporate Governance, forthcoming.
Dimovski, W. and Brooks, R. (2005c) The Gender Composition of Boards of Property Trust IPOs, Paper presented to the 11 Pacific Rim Real Estate Society Conference, January 2005.
Farrell, K.A. and Hersch, P.L. (2005) Additions to Corporate Boards: the Effect of Gender, Journal of Corporate Finance, 85-106.
Hyland, M.M. and Marcellino, P.A. (2002) Examining Gender on Corporate Boards: A Regional Study. Corporate Governance, 24-31.
Luoma, P. and Goodstein, J. (1999) Stakeholders and Corporate Boards: Institutional Influences on Board Composition and Structure, Academy of Management Journal, 553-63.
Mak, Y.T. and Roush, M. L. (2000) Factors Affecting the Characteristics of Boards of Directors: An Empirical Study of New Zealand Initial Public Offerings, Journal of Business Research, 147-59.
Property Investment Research (2004) Australian Property Investment Funds Industry Survey 2004. PIR, Melbourne.
Sheridan, A. (2002) What You Know and Who You Know: &quot;Successful&quot; Women&#39;s Experiences of Accessing Board Positions, Career Development International, 203-210.
Singh, V., Vinnicombe, S. and Johnson, P. (2001) Women Directors on Top UK Boards, Corporate Governance, 206-216.
Singh, V. and Vinnicombe, S. (2003) The 2002 Female FTSE Index and Women Directors, Women in Management Review, 349-358.
Singh, V. and Vinnicombe, S. (2004) Why So Few Women Directors in Top UK Boardrooms? Evidence and Theoretical Explanations, Corporate Governance, 479-488.
Stephenson, C. (2004) Leveraging Diversity to Maximum Advantage: The Business Case for Appointing More Women to Boards, Ivey Business Journal, September/October, 1-5.
UBS Warburg (2004) UBS Warburg Indices: December 2004. UBS Warburg, Sydney.
White, H. (1980) A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskesticity, Econometrica, 817-838.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/the-gender-composition-of-boards-of-property-trust-ipos-in-australia-from-1994-to-2004</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/markets-market-structures-and-market-change-expanding-the-real-estate-research-paradigm</link>
<title><![CDATA[Markets, Market Structures and Market Change: Expanding the Real Estate Research Paradigm]]></title>
<description><![CDATA[This paper seeks to challenge conventional thinking about markets and issues of market structure and market change in real estate research. Using a broadly institutional economics approach to markets it proposes a framework for analysis which focuses on the range of objectives the market accommodates, the origins of pressures for change, the objectives of market actors and their market roles. Two applications are considered as illustratios of the potential of this approach to reveal important insights into how real estate markets work in practice.
]]></description>
<content><![CDATA[Aspromourgos, T. (1986) &#145;On the origins of the term &#145;Neoclassical&#39; Cambridge Journal of Economics, 10 pp. 265-70
Bain, J (1956) Barriers to New Competition, New York: John Wiley &amp; Sons
Casson, M.C. (1990) Enterprise and Competitiveness: A Systems view of International Business, Oxford: Clarendon Press
Casson, M.C. (1995) Information and Economic Organisation, Department of Economics, Discussion Papers in Economics Series A No.317, University of Reading
Coase, R. H. (1972) &#145;Industrial organization: A proposal for research&#39; in Policy Issues and Research Opportunities in Industrial Organization, in Fuchs, V. R., New York: National Bureau of Economic Research pp 59-73
Coase, R.H. (1984) &#145; The new institutional economics&#39; Journal of Institutional and Theoretical Economics 140 pp 229-31
D&#39;Arcy, E. and Lee S. (2006) &#145;Institutional change in the real estate investment market: Some Evidence from Europe&#39;, Paper presented at the 22 Annual Meeting of the American Real Estate Society, Key West Florida, March.
Eggertsson, T. (1990) Economic Behaviour and Institutions, Cambridge: Cambridge University Press
Hodgson, G. M. (1994) &#145;The return of institutional economics&#39;, in Smelser, N.J. and Swedberg, R. The Handbook of Economic Sociology, Princeton: Russell Sage Foundation pp. 58-76
Kaldor, N. (1972) &#145;The irrelevance of equilibrium economics&#39;, Economic Journal, 82, pp 1237-55
Keogh, G and D&#39;Arcy, E. (1999) &#145;Property Market Efficiency: An Institutional Economics Perspective&#39;, Urban Studies, 36 13 pp. 2401-2414
Keogh, G and D&#39;Arcy, E. (1994) &#145;Market maturity and property market behaviour: a European comparison of mature and emergent markets&#39;, Journal of Property Research, 11 pp. 215-235
Liebowitz, S. J. and Margolis S. E. (1995) &#145;Path dependence, lock-in, and history&#39;, Journal of Law, Economics and Organization, 11 pp. 205-26
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/markets-market-structures-and-market-change-expanding-the-real-estate-research-paradigm</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/qualitative-methodology-and-grounded-theory-in-property-research</link>
<title><![CDATA[Qualitative Methodology and Grounded Theory in Property Research]]></title>
<description><![CDATA[Much of the research published in the property discipline consists of work utilising quantitative methods. While research gained using quantitative methods, if appropriately designed and rigorous, leads to results which are typically generalisable and quantifiable, it does not allow for a rich and in-depth understanding of a phenomenon. This is especially so if a researcher&#39;s aim is to uncover the issues or factors underlying that phenomenon. Such an aim would require using a qualitative research methodology, and possibly an interpretive as opposed to a positivist theoretical perspective. The purpose of this paper is to provide a general overview of qualitative methodologies with the aim of encouraging a broadening of methodological approaches to overcome the positivist methodological bias which has the potential of inhibiting property behavioural research.
]]></description>
<content><![CDATA[Anastas, M., (1988), &#145;For sensitive research studies, one-to-one interviews work best&#39;, Bank Marketing, 20(7), pp 18-22
Berg, B.L., (2001), Qualitative Research Methods for Social Sciences, Fourth edition, Allyn and Bacon
Bonoma, T.V., (1985), Case-research in marketing: problems and opportunities and a process&quot;, Journal of Marketing Research, XXII, pp 199-208
Carson, D., Gilmore, A., Perry, C. and Gronhaug, K., (2001), Qualitative Marketing Research, Sage Publications, London
Cassell, C., and Symon, G. (Eds.), (1994), Qualitative Methods in Organizational Research, Sage Publications, CA
Crotty, M., (1998), The Foundations of Social Research: Meaning and Perspective in the Research Process, Allen and Unwin
Denzin, N K.,(1997), Interpretive EthnographEthnographic Practices for the 21st Century, Sage Publications, CA
Denzin, N.K. and Lincoln, Y.S., (1998), Handbook of Qualitative Research, Sage Publications, CA
Dick, B. and Swepson, P. (1997) Action research FAQ: &quot;frequently asked questions&quot; file [On line]. Available at htt//www. scu.edu. au/schools/gcm/ar/arp/arfa
Donmoyer, R. (1990), &quot;Generalizability and the single case study&quot;, in Eisner, E., Peshkin, A. (Eds), Qualitative Research in Education: The Debate Continues, New York, NY.
Eisenhardt, K., (1989), &quot;Building theories from case-study research&quot;, Academy of Management Review, 14(4) pp 17-32
Glaser, B.G. and Strauss, A.L., (1967), The Discovery of Grounded Theory: Strategies for Qualitative Research, Chicago: Aldine
Hagan, F.E., (1993), Research Methods in Criminal Justice and Criminology, New York: Macmillan
Hirschheim, R. (1985), &quot;Information systems epistemology: an historical perspective&quot; in Research Methods in Information Systems, Mumford
Janesick, V. (1994). The dance of qualitative research design. In N. K. Denzin &amp; Y. S. Lincoln (Eds.), The Handbook of Qualitative Research, Sage Publications, CA.
Jean Lee, S.K. (1992). &#145;Quantitative Versus Qualitative Research Methods - Two Approaches to Organisation Studies&#39; Asia Pacific Journal of Management, 9(1), pp 87 - 94
Levy, D. and Henry, M., (2003), &#145;A comparative analysis of US, UK and Australian published property research methodologies and methods&#39; Pacific Rim Property Research Journal, 9(2), pp 148-162
Levy, D. and Schuck, E. (1999), &quot;The Influence of Clients on Valuations&quot; Journal of Property Investment and Finance, 17(4), 380-400.
Levy, D.S. AND Schuck, E. (2005), &quot;The influence of clients on valuations: The clients perspective&quot; Journal of Property Investment and Finance, Volume 23, No 2.
Lincoln, Y.S. and Guba, E.G., (1985), Naturalistic Enquiry, Sage, Newbury Park, CA
Maynard, M., (1994), &quot;Methods, practice and epistemology: The debate about feminism and research&quot;, Researching Women&#39;s lives From a Feminist Perspective, eds Maynard and J. Purvis, Taylor and Francis, London, pp 10-26
Miles, M.B. and Huberman, A. M., (1994), Qualitative Data Analysis: An Expanded Sourcebook, Thousand Oaks, CA: Sage publications
Morgan A. K. and Drury V B., (2003) &quot;Legitimising the Subjectivity of Human Reality Through Qualitative Research Method.&quot; The Qualitative Report, 8 (1). http://www.nova.edu/ssss/QR/QR8-1/morgan.html
Myers, M., (1997), &quot;Interpretive Research in Information Systems&quot;, in J Mingers and F Stowell (Eds), Information Systems: An Emerging Discipline?, McGraw-Hill, London, pp 239-266
Olrlikowski, W.J. and Baroudi, J.J., (1991), &quot;Studying information technology and the structure of organisations&quot;, Information Systems Research, 2(1), pp 1-28
Patton, M.Q., (1990), Qualitative Evaluation and Research Methods, Sage, Newbury Park, CA
Perry, C., Reige, A. and Brown, L. (1999), &#145;Realism&#39;s role among scientific paradigms in marketing research&#39;, Irish Marketing Review, 12(2), pp 16-23
Rushmore, S., (1993), &#145;Ethics in hotel appraising&#39;, The Appraisal Journal, 61(3), pp 357-363
Sokolow, H. (1985) &quot;In-depth Interviews Increasing in Importance&quot;, Marketing News 19(19), pp 26, 31
Strauss, A. and Corbin, J., (1998), &#145;Basics of Qualitative Research: Techniques and Procedures for Developing Grounded Theory&#39;, Sage Publications, Thousand Oaks, CA
Taylor, S. J. and Bogdan, R., (1998), &quot;In-depth interviewing&quot;, In S J Taylor &amp; R Bogdan (eds) Introduction to Qualitative Research Methods: A Guidebook and Resource John Wiley and Sons
Urquhart, C. and Fernandez, W., (2006), &quot;Grounded theory method: The researcher as a blank slate and other myths&#39;, Paper presented at the International Conference on Information Systems, Milwaukee, Wisconsin, USA.

Wallendorf, M. and Belk, R.W., (1989), &quot;Assessing trustworthiness in naturalistic consumer research&quot;, in E.C. Hirschman (ed.), Interpretive Consumer Research, Association for Consumer Research, Provo, UT, pp 115-132
Ward Schofield, J., (1993), &#145;Increasing the Generalizability of Qualitative Research&#39; In: Hammersley, M., Ed, Social Research: Philosophy, Politics and Practice, SAGE, London.
Wolcott, H. F., (1990), Writing up qualitative research, Sage Publications, CA
Worzala, E.M., Lenk, M.M. and Kinnard, W.N. (1998), &quot;How client pressure affects the appraisal of residential property&quot;, The Appraisal Journal, October, pp 416-427
Yin, R.K., (2003), &quot;Case-study research - design and methods&quot;, (third edition) Applied Social Research Methods Series, 5, Sage Publications, CA
Zeithaml, V.A., Berry, L.L. and Parasuraman, A., (1993), &quot;The Nature and Determinants of Customer Expectations of Service&quot;, Journal of the Academy of Marketing Science, 21(1), pp 1-12
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/qualitative-methodology-and-grounded-theory-in-property-research</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/debates-in-the-methodology-of-economics-and-the-value-of-an-environmental-amenity</link>
<title><![CDATA[Debates in the Methodology of Economics and the Value of an Environmental Amenity]]></title>
<description><![CDATA[The article discusses the extent to which the research methodology of heterodox economics is suited to the economic impact analysis of land use and real estate applications. Fulfilling the requirements of context-sensitivity, sub-optimality and pragmatism is argued to be relevant for increasing our conceptual understanding of property value in its multiple dimensions, and consequently for improving the process and outcome of environmental amenity valuation. Here three different issues need to be addressed: (1) the appropriate economic theory framework; (2) the particular geographic and institutional context; (3) the perceived costs vs. benefits of any impacts. Such an analysis is shown in a case study on water valuation in the Netherlands.
]]></description>
<content><![CDATA[Adams, D., Dunse, N. and White, M. (2005) Conceptualising State-Market Relations in Land and Property: The Growth of Institutionalism - Extension or Challenge to Mainstream Economics? In D. Adams, C. Watkins and M. White (Eds): Planning, Public Policy &amp; Property Markets (RICS Research), pp. 37-55. Oxford: Blackwell Publishing.
Balchin, P. and Kieve, J. (1977) Urban Land Economics, London: Macmillan.
Ball, J. and Srinivasan, V.C. (1994) Using the Analytic Hierarchy Process in House Selection. Journal of Real Estate Finance and Economics, 9, pp. 69-85.
Ball, M. (1998) Institutions in British Property Research: A Review. Urban Studies, 35:9, pp. 1501-1517.
Bender A., Din A., Favarger P., Hoesli M. and Laakso J. (1997) An Analysis of Perceptions Concerning the Environmental Quality of Housing in Geneva. Urban Studies, Vol. 34, No. 3, 503-513.
Bender A., Din A., Hoesli M. and Laakso J. (1999) Environmental quality perceptions of urban commercial real estate. Journal of Property Investment and Finance, Vol. 17, No. 3, 280-296.
Canonne, J. and Macdonald, R. (2003) Valuation without value theory: A North American &quot;Appraisal&quot;. Journal of Real Estate Practice and Education, 6(1), 113-162
Davis, J.B. (2006) The turn in economics: neoclassical dominance to mainstream pluralism? Journal of Institutional Economics, 2, pp. 1-20.
Dent, P. and Temple, M. (1998) Economic value - a methodological dilemma? The Cutting Edge 1998 -conference proceedings, ISBN 0-85406-922-4.
Din, A., Hoesli, M and Bender, A. (2001) Environmental Variables and Real Estate Prices. Urban Studies, Vol. 38, No. 11, 1989-2000.
Evans, A. W. (1983) The Determination of the Price of Land. Urban Studies, 20, pp. 119-129.
Garnett, R. F.:Jr. (2005) Whither heterodoxy?, post-autistic economics review, issue no. 34, 30 October, article 1, pp. 2-21, http://www.paecon.net/PAEReview/issue34/Garnett34.htm
Goetgeluk, R., Kauko, T. and Priemus, H. (2005) Can Red Pay for Blue? Methods to Estimate the Added Value of Water in Residential Environments, Journal of Environmental Management and Planning, vol. 48, no. 1, January 2005, pp. 103-120.
Gregory R. (2000) Valuing Environmental Policy Options: A Case Study Comparison of Multiattribute and Contingent Valuation Survey Methods, Land Economics 76 (2), pp. 151-173.
Guerin, B. (2003) Putting a radical socialness into consumer behaviour analysis, Journal of Economic Psychology 24(5), October, pp. 697-718.
Hanink, D. M. amd Cromley, R. G. (1998) Land Use Allocation in the Absence of Complete Market Values. Journal of Regional Economics, 38, pp. 465-480.
Kauko, T. (2004) Infusing &#145;institution&#39; and &#145;agency&#39; into house price analysis, Urban Studies, Vol. 41, No. 8, July 2004, pp. 1507-1519.
Kersloot , J. and Kauko, T. (2004) Measurement of housing preferences - a comparison of research activity in the Netherlands and Finland. Nordic Journal of Surveying and Real Estate Research, vol. 1, no. 2, pp. 144-163.
King, J. E. (2004) Three Arguments for Pluralism in Economics, post-autistic economics review, issue no. 23, 5 January, article 2, http://www.btinternet.com/~pae_news/review/issue23.htm
Laakso, J., Bender, A., Din, A., Favarger, P. and Hoesli, M. (1995) An Analysis of Perceptions Concerning the Evironmental Quality of Residential Real Estate in Geneva, 1th IRES Conference, Stockholm 28 June -1 July, 1995
Lawson, T. (1997) Economics and reality. Routledge, London.
Maclennan, D. (1982) Housing economics. Longman, New York
McCartney, M. (2004) Liberalisation and Social Structure: The Case of Labour Intensive Export Growth in South Asia, post-autistic economics review, issue no. 23, 5 January, article 3, http://www.btinternet.com/~pae_news/review/issue23.htm
McCartney, M. (2005) Game Theory: A refinement of an Alternative to Neo-classical economics, post-autistic economics review, issue no. 30, 21 March, article 2, http://www.btinternet.com/~pae_news/review/issue30.htm
McLean, D.G. and Mundy, B. (1998) The Addition of Contingent Valuation and Conjoint Analysis to the Required Body of Knowledge for the Estimation of Environmental Damages to Real Property. Journal of Real Estate Practice and Education, Vol. 1, No. 1, 1-19.
Meen, D. and Meen, G. (2003) Social Behaviour as a Basis for Modelling the Urban Housing Market: A Review. Urban Studies, 40(5-6), pp. 917-935.
Needham, Barrie and de Kam, George (2004) Understanding How Land is Exchanged: Co-ordination Mechanisms and Transaction Costs. Urban Studies, vol. 41, no. 10, September, pp. 2061-2076.
Nevalainen, R., Staffans, A. and Vuorela, P. (1990) Asumisen laadun arviointi ja tutkimi-nen. (Evaluating and studying the quality of housing, in Finnish.) YTK B 60, Helsinki.
Pardo-Guerra, J. P. (2004) When social physics becomes a social problem: economics, ethics and the new order, post-autistic economics review, issue no. 29, 6 December, article 1, http://www.btinternet.com/~pae_news/review/issue29.htm
Pessali, H. F. (2006) The rhetoric of Oliver Williamson&#39;s transaction cost economics. Journal of Institutional Economics, 2, pp. 45-65.
Ryan, R. L. (1998) Local perceptions and values for a midwestern river corridor. Landscape and Urban Planning, 42, pp. 225-237.
Saaty, T.L. (1990) How to make a decision: The Analytic Hierarchy Process. European Journal of Operational Research 48, pp. 9-26.
Sager, T. (2003) Rationality types in Evaluation Techniques: The Planning Balance Sheet and the Goals Achievement Matrix, European Journal of Spatial Development, Jan.-no 2; http://www.nordregio.se/EJSD/
Small, G. and Sheehan, J. (2005) Valuing your Grandmother: Why customary title is incomparable to Western conceptions of property value. Paper presented at the Paper presented at the 11 PRRES conference, Melbourne, Australia, 23-27 January.
Th&eacute;riault, M., Des Rosiers, F. and Joerin, F. (2005) Modelling accessibility to urban services using fuzzy logic. Journal of Property Investment and Finance, 23:1, pp. 22-54.
Tiesdell, S. and Allmendinger, P. (2005) Planning Tools and Markets: Towards an Extended Conceptualisation. In D. Adams, C. Watkins and M. White (Eds): Planning, Public Policy &amp; Property Markets (RICS Research), pp. 56-76. Oxford: Blackwell Publishing.
van Bouwel, J. (2005) Towards a Framework for Pluralism in Economics, issue no. 30, 21 March, article 3, http://www.btinternet.com/~pae_news/review/issue30.htm
Vatn, A. (2004), Environmental Valuation and Rationality, Land Economics, 80(1), February, pp. 1-18.
Weston, R. (2002) Towards a realist theory of market sector housing production in England. Paper presented at the European Network of Housing Research Conference Workshops, Vienna, Austria, 1-5 July.
Weston, R. (2003) Rhetoric: Methodology or Method? And Other Views from Heterodoxy. Comment on Focus article, Housing, Theory and Society, Vol. 20, No. 3, pp. 132-133.
Zahedi, F. (1986) The Analytic Hierarchy Process - A Survey of the Method and its Applications. Interfaces, 16(4) July-August, pp. 96-108.
]]></content>
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<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/towards-a-coherent-theory-of-valuation</link>
<title><![CDATA[Towards a Coherent Theory of Valuation]]></title>
<description><![CDATA[Having identified examples of problems arising from the lack of a coherent and defensible body of theory underpinning valuation, the grounding of valuation theory in economic theory and the concept of worth are briefly considered. Worth is then considered within finance theory together with the classification of risk influences. Contending that valuation theory is a subset of finance theory, the concept of worth in valuation theory is juxtaposed against that in finance theory and the extent of commonality observed. Reflecting the apparent existence of a level of commonality, further development of valuation theory as a subset of finance theory would appear worthwhile for subsequent empirical testing.
]]></description>
<content><![CDATA[Baum, A and Mackmin, D (1990) The Income Approach to Property Valuation, 3 Edition, Routledge Press, London
Baum, A and MacGregor, B (1992) The Initial Yield Revealed: Explicit Valuations and the Future of Property Investment, Journal of Property Valuation and Investment, Vol 10, pp 709-726
Brealey, R and Myers, S (1981) Principles of Corporate Finance, McGraw-Hill Book Company, New York
Brown, G (1995) Comment, Journal of Property Valuation and Investment, Vol 13, No 1, pp 3-4
Elton, EJ and Gruber, MJ (1987) Modern Portfolio Theory and Investment Analysis, John Wiley, New York
French, N and Wiseman, G (2003) The Price of Space: The Convergence of Value in Use and Value in Exchange, Journal of Property Investment and Finance, Vol 21, No 1, pp 23-30
Haugen, RA (1993) Modern Investment Theory, Prentice Hall, New Jersey
Hutchison, N and Nanthakumaran, N (2000) The Calculation of Investment Worth, Journal of Property Investment and Finance, Vol 18, No 1, pp 33-51
International Valuation Standards (2003) Sixth Edition, International Valuation Standards Committee, London
Mackmin, D and Emary, R (2000) The Assessment of Worth: The Need For Standards, Journal of Property Investment and Finance, Vol 18, No 1, 2000 pp 52-65
Mallinson, M and French, N (2000) Uncertainty in Property Valuation, Journal of Property Investment and Finance, Vol 18, No 1, pp 13-22
McParland, C, McGreal, S and Adair, A (2000) Concepts of Price, Value and Worth in the United Kingdom: Towards a European Perspective, Journal of Property Investment and Finance, Vol 18, No 1, pp 84-102
Reilly, FK (1989) Investment Analysis and Portfolio Management, The Dryden Press, Fort Worth
Roll, R and Ross, S (1984) The Arbitrage Pricing Theory Approach to Strategic Portfolio Planning, Financial Analysts Journal, May/June
Ross, SA, Westerfield, RW and Jaffe, JE (1988) Corporate Finance, Irwin, Homewood Small, G (2006) Market Theory, unpublished manuscript
TEGOVA (1997) Approved European Property Valuation Standards, Estates Gazette, London
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/towards-a-coherent-theory-of-valuation</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/property-economics-and-method-formalising-the-methodological-parameters-for-the-discipline</link>
<title><![CDATA[Property Economics and Method: Formalising the Methodological Parameters for the Discipline]]></title>
<description><![CDATA[The methodological debates within economics are reviewed. Methodology as the theory for attaining knowledge is contrasted to method. Various methods are reviewed in terms of their suitability for the discipline. Methodology as an independent science and its relationship to the other sciences is reviewed along with property economics. The limitations of the dominant methodological approach to the discipline are surveyed and related to larger movements in contemporary thought.
The tendency to rely overly on empirical method is shown to create unnecessary shortcomings. A broader approach is recommended, incorporating current methods, but covering their shortcomings is suggested.
]]></description>
<content><![CDATA[Altman, M. (1999). &quot;The Methodology of Economics and the Survivial Principle Revisisted: Some Welfare and Public Policy Implications of Modeling the Economic Agent.&quot; Review of Social Economics 57(4): 427-449.
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Boland, L. A. (1997). Critical Economic Methodology: a personal odyssey. London, Routledge.
Crespo, R. F. (1998). &quot;Is Economics a Moral Science?&quot; Markets and Morality 1(2): 201-211.
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Diaz, J., P. Gallimore, et al. (2004). &quot;Multicultural examination of valuation behaviour.&quot; Journal of Property Investment &amp; Finance 22(4/5): 339.
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Gallimore, P. and P. McAllister (2004). &quot;Expert judgement in the processes of commercial property market forecasting.&quot; Journal of Property Research 21(4): 337-360.
Gallimore, P. and M. Wolverton (2000). &quot;The objective in valuation: a study of the influence of client feedback.&quot; Journal of Property Research 17(1): 47-57.
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Jaffe, A. J. (1998). The Costs Of Ignoring Institutional Factors In International Property Research. Pacific Rim Real Estate Society Conference, Perth.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/property-economics-and-method-formalising-the-methodological-parameters-for-the-discipline</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/conceptualising-property-rights-research</link>
<title><![CDATA[Conceptualising Property Rights Research]]></title>
<description><![CDATA[Traditional legal research can be distinguished from the research approach used for property rights, which of necessity is at a jurisprudential level indistinguishable as a part of broader social sciences. Economic rights can be contrasted from legal rights permitting the identification of flawed property rights, which are a legacy of colonial history. Property rights in many post colonial common law countries evidence cultural blindness with fundamental flaws in property relationships.This extraordinary depth of research required to comprehend the complex matrix of embedded property rights requires an inter-disciplinary appreciation of colonial history, international law and the pragmatic responses of post-colonial legal regimes.
]]></description>
<content><![CDATA[(2004) &quot;Land - A tale of two countries&quot;, 297 (April) 28-29.African Business
Borsboom, Ad (1999) &quot;From Terra Nullius to Mabo: Land Rights and Self-determination in Aboriginal Australia&quot; in Toon van Meijl and Franz von Benda-Beckmann (eds) Property Rights and Economic Development: Land and Natural Resources in Southeast Asia and Oceania (London: Kegan Paul International) 208-228.
Brookfield, FM (1999) Waitangi &amp; Indigenous Rights Revolution, Law &amp; Legitimation (Auckland: Auckland University Press).
Bruun, O. and Kalland, A. (1995) &quot;Images of Nature: An Introduction to the Study of Man-Environment Relations in Asia&quot; in Ole Brunn and Anne Kalland, (eds.) Asian Perceptions of Nature: a critical approach, Nordic Institute of Asian Studies - Studies in Asian Topics, No.18 (Richmond, UK: Curzon Press Ltd) 1-24.
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de Soto, H. (2000) The Mystery of Capital (London: Black Swan Books).
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Engerman, S. and Metzer, J. (2004) &quot;Introduction&quot; in Stanley L. Engerman and Jacob Metzer (eds.) Land rights, ethno-nationality, and sovereignty in history (London: Routledge) 1-3.
Enright, C. (1991) Studying Law 4 ed. (Acton, ACT: Branxton Press) 3.
Forman, G. &amp; Kedar, A. (2004) &quot;From Arab land to &#145;Israel Lands&#39;: the legal dispossession of the Palestinians displaced by Israel in the wake of 1948&quot;, Environment and Planning D: Society and Space (22) 809-830.
Gray, K., &amp; Gray S.F. (1998) &quot;The Idea of Property in Land&quot; in S. Bright and J. Dewar (eds.) Land Law: Themes and Perspectives (Oxford: Oxford University Press) 15-51.
Greenberg, S. (2004) &quot;National Liberation, Land Reform and Civil Society in Southern Africa&quot; in Munyaradzi Saruchera (ed) Securing Land and Resource Rights in Africa: Pan-African Perspectives, (Capetown: Programme for Land and Agrarian Studies, School of Government, University of the Western Cape) 113-125.
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Kedar, A. (2002) &quot;On the legal geography of ethnocratic settler states: notes towards a research agenda&quot; in Jane Holder &amp; Carolyn Harrison (eds) Law and Geography (Oxford: Oxford University Press) 412-441.
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Kristof, N. (2000) &quot;The Filthy Earth&quot; in Nicholas Kristof &amp; Sheryl Wu Dunn (eds.) Thunder from the East: Portrait of a Rising Asia (London: Nicholas Brealey Publishing) 291-313.
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Cousins, Ben (ed) At the Crossroads: Land and Agrarian Reform in South Africa into the 21 Century 
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/conceptualising-property-rights-research</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/evaluating-the-impact-of-sustainability-on-investment-property-performance</link>
<title><![CDATA[Evaluating the Impact of Sustainability on Investment Property Performance]]></title>
<description><![CDATA[There is general agreement that environmental and social features, particularly those improving health and productivity of workers, will impact on the functionality of investment property. However there has been a range of opinions on whether this impact can currently be quantified through a valuation exercise (Lutzkendorf and Lorenz (2005), Sayce, Ellison and Smith (2004)).
This paper examines the current literature on the assessment of the impact of environmental and social characteristics on investment property. It adds to the debate on the need for advanced techniques to assess the triple bottom line and identifies the key performance indicators that require measurement. An appropriate methodology to assess the triple bottom line result is described. The paper also incorporates a triple bottom line case study assessment in Brisbane, Australia, that demonstrates the ability of the cash flow approach to assess the worth of environmental and social characteristics. In conclusion, the paper identifies the additional data and research required to assess the worth of investment property using a triple bottom line approach.
]]></description>
<content><![CDATA[Bakens, W., Fol&iacute;ente, C. and Jasuja, M. (2005) Engaging stakeholders in performance-based buildings: lessons from the Performance-Based Building Network, Building Research and Information, 33(2), pp. 149-158.
BOMA/ULI (1999) What office tenants want, BOMA/ULI Office Tenant Survey Report, ref www.boma.org, item #159-TENANT-029.
Boyd, T. P. (2003) Model consistency and data specification in property DCF studies, Australian Property Journal, November, pp. 553-559.
Cassidy, R. (2004) Corporate real estate circa 2010, Building Design and Construction, 45:6, pp. 5.
Cole, R.J. (2005) Building environmental assessment methods: redefining intentions and roles, Building Research and Information, 35(5), pp. 455-467.
CRC Construction Innovation Project 2001-11-C, (2004) The Evaluation of the Functional Performance of Commercial Buildings, Final report, CRC-CI, Brisbane.
Dorfling, M. (2004) Buildings put to the greenhouse test, The Australian, 6 May. P. 40.
Environment Australia (2003) Triple Bottom Line Reporting in Australia - A guide to reporting against environmental indicators, June, Dept of the Environment and Heritage, Commonwealth of Australia, Canberra.
Green Building Council of Australia - Green Start Rating:website -www.gbcaus.org.info (July 2006).
Griffiths, J. (2003) Sustainability appraisals - should be an intrinsic part of plan-making, Planning, Issue 1540, pp. 28.
Humphreys, M.A. (2005) Quantifying occupant comfort: are combined indices of the indoor environment practicable? Building Research and Information, 33:4, pp. 317-325.
Kats, G. (2003) The Costs and Financial Benefits of Green Buildings, Report to California&#39;s Sustainable Building Task Force, October, California.
Lutzkendorf, T and Lorenz, D (2005) Sustainable building investment: valuing sustainable buildings through performance assessment, Building Research and Information, 33(3), pp 212-234.
Ryder, T. (2003) Facing up to the future, Property Australia, Vol 18, No.4.
Sayce, S. and Ellison, L. (2003) Integrating sustainability into the appraisal of property worth: identifying appropriate indicators of sustainability, paper presented at the AREUEA conference, August 21-3, Skye, Scotland;
Sayce, S, Ellison, L. and Smith, J. (2004) Incorporating sustainability in commercial property appraisal: evidence from the UK, Australian Property Journal, August, pp. 226-233.
Stern, D.I. (1997) The capital theory approach to sustainability: A critical appraisal, Journal of Economic Issues, 31:1, pp. 145-174.
Von Paumgartten, P. (2003) The business class for high-performance green buildings: Sustainability and its financial impact, Journal of Facilities Management, 2:1, pp. 26-32.
Upstream (2003) Sustainability and the built environment - an agenda for action, RICS Report, June, London.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/evaluating-the-impact-of-sustainability-on-investment-property-performance</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/valuation-variance-of-commercial-properties-in-malaysia</link>
<title><![CDATA[Valuation Variance of Commercial Properties in Malaysia]]></title>
<description><![CDATA[This paper investigates the variance in terms of mean difference in valuation of commercial properties between Government Valuers and Private Valuers in terms of Insurance cases and between Declared values and Department&#39;s valuations in terms of Stamp Duty cases. The data consists of valuations of commercial properties (shop houses and shop offices). The findings showed that there is no significant difference between the Government Valuers&#39; valuations and the Private Valuers&#39;s valuations for Insurance purpose, and also between the Department&#39;s valuation and Transaction Price for Stamp Duty purpose. The estimated range of variance for Insurance is between -1.53% and 4.82% and for Stamp Duty is between -3.1% and 2.93%. Seventy five percent of the differences in Insurance valuations is less than 10 per cent. As for stamp duty data, sixty nine percent of the difference is less than 10 per cent. It is also found tha, there is no valuation bias, but normal random differences from the mean value in both cases.
]]></description>
<content><![CDATA[Adair, A., Hutchison, N., MacGregor, B., McGreal, S. and Nanthakumaran, N. (1996), &quot;An analysis of valuation variation in the UK commercial property market, Hager and Lord revisited&quot;, Journal of Property Valuation &amp; Investment, Vol. 14 No.5, pp. 34-47.
Bretten, J. and Wyatt, P. (2001), &quot;Variance in commercial property valuations for lending purposes: an empirical study&quot;, Journal of Property Investment &amp; Finance,Vol.19 No. 3, pp. 267-282.
Brown, G. (1985), &quot;Property investment and performance measurement: a reply&quot;, Journal of Valuation,Vol. 4 No.1, pp. 33-44.
Brown, G.R. (1992). &quot;Valuation accuracy: developing the economic issues&quot;, Journal of Property Research,Vol. 9, pp. 199-207.
Brown,G., Matysiak, G. and Shepherd, M. (1996), &quot;Valuation uncertainty and the Mallinson report&quot;,paper at the RICS Cutting Edge Conference.
Brown, G., Matysiak, G. and Shepherd, M. (1998),&quot;Valuation uncertainty and the Mallinson report, Journal of Property Research , Vol. 15, pp. 1-13.
Crosby, N. and Murdoch, S. (1997), Property valuation and the &quot;margin of error&quot;,paper at the RICS Cutting Edge Conference, London, September.
Crosby, N., Lavers, A. and Murdoch, J. (1998), &quot;Property valuation variation and the &#145;margin of error&#39; in the UK&quot;, Journal of Property Research,Vol. 15 No. 4, pp. 305-330.
Crosby, N. (2000), &quot;Valuation accuracy, variation and bias in the context of standards and expectations&quot;, Journal of Property Investment and Finance,Vol. 18 No. 2, pp. 130-161.
Hager, D. and Lord, D. (1985), The Property Market, Property Valuations and Property Performance Measurement,Institute of Actuaries, London.
Hutchison, N., MacGregor, B., Nanthakumaran, N., Adair, A. and McGreal, S. (1996), Variations in the Capital Valuations of UK Commercial Property,Research Report, Royal Institutions of Chartered Surveyors, London.
Insurance Act 1996 (Act 553), Laws of Malaysia.
Insurance Regulations 1996 ( P.U. (A) 653).
Land Acquisition Act 1960 ( Act 486), Laws of Malaysia.
IPD/Divers Jonas (2003) Variance in Valuations,Drivers Jonas, London.
Lind, A.D., Marshal, G.W., Wathen, A.S. (2005), Statistical Techniques in Business Economics, McGraw Hill.
Lizieri, C. and Venmore-Rowland, P. (1993), &quot;Valuations, prices and the market: a rejoinder&quot;, Journal of Property Research,Vol.10, pp. 77-84.
Stamp Act 1949 (Act 378), Laws of Malaysia.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/valuation-variance-of-commercial-properties-in-malaysia</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/the-accuracy-of-commercial-property-forecasting-in-australia</link>
<title><![CDATA[The Accuracy of Commercial Property Forecasting in Australia]]></title>
<description><![CDATA[Commercial property forecasting is an important component within a property investment strategy. Using the Australian Property Institute&#39;s &quot;Australian Property Directions Survey&quot;, this six-monthly survey amongst independent commercial property forecasters in Australia is used to compare commercial property forecasts with actual commercial property performance to assess the accuracy of commercial property forecasting in Australia over 1999-2005. The accuracy of this commercial property forecasting is also benchmarked against a number of alternative naive property forecasting strategies to assess the &quot;added-value&quot; of commercial property forecasting in Australia.
]]></description>
<content><![CDATA[Arora, H. and Smyth, D. (1990), &quot;Forecasting the developing world: an accuracy analysis of the IMF&#39;s forecasts&quot;, International Journal of Forecasting, Vol. 6, pp. 393-400.
Ash, J., Smyth, D. and Heraiu, S. (1990), &quot;The accuracy of OECD forecasts of the international economy&quot;, International Journal of Forecasting, Vol. 6, pp. 379-392.
Australian Property Institute (2005), Australian Property Directions Survey: April 2005. API, Sydney (and miscellaneous previous copies).
Ball, M. and Tsolacos, S. (2002), &quot;UK commercial property forecasting: the devil is in the data&quot;, Journal of Property Research, Vol. 19, pp. 13-38.
Brooks, C. and Tsolacos, S. (2001), &quot;Forecasting real estate returns using financial spreads&quot;, Journal of Property Research, Vol. 18, pp. 235-248.
Chaplin, R. (1998), &quot;An ex-post comparative evaluation of office rent prediction models&quot;, Journal of Property Valuation and Investment, Vol. 16,pp. 21-37.
Chaplin, R. (1999), &quot;The predictability of real office rents&quot;, Journal of Property Research, Vol. 16, pp. 21-49.
Chaplin, R. (2000),&quot;Predicting real estate rents: walking backwards into the future&quot;, Journal of Property Investment and Finance, Vol. 18, pp. 352-370.
Chumacero, R. (2001), &quot;Empirical analysis of systematic errors in Chilean GDP forecasts&quot;, Journal of Forecasting, Vol. 20, pp. 37-45.
DEGI (2005), Global Values: Property Investment 2005. DEGI, Frankfurt.
Gallimore, P. and McAllister, P. (2004), &quot;Expect judgement in the processes of commercial property market forecasting&quot;, Journal of Property Research, Vol. 21, pp. 337-360.
Higgins, D. (2000), &quot;Current status of forecasting the performance of Australian commercial property markets&quot;, Australian Property Journal, Vol. 36, pp. 43-49.
Higgins, D. (2001), &quot;The hidden property gamble&quot;, Property Australia, Vol. 15, pp. 37-38.
Higgins, D. (2005a), &quot;Forecasting short-term listed property trust returns&quot;, Australian Property Journal, Vol. 38, pp. 398-404.
Higgins, D. (2005b), &quot;Modelling the Australian property investment universe: a preliminary study &quot;, Pacific Rim Property Research Journal, Vol. 11, pp. 268-281.
Investment Property Forum (2005), Survey of Independent Forecasts: UK Property Investment: November 2005. IPF, London.
Jones Lang LaSalle (2004), Global Real Estate Transparency Index 2004. JLL, Chicago.
Leitch, G. and Tanner, E. (1995), &quot;Professional economic forecasts: are they worth their costs?&quot;, Journal of Forecasting, Vol. 14, pp. 143-157.
Ling, D. (2005), &quot;A random walk down Main Street: can experts predict returns on commercial real estate?&quot;, Journal of Real Estate Research, Vol. 27, pp. 137-154.
Makridakis, S., Wheelwright, S. and Hyndman, R. (1998), Forecasting Methods and Applications. John Wiley, New York.
McAllister, P., Newell, G. and Matysiak, G. (2005), Disagreement and Uncertainty in UK Property Market Forecasts. Investment Property Forum, London.
Matysiak, G. and Tsolacos, S. (2003), &quot;Identifying short-term leading indicators for real estate rental performance&quot;, Journal of Property Investment and Finance, Vol. 21, pp. 212-232.
Mitchell, P. and McNamara, P. (1997), &quot;Issues in the development and application of property market forecasting: the investor&#39;s perspective&quot;, Journal of Property Finance, Vol. 8, pp. 363-376.
Newell, G. (2005), &quot;The changing dynamics of Australian commercial property portfolios&quot;, Australian Property Journal, Vol. 38, pp. 553-558.
Newell, G. and Karantonis, A. (2003), &quot;The predictive accuracy of investor sentiment for commercial property in Australia&quot;, Journal of Financial Management of Property and Construction, Vol. 8, No.3, pp. 117-128.
O&#39;Connor, M. (1997), &quot;Going up-going down: how good are people at forecasting trends and changes in trends?&quot;, Journal of Forecasting, Vol. 16, pp. 165-176.
Parker, D., MacFarlane, J., Murray, J. and Peng, V. (2003), &quot;Forecasting property market cycles: an application of the RICS model to the Sydney CBD office market&quot;, Journal of Financial Management of Property and Construction, Vol. 8, pp. 179-191.
Property Council of Australia (2005), Australian Office Market Report: July 2005. PCA, Sydney.
Property Council of Australia/IPD (2005), Investment Performance Index: June 2005. IPD, Melbourne.
Property Investment Research (2004), Australian Property Funds Industry Survey 2004. PIR, Melbourne.
Prudential Real Estate Investors (2003), A Bird&#39;s Eye View of Global Real Estate Markets. PREI, Parsippany.
Rowland, P. and Kish, J. (2000), &quot;Decision making by property fund managers: a survey&quot;, Australian Property Journal, Vol. 36, pp. 104-111.
Stevenson, S. and McGrath, O. (2003), &quot;A comparison of alternative rental forecasting models: empirical tests on the London office market&quot;, Journal of Property Research, Vol. 20, pp. 235-260.
Tsolacos, S. (1998), &quot;Econometric modelling and forecasting of new retail developments&quot;, Journal of Property Research, Vol. 15, pp. 265-283.
UBS (2005), UBS Indices: June 2005. UBS, Sydney.
Wilson, P. and Okunev, J. (2001), &quot;Enhancing information use to improve predictive performance in property markets&quot;, Journal of Property Investment and Finance, Vol. 19, pp. 472-497.
Wilson, P., Okunev, J., Ellis, C. and Higgins, D. (2000), &quot;Comparing univariate forecasting techniques in property markets&quot;, Journal of Real Estate Portfolio Management, Vol. 6, pp. 283-306.
World Economic Forum (2005), Global Competitiveness Report: 2005-2006. WEF, Geneva.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/the-accuracy-of-commercial-property-forecasting-in-australia</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/payment-of-adequate-compensation-for-land-acquisition-in-malaysia</link>
<title><![CDATA[Payment of Adequate Compensation for Land Acquisition in Malaysia]]></title>
<description><![CDATA[Land acquisition involves the compulsory taking of land, often against the will of the landowners. The law in Malaysia requires the state to pay compensation adequately; however, adequate compensation is not defined in the statute. Historically, the courts seem to have succumbed to the pretense that the adequacy requirement may be achieved by giving sufficient monetary rewards in exchange. The questions are what monetary quantum is appropriate to constitute the constitutional mandate of adequate compensation; what should be the measure of compensation; what makes compensation adequate, and what are the tests of adequacy? A questionnaire survey was conducted among practicing valuers to discern their views with regard to the above issues. This survey revealed the views that compensation attributes under the stipulated laws are not adequate to fulfill adequate compensation notion under the spirit of Article 13 of Federal Constitution 1957. There is a need to review the heads of compensation structures by incorporating other countries practices such as payment of solatium or premium as over and above total compensation. Most of the valuers believed that land acquisition need not necessarily present the best alternative for the government to secure land for development.
]]></description>
<content><![CDATA[?, (1998), Compulsory Acquisition of Land in Malaysia - Recent Development, Journal of Valuation and Property Services, Valuation and Property Services Department, Ministry of Finance Malaysia, Vol. 2 No. 1 1999, p. 97.
?, (1998), Compulsory Acquisition of Land in Malaysia, Journal of Valuation and Property Services, Valuation and Property Services Department, Ministry of Finance Malaysia, Vol. 1 No. 1 1998, p. 71.
?, (2000), Towards an Urban Renaissance, Final Report of the Urban Task Force chaired by Lord Rogers of Riverside.
?, (2001), Compulsory Purchase and Compensation: Disregarding &#145;The Scheme&#39; - A Discussion Paper, Law Commission, UK, October 2001.
?, (2002), Assessment of Compensation, Land Information, New Zealand, 1 July 2002.
Aggarawalla Om Prakash, (1981), Compulsory Acquisition of Land in India, 4th Edition, The University Book Agency, Allahabad.
Altman, J., (1985), Report on the Review of the Aboriginal Benefit Trust Account in the Northern Territory Land Rights Legislation, AGPS, Canberra.
Altman, J., (1998), Compensation for Native Title: The Land Rights Lessons for an Effective and Fair Regime, Land Rights, Laws: Issues of Native Title, Issues Paper No. 20, Native Title Research Unit, AIATSIS, Canberra.
Bell, M., (1980), Taking Justice Seriously: Rawls&#39;, Utilitarianism and Compensation, 3 Urban Law and Policy 23.
Brown, D., (1991), Land Acquisition, 3 Edition, Butterworths: Sydney.
Buang, S.,(1993), Compulsory Land Acquisition, Central Law Book Corporation Bhd. Kuala Lumpur.
Calandrillo, S.P., (2003), Eminent Domain Economics: Should &#145;Just Compensation&#39; be Abolished, and Would &#145;Taking Insurance&#39; Work Instead?, Ohio State Law Journal, Vol. 64:451, 2003.
Cane, P., (1988), Atiyah&#39;s Accident, Compensation and Law, Weidenfeld and Nicholson, London, 5th Ed., Chap. 22.
Chan, N., (2003), Land Acquisition Compensation in China - Problems and Answers, International Real Estate Review, Vol 6 No. 1: pp 136-152.
Cruden, C.N., (1986), Land Compensation and Valuation Law in Hong Kong, Butterworths: Singapore.
Cullingworth, J.B., (1980), Environmental Planning, Vol. IV, (HMSO 1980), p. 185.
Davies, K., (1984), Law of Compulsory Purchase and Compensation, Fourth Edition, London: Butterworth.
Denver-Green, B., (1989), Compulsory Purchase and Compensation, Third Edition, The Estate Gazette Limited
Denver-Green, B., (1994), Compulsory Purchase and Compensation, 4 Edition, The Estate Gazette Limited
DETR. Inter Departmental Working Group on Blight. Final Report. December 1997.
Dillman, D.A., (1991), Mail and Telephone Surveys: The Total Design Method, 2 Ed, New York: Wiley Interscience.
Dowdy, H et al (1998), Suitable Recompense? The operation of the compensation and compulsory purchase system in the UK - a comparative study, London: RICS.
Dundas, I.H.M &amp; Evans W.M., (2001), Review of Compulsory Purchase and Compensation, Scottish Executive Central Research Unit.
Eaton, J.D., (1995), Real Estate Valuation in Litigation, 2 Edition, Appraisal Institute.
Elliot, W.A., (1977), The Scope for General Principle&#39;s Legislation, in Proceeding of the 5th Commonwealth Law Conference, London.
Epstein, R.A., (1985), Takings: Private Property and the Power of Eminent Domain, Cambridge: Harvard University Press.
Farrier, D., McAuslan, P., (1975), Compensation, Participation and Compulsory Acquisition of Homes, in Compensation for Compulsory Purchase: A Comparative Study, Garner J.F. (ed.), United Kingdom National Committee of Comparative Law, London.
Ghosh, A., (1973), The Land Acquisition Act 1894-Law of Compulsory Acquisition and Compensation, Sixth Edition, Eastern Law House.
Gordon, N.C., (1986), Land Compensation and Valuation Law in Hong Kong, Singapore: Butterworths.
Graham, L. Fricke (1984), Compulsory Land Acquisition in Australia, Law Book Co. Limited.
Jain, M.P. &amp; Xavier G., (1996), Compulsory Acquisition in Malaysia, 2 MLJ xxix.
Khublal, N., (1994), Compulsory Land Acquisition- Singapore and Malaysia, 2 Edition, Butterworth Asia.
Knetsch, J.L., (1983), Property Rights and Compensation, Butterworth &amp; Co. Ltd, Canada, Chap. 4.
Levitus, R., (1999), Local Organisations and the Purpose of Money, in J. Altman, F. Morphy &amp; T Rowse (eds), Land Rights at Risk? Evaluation of the Reeves Report, CAEPR Research Monograph No. 14 CAEPR, ANU, Canberra.
McAuslan, P., (1980), Ideologies of Planning Law, Pergamon Press, London, Chap. 4.
McGregor, H., (1988), McGregor on Damages, Sweet &amp; Maxwell, London.
Michaelman, F., (1980), Property Utility and Fairness: Comments on the Ethical Foundations of Just Compensation&#39;s Law, 80 Harv.Rev.1165
Murray, J.F., (1971), Principles and Practice of Valuation, Commonwealth Institute of Valuers, 4th Edition.
Newcombe, A.P., (1999), Regulatory Expropriation, Investment Protection and International Law: When Is Government Regulation Expropriatory and When Should Compensation Be Paid?, Master of Laws Thesis, Faculty of Law, University of Toronto, Unpublished.
Omar and Ismail, (2005), Discrepancies in Defining Adequate Compensation in Land Acquisition: A Case Study in Malaysia, 1 REER Conference and General Meeting, UTM City Campus, K.Lumpur, 6-7 September 2005.
Parish, H., (1990), Cripps on Compulsory Acquisition of Land, Steven &amp; Sons Ltd, London, 11th Edition, para. 4-002
Ramachandran, V.G., (1979), Law of Land Acquisition and Compensation 2, 6th Edition, Eastern Book Co.
Rawls, J., (1958), Justice as Fairness, 67 Phil. Rev. 164.
Rawls, J., (1971), A Theory of Justice, Harvard University Press, p. 22.
Robson, C., (1993), Real World Research, Oxford, Blackwell.
Root, D. &amp; Blimass N., (2003), Increasing Questionnaire Responses From Industry: Practices Surrounding the Use of Postal Questionnaire, ARCOM, 19 Annual Conference, September 2003, Volume 2, p.623.
Rowan-Robinson, J. &amp; Lloyd, M.G., (1988), Land Development and Infrastructure Lottery, T&amp;T Clark, London.
Rowan-Robinson, J., (1990), Compulsory Purchase and Compensation: The Law in Scotland, W-Green, Edinburgh.
Royal Institution of Chartered Surveyors, (1995), Compensation for Compulsory Acquisition, RICS, London.
Teo, K.S. &amp; Khaw, L.T., (1995), Land Law in Malaysia - Cases and Commentary, 2 Ed. Butterworths.
Usilappan, M., (1997), Land Acquisition Act 1960: The 1997 Amendments, The Surveyors, 2 Quarterly 1997.
Usilappan, M., (2000), Issues Affecting Land Acquisition in the Context of National Development, Valuation and Property Services Department, Ministry of Finance Malaysia, Unpublished.
Xavier, G., (1995), The Land Acquisition (Amendment) Act 1991, 1 MLJ xxxi.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/payment-of-adequate-compensation-for-land-acquisition-in-malaysia</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/the-risk-and-return-profile-of-asian-real-estate-stocks</link>
<title><![CDATA[The Risk and Return Profile of Asian Real Estate Stocks]]></title>
<description><![CDATA[This research examines the risk and return profile of Asian real estate stocks from an American investor&#39;s point of view. Our results indicate that Asian real estate security markets have not produced high levels of compound returns relative to the US REIT and UK real estate stock markets since the 90&#39;s. They have also experienced a higher level of volatility compared to their USA and UK counterparts. Asset allocations using meanvariance optimization are difficult to carry out, as many of the Asian property stock markets are not normally distributed. In addition, Asian real estate stocks have been able to provide diversification benefits in international investing that includes the US and UK security portfolios. However, the case for separate allocations to international real estate is weakened by the high correlations that are found in Asian markets between the real estate stock and broader market indexes.
]]></description>
<content><![CDATA[Asabere, P., R. Kleiman and C. McGowan (1991), The Risk-Return Attributes of International Real Estate Equities. Journal ofReal Estate Research, 6(2), 143-151.
Berkaert, C., C.B. Erb, C.R. Harvey and T.E. Viskanta (1997), What Matters for Emerging Equity Market Investments. Emerging Markets Quarterl17-46.
Bond, S., A. Karolyi and A. Sanders (2003), International Real Estate Returns: a Multifactor, Multicountry Approach. Real Estate Economics, 31(3): 481-500.
Chau, K.W., B. MacGregor and G. Schwann (2001), Price Discovery in the Hong Kong Real Estate Market. Journal of Property Research, 18(3): 187-216.
Conover, M., Friday, S. and S. Sirmans (2002), Diversification Benefits from Foreign Real Estate Investments. Journal ofReal Estate Portfolio Management 8(1): 17-26.
Eaker, M., Grant D, and Woodard, N. (2000), Realized Rates of Return in Emerging Equity Markets. Journal of Portfolio Management, 26(3), 41-49.
Eichholtz, P. (1996), Does International Diversification Work Better for Real Estate than for Stocks and Bonds? Financial Analysts Journal, 52(1): 56-62.
Forbes, K. and R. Rigobon (2002), No Contagion, only Interdependence: Measuring Stock Market Co-movements, Journal of Finance, 57(5): 2223-61.
Garvey, R., Santry, G. and S. Stevenson (2001), The Linkages Between Real Estate Securities in the Asia-Pacific. Pacific Rim Property Research Journal 7(4): 240-258.
Gordon, J. and T. Canter (1999), Institutional Real Estate Securities: a Test of Capital Markets Integration. Journal ofReal Estate Portfolio Management 5(2): 161-170.
Hartzell, D, Shulman, D.G. and Wurtzebach, C H (1987), Refining the Analysis of Regional Diversification for Income-Producing Real Estate. Journal of Real Estate Research, 2(2), 85-86.
Hu, J. and Mei, J. P. (1999), The Return and Risk of Emerging Markets Property Stock Indexes. Emerging Markets Quarterly, 3(1), 10-21.
Kallberg, J.G., Liu, C.H. and Pasquariello, P. (2002), Regime Shifts in Asian Equity and Real Estate Markets, Real Estate Economics, 30(2), 263-292
Liow, K. H. (2000), The Dynamics of the Singapore Commercial Property Market. Journal of Property Research, 17(4): 279-292.
Liow, K. H. (2001a), The Long-Term Investment Performance of Singapore Real Estate and Property Stocks. Journal of Property Investment and Finance 19(2): 156-174.
Liow, K. H. (2001b), The Abnormal Return Performance of Singapore Property Companies. Pacific Rim Property Research Journal, 7(2): 104-112.
Lu, K., and Mei, J P (1999), The Return Distributions of Property Shares in Emerging Markets. Journal of Real Estate Portfolio Management, 5(2), 145-160.
Newell, G. and P. Acheampong (2001), The Dynamics of the Australian Property Trust Market Risk and Correlation Profile. Pacific Rim Property Research Journal, 7(4): 259-270.
Newell, G. and K. W. Chau (1996), Linkages Between Direct and Indirect Property Performance in Hong Kong. Journal of Property Finance, 7(4): 9-29.
Newell, G. and J. MacFarlane (1996), What Does Property Trust Performance Tell Us About Commercial Property Returns? Australian Land Economics Review 2(1): 10-18.
Ross, T. A., and J. R. Webb (1985), Diversification and Risk in International Real Property Investment: An Empirical Study. International Property Investment Journal, 2(3), 359-377.
Steinert, M. and S. Crowe (2001), Global Real Estate Investment: Characteristics Portfolio Allocation and Future Trends. Pacific Rim Property Research Journal, 7(4): 223-239.
Wilson, P. and R. Zurbruegg (2003), International Diversification of Real Estate Assets: Is it Worth It? Evidence from the Literature, Journal of Real Estate Literature, 11(3): 259-278.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume12-2006/the-risk-and-return-profile-of-asian-real-estate-stocks</guid>
<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/the-influence-of-vintage-on-house-value</link>
<title><![CDATA[The Influence of Vintage on House Value]]></title>
<description><![CDATA[This research provides a significant step towards understanding the relationship between house vintage and value. This study analyses residential sales transactions in New Zealand using hedonic pricing models and uncovers evidence that a home&#39;s vintage is a commodity that commands price premiums or discounts. Vintage is found to have a nonlinear influence on sales price and this relationship differs from market to market. In particular, wealthier markets witness a greater vintage effect, with turn-of-the-century homes realising 15% price premiums over new homes. In contrast, less wealthy markets tend to apply discounts of 20% to 40% to houses of the same vintage.
]]></description>
<content><![CDATA[Anderson, P. F. et al. (1988) in Bennett, P. D. (ed.), Dictionary of Marketing Terms, Chicago: American Marketing Association.
Arnott, R., Davidson, R. and Pines, D. (1983) Housing Quality, Maintenance and Rehabilitation, The Review of Economic Studies, 50 (3), pp. 467-494.
Bates, D. M. and Watts, D. G. (1988) Nonlinear Regression Analysis and its Applications, New York: Wiley.
Chinloy, P. (1980) The Effect of Maintenance Expenditures on the Measurement of Depreciation in Housing. Journal of Urban Economics, 8, pp. 86-107.
Clapp, J. M. and Giaccotto, C. (1998) Residential Hedonic Models: A Rational Expectations Approach to Age Effects. Journal of Urban Economics, 44, pp. 415-437.
Epley, D. R. (1990) The Concept and Market Extraction of Effective Age for Residential Properties. Journal of Real Estate Research, 5 (1), pp. 41-52.
Do, A. Q. and Grudnitski, G. (1993) A Neural Network Analysis of the Effect of Age on Housing Values. Journal of Real Estate Research, 8 (2), pp. 253-264.
Fisher, I. (1906) The Nature of Capital and Income, New York: Kelly.
Goodman, A. C. and Thibodeau, T. G. (1995) Age-Related Heteroskedasticity in Hedonic House Price Equations. Journal of Housing Research, 6 (1), pp. 25-42.
Goodman, A. C. and Thibodeau, T. G. (1997) Age-Related Heteroskedasticity in Hedonic House Price Equations: An Extension. Journal of Housing Research, 8 (2), pp. 299-317.
Goodman, A. C. and Thibodeau, T. G. (1998) Dwelling Age Heteroskedasticity in Repeat Sales House Price Equations. Real Estate Economics, 26 (1), pp. 151-171.
Guasch, J. L. and Marshall, R. C. (1985) Age of Rental Housing Units and Vacancy Characteristics: A Filtering Explanation. Regional Science and Urban Economics, 15, pp. 403-419.
Hall, R. E. (1968) Technical Change and Capital from the Point of View of the Dual. The Review of Economic Studies, 35, pp. 35-46.
Hall, R. E. (1971) &#145;The Measurement of Quality Change from Vintage Price Data&#39; in Griliches, Z. (ed.), Price Indexes and Quality Change: Studies in New Methods of Measurement, Cambridge: Harvard University Press.
Hayes, A. F. and Cai, L. (2006) Using Heteroscedasticity-Consistent Standard Error Estimators in OLS Regression: An Introduction and Software Implementation. Working paper, Ohio State University.
Knight, J. R. and Sirmans, C. F. (1996) Depreciation, Maintenance, and Housing Prices. Journal of Housing Economics, 5, pp. 369-389.
Long, J. S. and Ervin, L. H. (2000) Using Heteroscedasticity Consistent Standard Errors in the Linear Regression Model. The American Statistician, 54 (3), pp. 217-224.
Lowry, I. S. (1960) Filtering and Housing Standards, A Conceptual Analysis. Land Economics, 35, pp. 362-370.
Malpezzi, S., Ozanne, L. and Thibodeau, T. G. (1987) Microeconomic Estimates of Housing Depreciation. Land Economics, 63 (4), pp. 372-385.
Margolis, S. E. (1981) Depreciation and Maintenance of Houses. Land Economics, 57 (1), pp. 91-105.
Muth, R. F. (1973) A Vintage Model of the Housing Stock. Papers of the Regional Science Association, 30, pp. 141-156.
Randolph, W. C. (1988) Estimation of Housing Depreciation: Short-Term Quality Change and Long-Term Vintage Effects. Journal of Urban Economics, 23, pp. 162-178.
Rubin, G. M. (1993) Is Housing Age a Commodity? Hedonic Price Estimates of Unit Age. Journal of Housing Research, 4 (1), pp. 165-184.
Sabella, E. M. (1974) Determining the Relationship between a Property&#39;s Age and its Market Value. Assessors Journal, January, pp. 81-85.
Sabella, E. M. (1975) The Effect of Age on Change in Property Value. Assessors Journal, April, pp. 3-6.
Sirmans, G. S., Macpherson, D. A. and Zietz, E. N. (2005) The Composition of Hedonic Pricing Models. Journal of Real Estate Literature, 13 (1), pp. 4-43.
U.S. Department of Housing and Urban Development (1990) American Housing Survey.Washington, D.C.: U.S. Department of Housing and Urban Development.
Waddell, P., Berry, B. and Chung, K. (1996) Variations in Housing Price Depreciation: The &quot;Taste for Newness&quot; Across Heterogeneous Submarkets. Urban Geography, 17 (3), pp. 269-280.
White, H. (1980) A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity. Econometrica, 48 (4), pp. 817-838.
]]></content>
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<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume12-2006/residential-living-structure-as-a-basis-for-the-spatial-delineation-of-residential-submarkets</link>
<title><![CDATA[Residential Living Structure as a Basis for the Spatial Delineation of Residential Submarkets]]></title>
<description><![CDATA[Whilst it is generally accepted that residential submarkets exist, this is not the case for either a definition or delineation of residential submarkets. There is a need to incorporate a full range of property attributes (including structural, environmenta, and socioeconomic) describing all dwellings in the study area in order to provide an understanding of the whole residential structure in which submarkets reside. This paper proposes the derivation of a residential living structure (RLS) to achieve this. Principal Component Analysis (PCA) is used to derive the underlying RLS from a wide range of variables including age, size, building construction, house condition, amenity, accessibility to various services and the CBD, together with a range of socio-economic variables. Altogether 65 variables were collected for each of the approximate 440,000 residential properties in the study area. The results presented in this paper reveal 15 underlying components of the RLS in the metropolitan area of Adelaide, South Australia explaining 74% of the variation in the original data. This study extends the existing work in this area by including a wide range of property attributes for all properties in the study area and by establishing the resulting principal components as a set of comprehensive and independent surrogate property characteristics as a basis for further submarket analysis.
]]></description>
<content><![CDATA[ABS (2001), Australian Bureau of Statistics, Census of Population and Housing, 2001 Census Community Profile Series. South Australia.
Adair, A., Berry, J. and McGreal, W. S. (1996), Hedonic Modelling, housing submarkets and residential valuation, Journal of Property Research, 13, 67-83.
Barker, K. (2004), Review of Housing Supply Delivering Stability: Securing our Future Housing Needs (Final Report - Recommendations), HM Treasury, London.
Bourassa, S., Hameling, F., Hoesli, M. and Mcgregor, B. (1999), Defining Housing Submarkets, Journal of Housing Economics, 8, 160-183.
Bourassa, S. C., Hoesli, M. and Peng, V. S. (2002), Do Housing Sub-Markets Really matter?, http://cura.osu.edu/research/roundtables/data/Bourassapaper.PDF, 05/09/2006.
Can, A. and Megbolugbe, I. (1997), Spatial Dependence and House Price Index Construction, Journal of Real Estate Finance and Economics, 14, 203-222.
Chhetri, P., Stimson, R. and Western, J. (in press), Modelling the Factors of Neighbourhood Attractiveness Reflected in Residential Location Decision Choices, Policies and Applications, Studies in Regional Science.
Costello, G. (2004) Price Discovery and Information Diffusion in the Perth Housing Market 1988 - 2000, PhD Thesis, In Business School, University of Western Australia, Perth.
Eckert, J. (Ed.) (1990) Property Appraisal and Assessment Administration, International Association of Assessing Officers.
Evans, A. (1995), The Property Market: Ninety Per Cent Efficient?, Urban Studies, 32, 529.
Field, A. (2005) Discovering Statistics Using SPSS, SAGE Publications, London.
Figueroa, R. A. (1999), Modelling the Value of Location in Regina Using GIS and Spatial Autocorrelation Statistics, Assessment Journal, 6, 29-38.
Fletcher, M., Gallimore, P. and Mangan, J. (2000), The modelling of housing submarkets, Journal of Property Investment &amp; Finance, 18, 473-487.
Gallimore, P., Fletcher, M. and Carter, M. (1996), Modelling the Influence of Location on Value, Journal of Property Valuation and Investment, 14, 6-19.
Galster, G. (1996), William Grigsby and the Analysis of Housing Sub-markets and Filtering, Urban Studies, 33, 1797-1805.
GISCA (2002), An Index of Metropolitan Accessibility for Adelaide, South Australia, The University of Adelaide,
Goodman, A. and Thibodeau, T. (2003), Housing market segmentation and hedonic prediction accuracy, Journal of Housing Economics, 12, 181-201.
Grigsby, W. (1963) Housing Markets and Public Policy, University of Pennsylvania Press.
Hair, J., Anderson, R., Tatham, R. and Black, W. (1992) Multivariate Data Analysis with readings, Maxwell Macmillan.
Jones, C., Leishman, C. and Watkins, C. (2004), Intra-Urban Migration and Housing Submarkets: Theory and Evidence, Housing Studies, 19, 269-283.
Kestens, Y., Theriault, M. and Des Rosiers, F. (2002) House Prices and Environmental Quality: Combining GIS, Image Analysis and Hedonic Modelling, Sixth Annual Integrating GIS/CAMA 2002 conference, Reno, Nevada.
Kline, P. (1994) An Easy Guide to Factor Analysis, ROUTLEDGE.
Lockwood, A. (2003) Analytical Derivation of Residential Real Estate Sub-Market Group Boundaries., Masters Dissertation in Spatial Information Science, In Discipline of Geography and Environmental Studies, The University of Adelaide, Adelaide.
Maclennan, D. and Tu, Y. (1996), Economic Perspectives on the structure of Local Housing Systems, Housing Studies, 11, 387-405.
McCluskey, W. J., Deddis, W. G. and Lamont, I. G. (1999) The Application of Surface Generated Interpolation Models for the Prediction of Residential Property Values, The Cutting Edge, RICS,
McCluskey, W. J., Deddis, W. G. and Lamont, I. G. (2002) The Application of Spatially Derived Location Factors within a GIS environment, PRRES conference, Christchurch, New Zealand.
Meen, D. and Meen, G. (2003), Social Behaviour as a Basis for Modelling the Urban Housing Market: A Review, Urban Studies, 40, 917-935.
Meen, G. (2001) Modelling Spatial Housing Markets. Theory, Analysis and Policy, Kluwer Academic Publishers.
Pryce, G. (2004), The Micro and Macro Effects of the Location of New Housing Supply, Office of the Deputy Prime Minister, London.
Reed, R. (2001), The Significance of Social Influences and Established Housing Values, Australian Property Journal, May 2001, 524-527.
Rossini, P. and Kershaw, P. (2005) Using a Hybrid Automated Valuation Model to Estimate Capital and Site Values, Eleventh Annual Pacific-Rim Real Estate Society Conference, Melbourne, Australia.
Rothenberg, J., Galster, G., Butler, R. and Pitkin, N. (1991) The Maze of Urban Housing Markets, University of Chicago Press.
Schnare, A. and Struyk, R. (1976), Segmentation in Urban Housing Markets, Journal of Urban Economics, 3, 146-166.
Tabachnick, B. and Fidell, L. (1989) Using Multivariate Statistics, Harper &amp; Row, New York.
Thrall, G. I. (2002) Business Geography and New Real Estate Market Analysis, Oxford.
Watkins, C. (1999), Property Valuation and the Structure of Urban Housing Markets, Journal of Property Investment &amp; Finance, 17, 157-175.
Watkins, C. (2001), The Definition and Identification of Housing Submarkets, Environmental and Planning A, 33, 2235-2253.
]]></content>
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<pubDate>31 Dec 2005 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/focus-liquidity-and-firm-value-an-empirical-study-of-listed-property-trusts-in-australia</link>
<title><![CDATA[Focus, Liquidity and Firm Value: An Empirical Study of Listed Property Trusts in Australia]]></title>
<description><![CDATA[The relationship between corporate focus and firm value is frequently discussed in the financial literature. Most often, focused companies are valued at a premium in comparison to diversified firms. In this study, focus within a single line of business, rather than across multiple businesses, is analysed. An unbalanced panel dataset covering 39 Australian non-stapled Listed Property Trusts (LPTs) from 1992 through 2003 is observed. Focus over property type (retail, office, industrial and hotel) is significantly positively related to LPT value, while the corresponding connection measured over geographical regions is negative. After dividing the time period into two sub-periods (a) 1992&#150;1997 and (b) 1998&#150;2003, the significance disappears for property type focus over the second period, but remains for the first period. Focus over regions is negatively related to value for both sub-periods. These relationships remain after controlling for share market liquidity, with dollar trading volume used as a proxy.
]]></description>
<content><![CDATA[Amihud, Y. and Lev, B. (1981), Risk reduction as managerial motive for conglomerate mergers. Bell Journal of Economics, 12, 605&#150;617.
Amihud, Y. and Mendelson, H. (1988), Liquidity and asset prices: financial management implications. Financial Management, 17(1), 5&#150;15.
Benveniste, L., Capozza, D. and Seguin, P. (2001), The value of liquidity. Real Estate Economics, 29(4), 633&#150;660.
Berger, P. and Ofek, E. (1995), Diversification&#39;s effect on firm value. Journal of Financial Economics, 37(1), 39&#150;65.
Bernstein, P.L. (1987), Liquidity, stock markets, and market makers. Financial Management, Summer, 16(2), 54&#150;62.
Capozza, D. and Lee, S. (1995), Property type, size and REIT value. Journal of Real Estate Research, 10(4), 363&#150;379.
Capozza, D. and Seguin, P. (1999), Focus, transparency and value: the REIT evidence. Real Estate Economics, 27(4), 587&#150;619.
Chandler, A. (1977), The Visible Hand. Belknap Press, Cambridge, MA.
Clayton, J. and MacKinnon, G. (2001), Explaining the discount to NAV in REIT pricing: noise or information. Real Estate Research Institute, Working Paper.
Comment, R. and Jarrell, G.A. (1995), Corporate focus and stock returns. Journal of Financial Economics, 37(1), 67&#150;87.
Cronqvist, H., H&ouml;gfeldt, P. and Nilsson, M. (2001), Why agency costs explain diversification discounts. Real Estate Economics, 29(1), 85&#150;126.
Fama, E. and French, K. (1992), The cross-section of expected stock returns. The Journal of Finance, 47(2), 427&#150;465.
Ferris, S. and Sarin, A. (1997), Security Analysis and Corporate Diversification, Working paper, University of Santa Clara, Santa Clara, CA.
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Hirschman, A. (1964), The paternity of an index. American Economic Review, 54(5), 761.
Hoesli, M. and MacGregor, B. (2000), Property Investment &#150; Principles and Practice of Portfolio Management, Addison Wesley Longman.
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Ippolito, R. (1989), Efficiency with costly information: a study of mutual fund performance - 1965&#150;1984. Quarterly Journal of Economics, 104(1), 1&#150;23.
Jensen, M. and Murphy, K. (1990), Performance pay and top management incentives. Journal of Political Economy, 98(2), 225&#150;244.
Kallberg, J., Liu, C. and Srinivasan, A. (2003), Dividend pricing models and REITs. Real Estate Economics, 31(3), 435&#150;450.
Kishore, R. (2000), What does the discount premium trading of listed property trusts shares tell us? Pacific Rim Real Estate Society (PRRES) Conference 2000, Sydney.
Lang, L. and Stulz, R. (1994), Tobin&#39;s q, corporate diversification, and firm performance. The Journal of Political Economy, 102(6), 1248&#150;1280.
Lewellen, W. (1971), A pure financial rationale for the conglomerate merger. The Journal of Finance, 26(2), 521&#150;537.
Martin, J. and Sayrak, A. (2003), Corporate diversification and shareholder value: a survey of recent literature. Journal of Corporate Finance, 9(1), 37&#150;57.
Montgomery, C. (1994), Corporate diversification. Journal of Economic Perspectives, 8(3), 163&#150;178.
Schleifer, A. and Vishny, R. (1989), Managerial entrenchment, the case of manager specific investments. Journal of Financial Economics, 25(1), 123&#150;139.
Schleifer, A. and Vishny, R. (1990b), The takeover wave of the 1980s. Science, 249 (4970), 745&#150;749.
Servaes, H. (1996), The value of diversification during the conglomerate merger wave. Journal of Finance, 51(4), 1201&#150;1225.
Stein, J. (1997), Internal capital markets and the competition for corporate resources. The Journal of Finance, 52(1), 111&#150;133.

]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/focus-liquidity-and-firm-value-an-empirical-study-of-listed-property-trusts-in-australia</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/relationship-between-the-shanghai-and-hong-kong-property-stock-markets</link>
<title><![CDATA[Relationship Between the Shanghai and Hong Kong Property Stock Markets]]></title>
<description><![CDATA[This paper examines whether the Shanghai and Hong Kong property stock markets are closely related in the period 1993&#150;2003. As two economically promising cities in Asia, Hong Kong and Shanghai are held tightly together, by social, cultural and business ties. Therefore, it is important for international real estate investors, who want to enter China markets, to understand the relationships between the two markets in order to develop the right investment strategy. In this research, we analyse risk-return performance and the dynamic relationships between these two markets. Furthermore, we employ cointegration with structural break, errorcorrection model (ECM) and Generalised Autoregressive Conditional Heteroscedasticity (GARCH) models to the property stock data of the two markets. The empirical results suggest strong evidence of long-run and short-run relationships between the two markets.
]]></description>
<content><![CDATA[Acton, M. and Poutasse, D. (1997), The correlation of publicly and privately traded real estate. Real Estate Finance, 14(2), pp.13&#150;19.
Barkham, R. and Geltner, D. (1995), Price discovery in American and British property markets. Real Estate Economics, 23(1), pp.21&#150;44.
Bond, S., Karolyi, A. and Sanders, A. (2003), International real estate returns: a multifactor, multicountry approach. Real Estate Economics, 31(3), pp. 481&#150;500.
Brown, G. and Chau, K.W. (1997), Excess returns in the Hong Kong commercial real estate market. Journal of Real Estate Research, 14(1/2), pp. 91&#150;105.
Chen, Y. and Su, Y. (1998), An examination into market segmentation in the Chinese stock market. Advances in Pacific Basin Financial Markets, 4, pp. 49&#150;70.
Engle, R. and Granger, C. (1987), Co-integration and error correction: representation, estimation and testing. Econometrica, 55, pp. 251&#150;276.
Eun, G. and Shum, S. (1989), International transmission of stock markets movements. Journal of Financial and Quantitative Analysis, 24, pp. 241&#150;56.
Garvery, R., Santry, G. and Stevenson, S. (2001), The linkage between real estate securities in the Asia Pacific. Pacific Rim Property Research Journal, 7(4), pp. 240&#150;258.
Giliberto, M. (1990), Equity REITs and portfolio diversification. Journal of Real Estate Research, 5, pp. 259&#150;64.
Granger, C. (1981), Some properties of time series data and their use in econometric model specification. Journal of Econometrics, 16, pp. 121&#150;130.
Gyourko, J. and Keim, D. (1992), What does the stock market tell us about real estate returns? Journal of the American Real Estate and Urban Economics Association, 20(3), pp. 457&#150;485.
Gyourko, J. and Keim, D. (1993), Risk and return in real estate: evidence from a real estate stock index. Financial Analysts Journal, September, pp. 39&#150;46.
Jones Lang Wootton (1995), Direct and Indirect Property: Close Relations? Jones Lang Wootton Research, Sydney.
Karolyi, G. (1995), A multivariate GARCH model of international transmission of stock returns and volatility: the case of United States and Canada. Journal of Business and Economic Statistics, 13(1), pp. 11&#150;25.
Liow, K.H. (1998), Singapore commercial real estate and property equity markets: close relations? Real Estate Finance, Spring, pp. 63&#150;71.
Liow, K.H. (2001), The long-term investment performance of Singapore real estateand property stocks. Journal of Property Investment &amp; Finance, 19(2), pp. 156&#150;174.
Lizieri, C. and S. Satchell (1997), Interactions between property and equity markets: an investigation of linkages in the United Kingdom 1972&#150;1992. Journal of Real Estate Finance and Economics, 15(1), pp.11&#150;26.
Myer, F. and Webb, J. (1993), Return properties of equity REITs, common stocks, and commercial real estate: a comparison. Journal of Real Estate Research, 8(1), pp. 87&#150;106.
Newell, G. and MacFarlane, J. (1995), Linkages between property trusts performance and property market returns. First International Real Estate Society Conference, Stockholm, 1995.
Newell, G. and Chau, K.W. (1996), Linkage between direct and indirect property performance in Hong Kong. Journal of Property Finance, 7(4), pp. 9&#150;29.
Ng., V.K., Chang, P.R. and Chou, R.Y. (1991), An examination of the behaviour of Pacific-Basin stock market volatility. Pacific-Basin Capital Market Research, Elsevier.
Ong, S.E. (1995), Singapore real estate and property stock - a cointegration test. Journal of Property Research, 12(1), pp. 29&#150;39.
Steinert, M. and Crowe, S. (2001), Global real estate investment: characteristics, portfolio allocation and future trends. Pacific Rim Property Research Journal, 7(4), pp. 223&#150;239.
Theodossiou, P. and Lee, U. (1993), Mean and volatility spillovers across major national stock markets: further empirical evidence. Journal of Financial Research, 16, 337&#150;350.
Tse, R. (2001), Impact of property prices on stock prices in Hong Kong, review of pacific basin financial markets and policies. World Scientific Publication, 4(1), pp. 29&#150;43.
Walker, A., Chau, K. and Lai, L. (1995), Hong Kong in China: Real Estate in the Economy. Brooke Hillier Parker Research, Hong Kong, 1995.
Worzala, E. and Sirmans, C.F. (2003), Investing in international real estate stocks: a review of the literature. Urban Studies, 40(5&#150;6), pp. 1115&#150;1149.
Wo, C. (1997), Chinese dual-class equities: price differentials and information flows. Emerging Markets Quarterly, Summer 1997, pp. 47&#150;62.
]]></content>
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<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/an-analysis-of-the-sydney-prestige-waterfront-property-market-19912002</link>
<title><![CDATA[An Analysis of the Sydney Prestige Waterfront Property Market: 1991&#150;2002]]></title>
<description><![CDATA[Prestige residential property is a relatively small property sector; however, it attracts considerable attention due to the relatively high prices paid. This paper will examine the prestige Sydney Harbour front residential property market to determine if this small, but significant, property sector has performed in a similar way to the residential property markets directly adjoining, as well as the general property market in Sydney.
The study will be based on the analysis of waterfront and waterfront reserve single residential and strata title unit sales transactions over the period 1991&#150;2002. Comparisons will be made in relation to average annual capital growth, volatility of average annual capital growth and a correlation analysis of these average annual returns will be undertaken to determine if these specific residential property markets have performed in a similar manner to other residential property markets in Sydney.
]]></description>
<content><![CDATA[Allen, J. (1996), The Real Estate Yearbook-1996. Allan Consulting Pty Ltd. Sydney.
Allen, J. (1999), The Real Estate Yearbook-1999. Allan Consulting Pty Ltd. Sydney.
Allen, J. (2003), The Real Estate Yearbook-2003. Allan Consulting Pty Ltd. Sydney.
Bond, M., Seiler, V. and Seiler, M. (2002), Residential real estate prices: a room with a view. Journal of Real Estate Research, 23:1/2, pp. 129&#150;137.
10 Pacific Rim Real Estate Society Conference 
Crooks, E. and Despeignes, P. (2002), Hot property: rising house prices have come to the aid of the world economy. Financial Times, 22 June, pp. 12.
Darling, A. (1973), Measuring benefits generated by urban water parks. Land Economics, 49:1, pp. 22&#150;34.
Eves, C. and Wills, P. (1998), Introduction to real estate sales. CALE Study Guide.
Eves, C. and Wills, P. (2003), The true cost and performance of individual residential property investment. Pacific Rim Real Estate Society 9th Annual Conference, 19&#150;22 January 2003, Brisbane, Australia.
Gillard, Q. (1981), The effect of environmental amenities on house values: the example of a view lot. Professional Geographer, 33, pp. 216&#150;220.
Khatri, M. (2003), Housing market in Europe. European Alert, November, p. 6, European Society of Chartered Surveyors, Brussels.
Newell, G. and Smith, B. (1989), The marketing of the Sydney harbour residential waterfront property. Real Estate Journal of NSW, December, pp. 30&#150;32.
Oluwoye, J. and Higgins, D. (1999), An econometric model of housing prices in Australian capital cities. Australian Land Economics Review, 5(1), pp. 29&#150;36.
Plattner, R., Campbell, T. (1978), A study of the effect of water view on site value. Appraisal Journal, 78(3), pp. 20&#150;25.
Real Estate Institute of Australia. (2003), Australian Property Market Indicators. September Quarter 2003.
The Economist. (2003), Property Prices Shaky Foundations. The Economist, 29 November, p. 111.
Thorsnes, P. (2002), The value of suburban forest preserve: estimates from sales of vacant residential building lots. Land Economics, 78:3, pp. 426&#150;441.
Yu, S.M., Han, S.S. and Chai, C-H. (2005), Modelling the value of view in real estate valuation: A 3-D GIS approach. 11th Pacific Rim Real Estate Society Conference. Melbourne, Australia.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/an-analysis-of-the-sydney-prestige-waterfront-property-market-19912002</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/the-commercial-valuation-process-task-order-personnel-and-consultation</link>
<title><![CDATA[The Commercial Valuation Process: Task Order, Personnel and Consultation]]></title>
<description><![CDATA[Behavioural studies into valuation and appraisal have to be undertaken with as full an understanding of the context and framework of the process as possible in order to be realistic. Although there is general knowledge about the commercial valuation process from anecdotal information, there is little hard information about how valuations are actually carried out in the field and that this is a major gap in the knowledge base that will hinder future behavioural research. The paper reports the results of an empirical study into commercial valuation practice which provides valuable information on task ordering, personnel and consultation occurring during typical commercial instructions.
]]></description>
<content><![CDATA[Ashton, A. and Ashton, R. (1988), Sequential belief revision in auditing. The Accounting Review LXIII (4), pp. 623&#150;41.
Assere, S. (1992), The auditors going concern decision: interaction of task variables and the sequential processing of evidence. The Accounting Review, 87(2), April.
Baum, A., Crosby, N., Gallimore, P., McAllister, P. and Gray, A. (2000), The role and influence of valuations in commercial property investment markets. RICS Research Foundation Report, RICS: London.
Baum. A., Mackmin, D. and Nunnington, N. (1998), The Income Approach to Property Valuation, 4th edition, Thomson, London.
Diaz III, J. (1997), An investigation into the impact of previous value estimates on appraisal judgement. Journal of Real Estate Research, 13(1), pp. 57&#150;66.
Diaz, J., Gallimore, P. and Levy, D. (2000), Residential valuation behaviour in the United States, the United Kingdom, and New Zealand. Paper presented to the RICS Cutting Edge Property Research Conference, London.
Gallimore, P. and Wolverton, M. (1997), Price-knowledge induced bias: a cross cultural comparison. Journal of Property Valuation and Investment, 15(3), pp. 274&#150;281.
Havard, T. (2002), Valuation Reliability and Valuer Behaviour. RICS Foundation FiBRE Report.
Hogarth, R. and Einhorn, H. (1992), Order effects and belief updating: the belief adjustment model. Cognitive Psychology, 24(1), pp. 1&#150;55.
Krull, G., Reckers, P. and Wong-on-Wing, B. (1993), The effect of experience, fraudulent signals and information presentation order on auditors beliefs. Auditing, 12(2).
Messier, W. (1992), The sequence of audit evidence: its impact on the extent of audit testing and report formulation. Accounting and Business Research, 22, pp. 86&#150;95.
Miles, M. and Huberman, A. (1984), Qualitative Data Analysis: A Sourcebook of New Methods. London, Beverly Hills: Sage.
Newell, A. and Simon, H. (1972), Human Problem Solving. Prentice Hall, New Jersey.
RICS (2003), The Valuation and Appraisal Standards. RICS, London.
Tubbs, R., Messier, W. and Knechel, R. (1990), Recency effects in the auditors belief revision process. The Accounting Review, 65(2), April.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/the-commercial-valuation-process-task-order-personnel-and-consultation</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/the-impact-of-information-transparency-and-market-capitalisation-on-out-performance-in-asian-property-companies</link>
<title><![CDATA[The Impact of Information Transparency and Market Capitalisation on Out-Performance in Asian Property Companies]]></title>
<description><![CDATA[With an increased emphasis on international property investment and an improved economic outlook for Asia, Asian property companies potentially provide an important property investment opportunity for international property fund managers. Using an information transparency index, 180 property companies in 10 Asian countries are assessed over 1997-2003 for their levels of information transparency. Whilst information transparency is seen to be important, market capitalisation is seen to be more significantly associated with Asian property company out-performance. Investing more in the larger property companies than the smaller property companies in Asia is seen to be a more effective property investment strategy for international property fund managers over this period.
]]></description>
<content><![CDATA[Bond, S., Karolyi, A. and A. Sanders, International Real Estate Returns: a Multifactor, Multicountry Approach, Real Estate Economics, 2003, 31, 481-500.
Brounen, D., Cools, T. and M. Schweizer, Information Transparency Pays: Evidence from European Property Shares, Real Estate Finance, 2001, Summer, 39-49.
Chau, K.W., MacGregor, B. and G. Schwann, Price Discovery in the Hong Kong Real Estate Market, Journal of Property Research, 2001, 18, 187-216.
Chau, K.W., Wong, S.K. and G. Newell, Performance of Property Companies in Hong Kong: a Style Analysis Approach, Journal of Real Estate Portfolio Management, 2003, 9, 29-44.
Conover, M., Friday, S. and S. Sirmans, Diversification Benefits from Foreign Real Estate Investment, Journal of Real Estate Portfolio Management, 2002, 8, 17-26.
Craig, R. and J. Diga, Corporate Accounting Disclosure in ASEAN, Journal of International Financial Management and Accounting, 1998, 9, 246-274.
Garvey, R., Santry, G. and S. Stevenson, The Linkages Between Real Estate Securities in the Asia Pacific, Pacific Rim Property Research Journal, 2001, 7, 240-258.
Ho, S. and K. Wong, A Study of Corporate Disclosure Practice and Effectiveness in Hong Kong, Journal of International Financial Management and Accounting, 2001, 12, 75-102.
Jones Lang LaSalle, Global Real Estate Transparency Index 2004, JLL, Hong Kong, 2004.
Liow, K.H., Corporate Financial Reporting of Singapore Property Companies: Issues and Evidence, Journal of Financial Management of Property and Construction, 2000, 5, 149-158.
Liow, K.H., The Long-Term Investment Performance of Singapore Real Estate and Property Stocks, Journal of Property Investment and Finance, 2001a, 19, 156-174.
Liow, K.H., The Abnormal Return Performance of Singapore Property Companies, Pacific Rim Property Research Journal, 2001b, 7, 104-112.
Mitton, T., A Cross-Firm Analysis of the Impact of Corporate Governance on the East Asian Financial Crisis, Journal of Financial Economics, 2002, 64, 215-241.
Newell, G. and P. Acheampong, The Dynamics of the Australian LPT Market Risk and Correlation Profile, Pacific Rim Property Research Journal, 2001, 7, 259-270.
Newell, G. and K. W. Chau, Linkages Between Direct and Indirect Property Performance in Hong Kong, Journal of Property Finance, 1996, 7, 9-29.
Patel, S. and G. Dallas, Transparency and Disclosure: Overview of Methodology and Study Results, Standard and Poors, 2002.
Prudential Real Estate Investors, 2004 Asian Market Outlook, Prudential REI, New Jersey, 2004.
Schwann, G. and K.W. Chau, News Effects and Structural Shifts in Price Discovery in Hong Kong, Journal of Real Estate Finance and Economics, 2003, 27, 257-271.
Steinert, M. and S. Crowe, Global Real Estate Investment: Characteristics, Portfolio Allocation and Future Trends, Pacific Rim Property Research Journal, 2001, 7, 223-239.
Transparency International, Transparency International Corruption Perceptions Index 2003, TI, Berlin, 2003.
UBS, Real Estate Global Analyser, UBS, Sydney, 2003a.
UBS, 2003 Global Real Estate Survey Results, UBS, Sydney, 2003b.
Wilson, P. and J. Okunev, Evidence of Segmentation in Domestic and International Property Markets, Journal of Property Finance, 1996, 7, 78-97.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/the-impact-of-information-transparency-and-market-capitalisation-on-out-performance-in-asian-property-companies</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/an-analysis-of-the-level-of-maturity-in-south-east-asian-property-markets</link>
<title><![CDATA[An Analysis of the Level of Maturity in South-East Asian Property Markets]]></title>
<description><![CDATA[Previous literature has argued that mature markets should have the ability to accommodate a full range of use and investment objectives, with the provision of a sophisticated property profession and its associated institutions and networks. As a consequence, maturity level can be seen to influence office investment activities. South-East Asian cities present an interesting array of property markets at various stages of evolution. Where each city is now and where it is heading is the result of a complex mix of underlying factors. This paper attempts to apply the methodology which has been developed in the European context to the South-East Asian market.
]]></description>
<content><![CDATA[Armitage L. (1995), &quot;Internationalisation of Property Market Process: Emergence of the Bangkok Prime Commercial Office Market&quot;, Paper Presented in the first Pacific Rim Real Estate Society Conference, Melbourne.
Armitage L. (1996), &quot;Constraints to the Operation of Commercial Property Market in South-East Asia&quot;, Paper Presented in RICS Cutting Edge Conference, 1996, Bristol.
Arriyavat P. (1997), Thailand. In: Gelbtuch H., Mackmin D. And Milgrim M., ed. Real Estate Valuation in Global Markets, Appraisal Institute, Chicago, pp 301-309.
Berry J. and McGreal S. and Scales. P. (1999), Pacific Rim Cities: the relationship between planning system, property markets and real estate investment, In: Berry J. and McGreal S., Ed. Cities in the Pacific Rim: Planning System and Property Markets, E &amp; FN Spon, London, pp. 1-21.
CBRE (2003), Bangkok Report.
Colliers Jardine (1997), Asia Pacific Business Guide 1997, Colliers Jardine Research, McGraw Hill, Hong Kong.
Gordon J.N. (2000), &quot;International Transparency in Real Estate Markets&quot;, Wharton Real Estate Review, Fall, pp. 19-26.
Gwartney J. D. and Lawson R. A. (2003), Economic Freedom of the World: 2003 Annual Report, The Fraser Institute, Canada.
Jones Lang Wootton (JLW) Research (1995), Report Property Market, various issues.
Jones Lang LaSalle (JLL) Research (1997), Asia Pacific Property Digest, various issues.
Jones Lang LaSalle (JLL) Research (2001), Asia Pacific Property Digest, various issues.
Jones Lang LaSalle (JLL) Research (2002), Asia Pacific Property Digest, various issues.
Jones Lang LaSalle (JLL) Research (2003), Report Property Market, various issues.
Jarvis D. (2003), International Business Risk: Handbook for the Asia-Pacific Region, Cambridge University Press, Cambridge.
Keogh G. (1991), &quot;Use and Investment Markets in British Real Estate&quot;, Journal of Property Valuation and Investment, 12 (4), pp. 58-72.
Keogh G. and D&#39;Arcy E. (1994), &quot;Market Maturity and Property market Behaviour: A European Comparison of Mature and Emerging Market&quot;, Journal of Property Research, 11 (3), pp. 215-235.
Keogh G. and D&#39;Arcy E. (1999), Singapore, In: Berry J. and McGreal S., Ed. Cities in the Pacific Rim: Planning System and Property Markets, E &amp; FN Spon, London, pp. 169-185.
Knight Frank Research, (1997) Asia Pacific Property Review, various issues.
Kotier P. and Kartajaya H. (2000), Repositioning Asia: From Bubble to Sustainable Economy, John Wiley &amp; Sons, Singapore.
Lee S. (1999), The European Real Estate Market, Paper Presented at International Real Estate Society Conference, Kuala Lumpur, Malaysia.
Lee S. (2001), The Risk of Investing in Real Estate Markets of the Asian Region, Working Paper in Department of Land Management and Development, June, pp 30-59, The University of Reading
Lim C. L. (2000), PhD Thesis: Property Investor Behaviour and Perception of Investment in Southeast Asia with Particular Reference to Singapore, University of Ulster, Ireland.
Lim C. L., Adair A and McGreal S (2002), &quot;The Perception of Real Estate Investment Opportunity in Southeast Asid&quot;, Pacific Rim Property Research Journal, Vol. 8, No. 3, pp 163 - 182.
Schultz C. (1990), &quot;EmergingMarkets: Opportunities, Risk in the Pacific Rim&quot;, Pension World, December, pp.10 - 13.
Seek N. H. (1996a), &quot;Institutional Participation in the Asia Pacific Real Estate Markets: Are Benefits Worth the Risks?&quot;, Real Estate Finance, 12 (4) Winter, pp. 51 - 58.
Seek N. H. (1996b), &quot;Institutional Participation in Asia Pacific Real Estate Markets: Are the Benefits Worth the Risks?&quot;, Building Owner and Manager, July 1996, pp. 104 - 107.
Tse Y.C. (1997), &quot;An Application of the ARIMA model to Real Estate Prices in Hong Kong&quot;, Journal of Property Finance, 8(2), pp. 152 - 163.
Walker A and Chung L. W. (1990), Hong Kong: Property, Construction and the Economy, RICS, London.
Walker A. and Flanagan R. (1991), Property and Construction in Asia Pacific: Hong Kong, Japan, Singapore, Blackwell, Oxford.
Yu S. and Lee A. (1997), Singapore. In Gelbtuch H., Mackmin D. And Milgrim M., ed. Real Estate Valuation in Global Markets, Appraisal Institute, Chicago, pp 321-334.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/an-analysis-of-the-level-of-maturity-in-south-east-asian-property-markets</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/student-preferences-for-career-mentoring-in-property-and-construction</link>
<title><![CDATA[Student Preferences for Career Mentoring in Property and Construction]]></title>
<description><![CDATA[Although career mentoring is well established across many professional areas, its application in the field of property and construction is at an emergent stage. As part of ongoing quality review aimed at enhancing student engagement with their educational program, a survey was undertaken among first and second year students enrolled in the Faculty of Architecture, Building and Planning&#39;s Bachelor of Planning and Design (Property and Construction). The study investigated student preferences regarding involvement in a career mentoring program including mentoring program options and mentoring style preferences. Several differences emerged between property and construction student cohorts and in particular between male and female students. The findings demonstrate the importance of examining mentoring preferences from the perspective of the mentee.
]]></description>
<content><![CDATA[Allen, T.D., McManus, S.E. and Russell, J.E. (1999) &#145;A newcomer socialization and stress: Formal peer relationships as a source of support&#39;, Journal of Vocational Behavior, Vol. 54, pp. 453&#150;470.
Dreher, G. and Ash, R. (1990) &#145;A comparative study of mentoring among men and women in managerial, professional and technical positions&#39;, Journal of Applied Psychology, Vol. 75, pp. 525&#150;535.
Dutton, C. (2003) &#145;Mentoring: the contextualisation of learning &#150; mentor, prot&eacute;g&eacute; and organisational gain in higher education&#39;, Education and Training, Vol. 45, No. 1, pp. 22&#150;29.
Eby, L. T. (1997) &#145;Alternative forms of mentoring in changing organizational environments: A conceptual extension of the mentoring literature&#39;, Journal of Vocational Behavior, Vol. 51, pp. 125&#150;144.
Everist L. (2004) &#145;Annual report of the 2004 CMC program in the Faculty of Architecture, Building and Planning&#39;, The University of Melbourne.
Ensher, E.A. (1997) &#145;Effects of race, gender, perceived similarity, and contact on mentor relationships&#39;, Journal of Vocational Behavior, Vol. 50, pp. 460&#150;481.
Garvey, B. and Alred, G. (2000) &#145;Developing mentors&#39;, Career Development International, Vol. 5, pp. 216&#150;222.
Hansman, C.A. (2002) &#145;Diversity and power in mentoring relationships&#39;, Critical Perspectives in Mentoring: Trends and Issues, ERIC ACVE Information Series No. 388, pp. 39&#150;48.
Jacobi, M. (1991) &#145;Mentoring and undergraduate academic success: A literature review&#39;, Review of Educational Research, Vol. 61, pp. 505&#150;532.
Klasen, N. and Clutterbuck, D. (2002) Implementing Mentoring Schemes, Butterworth-Heinemann, Oxford.
Kochran, F.K. and Pascarelli, J.T. (2003) &#145;Mentoring as transformation: Initiating the dialogue&#39;, Global Perspectives on Mentoring: Transforming Contexts, Communities, Cultures, Information Age Publishing, Connecticut.
Nelson, D. L. and Quick, J. C. (1991) &#145;Social support and newcomer adjustment in organizations: Attachment theory at work?&#39;, Journal of Organizational Behavior, Vol. 12, pp. 543&#150;554.
Newell, G. and Kincaid, D. (1991) &#145;Women in the Australian property industry&#39;, The Valuer, Vol. 31, No. 8, pp. 578&#150;580.
Ragins, B.R. (1997) &#145;Antecedents of diversified mentoring relationships&#39;, Journal of Vocational Behavior, Vol. 51, pp. 90&#150;109.
Ragins, B.R. and Cotton, J.L. (1999) &#145;Mentor functions and outcomes: a comparison of men and women in formal and informal mentoring relationships&#39;, Journal of Applied Psychology, Vol. 84, pp. 529&#150;550.
Ragins, B.R. and McFarlin, D.B. (1990) &#145;Perceptions of mentor roles in cross-gender mentoring relationships&#39;, Journal of Vocational Behavior, Vol. 37, pp. 321&#150;339.
Saito, R.N. and Roehlkepartain, E.C. (1992) &#145;Variety of programs meet needs of mentors and mentees&#39;, Source Newsletter.
Scandura, T. (1992) &#145;Mentorship and career mobility: an empirical investigation&#39;, Journal of Organisational Behaviour, Vol. 13, pp. 169&#150;74.
Smith, J.W., Smith, W.J. and Markham, S.E. (2000) &#145;Diversity issues in mentoring academic faculty&#39;, Journal of Career Development, Vol. 26, pp. 251&#150;262.
Snooks and Co. (2002) Style manual for authors, editors and printers, 6 edn, John Wiley and Sons Australia Ltd, Canberra.
Sosik, J.J. and Godshalk, V.M. (2000) &#145;The role of gender in mentoring: Implications for diversified and homogenous mentoring relationships&#39;, Journal of Vocational Behavior, Vol. 57, pp. 102&#150;121.
The University of Melbourne (2005) &#145;Student records&#39;, Faculty of Architecture, Building and Planning.
Thomas, D.A. (2001) &#145;The truth about mentoring minorities: Race matters&#39;, Harvard Business Review, Vol. 79, No. 4, pp. 99&#150;107.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/student-preferences-for-career-mentoring-in-property-and-construction</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/the-development-of-neighbourhood-centres-in-singapore-from-traditional-to-cluster-shopping</link>
<title><![CDATA[The Development of Neighbourhood Centres in Singapore: From Traditional to Cluster Shopping]]></title>
<description><![CDATA[Housing and Development Board (HDB) neighbourhood centres have evolved over the past four decades. These neighbourhood centres mainly provide for the daily living needs of the households in a housing estate i.e., &quot;convenience goods&quot;, such as groceries, drugs, hardware and personal services. This study aims to provide an insight into the development of the neighbourhood centres in Singapore over the past four decades, as well as compare the shoppers&#39; preferences of three types of neighbourhood centres, namely; the Traditional Neighbourhood Centres, the New Generation Neighbourhood Complexes and the Neighbourhood Cluster Shops.
The findings show that most shoppers prefer the Traditional Neighbourhood Centres than the other two types of neighbourhood centres. This is due to the wider variety of goods and services and better travel factors offered by the Traditional Neighbourhood Centres. These findings have significant implications for the planning of future neighbourhood centres in Singapore.
]]></description>
<content><![CDATA[Aldrich, J.H. and Nelson, F.D., (1984), Linear Probability, Logit, and Probit Models, Sage Publications, Beverly Hills.
Bell, S. J., (1999), &quot;Image and consumer attraction to intraurban retail areas: an environmental psychology approach&quot;, Journal of Retailing and Consumer Services, 6: 67-78.
Bucklin, L.P., (1967), &quot;Concept of mass in intra-urban shopping&quot;, Journal of Marketing, 31: 4: 32-36.
Burgess, R.G., (1982), &quot;The unstructured interview as a conversation&quot;, in Burgess, R.G. (ed.), Field Research: A Sourcebook and Field Manual, George Allen and Unwin, London.
Christaller, W., (1933), Central Places in Southern Germany, Translated in 1966 from the 1933 German version by C.W Baskin, Prentice-Hall, Englewood Cliffs.
Cronbach, L.J, (1951). Coeffiicient Alpha and the Internal Structure of Tests. Psychometrika, 16: 297-334.
Gautschi, D.A., (1981), &quot;Specification of patronage models for retail centre choice&quot;, Journal of Marketing Research, 18: 62-174.
HDB (2003), &quot;Number of commercial properties&quot;, Retrieved on 15 October 2003 from www.hdb.gov.sg.
Huff, D.L., (1960), &quot;A topographical model of consumer space preference&quot;, Papers and Proceedings of the Regional Science Association, 6: 159-174.
Huff, D.L., (1962), &quot;Determinants of intra-urban retail trade areas&quot;, Real Estate Research Program, University of California, Los Angeles.
Shopping Choices with Public Transport OptionAn Agenda for the 21 Century 
Kotler, P., (1971), Marketing Decision Making: A Model Building Approach, Holt, Rinehart and Winston, New York.
Laaksonen, M., (1993), &quot;Retail patronage dynamics: learning about daily shopping behaviour in contexts of changing retail structures&quot;, Journal of Business Research, 28: 3-174.
Louviere, J.J., Hensher, D.A. and Swait, J.J., (2000), Stated Choice Methods: Analysis and Application, Cambridge University Press, Cambridge.
Malhotra, N.K., (1996), Marketing Research: An Applied Orientation, (2 edition), Prentice-Hall, New Jersey.
Martineua, P., (1958), &quot;The personality of the retail store&quot;, Harvard Business Review, 36: 47-55.
McGoldrick, P.J. and Thompson, M.G., (1992), Regional Shopping Centres, Avebury, Aldershot.
Monroe, K.B. and Guiltinan, J.P., (1975), &quot;A path-analytical exploration of retail patronage influences&quot;, Journal of Consumer Research, 2: 19-28.
Nevin, J.R. and Huston, M.J., (1980), &quot;Image as a component of attraction to intraurban shopping areas&quot;, Journal of Retailing, 56: 1: 77-93.
Northern, R.I. (1984). Shopping Centre Development. College of Estate Management: White Knights.
10 International Conference on Research in the Distributive Trades 
Reilly, W.J., (1931), The Law of Retail Gravitation, Knickerbrocker Press, New York.
3 International Congress of the Asian Planning Schools Association: Planning in a Fast Growing Economy 
Spiggle, S., (1994), &quot;Analysis and interpretation of qualitative data in consumer research&quot;, Journal of Consumer Research, 21:491-503.
Timmermans, H., (1982), &quot;Consumer choice of shopping centre: an information integration approach&quot;, Regional Studies, 16: 3: 171-182.
Timmermans, H., (1996), &quot;A stated choice model of sequential mode and destination choice behaviour for shopping trips&quot;, Environment and Planning A, 28: 173-184.
Timmermans, H., Aloy, B. and Peter, W., (1991), &quot;Mother logit analysis of substitution effects in consumer shopping destination choice&quot;, Journal of Business Research, 23: 311-323.
Walker, R., (1985), &quot;An introduction to applied qualitative research&quot; in Applied Qualitative Research, Walker, R. (ed.), Gower Publishing Company, Vermont.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/the-development-of-neighbourhood-centres-in-singapore-from-traditional-to-cluster-shopping</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/economic-performance-analysis-of-the-australian-property-sector-using-input-output-tables</link>
<title><![CDATA[Economic Performance Analysis of the Australian Property Sector Using Input-Output Tables]]></title>
<description><![CDATA[The property sector has played an important role with its growing contribution in the national income and employment in the Australian economy. There is an increasing research need in measuring and analysing the economic performance of the Australian property sector at a country level and input-output tables are considered as an appropriate tool. This paper aims to analyse and measure the performance and sectoral linkages of the Australian property sector using the five latest input-output tables compiled by the Australian Bureau of Statistics. Findings suggested that the Australian residential property sector had played a more important role than the commercial sector in the economy. The backward linkage of the residential property sector showed a decreasing economic pull, while that of commercial property presented an upward pattern. Moreover, the Australian property sector showed a medium economic push to the national economy over the examined period. Findings can aid policy makers, the property sector and researchers in evaluating the competitive ability of the property sector in Australia.
]]></description>
<content><![CDATA[ABS (2000) Real Estate Services Industry. CAT. No.8663.0, Australian Bureau of Statistics, Canberra.
ABS (2001) 1992-93,1993-94,1994-95,1996-97 Input-Output Tables. CAT. No. 5209.0, Australian Bureau of Statistics, Canberra.
ABS (2004) 1998-99 Input-Output Tables. CAT. No. 5209.0, Australian Bureau of Statistics, Canberra.
Bodman, P. M. and Crosby, M. (2002) &quot;The Australian Business Cycle: Joe Palooka or Dead Cat Bounce?&quot; Australian Economic Papers, Vol. 41, No. 2, pp.191-207.
Bon, R. (2000) Economic Structure and Maturity: Collected Papers in Input-Output Modelling and Applications, Ashgate Publishing Ltd, Aldershot.
Leontief, W. (1966) Input-Output Economics, Oxford University Press, New York.
Li, F., Xie, D. and Feng, C. (2003) Input-Output Analysis of Real Estae Industry and National Economy in China Mainland. Proceedings of international research symposium on advancement of construction management and real estate, Macau. pp. 397-410.
Liu, C., Song, Y. and Langston, C. (2005) &quot;Economic Indicator Comparisons of Multinational Real Estate Sectors Using the OECD Input-Output Database&quot;, The International Journal of Construction Management, Vol. 4, No. 1, pp.59-75.
Lopes, J. (2003) The Relationship between Construction Outputs and GDP: Long Run Trends from Portugal. Proceedings of the Nineteenth Annual Conference of Association of Researchers Construction Management, Reading. pp.309-316.
Pagliari, J. L., Webb, J. R., Canter, T. A. and Lieblich, F. (1997) &quot;A Fundamental Comparison of International Real Estate Returns.&quot; Journal of Real Estate Research, Vol. 13, 317.
Pietroforte, R. and Gregori, T. (2003) &quot;An Input-Output Analysis of the Construction Sector in Highly Developed Economies.&quot; Construction Management and Economics, Vol. 21, No. 3, pp.319-327.
Roulac, S. E. (1996) &quot;The Strategic Real Estate Framework: Processes, Linkages, Decisions.&quot; Journal of Real Estate Research, Vol. 12, 323.
Roulac, S. E. (1999) &quot;Real Estate Value Chain Connections: Tangible and Transparent.&quot; Journal of Real Estate Research, Vol. 17, 387-404.
Song, Y., Liu, C. and Langston, C. (2004) Economic Analyses on Multinational Real Estate and Construction Sectors. Proceedings of the 29th Annual Meeting of Australian University Building Education Association, (CD-ROM), Newcastle. pp.303-320.
Song, Y., Liu, C. and Langston, C. (2005) &quot;A Linkage Measure Framework for the Real Estate Sector&quot;, International Journal of Strategic Property Management, Vol. 9, No. 3, pp.121-143.
Su, C., Lin, C. and Wang, M. (2003) &quot;Taiwanese Construction Sector in a Growing &#145;Maturity&#39; Economy, 1964-1999.&quot; Construction Management and Economics, Vol. 21, No. 7, pp.719-728.
Tse, R. Y. C. (1994) Real Estate Economics: Theory and Policy with Reference to Hong Kong, Singapore and Taiwan, EIA Publishing, Hong Kong.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/economic-performance-analysis-of-the-australian-property-sector-using-input-output-tables</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/a-comparison-of-implicit-values-and-explicit-prices-of-water</link>
<title><![CDATA[A Comparison of Implicit Values and Explicit Prices of Water]]></title>
<description><![CDATA[This paper reviews the historic relationship between the explicit market price of water entitlements and the implicit value of water when attached to land. Hedonic functions are applied to 246 farm sales during 2001&#150;02 in the Greater Shepparton, Campaspe and Moira areas of northern Victoria in order to establish the implicit value of water. These implicit values are then compared to explicit prices paid for water entitlements during the same period. A longitudinal analysis of this relationship is then conducted based on a similar analysis from the same region during the 1991&#150;93 and 1994&#150;96 periods.It was found that during the early to mid 1990&#39;s, the explicit price of water entitlements lagged implicit values as farmers sold unused water which would not compromise the productive capacity of their farms. In 1997, events occurred to push the explicit price above the implicit value during the 1994&#150;96 period. From mid 2002, following a prolonged and increasingly intense drought, the explicit price of water entitlements significantly exceeded the implicit value of water. This caused an increase in the number of land transactions, with many purchasers subsequently selling the attached water entitlements in order to profit from the emerging price gap.
]]></description>
<content><![CDATA[Belsley, D.A. (1991): Condition Diagnostics. Colinearity and Weak Data in Regression U.U Wiley-Interscience Publication.
Bjornlund, H. (2004): Water markets, Water rights and the Environment &#150; What the Irrigation Community Tells Us, Victoria, New South Wales and South Australia. Industry Partner Report written as part of the ARC SPIRT project Draft Final Report Section 3. For a copy contact the author at HTUhenning.bjornlund@unisa.edu.auUTH.
Bjornlund, H. (2003a): Farmer Participation in Markets for Temporary and Permanent Water in Southeastern Australia. Agricultural Water Management 63, 57&#150;76.
Bjornlund, H. (2003b): Empirical evidence of factors driving prices paid, volumes traded and number of transfers in permanent and temporary markets. Industry Partner Report written as part of the ARC SPIRT project Draft Final Report Section 2. For a copy contact the author at henning.bjornlund@unisa.edu.au.
Bjornlund, H. (2002): Signs of Maturity in Australian Water Markets. New Zealand Property Journal July, 31&#150;46.
Bjornlund, H. (2001): Water Policies and Rural Land Values. Paper presented at the 7 Pacific Rim Real Estate Society Conference, Adelaide January 21&#150;24, www.business.unisa.edu.au/prres.
Bjornlund, H. and O&#39;Callaghan, B. (2004): Property Implications of the Separation of Land and Water Rights. Pacific Rim Property Research Journal 10(1), 54&#150;78.
Bjornlund, H. and Shananhan, M. (2005): Tracing the emergence of water markets along the River Murray in Australia. Submitted for publication in the Journal of Law and Economics. For a copy, contact the authors at henning.Bjornlund@unisa.edu.au.
Griliches, Z. (1971): Hedonic Price Indexes for Automobiles: An Econometric Analysis of Quality Change. In Griliches, Z. (Ed.) Price Indexes and Quality Change. Studies in New Methods of Measurement. Harvard University Press, Cambridge, Massachusetts.
Crouter, J.P. (1985): An Examination of an Implicit Water Rights Market Using Hedonic Estimation. PhD Economics Thesis, University of Illinois at Urbana-Champaign, Urbana, Illinois.
Crouter, J. P. (1987): Hedonic Estimation Applied to a Water Rights Market. Land Economics 63(3), 260&#150;271.
Dunford, R. W., Marti, C.E., Mittlehammer, R. C. (1985): A Case Study of Rural Land Prices at the Urban Fringe Including Subjective Buyer Expectations. Land Economics 61(1), 10&#150;16.
Hartmann, L. M. and Anderson, R. L. (1963): Estimating irrigation water values: A regression analysis of farm sales data from Northeastern Colorado. Agricultural Experiment Station, Colorado State University. Fort Collins, Colorado.
Hartman, L.M. and Anderson, R.L. (1962): Estimating the Value of Irrigation Water From Farm Sales Data in Northeastern Colorado. Journal of Farm Economics 44, 207&#150;213.
King, D. A. and Sinden, J. A. (1995): Influences of Soil Conservation on Farm Land Values. Land Economics 64 (3), 242&#150;255.
Milliman, J. W. (1959): Land Values as Measures of Primary Irrigation Benefits, Journal of Farm Economics 41, 234&#150;43.
Renshaw, E. F. (1958): Cross-sectional Pricing in the Market for Irrigated Land. Agricultural Economic Research, January, 17&#150;19.
Royer, S.A. (1995): The value of water rights in Southern Alberta: A hedonic price model approach. Unpublished masters thesis, University of Alberta (1995).
Summers, L.C. (1981): An Economic Framework for Valuing Trancient Water Rights in the Arid West. The Appraisal Journal, January, 9&#150;14.
Xu, F., Mittlehammer, R. and Barkley, P. W. (1993): Measuring the contribution of site characteristics to the value of agricultural land. Land Economics 69(4), 356&#150;69.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/a-comparison-of-implicit-values-and-explicit-prices-of-water</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/a-total-returns-index-for-investor-housing-in-new-zealand</link>
<title><![CDATA[A Total Returns Index for Investor Housing in New Zealand]]></title>
<description><![CDATA[The absence of a total returns index makes it difficult to compare the performance of investor housing between regions and with other asset classes in New Zealand. As a first step in overcoming this deficiency, the authors integrated information from two existing government data bases, the first covering residential rents and the second covering house sales. The relationship between gross rents and net income was established by surveying a random sample of residential property investors. This survey also provided base line information showing private sector investor housing typically sits midway between the lower quartile and median house price bands. The total returns indices confirm that the overall decline in net yields over the last decade has been more than offset by increases in property values.
]]></description>
<content><![CDATA[ARLA, (2004), The ARLA Review and Index, Association of Residential Letting Agents, www.arla.co.uk
Bailey, M.J, Muth, R.F &amp; Nourse, H.O. (1963) A Regression Model for Real Estate Price Index Construction. Journal of the American Statistical Association, 58, 933&#150;942.
Bourassa, S.C, Hoesli, M, &amp; Sun, J. (2005) A Simple Alternative House Price Index Method, Paper presented at Pacific Rim Real Estate Society Conference, Melbourne http://business2.unisa.edu.au/prres/
Case, B., &amp; Quigley, J.M (1991) The Dynamics of Real Estate Prices. Review of Economics and Statistics, 73(3), 50&#150;88.
Case, B., Pollakowski, H. O. &amp; Wachter, S.M. (1991) The Dynamics of Real Estate Prices. AREUEA Journal, 19, 286&#150;307.
Case, B. &amp; Schiller, R.E. (1987) Prices for Single Family Homes Since 1970: New Indices for Four Cities. New England Economic Review, September/October, 45&#150;56.
Clapp, J.M., Giaccotto, C., &amp; Tiriroglu, D. (1991) Housing Price Induces Based All Transactions Compared to Repeated Subsamples. AREUEA Journal, 19, 270&#150;285.
Clapp, J.M., Giaccotto, C. (1999) Revisions in Repeat Sales Prices indices: Here Today, Gone Tomorrow? Real Estate Economics, 27 (1), 79&#150;104.
Costello, G. (1997) Transaction Based Index Methods for Housing Market Analysis. Australian Land Economics Review, 3 (2), 19&#150;27.
Department of Building and Housing (2005) Rental Statistics, Tenancy Bond Division, www.dbh.govt.nz
Haurin, D. R. &amp; Hendershott, P. (1991) House Price Indexes: Issues and Results. AREUEA Journal, 19, 259&#150;269.
Investment Property Databank, (2004) IPD Residential Investment Index, www.ipdindex.co.uk
Kiel, K.A. &amp; Zabel, J. (1999) The Accuracy of Owner-provided House Values: The 1978&#150;1991 American Housing Survey, Real Estate Economics, 27, 263&#150;298.
Larsen, E. R. &amp; Sommervoll, D. E. (2004) Rising Inequality of Housing: Evidence from Segmented House Price Indices, Housing Theory and Society, 21, 77&#150;88.
Linneman, P. (1986) An Empirical Test of the Efficiency of the Housing Market, Journal of Urban Economics, 20, 140&#150;154.
Lum, S.K. (2004) Property Price Indices in the Commonwealth- Construction Methodologies and Problems, Journal of Property Investment and Finance, 22, 25&#150;54.
Malpezzi, S., Chun, G. H., &amp; Green, R. (1998) New Place-to-Place Housing Price Indexes for US Metropolitan Areas and their Determinants, AREUEA Journal, 26, 235&#150;274.
National Council of Real Estate Investment Fiduciaries (2005) Apartment Returns, www.ncreif.com
Newell, G. &amp; MacFarlane, J. (1998) The Effect of Seasonality of Valuations on Property Risk, Journal of Property Research, 15 (3), 167&#150;182.
Pendleton, E.C. (1965) Statistical Inference in Appraisal and Assessment Procedures. The Appraisal Journal, 33, 73&#150;82.
Property Council NZ, (2004), Investment Performance Index, www.propertynz.co.nz
Quigley, J. M. (1995) A Simple Hybrid Model for Estimating Real Estate Price Indexes, Journal of Housing Economics, 4, 1&#150;12.
Quotable Value New Zealand, (2004), Urban Property Sales Statistics- Half Year Ended December 2003, Quotable Value, Wellington.
Real Estate Institute, (2004), Housing Facts June 2004, www.reinz.co.nz
Rossini, P., Kupke, V., Marano, W. &amp; Kershaw, P. (2002) Calculating a better index of return for the residential property sector, Paper presented at PRRES conference, http://business2.unisa.edu.au/prres/
Singleton, S.J. (2003), The Accuracy of QV on-line e-valuer in Palmerston North City&#39;s Residential Property Market. Unpublished research report for BBS (Hons), Massey University.
Statistics New Zealand, Census 2001, www.statistics.govt.nz
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/a-total-returns-index-for-investor-housing-in-new-zealand</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/modelling-the-australian-property-investment-universe-a-preliminary-study</link>
<title><![CDATA[Modelling the Australian Property Investment Universe: A Preliminary Study]]></title>
<description><![CDATA[The benefits of measuring the Australian property investment universe are highly significant. The information can provide the basis for property asset allocation, be a key measure of a nation&#39;s wealth and indicate property market opportunities for institutional investors. This research examined three property universe models, each measuring a different component of the Australian property investment market at a specific point of time. Linked together with overseas comparisons, these models provided an outline of the Australian property investment universe. As at December 2003, the Australian property investment universe is estimated to be approximately $332 billion, with a core property market (office, retail and industrial) of $154 billion. However, with institutions owning $104 billion of Australian properties (PIR 2003) and applying overseas research on comparing property investment markets to invested institutional property markets, the findings tended to support the suggested Australian property investment universe figures.
]]></description>
<content><![CDATA[ABS, 2001, Census of Population and Housing: Census Data 2001, Australian Bureau of Statistics, Canberra.
ATO, 2003, Taxation Statistics 2000-01: A Summary of Taxation, Superannuation and Industry Benchmarks, Australian Taxation Office, Canberra.
Callender M &amp; Key T, 1996, The Total Value of Commercial Property in the United Kingdom, RICS Cutting Edge Conference, London.
DB Real Estate, 2002, A Framework for International Real Estate Investment, Deutsche Bank, Sydney.
Gordon S &amp; Kizer L, 2004, US CMBS Loan Performance: Impact of Seasoning, Leverage and Location on Probability of Default, Moody&#39;s Investors Service, New York.
Henderson Global Investors, 2001, The Global Property Market Risk Premium, Henderson Global Investors, London.
Henderson Investors, 2000, The Case for Global Property Investment, Henderson Investors, London.
Higgins D &amp; Vamvakoulias D, 2004, Pilot Study of Investment Grade Property: Parramatta Local Government Area, Unpublished, Property Council of Australia.
iPlatinum, 2003, Enterprising City Outcomes: Establishment of Baselines, Parramatta City Council, Sydney.
Liang Y &amp; Gordon N, 2003, A Bird&#39;s Eye View of Global Real Estate Markets, Prudential Real Estate Investors, New Jersey.
Liang Y &amp; McIntosh W, 1999, Global Commercial Real Estate, Prudential Real Estate Investors, New Jersey.
McIntosh W, Witalis K &amp; Whitaker W, 2004, Estimating the European Real Estate Universe, ERES Conference, Milan.
PricewaterhouseCoopers &amp; Lend Lease, 1999, Emerging Trends in Real Estate 2000, PricewaterhouseCoopers &amp; Lend Lease, New York.
Property Council of Australia, 2004a, Australian Office Database, Property Council of Australia, Sydney.
Property Council of Australia, 2004b, Australian Shopping Centre Database, Property Council of Australia, Sydney.
Property Council of Australia, 2004c, Investment Performance Index 2003, Property Council of Australia, Sydney.
PIR, 2003, Australian Property Fund Industry Survey, Property Investment Research, Melbourne.
Roulac S, 2003, Corporate-Owned Real Estate Represents a Substantial Investment Universe, Journal of Real Estate Portfolio Management, Vol.9 No. 2 p167-178.
Smith A, Hess R &amp; Liang Y, 2004, Size-tiered Economic Geography: A New View of the US Real Estate Markets, Prudential Real Estate Investors, New Jersey.
Thompson R, 1997, Industrial Employment Densities, American Real Estate Society Conference, Sarasota.
Whitaker B, 2001, Why Should Investors Consider International Real Estate Investment?, Global Real Estate Perspective, AIG Global Real Estate Investment Corp, New York.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/modelling-the-australian-property-investment-universe-a-preliminary-study</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/barriers-to-building-partnerships-between-major-stakeholders-in-affordable-housing-investment-in-queensland</link>
<title><![CDATA[Barriers to Building Partnerships Between Major Stakeholders in Affordable Housing Investment in Queensland]]></title>
<description><![CDATA[The recent housing boom experienced across Australian metropolitan markets has attracted many new investors and resulted in increasing prices across the full range of residential sub-markets for both owner-occupation and investment categories. Of particular concern from a social perspective is the consequential pressure generated in the affordable housing rental market.
This paper reports the results of a survey of affordable housing providers drawn from a range of backgrounds. Using in-depth interviews, it compares the opinions of these supply side groups regarding their experiences of the barriers to entry to affordable housing partnerships. The findings show agreement across the sector that partnerships have failed to produce better outcomes than would have been expected without the partnership.
]]></description>
<content><![CDATA[ABS Cat. No. 4182.3.40.001. (2000). Australian Housing Survey, Queensland, 1999 (No. ABS Cat. No. 4182.3.40.001). Canberra: Australian Bureau of Statistics.
Badcock, B. A. and Beer, A. P. (2000). Home Truths: Property ownership and housing wealth in Australia. Melbourne: Melbourne University Press.
Berry, M. (2001, 24&#150;26 October). New Approaches to Expanding the Supply of Affordable Housing in Australia: An Increasing Role for the Private Sector. Paper presented at the National Housing Conference 2001, Brisbane.
Berry, M. (2003). &quot;Why is it Important to Boost the Supply of Affordable Housing in Australia and How Can We Do it?&quot;. Urban Policy and Research, 21 (4), 413&#150;135.
Berry, M. and Hall, J. (2001). Policy Options for Stimulating Private Sector Investment in Affordable Housing Across Australia - Stage 1 Report: Outlining the Need for Action. Retrieved 27 August, 2003, from http://www.consortium.asn.au/library/stage_1-report.pdf
Bodaken, M. (2002). &quot;The Increasing Shortage of Affordable Rental Housing in America: Action Items for Preservation&quot;. Housing Facts and Findings, 4 (4), 4&#150;5.
Brian Elton and Associates and National Community Housing Forum (Aust.). (1998). Financing community housinoptions for private sector involvemena review of existing research. Ultimo, NSW: National Community Housing Forum.
Crafter, S. (2003, 26 to 28 November). Public Private Partnerships for Commercial, Social and Local Economic Sustainability in Urban Renewal. Paper presented at the National Housing Conference 2003, Adelaide.
Fahey, T. (2004). &quot;Housing Affordability: Is the Real Problem in the Private Rented Sector?&quot; Quarterly Economic Commentary, 79&#150;97.
Frank, F. and Smith, A. (2000). The Partnership Handbook. Retrieved 7 October, 2003, from http://www.seda.sk.ca/pdfs/HRDCpartnerhdbk.pdf
Hall, J., Berry, M. and Phibbs, P. (2003). Policy Options for Stimulating Private Sector Investment in Affordable Housing Across Australia: Operationalising and implementing viable new options (&quot;Stage 5&quot;). Retrieved 15 September, 2003, from http://www.ahuri.edu.au/global/docs/0099_final_policyoptions_jhall.pdf
Housing Industry Association and Commonwealth Research. (June Qtr 2003). A Quarterly Review of Housing Affordability. Retrieved 10 September, 2003, from http://about.commbank.com.au/GAC_File_Metafile/0,1687,31285F20032D06,00.pdf
Housing Industry Association and Commonwealth Research. (March Qtr 2005). HIA-Commonwealth Bank: Affordability Report. Retrieved 28 July, 2005, from http://www.research.comsec.com.au/ResearchFiles/H/HIA_march_qtr_2005.pdf
Housing Industry Association Ltd. (2003). Restoring Housing Affordability - the housing industry&#39;s perspective. Retrieved 30 September, 2003, from http://www.buildingonline.com.au/media/housing_affordability_update_July03.pdf
Jackson, W. (1995). MethodDoing Social Research. Scarborough, Ont: Prentice-Hall Canada.
National Shelter and The Australian Council of Social Service (ACOSS). (2003). Rent Assistance: does it deliver affordability? Retrieved 16 August, 2004, from www.shelternsw.infoxchange.net.au/docs/rapaper.pdf
Powall, M. and Withers, G. (2004, 27&#150;29 June). Resource Paper. Paper presented at the National Summit on Housing Affordability, Canberra.
Queensland Department of Housing. (2003a). Department of Housing: Strategic Plan 2003&#150;2008. Brisbane: Queensland Department of Housing.
Queensland Department of Housing. (2003b). Local Government Housing Resource Kit. Retrieved 9 August, 2004, from http://www.housing.qld.gov.au/new_approaches_to_housing/pdf/housing_resource_kit.pdf
Queensland Department of Housing. (2004). The Benchmark Affordable Housing Rents Schedule. Retrieved 9 August, 2004, from http://www.housing.qld.gov.au/pdf/benchmark_schedule.pdf
Queensland Public Tenants Association. (2005). The Structure of QPTA. Retrieved 20 June, 2005, from http://www.qpta.com.au/NewFiles/Structureqpta.html
Real Estate Institute of Australia. (2003). Australian Property Market Indicators: July 2001 - June 2002. Retrieved 20 June, 2005, from http://www.reia.com.au/downloads/404d75327abed8c0c468303bc6de5d0c.pdf
Real Estate Institute of Australia. (Sept Qtr 2004). Real Estate Market Facts. Retrieved 25 July, 2005, from http://www.reia.com.au/documents/sample_REMF_sept04.pdf
Rengert, K. M. (2002). &quot;Why is Affordable Rental Housing Being Lost?&quot;. Housing Facts and Findings, 4 (4), 3&#150;4.
Seelig, T. (2004). Models of Affordable Housing Within the Queensland Context. Paper presented at the Queensland Shelter Conference, Gold Coast.
Sekaran, U. (2003). Research Methods for BusinesA Skill-building Approach (4th ed.). New York: John Wiley &amp; Sons.
Susilawati, C. and Armitage, L. (2004). &quot;Do Public Private Partnerships Facilitate Affordable Housing Outcomes in Queensland?&quot;. Australian Property Journal, August, 184&#150;187.
]]></content>
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<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/obstruction-of-view-and-its-impact-on-residential-apartment-prices</link>
<title><![CDATA[Obstruction of View and Its Impact on Residential Apartment Prices]]></title>
<description><![CDATA[The factors that influence house prices have been well researched. One of these factors is the view that can be seen from the dwelling unit, particularly high-rise units. Most studies, using multiple regression analysis, show that good views, such as sea view do enjoy a premium in value. This paper focuses on the impact of the obstruction of view on house prices. Using data from two condominium projects, the study analyses the change in price when a new condominium project, which would obstruct the existing view of units in the two condominiums, was launched. The paper uses intervention analysis to investigate the impact of the obstruction of view on property prices. The results show that the impact will set into the prices of the obstructed development once the construction of the new development begins. In addition, the results show that the impact is of a pure jump function and depresses the prices of the obstructed development by around 8% in the long term. The paper further suggests the implications of information transparency, given that planning information is widely available to developers and potential buyers in Singapore.
]]></description>
<content><![CDATA[Bausell, C.W., Jr, Rusco,. F.W, and Walls,W.D. (2001) Lifting the Alaskan Oil Export Ban: An Intervention Analysis. Energy Journal, Vol 22(4), 81&#150;94.
Benson, E.D., Hansen, L.J., Schwartz, A.L., Smersh, G.T. (1998) Pricing Residential Amenities: The Value of a View. Journal of Real Estate Finance and Economics, Vol 16, 55&#150;73.
Blackley, P.R. (1992). The 1987 Stock Market Crash and New York City Employment: An Intervention-Multiplier Analysis. Journal of Regional Science, Vol 32(3), 367&#150;74.
Bond, M.T., Seiler, V.L, Seiler, M.J. (2002) Residential Real Estate Prices: A Room with a View. Journal of Real Estate Research, Vol 23, 129&#150;137.
Box, G.E.P. and Jenkins, G.M. (1970) Time Series Analysis, Forecasting and Control, San Franciso: Holden-Day, 1970.
Box, G.E.P. and Tiao, G.C. (1975) Intervention Analysis with Applications to Economic and Environmental Problems. Journal of the American Statistical Association, Vol 70, 70&#150;74.
Darling, A. (1973). Measuring Benefits Generated by Urban Water Parks. Land Economics, Vol 49(1), 22&#150;34.
Enders,W, Sandler,T. and Cauley, J. (1990). Assessing the Impact of Terrorist-Thwarting Policies: An Intervention Time Series Approach. Defence Economics, Vol 2(1), 1&#150;18.
Fomby, T.B and Hayes, K.J. (1990). An Intervention Analysis of the War on Poverty: Poverty&#39;s Persistence and Political-Business Cycle Implications. Journal of Econometrics, Vol 43(1&#150;2), 197&#150;212.
Fox, R.T. (1996). Using Intervention Analysis to Assess Catastrophic Events on Business Environment. International Advances in Economic Research, Vol 2(3), 341&#150;49.
Gillard, Q. (1981). The Effect of Environmental Amenities on House Values: The Example of a View Lot. Professional Geographer, Vol 33, 216&#150;220.
Ho, A.K.F, and Wan, A.T.K. (2002) Testing for Covariance Stationarity of Stock Returns in the Presence of Structural Breaks: An Intervention Analysis. Applied Economics Letters, Vol 9(7): 441&#150;47.
Hultkrantz.L. and Olsson,C. (1997) Chernobyl Effects on Domestic and Inbound Tourism in Sweden-A Time Series Analysis. Environmental and Resource Economics, Vol 9(2), 239&#150;58.
Karagozoglu, A. K, Martell,. T.F, and Wang, G.H.K. (2003) The Split of the S&amp;P 500 Futures Contract: Effects on Liquidity and Market Dynamics. Review of Quantitative Finance and Accounting, Vol 21(4), 323&#150;48.
Lloyd, T, Morrissey, O. and Reed, G. (1998). Estimating the Impact of Anti-dumping and Anti-cartel Actions Using Intervention Analysis. Economic Journal, Vol 108(447), 458&#150;76.
Narayan, J. and Considine, J. (1989). Intervention Analysis to Assess the Impact of Price Changes on Ridership in a Transit System: A Case Study. Logistics and Transportation Review, Vol 25(1): 53&#150;61.
Plattner, R.H. and Campbell, T.J. (1978). A Study of the Effect of Water View on Site Value. Appraisal Journal, Vol 46, 20&#150;25.
Rodriguez, M. and Sirmans, C.F. (1994). Quantifying the Value of a View in Single-Family Housing Markets. Appraisal Journal, Vol 62, 600&#150;603.
Shao, Y.E. (1997). Multiple Intervention Analysis with Application to Sales Promotion Data. Journal of Applied Statistics, Vol 24(2), 181&#150;91.
Sharma, P. and Khare, M.(1999) Application of Intervention Analysis for Assessing the Effectiveness of CO Pollution Control Legislation in India. Transportation Research: Part D: Transport and Environment, Vol 4(6), 427&#150;32.
Spiegel, M. M. (1990). Capital Controls and Deviations from Proposed Interest Rate Parity: Mexico 1982. Economic Inquiry, Vol 28(2), 239&#150;48.
Topping, S, Carroll,C. and Lindley, J.T. (1997). The Impact of Health Care Reform on Capital Acquisition for Hospitals. Financial Review, Vol 32(4), 751&#150;78.
Yoo, K.R. (1998) Intervention Analysis of Electoral Tax Cycle: The Case of Japan. Public Choice, Vol 96, 241&#150;58.
]]></content>
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<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/the-significance-of-fractional-interests-in-listed-property-trust-portfolios</link>
<title><![CDATA[The Significance of Fractional Interests in Listed Property Trust Portfolios]]></title>
<description><![CDATA[Fractional interests in commercial property have taken on increased importance as institutional investors seek to manage risk in their property portfolios. By assessing the ownership arrangements of over 8,000 commercial properties, the level of fractional interests in listed property trust (LPT) property portfolios in Australia over 1991&#150;2004 is assessed. Significant increases in the level of fractional interests (both by number and value of properties) have been evident in the last five years; particularly reflecting increased levels of co-owned international property in LPT portfolios and the acquisition of local landmark office and retail properties via fractional interests. Retail and office property in a 50%:50% co-ownership arrangement is the most dominant local fractional interest structure, with international properties more likely to involve more than a 50% fractional interest by the LPT.
]]></description>
<content><![CDATA[Donaldson, B. (1994), At what price liquidity? Real Estate Finance (Fall): 33&#150;39.
Fife, A. (2003), Valuation of fractional interests. Australian Property Journal 37(5): 360&#150;362.
Fife, A. and Newell, G. (1995), The valuation of fractional interests. The Valuer and Land Economist 33(6): 467&#150;469.
Garing, S., Hoog Antink, V., Kivell, D. and Rampa, K. (2004), Market frontiers: capital markets. Proceedings of 2004 PCA Congress. PCA, Sydney.
Hanford, L. (1989), The market value of partial interests in real property. The Appraisal Journal (Oct): 460&#150;465.
Hess, R. and Liang, Y. (2004), REIT joint venture use is on the rise. Journal of Real Estate Portfolio Management 10(1): 77&#150;84.
Humphrey, W. and Humphrey, B. (1997), Unsyndicated partial interest discounting. The Appraisal Journal (July): 267&#150;274.
Ludgin, M. and Ingall, L. (2004), Nothing ventured, nothing gained: the risk of real estate joint ventures. NCREIF Quarterly Report (Q1): 2&#150;3.
Murdoch, J. (2004), The globalisation of Australian LPTs. Australian Property Journal 38(1): 5&#150;12.
Newell, G. and Acheampong, P. (2001), The dynamics of the Australian LPT market risk and correlation profile. Pacific Rim Property Research Journal 7(4): 259&#150;270.
Newell, G. and Tan, Y.K. (2003), The significance of property sector and geographic diversification in Australian institutional property portfolios. Pacific Rim Property Research Journal 9(3): 248&#150;264.
Newell, G. and Worzala, E. (1995), The role of international property in investment portfolios. Journal of Property Finance 6(1): 55&#150;63.
Property Council of Australia. (2004), Investment Performance Index: June 2004. PCA, Sydney.
Property Investment Research. (2004a), Annual Property Trust Review 2004 (and miscellaneous previous copies). PIR, Melbourne.
Property Investment Research. (2004b), Australian Property Funds Industry Survey 2004. PIR, Melbourne.
Thompson, M. and Dagbjartsson, E. (1994), Market discounting of partial ownership interests. The Appraisal Journal (Oct): 535&#150;541.
UBS. (2005), UBS Indices: January 2005 (and miscellaneous previous copies). UBS, Sydney.
Wiggins, D. and Rosenberg, S. (2001), Revisiting valuation of real estate partial interests: recent case studies. The Appraisal Journal (Oct): 404&#150;409.
Wilson, P. and Okunev, J. (1996), Evidence of segmentation in domestic and international property markets. Journal of Property Finance 7(1): 78&#150;97.
Wilson, P. and Okunev, J. (1999), Long-term dependencies and long-run non-periodic co-cycles: real estate and stockmarkets. Journal of Real Estate Research 18(2): 257&#150;278.
Wilson, P., Okunev, J. and Webb, J. (1998), Step interventions and market integration: tests in the US, UK and Australian property markets. Journal of Real Estate Finance and Economics 16(2): 91&#150;123.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/the-significance-of-fractional-interests-in-listed-property-trust-portfolios</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/calendar-anomalies-and-capital-market-efficiency-listed-property-trust-investment-strategies</link>
<title><![CDATA[Calendar Anomalies and Capital Market Efficiency: Listed Property Trust Investment Strategies]]></title>
<description><![CDATA[This study focuses on the efficient market hypothesis (EMH) and inspects the existence of calendar anomalies in the Australian capital markets. It is the first study that provides a comprehensive examination of calendar anomalies in the Australian capital markets, particularly in the Australian Listed Property Trust (LPT) market. The study reveals that calendar anomalies exist in both the Australian LPT market and the broader equity market, providing evidence of market inefficiency. It is also found that some of these return irregularities are diminishing and dissipating over time, suggesting the move towards a higher level of efficiency.
The results from this study provide support to active investing. Moreover, this study quantifies the potential for profiting on the calendar anomalies by active investing in a practical sense and provides significant practical implications for LPT portfolio managers and investors.
]]></description>
<content><![CDATA[Abraham, A. and Ikenberry, D. (1994), The individual investor and the weekend effect. Journal of Financial Quantitative Analysis, 29:2, 263&#150;277.
Admati, A. and Pfleiderer, P. (1989), Dividend and conquer: a theory of intraday and day-of-the-week mean effects. The Review of Financial Studies, 2:2, 189&#150;223.
Ariel, R. (1987), The monthly effect in stock returns. Journal of Financial Economics, 18, 161&#150;174.
Ariel, R. (1990), High stock returns before holidays: existence and evidence on possible causes. The Journal of Finance, 45:5, 1611&#150;1626.
Brown, P., Keim, D., Kleidon, A. and Marsh, T. (1983), Stock return seasonalities and the tax-loss selling hypothesis: analysis of the arguments and Australian evidence. Journal of Financial Economics, 12, 105&#150;127.
Brown, M. and Forsythe, A. (1974), Robust tests for the equality of variances. Journal of the American Statistical Association, 69, 364&#150;67.
Colwell, P. and Park, H. (1990), Seasonality and size effects: the case of real-estate-related investment. Journal of Real Estate Finance and Economics, 3, 251&#150;259.
Conover, W. (1980), Practical Nonparametric Statistics (Second Edition). John Wiley &amp; Sons: New York.
Cross, F. (1973), The behaviour of stock prices on Fridays and Mondays. Financial Analysts Journal, November-December, 67&#150;69.
Fama, E. (1970), Efficient capital markets: a review of theory and empirical work. The Journal of Finance, 25, 383&#150;417.
Flannery, M. and Protopapadakis, A. (1988), From t-bills to common stocks: investigating the generality of intra-week return seasonality. The Journal of Finance, 43:2, 431&#150;450.
French, K. (1980), Stock returns and the weekend effect. Journal of Financial Economics, 9, 55&#150;69.
Friday, H. and Higgins, E. (2000), The day of the week effect in real estate investment trusts. Journal of Real Estate Portfolio Management, 6:3, 273&#150;282.
Gibbons, M. and Hess, P. (1981), Day of the week effects and asset returns. Journal of Business, 1981, 54:4, 579&#150;596.
Hansen, L. (1982), Large sample properties of generalized method of moments estimators. Econometrica, 50, 1029&#150;1054.
Harris, L. (1986), A transaction data study of weekly and inter-daily patterns in stock returns. Journal of Financial Economics, 15, 99&#150;117.
Jaffe, J. and Westerfield, R. (1985), The week-end effect in common stock returns: the international evidence. The Journal of Finance, 40:2, 433&#150;454.
Keim, D. (1985), Dividend yields and stock returns: implications of abnormal January returns. Journal of Financial Economics, 14, 473&#150;490.
Keim, D. (1983), Size-related anomalies and stock return seasonality: further empirical evidence. Journal of Financial Economics, 12, 13&#150;32.
Keim, D. and Stambaugh, R. (1984), A further investigation of the weekend effect in stock returns. The Journal of Finance, 39:3, 819&#150;835.
Liu, C. and Mei, J. (1992), The predictability of returns on equity REITs and their co-movement with other assets. Journal of Real Estate Finance and Economics, 5:4, 401&#150;418.
Ogden, J. (1990), Turn-of-month evaluations of liquid profits and stock returns: a common explanation for the monthly and January effects. The Journal of Finance, 45:4, 1259&#150;1272.
Peng, V. (2004a), Price predictability and capital market efficiency: listed property trust investment strategies. Pacific Rim Property Research Journal, 10:4, 451&#150;466.
Peng, V. (2004b). Selectivity, timing and the performance of listed property trusts: implications for investment strategies. Pacific Rim Property Research Journal, 10:2, 235&#150;255.
Redman, A., Manakyan, H. and Liano, K. (1997), Real estate investment trusts and calendar anomalies. Journal of Real Estate Research, 14: 1, 19&#150;28.
Roll, R. (1983), The turn of the year effect and the return premium of small firms. Journal of Portfolio Management, 9, 18&#150;28.
Rozeff, M. and Kinney, W. (1976). Capital market seasonality: the case of stock returns. Journal of Financial Economics, 3, 379&#150;402.
Wang, K., Li, Y. and Erickon, J. (1997), A new look at the Monday effect. The Journal of Finance, 52:5, 2171&#150;2186.
White, H. (1980), A heteroscadasticity-consistent covariance matrix estimator and a direct test for heteroscadasticity. Econometrica, 48, 817&#150;838.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/calendar-anomalies-and-capital-market-efficiency-listed-property-trust-investment-strategies</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/direct-investment-in-commercial-real-estate</link>
<title><![CDATA[Direct Investment in Commercial Real Estate]]></title>
<description><![CDATA[This paper formed the basis of the keynote address to the Pacific Rim Real Estate Society conference in Melbourne in January 2005. In the asset allocation process, direct real estate investment suffers from some perceived disadvantages and this paper summarises recent research, funded by practice, into three of these perceived disadvantages; depreciation in value, liquidity (or lack of it) and the accuracy of valuations. It also discusses the tensions when undertaking industry funded research concerning the industry need for useable results and the academic need for a sound theoretical framework and research method.
]]></description>
<content><![CDATA[Ball, M., Lizieri, C. and MacGregor, B. (1998). The Economics of Commercial Property Markets. London. Routledge.
Baum, A., Callender, M., Crosby, N., Devaney, S. Law, V. and Westlake, C. (2005). Depreciation in Commercial Property Markets. Investment Property Forum. Forthcoming
Bond, S., Callender, M., Crosby, N., Hwang, S., Key, T., Lizieri, C., McAllister, P., Matysiak, G., and Ward, C. (2004). Liquidity in Commercial Property Markets. London: Investment Property Forum.
Brown, G. and Matysiak, G. (2000) Real Estate Investment. Harlow. Financial Times Prentice Hall.
Cole, R. Guilkey, D. and Miles, M. (1986). Towards an Assessment of the Reliability of Commercial Appraisals. The Appraisal Journal, 54(3), 422&#150;432.
Crosby, N., Lavers, A. and Murdoch, J. (1998). Property Valuation Variation and the Margin of Error in the UK. Journal of Property Research, 15(4), 305&#150;330.
DTZ Research (2005) Money into Property. London: DTZ.
Fisher, J., M. Miles and B. Webb (1999). How Reliable are Commercial Appraisals? Another Look. Real Estate Finance, 16 (3), 16&#150;26.
Geltner, D. and Miller, N.G. (2001). Commercial Real Estate Analysis and Investments. New Jersey: Prentice Hall.
Geltner, D., MacGregor, B. and Schwann, G. (2003). Appraisal Smoothing and Price Discovery in Real Estate Markets. Urban Studies, 40(5/6), 1047&#150;64.
Hoesli, M. and MacGregor, B. (2000). Property InvestmenPrinciples and Practice of Portfolio Management. London: Pearson Educational.
Hutchison, N., MacGregor, B., Nanthakumaran, N., Adair, A. and McGreal, S. (1996). Variations in the Capital Valuations of UK Commercial Property. Research Report. London. The Royal Institution of Chartered Surveyors.
IPD/DJ. (2003). Variance in Valuations (7e). London. Investment Property Databank/Drivers Jonas.
IPF (1996) Readiness for Sale The Code of Practice for Streamlining Commercial Property Transactions. London. Investment Property Forum.
Law, V. (2004). The Definition and Measurement of Rental Depreciation in Investment Property. PhD Thesis. The University of Reading.
Matysiak, G. and Wang, P. (1995). Commercial Property Market Prices and Valuations: Analysing the Correspondence. Journal of Property Research, 12,181&#150;202.
McAllister, P., Newell, G. and Worzala, E. (2004). Property Research Priorities in the UK. London: Investment Property Forum. http://www.ipf.org.uk/resources/pdf/PrioritiesinUKResearchReport.pdf
McNamara, P. (1998) Exploring Liquidity: Recent Survey Findings. Paper to 7th IPD Conference, Brighton, November.
Mokrane, M. (2002). Valuations standards, accuracy, consistency. Paper to IPD European Strategies Conference. Wiesbaden, May.
Newell, G and Kishore, R. (1998). The Accuracy of Commercial Property Valuations. Paper to 4th Pacific Rim Real Estate Society Conference, Perth, January.
Parker, D. (1998). Valuation Accuracy An Australian Perspective. Paper to 4th Pacific Rim Real Estate Society Conference, Perth, January.
RICS/IPD (2004). Valuation and Sale Price Variance Report 2003. London: RICS/IPD.
RICS/IPD (2005). Valuation and Sale Price 2004 Report. London: RICS/IPD.
Webb, B. (1994). On the Reliability of Commercial AppraisalAn Analysis of Properties sold from the Russell-NCREIF Index. Real Estate Finance, 11(1), 62&#150;65.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/direct-investment-in-commercial-real-estate</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/the-costs-of-raising-equity-capital-by-australian-property-trust-initial-public-offerings</link>
<title><![CDATA[The Costs of Raising Equity Capital by Australian Property Trust Initial Public Offerings]]></title>
<description><![CDATA[This paper reports some of the direct costs of raising equity capital by property trust initial public offerings (IPOs) in Australia from 1994 to 2004. It also documents the amount of underpricing by these IPOs. The results indicate the average fees paid to underwriters and/or stockbrokers in managing and marketing the issue was around 3.3% of the public equity capital raised. The average fees paid to legal firms, accounting firms and valuers for their professional involvement and expert reports were 0.4%, 0.2% and 0.1% respectively, totalling 0.7% of the equity raised. Other fees such as printing, listing fees, postage, distribution and advertising cost around 2.1%. The total average direct costs amounted to around 6.1% of the proceeds raised. The average underpricing by these property trust IPOs was 2.6%. This paper also investigates the hypotheses that the percentage direct capital raising costs are influenced by the size of the IPO and whether the IPO is underwritten. This study confirms that larger property trust equity capital raisings have lower percentage total direct cost;, however, it does not find that underwriting significantly influences the percentage of total direct costs for these property trust IPOs.
]]></description>
<content><![CDATA[Beatty, R. P., and J. R. Ritter. (1986). &quot;Investment Banking, Reputation, and the Underpricing of Initial Public Offerings&quot;, Journal of Financial Economics, 15, 213&#150;232.
Brounen, D., and P. Eichholtz. (2001). &quot;Going Public in the European Property Share Market&quot;, Real Estate Finance, 18, 55&#150;60.
Brounen, D., and P. M. A. Eichholtz (2002). &quot;Initial Public Offerings: Evidence From British, French and Swedish Share Markets&quot;, Journal of Real Estate Finance and Economics, 23, 103&#150;117.
Butler, A.W., and P. Huang (2003). &quot;On the Uniformity of Investment Banking Spreads: The Seven Percent Solution is Not Unique&quot;, Journal of Multinational Financial Management, 13, 265&#150;272.
Chan, S. H., M. H. Stohs and K. Wang (2001). &quot;Costs of Raising Capital &#150; Initial Public Offerings (IPOs) and Seasoned Equity Offerings (SEOs) - in Hong Kong&quot;, Journal of Financial Management and Analysis, 15, 27&#150;36.
Chen, K.C., and L. Wu (2002). &quot;Are Real Estate IPOs a Different Species? Evidence from Hong Kong IPOs&quot;, Journal of Real Estate Research, 21, 201&#150;220.
Chen, H.C., and J. Ritter (2000). &quot;The Seven Percent Solution&quot;, Journal of Finance, 55, 1105&#150;1131.
Dimovski, W. and Brooks, R., (2006), &quot;The Pricing of Property Trust IPOs in Australia&quot; Journal of Real Estate Finance and Economics, 32, 185&#150;199.
Dimovski, W. and Brooks, R. (2004a), &quot;Initial Public Offerings in Australia 1994 to 1999, Recent Evidence of Underpricing and Underperformance&quot;, Review of Quantitative Finance and Accounting, 22, 179&#150;198.
Dimovski, W. and Brooks, R. (2004b), &quot;Do You Really Want to Ask an Underwriter How Much Money You Should Leave on the Table?&quot;, Journal of International Financial Markets, Institutions and Money, 14, 267&#150;280.
Finn, F. J. and R. Higham (1988). &quot;The Performance of Unseasoned New Equity Issues-Cum Stock Exchange Listings in Australia&quot;, Journal of Banking and Finance, 12, 333&#150;351.
How, J.C.Y., H.Y. Izan and G. S. Monroe (1995). &quot;Differential Information and the Underpricing of Initial Public Offerings: Australian Evidence&quot;, Accounting and Finance, 35, 87&#150;105.
How, J.C.Y. and J.J.L. Yeo (2000). &quot;The Pricing of Underwriting Services in the Australian Capital Market&quot;, Pacific-Basin Finance Journal, 8, 347&#150;73.
Kooli, M. and J. M. Suret (2002). &quot;How Cost-Effective are Canadian IPO Markets&quot;, CIRANO, 83, 1&#150;17.
Lee, I., S. Lochhead, J. Ritter and Q. Zhao. (1996). &quot;The Costs of Raising Capital&quot;, Journal of Financial Research, 19, 59&#150;74.
Lee, P. J., S. L. Taylor, and T. S. Walter. (1996). &quot;Australian IPO Pricing in the Short and Long Run&quot;, Journal of Banking and Finance, 20, 1189&#150;1210.
Leleux, B. F., and D. F. Muzyka (1993). &quot;The Demise of European IPO Market: a Postissue Performance Study&quot;, working paper, INSEAD, USA.
Ling, D. C., and M. Ryngaert (1997). &quot;Valuation Uncertainty, Institutional Involvement, and the Underpricing of IPOs: The Case of REITs&quot;, Journal of Financial Economics, 43, 433&#150;456.
Loughran, T., J. R. Ritter, and K. Rydqvist (1994). &quot;Initial Public Offerings: International Insights&quot;, Pacific-Basin Finance Journal, 2, 165&#150;199.
Newell, G., (2005). &quot;Factors Influencing the Performance of Listed Property Trusts&quot;, Pacific Rim Property Research Journal, 11(2), 211&#150;227.
Pierson, G., R. Bird, R. Brown, and P. Howard, (2002), Business Finance, McGraw-Hill, Sydney.
Ritter, J. R. (2003). &quot;Differences between European and American IPO Markets&quot;, European Financial Management, 9, 421&#150;434.
Ritter, J. R. (1987). &quot;The Costs of Going Public&quot;, Journal of Financial Economics, 19, 269&#150;281.
Su, D. and B. M. Fleisher (1999). &quot;An Empirical Investigation of Underpricing in Chinese IPOs&quot;, Pacific Basin Finance Journal, 7, 173&#150;202.
Wang, K, S. H. Chan and G. Gau (1992). &quot;Initial Public Offerings of Equity Securities: Anomalous Evidence Using REITs&quot;, Journal of Financial Economics, 31, 381&#150;410
White, H. (1980). &quot;A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskesticity&quot;, Econometrica, 48, 817&#150;838.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/the-costs-of-raising-equity-capital-by-australian-property-trust-initial-public-offerings</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/factors-influencing-the-performance-of-listed-property-trusts</link>
<title><![CDATA[Factors Influencing the Performance of Listed Property Trusts]]></title>
<description><![CDATA[A variance decomposition procedure is used to assess the proportion of LPT volatility that is attributable to stock, bond and property factors over 1985&#150;2004. The dynamics of this LPT performance is also assessed. Property is seen to only make a small contribution to LPT variability, with the contribution of property only marginally increasing in recent years with the increased maturity of the LPT sector. The importance of stocks in LPT performance has decreased significantly, with bond-like features taking on more importance in LPT performance in recent years.
]]></description>
<content><![CDATA[Campbell, J., Lettau, B., Malkiel, G. and Xu, Y. (2001), Have individual stocks become more volatile?: an empirical exploration of idiosyncratic risk. Journal of Finance 56: 186&#150;202.
Ciochetti, B., Craft, T. and Shilling, J. (2002), Institutional investors preferences for REIT stocks. Real Estate Economics 30:567&#150;593.
Clayton, J. and MacKinnon, G. (2000), REIT market maturation and pricing dynamics.Real Estate Finance (Fall): 51&#150;62.
Clayton, J. and MacKinnon, G. (2001), The time-varying nature of the link between REIT, real estate and financial asset returns. Journal of Real Estate Portfolio Management 7(1):43&#150;54.
Clayton, J. and MacKinnon, G. (2003), The relative importance of stock, bond and real estate factors in explaining REIT returns. Journal of Real Estate Finance and Economics 27(1): 39&#150;60.
Gallo, J., Lockwood, L. and Rutherford, R. (2000), Asset allocation and the performance of real estate mutual funds. Real Estate Economics 28(1): 165&#150;184.
Garing, S., Hoog Antink, V., Kivell, D. and Rampa, K. (2004), Market frontiers: capital markets. Proceedings of 2004 PCA Congress. PCA, Sydney.
Giliberto, M. (1990), Equity Real Estate Investment Trusts and real estate returns. Journal of Real Estate Research 5: 259&#150;263.
Graff, R. and Young, M. (1997), Institutional investor impact on equity REIT performance. Real Estate Finance (Fall): 31&#150;39.
Karolyi, G. and Sanders, A. (1998), The variation of economic risk premiums in real estate returns. Journal of Real Estate Finance and Economics 17: 245&#150;262.
Larsen, C. (2002), Capital markets: analyse this. Property Australia 16(8):12&#150;15.
Lee, S. (1999), Style analysis and property fund performance. Journal of Property Investment and Finance 17(2): 145&#150;156.
Liang, Y. and McIntosh, W. (1998), REIT style and performance. Journal of Real Estate Portfolio Management 4(1): 69&#150;78.
Ling, D. and Naranjo, A. (1997), Economic risk factors and commercial real estate returns. Journal of Real Estate Finance and Economics 14: 283&#150;307.
Ling, D. and Naranjo, A. (1999), The integration of commercial real estate markets and stock markets. Real Estate Economics 27: 483&#150;516.
Myer, N. and Webb, J. (1996), Management style and asset allocation in real estate portfolios. Journal of Real Estate Portfolio Management 2(2): 119&#150;125.
Newell, G. (2001), A matter of style. Property Australia 15(10): 20.
Newell, G. and Acheampong, P. (2001), The dynamics of the Australian LPT market risk and correlation profile. Pacific Rim Property Research Journal 7(4): 259&#150;270.
Newell, G., Chau, K.W. and Wong, S.K. (2004), The level of direct property in Hong Kong property company performance. Journal of Property Investment and Finance 22(6): 512&#150;532.
Newell, G. and MacFarlane, J. (1998), The effect of seasonality of valuations on property risk. Journal of Property Research 15(3): 167&#150;182.
Newell, G. and Tan, Y.K. (2003), The significance of property sector and geographic diversification in Australian institutional property portfolios. Pacific Rim Property Research Journal 9(3): 248&#150;264.
Newell, G. and Tan, Y.K. (2004), The development and performance of listed property trust futures. Pacific Rim Property Research Journal 10(2):132&#150;145.
Oliver, S. (2004), LPT changes implications for investors. Property Australia 19(1): 106&#150;107.
Peng, V. (2004), Selectivity, timing and the performance of listed property trusts: implications for investment strategies. Pacific Rim Property Research Journal 10(2): 235&#150;254.
Peterson, J. and Hsieh, C. (1997), Do common risk factors in the returns on stocks and bonds explain returns on REITs? Real Estate Economics 25: 321&#150;345.
Property Council of Australia (2004), Investment Performance Index: June 2004. PCA, Sydney.
Property Investment Research. (2004), Australian Property Funds Industry Survey 2004. PIR, Melbourne.
Stevenson, S. (2001), Evaluating the investment attributes and performance of property companies. Journal of Property Investment and Finance 19(3): 251&#150;266.
UBS (2004), UBS Indices: December 2004. UBS, Sydney.
Wilson, P. and Okunev, J. (1996), Evidence of segmentation in domestic and international property markets. Journal of Property Finance 7(1): 78&#150;97.
Wilson, P. and Okunev, J. (1999), Long-term dependencies and long-run non-periodic cocycles: real estate and stockmarkets. Journal of Real Estate Research 18(2): 257&#150;278.
Wilson, P., Okunev, J. and Webb, J. (1998), Step interventions and market integration: tests in the US, UK and Australian property markets. Journal of Real Estate Finance and Economics 16(2): 91&#150;123.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/factors-influencing-the-performance-of-listed-property-trusts</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/cellular-phone-towers-perceived-impact-on-residents-and-property-values</link>
<title><![CDATA[Cellular Phone Towers: Perceived Impact on Residents and Property Values]]></title>
<description><![CDATA[This paper outlines the results of a case study to determine residents perceptions towards living near cellular phone base stations (CPBSs) in Christchurch, New Zealand and how they evaluate the impact of these structures. The results provide initial evidence that if used together with the results from econometric analysis of transaction data can help resolve valuation and compensation issues in a quantitative way. Further, they provide a potential source of information for related government agencies in assessing the necessity for increasing health and other information pertaining to CPBSs to help allay public concerns.
]]></description>
<content><![CDATA[Barnes, J. R. (1999), Cellular phones: are they safe? Professional Safety, Vol. 44 (12), pp. 20&#150;23. Available from: http://proquest.umi.com [Accessed 21 May 2002].
Bond, S.G. &amp; Hopkins, J. (2000), &quot;The impact of transmission lines on residential property values: results of a case study in a suburb of Wellington, New Zealand&quot;, Pacific Rim Property Research Journal, Vol.6, No. 2, pp.52&#150;60.
Borbely, A.A., Huber, R., Graf, T., Fuchs, B., Gallmann, E., Achermann, P. (1999), Pulsed high-frequency electromagnetic field affects human sleep and sleep electroencephalogram , Neurosci Let, Vol. 275(3), pp. 207&#150;210.
Burch, J.B., Reif, J.S., Yost, M.G., Keefe, T.J. and Pittrat, C.A. (1998), &quot;Nocturnal excretion of urinary melatonin metabolite among utility workers&quot;, Scand J Work Environ Health, Vol. 24(3), pp. 183&#150;189.
Cherry, N. (2000), Health Effects Associated with Mobil Base Stations in Communities: The Need for Health Studies, Environmental Management and Design Division, Lincoln University, June 8. Available from: http://pages.britishlibrary.net/orange/cherryonbasestations.htm.
Christchurch City Council website. Available from: www.ccc.govt.nz/index.asp
Colwell, P. (1990), Power lines and land value , Journal of Real Estate Research, Vol. 5(1), Spring.
Des Rosiers, F. (2002), Power lines, visual encumbrance and house values: a microspatial approach to impact measurement , Journal of Real Estate Research, Vol.23(3), pp. 275 301.
Fox, S. (2002), Cellphone antenna worries family , East &amp; Bays Courier, Fiday November 8, p.1.
Hocking, B. (1998), Preliminary report: symptoms associated with mobile phone use , Occup Med(Lond), Vol.48 (6), pp.357&#150;360.
Kellenyi, L., Thuroczy, G., Faludy, B., and Lenard, L. (1999), Effects of mobile GSM radiotelephone exposure on the auditory brainstem response (ABR) , Neurobiology, Vol. 7, pp.79&#150;81.
Khudnitskii, S.S., Moshkarev, E.A., Fomenko, T.V. (1999), On the evaluation of the influence of cellular phones on their users , [Article in Russian] Med Tr Prom Ekol, Vol. 9, pp. 20&#150;24.
Krause, C.M., Sillanmaki, L., Koivisto, M., Haggqvist, A., Saarela, C., Revonsuo, A., Laine, M. and Hamalainen H., (2000), &quot;Effects of electromagnetic field emitted by cellular phones on the EEG during a memory task , Neuroreport, Vol. 11(4),pp. 761&#150;764.
Independent Expert Group on Mobile Phones: [Chairman, Sir William Stewart], (2000), Mobile Phones and Health. Report to the United Kingdom Government. [www.iegmp.org.uk].
International Commission on Non-Ironizing Raditation Protection (1996), Health issues related to the use of hand held radio telephone and base transmitters , Health Physics, Vol. 70(9),pp. 587&#150;593.
International Commission on Non-Ironizing Radiation Protection (1998), Guidelines for limiting exposure to time-varying electric, magnetic, and electromagnetic fields (up to 300 GHz) , Health Physics, Vol. 74(4),pp. 494&#150;522.
Kroll, C and Priestley, T. (1992), The Effects of Overhead Transmission Lines on Property Values: A Review and Analysis of the Literature, Edison Electric Institute, July.
Mann, K. and Roschke, J. (1996), Effects of pulsed high-frequency electromagnetic fields on human sleep , Neuropsychobiology, Vol. 33(1), pp.41&#150;47.
Ministry for the Environment and Ministry of Health (2000), National guidelines for managing the effects of radiofrequency transmitters. [online] Available from: http://www.mfe.govt.nz and http://www.moh.govt.nz [Accessed 21 May 2002].
National Radiation Laboratory (2001), Cellsites , March. Available from: http://www.nrl.moh.govt.nz
Royal Society of Canada (1999), A review of the potential health risks of radiofrequency fields from wireless telecommunication devices. An expert report prepared at the request of the Royal Society of Canada for Health Canada, Ontario. [www.rsc.ca]
Szmigielski, S. and Sobiczewska, E. (2000), Cellular phone systems and human health problems with risk perception and communication , Environmental Management and Health, Vol. 11 (4), pp 352&#150;368. Available from: http://haly.emeraldlibrary.com/vl=10902366/cl=13/nw=1/fm=html/rpsv/cw/mcb/0956616 3/v11n4/s5/p352 [Accessed 21 May 2002].
Telecom (2002), http://www.telecom.co.nz/content/0,3900,27116&#150;1536,00.html [Accessed 19 December 2002].
Williams, R. (2001), Phone zone renting roofspace to Ma Bell , The Property Business. April, (12), 6&#150;7.
WHO (1993), Electromagnetic fields (300 Hz to 300 GHz), Environmental Health Criteria 137. World Health Organization, Geneva.
Wolverton, M.L. &amp; Bottemiller, S.C. (2003), Further analysis of transmission line impact on residential property values , The Appraisal Journal, Vol.71, No.3, pp. 244.
Vodafone (2002). http://www.vodafone.co.nz/aboutus/vdfn_about_cellsites.pdf [Accessed 19 December 2002] and http://www.vodafone.co.nz/aboutus/vdfn_about_health_and_safety.pdf [Accessed 19 December 2002].
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/cellular-phone-towers-perceived-impact-on-residents-and-property-values</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/trading-rules-in-housing-marketswhat-can-we-learn</link>
<title><![CDATA[Trading Rules in Housing Markets&#150;What Can We Learn?]]></title>
<description><![CDATA[This paper examines the application of trading rules in testing informational efficiency in housing markets. The paper reviews and extends the work of Linneman (1986) and Londerville (1998) to an empirical analysis of Western Australian housing data. Whereas most previous studies have focused upon hedonic methods to predict future house prices, this study also incorporates repeat-sales data so that predicted and actual selling prices of individual properties are available for analysis. The results support the view that idiosyncratic information diffusion processes exist within housing markets. These processes are influenced by levels of aggregation within the data across spatial regions.
]]></description>
<content><![CDATA[Case, K. E., and Shiller, R.J. (1989). The Efficiency of the Market for Single-Family Homes , The American Economic Review, 79, 125&#150;137.
Clapp, J.M., Dolde, W., Tirtiroglu, D. (1995). Imperfect Information and Investor Inferences from Housing Price Dynamics , Real Estate Economics, 23, 239&#150;269.
Clapp, J.M., Tirtiroglu, D. (1994). Positive Feedback Trading and Diffusion of Asset Price Changes: Evidence from Housing Transactions , Journal of Economic Behaviour and Organization, 24, 337&#150;355.
Dolde, W., and Tirtiroglu, D. (1997). Temporal and Spatial Information Diffusion in Real Estate Price Changes and Variances , Real Estate Economics, 25, 539&#150;565.
Fama, E. F. (1970). Efficient Capital Markets: A Review of Theory and Empirical Work , Journal of Finance, 25, 383&#150;420.
Gatzlaff, D.H., and Tirtiroglu, D. (1995). Real Estate Market Efficiency: Issues and Evidence , Journal of Real Estate Literature, 3, 157&#150;189.
Gau, G. W. (1985). Public Information and Abnormal Returns in Real Estate Investment , Journal of American Real Estate and Urban Economics Association, 13, 15&#150;31.
Gau, G.W. (1987). Efficient Real Estate Markets: Paradox or Paradigm? , Journal of the American Real Estate and Urban Economics Association, 15, 1&#150;15.
Gillen, K., Thibodeau, T., and Wachter, S. (2001)). Anisotropic Autocorrelation in House Prices , Journal of Real Estate Finance and Economics, 23, 5&#150;30.
Linneman, R. (1986). An Empirical Test of the Efficiency of the Housing Market , Journal of Urban Economics, 20, 140&#150;154.
Londerville, J. (1998). A Test of a Buying Rule for Underpriced Apartment Buildings , Real Estate Economics, 26, 537&#150;553.
Meese, R., Wallace, N. (1994). Testing the Present Value Relation for Housing Prices: Should I Leave My House in San Francisco? , Journal of Urban Economics, 35, 254&#150;266.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/trading-rules-in-housing-marketswhat-can-we-learn</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume11-2005/risk-measurement-and-listed-property-trust-investment-strategies-focusing-on-the-downside</link>
<title><![CDATA[Risk Measurement and Listed Property Trust Investment Strategies : Focusing on the Downside]]></title>
<description><![CDATA[Measuring investment risk precisely is critical to investment strategies. In common practice, the most popular measure of risk is standard deviation. However, standard deviation makes no distinction between positive and negative deviations from the mean. Such risk measurement could lead to biased decision making, given that asset returns are generally not symmetrically distributed.
In this paper, risk is confined to adverse outcomes that are measured by the negative semi-deviation. By examining Australian Listed Property Trusts (LPTs) for the period of 1985- 2004, this paper illustrates how the differentiation between risk (semi-deviation) and uncertainty (standard deviation) make significant differences in performance measurement and optimal portfolio construction. This paper demonstrates that the concept and application of downside risk is a valuable construct to LPT investment strategies.
]]></description>
<content><![CDATA[Alles, L. and Kling, J. (1994). Regularities in the Variation of Skewness in Asset Returns. Journal of Financial Research, 17, 427 438.
Bekaert, G., Erb, C., Harvey, C. and Viskanta, T. (1998). Distributional Characteristics of Emerging Market Returns and Asset Allocation. Journal of Portfolio Management, 102&#150;116.
Cheng, P. (2001). Comparing Downside-Risk and mean-Variance Analysis Using Bootstrap Simulation. Journal of Real Estate Portfolio Management, 7:3, 225&#150;238.
Cheng, P. and Wolverton, M. (2001). MPT and the Downside Risk Framework: A Comment on Two Recent Studies. Journal of Real Estate Portfolio Management, 7:2, 125&#150;131.
Chunhachinda, P., Dandapani, K., Hamid, S. and Prakash, A. (1997). Portfolio Selection and Skewness: Evidence from International Stock Markets. Journal of Banking &amp; Finance, 21:2, 143&#150;167.
DeFusco, R, Karels, G. and Muralidhar, K. (1996). Skewness Persistence in US Common Stock Returns: Results from Bootstrapping Tests. Journal of Business Finance and Accounting, 23:8, 1183&#150;1195.
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Giliberto, M. (1990). Equity Real Estate Investment Trusts and Real Estate Returns. Journal of Real Estate Research, 5:2, 259&#150;263.
Graff, R. (1998). The Impact of Seasonality on Investment Statistics Derived from Quarterly Returns. Journal of Real Estate Portfolio Management, 4:1, 1&#150;16.
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]]></content>
<guid isPermaLink="true">https://www.prres.org/volume11-2005/risk-measurement-and-listed-property-trust-investment-strategies-focusing-on-the-downside</guid>
<pubDate>31 Dec 2004 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/regime-switching-in-the-real-estate-risk-premium</link>
<title><![CDATA[Regime Switching in the Real Estate Risk Premium]]></title>
<description><![CDATA[While a significant amount of research has been undertaken on the risk premium existing in stock markets, very few studies have evaluated the risk premium in property markets. This paper extends the research on risk premium to the market for securitised property in Australia, Japan, the UK and US. A dividend discount model is applied to model the ex ante risk premium implied from the information contained in the price of securitised property shares. A Markov regime-switching model is then used to determine whether changes in the risk premium lead to changes in market prices for these securities. The results show evidence of a cyclical pattern in the risk premium for the securitised property market that can be used by investors when deciding on the best time to buy or sell in this market.
]]></description>
<content><![CDATA[Ambrose, B. W., Ancel, E. and Griffiths, M.D., (1992). The fractal structure of real estate investment returns: the search for evidence of market segmentation and nonlinear dependency. Journal of the American Real Estate and Urban Economics Association, Vol. 20, 23&#150;54.
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Barras, R. and Ferguson, D. (1985). A spectral analysis of building cycles in Britain. Environment and Planning A, Vol. 17.
Bond, S.A., Karolyi, G.A. and Sanders A.B. (2003). International real estate returns: a multifactor, mutlicountry approach. Real Estate Economics, Vol. 31, 481&#150;500.
Born, W.L., and Pyhrr, S.A. (1994). Real estate valuation: the effect of market and property cycles. The Journal of Real Estate Research, Vol.9, No.4, 455&#150;486.
Boudouhh, J., Richardson, M. and Smith T. (1993). Is the ex ante risk premium always positive. Journal of Financial Economics, Vol. 34, pp 455&#150;486.
Campbell, J.Y., Lettau, M., Malkiel, B.G. and Xu, Y. Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk. Journal of Finance, 56, 1&#150;43.
Campbell, J. Y., and Shiller, R. J. (1988). Stock prices, earnings and expected dividends. Journal of Finance, Vol. 43, 661&#150;678.
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Gyourko, J., and Keim, D. (1992) What does the stock market tell us about real estate returns? Journal of the American Real Estate and Urban Economics Association. Vol.20.
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Wilson, P. J. and Okunev, J. (1999) Long-term dependencies and long run non-periodic co-cycles: real estate and stock markets. Journal of Real Estate Research, Vol.18, No.2, 257&#150;278.
Wilson, P.J. and Okunev, J. (1998) Cycles and regime switching models in real estate and financial assets markets. 14th ARES Conference, Monterey, California.
Wilson, P., Okunev, J. and Webb, J. (1998) Step interventions and market integration: tests in the US, UK and Australian property market. Journal of Real Estate Finance and Economics, Vol. 16, No. 1, 91&#150;123.
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Ziobrowski, A. J. and Curcio, R. J. (1991) Diversification benefits of US real estate to foreign investors. Journal of Real Estate Research, Vol. 6, 119&#150;142.
Ziobrowski, A. J. and Ziobrowski, B.J. (1993) Hedging foreign investments in US real estate with currency options. Journal of Real Estate Research, Vol. 8, 27&#150;54.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/regime-switching-in-the-real-estate-risk-premium</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/personifying-public-housing-estates-evidence-from-singapore</link>
<title><![CDATA[Personifying Public Housing Estates: Evidence from Singapore]]></title>
<description><![CDATA[Adopting the concept of brand personality, this paper aims to determine the personalities of three public housing estates in Singapore, specifically Jurong East, Pasir Ris and Sengkang housing estates. These three housing estates have distinctive personalities, but also share certain traits. This research provides an avenue for town planners, town councillors, as well as estate managers to measure and position the brand personalities of their housing estates, as well as meeting the needs of the residents living in the housing estates.
]]></description>
<content><![CDATA[Aaker, D. (1996) Building Strong Brands. Free Press, New York.
Aaker, L.J. (1997) Dimensions of Brand Personality. Journal of Marketing Research, 34, pp. 347&#150;356.
Alt, M. and Stone, G. (1988) Can A Brand Be Cheeky? Marketing Intelligence and Planning, 4(6), pp. 9&#150;16.
Batra, R., Donald, R. and Dipinder, S. (1993) Brand Equity and Advertising. Lawrence Erlbaum Associates, Hillsdale, NJ.
Belk, R. (1988) Possessions and the Extended Self. Journal of Consumer Research, 15(2), pp 139&#150;168.
Bellenger, D., Earle, S. and Wilbur, W. (1976) The Congruence of Store Image and Self Image. Journal of Retailing, 52, pp.17&#150;32.
Caprara, G., Barbaranelli, C. and Guido. (1998) Personality as Metaphor: Extension of the Psycholexical Hypothesis and the Five Factor Model to Brand and Product Personality Description, in B. English &amp; A. Olafsson (eds). European Advances in Consumer Research, 3, Association for Consumer Research, Provo, UT.
Cronbach, L.J. (1951) Coefficient Alpha and the Internal Structure of Tests. Psychometrika, 16, pp. 297&#150;334.
Dawson, S., Bloch, P. and Ridgway, N. (1990) Shopping Motives, Emotional States, and Retail Outcomes. Journal of Retailing, 66(4), pp. 408&#150;427.
Digman, J.M. (1990) Personality Structure: Emergence of the Five-Factor Model. Annual Review of Psychology, 41, pp. 417&#150;440.
Fournier, S. (1994) A Consumer-brand Relationship Framework for Strategy Brand Management. Unpublished PhD dissertation, University of Florida.
Fournier, S. (1998) Consumer and their Brands: Developing Relationship Theory in Consumer Research. Journal of Consumer Research, 24(4), pp 343&#150;373.
Hair, J.F. Jr, Anderson, R.E., Tatham, R.L. and Black, W.C. (1998) Multivariate Data Analysis, (5 edition). New Jersey, Prentice-Hall.
Ibrahim, M.F. (2002) Disaggregating the Travel Components in Shopping Centre Choice: An Agenda for Valuation Practices. Journal of Property Investment and Finance, 20(3), pp. 277&#150;294.
Shopping Choices with Public Transport Options: An Agenda for the 21 Century 
Kassarjian, H.H. (1971) Personality and Consumer Behaviour: A Review. Journal of Marketing Research, 8, pp. 409&#150;418.
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Rook, D. (1985) The Ritual Dimension of Consumer Behaviour. Journal of Consumer Research, 12(3), pp. 251&#150;264.
Siguaw, J., Mattila, A. and Austin, J. (1999) The Brand Personality Scale. Cornell Hotel and Restaurant Administration Quarterly, 40(3), pp. 48&#150;55.
Sirgy, J. (1982) Self-concept in Consumer Behaviour: A Critical Review. Journal of Consumer Research, 9(3), pp.287&#150;300.
Tashakkori, A. and Teddlie, C. (1998) Mixed Methodology: Combining Qualitative and Quantitative Approaches. Sage, Thousand Oaks, California.
Triplett, T. (1994) Brand Personality Must be Managed or It Will Assume a Life of Its Own. Marketing News, 28(10), pp. 9&#150;11.
URA. (2002) Land Use and Urban Design Planning, Singapore. http://www.ura.gov.sg [28 May 2002].
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Wells, W., Frank J., Andriuli, F. and Stuart, S. (1957) An Adjective Checklist for the Study of Product Personality. Journal of Applied Psychology, 41, pp. 317&#150;319.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/personifying-public-housing-estates-evidence-from-singapore</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/the-development-and-performance-of-listed-property-trust-futures</link>
<title><![CDATA[The Development and Performance of Listed Property Trust Futures]]></title>
<description><![CDATA[Listed property trust futures were established on the Australian Stock Exchange (ASX) in August 2002; this being a world first. These property trust futures have been the most actively supported of the range of futures products on the ASX. Using a number of scenarios, property trust futures are shown to be an effective risk management tool for institutional investors for hedging their listed property trust exposure.
]]></description>
<content><![CDATA[Australian Stock Exchange. 2003a. Futures. ASX: Sydney.
Australian Stock Exchange. 2003b. Property Trust Futures. ASX: Sydney
Baum, A. 1991. Property futures. Journal of Property Valuation and Investment 9(3): 235&#150;240.
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Gemmill, G. 1990. Futures trading and finance in the housing market. Journal of Property Finance 1(2): 196&#150;207.
Giliberto, M. 1993. Measuring real estate returns: the hedged REIT index. Journal of Portfolio Management (Spring): 94&#150;99.
Hoesli, M. and MacGregor, B. 2000. Property Investment: Principles and Practice of Portfolio Management. Longman: Harlow.
Liang, Y., Seiler, M. and Chatrath, W. 1998. Are REIT returns hedgeable? Journal of Real Estate Research 16(1): 87&#150;97.
Montgomery, R. 2002. Listed property trust derivatives. Annual Listed Property Trust Review 2003. PIR: Melbourne.
Newell, G. 1996. A hedge around your property. Journal of Australian Society of Security Analysts (July): 28&#150;30.
Newell, G. and Acheampong, P. 2001. The dynamics of the Australian LPT market risk and correlation profile. Pacific Rim Property Research Journal 7(4): 259&#150;270.
Oppenheimer, P. 1996. Hedging REIT returns using futures markets. Journal of Real Estate Portfolio Management 2(1): 41&#150;53.
Patel, K. 1994. Lessons from the FOX residential property futures and mortgage interest rate futures market. Housing Policy Debate 5(3): 343&#150;360.
Perkins, B. 2003. A future for housing futures? Foreclosure Point (www.foreclosurepoint.com).
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Property Investment Research. 2003. Australian Property Funds Industry Survey 2003. PIR: Melbourne.
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Shiller, R. and Weiss, A. 1999. Home equity insurance. Journal of Real Estate Finance and Economics 19(1): 21&#150;47.
Sydney Futures Exchange. 2003. Introduction to futures and options. SFE: Sydney.
Thomas, R. 1996. Indemnities for long-term price risk in the UK housing market. Journal of Property Finance 7(3): 38&#150;52.
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Wilson, P. and Okunev, J. 1996. Evidence of segmentation in domestic and international property markets. Journal of Property Finance 7(4): 78&#150;97.
Wilson, P. and Okunev, J. 1999. Long-term dependencies and long-run non-periodic co-cycles: real estate and stockmarkets. Journal of Real Estate Research 18(2): 257&#150;278.
Wilson, P., Okunev, J. and Webb, J. 1998. Step interventions and market integration: tests in the US, UK and Australian property markets. Journal of Real Estate Finance and Economics 16(1): 91&#150;123.
]]></content>
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<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/value-of-collective-effort-redevelopment-timing-options-of-enbloc-sale-sites-in-singapore</link>
<title><![CDATA[Value of Collective Effort: Redevelopment Timing Options of Enbloc Sale Sites in Singapore]]></title>
<description><![CDATA[This paper applies the discrete-time binomial tree option-pricing framework proposed by Cox, Ross and Rubinstein (1979) to evaluate redevelopment options embedded in collective sale sites in Singapore. Based on 30 collective sale transactions recorded in 1999, our empirical results showed that the average redevelopment option premium was estimated at S$12.24 million or 9.65% of the gross development value. By adding the redevelopment-timing premium to the developer&#39;s profit and returns of 15%, the developer would expect a premium of 24.65% of gross development value if he were to exercise his option to redevelop now. Otherwise, it will be more valuable to keep the redevelopment option &quot;alive.&quot; The regression results further showed that the option premiums are positively and significantly related to the size and the price of the collective sale sites. Sensitivity analyses were also conducted and the results showed that the redevelopment option premiums increase when the price volatility, which is measured by the spread between the upward (u) and downward (d) price movements, increases. Changes in risk-free interest rates have positive effects on the option premiums.
]]></description>
<content><![CDATA[Hadhi, A. (1994a) The millionaires of Changi Heights. The Business Times, 2 November 1994.
Hadhi, A. (1994b) $75m profit awaits five Walshe Rd property owners. The Business Times, 15 December 1994.
Black, F. and Scholes, M. (1973) The pricing of options and corporate liabilities. Journal of Political Economy, 81, 637-659.
Capozza, D. R. and Sick, G. (1991) Valuing long-term leases: the option to redevelop. Journal of Real Estate Finance and Economics, 4(2), 209-223.
Childs, P. D., Riddiough T. J. and Triantis, A. J. (1996) Mixed uses and the redevelopment option. Real Estate Economics, 24(3), 317-339.
Cox, J. C., Ross, S. A. and Rubinstein, M. (1979) Option pricing: a simplified approach. Journal of Financial Economics, 7(3), 229-263.
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Kerk, C. (1999a) En bloc sales set for a comeback, say consultants. The Business Times, 17 May 1999.
Kerk, C. (1999b) Money can&#39;t buy a place called home. The Straits Times, 15 October 1999.
Low, S. P. (1999) Success factors for managing En Bloc property transactions. Property Management, 17(1), 37-48.
Lum, S. K., Sim, L. L and Lee, L. C. M. (1999) Bargaining chip in En Bloc gains. The Business Times, 23 September 1999.
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Sing, T. F. and Patel, K. (2001a) Empirical evaluation of the value of waiting to invest. Journal of Property Investment &amp; Finance. 19(5), 535-553.
Sing, T. F. and Patel, K. (2001b) Evidence of irreversibility in the UK property market. The Quarterly Review of Economics and Finance, 41(3), 313-334.
Tan, H. Y. (1999a). En-bloc sales on the way back. The Straits Times, 21 1999.
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Tan, H. Y. and Pang, G. C. (1997) Amendment to en bloc sales law - analysts feel developers may not bite and owners may still not sell. The Straits Times, 21 November 1997.
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Yamazaki, R. (2001) Empirical testing of real option pricing models using land price index in Japan. Journal of Property Investment &amp; Finance, 19(1), 53-72.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/value-of-collective-effort-redevelopment-timing-options-of-enbloc-sale-sites-in-singapore</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/the-role-of-international-property-trusts-in-australian-mixed-asset-portfolios</link>
<title><![CDATA[The Role of International Property Trusts in Australian Mixed-Asset Portfolios]]></title>
<description><![CDATA[As more LPTs invest overseas, the percentage of international property in LPTs has expanded to over 30% of the total LPT market value. This development has offered new investment opportunities to Australian investors, especially smaller fund managers, to gain exposure to indirect international property investment. Findings of this paper suggest that the addition of international LPTs to the Australian mixed-asset portfolio has resulted in significant diversification gain. The diversification benefit is even more remarkable when direct property is included in the mixed-asset portfolio. Even when the allocations to international LPTs and direct property were constrained, the international LPTs, property and financial assets&#39; portfolio still outperformed other mixed-asset portfolios.
]]></description>
<content><![CDATA[Australian Stock Exchange. (2002) Property Trusts Summary: Listed Property Trusts. ASX: Australia.
Addae-Dapaah, K. and Yong, C. (2000) Diversification of real estate investment in the Asia-Pacific region. Pacific Rim Property Research Journal. Vol. 6, No. 2, 31&#150;45.
Barry, C., Rodriguez, M. and Lipscomb, J. (1996) Diversification potential from real estate companies in emerging capital markets. Journal of Real Estate Portfolio Management. Vol. 2, No. 2, 107&#150;118.
Byrne, P. and Lee, S. (1999) The place of property in an Australian multi-asset portfolio: a comparison of MPT and MAD optimisation methods. Australian Land Economics Review. Vol. 5, No. 1, 21&#150;28.
Byrne, P. and Lee, S. (1997) Real estate portfolio analysis under conditions of non-normality: the case of NCREIF. Journal of Real Estate Portfolio Management. Vol. 3, No. 1, 37&#150;46.
Calder, S. (2002) Offshore Investment Opportunities. BT Real Estate Fund Management: Australia.
Cheng, P., Ziobrowski, A., Caines, R. and Ziobrowski, B. (1999) Uncertainty and foreign real estate investment. Journal of Real Estate Research. Vol. 18, No. 3, 463&#150;479.
Chiang, K. and Lee, M. L. (2002) REITs in the decentralized investment industry. Journal of Property Investment and Finance. Vol. 20, No. 6, 496&#150;512.
Chua, A. (1999) The role of international real estate in global mixed-asset investment portfolios. Journal of Real Estate Portfolio Management. Vol. 5, No. 2, 129&#150;137.
Chun, G. J. and Shiling, J. D. (1998) Real estate asset allocations and international real estate markets. Journal of Asian Real Estate Society. Vol. 1, No. 1, 17&#150;44.
Conover, M., Friday, S. and Sirmans, G. (2002) Diversification benefits from foreign real estate investments. Journal of Real Estate Portfolio Management. Vol. 8, No. 1, 17&#150;26.
Craft, T. (2001) The role of private and public real estate in pension plan portfolio allocation choices. Journal of Real Estate Portfolio Management, Vol. 7, No. 1, 17&#150;23.
De Wit, D. (1997) Real estate diversification benefits. Journal of Real Estate Research. Vol. 14, No. 1/2, 117&#150;135.
Eichholtz, P. (1996) Does international diversification work better for real estate than for stocks and bonds? Financial Analysts Journal. Jan-Feb, 56&#150;62.
Eichholtz, P. and Koedijk, K. (1996) The global real estate securities market. Real Estate Finance. Spring, 76&#150;82.
Eichholtz, P. (1997) How to invest internationally? Region and property type on a global scale. Real Estate Finance. Fall, 51&#150;56.
Eichholtz, P., Huisman, R., Koedijk, K. and Schuin L. (1998) Continental factors in international real estate returns. Real Estate Economics. Vol. 26, No. 3, 493509.
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Geltner, D. (1991) Smoothing in appraisal-based return. Journal of Real Estate Finance and Economics, Vol. 4, 327&#150;345.
Gordon, J., Canter, T. and Webb, J. (1998) The effect of international real estate securities on portfolio diversification. Journal of Real Estate Portfolio Management, Vol. 4, No. 2, 83&#150;91.
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_ (1995) Improved risk estimation using appraisal-smoothed real estate returns. Journal of Real Estate Portfolio Management, Vol. 1, No. 1, 51&#150;57.
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Rubens, J. H., Louton, D. A. and Yobaccio, E. (1998) Measuring the significance of diversification gains. Journal of Real Estate Research, Vol. 16, No. 1, 73&#150;86.
Seiler, M., Webb, J. and Myer, F. (1999) Are EREITs real estate? Journal of Real Estate Portfolio Management, Vol. 5, No. 2, 171&#150;181.
Steinert, M. and Crowe, S. (2001) Global real estate investment: characteristics, portfolio allocation and future trends. Pacific Rim Property Research Journal, Vol. 7, No. 4, 223&#150;239.
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Stuckey, S. (2003) Global outreach of Australian property investors - the story so far. Property Council of Australia &quot;Property &amp; Capital Markets Seminar&quot; Seminar Paper.
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Ziobrowski, A. J., Cheng, P. and Ziobrowski, B. J. (1997) Using a bootstrap to measure optimum mixed-asset portfolio composition: a comment. Real Economics, Vol. 25, No. 4, 695&#150;705.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/the-role-of-international-property-trusts-in-australian-mixed-asset-portfolios</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/selectivity-timing-and-the-performance-of-listed-property-trusts-implications-for-investment-strategies</link>
<title><![CDATA[Selectivity, Timing and the Performance of Listed Property Trusts: Implications for Investment Strategies]]></title>
<description><![CDATA[This study evaluates the performance of Australian Listed Property Trusts (LPTs) in the context of selectivity and timing over June 1998 to May 2003, and provides significant practical implications for investment strategies for LPT managers. The importance of benchmark indices and model specifications to performance evaluation is tested and highlighted in this paper. After specifying the appropriate model, the author has defined and constructed the appropriate benchmark indices for evaluating the performance of Australian LPTs. The study results provide evidence of superior strategic skills of Australian LPT managers over the study period based on study results.
This paper further illustrates the importance of longer-term market forecasts, especially in the circumstance where a lengthy time is required to apply timing skills. It suggests that managers who are superior in longer-term macro forecasts will have the edge to outperform the market portfolio and competitors, providing significant implications for investment decision-making. Finally, this paper demonstrates the importance of including the &#145;risk&#39; factor in performance measurement and provides significant implications for market practitioners on how to avoid over/under-estimation of the true performance of a LPT.
]]></description>
<content><![CDATA[Admati, A., Bhattacharya, S. Pfleiderer, P. and Ross, S. (1986). Timing and selectivity. Journal of Finance, 41: 715&#150;730.
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Chan, A. and Chen, C. (1992). How well do asset allocation mutual funds managers allocate assets? Journal of Portfolio Management, 18: 81&#150;91.
Chang, E. and Lewellen, W. (1984). Market timing and mutual fund investment performance. Journal of Business, 57(1): 57&#150;72.
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Fama, E. (1972). Components of investment performance. Journal of Finance, 27: 551&#150;567.
Gallo, J., Buttimer, R., Lockwood, L. and Rutherford, R. (1997). Determinants of performance for mortgage-backed securities funds. Real Estate Economics, 25: 657682.
Gallo, J., Lockwood, L. and Rutherford, R. (2000). Asset allocation and the performance of real estate mutual funds. Real Estate Economics, 28: 165&#150;184.
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Myer, F. and Webb, J. (2000). Management styles of REIT funds. Journal of Real Estate Portfolio Management, 6(4): 339&#150;348.
Myer, F. and Webb, J. (1993). Return properties of equity REITs, common stock, and commercial real estate: a comparison. Journal of Real Estate Research, 8: 87&#150;106.
Newell, G., Lee, S. and Stevenson, S. (2003). The role of market timing and property selection in listed property trust performance. Pacific Rim Real Estate Society Conference 2003.
Newell, G. and MacFarlane, J. (1996). What does property trust performance tell us about commercial property returns? Australian Land Economics Review, 2(1): 10&#150;18.
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PCA (2003) Investment Performance Index June 2003, Property Council of Australia.
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Wilson, P., Okunev, J. and Webb, J. (1998). Step interventions and market integration: tests in the US, UK and Australian property markets. Journal of Real Estate Finance and Economics, 16(1): 91&#150;123.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/selectivity-timing-and-the-performance-of-listed-property-trusts-implications-for-investment-strategies</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/forecasting-office-building-rental-growth-using-a-dynamic-approach</link>
<title><![CDATA[Forecasting Office Building Rental Growth Using a Dynamic Approach]]></title>
<description><![CDATA[Numerous econometric models have been proposed for forecasting property market performance, but limited success has been achieved in finding a reliable and consistent model to predict property market movements over a five to ten year timeframe.
This research focuses on office rental growth forecasts and overviews many of the office rent models that have evolved over the past 20 years. A model by DiPasquale and Wheaton is selected for testing in the Brisbane office market. The adaptation of this model did not provide explanatory variables that could assist in developing a reliable, predictive model of office rental growth.
In light of this result, this paper suggests a system dynamics framework that includes an econometric model based on historical data as well as user input guidance for the primary variables. The rent forecast outputs would be assessed having regard to market expectations and probability profiling undertaken for use in simulation exercises.
]]></description>
<content><![CDATA[Bakken, B.E. &amp; Sterman, J.D. (1993). Commercial Real Estate Management Flight Simulator. MIT Sloan School of Management.
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Born, W.L. &amp; Pyhrr, S.A. (1994). Real estate valuation: the effect of market and property cycles. Journal of Real Estate Research, Vol. 9, No. 4, pp. 455&#150;486.
Canter, T., Gordon, J. &amp; Mosbaugh, P. (1996). Integrating regional economic indicators with the real estate cycle. Journal of Real Estate Research, Vol. 12, No. 3, pp. 469&#150;485.
Chaplin, R. (2000). Predicting real estate rents: walking backwards into the future. Journal of Property Investment and Finance, Vol. 18, No. 3, pp. 352&#150;370.
Clayton, J. (1996). Market fundamentals, risk and the Canadian property cycle: implications for property valuation and investment decisions. Journal of Real Estate Research, Vol. 12, No. 3, pp. 347&#150;367.
Cowley, M. (2003). Property Market Cycle., Masters Dissertation, Queensland University of Technology.
D&#39;Arcy, E., McGough, T. &amp; Tsolacos, S. (1999). An econometric analysis and forecasts of the office rental cycle in the Dublin area. Journal of Property Research, Vol. 16, No. 4, pp. 309&#150;321.
Dehesh, A. &amp; Pugh, C. (2000). The internationalisation of post 1980 property cycles and the Japanese bubble economy, 1986&#150;96. International Journal of Urban and Regional Research, Vol. 18, Iss. 1, March, pp. 147&#150;165.
DiPasquale, D. &amp; Wheaton, W.C. (1996). Urban Economics and Real Estate Markets. Prentice Hall, New Jersey.
Dobson, S.M. &amp; Goddard, J.A. (1992). The determinants of commercial property prices and rents. Bulletin of Economic Research, Vol. 44, No. 4, pp. 301&#150;321.
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Frew, J. &amp; Jud, G.D. (1988). The vacancy rate and rent levels in the commercial office market. Journal of Real Estate Research, Vol. 3, No. 1, pp. 1&#150;8.
Gallagher, M. &amp; Wood, A.P. (1999). Fear of overbuilding in the office sector: how real is the risk and can we predict it? Journal of Real Estate Research, Vol. 17, No. 1, pp. 3&#150;32.
Gardiner, C. &amp; Henneberry, J. (1989). The development of a simple regional office rent prediction model. Journal of Property Valuation and Investment, Vol. 7, No. 1.
Gardiner, C. &amp; Henneberry, J. (1991). Predicting regional office rents using habit-persistence theories. Journal of Property Valuation and Investment, Vol. 9, No. 3.
Giussani, B., Hsia, M. &amp; Tsolocas, S. (1993). A comparative analysis of the major determinants of office rental values in Europe. Journal of Property Valuation and Investment, Vol. 11, No. 2, pp. 157&#150;173.
Glascock, J.L., Kim, M. &amp; Sirmans, C.F. (1993). An analysis of office market rents: parameter constancy and unobservable variables. Journal of Real Estate Research, Vol. 8, No. 4, pp. 625&#150;637.
Grissom, T. &amp; DeLisle, J.R. (1999). A multiple index analysis of real estate cycles and structural change. Journal of Real Estate Research, Vol. 18, No. 1, pp. 97&#150;129.
Hair, J.F. (1998). Multivariate Data Analysis, Prentice Hall, Upper Saddle River, N.J.
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Hendershott, P.H., MacGregor, B.D. &amp; Tse, R.Y.C. (2002). Estimation of the rental adjustment process. Real Estate Economics, Vol. 30, No. 2, pp. 165&#150;183.
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Klammt, F. (2001). Modelling in corporate real estate. 18th International Conference of the System Dynamics Society, Bergen, Norway.
Kim, D.H. &amp; Lannon-Kim, C. (1991). Minneapolis&#39; real estate game: when will it end? The Systems Thinker, Vol. 2, No. 5, pp. 7&#150;9.
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Kummerow, M. (1999). A systems dynamics model of cyclical office oversupply. Journal of Real Estate Research, Vol. 18, No. 1, pp. 233&#150;255.
Lyneis, J. (2000). System dynamics for market forecasting and structural analysis. System Dynamics Review, Vol. 16, No. 1, pp. 3&#150;24.
MacFarlane, J., Murray, J., Parker, D. &amp; Peng, V. (2002). Forecasting property market cycles: an application of the RICS model to the Sydney CBD office market. 8th PRRES Conference, Christchurch.
McDonald, J.F. (2002). A survey of econometric models for office markets. Journal of Real Estate Literature, Vol. 10, No. 2, pp. 223&#150;242.
McGough, T. &amp; Tsolacos, S. (1995). Forecasting commercial rental values using ARIMA models. Journal of Property Valuation and Investment, Vol. 13, No. 5, pp. 6&#150;22.
Mitchell, P.M. &amp; McNamara, P.F. (1997). Issues in the development and application of property market forecasting: the investor&#39;s perspective. Journal of Property Finance, Vol. 8, No. 4, pp. 363&#150;376.
Mueller, G.R. (1999). Real estate rental growth rates at different points in the physical market cycle. Journal of Real Estate Research, Vol. 18, No. 1, pp. 131&#150;150.
Mueller, G.R. (2002). What will the next real estate cycle look like? Journal of Real Estate Portfolio Management, Vol. 8, No. 2, pp. 115.
Pyhrr, S.A., Born, W., Manning, M.A. &amp; Roulac, S.E. (2003). Project and portfolio management decisions: a framework and body of knowledge model for cycle research. Journal of Real Estate Portfolio Management, Vol. 9, No. 1, pp. 1&#150;16.
Pyhrr, S.A., Roulac, S.E. &amp; Born, W.L. (1999). Real estate cycles and their strategic implications for investors and portfolio managers in the global economy. Journal of Real Estate Research, Vol. 18, No. 1, pp. 7&#150;69.
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Shilling, J., Sirmans, C. &amp; Corgel, J. (1987). Price adjustment process for rental office space. Journal of Urban Economics, Vol. 22, pp. 90&#150;100.
Sivitanidou, R. &amp; Sivitanides, P. (2000). Does the theory of irreversible investments help explain movements in office-commercial construction. Real Estate Economics, Vol. 28, pp. 623&#150;661.
Sterman, J.D. (1988). Modelling the formation of expectations: the history of energy demand forecasts. International Journal of Forecasting, Vol. 4, pp. 243&#150;259.
Sterman, L.D. (2000). Business Dynamics: Systems Thinking and Modelling for a Complex World. Irwin/McGraw-Hill, Chicago, IL.
Tse, R.Y.C. &amp; Fischer, D. (2003). Estimating natural vacancy rates in office markets using a time-varying model. Journal of Real Estate Literature, Vol. 11, No. 1, pp. 37&#150;45.
Tsolacos, S. &amp; McGough, T. (1999). Rational expectations, uncertainty and cyclical activity in the British office market. Urban Studies, Vol. 36, No. 7, pp. 1137&#150;1149.
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]]></content>
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<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/understanding-change-in-residential-property-markets-mapping-residency-of-employment-data</link>
<title><![CDATA[Understanding Change in Residential Property Markets: Mapping Residency of Employment Data]]></title>
<description><![CDATA[The changing nature of residential housing markets is due to a large number of influences, although some have a larger effect than others do on house values. Whilst it is extremely difficult to completely disaggregate all influencing factors, it is possible to highlight areas that have a strong relationship with property &#150; one of these is residency of employment.
This research investigates these links between residential housing markets as measured by the level of house prices and residency of employment as measured by industry sector employment. It focuses on Local Government Areas in the State of Victoria, Australia and examines change over a ten year period between 1991 and 2001 using census and house price information. It is supported by data sourced from the Australian Bureau of Statistics and the Victorian Government&#39;s Valuer General&#39;s Office. The analysis also considers changes in these employment sectors from Australia&#39;s overall perspective, as well as comparison with changes in Victoria&#39;s overall residency of employment trends. It is assisted by a spatial representation of three &#145;shift-share&#39; components and property values with the support of a geographical information system (GIS).
]]></description>
<content><![CDATA[Australian Bureau of Statistics. 2004. 6416.0 House Price Indexes, Canberra.
Abboud, S. 1985. The real estate appraiser serving the public: a specialised real estate counsellor, The Canadian Appraiser, 29, pp. 19&#150;23.
Antwi, A. 1997. Multiple regression in property analysis. Readings in Property Economics, Australian Institute of Valuers and Land Economists, pp. 177&#150;182.
Barff, R. A. and Knight, P. L. 1988. Dynamic shift-share analysis. Growth and Change, 19, pp. 1&#150;10.
Blakely, E. J. (ed.) 1994. Planning local economic development: theory and practice. Newbury Park, California, Sage.
Coulson, N.E. &amp; Fisher, L.M. 2002. Tenure choice and labour market outcomes. Housing Studies, 17 (1), pp. 35&#150;49.
Dear, M. and Flusty, S. 1998. Post modern urbanism. Annuals of Association of American Geographers, 88, pp. 50&#150;72.
Deming, W. G. 1996. A decade of economic change and population shifts in U.S. regions. In Monthly Labor Review November, pp. 3&#150;14
Dieleman, F.M., Clark, W.A.V. and Deurloo, M.C. 2000. The geography of residential turnover in twenty-seven large US metropolitan housing markets, 1985&#150;95. Urban Studies, 37, pp. 223&#150;245.
Dunn, E. S. 1960. A statistical and analytical technique for regional analysis. Papers of the Regional Science Association, 6, pp. 97&#150;112.
Hargreaves, R. 2002. To rent or buy: that is the question. New Zealand Property Journal, March, pp. 21&#150;26.
Haynes, K. E. and Dinc, M. 1997. Productivity change in manufacturing regions: a multifactor/shift-share approach. Growth and Change, 28, pp. 201&#150;221.
Gujarati, D.N. 1995. Basic Econometrics. 4th Edn. McGraw-Hill, New York.
Knudsen, D. C. and Barff, R. 1991. Shift-share analysis as a linear model. Environment and Planning A, 23, pp. 421&#150;431.
Ling, D.C. and Archer, W. R., 2005. Real Estate Principles &#150; A Value Approach. McGraw-Hill, New York.
Pettit, C. Shyy, T. and Stimson, R., 2002. An on-line planning support system to evaluate urban and regional planning scenarios. Planning Support Systems in Practice, (ed.) Geertman, S. &amp; Stillwell, J. London, Springer-Verlag, pp. 331&#150;348.
Phe, H. H. and Wakely, P. 2000. Status, quality and the other trade-offs: towards a new theory of urban residential location. Urban Studies, 1, pp. 7&#150;35.
Reed, R. G. and Greenhalgh, E.S. 2002. Factors influencing the rent vs. buy decision - implications for housing markets. Papers of the Australia and New Zealand Regional Science International Association Conference, 29/9 &#150; 2/10/02, Fremantle.
Rigby, D. L. and Anderson, W. P. 1993. Employment change, growth and productivity in Canadian manufacturing: An extension and application of shift-share analysis. Canadian Journal of Regional Science, XVI, pp. 69&#150;88.
Rosenburg, L. and Watkins, C. 1999. Longitudinal monitoring of housing renewal in the urban core: reflections on the experience of Glasgow&#39;s merchant city. Urban Studies, 36, pp. 1973&#150;1996.
Stimson, R. J. and Davis, R. 1999. Social and economic change in Queensland local government areas over the decade 1986&#150;1996. Western Regional Science Association Conference, 38th Annual Meeting, 21&#150;24 February, Ojai California.
Tabachnick, B.G. and Fidell, L.S. 2001. Using Multivariate Statistics. Allyn and Bacon, Boston.
Watt, P. 2003. Urban marginality and labour market restructuring: local authority tenants and employment in an inner London Borough. Urban Studies, 40(9), pp. 1769&#150;1789.
Winger, A. R. 1997. Local real estate demand in a globalizing world., Real Review Estate, 27, pp. 100&#150;103.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/understanding-change-in-residential-property-markets-mapping-residency-of-employment-data</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume10-2004/gfa-hypothesis-model-an-alternative-model-to-evaluate-the-trend-of-redevelopment-in-hong-kong</link>
<title><![CDATA[Gfa Hypothesis Model - An Alternative Model to Evaluate the Trend of Redevelopment in Hong Kong]]></title>
<description><![CDATA[This paper investigates the trend of redevelopment in Hong Kong by identifying and examining the factors affecting the decision to launch a redevelopment project. Empirical data from Western Hong Kong Island during 1980&#150;2001 is used to identify the characteristics of past redevelopment projects. Such data also reveals that there is no obvious relationship between the fluctuations in the property price/rent and the rate of redevelopment. As a result, this paper will mainly focus on the supply side factors. We make use of a GFA ratio to decide the feasibility of a redevelopment project. We further analyse how the characteristics of the existing site affect in GFA ratio (or the profit level). This study provides insights for the government, as well as private developers that may help them consider redevelopment projects.
]]></description>
<content><![CDATA[Adams, D. and Hastings, E.M. (2000). Urban renewal in Hong Kong: transition from development corporation to renewal authority. Land Use Policy, Vol. 18, pp. 245&#150;258.
Dowall, D. E. (1994). Urban residential redevelopment in the People&#39;s Republic of China. Urban Studies, Vol. 31, No. 9, pp. 1447&#150;1516.
Drakakis-Smith, D.W. (1976). Urban renewal in an Asian context: a case study in Hong Kong. Urban Studies, Vol. 13, pp. 295&#150;305.
Godfrey, B. J. (1997). Urban development and redevelopment in San Francisco. Geographical Review, Vol. 87, No. 3 (Jul., 1997), pp. 309&#150;333.
Harvey, J. (2000). Urban Land Economics. Macmillan Press, London.
Jones, C. (1996). Urban regeneration, property development, and the land market. Environment and Planning C: Government and Policy, Vol. 14, pp. 269&#150;279.
Jones, C. and Watkins, C. (1996), Urban regeneration and sustainable markets. Urban Studies, Vol. 33, No. 7, pp. 1129&#150;1140.
Hong Kong Rating and Valuation Department, Hong Kong Property Review. Hong Kong, various issues.
Land Development Corporation (1990). A Proposed Urban Redevelopment Strategy for Central and Western/Wan Chai- Exclusive Summary. Land Development Corporation, Hong Kong.
Land Development Corporation (2000). The LDC Experience- 12 Years Efforts of Urban Renewal 1988&#150;2000. Land Development Corporation, Hong Kong.
Laws of Hong Kong (2003). Land (Compulsory Sale for Redevelopment) Ordinance. Chapter 545, Hong Kong.
Li, B. (2001). Urban renewal - removing obstacles to private redevelopment. Property Practice, 11/2001.
Mingpao (2003). 6?????F??33? Mingpao Daily News, 03/05/2002.
Ng, I. (1998). Urban redevelopment in Hong Kong the partnership experience. International Journal of Public Sector Management, Vol. 11, No. 5, pp. 414&#150;420.
Ng, M. K., University of Hong Kong, LC Paper No. CB(1) 711/00&#150;01(08).
Pritchard, S (1999). Fortunes fluid for property. South China Morning Post, 15/10/1999.
Tang, B.S. and Tang, R.M.H. (1999). Development control, planning incentive and urban redevelopment: evaluation of a two-tier plot ratio system in Hong Kong. Land Use Policy, Vol. 16, pp. 33&#150;43.
Wang, C.X (2003). Transforming the Urban Development Model is the Key to Post SARS Rebuilding: An analysis of Hong Kong&#39;s Balance of Payments Account. Bank of China Hong Kong, Hong Kong.
Centamap (2003). http://www.centamap.com.
Hong Kong Urban Renewal Authority (2003). http://www.ura.org.hk.
]]></content>
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<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/the-impact-of-pricing-on-time-on-market-in-high-rise-multiple-unit-residential-developments</link>
<title><![CDATA[The Impact of Pricing on Time-on-Market in High-Rise Multiple-Unit Residential Developments]]></title>
<description><![CDATA[Previous studies on the price and time trade-off in real estate focused primarily on the real estate traded in the secondary market. This relation, however, depends rather critically on seller motivations. This study examines the price and time trade-off for new residential developments where developer motivations differ substantially from individual seller motivations. In addition, by using the information in listing and selling prices, we seek to evaluate how the two measures of overpricing affect the speed at which new developments are sold. Using high-rise multiple-unit condominium data from Singapore, our empirical analysis shows that the overpricing strategy does not pay off, but leads to longer time on the market (TOM). Furthermore, the factors about competitor behaviour have significant influence on TOM through their impact on listing price. It also shows that buyers are more price-sensitive when there are some competitors in the same area and period.
]]></description>
<content><![CDATA[Anglin, P.M. (1997). Determinants of buyer search in a housing market. Real Estate Economics, 25, pp. 567&#150;589.
Anglin, P.M., Rutherford, R. and Springer, T.M. (2003). The trade-off between the selling price of residential properties and time-on-the-market: the impact of price setting. Journal of Real Estate Finance and Economics, 26:1, pp. 95&#150;111.
Arnold, M.A. (1999). Search, bargaining and optimal asking price. Real Estate Economics, 27:3, pp. 453&#150;481.
Bagehot, W. (1971). The only game in town. Financial Analysts Journal, 27, pp. 12&#150;14 &amp; 22.
Belkin, J., Hempel, D.J. and Mcleavey, D.W. (1976). An empirical study of time on market using multidimensional segmentation of housing markets. AREUEA Journal, 4:2, pp. 57&#150;75.
Brealey, R.A. and Myers, S.C. (1988). Principles of Corporate Finance, McGraw-Hill.
Chau K.W., Ng F.F. and Hung E.C.T. (2001). Developer&#39;s good will as significant influence on apartment unit prices. The Appraisal Journal, 69, pp. 26&#150;30.
Glower, M., Haurin, D.R. and Hendershott, P.H. (1998). Selling time and selling price: the influence of seller motivation. Real Estate Economics, 26, pp. 719&#150;740.
Haurin, D. (1988). The duration of marketing time of residential housing. AREUEA Journal, 16, pp. 396&#150;410.
Jud, G.D., Winkler, D. T. and Kissing, G. E. (1995). Price spreads and residential housing market liquidity. Journal of Real Estate Finance and Economics, 11, pp. 251&#150;260.
Jud, G.D., Seaks, T.G. and Winkler, D. T. (1996). Time in the market: the impact of residential brokerage. Journal of Real Estate Research, 12, pp. 447&#150;458.
Kalra, R. and Chan, K. C. (1994). Censored sample bias, macroeconomic factors, and time on market of residential housing. Journal of Real Estate Research, 9, pp. 253&#150;262.
Kang, H.B. and Gardner, M.J. (1989). Selling price and marketing time in the residential real estate market. Journal of Real Estate Research, 4, pp. 21&#150;35.
Kluger, B.D. and Miller, N.G. (1990). Measuring residential real estate liquidity. AREUEA Journal, 18, pp. 145&#150;159.
Knight, J.R. (2002). Listing price, time on market and ultimate selling price: causes and efforts of listing price changes. Real Estate Economics, 30, pp. 213&#150;237.
Miller, N.G. (1978). Time in the market and selling price. AREUEA Journal, 6:2, pp. 164&#150;174.
Ong, S.E. and Koh, Y.C. (2000). Time-on-market and price trade-offs in high-rise housing sub-markets. Urban Studies, 37:11, pp. 2057&#150;2071.
Sirmans, C.F., Turnbull, G.K. and Benjamin, J.D. (1991). The markets for housing and real estate broker services. Journal of Housing Economics, 1, pp. 207&#150;217.
Springer, T.M. (1996). Single-family housing transactions: seller motivations, price, and marketing time. Journal of Real Estate Finance and Economics, 13, pp. 237&#150;254.
Turnbull, G.K. and Sirmans, C.F. (1993). Information, search and house prices. Regional Science and Urban Economics, 23, pp. 545&#150;557.
Yang, S. and Yavas, A. (1995b). Bigger is not better: brokerage and time in the market. Journal of Real Estate Research, 10, pp. 23&#150;33.
Yavas, A. and Yang, S. (1995a). The strategic role of listing price in marketing real estate: theory and evidence. AREUEA Journal, 23, pp. 347&#150;368.
Zuehlke, T.W. (1987). Duration dependence in the housing market. Review of Economics and Statistics, 69, pp. 701&#150;704.
]]></content>
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<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/residents-perceptions-towards-asbestos-contamination-of-land-and-its-impact-on-residential-property-values</link>
<title><![CDATA[Residents&#39; Perceptions Towards Asbestos Contamination of Land and It&#39;s Impact on Residential Property Values]]></title>
<description><![CDATA[Contaminated land issues have become more contentious with the introduction of environmental legislation in many western countries and the subsequent rise in the number of damage claims from land contamination that often result in litigation.
This paper summarises the results of a study that focuses on residents&#39; perceptions towards a specific type of land contamination: asbestos contamination. In particular, the study investigates the attitudes and reactions of property owners living in a case study neighbourhood towards living on or near asbestoscontaminated land and how this might impact on property values. The results will be of particular interest to affected landowners, local authorities that have jurisdiction over the land, and valuers where compensation claims are being made against such property.
]]></description>
<content><![CDATA[Abelson, P. W. (1979). Property prices and amenity values. Journal of Environmental Economics and Management, Vol. 6, pp. 11&#150;28.
ANZECC (1992). Australian and New Zealand Guidelines for the Assessment and Management of Contaminated Sites. Australian and New Zealand Environment and Conservation Council, National Health and Medical Research Council (1992).
Appraisal Institute (2000), Proposed USPAP Statement on Appraisal Standards- First Exposure Draft: Utilization of Statistical and Market Survey Techniques in Real Estate Research, Appraising, Counselling and Consulting Assignments (Exposure Draft). Appraisal Institute: Task Group for the development of standards for determining the acceptability of applications of statistical and market survey techniques to the valuation of real property, Chicago.
Bond, S.G. (2001). Stigma assessment: the case of a remediated contaminated site. Journal of Property Investment and Finance, Vol. 19, No. 2, pp. 188&#150;210.
Bond, S. G., Kinnard, W., Kennedy, P. J. and Worzala, E, M. (2001). An international perspective of incorporating risk in the valuation of contaminated land. The Appraisal Journal, July, pp. 258&#150;265.
Bond, S. G., Kinnard, W. N., Worzala, E. M. and Kapplin, S. D. (1997). Lenders&#39; and investors&#39; attitudes and policies toward property contamination: New Zealand and America compared. Australian Land Economics Review, Vol. 3, No. 2, pp. 11&#150;18.
Bond, S, G., Kinnard, W, N., Worzala, E. M. and Kapplin, S, D. (1998). Market participants&#39; reactions toward contaminated property in New Zealand and the USA. Journal of Property Valuation and Investment, Vol. 16, No. 3, pp. 251&#150;272.
Chalmers, J. A. and Roehr, S. A. (1993). Issues in the valuation of contaminated property. The Appraisal Journal, Jan, pp. 28&#150;41.
Chan, N. (2002). Stigma assessment: a multi-criteria decision-making approach. Pacific Rim Property Research Journal, Vol. 8, No. 1, pp. 29&#150;47.
Closser, B, M. (2001). Fuel-oil contamination of a residence: a case study in stigma. The Appraisal Journal, July, pp. 307&#150;311.
Dale, L., Murdoch, J. C., Thayer, M. A. and Waddell, P. A. (1999). Do property values rebound from environmental stigmas? Evidence from Dallas. Land Economics, Vol. 75, No. 2, pp. 311&#150;326.
Dotzour, M. (1997). Groundwater contamination and residential property values. The Appraisal Journal, Vol. 65, No. 3, pp. 279&#150;284.
Elliot-Jones, M. (1995). Valuation of post-cleanup property: the economic basis of stigma damages. Bureau of National Affairs Toxics Law Reporter, February 1, pp. 944&#150;955.
Harsveld, S. (1994). Contaminated Land. For BProp Research Project, unpublished (held in the Architecture Library on desk copy).
Healy, P. R. &amp; Healy, J. J. (1992), Lenders&#39; and investors&#39; perspectives on environmental issues. The Appraisal Journal, Vol. 60, No. 3, pp. 394&#150;398.
Jackson, T. O. (2001). Environmental risk perceptions of commercial and industrial real estate lenders. Journal of Real Estate Research, Vol. 22, No. 3, pp. 271&#150;288.
Jayne, M. R. (2000). An analysis and comparison of public perceptions of the risks of certain land based activities to aid sustainable development. RICS Cutting Edge Conference, London, UK, September 6&#150;8.
Kara, S (1999). Asbestos risk &quot;low&quot; but fears continue. The New Zealand Herald, 7/12/1999.
Kinnard, W. N., Geckler, M. B. and Dickey, S. A. (1994). Fear (as a measure of damages) strikes out: two case studies comparisons of actual market behaviour with opinion survey research. Paper presented at The Tenth Annual American Real Estate Society Conference, April, Santa Barbara, California.
Kinnard, W. N., Worzala, E. W., Bond, S. G. and Kennedy, P. J. (1999). Comparative studies of United States, United Kingdom and New Zealand appraisal practice: valuing contaminated property. Paper presented at The Fifteenth American Real Estate Society Conference, April 7&#150;10, Tampa, Florida.
Levesque, T. J. (1994). Modelling the effects of airport noise on residential housing markets. Journal of Transport Economics and Policy, Vol. 28, May, pp. 199&#150;210.
Lusvardi W. C. (2000). The dose makes the poison: environmental phobia or regulatory stigma? The Appraisal Journal, April, pp. 184&#150;194.
M&auml;ler, K. G. and Wyzga, R. E. (1976). Economic measurement of environmental damage: a technical handbook. Organization for Economic Co-operation and Development, Paris, France.
Manukau City Council (06/12/1999). Agenda for Special Meeting of the Manukau City Council, Manukau Civic Centre, Wiri Station Rd, Manukau.
McCluskey, J. J. and Rausser, G. C. (2000). Stigmatized Asset Values: Is it Temporary or Permanent?, Research paper, Department of Agricultural Economics, Washington State University, WA.
McLean, D. G. and Mundy, B. (1998). The addition of contingent valuation and conjoint analysis to the required body of knowledge for the estimation of environmental damages to real property. Journal of Real Estate Practice and Education, Vol. 1, No. 1, pp. 1&#150;19.
Mitchell Partnerships Environmental Consultants (NZ) Ltd (1999). Flat Bush Asbestos Contamination Scoping Report, Level 1, 25 ANZAC St, Takapuna, Auckland.
Occupational Health and Safety (OHS) (1991). Why asbestos kills. Safeguard - The Journal of Occupational Safety and Health, Dec, pp. 12- 13.
Patchin, P, J. (1988a). Valuation of contaminated properties. The Appraisal Journal, Vol. 56, No. 1, pp. 7- 16.
Patchin, P. J. (1988b). Contaminated properties - stigma revisited. The Appraisal Journal, April, pp. 167&#150;172.
Perrott, A. (2000). Asbestos compo demanded. The New Zealand Herald, 15/12/2000.
Perrott, A. (2001). Asbestos: the killer in the soil. The New Zealand Herald, 20/06/2001.
Perry, N. (1999a). Killer waste delivered by the truckload. The New Zealand Herald, 10/04/1999.
Perry, N. (1999b). Anger boils over in asbestos country. The New Zealand Herald, 10/04/1999.
Priestley, T. and Evans, G. (1990). Perception of a Transmission Line in a Residential Neighbourhood: Results of a Case Study in Vallejo, California. A report prepared for Southern California Edison Environmental Affairs Division, San Francisco.
Priestley, T. and Ignelzi, P. (1989). A Methodology for Assessing Transmission Line Impacts in Residential Communities. A report prepared for Edison Electric Institute: Siting and Environmental Planning Task Force, San Francisco.
Sheard, E.M. (1992). Valuation of contaminated land: current theory and practice. Journal of Property Valuation and Investment, Vol. 11, pp. 17- 27.
Simons, R. A., Bowen, W. and Sementelli, A. (1997). The effect of underground storage tanks on residential property values in Cuyahoga County, Ohio. Journal of Real Estate Research, Vol. 14, No. 1, pp. 29&#150;41.
Statistics New Zealand (2001). Census of population and dwellings. Retrieved October 3, 2003, from http://www.stats.govt.nz/census.htm.
Syms, P. (1997). Contaminated Land: The Practice and Economics of Redevelopment, Blackwell Science, Oxford.
Szmigielski, S. and Szmigielski, E (2000). Cellular phone systems and human health - problems with risk perception and communication. Environmental Management and Health, Vol. 11, No. 4, pp. 352&#150;368.
Thomson, W. (2003). Relief as asbestos dump removal work begins. The NZ Herald, 14/01/2003.
Weber, B. R. and Syms, P. M. (2002). A beginning best practice Brownfield valuation model. The Appraisal Journal, Vol. 70, No. 1, pp. 60&#150;75.
Wilson, A. R. and Alarcon, A. R. (1997). Lender attitudes towards source and non-source impaired property mortgages. The Appraisal Journal, Vol. 65, No. 4, pp. 396&#150;400.
]]></content>
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<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/australian-property-securities-funds-a-survey-of-strategic-investment-issues</link>
<title><![CDATA[Australian Property Securities Funds: A Survey of Strategic Investment Issues]]></title>
<description><![CDATA[Property securities funds (PSFs) have become increasingly popular, with over $18 billion of assets currently being managed by Australian PSFs. Property securities funds include the opportunity to invest in a portfolio of listed property trusts (LPTs) managed by professional fund managers, which allows the investor to achieve diversification across the spectrum of LPTs with reduced portfolio risk. Current practices of PSF managers in making strategic investment decisions, as well as how they manage risk are examined in this study. The results show that an active investment strategy is widely used by the PSF managers and the majority of the respondents are in favour of security selection to asset allocation and market timing. The survey recorded 87% of the respondents having formal risk management systems and over three quarters of them having crisis management procedures in place. While the number of PSFs currently investing directly in overseas property securities is small, this is expected to increase significantly in the near future as more PSF managers have indicated their intention to venture overseas seeking investment opportunities.
]]></description>
<content><![CDATA[Australian Stock Exchange. 2000. 2000 Australian share ownership study. ASX: Australia.
Australian Stock Exchange. 2002. Property Trusts Summary: Listed Property Trusts. ASX: Australia.
BDO. 2004. BDO Listed Property Trust Survey 2004 Edition. BDO Chartered Accountants and Advisers: Australia.
Calder, S. 2002. Offshore Investment Opportunities. BT Real Estate Fund Management: Australia.
Chevalier, J. and Ellison, G. 1997. Risk taking by mutual funds as a response to incentives. Journal of Political Economy, Vol. 105, No. 6, 1167-1200.
Detzler, M. 2002. The value of mutual fund rankings to the individual investor. Journal of Business &amp; Economic Studies, Vol. 8, No. 2, 48-72.
Gallo, J., Lockwood, L. and Rutherford, R. 2000. Asset allocation and the performance of real estate mutual funds. Real Estate Economics, Vol. 28, No. 1, 165-184.
Larsen, C. 2004. Interview with Mark Steinert: the growth guru. Property Australia, April, 18-21.
Lee, S. 1997. The components of property fund performance. Journal of Real Estate Portfolio Management, Vol. 3, No. 2, 97-105.
Lee, S. 1999. Style analysis and property fund performance. Journal of Property Investment and Finance, Vol. 17, No. 2, 145-157.
Lee, S. and Stevenson, S. 2002. A meta analysis of real estate fund performance. Paper presented at ARES Annual Meeting, Naples, Florida, USA.
Lee, S. and Stevenson, S. 2003. Empirical evidence on the micro and macro forecasting ability of real estate funds. Journal of Property Research, Vol. 20, No. 3, 207-234.
Liang, Y. and McIntosh, W. 1998. REIT style and performance. Journal of Real Estate Portfolio Management, Vol. 4, No. 1, 69-78.
Liu, C. and Mei, J. 1992. The predicability of returns on equity REITs and their co-movement with other assets. Journal of Real Estate Finance and Economics, Vol. 5, 401-418.
McAllister, P. 2000. Is direct investment in international property market justifiable? Property Management, Vol. 18, No. 1, 25-29.
McIntosh, W., Liang, Y. and Tompkins, D. 1991. An examination of the small-firm effect within the REIT industry. Journal of Real Estate Research, Vol. 6, No. 1, 9-17.
Myer, F. and Webb, J. 2000. Management styles of REIT funds. Journal of Real Estate Portfolio Management, Vol. 6, No. 1, 339-348.
Newell, G. and Acheampong, P. 2001. Portfolio construction and risk management in property securities funds. Pacific Rim Property Research Journal, Vol. 7, No. 4. 285-295.
Newell, G. and Kishore, R. 1998. Analysis of property trust performance issues. Proceeding of 4 PRRES Conference, Perth, 1998.
Newell, G. and Worzala, E. 1995. The role of international property in investment portfolios. Journal of Property Finance, Vol. 6, No. 1, 55-63.
O&#39;Neal, E. and Page, D. 2000. Real estate mutual funds: abnormal performance and fund characteristics. Journal of Real Estate Portfolio Management, Vol. 6, No. 3, 239-248.
Pearce, P. and Newell, G. 1998. The performance of property securities funds: 1991-96. Proceeding of 4 PRRES Conference, Perth, 1998.
Property Investment Research. 2003. Australian Property Funds Industry Survey 2003. PIR: Melbourne.
Rao, U. 2000. Market timing and mutual fund performance. American Business Review, Vol. 18, No. 2, 75-79.
Reserve Bank of Australia, 2004. Reserve Bank of Australia Bulletin: March 2004.
Stevenson, S., Kinsella, R. and Healai, R. 1997. Irish property funds: empirical evidence on market timing and selectivity. Irish Business and Administrative Research, Vol. 18, 167-177.
Tan, Y. K. 2003. Performance analysis of Australian property securities funds. Pacific Rim Property Research Journal, Vol. 9, No. 2, 104-120.
Tan, Y. K. 2004. Benchmarking international property in Australian listed property trust portfolios. Pacific Rim Property Research Journal, Vol. 10, No. 1, 3-29.
UBS Warburg 2004. UBS Warburg Indices: March 2004 (and miscellaneous copies). UBS Warburg: Sydney.
Webb, J. and Myer, F. 1996. Management style and asset allocation in real estate portfolios. Journal of Real Estate Portfolio Management, Vol. 2, No. 2, 119-125.
Worzala, E. and Newell, G. 1997. International real estate: a review of strategic investment issues. Journal of Real Estate Portfolio Management, Vol. 3, No. 2, 87-96.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/australian-property-securities-funds-a-survey-of-strategic-investment-issues</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/the-impact-of-housing-reform-on-consumption-investment-and-industrial-growth-a-tale-of-three-chinese-cities</link>
<title><![CDATA[The Impact of Housing Reform on Consumption, Investment and Industrial Growth: A Tale of Three Chinese Cities]]></title>
<description><![CDATA[Housing reform has been a key component in China&#39;s economic revitalization program, initiated by the late paramount leader Deng Xiaoping since 1978. By reforming the welfare housing system, the Chinese government aims for the removal of a burden (i.e. welfare housing) from state finances. At the same time, housing reform will stimulate changes in consumption, investment and related industrial sectors, and thus facilitate economic growth. This paper examines the impact of housing reform on consumption, investment and industrial growth in three Chinese cities. Research findings revealed that housing reform resulted in drastic changes in housing investment and growth of related industries. Self-raised capital became the main source of housing investment, while state investment declined considerably. Significant correlations were clearly discernible between housing investment and related industries. Nevertheless, the power of resident&#39;s consumption was a constraint against housing commercialisation. Further reforms to raise the level of effective demand for housing and to introduce various schemes in housing finance are critical for developing the China housing industry into an engine of economic growth.
]]></description>
<content><![CDATA[Badcock, B. 1986. Land and housing policy in Chinese urban development: 1978&#150;1986. Planning Perspectives, 1: 147&#150;70.
Cai, D. R. (ed.) 1996. Study on the urban housing system reform in China. Changsha: Hunan Press.
Chiu, R. 1995. Commodification in Guangzhou&#39;s housing system: analysts and evaluation. Third World Planning Review, 17 (3): 295&#150;311.
Dipasquale, D. and Wheaton, W. C. 1996. Urban Economics and Real Estate Markets. Chapter 7: 155&#150;81, Englewood Cliffs, NJ: Prentice Hall.
The Editorial Board of China&#39;s Real Estate Market Yearjournal 1999. China&#39;s Real Estate Market Yearjournal, Beijing: China Planning Press.
The Editorial Board of Shanghai Almanac 1992. Shanghai Almanac, Shanghai: Shanghai Almanac House.
The Editorial Board of the Selected Rules and Regulations on Housing Reform 1998. Selected Rules and Regulations on Housing, Beijing: China Construction Industry Press.
EBYSSEZ (The Editorial Board of the Yearjournal for Shenzhen Spacial Economic Zone 1989, Yearjournal for Shenzhen Spacial Economic, Beijing: China Statistics Press.
Ermisch, J. (ed.) 1990. Housing and the National Economy. Gower Publishing Company.
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Han, S. S. 1998. Real estate development in China: a regional perspective. Journal of Real Estate Literature, 6 (2): 121&#150;33.
Han, S. S. 2000. Shanghai: between state and market in urban transformation. Urban Studies, 37 (11): 2091&#150;2112.
http://www.snweb.com/gb/hd/2000/06/12/n0612002.htm (Report on &quot;Shanghai: adjustment of contribution to the Housing Provident Funds.&quot;
Institution of Finance and Trade Economics (IFTE), Chinese Academy of Social Sciences (CASS) and Institute of Public Administration (IPA) (New York) 1996. China&#39;s Urban Housing Reform, Beijing: Economy and Management Publishing House.
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Li, S.M. 2000. Housing consumption in urban China: a comparative study of Beijing and Guangzhou. Environment and Planning A, 32: 1115&#150;34.
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Shenzhen Statistics and Information Bureau 1988, 1990, 1992&#150;2000. Shenzhen Statistical Yearjournal 1988; 1990; 1992&#150;2000. Beijing: China Statistics Press.
SCOSConRHS, State Council&#39;s Office of the Steering Committee on the Reform of the Housing System. 1992. Selected collection of the plans and regulations on housing system reform. Beijing: China International Broadcasting Press.
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Wang, Y.P. and Murie, A. 1996. The process of commercialisation of urban housing in China. Urban Studies, 33 (6).
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Zhou, Min. and Logan, J.R. 1996. Market transition and the co modification of housing in urban China. International Journal of Urban and Regional Research, 20(3): 400&#150;421.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/the-impact-of-housing-reform-on-consumption-investment-and-industrial-growth-a-tale-of-three-chinese-cities</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume10-2004/benchmarking-international-property-in-australian-listed-property-trust-portfolios</link>
<title><![CDATA[Benchmarking International Property in Australian Listed Property Trust Portfolios]]></title>
<description><![CDATA[The percentage of international property held by listed property trusts (LPTs) has tripled in the last five years. However, the performance of these international properties in LPTs is not directly observable, as no index tracking the performance of this particular LPT sector is currently available. This has complicated LPT sector allocation decision-making as well as benchmarking. Furthermore, the diversification potential of the international LPT sector to the entire property trust portfolio cannot be evaluated. The purpose of this paper is to develop an international LPT-sector performance index, and determine the diversification benefits of adding international LPTs to the property trust portfolio. The findings suggest that the addition of international property to property trust portfolios has resulted in diversification gains.
]]></description>
<content><![CDATA[Australian Stock Exchange. 2000. 2000 Australian share ownership study. ASX: Australia.
Australian Stock Exchange. 2002. Property trusts summary: Listed Property Trusts. ASX: Australia.
Addae-Dapaah, K. and Yong, C. 2000. Diversification of real estate investment in the Asia-Pacific region. Pacific Rim Property Research Journal, Vol. 6, No. 2, 31&#150;45.
Anderson, R. and Shain, J. 2001. REIT returns by economic location: implications for asset allocations. Prudential Real Estate Investors Research, July.
Bailey, J. 1992a. Evaluating benchmark quality. Financial Analysts Journal, May-June, 33&#150;39.
Bailey, J. 1992b. Are manager universes acceptable performance benchmarks? Journal of Portfolio Management, Spring, 9&#150;19.
Bailey, J., Richards, T. and Tierney, D. 1988. Benchmark portfolios and the manager/plan sponsor relationship. Journal of Corporate Finance, Winter, 25&#150;32.
Barry, C., Rodriguez, M. and Lipscomb, J. 1996. Diversification potential from real estate companies in emerging capital markets. Journal of Real Estate Portfolio Management, Vol. 2, No. 2, 107&#150;118.
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Cheng, P., Ziobrowski, A., Caines, R. and Ziobrowski, B. 1999. Uncertainty and foreign real estate investment. Journal of Real Estate Research, Vol. 18, No. 3, 463&#150;479.
Chua, A. 1999. The role of international real estate in global mixed-asset investment portfolios. Journal of Real Estate Portfolio Management, Vol. 5, No. 2, 129&#150;137.
Conover, M., Friday, S. and Sirmans, G. 2002. Diversification benefits from foreign real estate investments. Journal of Real Estate Portfolio Management, Vol. 8, No. 1, 17&#150;26.
De Wit, D. 1997. Real estate diversification benefits. Journal of Real Estate Research, Vol. 14, No. 1/2, 117&#150;135.
Divecha, A, and Grinold, R. 1989. Normal portfolios: issues for sponsors, managers and consultants. Financial Analysts Journal, March-April, 7&#150;13.
Eichholtz, P. 1996. Does international diversification work better for real estate than for stocks and bonds? Financial Analysts Journal, Jan-Feb, 56&#150;62.
Eichholtz, P. 1997a. Real estate securities and common stocks: a first international look. Real Estate Finance, Spring. 70&#150;74.
Eichholtz, P. 1997b. How to invest internationally? Region and property type on a global scale. Real Estate Finance, Fall, 51&#150;56.
Eichholtz, P., Gaaf, N., Kastrop, W. and Veld, H. 1998. Introducing the GPR 250 property share index. Real Estate Finance, Spring, 51&#150;61.
Eichholtz, P., Huisman, R., Koedijk, K. and Schuin L. 1998. Continental factors in international real estate returns. Real Estate Economics, Vol. 26, No. 3, 493&#150;509.
Eichholtz, P. and Koedijk, K. 1996. The global real estate securities market. Real Estate Finance, Spring, 76&#150;82.
Fisher, J. and Liang, Y. 2000a. Is sector diversification more important than regional diversification? Real Estate Finance, Fall, 35&#150;40.
Fisher, J. and Liang, Y. 2000b. The relative importance of sector versus regional diversification. Prudential Real Estate Investors Research, June.
Garvey, R., Santry, G. and Stevenson, S. 2001. The linkages between real estate securities in the Asia-Pacific. Pacific Rim Property Research Journal, Vol. 7, No. 4, 240&#150;258.
Gordon, J., Canter, T. and Webb, J. 1998. The effect of international real estate securities on portfolio diversification. Journal of Real Estate Portfolio Management, Vol. 4, No. 2, 83&#150;91.
Kaplan, P. and Alldredge, R. 1997. Semi variance in risk-based index construction: Quantidex Global Indexes. Journal of Investing, Summer, 82&#150;87.
Liu, C. and Mei, J. 1998. The predictability of international real estate market, exchange rate risks and diversification consequences. Real Estate Economics, Vol. 26, No. 1, 3&#150;39.
Lowrey, C. F. 2002. A framework for constructing international real estate portfolios. Prudential Real Estate Investors, Prudential Financial, Feb. 2002.
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Stevenson, S. 1999. Real estate&#39;s role in an international multi-asset portfolio: empirical evidence using Irish data. Journal of Property Research, Vol. 16, No. 3, 219&#150;242.
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Worzala, E. and Newell, G. 1997. International real estate: a review of strategic investment issues. Journal of Real Estate Portfolio Management, Vol. 3, No. 2, 87&#150;96.
UBS Warburg 2002. UBS Warburg Indices: September 2002 (miscellaneous copies and data in spreadsheet). UBS Warburg: Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/benchmarking-international-property-in-australian-listed-property-trust-portfolios</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume10-2004/property-implications-of-the-separation-of-land-and-water-rights</link>
<title><![CDATA[Property Implications of the Separation of Land and Water Rights]]></title>
<description><![CDATA[During the 1980s and 1990s, water markets emerged as the preferred means of reallocating existing water between competing users. This has split the traditionally linked water and land assets into two separate and tradeable components. Reflecting this, most jurisdictions now have legislation formally separating property rights in water and land. Water is not any longer a fixture of land but a personal chattel; this transformation has profound implications for water as a collateral for lending, as a value component when valuing an irrigation property, and as a base for rates, taxes and duties as well as equity implications.
]]></description>
<content><![CDATA[Achterstraat, P. 2001. Revenue ruling DUT 023 transactions relating to water rights. URL:http://www.osr.nsw.gov.au/revrules/rrdut023.htm.
Bjornlund, H. 1999. Water trade policies as a component of environmentally, socially and economically sustainable water use in rural Southeastern Australia. Thesis submitted in fulfilment of the requirement for the degree of doctor of philosophy, University of South Australia, Adelaide.
Bjornlund, H. 2000. To regulate or to market &#150; striking the balance for sustainable water use. Proceedings from the joint Water and the Law symposium, Adelaide 18 October, 11&#150;17.
Bjornlund, H. 2001. Water policies and rural land values. Paper presented at the 7 Pacific Rim Real Estate Society Conference, Adelaide, January. URL: http://www.business.unisa.edu.au/prres
Bjornlund, H. 2002a. The adoption, perception and impact of the new water policy paradigm within two Australian states. Proceedings from the World Bank conference Irrigation water policies: micro and macro considerations, Agadir, June 15&#150;17. URL: http://www.worldbank.agadirconference.com
Bjornlund, H. 2002b.: What impedes water markets? Proceedings from the 4 Australasian Natural Resources Law and Policy Conference: Water Law and Policy. Sydney 24&#150;25 October.
Bjornlund, H. 2002c. The land/water market price relationships. Paper presented on the Valuation of Irrigation Property and Water Right Seminar held by the Australian Property Institute and the Department of Natural Resources and Environment, Melbourne, October.
Bjornlund, H. 2002d. The socio-economic structures of irrigation communities&#151; water markets and the structural adjustment process. Journal of Rural Society, 12(2), 123&#150;147.
Bjornlund, H. 2003a. Farmer participation in markets for temporary and permanent water in South Eastern Australia. International Journal of Agricultural Water Management, 63, 57&#150;76.
Bjornlund, H. 2003b. Efficient water market mechanisms to cope with water scarcity. International Journal of Water Resources Development, 19(4),553&#150;568.
Bjornlund, H. and McKay, J. 1998. Overcoming the introspective legacy of tradeable water entitlement policies in South Eastern Australia. In Just, R. and Netanyahu, S. (eds.) Conflict and Cooperation on Trans-Boundary Water Resources. Kluwer Academic Publishers, Natural Resource Management and Policy Series, 315&#150;332.
Proceedings from the 1 Australasian Natural Resources law and Policy Conference &#150; Focus on Water 
Proceedings from 1 Australasian Natural Resources Law and Policy Conference &#150; Focus on Water 
Checchio, E. and Colby, B.G. 1988. Refining the water transfer process: innovations for western states. In Shupe, S.J. (ed.) Water Marketing 1988 &#150; The Move to Innovation, Denver: University of Denver College of Law, Chapter 3, 132.
Conference Proceedings 3 Australasian Natural Resources Law and Policy Conference -Focus on Water 
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Curd, V. and Schonfeldt C. 1990. Water transfers: the South Australian experience, in Pigram, J.J. and Hooper B.P. (eds.) Transferability of Water Entitlements, Proceedings of an International Seminar and Workshop, The Centre for Water Policy Research, Armidale, NSW, July, 201&#150;211.
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Fenwick, T.D. 1990. Water allocation, and transfer practices in Queensland. In Pigram, J.J. and Hooper B.P. (eds.) Transferability of Water Entitlements. Proceedings from an International Seminar and Workshop, The Centre for Water Policy Research, Armidale, NSW, July, 215&#150;221.
Langford, K.J. and Foley, B.E. 1990. Transferable water entitlements: Victorian perspective. In Pigram, J.J. and Hooper, B.P. (eds.) Transferability of Water Entitlements, Proceedings of an International Seminar and Workshop, The Centre for Water Policy Research, Armidale, NSW, 201&#150;214.
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Morgan, T. 1990. Water transfers: an irrigation industry perspective. In Pigram, J.J. and Hooper B.P. (eds.) Transferability of Water Entitlements. Proceedings from an International Seminar and Workshop, The Centre for Water Policy Research, Armidale, NSW, July, 237&#150;241.
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NRM, Natural Resources and Mines. 2002d. Evaluation of the permanent water trading trial in Mareeba. Water Trading Discussion Paper. NRM, Brisbane.
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Proceedings from 4 Australasian Water Policy and Law Conference 
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Sitarz, D. 1993. AGENDA 21: The Earth Summit Strategy to Save Our Planet. Boulder: Earth Press.
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Thomas, G.N. 1984, Transferable water rights: a horticultural industries perspective &#150; the Riverland example. Proceedings from the joint AWRC and AAES Seminar on Transferable Water Rights, Melbourne. 65&#150;84.
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Young, M., Hatton McDonald, D., Stringer, R. and Bjornlund, H. 2000. Inter-state water trading: a two year review. Report to the Murray Darling Basin Commission, Adelaide CSIRO Land and Water.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/property-implications-of-the-separation-of-land-and-water-rights</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
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<link>https://www.prres.org/volume10-2004/identifying-the-dimensions-of-suburban-shopping-centres-and-pasar-malam-night-markets-in-singapore-from-a-shoppers-perspective</link>
<title><![CDATA[Identifying the Dimensions of Suburban Shopping Centres and &quot;Pasar Malam&quot; (Night Markets) in Singapore from a Shopper&#39;s Perspect]]></title>
<description><![CDATA[Over the last decade, there have been drastic developments of &quot;pasar malam&quot; or night markets and suburban shopping centres within the suburban public housing estates in Singapore. The &quot;pasar malam&quot; belongs to the bazaar sector, while the suburban shopping centre belongs to the firm-centered sector within the retail marketing system. In view of their differences, using a sequential mixed method approach involving a qualitative/quantitative sequence, this paper aims to examine how shoppers perceive both retailing entities. Principal component analysis and weighted factor ratings show that &quot;pasar malam&quot; and suburban shopping centre have different niches and, image structures notwithstanding, that there are some common images between them. These findings have significant implications on retail planning and management of the retail marketing system within the suburban public housing estates in Singapore.
]]></description>
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Shopping choices with public transport options: an agenda for the 21 Century 
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<guid isPermaLink="true">https://www.prres.org/volume10-2004/identifying-the-dimensions-of-suburban-shopping-centres-and-pasar-malam-night-markets-in-singapore-from-a-shoppers-perspective</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/delinquency-risk-in-residential-arms</link>
<title><![CDATA[Delinquency Risk in Residential Arms]]></title>
<description><![CDATA[Delinquency risk is a major area of concern to real estate mortgage lenders and potential issuers of Mortgage-backed Securities (MBS). This paper provides the first rigorous analysis of residential adjustable mortgage delinquency in Singapore. By studying 633 individual mortgages from 1980 to 1999, it is found that delinquency risk is dominated by macroeconomic factors and several mortgage loan specific factors. In particular, market sentiment, change in mortgage rate and the premium of mortgage over investment rates have a positive influence on delinquency, while change in unemployment rate, capital appreciation of residential properties and housing rentals exerts a negative impact. However, the direction of influence of the change in economic growth is unclear. Generally, property-specific and borrower-specific characteristics do not have a statistical significant impact on delinquency risks. It is also discovered that rate of delinquency and the performance of the economy have a consistently negative relationship. Consistent with the finding that macroeconomic factors exert the greatest impact on delinquency risk, lenders&#39; abilities to reduce the overall risks of delinquency in their mortgage portfolio are limited. Potential issuers of MBS will also likely find it difficult to package the securities to reduce such risks.
]]></description>
<content><![CDATA[Ambrose, B.W. &amp; Capone, C.A. Jr. 1996. Cost-benefit analysis of single-family foreclosure alternatives. Journal of Real Estate Finance and Economics, 13(2), 105&#150;120.
Ambrose, B.W. &amp; Capone, C.A. 1998. Modelling the conditional probability of foreclosure in the context of single-family mortgage default resolutions. Real Estate Economics, 26(3), 391&#150;429.
Berkovec, A., Canner, B., Gabriel, A. and Hannan, H. 1994. Race, redlining and residential mortgage loan performance. Journal of Real Estate Finance and Economics, 9(3), 263&#150;294.
Campbell, T. and Kimball J. D. 1983. The determinants of default on insured conventional residential loans. Journal of Finance, 38, 1569&#150;1581.
Canner, G.B., Gabriel S.A. &amp; Woolley J.M. 1991. Race, default risk and mortgage lending: a study of the FHA and conventional loan markets. Southern Economic Journal, 58(1), 249&#150;262.
Capozza, R., Kazarian, D. and Thomas, A. 1997. Mortgage defaults in local markets. Real Estate Economics, 25(4), 631&#150;655.
Capozza, R., Kazarian, D. and Thomas, A. 1998. The conditional probability of default. Real Estate Economics, 26(3), 359&#150;389.
Case, K. and Shiller, J. 1996. Mortgage default risk and real estate prices: the use of index-based futures and options in real estate. Journal of Housing Research, 7(2), 243&#150;258.
Cunningham, F. and Capone, A. 1990. The relative termination experience of adjustable to fixed-rate mortgages. Journal of Finance, 45(5), 1687&#150;1703.
Foster, C. and Van Order, R. 1984. An option-based model of mortgage default. Housing Finance Review, 3(4), 351&#150;372.
Foster, C. and Van Order, R. 1985. FHA terminations: a prelude to rational mortgage pricing. Journal of the American Real Estate and Urban Economics Association, 13(3), 292 &#150; 316.
Greene, W.H. 1997. Econometric Analysis. Macmillan.
Hakim, R. and Haddad, M. 1999. Borrower attributes and the risk of default of conventional mortgages. Atlantic Economic Journal, 27(2), 210&#150;220.
Herzog, J. and Earley, J. 1970. Home mortgage delinquency and foreclosure. New York: National Bureau of Economic Research.
Kau, B., Keenan, C. and Kim, T. 1994. Default probabilities for mortgages. Journal of Urban Economics, 35(3), 278 &#150; 296.
Khor, A. &amp; Ong, S.E. 1998. Housing loans: finding the best fit. Business Times Property Supplement, 15 July, 6.
Morton, T.G. 1975. A discriminant function analysis of residential mortgage delinquency and foreclosure. Journal of the American Real Estate and Urban Economics Association, 3(1), 73&#150;90.
Neo, P.H., Ong, S.E. and Ho, K.H. 2003. Characterisation of conditional foreclosure likelihood: significance of equity, firm, number of co-borrowers and size to ARM foreclosure. Pacific Rim Property Research Journal, 9(2), 121&#150;147.
Ong, S.E. 1999. Aborted property transactions: seller under-compensation in the absence of legal recourse. Journal of Property Investment &amp; Finance, 17(2), 126144.
Ong, S.E. 2000. Prepayment risk and holding period for residential mortgages in Singapore. Journal of Property Investment &amp; Finance, 18(6), 586&#150;601.
Ong, S.E., Ooi, J. and Sing, T.F. 2000. Asset securitisation in Singapore: a tale of three vehicles. Real Estate Finance, 17(2), 47&#150;56.
Ong, S.E. and Koh, Y.C. 2000. Time-on-market and price trade-offs in high rise housing sub-markets. Urban Studies, 37(11), 2057&#150;2071.
Ong, S.E., Maxam, C.L. and Thang, C.L. 2002. Mortgagor motivations in prepayments for adjustable rate mortgages. Review of Urban &amp; Regional Development Studies, 14(2), 97&#150;116.
Quercia, R.G. and Stegman, M.A. 1992. Residential mortgage default: a review of the literature. Journal of Housing Research, 3(2), 341&#150;379.
Schwartz, S. and Torous, N. 1993. Mortgage prepayment and default decisions: a poisson regression approach. Journal of the American Real Estate and Urban Economics Association, 21(4), 431&#150;449.
Sing, T.F. and Ong, S.E. 2003. Residential mortgage backed securitisation in Asia: the Singapore experience. Journal of Real Estate Literature, forthcoming.
Springer, T.M. and Waller N.G. 1993. Termination of distressed residential mortgage: an empirical analysis. Journal of Real Estate Finance and Economics, 7(1), 43&#150;54.
Vandell, K.D. 1978. Default risk under alternative mortgage instruments. Journal of Finance, 33(5), 292 &#150; 316.
Von Furstenberg, G.M. &amp; Green, R.J. 1974. Home mortgage delinquencies: a cohort analysis. Journal of Finance, 29(3), 1545&#150;1548.
Waller, G. 1988. Residential mortgage default: a clarifying analysis. Housing Finance Review, 7, 321&#150;333.
Waller, G. 1989. Residential mortgage default: an empirical note on changes in property value and debt over time. Housing Finance Review, 8, 155&#150;164.
Wooldridge, J.M. 2003. Introductory econometrics: A modern approach. US: Thomson South-Western.
Zorn, M. and Lea, J. 1989. Mortgage borrower repayment behaviour: a microeconomic analysis with Canadian adjustable rate mortgage data. Journal of the American Real Estate and Urban Economics Association, 17(1), 118&#150;136.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/delinquency-risk-in-residential-arms</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/factors-influencing-prices-paid-in-the-market-for-temporary-water</link>
<title><![CDATA[Factors Influencing Prices Paid in the Market for Temporary Water]]></title>
<description><![CDATA[This paper explores the factors which influence the willingness of irrigators to pay for water in temporary markets. The analyses are based on ten years of data using correlation, regression and time series techniques. The major drivers of price are: (i) water scarcity, as determined by seasonal availability of water; (ii) demand factors, as determined by precipitation and evaporation; and (iii) potential longterm losses incurred by irrigators with significant investments in water dependent infrastructure if insufficient water is used. These irrigators are willing to pay prices in excess of the value of water in productive use in order to protect their production and thereby the value of their assets.
]]></description>
<content><![CDATA[Adamowicz, W.L. and Horbulyk, T.M. (1996). The role of economic instruments to resolve water quality problems. Canadian Journal of Agricultural Economics 44, 337&#150;344.
Bjornlund, H. (2004). Formal and informal water markets: drivers of sustainable rural communities? Water Resources Research 40, in print.
Bjornlund, H. (2003a). Farmer participation in markets for temporary and permanent water in south-eastern Australia. Agricultural Water Management 63(1), 57&#150;76.
Bjornlund, H. (2003b). Efficient water market mechanisms to cope with water scarcity. Water Resources Development 19(4), 553&#150;567.
Bjornlund, H. (2003c). What is driving activities in water markets. Water 30(7), 30&#150;36.
Bjornlund, H. (2002a). Signs of maturity in Australian water markets. New Zealand Property Journal, July, 31&#150;46.
Proceedings from the 4 Australasian Water Law and Policy Conference 
Bjornlund, H. (2002c). The socio-economic structure of irrigation communities &#150; water markets and the structural adjustment process. Journal of Rural Society 12(2), 123&#150;145.
Bjornlund, H. and McKay, J. (2000). Are water markets achieving a more sustainable water use? Proceedings from the X World Water Congress, Melbourne, March, CD-Rom.
Colby, B.G., Crandall, C. and Bush, D. (1993). Water right transactions: market values and price dispersion. Water Resources Research 29(6), 1565&#150;1572.
DNRE, Department of Natural Resources and Environment. (2001). The Value of Water - A Guide to Water Trading in Victoria. Melbourne: DNRE.
Kerr, S., Newell, R.G. and Sanchirico, J.N. (2003). Evaluating the New Zealand Individual_Transferable Quota Market for Fisheries Management. Paper prepared for a workshop on ex-post tradable permit evaluation for the National Policies Division, Environment Directorate. Paris: OECD.
Person, P. and Michelsen, A. (1994). Determinants and Trends in Water Right Prices: An Econometric Analysis. Wyoming Water Resources Centre, Laramie, Wyoming.
Young, M., Hatton-McDonald, D., Stringer, R. and Bjornlund, H. (2000). Inter-State Water Trading: A Two-Year Review, CSIRO Land and Water, Adelaide.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/factors-influencing-prices-paid-in-the-market-for-temporary-water</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/client-perceptions-of-the-quality-of-valuation-reports-in-australia</link>
<title><![CDATA[Client Perceptions of the Quality of Valuation Reports in Australia]]></title>
<description><![CDATA[A survey of external users of commercial valuation reports was conducted in April 2004 to assess client perceptions of the quality of valuation reports in Australia. This 2004 survey highlighted the further consolidation and improvement in the quality of valuation reports that has occurred over recent years, reflected in the significant increase in the use of DCF analysis and higher levels of client satisfaction in valuations for all commercial property sectors. Continued concerns were raised over the failure to understand the complexities and market position of particular projects and the need for a greater emphasis on the current supply/demand situation.
]]></description>
<content><![CDATA[Adair, A. et al. (1996). An analysis of valuation variation in the UK commercial property market: Hager and Lord revisited. Journal of Property Valuation and Investment 14(5): 34&#150;47.
Australian Property Institute. (2004). Professional Practice 2004. Australian Property Institute: Canberra.
Australian Property Institute. (2003). Risk Management Module. Australian Property Institute: Canberra (www.nat.propertyinstitute.com.au).
Bechtold, B. and Johnson, R. (1989). Statistics for Business and Economics. PWS-Kent: Boston.
Boyd, T. and Irons, J. (2002). Valuation variance and negligence: the importance of reasonable care. Pacific Rim Property Research Journal 8(2): 107&#150;126.
Brown, G. et al. (1998). Valuation uncertainty and the Mallinson Report. Journal of Property Research 15(1): 1&#150;13.
Burgess, K. (2004). Value&#39;s new meaning. Commercial Property Gazette (July): 22&#150;23.
Carsberg Report. (2002). Property Valuation. Royal Institution of Chartered Surveyors: London.
Colwell, P. and Trefzger, J. (1992). Impact of regulation on appraisal quality. The Appraisal Journal (July): 428&#150;429.
Crosby, N. (2000). Valuation accuracy, variation, and bias in the context of standards and expectations. Journal of Property Investment and Finance 18(2): 130&#150;161.
Crosby, N., Lavers, A. and Murdoch, J. (1998). Property valuation variation and the &quot;margin of error&quot; in the UK. Journal of Property Research 15(4): 305&#150;330.
Crosby, N., Newell, G., Matysiak, G., French, N. and Rodney, B. (1997). Client perception of property investment valuation reports in the UK. Journal of Property Research 14(1): 27&#150;48.
Dotzour, M. and Le Compte, R. (1993). Lender perceptions of appraisal quality after FIRREA. The Appraisal Journal (April): 227&#150;233.
IVSC. (2000). International Valuation Standards. (2000). International Valuation Standards Committee.
Knitter, R. (1993). What clients want from appraisal reports. The Appraisal Journal
(April): 272&#150;276.
Knitter, R. (1994). 1993 survey of appraisal clients. The Appraisal Journal (January): 113&#150;117.
Knitter, R. (1995). 1994 survey of appraisal clients. The Appraisal Journal (April): 213&#150;219.
Lahey, K., Ott, D. and Lahey, V. (1993). Survey of the effects of state certification on appraisers. The Appraisal Journal (July): 405&#150;413.
Mallinson, M. and French, N. (2000). Uncertainty in property valuation. Journal of Property Investment and Finance 18(1): 13&#150;32.
Mallinson Report. (1994). Commercial Property Valuation. Royal Institution of Chartered Surveyors: London.
McParland, C., Adair, A. and McGreal, S. (2002). Valuation standards: a comparison of four European countries. Journal of Property Investment and Finance 20(2): 127&#150;141.
Newell, G. (1995). The quality of valuation reports. The Valuer and Land Economist 33(5): 358&#150;360.
Newell, G. (1999). The quality of valuation reports in Australia: 1998. Australian Property Journal 35(7): 605&#150;608.
Newell, G. (2004). Assessing professional valuation practice standards. Australian Property Journal (in press).
Newell, G. and Barrett, V. (1990). The quality of valuation reports. The Valuer 31(2): 96&#150;98.
Newell, G. and Fibbens, M. (1991). Professional valuation practice standards in NSW. The Valuer 31(4): 382&#150;385.
Newell, G. and Kishore, R. (1998). Are valuations an effective proxy for property sales? The Valuer and Land Economist 31(4): 150&#150;153.
Parker, D. (1999). A note on valuation accuracy: an Australian case-study. Journal of Property Investment and Finance 17(4): 401&#150;411.
Parker, D. (2001). Observations on trends in institutional property valuations. Australian Property Journal 36(5): 426&#150;429.
Parker, D. (2004). DCF1 &#150; how does the property fund management industry do discounted cash flow? Australian Property Journal 38(1): 21&#150;27.
Parker, D. and Robinson, J. (2000). A brief history of the Australian DCF practice standard. Journal of Property Investment and Finance 18(2): 196&#150;211.
Preston, G. (2004). President&#39;s message. API News 10(5): 1&#150;2.
Property Council of Australia. (2003). 2003 People in Property. PCA: Sydney.
Property Investment Research. (2003). Australian Property Funds Industry Survey 2003. PIR: Melbourne.
Rothwell, G. (1990). Valuation standards. The Valuer 31(4): 224&#150;228.
Rothwell, G. (1991). Valuations: the new perspective. The Valuer 31(7): 474&#150;477.
Rothwell, G. (1994). Valuation methodology and market needs. The Valuer and Land Economist 33(1): 18&#150;20.
RICS. (2003). RICS Appraisal and Valuation Standards. Royal Institution of Chartered Surveyors: London.
Rudolph, P. (1994). Will bad appraisers drive out good? The Appraisal Journal (July): 363&#150;366.
Shlaes, J. (1993). The quality appraisal report. The Appraisal Journal (Oct): 483&#150;488.
Smith, B. (1994). Client expectations of valuers and valuations. The Valuer and Land Economist 33(2): 131&#150;132.
TEGOVA. (2000). European Valuation Standards 2000. Estates Gazette: London.
Tosh, D. and Rayburn, W. (1999). Uniform Standards of Professional Appraisal Practice. Dearborn: Chicago.
Wilson, D. (1996). Are appraisal reports logical fallacies? The Appraisal Journal (April): 129&#150;133.
Waters Report. (2000). Valuers&#39; Compliance with the Reporting Standards of the RICS Red Book. Royal Institution of Chartered Surveyors: London.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/client-perceptions-of-the-quality-of-valuation-reports-in-australia</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/comparison-of-multifactor-productivity-indicators-for-real-estate-sectors-using-the-oecd-input-output-database</link>
<title><![CDATA[Comparison of Multifactor Productivity Indicators for Real Estate Sectors Using the Oecd Input-Output Database]]></title>
<description><![CDATA[Research on the international comparison of productivity has gained significant interest throughout several previous decades. Relatively little work has however been done in the real estate sector. This paper aims to develop a new productivity measurement framework for the international comparison of the real estate sector based on the newly-published OECD input-output database. Three multifactor productivity indicators are formulated using the ratio of the sectoral final demand to value added, the intermediate output to intermediate input and the total output to total input effect respectively in the input-output table. Historical analyses and comparisons are also carried out to indicate the differences of productivities of the real estate sectors in seven selected countries. Findings can improve the understanding of how technological, organisational and policy influences combine to affect productivity growth and aid the policy makers, real estate agencies and researchers in evaluating the competitive ability of the real estate sector.
]]></description>
<content><![CDATA[ABS, Australian Bureau of Statistics. (2000). Real Estate Services Industry. CAT. No. 8663.0, Canberra.
Ark, B.V. and Monnikhof, E. (1999). Productivity in Services: An International Comparative Perspective. Canadian Journal of Economics, 32(2), 471&#150;499.
Ark, B.V., Pilat, D., Jorgenson, D. W., Frank, R. and Lichtenberg, F. R. (1993). Productivity Levels in Germany, Japan, and the United States: Differences and Causes. Brookings Papers on Economic Activity. Microeconomics, 1993(2), 1&#150;69.
Birch, J. W. and Sunderman M. A. (2003). Estimating Price Paths for Residential Real Estate. Journal of Real Estate Research, 25(3), 277&#150;299.
Bon, R. (2000). Economic Structure and Maturity: Collected Papers in Input-output Modelling and Applications. Ashgate Publishing Ltd, Aldershot.
Bernard. A. B. and Jones, C. I. (1996). Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries. The American Economic Review, 86(5), 1216&#150;1238.
Diewert, W. E. (1976). Exact and Superlative Index Numbers. Journal of Econometrics, 4(2), 115&#150;146.
Durand, R. and Vezina, S. (2003). The Performance of Service Industries in Canada: A Real Value Analysis. Economic System Research, 15(1), 21&#150;50.
Gu, W. and Ho, M. (2000). A Comparison of Productivity Growth in Manufacturing between Canada and the United States, 1961&#150;95. CSLS Conference on the Canada-U.S. Manufacturing Productivity Gap. Centre for the Study of Living Standards, Ottawa.
Gullickson, W. and Harper, M. J. (1999). Possible Measurement Bias in Aggregate Productivity Growth. Monthly Labour Review, February, 47&#150;67.
Islam, N. (1999). International Comparison of Total Factor Productivity: A Review. Review of Income and Wealth, 45(4), 493&#150;518.
Jorgenson, D. W. (1988). Productivity and Economic Growth in Japan and the U.S. American Economic Review Papers and Proceedings, 78(2), 217&#150;222.
Jorgenson, D. W., Gollop, F. M. and Fraumeni, B. M. (1987). Productivity and U.S. Economic Growth. Harvard University Press, Cambridge.
Kravis, I. B. (1976). A Survey of International Comparisons of Productivity. The Economic Journal, 86(341), 1&#150;44.
Levin, R. I. and Rubin, D. S. (1998). Statistics for Management. Prentice-Hall International, Inc. Sydney.
Liu C. and Song Y. (2004) An Input-Output Table Perspective on Measuring Construction Productivity, Journal of Construction Management, JSCE, (In press).
Maddison, A. (1987) Growth and Slowdown in Advanced Capitalist Economies: Techniques of Quantitative Assessment. Journal of Economic Literature, 25(2), 649&#150;698.
OECD, Organisation for Economic Co-operation and Development. (2001). Measuring Productivity: Measurement of Aggregate and Industry-Level Productivity Growth, OECD Manual.
OECD, Organisation for Economic Co-operation and Development. (1995). The OECD Input-Output (I/O) Database, htt/wwwLoecd.org/ds&uuml;7s&uuml;7stat-ana/stats/eas io.htm (Accessed on 15/8/2004).
Parham, D. (2004). Sources of Australia&#39;s Productivity Revival. The Economic Record, 80 (249), 239&#150;257.
Pyhrr, S. A., Roulac, S. E. and Born, W. L. (1999). Real Estate Cycles and Their Strategic Implications for Investors and Portfolio Managers in the Global Economy. Journal of Real Estate Research, 18(1), 7&#150;68.
Pietroforte, R. and Gregori, T. (2003). An Input-Output Analysis of the Construction Sector in Highly Developed Economies. Construction Management and Economics, 21(3), 319&#150;327.
Roulac, S. E. (1996). The Strategic Real Estate Framework: Processes, Linkages, Decisions. Journal of Real Estate Research, 12(3), 323&#150;346.
Roulac, S. E. (1999). Real Estate Value Chain Connections: Tangible and Transparent. Journal of Real Estate Research, 17(3), 387&#150;404.
SCRCSP, Steering Committee for the Review of Commonwealth/State Service Provision. (1997). Data Envelopment Analysis: A Technique for Measuring the Efficiency of Government Service Delivery, AGPS, Canberra.
West, G. R. (1999). Notes on Some Common Misconceptions in Input-Output Impact Methodology. Discussion Paper No. 262, Department of Economics, University of Queensland, Brisbane.
Zhu, H. (2002). The Case of the Missing Commercial Real Estate Cycle. BIS Quarterly Review, September 2002.
]]></content>
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<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/price-predictability-and-capital-market-efficiency-listed-property-trust-investment-strategies</link>
<title><![CDATA[Price Predictability and Capital Market Efficiency: Listed Property Trust Investment Strategies]]></title>
<description><![CDATA[This study focuses on weak form EMH and investigates whether the Australian Listed Property Trust (LPT) market and broader equity market (All Ordinaries) are efficient in the weak form. It examines the daily closing price indices of LPTs and All Ordinaries for the period of 1 June 1992 to 30 May 2003. The results suggest that Australian LPTs and the broader equity markets are efficient in the weak form, and securities prices are not predictable based on historical price movements.
The evidence of weak form efficiency has significant implications for investment strategies. It questions the relevance of technical analysis in the process of formulating investment/trading strategies. In the wake of questionable significance of technical analysis, this study provides active managers with suggestions for formulating investment strategies and investment decision making.
]]></description>
<content><![CDATA[Dickey, D. and Fuller, W. (1979). Distribution of the estimators for autoregressive time series with a unit root. Journal of the American Statistical Association, 74, 427&#150;431.
Baillie, R. and Bollerslev, T. (1989). Common stochastic trends in a system of exchange rates. Journal of Finance, 44:1, 167&#150;181.
Chan, K., Gup, B. and Pan, M. (1997). International stock market efficiency and integration: a study of eighteen nations. Journal of Business Finance &amp; Accounting, 24:6, 803&#150;813.
Chan, K., Gup, B. and Pan, M. (1992a). An empirical analysis of stock prices in major Asian markets and the United States. Financial Review, 27:2, 289&#150;307.
Chan, K., Gup, B. and Pan, M. (1992b). Market efficiency and cointegration tests for foreign currency futures markets. Journal of International Financial Markets, Institution &amp; Money, 2:1, 78&#150;89.
Chaudhry, M., Myer, F. and Webb, J. (1999). Stationarity and cointegration in systems with real estate and financial assets. Journal of Real Estate Finance and Economics, 18:3, 330&#150;349.
Copeland, L. (1991). Cointegration tests with daily exchange rate data. Oxford Bulletin of Economics and Statistics, 3:2, 185&#150;198.
Eng, O. (1995). Singapore real estate and property stocks &#150; a co-integration test. Journal of Property Research, 12, 29&#150;39.
Engle, R. and Granger, C. (1987). Co-integration, and error correction: representation, estimation and testing. Econometrica, 55:2, 251&#150;276.
Fama, E. (1970). Efficient capital markets: a review of theory and empirical work. Journal of Finance, 25, 383&#150;417.
Huang, B. (1995). Do Asian stock markets follow random walks? Evidence from the variance ratio test. Applied Financial Economics, 5, 251&#150;256.
Johansen, S. (1995). Likelihood-based Inference in Cointegrated Vector Autoregressive Models. Oxford University Press.
Johansen, S. (1991). Estimation and hypothesis testing of cointegration vectors in Gaussian vector autoregressive models. Econometrica, 59, 1551&#150;1580.
Kendall, M. G. (1953). The analysis of economic time series &#150; Part I: Prices. Journal of the Royal Statistical Society, 96, 11&#150;25.
Kleiman, R., Payne, J. and Sahu, A. (2002). Random walks and market efficiency: evidence from international real estate markets. Journal of Real Estate Research, 24: 3, 279&#150;297.
Lajaunie, J. and Naka, A. (1992). Is the Tokyo spot foreign market consistent with the efficient market hypothesis? Review of Financial Economics, 2:1, 68&#150;74.
Lajaunie, J., McManis, B. and Naka, A. (1996). Further evidence on foreign exchange market efficiency: An application of cointegration tests. Financial Review, 31:3, 553&#150;564.
Long, M., Payne, J. and Feng, C. (1999). Information transmission in the Shanghai equity market. Journal of Financial Research, 22:1, 29&#150;45.
MacDonald, R and Taylor, M. (1989). Metal prices, efficiency and cointegration: some evidence from the London metal exchange. Bulletin of Economic Research, 40:3, 235&#150;239.
MacDonald, R and Taylor, M. (1989). Foreign Exchange Market Efficiency and Cointegration: Some Evidence from the Recent Float. Economics Letters, 29, 63&#150;68.
Myer, F., Chaudhry, M. and Webb, J. (1997). Stationarity and co-integration in systems with three national real estate indices. Journal of Real Estate Research, 13:3, 369&#150;381.
Newell, G. and Webb, J. (1996). Assessing risk for international real estate investments. Journal ofReal Estate Research, 11:2, 103&#150;115.
Okunev, J., Wilson, P. and Zurbruegg, R. (2002). Relationship between Australian real estate and stock market prices &#150; a case of market inefficiency. Journal of Forecasting, 21:3, 181&#150;192.
Peng, V. (2004). Capital market efficiency and listed property trusts return anomalies: implications for investment strategies. European Real Estate Society (ERES) Conference 2004, Milan, Italy, 2&#150;5 June 2004.
Phillips, P. and Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75, 335&#150;346.
Roberts, H. (1967). Statistical versus Clinical Prediction of the Stock Market. Working paper presented to the Seminar on the Analysis of Security Prices, University of Chicago.
Shilton, L. (2000). Random walks and the cointegration of the ACLI and NCREIF. Real Estate Economics, 28:3, 435&#150;465.
Wilson, P., Gerlach, R. and Zurbruegg, R. (2003). Potential diversification benefits in the presence of unknown structural breaks: An Australian case study. Australian Economic Papers, 42, 442&#150;453.
Wilson, P., Okunev, J. and Webb, J. (1998). Step interventions and market integration: tests in the U.S., U.K., and Australian property markets. Journal of Real Estate Finance and Economics, 16:1, 91&#150;123.
Yang, J. and Leatham, D. (1998). Market efficiency of US grain markets: application of cointegration tests. Agribusiness, 14:2, 107&#150;112.
]]></content>
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<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume10-2004/the-role-of-residential-property-in-personal-investment-portfolios-the-case-of-malaysia</link>
<title><![CDATA[The Role of Residential Property in Personal Investment Portfolios: The Case of Malaysia]]></title>
<description><![CDATA[Residential property has long been recognised as an important component in a household&#39;s overall wealth. The sheer magnitude of purchasing a house has compelled households to commit a disproportionate amount of their funds to own a house, leaving little capital for other kinds of investment. The findings of this Malaysian study show that an allocation between 50% to 65% of the available capital to residential property, particularly in terraced houses, in any of the 5 main regions, and with the balance invested in bonds will produce a superior personal investment portfolio, in terms of enhanced risk-adjusted return and significant reduction in the overall risk. Holding a non-diversified portfolio not only produces sub-optimal returns, but also exposes households to greater risk which can easily be minimised through mixed-asset portfolio diversification.
]]></description>
<content><![CDATA[Boch, J., Morris, J. and Wyatt, S. 1986. The Investment in Housing as a Forward Market Transaction: Implications for Tenure Choice and Portfolio Selection. AREUEA Journal, Vol. 14, No. 3, 385&#150;406.
Bronson, J., Scanlan, M. and Squires, J. 2004. Managing Individual Investor Portfolios - Managing Investment Portfolios: A Dynamic Process, 3 edition (AIMR).
Brueckner, J. 1997. Consumption And Investment Motives And The Portfolio Choices Of Homeowners. Journal of Real Estate Finance and Economics, Vol. 15, No. 2, 159&#150;180.
Caplin, A., Chan, S., Freeman, C. and Tracy, J. 1997. Collateral Damage: Refinancing Constraints and Regional Recessions. Journal of Money, Credit and Banking, Vol. 29, No. 4, 496&#150;516.
Caplin, A. and Joye, C. 2002. A Primer On A Proposal For Global Housing Finance Reform. The Menzies Research Centre.
Case, K. and Shiller, R. 1990. Forecasting Prices and Excess Returns in the Housing Market. Real Estate Economics, Vol. 18, No. 3, 253&#150;273.
Chinloy, P. and Cho, Man. 1997. Housing Returns and Restrictions on Diversification. Real Estate Finance, Vol. 13, No. 3, 57&#150;63.
Geltner, D., Miller, N. and Snavely, J. 1995. We Need A Fourth Asset Class: HEITs. Real Estate Finance, Vol. 12, No. 2, 71&#150;81.
Goetzmann, W. 1993. The Single Family Home in the Investment Portfolio. Journal of Real Estate Finance and Economics, Vol. 6, 201&#150;222.
Goodman, J. 2003. Homeownership and Investment in Real Estate Stocks. Journal of Real Estate Portfolio Management, Vol. 9, No. 2, 93&#150;105.
Ioannides, Y. and Rosenthal, S. 1994. Estimating The Consumption And The Investment Demands For Housing And Their Effect On Housing Tenure Status. The Review of Economics and Statistics, Vol. 76, No. 1, 127.
Kuala Lumpur Stock Exchange Composite Index (KLCI): Closing prices are obtained from Securities Clearing Automated Network Services (SCANS) and KLSE Daily Diary published by the KLSE; http://www.bnm.gov.my/index.php?ch=12&amp;pg=140
Knapp, D. and Nourzad, F. 1994. The Substitutability of Equities and Consumer Durable Goods: A Portfolio-Choice Approach. Southern Economic Journal, Vol. 60, No. 3, 612&#150;621.
Maginn, J., Tuttle, D., McLeavey, D. and Pinto, J. 2004. The Portfolio Management Process and the Investment Policy Statement. Managing Investment Portfolios: A Dynamic Process, 3 edition (AIMR).
Malaysian Government Securities (MGS) Index: The bond series are prepared by the Rating Agency Malaysia (RAM), in collaboration with Quant Shop Pty Ltd Australia. http://www.quantshop.com/malaysianbond.htm
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume10-2004/the-role-of-residential-property-in-personal-investment-portfolios-the-case-of-malaysia</guid>
<pubDate>31 Dec 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/the-ethical-beliefs-and-attitudes-of-registered-valuers-in-new-zealand</link>
<title><![CDATA[The Ethical Beliefs and Attitudes of Registered Valuers in New Zealand]]></title>
<description><![CDATA[This study examines the ethical and moral beliefs held by registered valuers in New Zealand. A self-administered survey questionnaire was utilised to measure the five constructs concerned with Deceit, Fraud, Coercion, Self-interest and Influence Dealing. Significant differences between respondent&#39;s beliefs and attitudes were measured based upon variances in age, valuation experience, education and type of employment. Respondents who indicated they held Public Liability Insurance were more tolerant of unethical behaviour than those without such insurance. Additionally, respondents who had taken a professional ethics course were more tolerant of fraudulent behaviour, suggesting that professional ethics courses are not achieving their desired result.
]]></description>
<content><![CDATA[Allen, J. and David, D. (1993), &#145;Assessing Some Determinant Effects of Ethical Consulting Behavior: The Case of Personal and Professional Values&#39;, Journal of Business Ethics, June, 12: 449-458.
Allmon, D. and Grant, J. (1990), &#145;Real Estate Sales Agents and the Code of Ethics: a Voice Stress Analysis&#39;, Journal of Business Ethics, 9: 807-912.
Bucar, B. and Hisrich, R. (2001), &#145;Ethics Of Business Mangers Vs. Entrepreneurs&#39;, Journal of Developmental Entrepreneurship, April, 59-82.
The Counsellors of Real Estate (1994), Real Estate Issues, December, 19: 3.
Dare, T. (annual), &#145;Values &amp; Valuers: A Professional Ethics Module&#39;, NZIV.
Dawson, L. (1997), &#145;Ethical Differences Between Men And Women In The Sales Profession&#39;, Journal of Business Ethics, August, 1143-1152.
Ferrell, O. and Gresham, L. (1985), &#145;A Contingency Framework for Understanding Ethical Decision Making in Marketing&#39;, Journal of Marketing, 49: 87-96.
Harris, J. (1990), &#145;Ethical Values of Individuals at Different Levels of the Organizational Hierarchy of a Single Firm&#39;, Journal of Business Ethics, 9: 741-750.
Harris, J. (1991), &#145;Ethical Values and Decision Processes of Business and Non Business Students; A Four Group Study&#39;, Journal of Legal Studies Education, 9: 216-230.
Hoffman, J. (1998), &#145;Are Women Really More Ethical Than Men? Maybe It Depends On The Situation&#39;, Journal of Managerial Issues, Spring, 60-73.
Hoyt, R. and Aalberts, R. (1997), &#145;Ethical Beliefs and Values of Real Estate Appraisers&#39;, Paper presented at the annual meeting of the American Real Estate Society, April.
Hoyt, R. and Schwer, R. (1998), &#145;Ethical Beliefs and Values of Real Estate Salespeople&#39;, Paper presented at the annual meeting of the American Real Estate Society, April.
Hurley, N. (1996), &#145;Ethics and Ethical Behavior in the Property Valuation Profession&#39;, The Appraisal Journal, April, LXIV 2: 125-128.
Izzo, G. (2000), &#145;Compulsory Ethics Education And The Cognitive Moral Development Of Salespeople: A Quasi-Experimental Assessment&#39;, Journal of Business Ethics, 28 (3): 223-241.
Long D. (2001), Doing the Right Thing: A Real Estate Practitioner&#39;s Guide to Ethical Decision-Making, 3rd Ed, Prentice Hall.
Long, D. and Guglielmino, L. (1994), &#145;Are Real Estate Agents Really Unethical?: A Study of the Ethical Reasoning Ability of Florida Real Estate Licensees&#39;, unpublished paper Florida Atlantic University, July.
Lund, D. (2000), &#145;An Empirical Examination Of Marketing Professional&#39;s Ethical Behavior In Differing Situations&#39;, Journal of Business Ethics, April, 331-342.
Nelson, W. (1995), &#145;Empirical Measures of Ethics in the Real Estate Industry&#39;, Paper presented at the annual meeting of the American Real Estate Society, March.
New Zealand Institute of Valuers. (1994), Valuers Registration Board &amp; Valuation Board of Appeal: Decisions, No. 3, May.
New Zealand Institute of Valuers. (1996), Valuers Registration Board &amp; Valuation Board of Appeal: Decisions No. 6, May.
New Zealand Property Institute, Code of Ethics.
O&#39;Clock, P. and Okleshen, M. (1993), &#145;A Comparison of the Ethical Perceptions of Business and Engineering Majors&#39;, Journal of Business Ethics, 12: 677-687.
Okleshen, M. and Hoyt, R. (1996), &#145;A Cross Cultural Comparison of Ethical Perspectives and Decision Approaches of Business Students: United States of America Versus New Zealand&#39;, Journal of Business Ethics, 15: 537-549.
Okoruwa, A. and Thompson, A. (1994), &#145;An Empirical Analysis of Real Estate Brokerage Ethics&#39;, Paper presented at the annual meeting of the American Real Estate Society, April.
Pivar, W., and Harlan, D. (1995), Real Estate Ethics: Good Ethics = Good Business, 3rd Edition, Real Estate Education Company.
Roulac, S. (1999), Ethics in Real Estate, Kluwer Academic Publishers.
Sayer, S., Joyce, M., and Lambert, D. (1991), &#145;Gender and Sales Ethics: Are Women Penalized Less Severely Than Their Male Counterparts?&#39;, Journal of Personal Selling and Sales Management, Fall, XI (4): 49-54.
Sharplin, A., Premeaus, S., Binning, M., and Worley, L. (1992), &#145;Business Ethics: A Primer for Managers&#39;, Journal of Property Management, September-October, 57 (5): 42-45.
Shaw, W. (1991), &#145;Business Ethics&#39;, Wadsworth Publishing Co.
Wright, M. (1995), &#145;Can Moral Judgement And Ethical Behaviour Be Learned? A Review Of The Literature&#39;, Management Decision, 33 (10): 17-28.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/the-ethical-beliefs-and-attitudes-of-registered-valuers-in-new-zealand</guid>
<pubDate>28 Feb 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/international-property-research-conferences-update</link>
<title><![CDATA[International Property Research Conferences: Update]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/international-property-research-conferences-update</guid>
<pubDate>28 Feb 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/dynamic-impact-of-land-supply-on-population-mobility-with-evidence-from-hong-kong</link>
<title><![CDATA[Dynamic Impact of Land Supply on Population Mobility with Evidence from Hong Kong]]></title>
<description><![CDATA[Previous literature refers mostly to planning constraints and market failure. Little has been concentrated on the linkages between the land and housing markets and population mobility, particularly the effects of land supply. The aim of this paper is to analyse the dynamic impact of land supply on population mobility in Hong Kong. The first part provides a background for the current situation in Hong Kong in terms of population and land use allocation. The second and third sections review the relevant literature and set out a new &quot;supply-chain paradigm&quot; framework and methodology. Within the framework, we investigate the linkages between land supply and population mobility using Granger-casuality tests. The findings suggest that there exists a causal relationship between land supply and population mobility in the New Territories. Past values of land supply help to predict population mobility, and vice versa.
]]></description>
<content><![CDATA[Brown, H. (1975), &#145;Changes in Workplace and Residential Location&#39;, Journal of the American Institute of Planners, 41.
Brown, L. &amp; Sanders, R. (1981), &#145;Toward a Development Paradigm of Migration, with particular reference to Third World settings&#39;, DeJong, G.F. and Gardner, R.W. (eds.) Migration Decision-making: Multidisciplinary Approaches to Microlevel Studies in Developed and Developing Countries, New York: Pergamon Press.
Capozza, D. &amp; Helsley, R. (1987), &#145;The Fundamentals of Land Prices and Urban Growth&#39;, Journal of Urban Economics, 26: 295-306.
Census &amp; Statistics Department (1986, 1991, 1996 2001), Hong Kong Population Census. Hong Kong: HK Government.
Census &amp; Statistics Department (1996-2000), Hong Kong Annual Digest of Statistics. Hong Kong: HK Government.
Downs, A. (1993), &#145;Reducing Regulatory Barriers to Affordable Housing Erected by Local Government&#39;, Kingsley, G.T. &amp; Turner, M.A. (eds.) Housing Markets and Residential Mobility, pp255-281. Washington DC: Urban Institute Press.
Fredland, D. (1974), Residential Mobility and Home Purchase, D.C. Heath.
Graves, P. (1983), &#145; Migration with a Composite Amenity: the Role of Rents&#39;, Journal of Regional Science, 23: 541-546.
Hawley, A. (1971), Urban Society, Ronald Press.
Lansing, J. &amp; Mueller, E. (1967), The Geographic Mobility of Labour. Survey Research Center, University of Michigan.
Long, L. (1991), &#145;Residential Mobility Differences Among Developed Countries&#39;, International Regional Science Review, 14 (2): 133-147.
Murie, A. (1997), &#145;Placing Housing in its Social Context&#39;, Vestergaard, H. (ed.) Housing in Europe, pp 255-262. Horsholm: Statens Byggeforskningsinstitut.
Popetan, M. (1996), &#145;Explaining Intermetropolitan Variation in Housing Prices, Rents and Land Prices&#39;, Real Estate Economics, 24: 219-245.
Quigley, J. &amp; Weinberg, D. (1977), &#145;Intra-Urban Residential Mobility: A Review and Synthesis&#39;, International Regional Science Review, 2: 41-66.
Rating and Valuation Department (1988-2000), Hong Kong Property Review. Hong Kong: HK Government.
Rossi, P. (1955), Why Families Move. The Free Press.
Speare, A., Goldstein, S. &amp; Frey, W. (1974), Residential Mobility, Migration and Metropolitan Change. Ballinger.
Stockdale, A. &amp; Lloyd, G. (1998), &#145;Forgotten Needs? The Demographic and Socio economic Impact of Free-standing New Settlements&#39;, Housing Studies, 13 (1): 43-58.
Strassmann, W. (2000), &#145;Mobility and Affordability in US Housing&#39;, Urban Studies, 37(1): 113-126.
Strassmann, W. (2001), &#145;Residential Mobility: Contrasting Approaches in Europe and the United States&#39;, Housing Studies, 16(1): 7-20.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/dynamic-impact-of-land-supply-on-population-mobility-with-evidence-from-hong-kong</guid>
<pubDate>28 Feb 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/the-wealth-effects-of-securitising-commercial-real-estate-a-case-on-raffles-holdings-singapore</link>
<title><![CDATA[The Wealth Effects of Securitising Commercial Real Estate: A Case on Raffles Holdings, Singapore]]></title>
<description><![CDATA[This paper examines the impact of property securitisation on the corporate wealth of a major hotel company. Using the case example of Raffles Holdings, a leading hotel group in Singapore, the study shows that the securitisation of a real estate asset significantly improves the financial position of the company in terms of its gearing ratio, earnings per share (EPS), economic value added (EVA), and stock price performance. In addition, securitisation may be the only viable route for asset divestment for property owners in a depressed property market.
]]></description>
<content><![CDATA[Jafri, H. (2001), &#145;Raffles to Sell Majority of Singapore Complex - Proceeds Will Help Finance Swissotel Purchase - Hotel Operator Focuses on Its Core Business&#39;, The Asian Wall Street Journal, June 5, 2001.
Ong, S.E., Sing T.F. and D. Thang. (2000), &#145;The Real Estate Securitization Tsunami in Asia &#145;, Working paper, Department of Real Estate, National University of Singapore.
Ooi, J.T.L. and Liow K.H. (2002), &#145;Real Estate Corporations: The Quest for Value&#39;, Journal of Property Investment &amp; Finance 20(1): 23-35.
Rodriguez, M. and Sirmans, C. (1996), &#145;Managing Corporate Real Estate: Evidence from the Capital Markets&#39;, Journal of Real Estate Literature 4: 13-33.
Stewart, G. (1991), The Quest for Value: A Guide for Senior Managers, New York, Harper Business.
Wainwright, S. (2000), &#145;Off Balance Sheet Property Ownership Structures -Releasing Capital From Operational Portfolios Through Divestment&#39;, Journal of Corporate Real Estate 2 (4): 330-42.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/the-wealth-effects-of-securitising-commercial-real-estate-a-case-on-raffles-holdings-singapore</guid>
<pubDate>28 Feb 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/pacific-rim-property-research-journal-editorial-policy-and-submission-guidelines</link>
<title><![CDATA[Pacific Rim Property Research Journal Editorial Policy and Submission Guidelines]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/pacific-rim-property-research-journal-editorial-policy-and-submission-guidelines</guid>
<pubDate>28 Feb 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/analysis-of-pacific-rim-property-research-journal-performance</link>
<title><![CDATA[Analysis of Pacific Rim Property Research Journal Performance]]></title>
<description><![CDATA[The Pacific Rim Property Research Journal (PRPRJ) is the official journal of the Pacific Rim Real Estate Society (PRRES) and represents the major refereed property research journal in the region. Published quarterly, PRPRJ has an international editorial board and attracts a wide range of property research papers from the Pacific Rim and internationally. This paper will analyse the papers submitted to PRPRJ over 2001-02 to assess a range of key journal quality issues, including the quality of the refereeing process, publication acceptance rates, publication turn-around times, diversity of property research topics published and major contributing universities.
]]></description>
<content><![CDATA[Albert, J. and P. Chandy. 1986. Research and publishing in real estate: a survey and analysis. Akron Business and Economics Review 17(4): 46-53.
Chau, K.W. 1998. Real estate research in Asia-past, present and future. Journal of the Asian Real Estate Society 1(1): 1-16.
Chung, K. and P. Kolbe. 1991. Empirical regularities in the market for real estate research output. Journal of Real Estate Research 7(1): 115-124.
Clauretie, T. and N. Daneshvary. 1993. A note on the ranking of real estate authors. Journal of Real Estate Research 8(3): 445-453.
Diaz, J., Black, R. and J. Rabianski. 1993. A note on ranking real estate journals. Real Estate Economics 24(4): 551-563.
Dombrow, J. and G. Turnbull. 2000. Individual and institutional contributors to the Journal of Real Estate Finance and Economics: 1988-99. Journal of Real Estate Finance and Economics 21(2): 203-214.
Dombrow, J. and G. Turnbull. 2002. Individuals and institutions publishing research in real estate: 1989-1998. Journal of Real Estate Literature 10(1): 45-92.
Gibler, K. and A. Ziobrowski. 2002. Authors&#39; perceptions and preferences among real estate journals. Real Estate Economics 30(1): 137-157.
Judd, D. 1996. The Journal of Real Estate Research: a ten year review. Journal of Real Estate Research 12(2): 249-313.
Newell, G., Acheampong, P., Juchau, R., Chau, K.W. and J. Webb. 2002. An international analysis of real estate journals. Journal of Property Investment and Finance 20(6): 454-472.
Ong, S.E., Ooi, J. and N. H. Wong. 2001. Crossing the great divide? A survey of US and UK real estate journals. Journal of Property Investment and Finance 19(6): 519-534.
Redman, A., Manakyan, H. and J. Tanner. 1999. A normalised citation analysis of real estate journals. Real Estate Economics 27(1): 169-182.
Sa-Aadu, J. and J. Shilling. 1988. Ranking of contributing authors to the AREUEA journal by doctoral origin and employer: 1973-87. AREUEA Journal 16(3): 257-270.
Smith, C. and G. Greenwade. 1987. The ranking of real estate publications and tenure requirements at AACSB versus non-AACSB schools. Journal of Real Estate Research 2(2): 105-112.
Webb, J. and J. Albert. 1995. Evaluating the real estate journals: the mainstream finance perspective. Journal of Real Estate Research 10(2): 217-226.
Ziobrowski, A. and K. Gibler. 2000. Factors academic real estate authors consider when choosing where to submit a manuscript for publication. Journal of Real Estate Practice and Education 3(1): 43-54.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/analysis-of-pacific-rim-property-research-journal-performance</guid>
<pubDate>28 Feb 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/positioning-of-shopping-centres-within-the-retail-market-of-singapore</link>
<title><![CDATA[Positioning of Shopping Centres Within the Retail Market of Singapore]]></title>
<description><![CDATA[There has been substantial research on factors affecting the performance of shopping malls and how retail images affect shoppers&#39; perceptions of shopping centres. However, little research has been done to investigate how these attributes will affect the dimensions of brand positioning of shopping centres. By using a Multidimensional Scaling Model to create perceptual maps, pictorial positions of ten shopping centres are presented spatially in a map, according to shoppers&#39; perceptions.
The results indicate that a two-dimensional perceptual map is appropriate for this study. Factor analysis is adopted to find the two significant major factors that best described the two dimensions, namely &quot;shopping centre attributes&quot; and &quot;product attributes&quot;. After determining the dimensions, a two-dimensional map is created using the Multidimensional Scaling Model. The perceptual map shows the relative positioning of the ten shopping centres and four competitive sets of clusters are identified. Shopping centre managers could use these maps to apply different marketing strategies and plans according to the different segments in order to gain competitive advantage and to identify new opportunities and competition.
]]></description>
<content><![CDATA[Arslan, F., Cakir, F. and Yalcin, F. (2000), Comparison of Discriminant Analysis and Multidimensional Scaling Techniques Used in Determining the Position of Internet Service Providers in the Turkish Market. Paper presented at the 8 International Recent Advances in Retailing and Service Science Conference, Vancouver, Canada.
Barnard, N. and Ehrenberg, S. (1990), Robust Measures of Consumer Brand Belief. Journal of Marketing Research, 27(4): 477-484.
Beddinton, N. (1982), Design for Shopping Centre. London: Butterworld Scientific.
Bollen, W. (1988), Contemporary Retailing. New Jersey: Prentice Hall.
Bijmolt, T. and Wedel, M. (1999), A Comparison of Multidimensional Scaling Methods for Perceptual Mapping. Journal of Marketing Research, 36(3): 277-285.
Carroll, J. and Green, P. (1997), Psychometric Methods in Marketing Research: Part II, Multidimensional Scaling. Journal of Marketing Research, 34(2): 193-204.
Cowley, D. (1991), Understanding Brands (by 10 people who do). London: Kogan Page.
Cronbach, L. (1951), Coefficient Alpha and the Internal Structure of Tests. Psychometrika, 16: 297-334.
Dawson, J. and Lord, J. (1985), &#145;Federal and State Intervention in Shopping Centre Development in the USA&#39;. Shopping Centre Development: Policies and Prospects, Dawson, J.A. and Lord, J.D. (eds.), Croom Helm, London.
Dev, C., Morgan, M. and Shoemaker, S. (1995), A Positioning Analysis of Hotel Brands. Cornell Hotel and Restaurant Administration Quarterly. 36(4): 85-97
Dick, A., Jain, A. and Richardson, P. (1997), How Consumers Evaluate Store Brands. Journal of Product and Brand Management, 5(2): 214-225.
Gambill, M. (2000), Shopping Centre Branding: Does it Make Sense? Real Estate Issues, 25(1): 13-27.
Green, P., Carmone, F. and Smith, S. (1989), Multidimensional Scaling: Concept and Applications. Boston: Allyn and Bacon.
Hair, Jr. J., Anderson, R., Tatham, R. and Black, W. (1998), Multivariate Data Analysis (5 Ed.). New Jersey: Prentice Hall.
Ibrahim, M. (2002), Disaggregating The Travel Components In Shopping Centre Choice: An Agenda For Valuation Practices. Journal of Property Investment and Finance, 20(3): 277-294.
Knapp, D. (2000), The Brand Mindset. USA: McGraw Hill.
Kotier, P. (1999), Principles of Marketing, International Edition (8th Ed.). USA: Prentice Hall.
McDaniel, C. and Gates, R. (1996), Contemporary Marketing Research. West Publishing Company, St. Paul, Minneapolis.
McGoldrick, P. and Thompson, M. (1992), Regional Shopping Centre. Avebury, Aldershot.
Stefflre, V. (1972), Some Applications of Multidimensional Scaling to Social Science Problems, Multidimensional Scaling: Theory and Applications in the Behavioural Sciences, Vol. 3, A.K. Romney, R.N. Shepherd and S.B. Nerlove (eds.). New York: Seminar Press.
Sengupta, S. (1990), Brand Positioning: Strategies for Competitive Advantages. New Delhi: Tata McGraw-Hill.
Sim, L.L. (1984), A Study of Centres Planned Shopping. Singapore, Singapore University Press.
Sim, L.L. and Goh, S.Y. (1998), Singapore&#39;s Revised Concept Plan and Retailing: Impact of the Tampines Regional Centre and Shopping Patterns. Journal of Retailing and Consumer Services, 5(1): 33-43.
Tashakkori, A. and Teddlie, C. (1998), Mixed Methodology: Combining Qualitative and Quantitative Approaches. Thousand Oaks, Sage Publications.
Temporal, P. (2000), Strategic Positioning: Creating Growth, Generating Profits and Achieving High Performances. New York: Oxford University Press.
Walker, R. (1985), An Introduction To Applied Qualitative Research, In Applied Qualitative Research, Walker, R. (ed.). Vermont, Gower Publishing Company.
Zikmund, W. (1997), Exploring Marketing Research, (6 Ed.). Fort Worth, Dryden Press.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/positioning-of-shopping-centres-within-the-retail-market-of-singapore</guid>
<pubDate>28 Feb 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/editorial</link>
<title><![CDATA[Editorial]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/editorial</guid>
<pubDate>28 Feb 2003 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/can-large-economies-drive-international-real-estate-markets</link>
<title><![CDATA[Can Large Economies Drive International Real Estate Markets?]]></title>
<description><![CDATA[There is continuing interest in the inter-relationships among real estate markets. This includes research suggesting that international linkages in real estate market returns are partly driven by the inter-relatedness between changes in local GDP and &#145;world&#39; GDP. The current study continues this line of inquiry by examining securitised real estate market integration among six economies. By investigating long-run trends, this study suggests that not only are international real estate markets inter-linked, but that some large economies, such as the US and Japan, may have a significant influence over smaller markets. This in turn provides information that can be utilized by property investment managers for asset allocation and design.
]]></description>
<content><![CDATA[Asabere, P., Kleiman, R. and McGowan, C. (1991), &quot;The risk return attributes of international real estate equities&quot;, Journal of Real Estate Research , Vol.6, No.2.
Brown, G. and Matsiak, G. (2000), Real Estate Investment: A Capital Market Approach, Pearson Education Ltd.
Case, B., Goetzmann, W. and Rouwenhorst K. (2000), &quot;Global real estate markets - cycles and fundamentals&quot;, NBER Working Paper Series , Cambridge MA.
Chaplin, R. (1997), &quot;Un-smoothing valuation based indices using multiple regimes&quot;, Journal of Property Research , Vol. 14, No. 3, 189-210.
Chau, K., MacGregor, B. and Schwann, G. (1999), &quot;Price discovery in the Hong Kong real estate market&quot;, Aberdeen Papers in Land Economy, 99-112.
Eichholtz, P. and Lie, R. (1995), &quot;Globalisation of real estate markets?&quot;, 11th Annual ARES Conference , Hilton Head Island.
Edelstein, R. and Paul, J. (2000), &quot;Japan land prices: explaining the boom-bust cycle&quot;, In: Mera, K. and Renaud, B. (ed.) Asia&#39;s Financial Crisis and the Role of Real Estate , New York: M.E. Sharpe.
Forbes, K. and Rigobon, R. (2002), &quot;No contagion, only interdependence: measuring stock market co-movements&quot;, Journal of Finance , Vol. 57, No. 5, 2223-2261.
Gerlach, R., Wilson, P. and Zurbruegg, R. (2003), &quot;Structural breaks and diversification: the impact of the 1997 Asian financial crisis on the integration of Asia-Pacific real estate markets&quot;, CIES Working Paper.
Giliberto, M. (1990), &quot;The Salomon-Russell global equity index property sector&quot;, Salomon Brothers Bond Market Research.
Gregory, A. and Hansen, B. (1996), &quot;Residual-based tests for co-integration in models with regime shifts&quot;, Journal of Econometrics , Vol.70, No.1, 99-126.
Hendry, D. and Juselius, K. (2000), &quot;Explaining co-integration analysis: part II&quot;, Discussion Papers 00-20, University of Copenhagen, Institute of Economics.
Hsieh, N., Lin, A. and Swanson, P. (1999), &quot;Global money market interrelationships&quot;, International Review of Economics and Finance , Vol. 8, No. 1, 71-85.
Johansen, S., Mosconi, R. and Nielsen, B. (2000), &quot;Co-integration analysis in the presence of structural breaks in the deterministic trend&quot;, Econometrics Journal , Vol.3, 216-249.
Johansen, S. (1995), &quot;Likelihood-based inference in co-integrated vector autoregressive models&quot;, Oxford University Press, Oxford.
Johansen, S. (1991), &quot;Estimation and hypothesis testing of co-integration vectors in Gaussian vector autoregressive models&quot;, Econometrica , Vol. 59, 1551-1580.
Johansen, S. (1988), &quot;Statistical analysis of co-integration vectors&quot;, Journal of Economic Dynamics and Control , Vol.12, 231-254.
Juselius, K. (1995), &quot;Do purchasing power parity and the uncovered interest rate parity hold in the long run? An example of likelihood inference in a multivariate time-series model&quot;, Journal of Econometrics , Vol. 69, 211-240.
Manning, N. (2002), &quot;Common trends and convergence? South East Asian equity markets, 1988-1999&quot;, Journal of International Money and Finance , Vol. 21, No. 2, 183-202.
Muscatelli, V. and Stan Hurn S. (1995), &quot;Econometric modelling using co-integrated time series&quot;, In: Oxley, Les et al. Surveys in Econometrics , Blackwell, Oxford.
Myer, F., Chaudhry M. and Webb J.R. (1997), &quot;Stationarity and co-integration in systems with three national real estate indices&quot;, Journal of Real Estate Research , Vol.13, No.3, 369-381.
Phylaktis, K. (1999), &quot;Capital market integration in the Pacific basin region: an impulse response analysis&quot;, Journal of International Money and Finance , Vol. 18, No. 2, 267-287.
Quan, D. and Titman S. (1999), &quot;Do real estate prices and stock prices move together? An international analysis&quot;, Real Estate Economics , Vol.27, No.2, 183-207.
Schwarz, G. (1978), &quot;Estimating the dimension of a model&quot;, Annals of Statistics , Vol. 6, 461-464.
Stock, J. and Watson, M. (1988), &quot;Testing for common trends&quot;, Journal of the American Statistical Association , Vol.83, 1097-1107.
Sweeney, F. (1993), &quot;Mapping a European property investment strategy&quot;, Journal of Property Valuation and Investment , Vol.11.
Tarbert, H. (1998), &quot;The long diversification benefits available from investing across geographical regions and property type: evidence from co-integration tests&quot;, Economic Modelling , Vol.15, 49-65.
Tse, Y., Lee, T-H. and Booth, G. (1996), &quot;The international transmission of information in Eurodollar futures markets: a continuously trading market hypothesis&quot;, Journal of International Money and Finance , Vol.15, No.3, 447-465.
Wilson, P. and Okunev, J. (1999), &quot;A spectral analysis of real estate and financial assets markets&quot;, Journal of Property Investment and Finance , Vol. 17, No.1, 61-74.
Wilson, P., and Zurbruegg, R. (2002), &quot;Structural breaks, diversification and international real estate markets - some new evidence&quot;, Briefings in Real Estate Finance , Vol. 1, No. 4, 1-19.
Ziobrowski, A. and Boyd. J. (1991), &quot;Leverage and foreign investment in U.S. real estate&quot;, Journal of Real Estate Research , Vol. 7, No.1, 33-58.
Ziobrowski, A. and Curcio, R. (1991), &quot;Diversification benefits of U.S. real estate to foreign investors&quot;, Journal of Real Estate Research , Vol.6.
Ziobrowski, A. and Ziobrowski B. (1993), &quot;Hedging foreign investments in U.S. real estate with currency options&quot;, Journal of Real Estate Research , Vol. 8, No.1, 27-54.
Zivot, E. and Andrews D. (1992), &quot;Further evidence on the great crash, the oil-price shock, and the unit-root hypothesis&quot;, Journal of Business and Economic Statistics , Vol.10, No.3, 251-270.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/can-large-economies-drive-international-real-estate-markets</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/the-dimensions-of-human-action-and-property</link>
<title><![CDATA[The Dimensions of Human Action and Property]]></title>
<description><![CDATA[This paper adds depth to the question of property theory in the face of recent challenges, including the demise of socialism as a global ideological political force and the rise of recognition of customary property rights. It examines the dynamics of human action using a sociological/anthropological approach to review the appropriate treatment of property within society.
The modern Western tendency to reduce all politico/economic systems onto a single continuum between the ideologically Left and Right is reviewed and found to rest on a single anthropological assumption of dubious merit. There is ample evidence of other anthropologies that result in successful cultural institutions well beyond the modern left/right dichotomy. Cultural choice of anthropology is linked to beliefs regarding family, tradition and spirituality. Of these, spirituality is selected as the fundamental driver.
Three dimensions of human action proceed from this analysis, the political/economic institutional dimension, the anthropological dimension and the spiritual, or metaphysical, dimension. Some implications for the institution of property are examined to conclude that combined, they provide a more robust framework for understanding property than the one-dimensional approach implicit in modernity.
]]></description>
<content><![CDATA[Aquinas, T. (1981), &quot;Summa Theologica&quot;. Westminster, Merryland, Christian Classics.
Cuff, E. et al. (1990), &quot;Perspectives in Sociology&quot;. London, Unwin Hyman.
Ederer, R. (1995), &quot;Economics As If God Mattered&quot;. South Bend, In, Fidelity Press.
Ezigbalike, I. (1994), &quot;Cadastral &quot;Reform&quot; - At What Cultural Costs to Developing Countries&quot;. The Australian Surveyor 39 (3): 177-186.
Johnson, P. (1995), &quot;Reason in the Balance&quot;. Downer&#39;s Grove, Il, Intervarsity.
Hume, D. (1777/1975), &quot;Enquiries Concerning Human Understanding and Concerning the Principles of Morals&quot;. Oxford, Claredon.
Macpherson, C. (1978), &quot;Property: Mainstream and Critical Positions&quot;. Toronto, Toronto University Press.
Nomani, F. and Rahnema, A. (1994), &quot;Islamic Economic Systems&quot;. London, Zed.
Roepke, W. (1937/1994), &quot;Economics of the Free Society&quot;. Grove, PA, Libertarian
Roepke, W. (1948/1996), &quot;The Moral Foundations of Civil Society&quot;. New Brunswick, Transaction
Small, G. (1997), &quot;A Cross Cultural Economic Analysis of Customary and Western Land Tenure&quot;. AIVLE: The Valuer(August).
Smith, A. (1778/1910), &quot;The Wealth of Nations&quot;. London, J. M. Dent.
Weaver, R. (1948), &quot;Ideas Have Consequences&quot;. Chicago, University of Chicago Press.
Weber, M. (1974), &quot;The Protestant Ethic and the Spirit of Capitalism&quot;. London, Allen &amp; Unwin.
Devlin, P. (1965), &quot;The Enforcement of Morals&quot;. Oxford, Oxford University Press.
Zimmerman, C. (1947), &quot;Family and Civilization&quot;. New York, Harper.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/the-dimensions-of-human-action-and-property</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume9-2003/property-market-analysis-in-the-valuation-process-a-survey-of-australian-practice</link>
<title><![CDATA[Property Market Analysis in the Valuation Process: A Survey of Australian Practice]]></title>
<description><![CDATA[The nature of property valuation/analysis is examined in respect of the property market and, in particular, the extent of property market analysis undertaken by practitioners when carrying out property valuations. An empirical survey is described of a sample of 240 valuers throughout Australia and their practices in valuing investment grade property. It is shown that, although the valuers are fully aware of the need for property market analysis, and collect appropriate data to do the analysis, the analysis itself is seldom conducted in other than a cursory manner.
]]></description>
<content><![CDATA[Barlowe, R. (1986), Land Resource Economics - the Economics of Real Estate , 4th edn, Prentice Hall, Englewood Cliffs, N.J.
Boyd, T. (1993), &quot;A contemporary exposition of market value of investment real estate&quot;, unpublished doctoral thesis, Centre for Urban and Regional Development, Queensland University of Technology, Brisbane: 99-126.
Carn, N., Rabianski, J., Racster, R. and Seldin, M. (1988), Real Estate Market Analysis , Prentice-Hall, Englewood Cliffs, N.J., USA.
Diaz, J. (1990), &quot;How appraisers do their work: a test of the appraisal process and the development of a descriptive model&quot;. Journal of Real Estate Research 5(1): 115.
Fainstein, S. (1994), The City Builders , Blackwell, Oxford.
Fanning, S., Grissom T. and Pearson T. (1994), Market Analysis for Valuation Appraisals , Appraisal Institute, Chicago, III., USA.
Fibbens, M. (1997), &quot;Principles and methods of valuation&quot;, in AIVLE, 1997, Valuation Principles and Practice , API, Canberra: 1-24.
Gallimore, P. and Wolverton, M. (1997), &quot;Price-knowledge-induced bias: a cross-cultural comparison&quot;, Journal of Property Valuation and Investment 15(3): 261-73.
Gallimore, P. and Wolverton, M. (2000), &quot;The objective in valuation: a study of the influence of client feedback&quot;, Journal of Property Research 17(1): 47-58.
Hall, P. (1997), &quot;Reflections past and future on planning cities&quot;, Australian Planner , 34(2): 83-9.
Healy, P. (1995), &quot;The institutional challenge for urban regeneration&quot;, Cities , 12 (4): 221-30.
Hilmer Report. See Independent Committee of Inquiry into Competition Policy in Australia 1993.
Independent Committee of Inquiry into Competition Policy in Australia, 1993, National Competition Policy , (F.G. Hilmer, Chairman), AGPS, Canberra.
Millington, A. (1994), An Introduction to Property Valuation , 4th edn, Estates Gazette, London.
Newell, G. (1995), &quot;The quality of valuation reports&quot;, The Valuer and Land Economist 33(5): 358.
Newell, G. (1999), &quot;The quality of valuation reports in Australia&quot;, Australian Property Journal , Aug: 605-8.
Newell, G. and Barrett, G. (1990), &quot;The quality of valuation reports&quot;, The Valuer , 31(2): 96-8.
Newell, G. and Worzala, E. (1995), &quot;The role of international property in investment portfolios&quot;, Journal of Property Finance , 6 (1): 55-63.
Pittman, R. and Thrall, G. (1992), &quot;Improving real estate research&quot;, reprinted with the permission of the American Society of Real Estate Counselors, Chicago, USA, in M.D. Squirrell, (ed.), 1997, Readings in Property Economics , API, Deakin, ACT: 203-213.
Squirrell, M. (1997), &quot;The discipline of the land economist&quot; in Squirrell, M. (ed.), Readings in Property Economics , Australian Institute of Valuers and Land Economists, Deakin, ACT: 7.
Westwood, R. (1997), &quot;Foreword&quot;, in AIVLE, 1997, Valuation Principles and Practice , API, Canberra: iii-vi.
Whipple, R. (1995), Property Valuation and Analysis , Law Book Company, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/property-market-analysis-in-the-valuation-process-a-survey-of-australian-practice</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume9-2003/the-quality-of-property-education-in-australia</link>
<title><![CDATA[The Quality of Property Education in Australia]]></title>
<description><![CDATA[Using the Graduate Careers Council of Australia (GCCA) student surveys, the quality of property education in Australia is assessed over 1994&#150;2001. Analyses are presented for the seven property universities in Australia regarding good teaching and overall satisfaction, as well as the property discipline benchmarked against the property-related disciplines of accounting, building, business, economics, law and planning. High levels of student satisfaction are evident, although some concerns are raised over the teaching quality. Both teaching quality and overall satisfaction have improved in recent years. The ongoing implications for property education in Australia are also critically assessed.
]]></description>
<content><![CDATA[Anderson, R. et al. 2000. Problem-based learning in real estate education. Journal of Real Estate Practice and Education 3(1): 35-41.
Avdiev, R. 1994. Educating the land economist: a break with the past. The Valuer and Land Economist 33(4): 287-290.
Avdiev, R. 1995. Educating the land economist: preparing for the future. The Valuer and Land Economist 33(6): 461-464.
Avdiev, R. 2000. Golden apple or poisoned chalice: the influence of education on careers. Australian Property Journal 36(4): 270-272.
Black, R. and J. Rabianski. 2003. Defining the real estate body of knowledge: a survey approach. Journal of Real Estate Practice and Education 6 (1): 33-54.
Boyd, T. 2000. CPD: change the product. Australian Property Journal 36(4): 279-282.
Cherry, R. and D. Dave. 1997. An application of outcomes assessments to measure effectiveness of graduate courses in a US business school. International Journal of Management 14(4): 646-653.
Cohen, P. 1980. Effectiveness of student-rating feedback for improving college instruction: a meta analysis of findings. Research in Higher Education 13(4): 447-457.
Fischer, D. 2000. Is the valuation paradigm a paradigm. Australian Property Journal 36(4): 292-299.
Graduate Careers Council of Australia. 2001. The Course Experience Questionnaire. GCCA (miscellaneous copies): Canberra.
Haddad, K. 1999. Using the balanced scorecard for improving finance education. Financial Practice and Education 9(1): 92-102.
Manning, C. 2002. Improving real estate and other business courses through targeted student assessment. Journal of Real Estate Practice and Education 5(1): 27-43.
Manning, C. and S. Roulac. 2001. Where can real estate faculty add the most value at universities in the future? Journal of Real Estate Practice and Education 4(1): 17-40.
McKone, K. 1999. Analysis of student feedback improves instructor effectiveness. Journal of Management Education 23(4): 396-415.
Newell, G. and C. Eves. 2000. Recent developments in property education in Australia. Australian Property Journal 36(4): 275-278.
Wagner, Z. 1999. Using student journals for course evaluation. Assessment and Evaluation in Higher Education 24(3): 261-273.
Webb, J. 1997. A global view of real estate education and research. Australian Land Economics Review 3(2): 3-10.
Yu, S.M. 2001. New paradigms in real estate education. Pacific Rim Property Research Journal 7(2): 79-88.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/the-quality-of-property-education-in-australia</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume9-2003/the-dynamics-of-the-australian-industrial-property-market</link>
<title><![CDATA[The Dynamics of the Australian Industrial Property Market]]></title>
<description><![CDATA[This paper aims to analyse the dynamics of the Australian industrial property market in terms of the economic and location factors between 1984 and 2002. The focus is to look at the cyclical patterns of Australian industrial property investment performance. This paper investigates the economic and location factors of the Australian industrial property market with investment performance index (total return). The sector specific economic factors of Australian industrial property market started to decline after more than 10 years positive growth between 1991 and 2002. The Sydney industrial property market was under negative location factors from 2001. The Melbourne industrial property market started to grow with positive location factors from 2001. The Brisbane industrial property market was under negative location factors since 1996.
]]></description>
<content><![CDATA[Barras, R. (1994), &#145;Property and the Economic Cycle: Building Cycles Revisited&#39;. Journal of Property Research, Vol.11, No.3, pp. 183-197.
Barrett, G. and Blair, J. (1988), &#145;How to Conduct and Analyse Real Estate Market and Feasibility Studies&#39;. New York: Van Nostrand Reinhold.
Baum, A. (1991), &#145;Property Investment Depreciation and Obsolescence&#39;. London: Routledge.
Boykin, J. and Ring, A. (1993), &#145;The Valuation of Real Estate&#39; (4th ed.). New Jersey: Regent/ Prentice Hall.
Darlow, C. (ed.) (1983), &#145;Valuation and Investment Appraisal&#39;. London: The Estates Gazette Limited.
Jaffe, A. and Sirmans, C. (1989), &#145;Fundamentals of Real Estate Investment&#39; (2nd ed.). New Jersey: Prentice Hall.
Keogh, G. (1994), &#145;Use and Investment Markets in British Real Estate&#39;. Journal of Property Valuation &amp; Investment, Vol.12, No.4, pp. 58-72.
Khalid, G. (1994), &#145;Obsolescence in Hedonic Price Estimation of the Financial Impact of Commercial Office Buildings: the Case of Kuala Lumpur&#39;. Construction Management and Economics, Vol.12, pp. 37-44.
McTaggart, D., Findlay, C. and Parkin, M. (1992), &#145;Economics&#39;. Sydney: Addison-Wesley Publishing Company.
Property Council of Australia. (2002), &#145;Investment Performance Index&#39;. PCA, June 2002.
Salway, F. (1986), &#145;Depreciation of Commercial Property&#39;. Reading: College of Estate Management.
Vandell, K. and Lane, J. (1989), &#145;The Economics of Architecture and Urban Design: Some Preliminary Findings&#39;. Journal of the American Real Estate and Urban Economics Association, Vol.17, No.2, pp. 235-260.
Wofford, L. (1983), &#145;Real Estate&#39; (revised ed.). New York: John Wiley &amp; Sons.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/the-dynamics-of-the-australian-industrial-property-market</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume9-2003/job-security-and-first-home-buyers</link>
<title><![CDATA[Job Security and First Home Buyers]]></title>
<description><![CDATA[This paper discusses the implications of labour market change for first time homebuyers. It reports on whether experiences of labour market change, in particular the lack of job security resulting from more casual and contract employment, is impacting on their purchaser behaviour. It explores the relationship between job security and financial wellbeing of first home buyers, expectations of future job security and if and how these have influenced their home purchase.
The survey shows that, while future job security is not a concern for many households, any concerns about job security are strongly associated with a households financial well being and income level. Those who are finding life the most difficult financially are the same households with the greatest concerns about future job security. As well, the survey shows that despite the stated lack of concern, most first time buyers acknowledge that their experience of job security has influenced their purchase behaviour.
]]></description>
<content><![CDATA[Australian Bureau of Statistics. (1998), Labour Mobility , Cat No. 6209.0 (ABS, Canberra).
Australian Bureau of Statistics. (1999), Working Arrangements , Cat No. 6342.0 (Australian Bureau of Statistics, Canberra).
Australian Bureau of Statistics. (2000), Forms of Employment , Cat No. 6359.0 (Australian Bureau of Statistics, Canberra).
Australian Bureau of Statistics. (2000a), Survey of Income &amp; Housing Costs 1997 -98 , unpublished data.
Australian Bureau of Statistics. (2001), Australian Social Trends , Cat No. 4102.0 (Australian Bureau of Statistics, Canberra).
Australian Bureau of Statistics. (2002), Australian Social Trends , Cat No. 4102.0 (Australian Bureau of Statistics, Canberra).
Maclennan D., Meen G., Gibb K. and Stephens M. (1997), Fixed commitments, uncertain incomes: sustainable owner occupation and the economy , York, Joseph Rowntree Foundation.
Meen, G. and Andrew, A. (1998), On the aggregate housing market: implications of labour market change, Scottish Journal of Political Economy , 45(4), pp. 393-419.
National Australia Bank, (2001), Economic Overview , API Seminar Adelaide, South Australia, April 2001.
Percival, R. (1998), Changing Housing Expenditure, Tenure Trends &amp; Household Incomes in Australia 1975-76 to 1997 , NATSEM Discussion Paper No. 28, Canberra.
Spoehr, J. (2001), A Casual Approach, The Adelaide Advertiser , 4 January 2001.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/job-security-and-first-home-buyers</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume9-2003/characterisation-of-conditional-foreclosure-likelihood-significance-of-equity-firm-number-of-co-borrowers-and-size-to-arm-foreclosure</link>
<title><![CDATA[Characterisation of Conditional Foreclosure Likelihood: Significance of Equity, Firm, Number of Co-Borrowers and size to Arm For]]></title>
<description><![CDATA[This paper establishes the prognostic variables influencing foreclosures for Singapore residential properties through the building of three probit models &#150; one for all property types, the second for high-rise properties and the third for lowrise properties. A total of four variables are found to be statistically significant in all three analyses. Equity and the size of the property are found to have a positive influence on the likelihood of foreclosure. A negative relationship is found with firm as a type of purchaser and the number of co-borrowers with respect to the foreclosure likelihood. In general, it has been found that the foreclosure likelihood does not change significantly with changes in the economic environment.
]]></description>
<content><![CDATA[Ambrose, B., Buttimer, R. and Capone, C. (1997), &quot;Pricing Mortgage Default and Foreclosure Delay&quot;, Journal of Money, Credit and Banking, 29 (3): 314-325.
Ambrose, B. and Capone, C. (1998), &quot;Modelling the Conditional Probability of Foreclosure in the Context of Single-Family Mortgage Default Resolutions&quot;, Real Estate Economics, 26 (3): 391-429.
Anderson, R. and VanderHoff, J. (1999), &quot;Mortgage Defaults and Borrower Race&quot;, Journal of Real Estate Research, 18 (2): 279-289.
Berkovec, J., Canner, G., Gabriel, S. and Hannan, T. (1994), &quot;Race, Redlining and Residential Mortgage Loan Performance&quot;, Journal of Real Estate Finance and Economics, 9 (3): 263-294.
Campbell, T. and Dietrich, J. (1983), &quot;The Determinants of Default on Insured Conventional Residential Mortgage Loans&quot;, The Journal of Finance, 38 (5): 1569-1581.
Canner, G., Gabriel, S. and Woolley, J. (1991), &quot;Race, Default Risk and Mortgage Lending: A Study of the FHA and Conventional Loan Markets&quot;, Southern Economic Journal, 58 (1): 249-262.
Capozza, D., Kazarian, D. and Thomson, T. (1997), &quot;Mortgage Defaults in Local Markets&quot;, Real Estate Economics, 25 (4): 631-655.
Capozza, D., Kazarian, D. and Thomson, T. (1998), &quot;The Conditional Probability of Default&quot;, Real Estate Economics, 26 (3): 359-389.
Case, K. and Shiller, R. (1996), &quot;Mortgage Default Risk and Real Estate Prices: The Use of Index-Based Futures and Options in Real Estate&quot;, Journal of Housing Research, 7 (2): 243-258.
Clauretie, T. (1987), &quot;The Impact of Interstate Foreclosure Cost Differences and the Value of Mortgages on Default Rates&quot;, Journal of The American Real Estate and Urban Economics Association, 15 (3): 152-167.
Cunningham, D. and Capone, C. (1990), &quot;The Relative Termination Experience of Adjustable to Fixed-Rate Mortgages&quot;, The Journal of Finance, 45 (5): 1687-1703.
Foster, C. and Van Order, R. (1984), &quot;An Option-Based Model of Mortgage Default&quot;, Housing Finance Review, 3 (4): 351-372.
Furstenberg, V. (1969), &quot;Default Risk on FHA-Insured Home Mortgages as a Function of the Terms of Financing: A Quantitative Analysis&quot;, The Journal of Finance, 24 (3): 459-477.
Furstenberg, V. (1970), &quot;Interstate Differences in Mortgage Lending Risks: An Analysis of Causes&quot;, Journal of Financial and Quantitative Analysis, 5: 229-242.
Furstenberg, V. (1970), &quot;The Investment Quality of Home Mortgages&quot;, Journal of Risk and Insurance, 37 (3): 437-445.
Furstenberg, V. and Green, J. (1974), &quot;Estimation of Delinquency Risk for Home Mortgage Portfolios&quot;, Journal of The American Real Estate and Urban Economics Association, 2 (1): 5-19.
Furstenberg, V. and Green, J. (1974), &quot;Home Mortgage Delinquencies: A Cohort Analysis&quot;, The Journal of Finance, 29 (3): 1545-1548.
Gabriel, S. and Rosenthal, S. (1991), &quot;Credit Rationing, Race and the Mortgage Market&quot;, Journal of Urban Economics, 29 (3): 371-379.
Hakim, S. and Haddad, M. (1999), &quot;Borrower Attributes and the Risk of Default of Conventional Mortgages&quot;, Atlantic Economic Journal, 22 (2): 210-220.
Jackson, J. and Kaserman, D. (1980), &quot; Default Risk on Home Mortgage Loans: A Test of Competing Hypotheses&quot;, Journal of Risk Insurance, 47 (4): 678-690.
Jones, L. (1993), &quot;Deficiency Judgements and The Exercise of the Default Option in Home Mortgage Loans&quot;, The Journal of Law and Economics, 36 (1): 115-138.
Kau, J., Keenan, D. and Kim, T. (1994), &quot;Default Probabilities for Mortgages&quot;, Journal of Urban Economics, 35 (3): 278-296.
Khor, A. and Ong, S. (1998), &quot;Housing Loans: Finding the Best Fit&quot;, Business Times Property Supplement, July 15, Page 6.
Lambrecht, B., Perraudin, W. and Satchell, S. (1997), &quot;Time to Default in the UK Mortgage Market&quot;, Economic Modelling, 14 (4): 485-499.
Ong S.E. and Koh Y. (2000), Time On-Market and Price Trade-offs in High-rise Housing Sub-markets, Urban Studies, 37 (11): 2057-2071.
Ong, S.E., Thang, D. and Maxam, C. (2002), &quot;Mortgagor Motivations in Prepayments for Adjustable Rate Mortgages&quot;, Review of Urban and Regional Development Studies, 14(2): 97-116.
Quigley, J., Van Order, R. and Deng, Y. (1994), &quot;Household Income, Equity and Mortgage Default Risks&quot;, University of California-Berkeley, Working Paper.
Schwartz, E. and Torous, W. (1993), &quot;Mortgage Prepayment and Default Decisions: A Poisson Regression Approach&quot;, Journal of The American Real Estate and Urban Economics Association, 21 (4): 431-449.
Springer, T. and Waller, N. (1993), &quot;Termination of Distressed Residential Mortgages: An Empirical Analysis&quot;, Journal of Real Estate Finance and Economics, 7 (1): 43-54.
Vandell, K. (1978), &quot;Default Risk Under Alternative Mortgage Instruments&quot;, The Journal of Finance, 33 (5): 1279-1296.
Vandell, K. and Thibodeau, T. (1985), &quot;Estimation of Mortgage Defaults Using Disaggregate Loan History Data&quot;, Journal of The American Real Estate and Urban Economics Association, 13 (3): 292-316.
Vandell, K. (1993), &quot;Handling Over the Keys: A Perspective on Mortgage Default Research&quot;, Journal of The American Real Estate and Urban Economics Association, 21 (3): 211-246.
Vandell, K., Barnes, W., Hartzell, D., Kraft, D. and Wendt, W. (1993), &quot;Commercial Mortgage Defaults: Proportional Hazards Estimation Using Individual Loan Histories&quot;, Journal of The American Real Estate and Urban Economics Association, 21 (4): 451-480.
Waller, N. (1988), &quot;Residential Mortgage Default: A Clarifying Analysis&quot;, Housing Finance Review, 7: 321-333.
Waller, N. (1989), &quot;Residential Default: An Empirical Note on Changes in Property Value and Debt Over Time&quot;, Housing Finance Review, 8: 155-164.
Zorn, P. and Lea, M. (1989), &quot;Mortgage Borrower Repayment Behavior: A Microeconomic Analysis with Canadian Adjustable Rate Mortgage Data&quot;, Journal of The American Real Estate and Urban Economics Association, 17 (1): 118-136.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/characterisation-of-conditional-foreclosure-likelihood-significance-of-equity-firm-number-of-co-borrowers-and-size-to-arm-foreclosure</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/long-run-information-diffusion-processes-in-the-perth-housing-market-19882000</link>
<title><![CDATA[Long-Run Information Diffusion Processes in the Perth Housing Market: 1988&#150;2000]]></title>
<description><![CDATA[In the period since the influential studies by Case and Shiller (1989, 1990), it has been established that housing markets are characterised by information diffusion patterns determined by informational inefficiencies. In Australia, little work has been completed on the long-term patterns of these inefficiencies. This paper examines a rich data set of transactions for the Perth housing market in the period 1988-2000. The results confirm some significant long-term patterns for real house price changes and some close relationships between these patterns and changes in real interest rates.
]]></description>
<content><![CDATA[Case, K. and Shiller, R. (1989). &quot;The Efficiency of the Market for Single-Family Homes&quot;, The American Economic Review, 79: 125-137.
Case, K. and Shiller, R. (1990). &quot;Forecasting Prices and Excess Returns in the Housing Market&quot;, Journal of the American Real Estate and Urban Economics Association, 18: 253-273.
Clapp, J., Dolde, W. and Tirtiroglu, D. (1995). &quot;Imperfect Information and Investor Inferences from Housing Price Dynamics&quot;, Real Estate Economics, 23 (3): 239-269.
Costello, G. (2000). &quot;Pricing Size Effects in Housing Markets&quot;, Journal of Property Research, 17(3): 203-219.
Costello, G. (2001). &quot;Seasonal Influences in Australian Housing Markets&quot;, Pacific Rim Property Research Journal, 7(1): 47-60.
Dolde, W. and Tirtiroglu, D. (1997). &quot;Temporal and Spatial Information Diffusion in Real Estate Price Changes and Variances&quot;, Real Estate Economics, 25(4): 539-565.
Gatzlaff, D. and Tirtiroglu, D. (1995). &quot;Real Estate Market Efficiency: Issues and Evidence&quot;, Journal of Real Estate Literature, 3(2): 157-189.
Gau, G. (1985). &quot;Public Information and Abnormal Returns in Real Estate Investment&quot;, Journal of American Real Estate and Urban Economics Association, 13: 15-31.
Guntermann, K. and Smith, R. (1987). &quot;Efficiency of the Market for Residential Real Estate&quot;, Land Economics, 63: 34-43.
Hansen, L. and Hodrick, J. (1980). &quot;Forward Exchange Rates as Optimal Predictors of Future Spot Rates: An Econometric Analysis&quot;, Journal of Political Economy, 88: 829-53.
Linneman, R. (1986). &quot;An Empirical Test of the Efficiency of the Housing Market&quot;, Journal of Urban Economics, 20: 140-154.
Rayburn, W., Devaney, M. and Evans, R. (1987). &quot;A Test of Weak-Form Efficiency in Residential Real Estate Returns&quot;, Journal of American Real Estate and Urban Economics Association, 15: 220-233.
Shiller, R. (1984). &quot;Stock Prices and Social Dynamics&quot;, Brookings Papers on Economic Activity, 457-498.
Shiller, R. (1989). Market Volatility, The MIT Press, Cambridge, MA, 1989.
Shiller, R. (1990). &quot;Market Volatility and Investor Behaviour&quot;, American Economic Review: Papers and Proceedings, 80: 58-62.
Summers, L. (1986). &quot;Does the Stock Market Rationally Reflect Fundamental Values?&quot;, Journal of Finance, 41: 591-601.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/long-run-information-diffusion-processes-in-the-perth-housing-market-19882000</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/the-impact-of-financing-and-securitisation-on-real-estate-markets-and-urban-development-in-singapore</link>
<title><![CDATA[The Impact of Financing and Securitisation on Real Estate Markets and Urban Development in Singapore]]></title>
<description><![CDATA[The real estate market can be characterised into the space market for usage, the asset market for investment, and the development industry providing the real estate stock. Urban development and growth is spatially and intrinsically linked to the development industry. However, little theoretical and empirical work exists to link changes in the space and asset markets to urban development. In this respect, an interesting phenomenon in recent years in Asia is the increasing popularity in the securitisation of real estate. The securitisation of real estate in Singapore, in particular, has been introduced as a means to promote and further develop Singapore as a global financial centre. This paper appeals to the DiPasquale &amp; Wheaton theoretical construct to examine the impact of Singapore&#39;s space and asset markets on urban development.
]]></description>
<content><![CDATA[Chua, B. H. (1997), Political Legitimacy and Housing Stakeholding in Singapore, London: Routledge.
Chua, B. H. (2000), Public Housing Residents as Clients of the State, Housing Studies, 15, pp. 45-60.
DiPasquale, D. and Wheaton, W. (1992) The Markets for Real Estate Assets and Space: A Conceptual Framework, Real Estate Economics, 20, pp. 181-198.
Doling, J. (1999), Housing Policies and the Little Tigers: How do they compare with other industrialized countries? Housing Studies, 14, pp. 229-250.
Fisher, J. (1992), Integrating Research on Markets for Space and Capital, Real Estate Economics, 20, pp. 161-180.
Fijuta, K. (2000), Asian Crisis, Financial Systems and Urban Development, Urban Studies, 37, pp. 2197-2216.
Lee, H.S. and Ang, W. M. (1998), MAS looking into setting up a mortgage corp., BTOnline, 21 July 1998.
Mera, K. and Renaud, B. (2001), Asia&#39;s Financial Crisis and the Role of Real Estate, London: M.E. Sharpe.
Ministry of Information, Communications and the Arts (2001), Singapore Fact Sheets Series, Singapore.
OECD (1995), Securitisation: An International Perspective, Paris: OECD.
Ong, S. E. and Koh, Y. C. (2000), Time-on-Market and Price Trade-Offs in High Rise Housing Sub-Markets, Urban Studies, 37, pp. 2057-2071.
Ong, S. E., Ooi, J. and Sing, T. F. (2000), Asset Securitisation in Singapore: A Tale of Three Vehicles, Real Estate Finance, 17, pp. 47-56.
Ooi, G. L. (1994), National identity, public housing and conservation in Singapore, Habitat International, 18, pp. 71-80.
Phang, S.Y. (2001), Housing Policy, Wealth Formation and the Singapore Economy, Housing Studies, 16, pp. 443-459.
Sim, L.L., Lim, L. Y. and Tay, K. P. (1993), Shelter for all: Singapore&#39;s Strategy for full home ownership by the year 2000, Habitat International, 17, pp. 85-112.
Tan, S.Y. (1998), Private Ownership of Public Housing in Singapore, Singapore: Times Academic Press.
Tan, W. (1993), Construction and economic development: the case of Singapore, Habitat International, 17, pp. 75-88.
Teo, S. E. and Kong, L. (1997), Public Housing in Singapore: Interpreting &#145;Quality&#39; in the 1990s, Urban Studies, 34, pp. 441-452.
Tulla, S. (1999), Securitisation and Finance for Social Housing in Finland, Urban Studies, 36, pp. 647-656.
Urban Redevelopment Authority. (2001), URA Real Estate Statistics Series, Singapore.
Wong, W. K. (1998), MAS Task Force Clearing the Way for Asset Securitization, BTOnline, 27 July.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/the-impact-of-financing-and-securitisation-on-real-estate-markets-and-urban-development-in-singapore</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/determinants-of-housing-tenure-choice-in-new-zealand</link>
<title><![CDATA[Determinants of Housing Tenure Choice in New Zealand]]></title>
<description><![CDATA[Over the last 15 years, the rate of home ownership in New Zealand has declined from 73% to 67%. The reasons for this decline are not clear, because there has been a lack of up-to-date research focusing on the determinants of housing tenure choice. This paper reports on a survey of private sector renters carried out in 2002. Respondents were asked to identify perceived impediments to ownership, and financial considerations were the main reason for renters not switching to home ownership. Difficulties in saving for a deposit on a house and the need to pay off existing debt were the main financial reasons cited. Lack of job security and the conflict between work and raising a family were also reported as being important.
Hedonic models confirm the importance of household income as one of the key variables determining household tenure, particularly in the lower rent suburbs. The percentage of the population that are married was the dominant variable influencing the percentage of houses rented.
]]></description>
<content><![CDATA[AMP Banking. (2002), Home Affordability Report June, Vol 12, No.2.
Auckland Regional Council. (1999), Affordable Housing in the Auckland Region. Regional Growth Forum Report.
Bourassa, S. (1995), A Model of Tenure Choice in Australia. Journal of Urban Economics, Vol. 32, pp 1163-1173.
Bourassa, S. (2000), Ethnicity, Endogeneity and Housing Tenure Choice. Journal of Real Estate Finance and Economics, Vol. 20, No. 3.
Chapman, R. (1981), To Rent or Buy? Research Paper 82/1, National Housing Commission, Wellington.
Christiansen, W. (1991), Mahoney&#39;s Urban Land Economics. NZ Institute of Valuers, Wellington.
Crews, G. and Hopkins, J. (1999), New Zealand Mortgage Affordability Index. Massey University Real Estate Analysis Unit.
Goodman, A. (1988), An Econometric Model of Housing Price, Permanent Income, Tenure Choice and Housing Demand. Journal of Urban Economics, Vol. 23, pp 327-252.
Goodman, A. (2002), Estimating Equilibrium Housing Demand for &#145;Stayers&#39;. Journal of Urban Economics, Vol 51, No. 1.
Fisher, L. (2002), Tenure Choice and Labour Market Outcomes. Housing Studies, Vol 17, No. 1.
Green, R. and Hendershott, P. (1999), Home Ownership and Unemployment in the U.S. National Multi-Unit Housing Council, Washington. www.nmhc.org/publicat/recent/unemploy/body.html
Haffner, M. and Dol, C. (2000), Housing Statistics in the European Union 2000. Delft University of Technology, The Netherlands.
Hargreaves, R. (2002), To Rent or Buy: That is the Question. NZ Property Journal, March.
Kan, K. (2000), Modelling Housing Tenure Choice. Journal of Urban Economics, Vol 48, No. 1.
Knight, J. and Eakin, C. (1997), A New Look at the Home Ownership Decision. Real Estate Issues, Vol 23, No.2, pp 20-29.
Annual Report for Year End 30 June 2001 
Norusis, M. (1996), SPSS 6.1 Guide to Data Analysis. Prentice Hall.
O&#39;Dea, D. (2000), The Change in New Zealand&#39;s Income Distribution. Treasury Working Paper 00/13. http://www.treasury. govt.nz/workingpapers/2000/twp00- 13.pdf
Pahl, R. (1998), Some Remarks on Informal Work, Social Polarisation and Social Structure. International Journal of Urban and Regional Research, Vol 12, No. 2, pp 247-267.
Quotable Value. (2002), NZ Real Estate Market- Half Year Ended June 2002. Quotable Value.
Statistics New Zealand. (1998), Housing. Statistics New Zealand.
Statistics New Zealand. (2001), Household Expenditure Survey. Statistics New Zealand.
Statistics New Zealand. (2002), Meshblock Database-CD- ROM. Statistics New Zealand, http://www.statisticsnz.govt.nz.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/determinants-of-housing-tenure-choice-in-new-zealand</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/the-significance-of-property-sector-and-geographic-diversification-in-australian-institutional-property-portfolios</link>
<title><![CDATA[The Significance of Property Sector and Geographic Diversification in Australian Institutional Property Portfolios]]></title>
<description><![CDATA[In a property portfolio, the standard strategies for portfolio diversification and risk reduction are diversification by property type and geographic region, with such property investment strategies typically employed by the major institutional investors. Using the Property Council of Australia (PCA) property indices over 1995-2002, the effectiveness of these property portfolio diversification strategies is assessed for Australian institutional property portfolios. Both property type and geographic diversification are seen to deliver significant diversification benefits, with these geographic diversification benefits confirming the successful sectorspecific strategy adopted by many listed property trusts in recent years.
]]></description>
<content><![CDATA[Armytage, P. 2002. Property: challenging conventional thinking. Australian Property Journal 37(2): 82-88.
DeWitt, D. 1996. Real estate portfolio management practices of pension funds and insurance companies in the Netherlands: a survey. Journal of Real Estate Research 11(2): 131-148.
Eichholtz, P., Hoesli, M., MacGregor, B. and Nanthakumaran, N. 1995. Real estate diversification by property type and region. Journal of Property Finance 6(3): 39-59.
Fisher, J. and Liang, Y. 2000. Is sector diversification more important than regional diversification? Real Estate Finance (Fall): 35-40.
Hamelink, F., Hoesli, M., Lizieri, C. and MacGregor, B. 2000. Homogeneous commercial property markets groupings and portfolio construction in the UK. Environment and Planning A 32: 323-344.
Hartzell, D., Hekman, J. and Miles, M. 1986. Diversification strategies in investment real estate. AREUEA Journal 14(2): 230-254.
Heston, S. and Rouwenhorst, K. 1994. Does industrial structure explain the benefits of international diversification. Journal of Financial Economics 36: 3-27.
Lee, S. 2001. The relative importance of property type and regional factors in real estate returns. Journal of Real Estate Portfolio Management 7(2): 159-167.
Lee, S. and Byrne, P. 1998. Diversification by property type, region or function: a mean absolute deviation optimisation. Journal of Property Valuation and Investment 16(1): 38-56.
Louargard, M. 1992. A survey of pension fund real estate portfolio risk management practices. Journal of Real Estate Research 7(4): 361-373.
Mueller, G. 1993. Refining economic diversification strategies for real estate portfolios. Journal of Real Estate Research 8(1): 55-68.
Mueller, G. and Ziering, B. 1992. Real estate portfolio diversification using economic diversification. Journal of Real Estate Research 7(4): 375-386.
Property Council of Australia. 2002. Investment Performance Index: June 2002. PCA: Sydney.
Property Investment Research. 2002. Annual Property Trust Review: 2002. PIR: Melbourne.
Seiler, M., Webb, J. and Myer, N. 1999. Diversification issues in real estate investment. Journal of Real Estate Literature 7: 163-179.
UBS Warburg. 2002. Real Estate Monthly Report (July). UBSW: Sydney.
Webb, J. 1984. Real estate investment acquisition rules for life insurance companies and pension funds: a survey. AREUEA Journal 12(4): 495-520.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/the-significance-of-property-sector-and-geographic-diversification-in-australian-institutional-property-portfolios</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/impact-of-contaminated-land-adjoining-the-new-disney-theme-park-in-hong-kong</link>
<title><![CDATA[Impact of Contaminated Land Adjoining the New Disney Theme Park in Hong Kong]]></title>
<description><![CDATA[As a measure to boost the economy, the Hong Kong Special Administration Region government (HKSAR government) reached an agreement in November 1999 with Walt Disney to build a 126-hectare theme park on Lantau Island in the former British Colony. In connection with the construction of roads and other infrastructure for the future park, a shipyard was compulsorily acquired by the government. It was later found that the demolition of the shipyard would involve the removal of around 87,000 cubic metres of dioxin laden contaminated soil.
The presence of the highly toxic soil required extra finance for the remediation. It not only caused a budget blowout but also an embarrassment to the HKSAR government. This paper finds that the problems were mainly caused by the fragmented nature of the current contaminated land management approach adopted by the government and the lack of adequate power for the acquiring authority to enter the land for site investigation prior to the land acquisition. Unless appropriate changes are made to the current land contamination management and land acquisition practice, similar land contamination incidents may occur in the future and may have a long-term impact on the Hong Kong property market.
]]></description>
<content><![CDATA[Agence France-Press. (2002), Greenpeace Slams HK Government and Disney Plan to Dispose of Dioxins, 19 April, http://www.softcom.net/webnews/wed/ax/Qhongkong-environment. RtOC CAJ.html.
Bond, S. (2000), Do Market Perceptions Affect Market Prices? A Case Study of a Remediated Contaminated Site, Research paper presented at the 16 American Real Estate Society Conference, Santa Barbara, California, 29 March -1 April.
Chan, N. (1997), Land Contamination Law -The Overseas Experience, The Valuer &amp; Land Economist, Vol. 34, No. 7, pp. 644-648.
Chan, N. (1999), Land-Use Rights in Mainland China: Problems and Recommendation for Improvement, Journal of Real Estate Literature, Vol. 7, No. 1, pp. 53-63.
Chan, N. (2001), Stigma And Its Assessment Methods, Pacific Rim Property Research Journal, Vol. 7, No. 2, pp. 126-140.
Chan, N. (2002), Stigma Assessment: A Multi-Criteria Decision-Making Approach, Pacific Rim Property Research Journal, Vol. 8, No. 1, pp. 29-47.
Chan, N., Jefferies, R. &amp; Simons, R. (1998), Government Regulation of Contaminated Land - A Tale of Three Cities, Environmental And Planning Law Journal, Vol. 15, No. 5, pp. 321-337.
Cruden, G. (1986), Land Compensation and Valuation Law in Hong Kong, Butterworths, Singapore.
Dioxin Homepage, (c.1998), Dioxin Articles, http://www.ejnet.org/dioxin/, 27 July 2002.
Egerton, L. (1990), Do It Yourself Earth Repair An Australian Guide Towards Better Planet Habits, Australia: Reed Books Pty Ltd.
Environmental Protection Department, Hong Kong Special Administrative Region (EPD HKSAR). (2002), Summary of Environmental Legislation, http://www.info.gov.hk/epd/english/laws_regulations/envir_legislation/laws_ovrview.html.
Forest Conservation Portal. (2002), Disney Site Poses Ecological Threat -Experts, http://forests.org/articles/reader.asp?linkid=8073, 26 July 2002.
Fung, B. Y. (2001), A Century of Hong Kong Real Estate Development, Joint Publishing (HK) Ltd.
Hong Kong Disneyland, 2002, Fact Sheet, http://www.disney.com.hk/hkdisneyland/english/fact_sheet.html.
Information Services Department, Hong Kong Special Administration Region Government (ISD HKSARG). (2000), Rail Shuttle to Hong Kong Disneyland, Press Release, 21 July.
Information Services Department, Hong Kong Special Administration Region Government (ISD HKSARG). (2002), Hong Kong Disneyland - An Asset For The Future, http://www.info.gov.hk/Disneyland/en.htm.
Information Services Department, Hong Kong Special Administration Region Government (ISD HKSARG). (2003), Hong Kong in Brief, http://www.info.gov.hk/hkbrief/ahke.htm.
Leung, K.L., General Manager, Property Planning Department, Henderson Land Development Co. Ltd., 21 November 2002.
Mak, M.L.S., Head of Community Relation Unit, Environmental Protection Department, Hong Kong, interview, 19 November 2002.
Mak, M.T.S., Senior Estate Surveyor, Lands Department, Hong Kong, interview, 20 November 2002.
Maunsell Consultants Asia Ltd (MCAL). 2002, Infrastructure for Penney&#39;s Bay Development Engineering Design and Construction, Decommissioning of Cheoy Lee Shipyard At Penney&#39;s Bay, EIA - Final Report, Executive Summary.
Mingpao News. (2002), Disney selected site contains carcinogenic dioxin, http://full.mingpaonws.com/20020222/gaa1hr.htm, 22 February 2002.
Mundy, B. (1992), Stigma and Value, The Appraisal Journal, LX (1), pp. 7-13.
Neustein, R. &amp; Bell, R. (1998), Diminishing Diminution: A Trend in Environmental Stigma, Environmental Claims Journal, 11(1), pp. 47- 59.
Ng, A., Assistant Director of Planning, Planning Department, Hong Kong, interview, 20 November 2002.
Patchin, P. (1991), Contaminated Properties - Stigma Revisited, The Appraisal Journal, LIX (2), pp. 167-172.
Pearce, F. (1992), Sitting on a toxic time bomb, New Scientist, 15 August, pp. 1213.
Rating and Valuation Department, Hong Kong Special Administration Region Government (R&amp;VD HKSAR). (2003), Price Indices for Hong Kong Property Market http://www.info.gov.hk/rvd/property/pdf/graph2.pdf
Reuters. (2002), HK Disney site poses ecological threat, 22 February, http://forests.org/articles /reader.asp?linkid=8073, 26 July 2002.
Roddewig, R. (1996), Stigma, Environmental Risk and Property Value: 10 Critical Inquiries, The Appraisal Journal, LXIV (4), pp. 375-387.
Syms, P. (1997), Perceptions of Risk in the Valuation of Contaminated Land, Journal of Property Valuation &amp; Investment, 15 (1), pp. 27-39.
Tsing, M.M.K., Senior Environmental Protection Officer, Environmental Protection Department, Hong Kong, interview, 19 November 2002.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/impact-of-contaminated-land-adjoining-the-new-disney-theme-park-in-hong-kong</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/the-role-of-interest-rates-in-influencing-housing-prices</link>
<title><![CDATA[The Role of Interest Rates in Influencing Housing Prices]]></title>
<description><![CDATA[This paper investigates the role of interest rates on housing prices from the perspective of homeowners&#39; expectations. Using quarterly data on interest rates and housing prices for Hong Kong in 1981&#150;2001, it identifies a structural shift in housing prices coinciding with a move from inflation to deflation around 1997. The results indicate a moderately high correlation between housing prices and nominal interest rates in 1998&#150;2001, as opposed to a negative correlation during the earlier period. The same pattern again holds in linear regression with both interest and inflation as explanatory variables. The Granger causality test indicates that interest rates do not significantly determine housing prices. The study suggests that the interaction between interest rates and expectations of capital gains or losses plays a critical role in the short-run housing price fluctuations in Hong Kong.
]]></description>
<content><![CDATA[Blackadar, C. (1989), Dynamic capitalization: an income approach in real dollars at real interest, Part 3: the dynamic of expectations. The Appraisal Journal, July, 338-71.
Brown, J., Song, H. and McGillivray, A. (1997), Forecasting UK house prices: a time varying coefficient approach. Economic Modeling, 14, 529-48.
Capozza, D. (1996), Expectations, efficiency, and euphoria in the housing market. Regional Science and Urban Economics, 26, 369-86.
Census and Statistics Department, The Government of HKSAR, PRC. Hong Kong Monthly Digest of Statistics (various issues). Hong Kong: Government Printer.
Chow, G. (1960), Tests of equality between sets of coefficients in two linear regression. Econometrica, 28, 591-605.
DeGolyer, M. et al. (2001), The Hong Kong Transition Project: 1982-2007. Hong Kong: Hong Kong Baptist University.
DiPasquale, D. and Wheaton, W. (1994), Housing market dynamics and the future of housing prices. Journal of Urban Economics, 35, 1-27.
Fisher, I. (1930), The Theory of Interest. New York: Macmillan.
Granger, C. (1969), Investigating causal relationship by econometric methods and cross- spectral methods. Econometrica, 34, 424-38.
Granger, C. and Newbold, P. (1974), Spurious regressions in econometrics. Journal of Econometrics, 2(2), 111-20.
Harris, J. (1989), The effect of real rate of interest on housing prices. Journal of Real Estate Finance and Economics, 2(1), 47-60.
Jud, G. and Winkler, D. (2002), The dynamics of metropolitan housing prices. Journal of Real Estate Research, 23(1/2), 29-45.
Keynes, J. (1930), A Treatise on Money. Vol. II. London: MacMillan and Company.
Kim, K. H. and Suh, S. H. (1993), Speculation and price bubbles in the Korean and Japanese real estate markets. Journal of Real Estate Finance and Economics, 6, 73-87.
Krashinsky, M. and Milne, W. (1987), Housing price in metropolitan Toronto. Regional Science and Urban Economics, 17, 289-305.
Land Registry, The Government of the Special Administrative Region, People&#39;s Republic of China. &quot;Agreements for Sale and Purchase of Building Unit&quot;. Hong Kong: Government Printer.
McDonald, J. (1985), Expectations and urban housing prices. Urban Studies, 22, 543-49.
Mills, E. and Hamilton, B. (1984), Urban Economics. New York: Scott Foresman, 4 edn., 189-90.
Muth, R. (1986), Expectations of house-price changes. Papers of Regional Science Association, 59, 45-55.
Muellauer, J. and Murphy, A. (1996), Booms and busts in the U.K. housing market. 6 AREUEA Real Estate Conference. , June, U.C. Berkerley.
Peng, R. and Wheaton, W. (1994), Effect on restrictive land supply on housing in Hong Kong: an econometric analysis. Journal of Housing Research, 5, 263-91.
Phillips, R. (1988), Residential capitalization rate: explaining inter-metropolitan variation, 1974-1979. Journal of Urban Economics, 23, 278-90.
Phillips, R. (1985), The relationship between residential rents and house values: explaining intertemporal and cross-sectional variation, 1974-1979. US Department of Housing and Urban Development, Office of Policy Development and Research, Research Utilization Division.
Rating and Valuation Department, The Government of HKSAR, PRC. Hong Kong Property Review (various issues). Hong Kong: Hong Kong Government Printer.
Sim C. (1972), Money, income and causality. American Economic Review, 62, 540-52.
Tan, W. (1994), Housing prices and rapid growth. Journal of Real Estate and Construction, 4, 1-15.
Tse, R. (1996), Mortgage default risk and lending policy - a study of mortgage lending in Hong Kong. Australian Land Economic Review, 2(2).
Tse, R. (1996a), Housing return and the determinants of capitalization rates with reference to Hong Kong. Journal of Property Research, 13(2), 115-29.
Tse, R. (1996b), Relationship between Hong Kong house prices and mortgage flows under deposit-rate ceiling and linked exchange rate. Journal of Property Finance, 7(4), 54-63.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/the-role-of-interest-rates-in-influencing-housing-prices</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume9-2003/refining-the-effects-of-location-in-computer-assisted-rating-valuation</link>
<title><![CDATA[Refining the Effects of Location in Computer-Assisted Rating Valuation]]></title>
<description><![CDATA[In Hong Kong, the rating and valuation authority uses computer-assisted mass appraisal (CAMA) in the yearly reassessment of each property&#39;s annual rental value. In particular, the multiple regression analysis (MRA) technique has been applied to the valuation of domestic, office, industrial and some commercial properties. Tax appraisers adopt the traditional method of geographical stratification to examine the effect of location on property values in the MRA models and encounter problems such as value inconsistency at neighbourhood boundaries. This paper introduces Location Value Response Surface (LVRS) modelling, which has been used to appraise single-family houses in the United States and Britain. The paper further develops a constant quality approach, based on the standardisation method, to derive the location factor and illustrates in a case study, how this technique can be used to value high-rise office units for rating purposes in Hong Kong. As a result, the prediction of property values is improved using the model.
]]></description>
<content><![CDATA[Burrough, P. (1986), Principles of Geographical Information Systems for Land Resources Assessment, Oxford, Clarendon Press.
Commissioner of Rating and Valuation. (1999), Rating &amp; Valuation Department, Hong Kong - Annual Summary 1998-99.
Commissioner of Rating &amp; Valuation. (2000), Hong Kong Property Review 2000.
Commissioner of Rating &amp; Valuation. (2000), Property Market Statistics 2 Quarter 2000.
Cook, C. (1988), Papers of the First World Congress on Assisted Valuation -Foreword. International Association of Assessing Officers &amp; Lincoln Institute of Land Policy, Chicago.
Cruden, G. (1986), Land Compensation and Valuation Law in Hong Kong, Singapore, Butterworths.
Des Rosiers, F. &amp; Theriault, M. (1992), Integrating Geographic Information Systems to Hedonic Price Modelling: An Application to the Quebec Region. Property Tax Journal, Vol.11, No.1, pp. 29-58.
Eckert, J. (1990), Property Appraisal and Assessment Administration, Chicago, International Association of Assessing Officers.
Eichenbaum, J. (1989), Incorporating Location into Computer-assisted Valuation, Property Tax Journal, Vol.8, No.2, pp. 151-169.
Eichenbaum, J. (1995), The Location Variable in World Class Cities: Lessons from CAMA Valuation in New York City, Journal of Property Tax Assessment &amp; Administration. Vol.1, No.3, pp. 46-60.
Gallimore, P., Fletcher, M. &amp; Carter, M. (1996), Modelling the Influence of Location on Value, Journal of Property Valuation &amp; Investment, Vol.14, No.1, pp. 6-19.
Gloudemans, R. (1999), Mass Appraisal of Real Property, Chicago, International Association of Assessing Officers.
Hensley, T. (1993), Coupling GIS with CAMA Data in Johnson County, Kansas, Property Tax Journal, Vol.12, No.1, pp. 19-36.
Isakson, H. (1986), The Nearest Neighbours Appraisal Technique: An Alternative to the Adjustment Grid Methods, Journal of American Real Estate &amp; Urban Economics Association, Vol.14, No.2, pp. 274-286.
Leung, Y.K. &amp; Usilappan, M. (1997), Property Tax in Singapore and Malaysia, Singapore, Butterworths Asia.
McCluskey, W., Deddis, W., Lamont, I. &amp; Borst, R. (2000), The Application of Surface Generated Interpolation Models for the Prediction of Residential Property Values, Journal of Property Investment &amp; Finance, Vol.18, No.2, pp. 162-176.
Morrison, D. (1990), Multivariate Statistical Methods, New York, McGraw-Hill.
Newsome, B. &amp; Zietz, J. (1992), Adjusting Comparable Sales using Multiple Regression Analysis - The Need for Segmentation, The Appraisal Journal, Vol. 60, No.1, pp. 129.
O&#39;Connor, P. (1982), Locational Valuation Derived Directly from the Real Estate Market with the Assistance of Response Surface Techniques, Lincoln Institute of Land Policy.
O&#39;Connor, P. &amp; Eichenbaum, J. (1988), Location Value Response Surfaces: The Geometry of Advanced Mass Appraisal, Property Tax Journal, Vol. 7, No.3, pp. 277-296.
Ramsland, M. &amp; Markham, D. (1998), Market-supported Adjustments using Multiple Regression Analysis, The Appraisal Journal, Vol 66, No.2, pp. 181-191.
Paper presented at 62 IAAO Annual Conference at Houston, Texas 
Thrall, G. (1979a), Spatial Inequities in Tax Assessment: A Case Study of Hamilton, Ontario, Economic Geography, Vol. 55, No. 2, pp. 123-134.
Thrall, G. (1979b), A Geographic Criterion for Identifying Property Tax Assessment Inequity, Professional Geographer, Vol. 31, No. 3, pp. 278-283.
Waller, B. (1999), The Impact of AVMs on the Appraisal Industry, The Appraisal Journal, Vol 67, No.3, pp. 287-292.
Ward, R. , Weaver, J. &amp; German, J. (1999), Improving CAMA Models using Geographic Information Systems/Response Surface Analysis Location Factors, Assessment Journal, Vol. 6, No.1, pp. 30-38.
Watson, D. (1992), Contouring: A Guide to the Analysis and Display of Spatial Data, Oxford, Pergamon.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume9-2003/refining-the-effects-of-location-in-computer-assisted-rating-valuation</guid>
<pubDate>31 Dec 2002 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/real-estate-cycles-in-germany</link>
<title><![CDATA[Real Estate Cycles in Germany]]></title>
<description><![CDATA[This paper examines real estate cycles in Germany. The active management aspects for a property portfolio are highlighted, as well as the impact of current market trends on the real estate cycle.
]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/real-estate-cycles-in-germany</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/real-estate-ownership-and-stock-returns-an-empirical-perspective</link>
<title><![CDATA[Real Estate Ownership and Stock Returns: An Empirical Perspective]]></title>
<description><![CDATA[Many publicly traded non-property corporations invest significantly in real estate. However, some of these companies have also claimed that there is significant &quot;hidden&quot; value in real estate that is not reflected in the companies&#39; share prices. One main reason is that properties that were purchased years ago are carried on balance sheets for a fraction of its market value. This paper uses a &quot;three-index&quot; real estate pricing model to assess whether real estate is a factor in corporate valuation of &quot;property-intensive &quot; non-real estate companies. The empirical results demonstrate a significant association with stocks in the &quot;property&quot; sector for the property intensive firms. Hence corporate management should consider the real estate ownership factor in their overall corporate strategy.
]]></description>
<content><![CDATA[Brennan, ?. (1990), &quot;Latent Assets,&quot; Journal of Finance 45(3), pp. 709-729.
Chen, N., R. Roll and S. Ross (1986), &quot;Economic Forces and the Stock Market&quot;, Journal of Business 59(3), pp. 383-403.
Christofi, ?., P. Christofi and G. Philippatos (1983), &quot;An Application of the Arbitrage Pricing Theory Using Canonical Correlation Analysis&quot;, Managerial Finance 19(3/4), pp. 68-85.
Debenham Tewson Research (1992), &quot;The Role of Property &#150; Managing Cost and Releasing Value&quot;, Research Report, Debenham Tewson and Chinnocks.
Fogler, H. (1984), &quot;20% in Real Estate: Can Theory Justify it?&quot;, Journal of Portfolio Management 10(2), pp. 6-13.
Fogler, H., K. John and J. Tipton (1981), &quot;Three Factors, Interest Rate Differentials and Stock Group&quot;, Journal of Finance 36(2), pp. 323-335.
Harvey, A. (1993), Time Series Model, London: Harvester Wheatsheaf.
Liow, K.H. (1999), &quot;Corporate Investment and Ownership in Real Estate in Singapore &#150; Some Empirical Evidence,&quot; Journal of Corporate Real Estate 1(4), pp. 329-342.
Liow, K.H. (2001), &quot;The Long-term Investment Performance of Singapore Real Estate and Property Stocks&quot;, Journal of Property Investment and Finance 19(2), pp. 156-174.
Lizieri, C. and S. Satchell (1997), &quot;Interactions between Property and Equity Markets: An Investigation of Linkages in the United Kingdom 1972-1992&quot;, Journal of Real Estate Finance and Economics 15(1), pp. 11 -26.
McGowan, C. and W. Dobson (1993), &quot;Using Canonical Correlations to Identify Arbitrage Pricing Factors&quot;, Managerial Finance 19(3/4), pp. 86-92.
Palmon, D. and L. Seidler (1978), &quot;Current Value Reporting of Real Estate Companies and a Possible Example of Market Inefficiency&quot;, Accounting Review 53(3), pp. 776-790.
Ross, S. (1976), &quot;The Arbitrage Theory of Capital Asset Pricing&quot;, Journal of Economic Theory 13, pp. 341-360.
Rodriguez, M. and C. Sirmans (1996), &quot;Managing Corporate Real Estate: Evidence from the Capital Markets&quot;, Journal of Real Estate Literature 4, pp. 13-33.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/real-estate-ownership-and-stock-returns-an-empirical-perspective</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/the-perception-of-real-estate-investment-opportunities-in-southeast-asia</link>
<title><![CDATA[The Perception of Real Estate Investment Opportunities in Southeast Asia]]></title>
<description><![CDATA[This research uses two independent investor surveys undertaken in Singapore and the UK to examine the attitudes and perceptions towards property investment opportunities in the Southeast Asian region. The analysis considers the characteristics of investors active in the Southeast Asian property market and factors influencing their decision-making process. The results show that market players target neighbouring countries where investment characteristics are familiar. This study also shows that there are differential behaviour patterns regarding risk perceptions across the two cohorts of investors. Differences in attitudes between a regional player (Singapore) and a foreign player (UK) in the Southeast Asia region may partially be explained by the risk averse behaviour of institutions.
]]></description>
<content><![CDATA[Adair, A. S., Berry, J. ?., McGreal, W. S. and Vos, G. (1996) European Valuation Practice, E &amp; FN Spon, London.
Asian Development Bank (1998) Asian Development Outlook, Oxford University Press, Hong Kong.
Ball, M., Lizieri, C. and MacGregor, B. N. (1998) The Economics of Commercial Property Markets, Routledge, London.
Baum, ?. E. (1995) Can Foreign Real Estate Be Successful? Real Estate Finance, Vol. 12, No. l, pp. 81-89.
Baring, Houston and Saunders (1995) Property Report, Issue 132, UK.
Castells, ?. (1993) European Cities, The Informational Society And The Global Economy, Tijdschrift voor Economische en Sociale Geografie, Special Issue, European Cities: Changing Urban Structures In A Changing World. Vol. 84, No.4, pp. 247-57.
Colliers Jardine and Jackson, D. (1996) Asia Pacific Business Guide, McGraw Hill, Sydney.
Cook, I. G., Doel, M. A. and Li, R. (1996) Fragmented Asia: Regional Integration And National Disintegration In Pacific Asia, Avebury, Aldershot.
Cushman and Wakefield (1998) Asian Property Update, Singapore.
D&#39;Arcy, E. and Keogh, G. (1998) Territorial Competition and Property Market Process: An Exploratory Analysis, Urban Studies, Vol. 35, No. 8, pp. 1215-1230.
Eichholtz, P. M. A. (1996) The Stability Of Covariances Of International Property Share Returns, Journal of Real Estate Research, Vol. 11, No. 2, pp. 149-58.
Eschweiler, B. (1998) Asian Financial Markets, JP Morgan, Singapore.
Geurts, T. G. and Jaffe, A. J. (1996) Risk And Return Investment: An International Perspective, Journal of Real Estate Research, Vol. 11, No. 2, pp. 117-30.
Goldstein, M. and Hawkins, J. (1998) The Origins Of The Asian Financial Turmoil, Reserve Bank of Australia Research Discussion Paper 980. Sydney: Reserve Bank of Australia.
Gordon, J. N. (1992) The Diversification Potential Of International Property Investments, Real Estate Finance, Vol. 7, No. 2, pp. 42-48.
Hines, M. A. (1988) International Dimensions Of Real Estate, Appraisal Journal, pp. 492-501.
Investment Property Forum (1993) Property Investment For UK Pension Funds, RICS, London.
Keogh, G and D&#39;Arcy, E. (1999) Singapore, in Berry, J.N. and McGreal, W. S. (Eds) Cities in the Pacific Rim, Planning Systems And Property Market, E &amp; FN Spon, London.
Krugman, P. (1998) What Happened To Asia? Cambridge, MA: Economic Department, MIT.
Le Heron, R. and Ock Park, S. (1995) The Asian Pacific Rim And Globalisation, Avebury, Aldershot.
Lizieri, ?. and Finlay, L. (1995) International Property Portfolio Strategies: Problems and Opportunities, Journal of Property Valuation and Investment, Vol. 13, No. 1, pp. 6-21.
Lo, F. L. and Yeung, Y. M. (1996) Emerging World Cities in Pacific Asia, United Nations University Press: Tokyo.
Newell, G. and Webb, J. (1996) Assessing Risk for International Real Estate Investments, Journal of Real Estate Research, Vol. 11, No. 2, pp. 103-15.
Newell, G. and Worzala, E. (1995) The Role of International Property in Investment Portfolios, Journal of Property Finance, Vol. 6, No. 1, pp. 55-63.
McAllister, P. (1999) Globalisation, Integration And Commercial Property - Evidence From The UK, Journal of Property Investment and Finance, Vol. 17, No. 1, pp. 8-26.
Rubens, J. H., Louton, D. A. and Yobaccio, E. J. (1998) Measuring the Significance of Diversification Gains, Journal of Real Estate Research, Vol. 16, No. 1, pp. 73-86.
Schultz, C. (1990) Emerging Markets: Opportunities, Risks In The Pacific Rim, Pension World, Vol. 26, No. 12, pp. 10-13.
Solnik, ?., Boucrelle, C. and Fur, Y. L. (1996) International Market Correlation And Volatility, Financial Analysts Journal, pp. 17-34.
Sweeney, F. M. (1993) Mapping A European Property Investment Strategy, Journal of Property Valuation and Investments, Vol. 11, No. 3, pp. 259-67.
Tang, M. and Villafuerte, J. (1995) Capital Flows to Asian And Pacific Developing Countries: Recent Trends And Future Prospects, Economic and Development Resource Centre, Asian Development Bank.
Worzala, E. M. and Newell, G. (1997) International Real Estate: A Review of Strategic Investment Issues. Journal of Real Estate Portfolio Management, Vol. 3, No. 2, pp. 87-95.
Worzala, E. M. (1994) Overseas Property Investments: How are They Perceived By the Institutional Investor? Journal of Property Valuation and Investment, Vol. 12, pp. 31-47.
Worzala, E. M., Sirmans, G. S., Zietz, E. N. (2000) Risk and Return Perceptions of Institutional Investors, Journal of Real Estate Research, Vol. 6. No. 2, pp. 153-66.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/the-perception-of-real-estate-investment-opportunities-in-southeast-asia</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/an-hedonic-price-model-of-new-housing-in-indonesia</link>
<title><![CDATA[An Hedonic Price Model of New Housing in Indonesia]]></title>
<description><![CDATA[This study investigates the prices of new housing in the Greater Jakarta Metropolitan Area, Indonesia. Based on the average sale prices of 149 new housing projects launched between January and June 1997, the ANOVA statistical tool is used to test whether different sizes of development adopt the same hedonic pricing model. Following this, multiple regression analyses are conducted to identify the hedonic factors and their impacts on the new house prices in small, medium and large developments. The study concludes that small, medium, and large-sized developments do not adopt the same hedonic pricing model. With the exception of small-sized developments hedonic model in which structural, locational and neighborhood characteristics are important determinants of prices, the medium and large-sized development hedonic models showed that only locational attributes have significant impact on house prices.
]]></description>
<content><![CDATA[Aryeetey-Attoh, S. (1992). &quot;An Analysis of Household Valuations and Preference Structure in Rio de Janeiro, Brazil&quot;, Growth and Change 23, pp. 183-197.
Bajic, V. (1983). &quot;The Effect of a New Subway Line on Housing Pnces in Metropolitan Toronto&quot;, Urban Studies 20, 1983, pp. 147-158.
DiPasquale, D. and Wheaton, W. (1996). &quot;Urban Economics and Real Estate Markets&quot;, Prentice Hall, Englewood Cliffs, New Jersey, U.S.A.
Mendelsohn, R. (1984). &quot;Estimating the Structural Equations of Implicit Markets and Household Production Function&quot;, Review of Economics and Statistics 66 (August), pp. 673-677.
Megbolugbe, I. (1989). &quot;A Hedonic Index Model: The Housing Market of Jos, Nigeria&quot;, Urban Studies 26, pp. 486-494.
???, ?., Chan, P. and Cho, Yiu-Sun. (1995). &quot;A Hedonic Price Model for Private Properties in Hong Kong&quot;, Journal of Real Estate Finance and Economics 10, pp. 37-48.
Palmquist, R. (1984). &quot;Estimating the Demand for the Characteristics of Housing&quot;, Review of Economics and Statistics 66 (August), pp. 394-404.
Parsons, G. (1986). &quot;An Almost Ideal Demand System for Housing Attributes&quot;, Southern Economic Journal 53(2), pp. 347-363.
Indonesian Real Estate Directory (1997), Properly Magazine, Jakarta.
Rosen, S. (1974). &quot;Hedonic Pnces and Implicit Markets: Product Differentiation in Pure Competition&quot;, Journal of Political Economy 82, pp. 34-55.
Snee, R. (1973). &quot;Some Aspects of Nonorthogonal Data Analysis, Part I. Developing Prediction Equations&quot;, Journal of Quality Technology 5, pp. 67-79.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/an-hedonic-price-model-of-new-housing-in-indonesia</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/broadband-technology-in-the-office-an-appraisal-of-the-perception-and-needs-of-office-occupiers-and-the-potential-impact-upon-the-office-market</link>
<title><![CDATA[Broadband Technology in the Office: An Appraisal of the Perception and Needs of Office Occupiers and the Potential Impact Upon t]]></title>
<description><![CDATA[Rapid advances in bandwidth communication specifications have made possible a range of different working practices. Occupiers are now demanding high levels of broadband technology within their offices, providing fast and uninterrupted data connectivity. There is a heightened awareness of the potential for broadband technology, with a large amount of technical data available regarding the different technologies.
This paper examines current office occupier perceptions and needs for existing and future bandwidth and whether the use of broadband technology is changing existing working practices in a sub-sector of the UK office market. The paper identifies that the property profession will be well advised to maintain a close &#39;watching brief in respect of on-going technological advancements, to promote and understand the future implications of improved broadband technology in respect of the office market. Whilst this paper refers to research undertaken in the UK, it also considers whether wider international lessons can be drawn.
]]></description>
<content><![CDATA[Almond, N. (2001) Broadband Communications: The Implications for the UK Office Market. Paper presented to the RICS Cutting Edge Conference, Oxford.
Axiss Australia (2001) Information Technology and Communications Infrastructure in Australia, 2001
Australian Bureau of Statistics (2002). Business Use of Information Technology 1999-2000. May 2002.
Australian Communications Authority (2002) Home Page. May 2002.
Barnes, R. (2001) On the Broad Band Wagon. Properly Week. 18 August 2001.
Barnes, R. (2001). Switching Rolls. Property Week. 30 March 2001
Department of the Environment. (1995) Urbanization of England. London. HMSO.
Fletcher Advisory (2001) A Survey of the Impact of Broadband on SMEs in the UK. Unpublished Report.
France, S. (2001) Broadband Boom. The Facilities Manager, 3 November 2001.
Garbett, C. (2000). Attidudes to the Effects of Information &amp; Communications Technology Developments on Demand for Offices. Paper presented to the RICS Cutting Edge Conference, London.
Huw - Davies. G. (2001) Join the Digital Revolution. The Sunday Times, 4 November 2001.
Infocomm Development Authority of Singapore, (2002). The Organisations Behind Singapore One, 2002.
Insignia Richard Ellis (2001). Property in the New Economy. Unpublished Report.
Jones Lang LaSalle, (2001). Property Futures - A New Economy Survey. Unpublished Report.
King Sturge (2001) Connectivity. Unpublished Report.
Lambert Smith Hampton (2001) M4 Corridor Report. Unpublished Report.
McKinsey (2000). Broadband Changes Everything. Unpublished Report.
New Zealand Government (2002) Information Technology Use in New Zealand. Statistics New Zealand.
National University of Singapore, Centre for TeleMedia Strategy (2000). The Asia Pacific Telecommunications Index. January 2000.
Office of the e-Envoy (2001). UK Online: The Broadband Future. London. HMSO
Oftel (2001). Broadband and Internet Brief. Oftel. Unpublished Report.
RICS Foundation &amp; Gerald Eve (2001) Overcrowded, Under-utilised or Just Right? Office Space: How much is enough? London. RICS.
Singapore Government Press Release (2001) Industry to Lead Mass Adoption of Broadband. April 2001.
Spurge, V. (2001). Information Technology in the Home. Paper presented to the RICS Cutting Edge Conference, Oxford. September 2001.
Thames Valley Economic Partnership (2001). Commercial Property Research &#151; Managing Growth. Unpublished Report.
United States of America Department of Commerce, (2002). A Nation Online: How Americans are Expanding Their Use of the Internet. February 2002.
Ward, M. (2001) Dot Life. BBC News. 2 July 2001.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/broadband-technology-in-the-office-an-appraisal-of-the-perception-and-needs-of-office-occupiers-and-the-potential-impact-upon-the-office-market</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/an-experimental-study-of-auction-and-tender-behaviour</link>
<title><![CDATA[An Experimental Study of Auction and Tender Behaviour]]></title>
<description><![CDATA[An experimental laboratory simulation of property sales and management was used to study auction and tender bidding behaviour. The simulation creates a model property investment environment where subjects have the opportunity to purchase property, but must then manage it profitably to succeed.
The experiment revealed that in a well-informed, mildly optimistic market, tender sales returned prices close to rational capitalised values, whereas auction sales returned premiums. Moreover, when sets of properties are auctioned in succession in a single auction session, there appears to be a learning effect on prices. The paper relates the experiment to the developing literature on the behavioural study of property auctions.
]]></description>
<content><![CDATA[Allen, ?. and J. Swisher (2000). &quot;An Analysis of the Price Formation Process at a HUD Auction.&quot; Journal of Real Estate Research 20(3): 279-298.
Brennan, F. (1971). Canberra in Crisis. Fyshwick, ACT. Dalton.
Diaz, J. (1999). &quot;The First Decade of Behavioural Research in the Discipline of Property.&quot; Journal of Property Investment &amp; Finance 17(4): 326-332.
Diaz, J., R. Zhao, et al. (1999). &quot;Does Contingent Reward Reduce Negotiation Anchoring?&quot; Journal of Property Investment &amp; Finance 17(4): 374-79.
Earl, P. (1983). The Economic Imagination: towards a behavioural analysis of choice. Armonk N.Y., Wheatsheaf Books.
Hardin, W. (1999). &quot;Behavioural Research into Heuristics and Bias as an Academic Pursuit for Real Estate Disciplines.&quot; Journal of Property Investment &amp; Finance 17(4): 333-52.
Lusht, K. (1994). Forecasting and Investment Selection in Property Markets. In Forecasting and Investment Selection. Sydney: UWS.
Lusht, ?. (1994). &quot;Order and Price in a Sequential Auction.&quot; The Journal of Real Estate Finance and Economics 8(3): 259-66.
Mayer, C. (1998). &quot;Assessing the Performance of Real Estate Auctions.&quot; Real Estate Economics 17(Autumn): 41-66.
Sarantakos, Sotirios. 1993. Social Research. Melbourne: Macmillan.
Small, G. (1999). Simulations, Property Markets and Behavioural Research. ISGA Conference, Sydney, Australia.
Small, G. and J. Oluwoye (1999). An Experimental Study of Market Formation Behaviour. RICS Cutting Edge Conference, Cambridge, England.
Small, G. and J. Oluwoye (2000). The Significance of Debt, Human Nature and the Nature of Land on Real Estate Cycles. Pacific Rim Real Estate Society Conference, Sydney, Australia.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/an-experimental-study-of-auction-and-tender-behaviour</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/enabling-processes-for-strategic-outcomes-cre-in-the-australian-private-and-public-sectors</link>
<title><![CDATA[Enabling Processes for Strategic Outcomes: CRE in the Australian Private and Public Sectors]]></title>
<description><![CDATA[Private as well as public sector organisations now recognise the contribution that CRE makes to enabling the processes that lead to desired strategic outcomes. Here a focus group study is described that identifies issues in Australian CRE, contrasting the public and private sectors. Building on this, the authors present a strategic facilities management tool that was developed as a major initiative with eight local government partners in Victoria, Australia. Quantitative as well as qualitative data is contributed by multiple stakeholders via a centralised database that is accessible over the Internet, thereby facilitating access from multiple points as well as benchmarking. Indicators relate to strategically important aspects of facility performance and can be weighted according to their strategic importance.
]]></description>
<content><![CDATA[Adendorff, ?. J. &amp; Nkado, R. N. (1996), Increasing corporate value through strategic real estate management, Real Estate Review, Fall, 69&#150;72.
Alexander, K. (ed.) (1996), Facilities management: theory and practice, E &amp; FN Spon. London.
Amaratunga, D., Baldri, D., and Sarshar, M. (2000). Assessment of facilities management performance&#151;what next?, Facilities, 18 (1/2), 66&#150;75.
Apgar IV, M. (1995a), Managing real estate to build value, Harvard Business Review, 73 (6), 162&#150;79.
Apgar IV, M. (1995b), The strategic role of real estate, Corporate Real Estate Executive, May, 20&#150;23.
Apgar IV, M. and Bellew Jr., J. (1995), Models for real estate decisions, Corporate Real Estate Executive, Mar./Apr., 37&#150;41.
Atkinson, ?., Waterhouse, J. and Wells, R. (1997), A stakeholder approach to strategic performance measurement, Sloan Management Review, Spring, 25&#150;37.
Bititci, U., Carrie, A. &amp; McDevitt, L. (1997), Integrated performance measurement systems: an audit and development guide, The TQM Magazine, 9 (1), 46&#150;53.
Bon, R., McMahan, J. &amp; Carder, P. (1998), Property performance measurement, Facilities, 16 (7/8), 209.
Brackertz, N. and Kenley, R. (2002), A service delivery approach to measuring facility performance in local government, Facilities, 20 (3/4), 127&#150;135.
Drucker, P. (1992), The new society of organizations, Harvard Business Review, 70, September-October, 95&#150;104.
Englert, J. (2001), The strategic alignment handbook: a corporate infrastructure resource (CIR) management application guide. IDRC Foundation, Atlanta.
Kaplan, R. and Norton, D. (1992), The balanced scorecard: measures that drive performance, Harvard Business Review, 70 (1), 71&#150;9.
Krumm, P. (2001), History of real estate management from a corporate perspective, Facilities, 19 (6), 276&#150;286.
Morgan, D. and Kruger, ?. (1998), The Focus Group Kit, Vols. 1&#150;6, Sage Publications, California.
Then, D. (1999), An integrated resource management view of facilities management, Facilities, 17 (12/13), 462&#150;169.
Tranfield, D. and Akhlaghi, F. (1995), Performance measures: relating facilities to business indicators, Facilities, 13 (3), 6&#150;14.
Varcoe, B.(1996), Facilities performance measurement, Facilities, 14 (10/11), 46&#150;51.
Walters, M. (1999), Performance measurement systems&#151;a case study of customer satisfaction, Facilities, 17 (3/4), 97&#150;104.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/enabling-processes-for-strategic-outcomes-cre-in-the-australian-private-and-public-sectors</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/measurtng-corporate-real-estate-asset-management-performance</link>
<title><![CDATA[Measurtng Corporate Real Estate Asset Management Performance]]></title>
<description><![CDATA[It is difficult to measure relative corporate real estate asset management performance, as different organizations require different outputs from their property assets. However, prior research has identified a number of input factors or dimensions relating to corporate real estate that tend to occur together in organizations exhibiting high levels of performance. This paper proposes a methodology to combine these input variables into a single relative measure of corporate real estate asset management performance using factor analysis. The model on which the measure is based is tested by applying it to data collected in a survey of 457 organizations in New Zealand. The results show consistency in response amongst organizations and with prior research in respect of six variables that are important to CREAM performance. This leads to the derivation of a single performance measure that reflects the combined effect of these variables.
]]></description>
<content><![CDATA[Apgar, ?. (1993). Uncovering Your Hidden Occupancy Costs. Harvard Business Review, May-June. 124-136.
Apgar, M. (1995). The Strategic Role of Real Estate. Corporate Real Estate Executive. May, 20-23.
Avis, ML Gibson, V. &amp; Watts. J. (1989). Managing Operational Property Assets. Department of Land Management and Development, University of Reading.
Beherens, A. (1982). Managing Corporate Real Estate as a Profit Centre. Industrial Development, July/August.
Duckworth. S. (1993). Realizing the Strategic Dimension of Corporate Real Property Through Improved Planning and Control Systems. Journal of Real Estate Research, Fall, 495-509.
Gale. J. &amp; Case, F. (1989). A Study of Corporate Real Estate Resource Management. Journal of Real Estate Research, 4 (3), 23-34.
Gibson. V. (1991). Private ? Public: Who Manages Operational Property Most Effectively. Property Management, 9 (1), 4-9.
Gibson, V. (1994). Strategic Property Management&#151;How Can Local Authorities Develop a Property Strategy. Property Management, 12 (3), 9-14.
Gibson. V. (1995a). Is Property on the Strategic Agenda. Property Review, May. 104&#151;109.
Gibson, V. (1995b). Managing in the Millennium. Estates Gazette, Issue 9518, 109&#151;112.
Hite, G., Owers. J. &amp; Rogers. R. (1987). The Separation of Real Estate by Spinoff. AREUEA Journal, Spring.
Hum, S. (1988). Real Estate: Liability or Asset? Real Estate Finance, Winter, 61-71.
Kimbler. L. &amp; Rutherford, R. (1993). Corporate Real Estate Outsourcing: A Survey of the Issues. Journal of Real Estate Research, 4 (3), 525 - 539.
Levy. G. &amp; Matz. E. (1987). Choosing Strategic Objectives. In Silverman, Robert ?. (Ed.) Corporate Real Estate Handbook, New York, NY: McGraw-Hill.
Nourse, H. (1986). Using Real Estate Asset Management to Improve Strategic Performance. Industrial Development, May/June. 595-601.
Nourse. H. &amp; Roulac, S. (1993). Linking Real Estate Decisions to Corporate Strategy. Journal of Real Estate Research, Fall, 475-194.
Nourse. H. (1994). Measuring Business Real Property Performance. Journal of Real Estate Research, Fall, 431-443.
Plattner. R. &amp; Ferguson, J, (1987). Profit Centres for Corporate Real Estate. Real Estate Review, Summer. 80-83.
Pittman. R. &amp; Parker, J. (1989). A Survey of Corporate Real Estate Executives on Factors Influencing Corporate Real Estate Performance. Journal of Real Estate Research, 4 (3), 107-119.
Rutherford, R. &amp; Nourse, II. (1988). The Impact of Corporate Real Estate Unit Formation on the Parent Firm&#39;s Value. Journal of Real Estate Research, 3 (3), 73-84.
Rutherford, R. &amp; Stone, R.(&icirc; 989). Corporate Real Estate Unit Formation: Rationale, Industry and Type of Unit. Journal of Real Estate Research. 4(3), 121-130.
Sandford, G. &amp; Hook, R. (1987), Organizing. Staffing, and Compensating the Real Estate Function. In Silverman, Robert ?., (Ed.) Corporate Real Estate Handbook. New York, NY: McGraw-Hill.
Stephens, P. (1994). Linking Real Estate to Corporate Strategy Is Centrepiece of Koll Corporate Roundtable. National Real Estate Investor, September. 110-112.
Teoh, W. K. (1992). Corporate Real Estate Asset Management: The New Zealand Evidence. Journal of Real Estate Research, ? (4), 607 623.
Veale, P. (1989). Managing Corporate Real Estate Assets: Current Executive Attitudes and Prospects for an Emergent Discipline. Journal of Real Estate Research, 4 (3), 1-21.
Zeckhauser, S. &amp; Silverman, R. (1983). Rediscover Your Company&#39;s Real Estate. Harvard Business Review, Jan/Feb, 111-117.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/measurtng-corporate-real-estate-asset-management-performance</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/trends-and-challenges-in-corporate-real-estate</link>
<title><![CDATA[Trends and Challenges in Corporate Real Estate]]></title>
<description><![CDATA[We provide an insight into the current and future role of CRE managers. Typical roles and responsibilities of CRE managers are described, with a focus on the key defining characteristic of CRE being the link point between the organisation and the property industry. The challenges of managing conflicting demands between different parts of the organisation are explored. We give our views on the current challenges for CRE managers, with the development of sound business strategies, effective teams and project delivery performance being the key to successful CRE.
We find that competence in the property arena is no more than a pre-requisite for the CRE role. An exceptional CRE manager must also understand their organisation and possess excellent leadership, management and communication skills. We conclude that the focus of advisers and academics should be on helping CRE managers extend their reach and capabilities in organisational management, through the transfer of leading business and strategic thought into the CRE environment.
]]></description>
<content><![CDATA[Bootle, R. (2002), &quot;A Waste of Space&quot;.
Dixon, M. (2001), &quot;Office Outsourcing&#151;Its Just Common Sense&quot;, Regus.
Johnson Controls. (2001), &quot;Annual Survey of Corporate Real Estate Practices 2001&quot;.
Oseland, N. and Bartlett, P. (1999), &quot;Improving Office Productivity&quot;, Longman.
Peters, T. (1999), &quot;The Professional Service Firm 50&quot;, Alfred Knopf.
Prashnig, B. (1998),&quot;The Power of Diversity&quot;, David Bateman.
Weatherhead, M. (1997), &quot;Real Estate in Corporate Strategy&quot;, Palgrave Macmillan.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/trends-and-challenges-in-corporate-real-estate</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/determination-of-the-maximum-affordable-price-for-negatively-geared-investments-in-residential-property</link>
<title><![CDATA[Determination of the Maximum Affordable Price for Negatively Geared Investments in Residential Property]]></title>
<description><![CDATA[Potential investors who have decided to use negative gearing to acquire an investment in residential property must decide on the maximum amount they can afford, given their financial circumstances and the financial attributes of the property. This article develops a simple model to assist potential investors to make this decision. The model is developed in an Australian institutional environment, but is sufficiently general that it should be readily adaptable to suit other countries that permit negative gearing. The characteristics of the model are analysed algebraically and numerically and the model is found to give plausible results. Some implications for interest rate policy are also noted.
]]></description>
<content><![CDATA[Australian Bureau of Statistics, 1999, Household Investors in Rental Dwellings, Year Book Australia 1999, 207-208, Canberra.
Brealey, R. and Myers, S., 1996, Principles of Corporate Finance, 5 edn., McGraw-Hill, New York.
Brealey, R., Myers, S., Partington, G. and Robinson, D., 2000, Principles of Corporate Finance, McGraw-Hill, Sydney.
Case, K., Quigley, J. and Shiller, R., 2001, Comparing Wealth Effects: The Stock Market versus the Housing Market, NBER Working Paper 8606, National Bureau of Economic Research, November.
Ellis, L. and Andrews, 1)., 2001, City Sizes, Housing Costs, and Wealth, Research Discussion Paper 2001-08, Reserve Bank of Australia. October.
Englund, P. and loannides, Y., 1997, House Price Dynamics: An International Empirical Perspective, Journal of Housing Economics, 6(2), 119-136.
Girouard, N. and Bl&ouml;ndal, S., 2001, House Prices and Economic Activity, Economics Department Working Papers No. 279, Organisation for Economic Co-operation and Development, January.
Keenan, ?., 2001, Is it Good to Gear?, The Sunday Age, Melbourne, 13 May.
Mueller, G. and Pauley, K., 1995, The Effect of Interest-Rate Movements on Real Estate Investment Trusts, Journal of Real Estate Research, 10(3), 319-325.
National Australia Bank, 2001, Australian Markets Outlook: Are House Prices Rising Too Quickly?, 7 December.
Wakelin, M. and Wakelin, R., 2002, Streets Ahead, Hodder Headline, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/determination-of-the-maximum-affordable-price-for-negatively-geared-investments-in-residential-property</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/benchmarking-corporate-real-estate-fundamentals-of-measurement</link>
<title><![CDATA[Benchmarking Corporate Real Estate: Fundamentals of Measurement]]></title>
<description><![CDATA[Benchmarking of corporate real estate performance is an essential tool in the efficient management of assets to support the core business. Many of the performance indicators used to measure property are based on the area of the property occupied. The disparity that exists in the methods of measuring office properties hampers the comparison of properties on a global scale. This paper explores the extent of measurement differences that exist between Australia, Europe and the UK.
This paper demonstrates that differences in the methodologies applied to the measurement of office accommodation can lead to discrepancies in the range of 3% or 4% for a typical multi-tenanted office floor. This research demonstrates the need for caution in comparing benchmarks based on area and further illustrates the need for the development of a global standard for measurement.
]]></description>
<content><![CDATA[Bon, R., McMahan, J. and Carder, P. (1998), Property performance measurement: from theory to management practice, Facilities 16 (7/8): 208-214.
Douglas, J. (1996), Building performance and its relevance to facilities management, Facilities 14 (3/4): 23-32.
Facilities Management Association (1999), Facilities Management Cost Benchmarks, FMA, Melbourne.
Facilities Management Association (2002), Churn Report, FMA, Melbourne.
FM Datacom (1998), Facilities Management Benchmarking, On-Line Conference, FM Datacom, Jan-March.
Gibson, V. (2000), The cost of choice: how corporate real estate managers evaluate business space option, Paper presented at American Real Estate Society annual meeting.
Goldin, D. (1998), Facilities Management Benchmarking, On-Line Conference, FM Datacom, Jan-March.
Ho, DCW., Chan, EHW., Wong, NY. and Chan, M. (2000), Significant metrics for facilities management in the Asia Pacific region, Facilities 18 (13/14): 545-555.
Massheder, K. and Finch, E. (1998), Benchmarking methodologies applied to UK facilities management, Facilities 16 (3/4): 99-106.
O&#39;Mara, M. (1999), Strategy and Place, Free Press, New York.
Property Council of Australia (1997), Method of Measurement, PCA, Sydney.
Property Council of Australia (1994 - 2001), Operating Cost Benchmarks, PCA, Sydney.
RICS (2001a), Overcrowded, Under-utilised or Just Right?&#151;Office Space: How Much is Enough?, RICS, London.
RICS (2001b), Code of Measuring Practice, 5th Edition. RICS, London.
Spendolini, ?. (1992), The Benchmarking Book, Amacon, New York.
Varcoe, B. (1993), Facilities performance: achieving value for money through performance measurement and benchmarking, Property Management 11 (4): 301-307
Wang, Q. (1998), Activity Based Facilities Management Benchmarking, Facilities Management Benchmarking On-Line Conference, FMDatacom, Jan-March.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/benchmarking-corporate-real-estate-fundamentals-of-measurement</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/stigma-assessment-a-multi-criteria-decision-making-approach</link>
<title><![CDATA[Stigma Assessment: A Multi-Criteria Decision-Making Approach]]></title>
<description><![CDATA[Stigma of contaminated land is caused by risk perception and has an uncertain nature. It is proposed to assess stigma impacts using a multi-criteria decision-making (MCDM) approach. In this regard, a model is constructed using the Analytical Hierarchy Process (AHP) technique. The case study shows that the MCDM approach has provided a logical and structured framework to process relevant criteria and it is feasible to apply this method to assess the required stigma adjustment factor.
]]></description>
<content><![CDATA[Australian Institute of Valuers and Land Economists (AIVLE), 1994, Contaminated Land Practice Standard.
Australian Property Institute (API), 2001, Guide Note 15, Professional Practice 2002.
Ball, J. &amp; Srinivasan, V.C., 1994, Using the Analytic Hierarchy Process in House selection, Journal of Real Estate Finance and Economics, 9, pp. 69 &#150; 85.
Bender, ?., Din, ?., Favarger, P., Hoesli, M. &amp; Laakso, J., 1997, An Analysis of Perceptions Concerning the Environmental Quality of Housing in Geneva, Urban Studies, 34(3), pp. 503 &#150; 513.
Bender, ?., Din, ?., Hoesli, M. &amp; Laakso, J., 1999, Environmental quality perceptions of urban commercial real estate, Journal of Property Investment &amp; Finance, 17(3), pp. 280 &#150; 296.
Bond, S., 2001, The Use Of Conjoint Analysis To Asses The Impact Of Environmental Stigma, Pacific Rim Property Research Journal, 7(3), pp. 182 &#150; 194.
Chalmers, J. &amp; Roehr, S., 1993, Issues in the Valuation of Contaminated Property, The Appraisal Journal, LXI (1), pp. 28-41.
Chan, N., Jefferies, R. &amp; Simons, R., 1998, Government Regulation Of Contaminated Land - A Tale Of Three Cities, Environmental And Planning Law Journal, Vol. 15, No. 5, 321 &#151; 337.
Chan, N., 2000, How Australian Appraisers Assess Contaminated Land, The Appraisal Journal, LXVIII(4), pp. 432 &#150; 440.
Crosby, N., Lavers, A. &amp; Murdoch, J., 1998, Property Valuation Variation And The &quot;Margin Of Error&quot;, Paper presented at the 4 Pacific Rim Real Estate Society Conference, Perth, 19 &#150; 21 January.
Diaz, J., 1997, An Investigation into the Impact of Previous Expert Value Estimates on Appraisal Judgment, Journal of Real Estate Research, 13(1), pp. 57 &#150; 66.
Gallimore, P. &amp; Wolverton, M., 1998, Price-Knowledge-Induced Bias: a Cross-Cultural comparison, Journal of Property Valuation And Investment, 15(3), pp. 261 &#150; 273.
Henig, M. &amp; Buchanan, J., 1996, Decision Making by Multiple Criteria: A Concept of Solution, http://www.mngt.waikato.ac.nz/depts/mnss/john/procon.htm, 29 February 2000.
Ho, D., 1999, Preferences on Office Quality Attributes: A Sydney CBD Study, Australian Land Economics Review, 5(2), pp. 36 &#150; 42.
Info Harvest Inc., 1996, Criterium DecisionPlus Trialware User&#39;s Guide and Tutorial.
Information and Discussion Forum on Priority Setting in Agricultural Research (ISNAR), 1998, Measurement Methods - The Analytic Hierarchy Process, http://www.cgiar.org/ISNAR/Fora/Priority/MeAnalit.htm, 17 June 1998.
Lucey, ?., 1988, Quantitative Techniques - An Instructional Manual, ELBS.
Mundy, ?., 1992a, Stigma and Value, The Appraisal Journal, LX (1), pp. 7 &#150; 13.
Mundy, ?., 1992b, The Impact of Hazardous Materials on Property Value, The Appraisal Journal, LX (2), pp.155 &#150; 162.
Pan, S., 1996, A Study of Multi-aim Decision Making for Real Estate Projects, research paper presented at the 2 Pacific Rim Real Estate Society Annual Conference, Sanctuary Cove, Gold Coast, Queensland, 21 &#150; 24 January.
Patchin, P., 1991, Contaminated Properties - Stigma Revisited, The Appraisal Journal, LIX (2), pp. 167 &#150; 172.
Patchin, P., 1994, Contaminated Properties and the Sales Comparison Approach, The Appraisal Journal, LXII (3), pp. 402 &#150; 409.
Roddewig, R., 2000, Adjusting Environmental Case Study Comparables by Using an Environmental Risk Scoring System, The Appraisal Journal, LXVIII(4), pp. 371 &#150; 374.
Saaty, ?., 1980, The Analytic Hierarchy Process, New York: McGraw Hill.
Saaty, T. &amp; Forman, E., 1992, The Hierarchon: A Dictionary of Hierarchies, The Analytic Hierarchy Process Series, Vol. V, RWS Publications.
Saaty, ?., 1994, Fundamentals of Decision Making and Priority Theory with the Analytic Hierarchy Process, The Analytic Hierarchy Process Series, Vol. VI, RWS Publications.
Saaty, ?., 1995, Decision Making for Leaders The Analytic Hierarchy Process for Decision in a Complex World, The Analytic Hierarchy Process Series, Vol. II, RWS Publications.
Saaty, ?., 1996, The Analytic Hierarchy Process: Planning, Priority Setting, Resource Allocation, The Analytic Hierarchy Process Series, Vol. I, RWS Publications.
Saaty, T. &amp; Kearns, K., 1985, Analytic Planning The Organisation of System, The Analytic Hierarchy Process Series, Vol. IV, RWS Publications.
Saaty, T. &amp; Vargas, L., 1991, The Logic of Priorities Applications of The Analytic Hierarchy Process in Business, Energy, Health &amp; Transportation, The Analytic Hierarchy Process Series, Vol. III, RWS Publications.
Saaty, ?. &amp; Vargas, L., 1994, Decision Making in Economic, Political, Social, and Technical Environments with the Analytic Hierarchy Process, The Analytic Hierarchy Process Series, Vol. VII, RWS Publications.
Sanders, M., 1996, Post-Repair Diminution in Value from Geotechnical Problems, The Appraisal Journal, LXIV (1), pp. 59 &#150; 66.
Syms, P., 1997, Contaminated Land, Blackwell Science.
Wilson, ?., 1992, Environmentally Impaired Valuation: A Team Approach To a Balance Sheet Presentation, Technical Report: Measuring the Effects of Hazardous Materials Contamination on Real Estate Values: Techniques and Applications, Appraisal Institute, pp. 23 &#150; 42.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/stigma-assessment-a-multi-criteria-decision-making-approach</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/developing-a-retail-property-syndication-performance-index</link>
<title><![CDATA[Developing a Retail Property Syndication Performance Index]]></title>
<description><![CDATA[Using the Austock exempt property market, a retail property syndication performance index is constructed. This index is used to compare the performance of retail property syndicates with direct retail property and retail listed property trusts in Australia over 1998-2000, with the performance of property syndicates more highly correlated with direct property than listed property trusts. The future development of property syndicates in Australia is also critically assessed.
]]></description>
<content><![CDATA[Australian Direct Property Investment Association. 2000. Property investors study. ADPIA: Melbourne.
Australian Direct Property Investment Association. 2001. Property syndicates: an adviser&#39;s guide. ADPIA: Melbourne.
Bentley, C. 1998. Growth in property syndication. Property Australia 13(3): 18-21.
Bentley, C. 2000. Direct property and the holy grail. Property Australia 14(3): 10-14.
Brenchley, H. 1998. Challenges in the commercial sector. Australian Property Journal 35(4): 306-311.
Fife, A. 1997. Syndication of equity for real estate investment. The Valuer and Land Economist 34(5): 420-423.
Jones Lang LaSalle. 2001. Survey of investor sentiment. JLL: Sydney (miscellaneous copies).
Kavanagh, J. 1997. Syndicates: favoured option for wary investors. Property Australia 11(11): 12-13.
Mann, G. and Mitchell, P. 1998. Property syndication. Property Australia 13(2): 40-44.
McMahon, G. 1998. Property syndicates. Australian Property Journal 35:251-257.
Newell, G. 2001. Listed property trusts: a matter of style. Property Australia 15(10): 20.
Newell, G. and MacFarlane, J. 1996. What does property trust performance tell us about commercial property returns? Australian Land Economics Review 2(1): 10-18.
Okunev, J. and Wilson, P. 1997. Using non-linear tests to examine integration between real estate and stockmarkets. Real Estate Economics 25(3): 487-503.
Perry, D. 2000. Australian exempt property market in MCS direct property investments. Austock: Melbourne.
Property Council of Australia. 2001. Investment Performance Index: December 2000. PCA: Sydney.
Property Investment Research. 1999a. Annual Listed Property Trust Review 2000. PIR: Melbourne.
Property Investment Research. 1999b. Property syndication guidelines for financial advisers and trustees. PIR: Melbourne.
Property Investment Research. 2000a. Annual Listed Property Trust Review 2001. PIR: Melbourne.
Property Investment Research. 2000b. Directory of Australian property funds and managers. PIR: Melbourne.
Property Investment Research. 2000c. Property syndicate reports. PIR: Melbourne (miscellaneous copies).
Property Investment Research. 2001a. Australian Property Syndicate Review 2001. PIR: Melbourne.
Property Investment Research. 2001b. Trends in Australian property syndication. PIR: Melbourne.
UBS Warburg 2001. UBS Warburg Indices: December 2000. UBSW: Sydney (miscellaneous copies).
Upton, D. 1998. Syndicates and beyond. Australian Property Journal 35(4): 324-327.
Upton, D. 1999. Trading in the exempt market. Property Australia 13(11):8-9.
Wilson, P. and Okunev, J. 1996. Evidence of segmentation in domestic and international property markets. Journal of Property Finance 7(4): 78-97.
Wilson, P. and Okunev, J. 1999. Long-term dependencies and long-run non-periodic co-cycles: real estate and stockmarkets. Journal of Real Estate Research 18(2): 257-278.
Wilson, P., Okunev, J. and Webb, J. 1998. Step interventions and market integration: tests in the U.S., U.K. and Australian property markets. Journal of Real Estate Finance and Economics 16(1): 91-123.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/developing-a-retail-property-syndication-performance-index</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/bridging-the-practical/academic-divide-in-real-estate</link>
<title><![CDATA[Bridging the Practical/Academic Divide in Real Estate]]></title>
<description><![CDATA[Graaskamp, J.A. &quot;The Failure of the Universities to Teach the Real Estate Process as an Interdisciplinary Art Form.&quot; In S.P. Jarchow, ed., Graaskamp on Real Estate (pp. 51-67). Washington, D.C.: Urban Tand Institute, 1991.
Newell, G., P. Acheampong and E. Worzala, &quot;Property Research Priorities&quot;, Pacific Rim Real Estate Society Conference, Christchurch, 2002.
Parker, D. &quot;An Institutional Perspective on Property Research&quot;, Pacific Rim Property Research Journal, 7(1); 3-17, 2001.
Souza, L. &quot;Academic and Applied Real Estate Research: As Two Worlds Collide or As Two Worlds Divide&quot;, Journal of Real Estate Portfolio Management, 6(1):97-100, 2000.
Worzala, E., D. Gilliland, and J. Gordon, &quot;Real Estate Research Needs of the Plan Sponsor Community: What Do the Plan Sponsor Real Estate Investment Managers Want to Know?&quot;, Journal of Real Estate Portfolio Management, forthcoming, 2002.
]]></description>
<content><![CDATA[Graaskamp, J.A. &quot;The Failure of the Universities to Teach the Real Estate Process as an Interdisciplinary Art Form.&quot; In S.P. Jarchow, ed., Graaskamp on Real Estate (pp. 51-67). Washington, D.C.: Urban Tand Institute, 1991.
Newell, G., P. Acheampong and E. Worzala, &quot;Property Research Priorities&quot;, Pacific Rim Real Estate Society Conference, Christchurch, 2002.
Parker, D. &quot;An Institutional Perspective on Property Research&quot;, Pacific Rim Property Research Journal, 7(1); 3-17, 2001.
Souza, L. &quot;Academic and Applied Real Estate Research: As Two Worlds Collide or As Two Worlds Divide&quot;, Journal of Real Estate Portfolio Management, 6(1):97-100, 2000.
Worzala, E., D. Gilliland, and J. Gordon, &quot;Real Estate Research Needs of the Plan Sponsor Community: What Do the Plan Sponsor Real Estate Investment Managers Want to Know?&quot;, Journal of Real Estate Portfolio Management, forthcoming, 2002.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/bridging-the-practical/academic-divide-in-real-estate</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/managing-rare-native-vegetation-holdings-in-south-australia-the-implications-of-subdivision</link>
<title><![CDATA[Managing Rare Native Vegetation Holdings in South Australia: The Implications of Subdivision]]></title>
<description><![CDATA[Native vegetation is a rare and valued land holding in many parts of Australia. This research reviews the impact of land subdivision on the conservation and management of remnant native vegetation (RNV) in an Australian state typified by land clearing and degradation, to provide information to assist in the formation of planning and conservation policy. It identifies the socio-economic characteristics, attitudes, intentions and practices of owners of nature blocks in relation to conservation and investigates whether owners have the resources to adequately manage their remnant native vegetation.
]]></description>
<content><![CDATA[Australian Bureau of Agricultural and Resource Economics (1997) Australian Farm Surveys Report. ABARE, Canberra.
Beard, J. and Sprenger, B. (1984) Vegetation Survey of WA. Occasional Paper 2, Vegmap Publications, Perth.
Coates, A. (1987) Management of Native Vegetation on Farmland in the wheat belt of Western Australia. Resource Management Technical Report 145, Department of Agriculture, Western Australia.
Craig, R., Smith, N. and Sheahan, B. (1983) Landholders and Native Vegetation Attitudes to Retention and Clearing. Department of Extension and Education, Roseworthy Agricultural College, South Australia.
Jenkins, S. (1998) Native Vegetation on Farms Survey 1996. Environment Australia Biodiversity Group, Canberra, Australia.
Marano, W. (1990) Native Vegetation Management in SA: the resolution of conflict and the development of control mechanisms in the 80&#39;s. Australian Real Estate Educators Conference Proceedings, Christchurch, New Zealand.
Marano, W. (2000) Factors Influencing the Market Value of Remnant Vegetation in South Australia. LWRRDC, Canberra and the University of South Australia, Adelaide, South Australia.
Whitten, S. and Bennett, J. (1998) Private &amp; Social Values of Wetlands. Research Reports School of Economics and Management, University College, The University of New South Wales, Canberra.
Wills, I, (1997) Economics and the Environment, a signalling and incentives approach. Allen &amp; Unwin, Sydney.
Young, M., Gunningham, N., et al (1996) Reimbursing the future, an evaluation of motivational, voluntary, price based, property right and regulatory incentives for the conservation of biodiversity. Biodiversity Series Paper No 9, Biodiversity Unit, Department of the Environment, Sport &amp; Territories, Canberra.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/managing-rare-native-vegetation-holdings-in-south-australia-the-implications-of-subdivision</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/the-residential-land-auction-market-in-hong-kong-market-share-and-profitability</link>
<title><![CDATA[The Residential Land Auction Market in Hong Kong: Market Share and Profitability]]></title>
<description><![CDATA[This paper examines the relationship between market concentration and profitability in the residential land auction market in Hong Kong. In the land auction market, competition is keen and the land acquired is arguably expensive, with the market dominated by a few companies. This paper finds that the developers tend to locate themselves in a suitable market position or strategic domains, within which they sustain competitiveness by increasing their market share. Evidence suggests that a developer would adopt the competitive strategy which adjusts its positioning in the best use of its abilities.
]]></description>
<content><![CDATA[Bannock, G. Boxter, R. and Davis, E. (1987) Dictionary of Economics, 4th edn, Penguin Books London.
Bain, J. (1956) Barriers to the New Competitive, Cambridge: Harvard University Press.
Buzzell, R., Gale, B. and Sultan, R. (1975) Market Share &#150; A Key to Profitability, Harvard Business Review, 53, pp. 97 &#150; 106.
Consumer Council (1996) How Competitive is the Private Residential Property Market?, Hong Kong: Consumer Council.
Cronin, F. (1983), Market Structure and the Price of Housing Services, Urban Studies, 20, pp.365-375.
Day, G. and Montgomery, D. (1983) Diagnosing the Experience Curve, Journal of Marketing, 47, pp.44-48.
Drew, D. and Skitmore, R. (1993) Prequalification and Competitiveness, OMEGA International Journal of Management Science, 21, pp.363-375.
Erdener, C. (1993) Linking Strategy to Training: An Overview of the Implications of Competitive Strategy for Training, Management Research News, 16 (8), pp. 6 &#150; 12.
Fine, B. (1975), Tendering Strategy, in Turin, D. (ed) Aspects of the Economics of Construction, London: George Goodwin Ltd, pp.202-221.
Fraering, J. and Minor M. (1994) The Industry-Specific Basis of the Market Share &#150; Profitability Relationship, Journal of Consumer Marketing, 11 (1), pp. 27 &#150; 37.
Hergert, M. (1984), Market Share and Profitability: Is Bigger Really Better?, Business Economics, 19 Oct, pp. 45 &#150; 48.
Hong Kong Government (1999) Better Housing for All, Hong Kong: Government Printer.
Jacobson, R. (1988) Distinguishing among Competing Theories of the Market Share Effect, Journal of Marketing, 52, pp. 68 &#150; 80.
Porter, M. (1980) Competitive Strategy, New York: Free Press.
Shanklin, W. (1988) Market Share is not Destiny, Journal of Consumer Marketing, 5, pp. 15-16.
Shepherd, W. (1990) The Economics of Industrial Organization. New Jersey: Prentice Hall, Inc.
Shepherd, W. (1995) Contestability vs Competition: Once More, Land Economics, 71, pp. 299 &#150; 309.
Shea, L.(1998) Hong Kong Developers Play the Risky Game, Asian Business, 34 (1), pp. 18 &#150; 19.
Szymanski, D. Bharadwaj, S. &amp; Varadarajan, P. (1993) An Analysis of the Market Share-Profitability Relationship, Journal of Marketing, 57 (3), pp. 1 &#150; 18.
Titman, S. (1985) Urban Land Prices Under Uncertainty, American Economic Review, 75, pp. 505 &#150; 514.
Train, K. (1991) Optimal Regulation: The Economic Theory of Natural Monopoly, Cambridge, MA: MIT Press.
Tse, R. (1998) Housing Price, Land Supply and Revenue from Land Sales, Urban Studies. 35 (8), pp. 1377 &#150; 1392.
Whitaker, D. (1981) Bidding for Development Land, Journal of the American Real Estate &amp; Urban Economics Association, 9(3), pp. 223-233.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/the-residential-land-auction-market-in-hong-kong-market-share-and-profitability</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/property-research-priorities-in-australia</link>
<title><![CDATA[Property Research Priorities in Australia]]></title>
<description><![CDATA[Using a survey conducted in 2001, property research priorities amongst Australian institutional property investors are examined. Forty property research topics are prioritised and then compared with equivalent USA property research priorities. The role of property in a mixed-asset portfolio was the top priority general property research topic and the impact of capital flows was the top priority specific property research topic. Factor analysis is used to identify the underlying property dimensions in these property research priorities. Strategic property issues and the changing property environment were seen to be the two most important property dimensions.
]]></description>
<content><![CDATA[Everitt, ?. and G. Dunn. 2001. Applied Multivariate Data Analysis. Arnold: London.
Harrington, A. 1998. Measuring up: now it&#39;s property&#39;s turn. Australian Land Economics Review 4(1): 21-22.
Jaffe, A. 1998. The costs of ignoring institutional factors in international property research. Australian Land Economics Review 4(2): 3-9.
Lusht, K. 1993. Future directions in real estate research. Journal of Property Valuation and Investment 11(4): 327-337.
Parker, D. 2001. An institutional perspective on property research. Pacific Rim Property Research Journal 7(1): 3-17.
Property Investment Research. 2000. Directory of Australian property funds and managers. PIR: Melbourne.
Souza, L. 2000. Academic and applied real estate research: &quot;as two worlds collide&quot; or &quot;as two worlds divide&quot;. Journal of Real Estate Portfolio Management 6(1): 97-100.
Steinert, ?. and S. Crowe. 2001. Global real estate investment: characteristics, optimal portfolio allocation and future trends. Pacific Rim Property Research Journal 7(4): 223-239.
Webb, J. 1997. A global view of real estate education and research: past, present and future. Australian Land Economics Review 3(2): 3-7.
Winograd, B. 1999. Research I&#39;d like to read. Journal of Real Estate Portfolio Management 5(2): 195-197.
Worzala, E. et al. 2000. The real estate research needs of chief investment officers. Pension Real Estate Association Quarterly (Fall): 24-27.
Worzala, E. et al. 2001. The real estate research needs of the Plan sponsor community: what do the real estate managers want to know. ARES Conference: Coeur d&#39;Alene.
Ziering, B. and E. Worzala. 1997. The real estate interests of the Plan sponsor community: survey results. Journal of Real Estate Research 13(2): 115-143.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/property-research-priorities-in-australia</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/valuation-variance-and-negligence-the-importance-of-reasonable-care</link>
<title><![CDATA[Valuation Variance and Negligence: The Importance of Reasonable Care]]></title>
<description><![CDATA[This paper considers the concepts of valuation accuracy and negligence. It reviews previous domestic and international studies on the subject of valuation accuracy and variation and examines contemporary valuation negligence case law in Australia. There is an examination of the current interpretation by the courts in Australia of what constitutes valuation negligence. The duty of reasonable care, which is the established standard required to be met by all valuers, is explained and measures of reasonable care are discussed. The paper stresses the need for valuers to demonstrate competency in every aspect of their professional work.
]]></description>
<content><![CDATA[Adair, A., Hutchison, N., MacGregor, ?., McGreal, S., &amp; Nanthakumaran, N. (1996). An analysis of valuation variation in the UK commercial property market: Hager and Lord revisited. Journal of Property Valuation &amp; Investment, 14:5, 34-47.
Blundell, G. and Ward, C. (1997). The accuracy of valuations - expectation and reality. Unpublished paper, The University of Reading, Reading, United Kingdom.
Brown, G. (1985). Property investment and performance measurement: a reply. Journal of Valuation, 4, 33-44.
Brown, G., Matysiak, G., &amp; Shepherd, M. (1998). Valuation uncertainty and the Mallinson Report. Journal of Property Research, 15:1, 1-13.
Crosby, N., Lavers, A., &amp; Murdoch, J. (1998a). Property valuation variation and the &#145;margin of error&#39; in the UK. Journal of Property Research, 15:4, 305-330.
Crosby, N., Lavers, A., &amp; Murdoch, J. (1998b). Property valuations: the role of the margin of error in establishing negligence. University of Western Australia Law Review, 27:2, 156-192.
Crosby, N. (2000). Valuation accuracy, variation, and bias in the context of standards and expectations. Journal of Property Investment and Finance, 18:2, 130-161.
Diaz, J., &amp; Wolverton, M. (1998). A longitudinal examination of the appraisal smoothing hypothesis. Real Estate Economics, 26:2, 349-359.
Drivers Jonas, &amp; Investment Property Databank (1988). Variance in valuations. London: Drivers Jonas &amp; Investment Property Databank.
Drivers Jonas, &amp; Investment Property Databank (1990). Variance in valuation. London: Drivers Jonas &amp; Investment Property Databank.
Drivers Jonas, &amp; Investment Property Databank (2000). Variance in valuations. London: Drivers Jonas &amp; Investment Property Databank.
Hager, D., &amp; Lord, D. (1985). The property market, property valuations and property performance measurement. London: Institute of Actuaries.
Lizieri, C, &amp; Venmore-Rowland, P. (1991). Valuation accuracy: a contribution to the debate. Journal of Property Research, 8, 115-122.
Mallinson, M. (1994a). Commercial property valuations: report of the president&#39;s working party. London: The Royal Institution of Chartered Surveyors.
Mallinson, M. (1994b). Commercial property valuations: key findings, report of the president&#39;s working party. London: The Royal Institution of Chartered Surveyors.
Matysiak, G. &amp; Wang, P. (1995). Commercial property market prices and valuations: analysing the correspondence. Journal of Property Research, 12, 181-202.
Miles, M., Guilkey, D., Webb, ?., &amp; Hunter, K. (1991). An empirical evaluation of the reliability of commercial appraisals. Chicago: National Council of Real Estate Investment Fiduciaries.
Newell, G., &amp; Kishore, R. (1998). The accuracy of commercial property valuations. Paper presented at the 4th Pacific Rim Real Estate Society Conference, Perth, Australia.
Parker, D. (1998). Valuation accuracy: an Australian perspective. Paper presented at the 4th Pacific Rim Real Estate Society conference, Perth, Australia.
Parker, D. (1999). A note on valuation accuracy: an Australian case study. Journal of Property Investment and Finance, 17:4, 401-411.
Rossini, P. (1999). Accuracy issues for automated and artificial intelligent residential valuation systems. Paper presented at the International Real Estate Society conference, Kuala Lumpur, Malaysia.
Royal Institution of Chartered Surveyors (RICS). (1997). Commercial property valuation: an information paper. London: Royal Institution of Chartered Surveyors.
Teague, K. (2000). Recent legislation and court decisions of concern to property professionals. Paper presented at the Australian Property Institute Property Law conference, Sydney, Australia.
Young, M., &amp; Graff, R. (1999). Measuring random appraisal error in commercial real estate. Real Estate Review, 28:4, 57-62.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/valuation-variance-and-negligence-the-importance-of-reasonable-care</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/white-site-valuation-a-real-option-approach-care</link>
<title><![CDATA[&quot;White&quot; Site Valuation: A Real Option Approach Care]]></title>
<description><![CDATA[The &quot;white-site &quot; zoning concept was introduced in Singapore to give developers more flexibility in the use of the sites they bought via the government&#39;s sale of sites program. Endowed with the switch use options, developers can respond to the market demand and supply conditions more effectively by instantly adjusting and optimizing the space among different uses without having to pay a hefty differential premium. This study proposes a two-stage sequential real option model to jointly estimate the premiums for the flexibilities in switching use and selecting the most favorable timing for a white site development. The proposed real option models are then applied to empirically estimate the premiums for five selected white sites.
]]></description>
<content><![CDATA[Brueckner, J. 1993). &quot;Inter-Store Externalities and Space Allocation in Shopping Centers,&quot; Journal of Real Estate Finance &amp; Economics 7:5, 5-16.
Childs, P. Riddiough, T. and Triantis, ?., (1996), &quot;Mixed Uses and the Redevelopment Option,&quot; Real Estate Economics, 24:3, 317-339.
Geltner, D., Riddiough, T. and Stojanovic, S. (1996), &quot;Insights on the Effect of Land Use Choice: The Perpetual Option on the Best of two Underlying Assets,&quot; Journal of Urban Economics, 39, 20-50.
Grenadier, S. (1995a). &quot;Flexibility and Tenant Mix in Real Estate Projects,&quot; Journal of Urban Economics 38, 357-378.
Grenadier, S. (1995b), &quot;The Persistence of Real Estate Cycles,&quot; Journal of Real Estate Finance and Economics, 10, 95-1 19.
Quigg, L. (1993), &quot;Empirical Testing of Real Option-Pricing Models,&quot; The Journal of Finance, 68:2. 621 - 639.
Sing, T.F. (2001), &quot;Optimal Timing of Development Under Uncertainty,&quot; Journal of Property Investment &amp; Finance, 19:1, 35-52.
Sing, T.F., and Patel, K. (2000), &quot;Optimal Tenant Mix Options for a Real Estate Project,&quot; presented at the Allied Social Science Associations (ASSA)/ the American Real Estate and Urban Economic Associations (AREUEA) conference, Boston, MA, January 7-9, 2000.
Titman, S. (1985), &quot;Urban Land Prices Under Uncertainty,&quot; American Economic Review, 75:3, pp. 505-514.
Williams, J. (1991), &quot;Real Estate Development as an Option,&quot; Journal of Real Estate Finance and Economics, 4:2, 191 -208.
Abdul Hadhi. (16 August 1995). &quot;White sites: property players hail easing of land use curbs,&quot; Business Times.
Tan, Colin. (11 November 1997). &quot;Developers get free hand in new downtown: Future city: Take a peek,&quot; Straits Times.
Yeo, Stephanie. (10 May 1996). &quot;White sites: You call, developer,&quot; Straits Times.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/white-site-valuation-a-real-option-approach-care</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/benchmarking-financial-performance-of-condominiums</link>
<title><![CDATA[Benchmarking Financial Performance of Condominiums]]></title>
<description><![CDATA[This paper documents the process and the findings of a study to benchmark property management practices of private residential developments in Singapore. Besides providing a set offinancial performance benchmarks for the promotion of a higher level of condominium management, the empirical evidence shows that management expenditure decreases with the number of units within a development due to economy of scale. The age of a development, however, does not significantly influence management costs. The data further reveal interesting implications on the economics of outsourcing versus provision of in-house services.
]]></description>
<content><![CDATA[Adler, J. (1994) &quot;Benchmarking Proves to be Effective Tool for Cost and Quality&quot;, National Real Estate Investor, Vol. 36 No.5.
Construct IT Centre for Excellence, Benchmarking Best Practice Report: Facilities Management, February 1997.
Construction Industry Development Board (Singapore), The Construction &#145;90 &#150; Maintenance &amp; Retrofitting Sector Report, 1990.
Dean, D. and Lee, C. (1998), &quot;Winning Applause &#150; Benchmarking Tenant Satisfaction&quot;, Journal of Property Management, Vol.63 No.2, pp. 42-45.
Hubbard, G. (1994), &quot;Benchmarking &amp; FM Audits: A Continuous Process&quot;, Facilities Design &amp; Management, Vol.13 No. 5, pp. 64-69.
International Facility Management Association (1994), Benchmarks II, International Facility Management Association, USA.
Liebfried, K. and McNair, C. (1994), Benchmarking: A Tool for Continuous Improvement, Harper Collins Publishers Ltd., London.
Lim, L. Y. (1987), A Guide to MCs, Singapore National Printers, Singapore.
Rogers, P. (1997), &quot;Raising the Bar &#150; Benchmarking Operational Performance&quot;, Journal of Property Management, Vol.62 No.6, pp. 48-51.
Then, S. S. and Tan, T. H. (1999), &quot;A Performance Measurement Framework For Asset Management In Queensland&quot; in Facilities Management and MaintenancThe Way Ahead into the Millennium, ed. Quah, L. K., McGraw-Hill, UK.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/benchmarking-financial-performance-of-condominiums</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume8-2002/valuation-of-property-assets-an-international-research-agenda</link>
<title><![CDATA[Valuation of Property Assets: An International Research Agenda]]></title>
<description><![CDATA[Over the past decade, there has been a significant growth in real estate research throughout the world. While many countries are characterised by differing histories of real estate education and research reflecting variations in political systems, land tenure, culture and economic development, the past ten years have witnessed a dramatic increase both in the volume of research and the opportunities for presentation and publication of findings.
To date, there have been few reflective studies of the nature and scope of property research; consequently, we argue that it is useful to map the research terrain by analysing contributions to research conferences. We argue that, as not all contributions have been published, the conference provides a broader overview of the main areas of real estate research activity than would be possible from a similar study of contributions to academic journals. Similarly, the conference provides comprehensive coverage of research undertaken in the valuation specialism which is the specific focus of this paper.
This paper presents initial findings from a comparative analysis of valuation papers presented at the RICS Cutting Edge (RICS CE), European Real Estate Society (ERES) and Pacific Rim Real Estate Society (PRRES) conferences over the period 1993 to 2001. The emerging themes and characteristics of a global valuation research agenda are discussed together with the implications for future research.
]]></description>
<content><![CDATA[Adair, A., Crosby, ?., Watkins, ?. and Lim, L. (2000). The contribution of the RICS Cutting Edge Conference to real estate research: the participants, their impact and the research agenda. Paper presented at the RICS Cutting Edge Conference, London.
Adair, A., Crosby, N., Lim, L. and Watkins, C. (2001a). Is There a Property Valuation Research Agenda: Evidence from the RICS Cutting Edge? Paper presented at the World Valuation Congress IX, Singapore.
Adair, A., Crosby, N., Lim, L. and Watkins, C. (2001b). An Emerging European Valuation Research Agenda: evidence from the European Real Estate Society and the RICS Cutting Edge conferences. The European Group of Valuers Associations (TEGoVA), London.
Baum, A., Crosby, ?., Gallimore, P., McAllister, P. and Gray, A. (2000). The influence of valuers and valuations on the workings of the commercial property investment market, London, Investment Property Forum (Research funded by the Education Trusts of the Investment Property Forum, Jones Lang LaSalle and the Royal Institution of Chartered Surveyors)
Cox, L. and Gustavson, S. (1990). Leading contributors to insurance research, Journal of Risk and Insurance, 57, 260-281.
Crosby, N. (2000) Future directions and challenges for valuation research and practice, Pacific Rim Property Research Journal, 6 (1), 3-11.
Investment Property Forum/Investment Property Databank (2000) The Assessment and Management of Risk in the Property Investment Industry, Investment Property Forum/Investment Property Databank, London.
Johnson, L., Roulac, S., and Followill, R. (1996). American Real Estate Society annual meeting paper presentations: the first decade (1985-1994), Journal of Real Estate Research, 12 (2), 195-207.
Levy, D. and Schuck, E. (1999). The influence of clients on valuations: the clients&#39; perspective. Paper presented at the RICS Cutting Edge Conference, Cambridge, September
Newell, G., Acheampong, P., Juchau, R., Chau, K. and Webb, J. (2001). An international analysis of real estate journals. Paper presented at the IRES First World Congress, Anchorage, Alaska.
Ong, S., Ooi, J. and Wong, N. (2001). Crossing the great divide? A survey of US and UK real estate journals, Journal of Property Investment &amp; Finance, 19 (6), 519-534.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume8-2002/valuation-of-property-assets-an-international-research-agenda</guid>
<pubDate>31 Dec 2001 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/the-performance-of-expert-valuation-witnesses-in-australia</link>
<title><![CDATA[The Performance of Expert Valuation Witnesses in Australia]]></title>
<description><![CDATA[Earlier research in the UK found that the performance of expert valuation witnesses was inconsistent. This paper aims to examine the organisation, training and performance of the expert valuation witness in Australia. After reviewing the legal context, the paper examines the criticisms that have been made of expert witnesses and carries out survey work of expert valuation witnesses in Australia, using a comparable survey instrument to that used earlier in the UK. The paper concludes that the current expert witness system is operating reasonably well in Australia, but that more formal training may help to overcome potential bias.
]]></description>
<content><![CDATA[API (2000). Professional Practice 2000. Australian Property Institute. Deakin ACT.
ACP (1998). Roles and Duties of un Expert Witness in Litigation. Australian Council of Professions.
ALRC (1999a). Experts (Background Paper 6). Australian Law Reform Commission.
ALRC (1999b). Review of the federal civil justice system (Discussion Paper 62). Australian Law Reform Commission.
ALRC (1999c). Managing Justice - a review of the federal civil justice system (ALRC 89). Australian Law Reform Commission.
Callinan I. (1988). The expert witness. The Valuer 30(4) 177-182.
Chesterman R.(1998). Dealing with expert witnesses. Law Society Journal 36(10) 50-54.
Crosby, N., Lavers, A. and Murdoch, J. (1998a). Property Valuation Variation and the &quot;Margin of Error&quot; in the UK. Journal of Property Research, 15(4) 305-330.
Crosby, N., Lavers, A. and Murdoch, J. (1998b). Property Valuation Variation and the &quot;Margin of Error&quot;. Paper at the 4th Pacific Rim Real Estate Society Conference, Perth, January.
Crosby, N., Lavers, A. and Murdoch, J. ( 1999). The Role and Performance of the Expert Valuation Witness. Paper at the RICS &quot;Cutting Edge&quot; Conference 1999, http://www.rics.org.uk/researchy.
Crosby, N. (2000). Valuation Accuracy, Variation and Bias in the Context of Standards and Expectations. Journal of Property Investment and Finance, 18(2) 130-61.
Davison, R. (1988). Arbitration &#151; the Role of the Expert Witness. The Valuer 30(4).
De Fina, A. (1998). Australian Council of Professions: Guidelines for Expert Witnesses. Building and Construction Law 14(6) 460-462.
Federal Court of Australia (1998). Practice Direction. Guidelines for Expert Witnesses.
Freckelton, I., Reddy, P. and Selby, H. (1999). Australian Judicial Perspectives on Expert Evidence: an Empirical Study (Australian Institute of Judicial Administration).
Freckelton, I. and Selby, H. The Law of Expert Evidence, LBC. (looseleaf service).
Madden, B. (2000) Changes to the Role of Expert Witnesses. Law Society Journal 38(5) 50-52
Newell, G. and Kishore, R. (1998). The Accuracy of Commercial Property Valuations. 4th PRRES Conference, Perth, January.
Parker, D. (1998). Valuation Accuracy &#151; An Australian Perspective. 4th PRRES Conference, Perth, January.
RTCS (1997). Surveyors Acting as Expert Witnesses: Practice Statement and Guidance Notes. Royal Institution of Chartered Surveyors, London.
Shank, J. (1983). Hearsay and the Valuer as an Expert Witness. The Valuer 27, 613-614.
Western Australia Law Reform Commission (2000). Reform of the Criminal and Civil Justice System.
Woolf, (1995). Chapter 23: Experts in Access to Justice: Interim Report to the Lord Chancellor on the Civil Justice System in England and Wales. HMSO, London.
Woolf, (1996). Chapter 13: Expert Evidence in Access to Justice: Final Report to the Lord Chancellor on the Civil Justice System in England and Wales. HMSO, London.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/the-performance-of-expert-valuation-witnesses-in-australia</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/relationships-between-the-financial-and-property-markets-in-the-asia-pacific-area</link>
<title><![CDATA[Relationships Between the Financial and Property Markets in the Asia-Pacific Area]]></title>
<description><![CDATA[This paper initially reviews literature in relation to global capital flows, financial markets and real estate investment in the Asia-Pacific area. The Asian crisis is discussed in terms of the financial sector and debt financed real estate. Focus is placed upon the reorganisation of financial markets, the restructuring of bank finance and the impact of non-performing loans. Thailand in general and more specifically, the property market in Bangkok is used as a case study example to analyse these linkages. It is argued that a combination of weak regulatory framework in the financial sector and severe deficiencies in the planning/development process resulted in a highly over-supplied office market. The paper concludes that a more liquid property market needs to be created.
]]></description>
<content><![CDATA[Asian Development Bank, 2000, Regional and Country Highlights &#151; Developing Asia and the Pacific. Manila: Asian Development Bank.
Asian Development Bank, 2001, Asian Development Outlook. Manila: Asian Development Bank.
Ball, M., Lizieri, C. and MacGregor, ?., 1998, The Economics of Commercial Property Markets, Routledge, London.
Berry, J. and McGreal, W., 1995, European Cities, Planning Systems and Property Markets, E &amp; FN Spon, London.
Berry, J. and McGreal, W., 1999, Cities in the Pacific Rim, Planning Systems and Property Markets, E &amp; FN Spon, London.
Budd, L. 1998, Territorial Competition and Globalisation; Scylla and Charybdis of European Cities, Urban Studies, 35(4), 663-685.
Castells, M. 1993, European Cities, the Informational Society, and the Global Economy, Tijilshirift voor Economische en Sociale Geografie, Special Issue European Cities: Changing Urban Structures in a Changing World, 84(4), 247-257.
D&#39;Arcy, E. and Keogh, G. 1997, Towards a Property Market Paradigm of Urban Change, Environment and Planning A, 29, 685-706.
Dicken, P., 1992, Global Shift; The Internationalisation of Economic Activity, Paul Chapman, London.
Dixon, C.,1999, The Pacific Asian Challenge to Neoliberalism, in D. Simon and A. Narman (eds), Development as Theory and Practice, Addison Wesley Longman, London, pp.205-229.
Geurts, T. and Jaffc. A., 1996, Risk and Real Estate Investment: An International Perspective, Journal of Real Estate Research, 11(2), 117-129.
Henderson, C. 1998, Asia Falling?, McGraw Hill Book Co., Singapore.
International Institute of Finance, 1998, Capital Flow to Emerging Market Economies, International Institute of Finance, Washington.
Jones Lang LaSalle, 2000, Bangkok Property Outlook, Jones Lang LaSalle. Bangkok.
Keogh, G. and D&#39;Arcy, E., 1994, Market Maturity and Property Market Behaviour; A European Comparison of Mature and Emergent Markets, Journal of Property Research, 11, 215-235.
Krugman, P., 1994, Competitiveness: a Dangerous Obsession, Foreign Affairs, 74(2), 28-44.
Lewis, M. 1994, Banking on Real Estate, Discussion Paper in Economics, No 94/6 University of Nottingham, Nottingham.
Miller, M. and Luagaram, P., 1998, Financial Crisis in East Asia: Bank Runs, Asset Bubbles and Antidotes, National Institute Economic Review, 165, 66-82.
Mueller, G., 1999, Real Estate Rental Growth Rates at Different Points in the Physical Market Cyste; Journal of Real Estate Research, 18(1), 131-150.
Newell, G. and Worzala, E., 1995, The Role of International Property in Investment Portfolios, Journal of Property Finance, 6(1), 55-63.
Petrella, R., 1996, Globalisation and Internationalization; the Dynamics of the Emerging World Order, in R. Boyer and D. Drache (eds), States Against Markets, Routledge, London.
Plumb, C, 1999, Bangkok, in J. N. Berry and W.S. McGreal (eds.), Cities in the Pacific Rim, Planning Systems and Property Markets, E&amp;FN Spon, London, 129-156.
Preston, P., 1999, Pacific Asia in the Global System, Blackwell Publishers, Oxford.
Radelet, S. and Sachs, J., 1998 The Onset of the East Asian Financial Crisis, mimeo, Harvard Institute for International Development,
Ratcliffe, J., 1998, Real Estate 20:20 &#151; A Vision of Our l&#39;ime, The Property Valuer, Spring pp. 4-19
Short, J. and Kim, Y., 1999, Globalisation and the City, Addison Wesley Longman Limited, Essex, England
Sweeney, F., 1993, Mapping a European Property Investment Strategy, Journal of Property Valuation and Investment, 11(3), 259-267.
World Bank, 1999, East Asia: the Road to Recovery, World Bank, Washington.
Worzala, E., 1994, Overseas Property Investments: How are They Perceived By the Institutional Investor?, Journal of Property Valuation and Investment, 12, 31-47.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/relationships-between-the-financial-and-property-markets-in-the-asia-pacific-area</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/stigma-and-its-assessment-methods</link>
<title><![CDATA[Stigma and its Assessment Methods]]></title>
<description><![CDATA[This paper discusses the nature of stigma and its assessment methods. Stigma has a complex nature. Apart from affecting a contaminated or potentially contaminated property, stigma also affects the value of properties that are not contaminated, but are in close proximity to a source of contamination. It may be seen as a loss in property value due to the risk perception associated with the property.
Although Australia is generally regarded as a non-polluted country, there is also contaminated land in this country. This paper finds that stigma also exists in Australia. Since stigma is caused by risk perception, its impact on property value is difficult to quantify and market evidence cannot be used as a reliable means to assess value loss due to stigma. Regarding stigma assessment methods, this paper looks at the methods suggested by property researchers, as well as those used by practising valuers. It also provides a comparison of methods used by Australian valuers and valuers in the US, UK and New Zealand.
The paper finds that the methods suggested by property researchers and the methods used by Australian valuers are not satisfactory. There is a need for a better method to assess stigma.
]]></description>
<content><![CDATA[Australian Property Institute (API), 1999, Guide Note 15, Professional Practice 2000, pp. 183&#150;205.
Baum, A. &amp; Crosby, N. 1989, Property Investment Appraisal, Routledge London.
Bond, S., 2000, Do Market Perceptions Affect Market Prices? A Case Study of a Remediated Contaminated Site, Research paper presented at the 16 American Real Estate Society Conference, Santa Barbara, California, 29 March &#150; 1 April.
Chalmers, J. &amp; Jackson, T., 1996, Risk Factors in the Appraisal of Contaminated Property, The Appraisal Journal, LXIV (1), pp.44&#150;58.
Chalmers, J. &amp; Roehr, S., 1993, Issues in the Valuation of Contaminated Property, The Appraisal Journal, LXI (1), pp.28&#150;41.
Chan, N., 2000, How Australian Appraisers Assess Contaminated Land, The Appraisal Journal, LXVIII (4), pp.432 - 440.
Clarke, G., 1998, Director of McGees National Property Consultants, (Interview, August 1998).
Dotzour, M., 1997, Groundwater Contamination and Residential Property Values, The Appraisal Journal, LXV (3), pp.279 - 285.
Dybvig, L., 1992, Contaminated Real Estate Implications for real estate appraisers, The Research And Development Fund, Appraisal Institute Of Canada (AIC).
Freudenburg, W., 1988, Perceived Risk, Real Risk: Social Science And The Art Of Probabilistic Risk Assessment, Science, 242, pp.44&#150;49.
Greenberg, M. &amp; Huges, J., 1993, Impact of Hazardous Wastes Sites on Property Value and Land Use: Tax Assessors&#39; Appraisal, The Appraisal Journal, LXI, (1), pp.42&#150;51.
Guntermann, ?., 1995, Sanitary Landfills, Stigma and Industrial Land Values, Journal of Real Estate Research, 10 (5), pp.531&#151;542.
Kinnard, W., Worzala, E., Bond, S. &amp; Kennedy, P. 1999, Comparative Studies of United States, United Kingdom and New Zealand Appraisal Practice: Valuing Contaminated Property.Research paper presented at the 15 American Real Estate Society Annual Meeting in Tampa, Florida, 7&#150;10 April.
Lentz, G. &amp; Tse, K., 1995, An Option Pricing Approach to the Valuation of Real Estate contaminated with Hazardous Materials, Journal of Real Estate Finance and Economics, 10 (2), pp. 121&#150;144.
McLean, D. &amp; Mundy, B. 1998, The Addition of Contingent Valuation and Conjoint Analysis to The Required Body of Knowledge for the Estimation of Environmental Damages, Journal of Real Estate Practice and Education, 1 (1), pp.1&#150;19.
Mundy, B., ?., 1992a, Stigma and Value, The Appraisal Journal, LX (1), pp.7&#150;13.
Mundy, B., ?., 1992b, The Impact of Hazardous Materials on Property Value, The Appraisal Journal, LX (2), pp. 155&#150;162.
Mundy, B., ?., 1992c, The Impact of Hazardous Materials on Property Value: Revisited, The Appraisal Journal, LX (4), pp.463&#150;471.
Neustein, R. &amp; Bell, R. 1998, Diminishing Diminution: A Trend in Environmental Stigma, Environmental Claims Journal, 11 (1), pp.47&#150;59.
Patchin, P., 1988, Valuation of Contaminated Properties, The Appraisal Journal, LVI (l),pp.7&#150;16.
Patchin, P., 1991, Contaminated Properties - Stigma Revisited, The Appraisal Journal, LIX (2), pp. 167&#150;172.
Patchin, P., 1994, Contaminated Properties and the Sales Comparison Approach, The Appraisal Journal, LXII (3), pp.402&#150;409.
Reichert, A., 1997, Impact of a Toxic Waste Superfund Site on Property Values, The Appraisal Journal, LXV (4), pp.381&#150;392.
Roddewig, R., 1996, Stigma, Environmental Risk and Property Value: 10 Critical Inquiries, The Appraisal Journal, LXTV (4), pp.375&#150;387.
Roddewig, R., 2000, Adjusting Environmental Case Study Comparables by Using an Environmental Risk Scoring System, The Appraisal Journal, LXVIII (4), pp.371&#150;374.
Sanders, M., 1996, Post-Repair Diminution in Value from Geotechnical Problems, The Appraisal Journal, LXTV (1), pp.59&#150;66.
Spencer, J., 1993, Standard for Valuation of Contaminated Land in Australia, The Valuer And Land Economist, 32 (8), pp.585&#150;587.
Syms, P., 1996a, Dealing with Contaminated Assets, Estates Gazette, Issue 9612, pp. 124&#150;125.
Syms, P., 1996b, The Valuation of Contaminated Land: the Problems Caused by Lack of Accessible Data in the United Kingdom, Journal of Property Development, 1(1), pp. 17&#150;25.
Syms, P., 1997a, Perceptions of Risk in the Valuation of Contaminated Land, Journal of Property Valuation &amp; Investment, 15 (1), pp.27&#150;39.
Syms, P., 1997b, Contaminated Land, Blackwell Science.
Weber, ?., 1997, The Valuation of Contaminated Land, Journal of Real Estate Research, 14 (3), pp.379&#150;398.
Wilson, A., 1992, Environmentally Impaired Valuation: A Team Approach To a Balance Sheet Presentation, Technical Report: Measuring the Effects of Hazardous Materials Contamination on Real Estate Values: Techniques and Applications, Appraisal Institute, pp.23&#150;42.
Wilson, A., 1994, The Environmental Opinion: Basis for an Impaired Value Opinion, The Appraisal Journal, LXII (3), pp.410-423.
Wiltshaw, D., 1996, An Economic Analysis of Contaminated Land, Remediation and Liability, Journal of Property Research, 13, pp.131&#150;141.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/stigma-and-its-assessment-methods</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/new-paradigms-in-real-estate-education</link>
<title><![CDATA[New Paradigms in Real Estate Education]]></title>
<description><![CDATA[This paper traces the development of real estate education over the last few decades. It addresses the different schools of thought on what constitutes real estate education; in particular, the US versus the UK models and the dilemmas facing each model. However, with increasing globalisation and the pervasiveness of information technology, the more fundamental issue facing real estate education today is its relevance to the professions as well as in the new knowledge economy. Both the curricula and the mode of delivery will need to accommodate these changes. New educational paradigms such as life-long learning, problem-based learning, and creative thinking will dictate the development of the real estate curricula. Information technology tools will change the traditional learning environment. To meet the challenges of these changes, both academic institutions as well as professional bodies need to re-examine the type of real estate graduate that will fit the future work place and the education that will give the desired outcome.
]]></description>
<content><![CDATA[Applied Research Corporation (2000), 1999 NUS and NTU Graduate Employment Survey.
Avdiev, R. (2000), &quot;Golden Apple or Poisoned Chalice? The Influence of Education on Careers&quot;, Australian Property Journal, 36(4), 270-2.
Barr, R. and J. Tagg (1995), &quot;From Teaching to Learning &#151; A New Paradigm for Undergraduate Education &#145;, Change, Nov/Dec, 13-25.
Butler, J., K. Guntermann, M. Wolverton (1998), &quot;Integrating the Real Estate Curriculum&quot;. Journal of Real Estate Practice and Education, 1(1), 51-66.
Dasso, J. (1976), &quot;Real Estate Education at the University Level&quot;, Recent Perspectives in Urban Land Economics, University of British Columbia.
Diaz, J. (1993), &quot;Science, Engineering and the Discipline of Real Estate&quot;, Journal of Real Estate Literature, 1(2), 183-195.
Epley, D. (1996), &quot;The Current Body of Knowledge Paradigms Used in Real Estate Education and Issues in Need for Further Research&quot;, The Journal of Real Estate Research, 12(2), 229-236.
Graaskamp, J. (1976), &quot;Redefining the Role of University Education in Real Estate and Urban Land Economics&quot;, The Real Estate Appraiser, Mar-April, 23-6.
Haworth, A., A. Jashapara and B. Smith-Bowers (1994), &quot;Producing the Effective Worker for the Global Property Market&quot;, 4 Australasian Real Estate Educators&#39; Conference, Auckland, New Zealand.
Lim, L.Y. (1992), &quot;Real Estate Education in Singapore&quot;, 2 Australasian Real Estate Educators&#39; Conference, Adelaide, Australia.
Mertzke, A. (1927), &quot;Status of Real Estate Education in the United States&quot;, National Real Estate Journal, June 1927.
Newell, G. and C. Eves (2000), &quot;Recent Developments in Property Education in Australia&quot;, Australian Property Journal, 36(4), 275-8.
The Straits Times, &quot;TT can make or break education institutions&quot;, 10 January 2001, H12.
Weimer, A. (1956), &quot;The Teaching of Real Estate and Business Administration&quot;, Land Economics, Feb 1956.
Yu, S.M. (2000), Employers&#39; Perceptions of Real Estate Graduates. Unpublished. Research Report, NUS.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/new-paradigms-in-real-estate-education</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/the-abnormal-return-performance-of-singapore-property-companies</link>
<title><![CDATA[The Abnormal Return Performance of Singapore Property Companies]]></title>
<description><![CDATA[This study provides an empirical investigation of time-varying abnormal return performance of Singapore property companies between 1990 and 1999, an eventful period when the local stock and property markets were affected by strong economic growth, anti-speculation curbs on residential property market and the Asian economic crisis. The study fails to detect any superior abnormal return performance in the property stock market. However, there is some evidence that the abnormal returns in the physical property and property stocks are linked. The property investment implications arising from the study are also evaluated.
]]></description>
<content><![CDATA[Glascock, J. and Davidson, W. (1995), &quot; Performance measures of real estate firm common stock returns&quot;, in Schwartz, A.L. and Kapplin, S.D. (1995) (Eds), Alternative Ideas in Real Estate Investment, American Real Estate Society, Kluwer Academic Publishers, Norwall, MA.
Gyourko, J. and Keim, D. (1992), &quot;What does the stock market tell us about real estate returns&quot;, Journal of the American Real Estate and Urban Economics Association 20(3), 457-485.
Han, J. and Liang. Y. (1995), &quot;The historical performance of real estate investment trusts&quot;, Journal of Real Estate Research 10(3), 235-262.
Harvey, A. (1993), Time Series Models, Harvester Wheatsheaf, London.
Jensen, M. (1968), &quot;The performance of mutual funds in the period 1945-1964&quot;, Journal of Finance 23(2), 389-416.
Kapplin, S. and Schwartz, A. (1995), &quot; Recent performance of US real estate securities&quot;, in Schwartz, A. and Kapplin, S. (1995) (Eds), Alternative Ideas in Real Estate Investment, American Real Estate Society, Kluwer Academic Publishers, Norwall, M.A.
Liow, K.H. (1997), &quot;The historical performance of Singapore property stocks&quot;, Journal of Property Finance 8(2), 1 11-125.
Liow, K.H. (1998), &quot;Relationship between Singapore property stock and real estate returns&quot;, Journal of Real Estate and Construction 8, 1-16.
Liow, K.H. (2001), &quot; The long-term investment performance of Singapore real estate and property stocks&quot;, Journal of Property Investment and Finance 19(2), pp. 156-174.
Matysiak, G. and Brown, G. (1997), &quot;A time-varying analysis of abnormal performance of UK property companies&quot;, Applied Financial Economics 7, 367-377.
Sharpe, W. (1966), &quot;Mutual fund performance&quot;, Journal of Business 39(1), 1 19-138.
Titman, S. and Warga, A. (1986), &quot;Risk and the performance of real estate investment trusts: a multiple index approach&quot;, AREUEA Journal 14(3), 414-431.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/the-abnormal-return-performance-of-singapore-property-companies</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/seasonal-influences-in-australian-housing-markets</link>
<title><![CDATA[Seasonal Influences in Australian Housing Markets]]></title>
<description><![CDATA[This paper examines the impact of seasonal influences on housing market activity. Empirical tests examine the influence of a quarterly season on the demand for housing and the observed real house price changes. Empirical tests are specifically designed for a &#145;short&#39; time-series, 1988-95. The explanatory power of the statistical tests is improved by &#145;stacking&#39; regional data to perform more robust tests for seasonality. The results confirm significant seasonal influences. The volume of transactions and hence demand is greatest during the first quarter of a year and lowest during the last quarter. The observed real house price changes are highest in the first quarter of a year and lowest during the third quarter.
]]></description>
<content><![CDATA[Alexander, ?, Barrow, M. (1994). &quot;Seasonality and Cointegration of Regional House Prices in the UK&quot;, Urban Studies, 31 (10), December 1994, pp 1667-89.
Case, K. E., Shiller, R.J. (1989). &quot;The Efficiency of the Market for Single-Family Homes,&quot; The American Economic Review, 79, 125-137.
Clapp, J.M., Dolde, W., Tirtiroglu, D. (1995). &quot;Imperfect Information and Investor Inferences from Housing Price Dynamics,&quot; Real Estate Economics, Fall 1995, Vol 23 No 3, 239-269.
Costello, G., Elkins, R., (2000). &quot;Location Location Location - Wise Maxim or Clever Hoax?&quot; Pacific Rim Property Research Journal, Vol (6), 1, pp25-35.
Dolde, W., Tirtiroglu, D. (1997). &quot;Temporal and Spatial Information Diffusion in Real Estate Price Changes and Variances,&quot; Real Estate Economics, Winter 1997, Vol 25 No 4, 539-565.
Flaherty, J., Lombardo, R., Morgan, P. de Silva, ?. Wilson, D. (1999) A Spreadsheet Approach to Business Quantitative Methods, Royal Melbourne Institute of Technology, ISBN 0 86444 790 6.
Harris, J. (1989). &quot;The Effect of Real Rates of Interest on Housing Prices.&quot; Journal of Real Estate Finance and Economics, 2: 47-60.
Kuo, C.L. (1996). &quot;Serial Correlation and Seasonality in the Real Estate Market,&quot; Journal of Real Estate Finance and Economics, 12 (2), March 1996, pp: 139-62.
Reichert, A. (1990) &quot;The Impact of Interest Rates, Income and Employment upon Regional Housing Prices.&quot; Journal of Real Estate Finance and Economics, 3:371-89.
Rosen, H. (1973) &quot;Housing Decisions and the U.S. Income Tax: An Econometric Analysis.&quot; Journal of Public Economics, 11:1-23.
Rossini, P. (2000). &quot;Estimating the Seasonal Effects of Residential Property Markets - A Case Study of Adelaide,&quot; Proceedings of the Sixth Annual Pacific-Rim Real Estate Society Conference, Sydney, Australia, January 2000.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/seasonal-influences-in-australian-housing-markets</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/an-institutional-perspective-on-property-research</link>
<title><![CDATA[An Institutional Perspective on Property Research]]></title>
<description><![CDATA[The changing nature of the institutional property investor over the last decade is briefly reviewed and the future profile identified. To determine the institutional perspective on property research, a survey of the ten largest institutional property investors in Australia is undertaken and the results summarised.
It is established that institutional property research is principally applied in nature, being focussed on data analysis and interpretation at a general level for current and prospective market conditions. It is further established that institutional property researchers would prefer University research to be pure, focussing on conceptual issues with traditional rigour and providing outputs that can be easily understood and applied.
Several observations are then made regarding the scope for further research into a range of areas including risk, forecasting, macro-drivers, leading indicators, debt products and investment process. It is concluded that, from an Australian institutional property research perspective, there is a clear need for Universities to provide thought leadership and for a more formalised research agenda to be developed by academia and industry.
]]></description>
<content><![CDATA[Brown, G (1996), Real Estate And Finance: Ideas And Information. Keynote Address, Pacific Rim Real Estate Society Conference, Brisbane.
Damesick, P (1999) Setting The Real Es ite Research Agenda. Society Of Property Researchers Newsletter, October.
Galbraith, J (1999), Interview. Finance &amp; Development, IMF, December.
Gronow, S (1998), Real Estate Appraisal - Being Explicit - For What Its Worth. Inaugural Lecture, University Of Glamorgan, October.
Hendershott, P (1996), Irrational Valuation And Property Cycles: A Further Interpretation Of Sydney Office Market Data. Keynote Address, Pacific Rim Real Estate Society Conference, Brisbane.
Jaffe, A (1998), The Costs Of Ignoring Institutional Factors In International Property Research. Keynote Address, Pacific Rim Real Estate Society Conference, Perth.
Lusht, ? (1993), Future Directions In Real Estate Research. Keynote Address, Australasian Real Estate Educators Conference, Sydney.
Noonan, P (Editor) (1997) Australian Landlord. Property Investment Research, Melbourne.
Parker, D (Editor) (2000), Property Into The Next Millennium. ALER Special Edition, January.
Pridham, A (2000), Securitising Bricks And Mortar in Property Into The Next Millennium. ALER Special Edition, January.
Ruthven, P (1999), On The Verge Of The New Millennium: The Future Of Australia. 8th PJJR. National Property Trust Forum, Coolum.
Smith, A (1999), The Adequacy And Accessibility Of Property DatKey Conclusions. Society Of Property Researchers Newsletter, June.
Souza, L (2000), Academic And Applied Real Estate Research: &quot;As Two Worlds Collide&quot; Or &quot;As Two Worlds Divide&quot;? Journal Of Real Estate Portfolio Management, Vol 6, No 1, 97-100.
Upton, D (1999), Trading The Exempt Market. Property Australia, August.
Webb, J (1997), A Global View Of Real Estate Education And Research: Past, Present And Future. Keynote Address, Pacific Rim Real Estate Society Conference, Palmerston North.
Winograd, ? (1999) Research [&#145;d Like To Read. Journal Of Real Estate Portfolio Management, Vol 5, No2, 195-197.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/an-institutional-perspective-on-property-research</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/information-issues-in-real-estate</link>
<title><![CDATA[Information Issues in Real Estate]]></title>
<description><![CDATA[Real estate has often been regarded as information inefficient due to its heterogeneity and diversity. While the academic literature has recognized the role of information in real estate, the application of game theory to information problems has been somewhat limited. In particular, we focus on adverse selection and moral hazard. Examples of such strategic uncertainty are provided to illustrate these issues and the potential solutions.
]]></description>
<content><![CDATA[Akerlof, G., (1970), &quot;The Market for Lemons: Quality Uncertainty and the Market Mechanism,&quot; Quarterly Journal of Economics, 89, 488 - 500.
Aumann, R. J., (1989), &quot;Game Theory,&quot; in J. Eatwell, M. Milgate and P. Newman (eds) Game Theory, W.W. Norton, New York
Bertrand, J., (1883), &quot;Theorie Mathematique de la Richesse Sociale,&quot; Journal des Savants, 499 - 508.
Binmore, K., (1992), Fun and Games. A Text on Game Theory, DC. Heath and Company.
Binmore, K. and Dasgupta, P. (eds), (1986), Economic Organization and Games, Basil Blackwell.
Binmore, K. and Dasgupta, P. (eds), (1987), The Economics of Bargaining, Basil Blackwell.
Cournot, A., (1838), Recherches sur les Principes Mathematique de la Theorie des Richesses. English version: Researches into the Mathematical Principles of the Theory of Wealth, edited by N. Bacon, New York, Macmillan, 1897.
Eggertsson, T., (1990), Economic Behavior and Institutions, New YorCambridge University Press.
Geltner, D., (1991), &quot;Smoothing in Appraisal Based Returns,&quot; Journal of Real Estate Finance and Economics, 4, 327 - 345.
Geltner, D., (1993), &quot;Estimating Real Estate&#39;s Systematic Risk from Aggregate Level Appraisal-based Returns,&quot; AREUEA Journal, 17(4), 463 - 481.
Gibbons, R., (1993), Game Theory for Applied Economists, Princeton University Press, Princeton, New Jersey.
Holmstrom, ?., (1979), &quot;Moral Hazard and Observability,&quot; Bell Journal of Economics, 10, 74 - 91.
Jarchow, S. ed. (1991), Graaskamp on Real Estate, Washington, DC: Urban Land Institute.
Kreps, D. M., (1990), A Course in Microeconomic Theory, Harvester Wheatsheaf, New York.
Osborne, M. J., and A. Rubinstein, (1994), A Course in Game Theory, MIT Press, Massachusetts.
Ong, S. E., (1997), &quot;Building Defects, Warranties and Project Financing,&quot; Journal of Property Finance, 8(1), 35 - 51.
Ong, S. E., (1999), &quot;Caveat Emptor: Adverse Selection in Buying Properties under Construction,&quot; Property Management, 17(1), 49 - 64.
Pejovich, S., (199 8), Economic Analysis of Institutions and Systems, Boston: KJuwer Academic Publishers.
Quan, D. C. ? , (1994), &quot;&#145;Real Estate Auctions: A Survey of Theory and Practice,&quot; Journal of Real Estate Finance and Economics, 9, 23 - 49.
Quan, D. C, and Quigley (1989)), &quot;Inferring an Investment Return Series for Real Estate from Observations on Sales,&quot; AREUEA Journal, 17(2), 218 - 230.
Quan, D. C, and Quigley, J. (1991) &quot;Price Formation and the Appraisal Function in Real Estate Markets,&quot; Journal of Real Estate Finance and Economics, 4, (2), 127-146.
Rasmusen, E., (1994), Games and Information: An Introduction to Game Theory, second edition, Blackwell Publishers, Massachusetts, USA.
Razzi, E., (1995), &quot;Buying a Home before it&#39;s Built,&quot; Kiplinger&#39;s Personal Finance Magazine, August, 49(8), 77 - 79.
Simon, H, (1996) The Sciences of the Artificial, ??? Press, Cambridge.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/information-issues-in-real-estate</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/a-comparison-of-residential-rental-indices</link>
<title><![CDATA[A comparison of Residential Rental Indices]]></title>
<description><![CDATA[This paper compares and evaluates several different methods of measuring changes in residential rental levels for North Shore City in New Zealand. The indices compared were median, hedonic, repeat rent, weighted repeat rent and hybrid.
Technically the hybrid method appeared to be the most appropriate, but the trade off was this method is relatively costly in terms of operator time and data requirements. The repeat rent method is reasonably simple and has lower administrative costs. The median method is very easy to set up but suffers from both seasonal and constant quality difficulties. The hedonic method is also costly in terms of time and data requirements. On balance, the hybrid method was preferred.
]]></description>
<content><![CDATA[Bailey, M.J., Muth, R.F., &amp; Nourse, H.?. (1963). A Regression Method for Real Estate Price Index Construction. Journal of the American Statistical Association, 58, 933-942.
Case, B., ?., &amp; Quigley, J.M. (1991). The Dynamics of Real Estate Prices. Review of Economics and Statistics, 73(3),50-58.
Case, B., ?., Pollakowski, H.O., &amp; Wachter, S.M. (1991). On Choosing Among House Price Index Methodologies. Journal of the American Real Estate and Urban Economics Association, 19(3), 286-307.
Case, K.E., &amp; Shiller, R.E. (1989). The Efficiency of the Market for Single-Family Homes. The American Economic Review, 79(1), 125-137.
Case, K.E., &amp; Shiller, R.J. (1987). Prices of Single Family Homes Since 1970: New Indexes for Four Cities. New England Economic Review, September/October, 45-56.
Case, K.E., &amp; Shiller. R.J. (1990). Forecasting Prices and Excess Returns in the Housing Market. Journal of the American Real Estate and Urban Economics Association, 18(3), 253-273.
Clapp, J.M., Giaccotto, C, &amp; Tirtiroglu, D. (1991). Housing Price Indices Based on All Transactions Compared to Repeat Subsamples. Journal of the American Real Estate and Urban Economics Association, 19(3), 270-285.
Eichholtz, P.M.A. (1997). A Long Run House Price index: The Herengracht Index, 1628-1973. Journal of the American Real Estate and Urban Economics Association, 25(2), 175-192.
Griliches, Z. (1961). Hedonic Price Indices for Automobiles: An Econometric Analysis of Quality Change. Washington: Government Printing Office, p. 173-196.
Malpezzi, S., Chun, G.H &amp; Green, R.K. (1998). New Place-to-Place Housing Price Indices for U.S. Metropolitan Areas, and Their Determinants. Journal of the American Real Estate and Urban Economics Association, 26(2), 235-274.
Mark, J.H. &amp; Goldberg, M.A. (1984). Alternative Housing Price Indices: An Evaluation. Journal of the American Real Estate and Urban Economics Association, 12(1), 30-49.
Palmquist, R.B. (1982). Measuring Environmental Effects on Property Values without Hedonic Regressions. Journal of Urban Economics, 11(3), 333-47.
Quigley, J.M. (1995). A Simple Hybrid Model for Estimating Real Estate Price Indexes. Journal of Housing Economics, 4(1), 1-12.
Statistics New Zealand. (1991). 1991 Census. Statistics New Zealand. (1996). 1996 Census.
Wenzlick, T. (1952, December 24). As I see the fluctuations in the selling prices of single-family residences. The Real Estate Analyst, 541-548.
Wyngarden, H. (1927). An Index of Local Real Estate Prices. Michigan Business Studies, 1(2), 15-22.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/a-comparison-of-residential-rental-indices</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/corporate-real-estate-asset-management-a-conceptual-framework</link>
<title><![CDATA[Corporate Real Estate Asset Management: A Conceptual Framework]]></title>
<description><![CDATA[The purpose of this paper is to identify the factors that influence CRE asset management and develop a conceptual framework of CRE asset management based on a detailed review of the existing literature. The conceptual model consists of six elements or factors, namely: operations, organisation, financing, acquisition and leasing, outsourcing, and disposal. The paper concludes that further research in corporate real estate asset management is desirable and argues that the theoretical model developed in this paper will provide a useful tool for estate management industry practitioners in developing a more comprehensive overall CRE asset management strategy.
]]></description>
<content><![CDATA[Arend, M (1999), A CRE Blueprint for the Next Millennium. Conway Data.
Brazzell, M (1995), AT &amp; T Veteran Brazzell See Changes. National Real Estate Investor.
Brown, A (1998), REITS Rising on Strategic Corporate Ladder. NACORE International Publications.
Byatt, R (1998), Landlords No More? Facilities, Design and Management.
Cam, N G, Black, R T &amp; Rabianski, J S (1999), Operational and Organizational Issues Facing Real Estate Executives and Managers. Journal of Real Estate Research 17 (3), 281 -299.
Carn, N G , Black, R T &amp; Rabianski, J S (1995), NACORE Delphi Study: Identification of Trends and Issues Affecting the Future of Corporate Real Estate. NACORE International.
Ciandella, D.R. (1996), Maturing Outsourcing Business Looks Ahead to Strategic Services. National Real Estate Investor Vol 38 No 8 August 1996, pp 66-69.
Gale, J &amp; Case, F (1989), A Study of Corporate Real Estate Resource Management. Journal of Real Estate Research 4 (3): 23-34.
Garcia, L (1995), AT &amp;T Case Study: How We Restructured Real Estate Operations, Coney Data.
Hiang, L (1998), Exploring A Strategic Corporate Real Estate Valuation Model. The Valuer and Land Economist.
Hiatt, J (1994), Corporate Buried Treasure. International Business.
Holod, M (1993), Bold Strategy Ensures Full Asset Value Recovery. National Real Estate Investor.
Johnson, L. E., Redman, A.L.,&amp; Tanner, J.R. (1997), Utilisation and Application of Business Computing Systems in Corporate Real Estate. Journal of Real Estate Research 13: 211-230.
Johnson, L (1997), Retooling Corporate Assets: A Good Call for Bell South. Journal of Property Management. 62: 50.
Jones Lang Wootton (1992), Managing Operational Property Assets.
Jorrof, M, Louargand J, Lambert S &amp; Becker, F (1993), Strategic Management of the Fifth Resource: Corporate Real Estate, Industrial Development Research Foundation , Atlanta.
Lyne, J (1999), IDRC&#39;s Real Estate Revolution: Occupancy Costs Plummet, Productivity Costs, Conway Data.
McDonagh, J &amp; Hayward, T. (2000), The Outsourcing of Corporate Real Estate Asset Management In New Zealand. Pacific Rim Real Estate Society (PRRES) Conference 2000. Sydney, 23-27 January 2000.
Manning, ? &amp; Roulac, S E (1999), Corporate Real Estate Research Within the Academy. Journal of Real Estate Research 17(3) 265-279.
McDermott, ? (1994), Real Estate: The Neglected Asset. D&amp;B reports.
Mole, T &amp; Taylor, F ( 1992), &#145;Facility Management: Evolution or Revolution&#39; in Facility Management: Research Directions, Barret P. (ed), Royal Institution of Chartered Surveyors, London.
Pittman, R H &amp; Parker, J R (1989), A Survey of Corporate Real Estate Executives on Factors Influencing Corporate Real Estate Performance. Journal of Real Estate Research 4 (3): 107-119.
Property Council of Australia (1999), Speakers notes. Gaining the Competitive Advantage. Corporate Real Estate Conference. Sydney.
Property Council of Australia (2000), Unleashing Corporate Property - Getting Ahead of the Pack. Report of Corporate Real Estate and Asset Management research group of the University of Melbourne.
Redman, A L &amp; Tanner J R (1989), The Acquisition and Disposition of Real Estates by Corporate Executives: A Survey. Journal of Real Estate Research 4 (3): 67-80.
Rodriguez, M &amp; Sirmans, C.F. (1996), Managing Corporate Real Estate: Evidence from the Capital Markets, Journal of Real Estate Literature,13-36.
Rothery ? &amp; Robertson, I (1995), The Truth About Outsourcing. Gower Publishing Ltd., Hampshire U.K.
Schaefers, W (1999), Corporate Real Estate Management: Evidence from German Companies. Journal of Real Estate Research 17 (3): 301 - 320.
Schriner, J (1997), Real Estate: Hidden wealth of a company? Industry Week.
Smith, I. (1999), Property Investment Strategy in Australia, Property Investment and Financial Review.
Teoh, W ? (1993), Corporate Real Estate Asset Management in Singapore: A Conceptual Framework. Journal of Real Estate and Construction 3: 24 - 38.
Teoh, W ? (1989), Corporate Real Estate Asset Management: The New Zealand Evidence. Journal of Real Estate Research 8 (4607 - 623.
Veale, P R (1989), Managing Corporate Real Estate Assets: Current Executive Attitudes and Prospects for an Emergent Management Discipline. Journal of Real Estate Research 4 (3): 1 - 22.
Webster, R (1995), The Management of Corporate Real Estate Assets, The Valuer &amp; Land Economist. Sydney.
Wong, G (1995), Critical issues in the Outsourcing Process. Corporate Real Estate Executive, October 1995, pp 31-33.
Zeckhauser, S &amp; Silverman, R A (1983), Rediscovering Your Company&#39;s Real Estate, Harvard Business Review 61: 1 111-117.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/corporate-real-estate-asset-management-a-conceptual-framework</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/patterns-of-sub-market-lead-and-lag-in-hong-kong-housing-prices</link>
<title><![CDATA[Patterns of Sub-Market Lead and Lag in Hong Kong Housing Prices]]></title>
<description><![CDATA[This study analyses estate-type housing prices in Hong Kong by investigating the lead-lag relationships between prices of small/medium and large estate-type residential units in urban areas and the New Territories. The results of this study suggest that house prices of small/medium units tend to lead prices of large units in urban areas, and house prices of large units in urban areas tend to lead prices of small/medium units in New Territories. There is evidence of a feedback effect between prices of small/medium and large units in urban areas, and between prices of large units in the urban and the New Territories.
]]></description>
<content><![CDATA[Adair, A., J. Berry and McGreal, W. 1996, &#145;Hedonic Modelling, Housing Submarkets and Residential Valuation&#39;, Journal of Property Research, 13, pp. 67?83.
Ashley, R., Granger, C. and Schmalensee, R. 1980, &#145;Advertising and Aggregate Consumption: An Analysis of Causality&#39;, Econometrica, 48, pp. 1149?1167.
Case, K. and C. Mayer 1996, &#145;Housing Price Dynamics Within a Metropolitan Area&#39;, Regional Science and Urban Economics, 26, pp. 387?407.
Cochrane, J. 1988, &#145;How Big is the Random Walk in GNP?&#39; Journal of Political Economy, 96, pp. 893?920.
Dickey, D. and Fuller, W. 1979, &#145;Distribution of Estimates for Autoregressive Time Series With Unit Root&#39;, Journal of the American Statistical Association, 74, pp. 427?431.
Engle, R. and Granger, C. 1987, &#145;Co-integration and Error Correction Representation, Estimation and Testing&#39;, Econometrica, 55, pp. 251?276.
Engle, R. and Granger, C. 1991, Long-Run Economic Relationships, OUP, UK.
Goodman, A. 1981, &#145;Housing Submarkets Within Urban Areas: Definitions and Evidence&#39;, Journal of Regional Science, 21, pp. 175?185.
Goodman, A. and Thibodeau, T. 1998, &#145;Housing Market Segmentation&#39;, Journal of Housing Economics, 7, pp. 121?143.
Granger, C. 1969, &#145;Investigating Causal Relations by Econometric Methods and Cross-Spectral Methods&#39;, Econometrica, 34, pp. 541-551.
Granger, C. 1981, &#145;Some Properties of Time Series Data and Their Use in Econometric Model Specification&#39;, Journal of Econometrics, 16, pp. 121?130.
Granger, C. and Newbold, P. 1974, &#145;Spurious Regressions in Econometrics&#39;, Journal of Econometrics, 2, pp. 111?120.
Harvey, A. 1989, Forecasting, Structural Time Series Models and the Kaiman Filter, Cambridge University Press, Cambridge.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/patterns-of-sub-market-lead-and-lag-in-hong-kong-housing-prices</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/optimum-resolution-of-negligent-valuation-disputes</link>
<title><![CDATA[Optimum Resolution of Negligent Valuation Disputes]]></title>
<description><![CDATA[This paper examines the issue of disputes arising from allegations of negligence in valuation. It discusses the nature of the disputes, why they occur and their typical characteristics. These characteristics are seen frequently to render litigation a doubtful model for resolution of such disputes. The authors consider alternative methods of dispute resolution, including mediation, mini-trial, the use of a valuation expert to assist the decision-maker and the creation of specialist tribunals.
]]></description>
<content><![CDATA[Allison, J. 1990, &#145;Five ways to keep disputes out of court&#39;, Harvard Business Review, Jan-Feb, p. 28.
Bingham, T. 1992, &#145;Judgement ways&#39;, Building, 20 November.
Brooker, P. 1997, Factors which impact on the choice of alternative dispute resolution in the construction industry, nnpublished PhD thesis, Oxford Brookes University.
Cohen, H. 1997, &#145;French construction law: a comparative approach&#39;, Construction Law Journal, Vol. 13, No 2, p. 82.
Connell, K. 1990, &#145;The 1990s: A banker&#39;s view riding the roller coaster&#39;, New Zealand Valuers&#39; Journal, p. 32.
Counsel 1994, Editorial.
Crosby, N., Lavers, A. and Foster, H. 1998a, &#145;Commercial property loan valuations in the UK: implications of current trends in valuation practice and legal liability&#39;, Journal of Property Research, Vol. 15, Issue 3, pp. 183c209.
Crosby, N., Lavers, A. and Murdoch, J. 1998b, &#145;Property valuations: the role of the margin of error test in establishing negligence&#39;, University of Western Australia Law Review, Vol. 27(2), pp. 156?194.
Crosby, N., Lavers, A. and Murdoch, J. 1998c, &#145;Margins of error in property valuation negligence in Australia and the UK. Should valuers be judged by their results?&#39; Australian Land Economics Review, Vol. 4, No 1, pp. 3?20.
Crosby, N., Lavers, A., Murdoch, J. and Murdoch, S. 1999, The role and performance of the expert valuation witness, Research report for the RTCS Education Trust.
Crosby, N., Kincaid, D., Murdoch, J. and Lavers, A. 2001, Expert valuation witnesses in Australia and the UK, paper presented to 7 Pacific Rim Real Estate Society Conference, Adelaide.
Evans, D. 1993, &#145;When property boom turns to bust, where does that leave the commercial valuer?&#39;, Chartered Surveyor Weekly, 28 October, p. 54.
Jackson, R. and Powell, J. 1998, Professional Negligence, 4 Edition, Sweet and Maxwell, London.
Joyce, L. and Norris, K. 1994, Valuers Liability, 2 Edition, Australian Institute of Valuers and Land Economists, Canberra.
Lavers, A. 1994, Legal liability exposure for negligent valuations in volatile market conditions: an area of concern for real estate education, proceedings of the 4 Australasian Real Estate Educators&#39; Conference, Auckland, Volume 1, pp. 253?261.
Lovegrove, ?. 1997, Liability and insurance reforms in Australia, paper to Society of Construction Law, London.
Murdoch, J. and Murrells, P. 1995, Law of Surveys and Valuations, Estates Gazette, London.
Murdoch, J. 2001, Negligent valuers&#39; liability for market losses in the UK and Australia, paper presented at the 7 Pacific Rim Real Estate Society Conference, Adelaide.
Rickert, J. 1990, &#145;Alternative dispute resolution in Australian commercial disputes: quo vadis&#39;, Australian Dispute Resolution Journal, pp. 31?43.
Royal Institution of Chartered Surveyors 2001, Dispute Resolution Service Newsletter, Spring.
Stubbs, M. 1998, An evaluation of user satisfaction with town planning mediation and hearings in New South Wales and England and Wales, unpublished PhD thesis, Oxford Brookes University.
Thomas, M. 2000, &#145;Alternatively speaking&#39;, Estates Gazette, 5 February, pp. 136? 137.
Watts, V. 1998, Australia monograph in Dispute Resolution and Conflict Management in Construction (eds Fenn P., O&#39;Shea M., and Davies E.), E. and F. N. Spon, London.
Woolf, L. 1996, Access to Justice: The Final Report to the Land Chancellor on the Civil Justice System in England and Wales, London, HMSO.
York, S. 1996, Practical ADR, FT Law and Tax, London.
 [1995] 2 EGLR 134.Abbey National Mortgages plc v Key Surveyors Nationwide Ltd
 [1998] EGCS 34.Arab Bank plc v John D Wood (Commercial) Ltd
 [1996] EGCS. [1999] PNLR 171.Blake v Barking and Dagenham
 [1957] 1 WLR 582.Bolam v Friern Hospital Management Committee
 [1994] Aust. Tort Reports 81-276.Cash Resources Australia Pty Ltd v Ken Gaetjens Real Estate Pty Ltd

 [1988] New Zealand Valuers Journal p. 554.In the matter of Francis Evans
 [1988] New Zealand Valuers Journal p. 611.In the matter of Henry Simkin
 [1986] New Zealand Valuers Journal p. 277.In the matter of Stephen Mihaljevich
 [1986] NZLR 576.Kendall-Wilson Securities v Barraclough

 230 EG 50.Leigh v Unsworth_[912]

 [1990] Supreme Court WA. Unreported.Mullins Investments Pty Ltd v Richard Ellis (WA) Pty Ltd

 [1992] 24 EG 138.PK Finans International (UK) Ltd v Andrew Downs and Co Ltd
 [1977] 243 EG 212.Singer and Friedlander v John D Wood
 [1964] 192 EG 819.Shacklock v Chas O senton, Lockwood and Co
 [1990] 1 AC 831.Smith v Eric S Bush
 [1996] 3 AU ER 3G5.South Australia Asset Management Corporation v York Montague
 [1985] Aust Torts Reports 80-757.Trade Credits Ltd v Baillieu Knight Frank (NSW) Pty Ltd
 [1982] QB 438.Yianni v Edwin Evans
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/optimum-resolution-of-negligent-valuation-disputes</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/the-market-value-of-remnant-native-vegetation-in-a-clearance-regulated-environment</link>
<title><![CDATA[The Market Value of Remnant Native Vegetation in a Clearance Regulated Environment]]></title>
<description><![CDATA[The market value of remnant native vegetation (RNV) on rural holdings is assessed. Using 841 rural property transactions over 1983-97 in selected areas of South Australia, it was found that the presence of non-heritage RNV does not reduce market value, while the presence of heritage RNV does not add to market value. Depending on the region, reductions in property price of $36-$295 per hectare occurred for non-heritage RNV placed under a heritage agreement.
]]></description>
<content><![CDATA[Blase, M. and Hesemann, ?. 1973, &#145;Farm Land Prices: Explainable or II logical&#39;, Southern Journal of Agricultural Economics, Jul., pp. 265-269.
Binning C. and Young. M. 1999, Conservation Hindered, Land and Water Resources and Research Development Corporation, Canberra.
Bjornlund, H. and Mackay, J. 1996, TWE Policy in Horticultural S.A.&#151;A Major Player in the Market. Conference Proceedings, Water Resource Economics Consortium, Centre for Water Policy Research, University of Melbourne, February.
Central Eyre Peninsula Soil Conservation Board 1995, Central Eyre Peninsula Soil Conservation Board&#151;District Plan and Three Year Programme, Primary Industries South Australia, Adelaide.
Colwell, P. 1990, &#145;Power Lines and Land Values&#39;, The Journal of Real Estate Research, Vol. 5, No. 1, pp. 115?27.
Coates, A. 1987, &#145;Management of Native Vegetation on Farmland in the Wheatbelt of Western Australia&#39;, Resource Management Technical Report I 45, Department of Agriculture, W.A.
Craig, R., Smith N., &amp; Sheahan, T. 1983, Landholders and Native Vegetation&#151; Attitudes to Retention and Clearing, Department of Extension and Education, Roseworthy Agricultural College, South Australia.
Crouter, J. 1987, &#145;Hedonic Estimation Applied to a Water Rights Market&#39;, Land Economics, Vol. 63, No. 3, pp. 259?271.
Drynan, R., Hodge, I., and Watson, P. 1983, Rural Land Transactions on the Darling Downs, Agricultural Economics Discussion Paper No. 3, Department of Agriculture, University of Queensland.
Eastern Eyre Peninsula Soil Conservation Board 1994, Eastern Eyre Peninsula Soil Conservation Board&#151;District Plan and Three Year Programme, Primary Industries South Australia, Adelaide.
Fowler, R. 1986, &#145;Vegetation Clearance Controls in South Australia&#151;a Change of Course&#39;, Environment and Planning Law Journal, Vol. 3, pp. 48?66.
Freeman, A. 1974, &#145;On Estimating Air Pollution Control Benefits From Land Values Studies&#39;, Journal of Environmental Economics and Management, Vol. 1, pp. 74-83.
Freeman, A. 1979, &#145;Hedonic Prices, Property Values and Measuring Environmental Benefits: a Study of the Issue&#39;, Scandinavian Journal of Economics, pp. 154?173.
Gardner, K., and Barrows, R. 1985, &#145;The Impact of Soil Conservation Investments on Land Prices&#39;, American Journal of Agricultural Economics, Dec, pp. 943?41.
Garrod, G., and Willis, K. 1992, &#145;The Amenity Value of Woodland in Great Britain: a Comparison of Economic Estimates&#39;, Environmental and Resource Economics, Vol. 2, pp. 415?434.
Graves, P., Murdoch, J., Thayer, M. and Waldman, D. 1988, &#145;The Robustness of Hedonic Price Estimations: Urban Air Quality&#39;, Land Economics, Vol. 64, No. 3, pp. 220?33.
Gray, E., and Prentice, B. 1982, &#145;Agricultural Land Prices: The Effect of the Terms of Sale&#39;, Canadian Journal of Agricultural Economics, Vol. 30, No. 2, pp. 175?186.
Griffin NRM P/L. 1999, &#145;Native Vegetation National Overview&#151;State/Territory/ Commonwealth Stocktake of Native Vegetation Management&#39;, Australia and New Zealand Environment and Conservation Council.
Hartman, L., and Anderson, R. 1963, &#145;Estimating Irrigation Water Values: A Regression Analysis of Farm Sales Data from Northeastern Colorado&#39;, Technical Bulletin No. 81, Colorado State University Agricultural Experiment Station, Fort Collins, Colorado.
Interdepartmental Committee on Vegetation Clearance 1976, Vegetation Clearance in South Australia, Government Printer.
Jenkins, S. 1997, &#145;Native Vegetation on Farms Survey 1996: A Survey of Farmers Attitudes to Native Vegetation and Landcare in the Wheatbelt of Western Australia&#39;, Technical Report No. 64, Agriculture Western Australia and Department Of Conservation and Land Management.
Jennings, R., and Kletke, D. 1977, &#145;Regression Analysis in Estimating Land Values: A North Central Oklahoma Application&#39;, Journal of the American Society of Farm Managers and Rural Appraisers, Vol. 4, No. 1, pp. 54-61.
King, D., and Sinden, J. 1988, &#145;Influence of Soil Conservation on Farmland Values&#39;, Land Economics, Vol. 64, No.3, pp. 242?55.
Lockwood, M., and Walpole, S. 1999, &#145;Benefit Cost Analysis of Remnant Native Vegetation Conservation&#39;, Johnstone Centre Report No. 130, Johnstone Centre, Al bury.
Lower Eyre Peninsula Soil Conservation Board 1995, Lower Eyre Peninsula Soil Conservation Board&#151;District Plan and Three Year Programme, Primary Industries South Australia, Adelaide.
Maeler, K. 1977, &#145;A Note on the Use of Property Values in Estimating Marginal Willingness to Pay for Environmental Quality&#39;, Journal of Environmental Economics and Management, Vol. 4, pp. 355?69.
Marano, W. 1991, &#145;Native Vegetation Management in South Australia: The Resolution of Conflict and the Development of Control Mechanisms in the 80&#39;s&#39;, The Australian Journal of Property Research, Vol. 1, pp. 126?129.
Miranowske, J., and Hammes, ?. 1984, &#145;Implicit Prices of Soil Characteristics for Farmland in Iowas&#39;, American Journal of Agricultural Economics, Dec, pp. 745-49.
Murray Mallee Soil Conservation Board 1992, Murray Mallee Soil Conservation Board&#151;District Plan and Three Year Programme, Primary Industries South Australia, Adelaide.
Payne, P., and Tisdell, J. 1994, A Factor Analysis of Farm Values on the Darling Downs of Queensland, Proceedings of the Third Australasian Real Estate Educators Conference, January 1994.
Peterson, W. 1986, &#145;Land Quality and Prices&#39;, American Journal of Agricultural Economics, Nov., pp. 812?819.
Potter, J., Wetherby, K., and Chittleborough, D. 1973, A Description of the Land in County Albert, County Alfred and Part of County Eyre, South Australia, S.A.D.A Soil Conservation Branch, Report L.D.I.
Powe, N., Garrod, G., Brunsdon, ?, &amp; Willis ?. 1997, &#145;Using a Geographic Information System to Estimate an Hedonic Price Model of the Benefits of Woodland Access&#39;, Forestry, Vol. 70, No. 2, pp. 139?149.
Rosen, S. 1974, &#145;Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition&#39;, Journal of Political Economy, Vol. 82, January, pp. 17-19.
Rost, R., and Collins, H. 1993, Land Valuation and Compensation in Australia, Australian Institute of Valuers and Land Economists.
Slee, D. 1998, Remnant Native Vegetation&#151;Perceptions and Policies: A Review of Legislation and Incentive Programs, Final Report to Environment Australia/Land and Water Resources and Research Development Corporation, Canberra.
Vitaliano, D., &amp; Hill, C. 1994, &#145;Agricultural Districts and Farmland Prices&#39;, Journal of Real Estate Finance and Economics, Vol. 8, No 3, pp. 213?223.
Walpole, S., Lockwood, M., and Miles, C. 1998, &#145;Influence of Remnant Native Vegetation on Property Sale Price&#39;, Johnstone Centre Report No.106, Johnstone Centre, Albury.
Western Eyre Peninsula Soil Conservation Board 1995, Western Eyre Peninsula Soil Conservation Board&#151;District Plan and Three Year Programme, Primary Industries South Australia, Adelaide.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/the-market-value-of-remnant-native-vegetation-in-a-clearance-regulated-environment</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/the-use-of-conjoint-analysis-to-assess-the-impact-of-environmental-stigma</link>
<title><![CDATA[The Use of Conjoint Analysis to Assess the Impact of Environmental Stigma]]></title>
<description><![CDATA[The identification of the correct approaches to use in the valuation of property affected by land contamination is of great interest, not only to the valuation profession, but also to the stake-holders (the developers, owners and lenders) of contaminated land. These parties wish to know the magnitude and duration of the impact of contamination on property values, both before and after remediation. However, uncertainty exists as to how to measure the impact, and the appropriate way to account for it. This paper demonstrates how the use of conjoint analysis, a survey-based approach, can aid the impact assessment of contamination stigma on residential property values.
]]></description>
<content><![CDATA[Abelson, P. 1979, &#145;Property prices and amenity values&#39;, Journal of Environmental Economics and Management, Vol. 6, pp.11?28.
Anderson, N. 1970, &#145;Functional measurement and psychophysical judgement&#39;, Psychological Review, Vol. 77, pp.153?170
Appraisal Institute 2000, Proposed USPAP Statement on Appraisal Standards&#151;First Exposure Draft: Utilization of Statistical and Market Survey Techniques in Real Estate Research, Appraising, Counselling and Consulting Assignments: Appraisal Institute.
Bond, S. 2001, &#145;Stigma assessment: the case of a remediated contaminated site&#39;, Journal of Property Investment and Finance, Vol. 19, No.2, pp. 188?210.
Bruner, J., Brunswik, E., Festinger, L., Heider, F., Muenzinger, ?., Osgood, ?, &amp; Rapaport, D. 1957, Contemporary Approaches to Cognition, Harvard University Press, Cambridge, Mass.
Chalmers, J&#132; &amp; Jackson, T. 1996, &#145;Risk factors in the appraisal of contaminated property&#39;, The Appraisal Journal, Vol. 64, No. 1, pp. 44?58.
Chalmers, J., &amp; Roehr, S. 1993, &#145;Issues in the valuation of contaminated property&#39;, The Appraisal Journal, Vol. 61, No. 1, pp. 28&#150;41.
Curry, J. 1997, &#145;After the basics Marketing Research: A Magazine of Management and Application, Vol. 9, No. 1, pp. 6?11.
Dixon, J,, Carpenter, R., Fallon, L., Sherman, P., &amp; Manipomoke, S. 1988, &#145;Economic Analysis of the Environmental Impacts of Development Projects&#39;, (2nd ed.), Earthscan Publications in association with The Asian Development Bank, London.
Dotzour, M. 1997, &#145;Groundwater contamination and residential property values&#39;, The Appraisal Journal, Vol. 65, No. 3, pp. 279?284.
Elliot-Jones, M. 1995, &#145;Valuation of post-cleanup property: the economic basis of stigma damages&#39;, Bureau of National Affairs Toxics Law Reporter, February 1, pp. 944-955.
Federal Register 1996, Final Rules and Regulations on Natural Resource and Damage Assessment, Vol. 61. No. 4, January 5.
Green, P., &amp; Tull, D. 1973, Research for Marketing Decisions, 4th Ed, Prentice-Hall, Englewood Cliffs, New Jersey.
Hair, J., Anderson, R., Tatham, R. and Black, W, 1995, Multivariate Data Analysis With Readings, 4th Ed., Prentice Hall, Englewood Cliffs, N.J.
Kennedy, P. 1997, Investment valuation of contaminated land and UK practice: a study with special reference lo former gasworks, Unpublished Ph.D. thesis, Nottingham Trent University.
Kinnard, W., Geckler. M. and Dickey, S. 1994, Fear (as a measure of damages) strikes out: two case studies comparisons of actual market behaviour with opinion survey research, paper presented at the American Real Estate Society Conference, Santa Barbara, April.
Kinnard, W., Worzala, E., Bond, S. &amp; Kennedy, P. 1999, Comparative studies of United States, United Kingdom and New Zealand appraisal practice: valuing contaminated property, paper presented at the Fifteenth American Real Estate Society Conference, Tampa, Florida, April 7?10.
Kinnard, W., and Worzala, p. 1999, &#145;How North American appraisers value contaminated property and associated stigma&#39;, The Appraisal Journal, July, pp. 269-279.
Lancaster, K. 1966, &#145;A new approach to consumer theory&#39;, Journal of Political Economics, Vol. 74, April, pp. 132&#150;157.
Levesque, T. 1994, &#145;Modelling the. effects of airport noise on residential housing markets&#39;, Journal of Transport Economics and Policy, Vol. 28, May, pp. 199?210.
Levy, D. 1995, &#145;Modern marketing research techniques and the property professional&#39;, Property Management, Vol. 1 3, No. 3, pp. 33-40.
Louviere, J. 1979, &#145;Modelling individual residential preferences: a totally disaggregate approach&#39;, Transportation Research, Vol. 13, A, pp. 374?384.
Louviere, J. 1988, Analyzing Decision Making: Metric Conjoint Analysis, Sage Publications, Newbury Park.
M&auml;ler, K., &amp; Wyzga, R. 1976, Economic measurement of environmental damage: a technical handbook, OECD Organization for Economic Co-operation and Development, Paris, France.
Mattila, A. 1999, &#145;Consumers&#39; value judgments&#39;, Cornell Hotel and Restaurant Administration Quarterly, Vol. 40, No. 1, pp. 40?46.
McCluskey, J, &amp; Rausser, G. 2000, &#145;Stigmatized asset values: is it temporary or permanent?&#39; Research paper, Department of Agricultural Economics, Washington State University, WA.
National Environment Protection Council Service Corporation 1999, National Environment Protection (Assessment Of Site Contamination) Measure, Adelaide.
Patchin, P. 1991, &#145;Contaminated properlies-stigma revisited&#39;. The Appraisal Journal, Vol. 59, No. 2, pp. 168?169.
Priestley, T., &amp; Evans, G. 1990, Perception of a Transmission Line in a Residential Neighbourhood: Results of a Case Study in Vallejo, California, A report prepared for Southern California Edison Environmental Affairs Division, San Fransisco.
Reichert, A. 1997, &#145;Impact of a toxic waste superfund site on property values&#39;, The Appraisal Journal, Vol.65, No.4, pp. 381?392.
Simons, R., Bowen, W., &amp; Sementelli, A. 1997, &#145;The effect of underground storage tanks on residential property values in Cuyahoga County, Ohio&#39;, Journal of Real Estate Research, Vol. 14, No. 1, pp. 29?41.
Syms, P. 1996, The redevelopment and value of contaminated land, Unpublished Ph.D. thesis, Sheffield Hallam University, Sheffield.
TEGOVOFA (1988), &#145;Valuation of land subject to soil pollution&#39;, Background Paper BP19. The European Group of Valuers of Fixed Assets, London.
Wind, J., Green, P. Shifflet, D., &amp; Scarborough, M. 1989, &#145;Courtyard by Marriott: designing a hotel facility with consumer-based marketing models&#39;, Interfaces, Vol. 19, No. l,pp. 25?47.
Zeiss, C, &amp; Atwater, J. 1989, &#145;Waste facility impacts on residential property values&#39;, Journal of Urban Planning and Development, Vol. 115, No. 2, pp. 64?79.
Zeiss, C, &amp; Atwater, J. 1990, &#145;Incinerator impacts on residential property sales: beyond price effects&#39;. Journal of Urban Planning and Development, Vol. 116, No. 2, pp. 80?97.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/the-use-of-conjoint-analysis-to-assess-the-impact-of-environmental-stigma</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/relocating-for-retirement-in-south-australia</link>
<title><![CDATA[Relocating for Retirement in South Australia]]></title>
<description><![CDATA[This paper reports on the findings of a survey undertaken in 1999 into the decisionmaking processes of retirees who have relocated to retirement villages within the Adelaide Metropolitan District in South Australia (SA). The study recognises that the South Australia population is aging faster than for any other state in Australia and suggests that the decision making of retirees, both pensioned and self funded, are of interest to those in the areas of housing provision, housing investment and welfare provision.
This study identifies the characteristics of retirees who have moved into retirement villages and explores the main push and pull factors, which influence their decision to relocate. This study is important given the concern that has been expressed over appropriate accommodation for an aging Australian population and the lack of systematic canvassing of views within the retirement village population.
]]></description>
<content><![CDATA[Australian Bureau of Statistics (ABS) 1993, Estimated Resident Population by Sex and Age: States and Territories of Australia, Cat No 3201.0, ABS, Canberra.
ABS 1996, Australian Census of Population &amp; Housing, ABS, Canberra.
ABS 1999, Retirement Population in Australia, ABS, Canberra.
Australian Institute of Health and Welfare (AIWH) 1996, Australia&#39;s Health 1996, AIWH, Canberra.
Casy, C. 1999, &#145;Retirement accommodation: the future to move to ownership of title system&#39;, Australian Property Journal 35(6), pp. 468?469.
Commission for the Future 1992, Retirement Villages in Australia: the Future Trends and Influences to 2011, A Report to the Retirement Village Association (RVA) Victoria Inc.
Eardley, T. &amp; Birch, M. 1998, Retirement Villages Resident&#39;s Housing Costs and Living Circumstances, Social Policy Research Centre, Number 139.
Gardner, L. 1994, &#145;Why people move to retirement villages: home owners and non-home owners&#39;, Australian Journal on Ageing 13(1), pp.36?40.
Golant, S. 1987, &#145;Residential moves by elderly persons in US central cities, suburbs and rural areas&#39;, Journal of Gerontology 42, pp. 534?539.
Loomis, L., Sorce, P. &amp; Tyler, P. 1989, &#145;A lifestyle analysis of healthy retirees and their interest in moving to a retirement village&#39;, in: L.A Pastalan (ed) The Retirement Community Movement, Contemporary Issues, The Hayworth Press.
Manicaros, M. &amp; Stimson, R. 1998, &#145;The Decision to Relocate to a Retirement Village: Evidence from a South-East Queensland Pilot Study&#39;, Paper to the Retirement Village Association of Australia 1998 National Convention, January, Brisbane, Qld.
Manicaros, M. &amp; Stimson, R. 1999, Living in a Retirement Village: Attitudes, Choice &amp; Outcomes, Australian Housing Urban Research Institute (AHURI), University of Queensland, Brisbane, Qld.
Marans, R.W. (Ed) 1983, &#145;Changing properties of retirement communities&#39;, in: Housing for a Maturing Population, Urban Land Institute, Washington.
McDonald, J. 1986, &#145;Retirement villages: segregated communities&#39;, Australian Journal on Ageing 5, pp. 40?46.
Moran, D. 1999, &#145;Retirement villages&#151;gaining momentum and perspective&#39;, Australian Property Journal 35(6), pp. 47?74.
Stimson, R., Manicaros M., Kabamba, A., &amp; Murray, A. 1997, Ageing and Retirement Housing in Australia, AHURI Research Monograph 4.
Stimson, R. 1990, &#145;Ageing retirement communities and villages: US experiences&#39;, Retirement Villages 1990 Conference Proceedings, Sydney.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/relocating-for-retirement-in-south-australia</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/portfolio-construction-and-risk-in-management-property-securities-funds</link>
<title><![CDATA[Portfolio Construction and Risk in Management Property Securities Funds]]></title>
<description><![CDATA[The key issue of the number of property trusts to be included in property securities fund portfolios is considered. Using portfolio risk simulations over 1994-2000, it is shown that property securities funds are including more property trusts than are required to achieve optimum portfolio risk, largely due to other risk management criteria that need to be included in effective investment decision-making for property securities funds. This is found to include a range of portfolio construction constraints, such as tracking error, compliance and limiting exposure to individual property trusts. Once these additional criteria are factored in, property securities funds are still including sufficient property trusts for optimum portfolio construction.
]]></description>
<content><![CDATA[Australian Stock Exchange, 2000. Survey of share ownership in Australia. ASX: Sydney.
Elton, E. and Gruber, M. 1977. Risk reduction and portfolio size: an analytical solution. Journal of Business 50 (4): 415&#150;37.
Evans, J. and Archer, S. 1968. Diversification and the reduction of dispersion: an empirical analysis. Journal of Finance 23(5): 761&#150;767.
Fischer, L. and Lorie, J. 1970. Some studies of variability of returns on investments in common stock. Journal of Business 43(2): 99&#150;134.
Johnson, K. and Shannon, D. 1974. A note on diversification and the reduction of dispersion. Journal of Financial Economics 4: 365&#150;372.
Lloyd, W. Hand, J. and Modani, N. 1981. The effect of portfolio construction rules on the relationship between portfolio size and effective diversification. Journal of Financial Research 4: 183&#150;189.
Lorie, J. 1975. Diversification: old and new. Journal of Portfolio Management (Winter): 25&#150;29.
Property Council of Australia. 2001. Investment Property Index: December 2000. PCA: Sydney.
Property Investment Research. 2000. Annual Listed Property Trust Review 2001. PIR: Melbourne.
Property Investment Research. 2001. Review of property securities funds. PIR: Melbourne.
Statman, M. 1987. How many stocks make a diversified portfolio? Journal of Financial and Quantitative Analysis 22(3): 353&#150;363.
Tole, T. 1982. You can&#39;t diversify without diversifying. Journal of Portfolio Management (Winter): 5&#150;11.
UBS Warburg. 2001. UBS Warburg Property Monthly: October 2001. UBS Warburg: Sydney.
Upton, D. 1999. Is bigger better? Property Australia 13(10): 10&#150;11.
Wilson, P. and Okunev, J. 1996. Evidence of segmentation in domestic and international property markets. Journal of Property Finance 7(4): 78&#150;97.
Wilson, P. and Okunev, J. 1999. Long-term dependencies and long-run non-periodic co-cycles: real estate and stockmarkets. Journal of Real Estate Research 18(2): 257&#150;278.
Wilson, P., Okunev, J. and Webb, J. 1998. Step interventions and market integration: tests in the U.S., U.K. and Australian property markets. Journal of Real Estate Finance and Economics 16(1): 91&#150;123.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/portfolio-construction-and-risk-in-management-property-securities-funds</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/corporate-real-estate-in-the-singapore-stock-market</link>
<title><![CDATA[Corporate Real Estate in the Singapore Stock Market]]></title>
<description><![CDATA[This paper investigates the relationship between corporate real estate asset holdings and the value of non-real estate firms. Our specific hypothesis is that the proportion of real estate holdings does affect positively rates of common stock returns due to the capital growth opportunities presented by real estate. Our findings using a yearly cross-sectional test during 1995&#150;99 provide some support to the hypothesis. This helps explain why some non-real estate firms own properties&#151;to increase shareholder value. However, it remains unclear as to whether the real estate impact is highly significant. This is because the influence of other real estate related factors such as debt ratio and firm size has to be jointly considered in stock market valuation. Finally, the implications of the results are highlighted.
]]></description>
<content><![CDATA[Asgharian, H. and ?. Hansson (2000), &quot;Cross-sectional Analysis of Swedish Stock Returns with Time-Varying Beta: the Swedish Stock Market 1983-96&quot;, European Financial Management 6(2): 213-233.
Brennan, M. (1990), &quot;Latent Assets&quot;, Journal of Finance 45(3): 709-729.
Cheong, K., and S. Chi (1997), &quot;Corporate Real Estate Holdings and the Value of the Firm in Korea&quot;, Journal of Real Estate Research 13(3): 273-295.
Currie, D. and A. Scott (1991), The Place of Commercial Property in the UK Economy, Research Report, London Business School
Debenham Tewson &amp; Chinnocks (1992), The Role of Property&#151;Managing Cost and Releasing Value, Research Report, UK
Fama, E. and J. MacBeth (1973), &quot;Risk, Return and Equilibrium: Empirical Test&quot;, Journal of Political Economy 71: 607-636.
Liow, K.H. (1999), &quot;Corporate Real Estate Investment and Ownership in Real Estate in Singapore&#151;Some Empirical Evidence&quot;, Journal of Corporate Real Estate 1(4): 329-342.
Louargand, M. (1999), &quot;Real Estate&#39;s Influence on Enterprise Value&quot;, Journal of Corporate Real Estate 1(3): 254-261.
Seiler,M., A. Chatrath and J. Webb (2001), &quot;Real Estate Ownership and the Risk and Return to Stockholders&quot;, Journal of Real Estate Research 22(1/2): 199-212.
Sharpe, W. (1964). &quot;Capital Asset Prices: A Theory of Market Equilibrium under Conditions of Risk&quot;, Journal of Finance 19: 425-442.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/corporate-real-estate-in-the-singapore-stock-market</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/global-real-estate-investment-characteristics-optimal-portfolio-allocation-and-future-trends</link>
<title><![CDATA[Global Real Estate Investment: Characteristics, Optimal Portfolio Allocation and Future Trends]]></title>
<description><![CDATA[In response to the increasing importance of real estate investment internationally, we examine the current characteristics of global real estate markets, including the performance of global real estate, the extent of securitisation of institutional grade property around the world and a comparison of the gearing levels in international securitised property markets. We also examine current investor allocations to real estate and demonstrate the portfolio diversification benefits available from increased weightings to securitised property, suggesting an optimal portfolio allocation of 10-20%. We suggest that investors are able to gain even further diversification benefits via the introduction of international real estate allocations to investment portfolios. The paper also provides an analysis of the likely future trends in global real estate.
]]></description>
<content><![CDATA[Brinson, G.P., 1991, &quot;Determinants of Portfolio Performance&quot;, Financial Analysts Journal, May/June.
Brown, G. R. and Schuck, E. J., &quot;Optimal Portfolio Allocations to Real Estate&quot;, Journal of Real Estate Portfolio Management, 2, 1 ; 63-73.
Global Real Estate Analyser, Coward, ? and Steinert, M, December 2001, UBS Warburg.
Newell, G. and Worzala, E. 1995, &quot;The role of international property in investment portfolios&quot;, Journal of Property Finance, 6,1; 55-63.
Quan, D.C. and Titman, S., 1999, &quot;Do Real Estate Prices and Stock Prices Move Together? An International Analysis&quot;, 27, 2; 183-207.
Real Estate Investment Trusts, 2001, Ibbotson Associates.
Steinert, M. and Coward, C. 2001, The Performance and Benchmarking of Global Real Estate Markets, UBS Warburg Global Conference, December 2001.
Webb, J. R.; Curcio, R. J. and Rubens, J. H., 1988, &quot;Diversification gains from including real estate in mixed asset portfolios&quot;, Decision Sciences, 19; 435-452.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/global-real-estate-investment-characteristics-optimal-portfolio-allocation-and-future-trends</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/the-linkages-between-real-estate-securities-in-the-asia-pacific</link>
<title><![CDATA[The Linkages Between Real Estate Securities in the Asia-Pacific]]></title>
<description><![CDATA[This paper investigates the inter-relationships between real estate securities markets in Australia, Hong Kong, Japan, and Singapore. Two key issues are addressed, namely whether the markets are related in the short-term and secondly, whether short-run co-movement occurs b?tw??? the markets on a weekly basis. The long-term analysis finds minimal evidence of cointegration between the markets, indicating that they do not share long-term trends. This implies long-term diversification opportunities. The short-term analysis of causal relationships and volatility spillovers also provides evidence of minimal co-movement. The primary piece of dissenting evidence is that consistent evidence of Granger Causality is found when contemporaneous observations are included.
]]></description>
<content><![CDATA[Allen, D.E. &amp; MacDonald, G. (1995). The Long Run Gains from International Equity Diversification: Australian Evidence from Cointegration Tests, Applied Financial Economics, 5, 33&#150;42.
Arshanapalli, B. &amp; Doukas, J. (1993). International Stock Market Linkages: Evidence from the pre and post October 1987 Period, Journal of Banking &amp; Finance, 17, 193&#151; 208.
Bae, K. &amp; Karolyi, G.A. (1994). Good News, Bad News and International Spillovers of Stock Return Volatility Between Japan and the US, Pacific-Basin Finance Journal, 2,405&#150;438.
Barkham, R. &amp; Geltner. D. (1995). Price Discovery in American and British Property Markets, Real Estate Economics, 23, 21&#150;44.
Bekeart, G. &amp; Harvey. C. (1997). Emerging Equity Market Volatility, Journal of Financial and Quantitative Analysis, 25, 203&#150;215.
Bollerslev, T. (1986). Generalized Autoregressive Conditional Heteroscedasticity, Journal of Econometrics, 31, 307&#150;328.
Bollerslev, T. (1990). Mode &quot;mg the Coherence in Short-Run Nominal Exchange Rates: A Multivariate Generalized ARCH Model, Review of Economics and Statistics, 72,498&#150;505.
Bollerslev, T., Chou, R.Y. &amp; Kroner, K.F. (1992). ARCH Modeling in Finance: A Review of the Theory and Empirical Evidence, Journal of Econometrics, 52, 5&#150;59.
Booth, G.G., Martikainen, T. &amp; Tse, Y. (1997). Price and Volatility Spillovers in Scandinavian Stock Markets, Journal of Banking &amp; Finance, 21, 811-823.
Chan, K. Gup, B.E. &amp; Pan, M.S. (1992). An Empirical Analysis of Stock Prices in Major Asian Markets and the United States, The Financial Review, 27, 289&#150;307.
Chan, K., Gup, B.E. &amp; Pan, M.S. (1992). International Stock Market Efficiency and Integration: A Study of Eighteen Nations, Journal of Business, Finance &amp; Accounting, 24, 803&#150;813.
De Santis, G. &amp; Wooldridge, J.M. (1997). Stock Returns and Volatility in Emerging Financial Markets, Journal of International Money &amp; Finance, 16, 561&#150;579.
Eichholtz, P.M.A. (1996). Does International Diversification work Better for Real Estate than for Stocks and Bonds, Financial Analysts Journal, January-February, 56&#150;62.
Engle, R.F. (1982). Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of UK Inflation, Econometrica, 50, 987&#150;1008.
Engle, R.F. (ed). (1995). ARCH: Selected Readings, Oxford University Press: Oxford.
Engle, R.F. &amp; BollersJev, T. (1986). Modeling the Persistence of Conditional Variances, Econometric Review, 5, 1&#150;50.
Engle, R.F. &amp; Granger, C.W.J. (1987). Cointegration and an Error Correction: Representation, Estimation and Testing, Econometrica, 55, 251&#150;276.
Engle, R.F., Ito, T. &amp; Lin, W.L. (1990). Meteor Showers or Heat Waves ? Heteroscedastic Intra-Day Volatility in the Foreign Exchange Market, Econometrica, 58, 525&#150;542.
Engle, R.F., Ito, T. &amp; Lin, W.L. (1994). Do Bulls and Bears Move Across Borders ? International Transmissions of Stock Price Volatility, Review of Financial Studies, 7, 507&#150;538.
Engle, R.F., Lilien, R.M. &amp; Robins, R.P. (1987). Estimating Time Varying Risk Premia in the Term Structure: The ARCH-M Model, Econometrica, 55, 391&#150;407.
Engle, R.F. &amp; Ng, V.K. (1993). Time-Varying Volatility and the Dynamic Behavior of the Term Structure, Journal of Money, Credit and Banking, 25, 336&#150;349.
Engle, R.F. &amp; Ng, V.K. (1993). Measuring and Testing the Impact of News on Volatility, Journal of Finance, 48, 1749-1778.
Errunza, V., Hogan, K., Kini, O. &amp; Padmanabhan, P. (1994). Conditional Heteroscedasticity and Global Stock Return Distributions, The Financial Review, 29, 293&#150;317.
Garvey, R., Santry, G. &amp; Stevenson, S. (2000). The Integration of European Equity Markets: An Intra-Day Study of Frankfurt, London, Paris &amp; Zurich. Paper presented at the FMA European Conference, Edinburgh.
Gibbons, M., Ross, S. &amp; Shanken, J. (1989). A Test of the Efficiency of a Given Portfolio, Econometrica, 57, 1121&#150;1152.
Glen, J. &amp; Jorion, P. (1993). Currency Hedging for International Portfolios, Journal of Finance, 48, 1865&#150;1886.
Hall, S.G. (1991). The Effect of Varying Length VAR Models on the Maximum Likelihood Estimators of Cointegrating Vectors, Scottish Journal of Political Economy, 38, 317&#150;323.
Johansen, S. (1988). Statistical Analysis of Cointegration Vectors, Journal of Economic Dynamics &amp; Control, 12, 231&#150;254.
Hamao, Y., Masulis, R.W. &amp; Ng, V. (1990). Correlations in Price Changes and Volatility Across International Stock Markets, Review of Financial Studies, 3, 281&#150;307.
Kanas, A. (1998). Volatility Spillovers Across Equity Markets: European Evidence, Applied Financial Economics, 8, 245&#150;256.
Karolyi, G.A. (1995). A Multivariate GARCH Model of International Transmissions of Stock Returns and Volatility: The case of the United states and Canada, Journal of Business and Economic Statistics, 13, 11&#150;25.
Kasa, K. (1992). Common Stochastic Trends in International Stock Markets, Journal of Monetary Economics, 29, 95-124.
Koch, P.D. &amp; Koch, T.W. (1991). Evolution in Dynamic Linkages Across Daily National Stock Indices, Journal of International Money and Finance, 10, 231&#150;251.
Koutmos, G. &amp; Booth, G.G. (1995). Asymmetric Volatility Transmission in International Stock Markets, Journal of International Money &amp; Finance, 14, 747&#150;762.
Kwok, R.H.F. (1995). Market Integration in the Four Newly Industrialised Economies of Asia, Advances in Pacific Basin Financial Markets, 1, 199&#150;209.
Lee, S.L. (1998). The Case for Property in the Long-Run: A Cointegration Test, Department of Land Management, working paper 06/98.
Liow, K.H. (1997). The Historical Performance of Singapore Property Stocks, Journal of Property Finance, 8, 111&#150;125.
Liow, K.H. (2000). The Dynamics of the Singapore Property Market, Journal of Property Research, 17, 279&#150;292.
Liu, C.H., Hartzell, D.J., Greig, W. &amp; Grissom, T. (1990). The Integration of the Real Estate Market and the Stock Market: Some Preliminary Evidence, Journal of Real Estate Finance &amp; Economics, 3, 261&#150;282.
Liu, C.H. &amp; Mei. J. (1998). The Predictability of International Real Estate Markets: Exchange Rate Risk and Diversification Opportunities, Real Estate Economics, 26, 3&#150;39.
Malliaris, A.G. &amp; Urrutia, J.L. (1992). The International Crash of October 1987: Causality Tests, Journal of Financial and Quantitative Analysis, 27, 353&#150;364.
Najand, M. (1996). A Causality Test of the October Crash of 1987: Evidence from Asian Stock Markets, Journal of Business Finance &amp; Accounting, 23, 439&#151;448.
Nelson, D.B. (1990). Stationarity and Persistence in the GARCH (1,1) Model, Econometric Theory, 6, 318&#150;334.
Nelson, D.B. (1991). Conditional Heteroscedasticity in Asset Returns: A New Approach. Econometrics, 2, 347&#150;370.
Newell, G. &amp; Chau, K.W. (1996). Linkages Between Direct and Indirect Property Performance in Hong Kong, Journal of Property Finance, 7, 9&#150;29.
Ng., V.K., Chang, P.R. &amp; Chou, R.Y. (1991). An Examination of the Behavior if Pacific-Basin Stock Market Volatility, in Ghon, R. &amp; Chang, R.P. (eds). Pacific-Basin Capital Markets Research, Elsevier, 245-260.
Ong, S.E. (1995). Singapore Real Estate and Property Stocks: A Cointegration Test, Journal of Property Research, 12, 29&#150;39.
Phylaktis, K. (1999). Capital Market Integration in the Pacific Basin Region: An Impulse Response Analysis, Journal of International Money and Finance, 18, 267&#150;287.
Stevenson, S. (2000). International Real Estate Diversification: Empirical Tests using Hedged Indices, Journal of Real Estate Research, 19, 119&#150;149.
Theodossiou, P. &amp; Lee, U. (1993). Mean and Volatility Spillovers Across Major National Stock Markets: Further Empirical Evidence, Journal of Financial Research, 16, 337&#150;350.
Theodossiou, P. &amp; Lee, U. (1995). Relationships Between Volatility and Expected Returns Across International Stock Markets, Journal of Business Finance &amp; Accounting, 22, 289&#150;300.
Wilson, P. &amp; Okunev, J. (1996). Evidence of Segmentation in Domestic and International Property Markets, Journal of Property Finance, 7, 78&#150;97.
Wilson, P., Okunev, J. &amp; Ta, G. (1996). Are Real Estate &amp; Security Markets Integrated ? Some Australian Evidence, Journal of Property Valuation &amp; Investment, 14, 7&#150;24.
]]></content>
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<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume7-2001/the-dynamics-of-the-australian-property-trust-market-risk-and-correlation-profile</link>
<title><![CDATA[The Dynamics of the Australian Property Trust Market Risk and Correlation Profile]]></title>
<description><![CDATA[The diversification benefits of listed property trusts (LPTs) in investment portfolios in Australia are assessed under different market conditions over 1980&#150;2000. Correlations between LPTs and shares are shown to vary considerably, with the correlation increasing significantly in down-market conditions. This increased correlation between LPTs and shares is also linked to increased LPT and stockmarket volatility. This highlights the need to consider market conditions when considering asset allocations and the level of LPTs in investment portfolios. Given the considerable growth and maturity in LPTs since 1990, LPTs were also seen to retain their portfolio diversification benefits with increased stockmarket volatility in the 1990&#39;s, compared to the potential loss of some of these portfolio diversification benefits in the 1980&#39;s
]]></description>
<content><![CDATA[Blundell, L. 2001. Listed property trusts: coming of age. Property Australia 15(10): 14&#150;18.
Eichholtz, P. and Hartzell, D. 1996. Property shares, appraisals and the stockmarket: an international perspective. Journal of Real Estate Finance and Economics 12: 163&#150;178.
Erb, ?. et al. 1994. Forecasting international equity correlations. Financial Analysts Journal (Nov): 32&#150;45.
Goldstein, M. and Nelling, E. 1999. REIT return behaviour in advancing and declining stockmarkets. Real Estate Finance 15(4): 68&#150;77.
Kaplanis, E. 1988. Stability and forecasting of the co-movement measures of international stockmarket returns. Journal of International Money and Finance 7(1): 63&#150;76.
Liang, Y. 2000. REIT correlation with stock indices. Prudential Real Estate Investors Research Notes.
Longin, F. and Solnik, B. 1995. Is correlation in international equity returns constant: 1960-90? Journal of International Money and Finance 14(1): 3&#150;26.
McAllister, R. and Liang, Y. 2001. Update: near zero correlation between REITs and major stock indices as of December 2000. Prudential Real Estate Investors Research Notes.
Mueller, G. et al. 1994. Should REITs be included in a mixed-asset portfolio? Real Estate Finance 11(1): 23&#150;28.
Myer, N. and Webb, J. 1993. Return properties of equity REITs, common stocks and commercial real estate: a comparison. Journal of Real Estate Research 8(1): 87&#151;106.
Myer, N,. and Webb, J. 1994. Retail stocks, retail REITs and retail real estate. Journal of Real Estate Research 9(1): 65&#150;84.
Newell, G. 2001. Listed property trusts: a matter of style. Property Australia 15(10): 20.
Newell, G. and MacFarlane, J. 1996. What does property trust performance tell us about commercial property returns? Australian Land Economics Review 2(1): 10&#150;18.
Okunev, J. and Wilson, P. 1997. Using non-linear tests to examine integration between real estate and stockmarkets. Real Estate Economics 25(3): 487&#150;503.
Property Investment Research. 2000. Annual Listed Property Trust Review 2001. PIR: Melbourne.
Property Council of Australia. 2001. Investment Property Index: December 2000. PCA: Sydney.
Solnik, B. et al. 1996. International market correlation and volatility. Financial Analysts Journal (Sept): 17&#150;34.
Terris, D. and Myer, N. 1995. The relationship between healthcare REITs and healthcare stocks. Journal of Real Estate Research 10(4): 483&#150;494.
UBS Warburg 2001. UBS Warburg indices: October 2001 (and miscellaneous copies). UBS Warburg: Sydney.
Wilson, P. and Okunev, J. 1996. Evidence of segmentation in domestic and international property markets. Journal of Property Finance 7(4): 78&#150;97.
Wilson, P. and Okunev, J. 1999. Long-term dependencies and long-run non-periodic co-cycles: real estate and stockmarkets. Journal of Real Estate Research 18(2): 257&#150;278.
Wilson, P., Okunev, J. and Webb, J. 1998. Step interventions and market integration: tests in the U.S., U.K. and Australian property markets. Journal of Real Estate Finance and Economics 16(1): 91&#150;123.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume7-2001/the-dynamics-of-the-australian-property-trust-market-risk-and-correlation-profile</guid>
<pubDate>31 Dec 2000 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume6-2000/the-olympics-and-residential-property-prices-a-comparative-analysis-of-two-sydney-sub-regions</link>
<title><![CDATA[The Olympics and Residential Property Prices: A Comparative Analysis of Two Sydney Sub Regions]]></title>
<description><![CDATA[Prior research by the authors on the anticipated rate of growth in house prices flowing from the Olympics indicated a mixed response in the immediate region of Olympic development using ordinary least squares regression and comparison of growth rates for Sydney housing. The present research compares residential property price movements in Leichhardt and South Sydney in relation to the results of our previous research. Analysis takes place in the context of the ongoing residential, cultural, commercial and infrastructure redevelopment occurring in the two sub regions. The present research provides a further opportunity to look at the so-called Olympic effect in the broader context of rapid urban development and consolidation in Sydney.
]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume6-2000/the-olympics-and-residential-property-prices-a-comparative-analysis-of-two-sydney-sub-regions</guid>
<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/identifying-industrial-location-and-site-preferences-for-small-business-a-south-australian-case-study</link>
<title><![CDATA[Identifying Industrial Location and Site Preferences for Small Business: A South Australian Case Study]]></title>
<description><![CDATA[This paper is based on a survey of 87 small to medium industrial land users which was undertaken in June 1997 to examine industrial property use and preferences within the Adelaide Statistical Division (ASD) of South Australia (SA). Adelaide, the state capital of South Australia has a metropolitan population of 1 million. The study was undertaken in response to a perceived mismatch by small business operators within the industrial land market between demand for and supply of industrial zoned land in Adelaide in terms of location, quality and site characteristics. The survey was undertaken across a cross section of small business land users in terms of location, tenancy and business type at a time when significant areas of industrial land within metropolitan Adelaide were being rezoned for residential and recreational purposes. Small business continues to be a major contributor to the SA economy but may be impeded in its development by uninformed planning decisions. This paper provides a focus on current characteristics and preferences of industrial property users in an attempt to better anticipate future demand for industrial space. The implications of the survey for decision making with respect to management of land and planning policy are explored
]]></description>
<content><![CDATA[ABS (1997) South Australian Economic Indicators June 1997 AGPS
ABS (1998) Characteristics of Small Business, ABS Catalogue No 8127.0 AGPS
Adams, CD, Russell, L &amp; Taylor-Russell, CS (1992)	Development constraints, market processes and the supply of industrial land Land DevelopmentEducation Trust 49&#150;61
Blair, J &amp; Yardley, R (1994) Planning for industrial land in the Sydney region Australian Planner (Mar) 16&#150;21
Callus, R Kitay, J &amp; Sutcliffe ? (1992) Industrial Relations at Small Business Workplaces Small Business Review, Bureau of Industrial Economics pp l22
Economic Development Authority (EDA) SA (1993) The Creation of an InternationallyCompetitive Business Environment AGPS
Florida, Richard (1995) Regional creative destruction: production organisation, globalisation &amp; the economic transformation of the Midwest Economic Geography 314&#150;334
Hughes, William (1994) Determinants of demand for industrial property The Appraisal Journal (April) 303&#150;309
Jones Lang Wootton (1996) Adelaide Industrial Property Market Summary JLW
Knox, P ? &amp; Agnew, J (1989) The Geography of the World Economy Edward Arnold
Kupke, V &amp; Kooymans R (1998) Modelling the Take up of Vacant Industrial Land, Fourth Annual Pacific-Rim Real Estate Society Conference (PRRES), Perth, Western Australia
Massey, D (1973) Towards a Critique of Industrial Location Theory, Antipode,
Nicholoson, RJ &amp; Tebbutt, SG (1979) Modelling of new orders for private industrial building The Journal of Industrial Economics 147&#150;160
Norusis, M J/SPSS Inc. (1993) SPSS for Windows Professional Statistics Release 6.0 SPSS
Peacock R (1997) Small Business in South Australia: A Snapshot, Small Enterprise Series No 32 (Adelaide: University of South Australia March 1997)
Rae, John (1995) Industrial property: the effect of changing technology The Valuer &amp; Land Economist (Feb) 391&#150;394
Roberts, ? (1994) Business Expansionow there&#39;s a capital idea Financial Review 7 Apri 1 1994 p2
Searle, Glen (1992) The impact of new technology on industrial land Urban Futures Journal 69&#150;76
Smith, N (1989) Uneven Development and Location Theory: Towards as Synthesis in Peet, R. &amp; Thrift, N (eds) New Models in Geography Unwin Hyman
Stilwell, FBJ (1972) Regional Economic Policy Macmillan
Stilwell, FBJ (1992) Understanding Cities &amp; Regions Pluto Press
Troy, P (ed) (1995) Technological Change &amp; the City Federation Press
Yellow Pages&reg; (1999) Small Business Index&#153;&quot;Special Reports&quot; November 1999 Telstra Corporation Melbourne
]]></content>
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<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/location-location-location-wise-maxim-or-clever-hoax</link>
<title><![CDATA[&quot;Location Location Location&quot; Wise Maxim or Clever Hoax?]]></title>
<description><![CDATA[Median prices for individual suburbs in Australian capital cities are frequently quoted in the popular press as a measure of price change between geographic areas. This raises several interesting questions. Are these observed price changes truly representative of factors influencing prices autonomous within the specific suburb? Alternatively, are these changes the result of common factors that may be observed across several suburban areas during contemporaneous measurement periods? Are these reported price changes of any statistical significance? This paper empirically tests some of these questions. A rich data set of transactions for ten individual suburbs in the city of Perth, Australia for the period 1988 &#150; 1999 is used. Quarterly hedonic price indexes are created for each individual suburb and tested for accuracy. Standard parametric and non-parametric statistical methods are used to test for significant differences between the ten suburb groupings. The results confirm a low number of statistically significant differences and the existence of a &#145;pricing size effect&#39; as a determinant of house price change.
]]></description>
<content><![CDATA[Case, K. E., Shiller, R.J. (1989). &quot;The Efficiency of the Market for Single-Family Homes,&quot; The American Economic Review 79, 125&#150;137.
Clapp, J.M., Dolde, W., Tirtiroglu, D. (1995). &quot;Imperfect Information and Investor Inferences from Housing Price Dynamics,&quot; Real Estate Economics, Fall 1995, Vol 23 No 3,239&#150;269.
Clapp, J.M., Giacotto, C., Tirtiroglu, D. (1991). &quot;Housing Price Indexes Based On All Transactions Compared to Repeat Subsamples,&quot; Journal of the American Real Estate and Urban Economics Association 19 (3):270&#150;285.
Costello, G.J. (1995). &quot;Shift-share analysis for Real Estate Market Research.&quot; Australian Land Economics Review. Vol 1 No 2, 24&#150;33.
Costello, G.J. (1997). &quot;Transaction Based Index Methods for Housing Market Analysis.&quot; Australian Land Economics Review. Vol 3 No 219&#150;27.
Costello, G.J. (1999). &quot;Price Segmentation, Size Effects and Information Diffusion in Housing Markets.&quot; Proceedings of the International Real Estate Society Conference &#145;99, Kuala Lumpur, 26&#150;30 January 1999.
Dolde, W., Tirtiroglu, D. (1997). &quot;Temporal and Spatial Information Diffusion in Real Estate Price Changes and Variances,&quot; Real Estate Economics, Winter 1997, Vol 25 No 4, 539&#150;565.
Gatzlaff, D. H., Ling, D.C. (1994). &quot;Measuring Changes in Local House Prices: An Empirical Investigation of Alternative Methodologies,&quot; Journal of Urban Economics. 35: 221&#150;244.
Gatzlaff, D.H., Tirtiroglu, D. (1995). &quot;Real Estate Market Efficiency: Issues and Evidence.&quot; Journal of Real Estate Literature, Vol 3, No 2, pp 157 189.
Linneman, P. (1980). &quot;Some Empirical Results on the Nature of the Hedonic Price Function for the Urban Housing Market.&quot; Journal of Urban Economics. 8:47&#150;68.
Meese, R., Wallace, N., (1995) &quot;Testing the Present Value Relation for Housing Prices: Should I Leave My House in San Francisco?&quot; Journal of Urban Economics 35(3): 254&#150;266.
Siegel, S., Castellan, N.J. (1988). Nonparametric Statistics for the Behavioral Sciences, McGraw Hill, New York, 1988
Squirrell, ?. (Ed) (1997) &quot;Readings in Property Economics&quot; Australian Institute of Valuers and Land Economists (Inc), Canberra, Australia.
]]></content>
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<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/book-review</link>
<title><![CDATA[Book Review]]></title>
<description><![CDATA[]]></description>
<content><![CDATA[]]></content>
<guid isPermaLink="true">https://www.prres.org/volume6-2000/book-review</guid>
<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/australian-business-cycles-and-commercial-property-markets-some-empirical-evidence-over-four-decades</link>
<title><![CDATA[Australian Business Cycles and Commercial Property Markets: Some Empirical Evidence Over Four Decades]]></title>
<description><![CDATA[The commercial real estate market in Australia exhibits periods of boom and slump A feature of the cycles across different commercial real estate sectors is the timing of the base turning points; they are all generally grouped within a two-year period. The relationship between the business cycle and the turning points for these real estate cycles has changed over the 40 years of the data used in the analysis. The paper takes a macro approach to explaining construction supply cycles. A literature review of property cycles and the links to business activity is followed by analysis of the data. Finally, the results are discussed before concluding that links between the commercial property market and the broader economy have weakened and now operate differently compared to historical links. Commercial real estate cycles appear to now relate more strongly to property demand and supply disequilibrium.
]]></description>
<content><![CDATA[Archer W and Ling D, (1997), The Three Dimensions of Real Estate Markets: Linking Space, Capital and Property Markets, Journal of Real Estate Finance, Vol. 3, No. 2, pp 7&#150;14.
Ball M, Morrison T and Wood A, (1996), Structures Investment and Economic Growth: A Long-term International Comparison, Urban Studies, Vol. 33, No. 9, pp 1687&#150;1706.
Ball M, Lizieri ? and MacGregor B, (1998), The Economics of Commercial Property Markets, Routledge, London.
Barras R and Ferguson D, (1985), A Spectral Analysis of Building Cycles in Britain, Environment and Planning A, Vol. 17, pp 1369&#150;1391.
Barras R, (1994), Property and the Economic Cycles: Building Cycles Revisited, Journal of Property Research, Vol. 11, pp 183&#150;197.
Bowerman ? and O&#39;Connell R, (1993), Forecasting and Time Series, An Applied Approach, 3 ed, Wadsworth Inc, California.
Brown G, (1984), Real Estate Cycles Alter the Valuation Perspective, Appraisal Journal, Vol. 52, pp 539&#150;549.
Burns A and Mitchell W, (1946), Measuring Business Cycles, National Bureau of Economic Research, New York.
Treasury (1998), The Business Cycle &#150; Developments in the Economy&#39;s Response to Disturbances, Economic Roundup, Summer 1998, AGPS, Canberra.
Daly M, (1982), Sydney Boom Sydney Bust, Allen and Unwin, Sydney.
Firardo A, (1994), Business-Cycles Phases and Their Transitional Dynamics, Journal of Business and Economic Statistics, Vol. 12, No. 3, pp 299&#150;308.
Hess G and Iwata S, (1997), Measuring and Comparing Business-Cycle Features, Journal of Business and Economic Statistics, Vol. 15, No. 4, pp 432&#150;444.
Higgins D, (1999), Commercial Real Estate Cycles: A Conceptual Framework, Australian Property Journal, Vol. 35, pp 421&#150;429.
Higgins D, (2000), Current Status of Forecasting the Performance of Australian Commercial Property Markets, Australian Property Journal, Vol. 36 pp 43&#150;49.
Hooker Research, (1994), Inside the Commercial Property Cycle, Hooker Research Limited, Sydney.
JLW Research, (1993), Long Term Non-residential Property Cycles - Australia, JLW Research and Consultancy, Sydney.
JLW Research, (1992), Asset Management: Forecasting Office Market Yields, JLW Research and Consultancy, Sydney.
Kling J and McCue T, (1987), Office Building Investment and the Macroeconomy: Empirical Evidence, 1973&#150;1985, AREUEA, Vol.15, No.3,pp 234&#150;235
 Leinberger S, (1993), Strategic Planning for Real Estate Companies, Urban Land, Vol. 15.
Lewis M, (1998), Banks and Property: Preparing for the Next Cycle, The Valuer and Land Economist, Vol 35, pp 48&#150;56.
Mitchell W, (1927), Business Cycles the Problem and its Settings, National Bureau of Economic Research, New York.
Mueller G, (1996), Cycle Analysis - An Integral Part of Property Investment Strategies, Property Council of Australia 1996 Investment Series, Sydney.
Newell G and Higgins D, (1996), Impact of Leading Economic Indicators on Commercial Property Performance, The Valuer &amp; Land Economist, Vol. 34, ? 138&#150;151,
Niermira M, Klien P, (1994), Forecasting Financial and Economic Cycles, John Wiley &amp; Sons, New York
Oppenlander K, (1997), Business Cycles Indicators, Avebury, Aldershot, England.
Pagan A, (1997), Towards an Understanding of Some Business Cycle Characteristics, The Australian Economic Review, Vol. 30, No 1, pp 1&#150;15.
Pyhrr S, Roulac S and Born W, (1999), Real Estate Cycles and Their Strategic Implications for Investors and Portfolio Managers in the Global Economy, Journal of Real Estate Research, Vol. 18, No 1, pp 7&#150;68.
Pyhrrs S, Bom W, Robinson R and Lucas S, (1996), Real Property Valuations in a Changing Economic and Market Cycle, Appraisal Journal, January, pp 14&#150;25.
RICS, (1994), Understanding the Property Cycle, Royal Institution of Chartered Surveyors, London.
Van Duijn, (1983), The Long Wave in Economic Life, George Allen and Unwin, London.
Wheaton W and Torto R, (1988), Vacancy Rates and the Future of Office Rents, AREUEA, Vol. 16, No 4, pp 430&#150;436.
Wheaton W, (1987), The Cyclic Behavior of the National Office Market, AREUEA Journal, Vol 15, pp 281&#150;298.
Witten R, (1987), Riding the Real Estate Cycle, Real Estate Today, August, pp 42&#150;48.
Zarnowitz V, (1992), Business Cycles: Theory, History, Indicators and Forecasting, National Bureau of Economic Research, New York
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume6-2000/australian-business-cycles-and-commercial-property-markets-some-empirical-evidence-over-four-decades</guid>
<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/future-directions-and-challenges-for-valuation-research-and-practice</link>
<title><![CDATA[Future Directions and Challenges for Valuation Research and Practice]]></title>
<description><![CDATA[Ambrose, B, R. Buttimer and P. Hendershott (1998). Valuing upwards only adjusting leases. Paper at the ERES/AREUEA real estate conference, Maastricht, June.
API (1999) Professional Practice 1999. Deakin ACT. Australian Property Institute.
Crosby, N., N.S. French and M. Oughton. (2000) Bank lending valuations on commercial property - Does European mortgage lending value add anything to the process? Journal of Property Investment &amp; Finance; 18: 2000; pp. 66&#150;83
Crosby, N, A. Lavers and H. Foster (1998) Commercial property loan valuations in the Uimplications of current trends in valuation practice and legal liability. Journal of Property Research, 15 (3): 183&#150;209.
Crosby, N. and Murdoch, S. (1997). The influence of procedure on rent determination in the commercial property market of England and Wales. RICS Cutting Edge Research Conference, Dublin.
Crosby, N., A. Lavers and J. Murdoch (1998) Property valuation variation and the &quot;margin of error&quot; in the UK Journal of Property Research, 15 (4): 305&#150;30.
Crosby, N., C. Lizieri, S. Murdoch and C. Ward (1998) Implications of changing lease structures on the pricing of lease contracts. Paper at the RICS Cutting Edge Conference, Leicester, September.
Diaz III, J. (1997). An investigation into the impact of previous expert value estimates on appraisal judgement. Journal of Real Estate Research, (1), 57&#150;66.
Diaz III, J. and Hansz, J. A (1997). How valuers use the value opinion of others. Journal of Property Valuation and Investment, (3), 256&#150;60.
Diaz III, J. and Wolverton, M. L. (1998). A longitudinal examination of the appraisal smoothing process. Real Estate Economics, (2), 349&#150;56.
Downie, ML, K.W. Schulte and M. Thomas (1996) Germany in Adair, A., M.L. Downie, S. McGreal and G. Vos. European Valuation PracticTheory and Techniques. London. E &amp; FN Spon.
DTZ(1997). Overseas Investment in UK Commercial Property 1996. DTZ Debenham Thorpe Research. London.
EMF (1999). The Valuation of Property for Lending Purposes in the EU. European Mortgage Federation. Brussels.
FIRB (1996). Foreign Investment Review Board Reports. Australian Government Publishing Service. Canberra.
Gallimore, P. (1994). Aspects of information processing in valuation judgement and choice. Journal of Property Research(2), 97&#150;110.
Gallimore, P. (1996). Confirmation bias in the valuation process: A test for corroborating evidence. Journal of Property Research, (4), 261&#150;73.
Gallimore, P. and Wolverton, M. L. (1997). Price knowledge induced bias: a cross &#150; cultural comparison. Journal of Property Valuation and Investment, (3), 261&#150;73.
Grenadier, S. (1995). Valuing Lease Contracts ; A Real Options Approach. Journal of Financial Economics, 38(3) 297&#150;331.
JLL (1999) Letting and Pricing Space ContractThe Third Way for Investors and Occupiers. London. Jones Lang LaSalle.
Kinnard, W. N, Lenk, M. M. and Worzala, E. M. (1997). Client pressure in the commercial appraisal industry: how prevalent is it? Journal of Property Valuation and Investment, (3), 233&#150;44.
Mallinson, M. (1994). Commercial Property Valuations. London. Royal Institution of Chartered Surveyors.
Quan D. C. and Quigley J. M. (1991). Price formation and the appraisal function in real estate markets. Journal of Real Estate Finance and Economics. 127&#150;46.
RICS (1995). RICS Appraisal and Valuation Manual (Red Book). London. Royal Institution of Chartered Surveyors.
Schuck, E. J. and Levy, D. (1999). The influence of Clients on Valuations: The Client&#39;s Perspective. RICS Cutting Edge Research Conference, Cambridge, England.
Stork, H.U. and C. Humphreys (1996). Valuation for Loan Security. In Adair, A, M.L. Downie, S. McGreal and G. Vos. (Eds) European Valuation PracticTheory and Techniques. London. E &amp; FN Spon.
Ward, C. and N. French (1997). The Valuation of Upwards Only Rent ReviewAn Option Pricing Model.Journal of Property Valuation and Investment, 15. 171&#150;8
]]></description>
<content><![CDATA[Ambrose, B, R. Buttimer and P. Hendershott (1998). Valuing upwards only adjusting leases. Paper at the ERES/AREUEA real estate conference, Maastricht, June.
API (1999) Professional Practice 1999. Deakin ACT. Australian Property Institute.
Crosby, N., N.S. French and M. Oughton. (2000) Bank lending valuations on commercial property - Does European mortgage lending value add anything to the process? Journal of Property Investment &amp; Finance; 18: 2000; pp. 66&#150;83
Crosby, N, A. Lavers and H. Foster (1998) Commercial property loan valuations in the Uimplications of current trends in valuation practice and legal liability. Journal of Property Research, 15 (3): 183&#150;209.
Crosby, N. and Murdoch, S. (1997). The influence of procedure on rent determination in the commercial property market of England and Wales. RICS Cutting Edge Research Conference, Dublin.
Crosby, N., A. Lavers and J. Murdoch (1998) Property valuation variation and the &quot;margin of error&quot; in the UK Journal of Property Research, 15 (4): 305&#150;30.
Crosby, N., C. Lizieri, S. Murdoch and C. Ward (1998) Implications of changing lease structures on the pricing of lease contracts. Paper at the RICS Cutting Edge Conference, Leicester, September.
Diaz III, J. (1997). An investigation into the impact of previous expert value estimates on appraisal judgement. Journal of Real Estate Research, (1), 57&#150;66.
Diaz III, J. and Hansz, J. A (1997). How valuers use the value opinion of others. Journal of Property Valuation and Investment, (3), 256&#150;60.
Diaz III, J. and Wolverton, M. L. (1998). A longitudinal examination of the appraisal smoothing process. Real Estate Economics, (2), 349&#150;56.
Downie, ML, K.W. Schulte and M. Thomas (1996) Germany in Adair, A., M.L. Downie, S. McGreal and G. Vos. European Valuation PracticTheory and Techniques. London. E &amp; FN Spon.
DTZ(1997). Overseas Investment in UK Commercial Property 1996. DTZ Debenham Thorpe Research. London.
EMF (1999). The Valuation of Property for Lending Purposes in the EU. European Mortgage Federation. Brussels.
FIRB (1996). Foreign Investment Review Board Reports. Australian Government Publishing Service. Canberra.
Gallimore, P. (1994). Aspects of information processing in valuation judgement and choice. Journal of Property Research(2), 97&#150;110.
Gallimore, P. (1996). Confirmation bias in the valuation process: A test for corroborating evidence. Journal of Property Research, (4), 261&#150;73.
Gallimore, P. and Wolverton, M. L. (1997). Price knowledge induced bias: a cross &#150; cultural comparison. Journal of Property Valuation and Investment, (3), 261&#150;73.
Grenadier, S. (1995). Valuing Lease Contracts ; A Real Options Approach. Journal of Financial Economics, 38(3) 297&#150;331.
JLL (1999) Letting and Pricing Space ContractThe Third Way for Investors and Occupiers. London. Jones Lang LaSalle.
Kinnard, W. N, Lenk, M. M. and Worzala, E. M. (1997). Client pressure in the commercial appraisal industry: how prevalent is it? Journal of Property Valuation and Investment, (3), 233&#150;44.
Mallinson, M. (1994). Commercial Property Valuations. London. Royal Institution of Chartered Surveyors.
Quan D. C. and Quigley J. M. (1991). Price formation and the appraisal function in real estate markets. Journal of Real Estate Finance and Economics. 127&#150;46.
RICS (1995). RICS Appraisal and Valuation Manual (Red Book). London. Royal Institution of Chartered Surveyors.
Schuck, E. J. and Levy, D. (1999). The influence of Clients on Valuations: The Client&#39;s Perspective. RICS Cutting Edge Research Conference, Cambridge, England.
Stork, H.U. and C. Humphreys (1996). Valuation for Loan Security. In Adair, A, M.L. Downie, S. McGreal and G. Vos. (Eds) European Valuation PracticTheory and Techniques. London. E &amp; FN Spon.
Ward, C. and N. French (1997). The Valuation of Upwards Only Rent ReviewAn Option Pricing Model.Journal of Property Valuation and Investment, 15. 171&#150;8
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume6-2000/future-directions-and-challenges-for-valuation-research-and-practice</guid>
<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/assessing-compensation-for-native-title-a-valuation-perspective</link>
<title><![CDATA[Assessing Compensation for Native Title: A Valuation Perspective]]></title>
<description><![CDATA[This paper draws partly upon a presentation by the author at the 1999 Aboriginal Land Tenure Summer School, University of Adelaide on 18lh February, 1999, and upon research undertaken for the Professional Certificate in Native Title and the Anthropology of Aboriginal Land Tenure, awarded by the Department of Anthropology, University of Adelaide.
The paper extends the author&#39;s earlier work published in two Review papers on aspects of the highly topical subject of native title. In this article, indigenous values and anglo-Australian are contrasted, which &#150; in turn &#150; lead to discussion on the vexed issue of just how losses arising from extinguishment or impairment of native title might be assessed. He highlights the need for an accommodation between post-contact land law and the indigenous legal system if indigenous people are to receive &quot;just terms&quot;.
]]></description>
<content><![CDATA[Altman, Jon 1998. Compensation for Native Title: Land Rights Lessons for an Effective and Fair Regime. Issues Paper no. 20, Land, Rights, Laws: Issues of Native Title. Canberra: Native Title Research Unit, Australian Institute of Aboriginal and Torres Strait Islander Studies.
Dias, R. &amp; Hughes, G. 1957 Jurisprudence London: Butterworths
Foster, Robert. 1998 The Origin of the Protection of Aboriginal Rights in South Australia Pastoral Leases. Issues Paper no. 20, Land, Rights, Laws: Issues of Native Title. Canberra: Native Title Research Unit, Australian Institute of Aboriginal and Torres Strait Islander Studies.
Garnett, ?. 1998. Compensation for Extinguishment of Native Title. Paper presented at AIC Native Title Conference, Sheraton Hotel, Brisbane, 30 April, 1998.
Hann, CM. 1998 Introduction: the embeddedness of property. In CM. Hann (ed.) Property relations: Renewing the anthropological tradition. Cambridge: Cambridge University Press.
Hyam, Alan. 1995 The Law Affecting Valuation of Land in Australia 2 ed. Sydney: The Law Book Company.
Lane, Marcus and Yarrow, David. 1998 &quot;Development on Native Title Land - Integrating the Right to Negotiate with the Impact Assessment Process&quot;. (1998) 15(2) EPLJ p. 147
Lavarch, Michael. 1997 Compensation for Ancient Rights. Paper delivered at &quot;Working with the Native Title Act&quot; AIC Conference 17 June 1997, Sheraton Hotel, Brisbane.
Lavarch, Michael &amp; Riding, Allison. 1998 A New Way of Compensating: Maintenance of Culture through Agreement. Issues Paper No.21, Land, Rights, Laws: Issues of Native Title. Canberra: Native Title Research Unit, Australian Institute of Aboriginal and Torres Strait Islander Studies.
Lofgren, N. &amp; Kilduff, P. 1997 &quot;Some just terms implications for native title&quot;. Native Title News (Butterworths) 3: (October 1997) pp.66&#150;67.
McLennan, Amanda. 1998 &quot;A Struggle between Owners? What is the Legal Status of an Interest in Cultural Property? &quot; (1998) 15 (4) EPLJ p.241.
Merlan, Francesca. 1997. Fighting over country: four commonplaces in D.Smith &amp; J. Findlayson. Fighting over country: Anthropological Perspectives. Research monograph No. 12, pp 1&#150;13 Canberra: CAEPR, ANU.
Morphy, Howard. 1998, &quot;The Use of Anthropology in the Reeves Report&quot;, 4 (18) Indigenous Law Bulletin p. 13.
Mowbray, Martin. 1999 &quot;Redefining Land Rights: The Review of the Aboriginal Land Rights (Northern Territory) Act 1976 (Cth), 4 (18) Indigenous Law Bulletin p.9
Muir, Kado 1998. &quot;The Earth has an Aboriginal Culture Inside: Recognising the cultural Value of Country&quot;, Issues Paper no. 23, Land, Rights, Laws: Issues of Native Title. Canberra: Native Title Research Unit, Australian Institute of Aboriginal and Torres Strait Islander Studies.
Neate, Graeme 1998. Determining Compensation for Native Title: Legislative Issues and Practical Realities. Paper delivered at &quot;Working with the Native Title Amendment Act 1998&quot; AIC Conference 1 December 1998, Sheraton Hotel, Brisbane.
Rigsby, Bruce. 1997. Anthropologist, Indian title and the Indian Claims Commission: the California and Great Basin cases in D.Smith &amp; J. Findlayson. Fighting over country: Anthropological Perspectives. Research monograph No. 12, pp 15&#150;45. Canberra: CAEPR, ANU.
Sheehan, John 1998. &quot;Native Title - an update: Towards a Methodology&quot;. (1998) 35(3) Australian Property Journal p.226.
Speedy, S. 1974. Property Investment. Wellington: Butterworths.
Strelein, Lisa. 1999. &quot;Fiction over Fact: Extinguishing Native Title in the Larrakia Case, 4 (18) Indigenous Law Bulletin 18.
Sutton, P. 1999. Value and Compensation in a Native Title Context. roneo: 1999 Native Title Summer School, University of Adelaide.
Whipple, RTM. 1997. &quot;Assessing Compensation under the provisions of the Native Title Act 1993.&quot; (1997&#150;98
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume6-2000/assessing-compensation-for-native-title-a-valuation-perspective</guid>
<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/a-review-of-the-georgist-tax-remedy-for-australia</link>
<title><![CDATA[A Review of the Georgist Tax Remedy for Australia]]></title>
<description><![CDATA[Rent theory has been associated historically with the suggestion that land rent is a most suitable basis for public funding, giving rise to the single tax movement of Henry George. The political fortunes of the latter have been singularly unfavourable, and have tended to draw attention away from systematic study of rent theory.
The recent trend in many texts has been to enumerate a set of shortcomings with rent theory that often owes more to a provincial rejection of the single tax proposal than to an informed and balanced critique of the apparent target. This paper reviews the fundamental political economy of land tax with special reference to Australia to demonstrate a separate set of shortcomings, not associated with rent theory. In this way the political impracticality is explained without challenging the validity of rent theory.
]]></description>
<content><![CDATA[Barlow, Raliegh. 1958. Land Resource Economics. Englewood Cliffs: Prentice Hall.
Belloc, Hillaire. 1937/1973. The Crisis of Civilisation. Rockport USA: Tan.
Brennan, Frank. 1971. Canberra in Crisis. Fyshwick, ACT: Dalton.
Charles, George. 1991. Elementary Economics. Melbourne: Henry George Foundation.
Chesterton, G,K. 1917/1951. A Short History of England, The New Phoenix Library. London: Chatto &amp; Windus.
Cobbett, William. 1824/1988. A History of the Protestant Reformation in England and Ireland. Rockford, Illinois: Tan.
Dowe, W. A. True and False Economics. Sydney.
Ford, A. G. 1960. Notes of the working of the gold standard before 1914. Oxford Economic Papers 1960 (February):52&#150;76.
George, Henry. 1879/1992. Progress and Poverty: Schalkenbach.
Grieder, William. 1987. Secrets of the Temple. New York: Simon &amp; Schuster.
Harrison, Fred. 1983. The Power in the Land. New York: Universe.
Harvey, Jack. 1987. Urban Land Economics. London: Macmillan.
Kavanagh. 1995. The Recovery Myth. Melbourne.
Kieve, Paul N. Balchin &amp; Jeffery L. 1977. Urban Land Economics. London: Macmillan.
Mill, J.S. 1848/1970. The principles of Political Economy. D. Winch (ed.). Harmondworth, Middlesex: Penguin Classics.
Panico, Carlo. 1988. Interest and Profit in the Theories of Values and Distribution. Houndsmills, UK: Macmillan.
Peace, J. W. Graham. 1933. The Great Robbery. London: Commweal Press.
Pearce, H. G. 1987. Value True and Morbid. 2 ed. Sydney: Link.
Ricardo, David. 1817/1973. The Principles of Political Economy and Taxation. Dutton NY: Everyman.
Rogers, James Thorold. 1884/1949. Six Centuries of Work and Wages. London: George Allen and Unwin.
Samuelson, Paul, A. 1973. Economics. 2 ed. Sydney: McGraw Hill.
Small, G.R. 1997a. A Comparative Analysis of Contemporary Native and Ancient Western Cultural Attitudes to Land. Paper read at Pacific Rim Real Estate Society Conference, at Massey University, New Zealand.
Small, G. R. 1997b. A Cross Cultural Economic Analysis of Customary and Western Land Tenure. AIVLE: The Valuer(August).
Small, G. R. 1998. A Strategy for the Just Integration of Western and Customary Land Rights in Australia. Paper read at Pacific Rim Real Estate Conference, January 1998, at Perth, Western Australia.
Small, G.R., J. Oluwoye, Tim Havard, and Wang Hong. 1996. Distribution of Planning Betterment. Paper read at American Real Estate and Urban Economics Association International Conference, at Orlando, Florida.
Smith, Adam. 1975 (1776). An Enquiry into the Wealth of Nations. Dutton N.Y.: Everyman.
Wilson, C, and Keers. 1993. Introduction to Financial Management in Australia. 2 revised ed. Sydney: Prentice Hall.
Young, John. 1997. The Natural Economy.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume6-2000/a-review-of-the-georgist-tax-remedy-for-australia</guid>
<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/golden-apple-or-poisoned-chalice-the-influence-of-education-on-careers</link>
<title><![CDATA[Golden Apple or Poisoned Chalice the influence of Education on Careers]]></title>
<description><![CDATA[Patrick Dixon. Futurewise &#150; Six Faces of Global Change. 1998
Steven Pinker. How the Mind Works. 1998
Hans Eysenck. Genius - The Natural History of Creativity. 1995
]]></description>
<content><![CDATA[Patrick Dixon. Futurewise &#150; Six Faces of Global Change. 1998
Steven Pinker. How the Mind Works. 1998
Hans Eysenck. Genius - The Natural History of Creativity. 1995
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume6-2000/golden-apple-or-poisoned-chalice-the-influence-of-education-on-careers</guid>
<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/valuation-of-commercial-land-in-less-developed-cities-in-china</link>
<title><![CDATA[Valuation of Commercial Land in Less-Developed Cities in China]]></title>
<description><![CDATA[The urban land tenure in China is known as &#145;land use rights&#39;. Thefirst auction sale of land use rights for private development in Shenzhen in 1987 led to the revival of the property market in China. The problem with assessing land value in China is the lack of market data. In the absence of market data, it is dificult to determine the prices of land use rights using conventional valuation methods. A lot of land use rights were granted to developers at a price determined arbitrarily by the relevant officials. A benchmark pricing system was subsequently implemented to control the problems and guarantee a reasonable return the government. This pricing system has been implemented in major cities. However, in less developed cities, the pricing system has not been established because of the lack of expertise and resources. This paper suggests an alternative method based on the urban land location theory to assess commercial land value in less developed cities. It is found that this method can give an accurate result comparable to that obtained by the capitalisation method.
]]></description>
<content><![CDATA[Chan, ?. (1999), Land-Use Rights in Mainland China: Problems and Recommendation for Improvements, Journal of Real Estate Literature, Vol. 7, No. 1, pp 53 &#150; 63.
Fisher J.F. &amp; Martin R.S. (1994), Income Property Valuation, Dearborn Financial Publishing, Inc. P 187.
Harvey J. (1987), Urban Land Economics, 2 edition, London: MacMillan Education, P 220.
Lin, Y.Y. (1995), Real Estate Valuation, Taiwan Chengzhi University Press, pp 100 &#150; 120.
State Land Administration (SLA) (1990), Town and Country Land Grading Framework, China: Agricultural Industry Publisher, pp 15 &#150; 20.
Walker, A. &amp; Li, L.H. (1994), Land Use Rights Reform and Real Estate Market in China, Journal of Real Estate Literature, Vol. 2, No. 2, pp 199 &#150; 211.
Yang, C.G. &amp; Wu, C.F. (1997), Land Use System Reform in China, China: China Land Publisher, pp 50 &#150; 58.
Zhou, Z.P., Chen, Z.X. &amp; Chau, Z.J. (1992), A Perspective of the Chinese property Market, Hong Kong: Joint Publishing (H.K.
]]></content>
<guid isPermaLink="true">https://www.prres.org/volume6-2000/valuation-of-commercial-land-in-less-developed-cities-in-china</guid>
<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/diversification-of-real-estate-investment-in-the-asia-pacific-region</link>
<title><![CDATA[Diversification of Real Estate Investment in the Asia-Pacific Region]]></title>
<description><![CDATA[Studies that hitherto have been done on real estate diversification strategies have given inconclusive results. Therefore this paper is aimed at evaluating the relative merits of three direct real estate investment diversification strategies (i.e. international diversification by sector, diversification across-types-within-nation, and international diversification across types) in the Asia Pacific region. The paper is based on return data for nine countries from 1984 to the fourth quarter of 1996 taken from JLW (now JLL) Asia Pacific Property Digest. Because of the peculiar nature of real estate investment, which precludes short selling and riskless borrowing, Matlab Optimization toolbox (a computer software) is used to construct the optimal portfolio composition from which the efficient frontiers are plotted. Furthermore all returns are denominated in the Singapore dollar to reflect the viewpoint of Singapore investors although analyses based on the currency of any of the sampled countries should produce similar results. Analyses of the return data reveal that international diversification by the retail sector was the best diversification strategy during the period although the choice between the retail and office sectors is a function of the investor&#39;s risk aversion vis-a-vis expected quarterly return.
]]></description>
<content><![CDATA[Addae-Dapaah, ? and B.K. Choo. &quot;International Diversification of Property Stock &#150; A Singaporean Investor&#39;s Viewpoint&quot;. Real Estate Finance, 13(3), Fall, 1996, pp 54&#150;64.
Addae-Dapaah, ? and L.Y.Goh. &quot;Currency Risk and Office Investment in Asia Pacific&quot;. Real Estate Finance.
Bahl, R.W. &quot;Industrial Diversification in Urban Areas: Alternative Areas of Intermetropolitan Comparisons&quot;. Economic Geography, July 1971, pp 414&#150;425.
Balogh, C. and J.Sultan. &quot;Investing in Foreign Real Estate: A Primer&quot;. Real Estate Review, Spring, 1997, pp 73&#150;80.
Baum, A. Critical Examination of the Measurement of Property Investment Risk. Discussion Paper No. 22, Department of Land Economy, University of Cambridge, 1989.
Biger, N. &quot;Exchange Risk Implications of International Portfolio Diversification&quot;. Journal of International Business Studies, 10(2), Fall, 1975, pp 64&#150;74.
Brown, G. Property Investments and the Capital Markets, London: E &amp; FN Spon, 1991.
Chan, L. and J. Lakonishok. &quot;Are Reports of Beta&#39;s Death Premature?&quot; Journal of Portfolio Management, Summer, 1993, pp 51&#150;62.
Clemente, F. and R. Sturgis. &quot;Population Size and Industrial Diversification&quot; Urban Studies, August, 1971, pp 65&#150;68.
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]]></content>
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<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
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<item>
<link>https://www.prres.org/volume6-2000/the-impact-of-transmission-lines-on-residential-property-values-results-of-a-case-study-in-a-suburb-of-wellington-nz</link>
<title><![CDATA[The Impact of Transmission Lines on Residential Property Values: Results of A Case Study in a Suburb of Wellington, Nz]]></title>
<description><![CDATA[This article summarises the results of research consisting of two parallel studies: firstly, an analysis of residential property sales in a case study area to determine the effect of high voltage overhead transmission lines (HVOTLs) and supporting pylons on residential property values. Secondly, a study of the attitudes and reactions of property owners in the case study neighbourhood toward living close to HVOTLs and pylons. A comparison of the results helped determine the extent that these reactions are reflected in the prices paid for property close to HVOTLs and pylons The results of the sales analysis indicate the effect of having a &#145;pylon&#39; close to a particular property is statistically significant. However, the presence of a &#145;transmission line&#39; in the case study area has a minimal effect and is not a statistically significant factor in the sales price. The attitudinal study results indicate that nearly two thirds of the respondents have negative feelings about the HVOTLs. Proximity to HVOTLs determines the degree of negativity; respondents living closer to the HVOTLs expressed more negative feelings towards them than those living further away. It appears, however, from a comparison of the results, that the negative feelings expressed are often not reflected in the price paid for such property.
]]></description>
<content><![CDATA[Anna, D. (1989). Exposure to low frequency electromagnetic fields and cancer development. Professional Safety. Volume 34.
Ahlbom et.al. (1987). Biological Effects of Power Line Fields. New York State Power Lines Project Scientific Advisory Paper Final Report, July.
Bond, S.G. (1994). An Analysis of Residents&#39; Perceptions of High Voltage Transmission Lines in Newlands, Wellington. Unpublished dissertation, Massey University.
Callar&iacute;an, J. (1994). An Analysis of Transmission Line Impacts on Property Values in Newlands, Wellington. Unpublished dissertation, Massey University.
Callanan, J. &amp; Hargreaves, R.V. An Analysis of Transmission Line Impacts on Property Values in Newlands, Wellington Report for Transpower NZ, 1994.
Coghlan, A. (1992). Are Power Lines Bad For You? New Scientist. Vol. 134, No. 1816.
Colwell, P. (1990). Power Lines and Land Value. The Journal of Real Estate Research. American Real Estate Society. Vol. 5, No. 1, Spring.
Commission for the Environment. (1986). Huntly-Stratford Transmission Line, Mt Pirongia Area Environmental Impact Audit. November.
Consumer (1994). Electro-Magnetic Fields: Are Your Household Appliances Bad for Your health? No. 328, pp. 20&#150;21. July, 1994.
Delaney, C.J. and Timmons, D. (1992). High Voltage Power Lines: Do They Affect Residential Property Value? The Journal of Real Estate Research. Vol. 7, No. 3, pp.315&#150;329.
Deming, M. (1993). International Electric Transmission Perception Project. Development and Application of Standardized Research Instruments Adapted to the Needs of Public Utilities. Prospectus revised April.
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Electricity Division, Ministry of Energy. (1986). Huntly - Stratford 220 Kv Transmission Line:
Environmental Impact Report Priongia Section, West Waikato. August.
Green G.G. (1992). Easement-to-Fee-Simple Value Ratios for Electric Transmission Line Easements: A Common Sense Approach. The Appraisal Journal, pp. 399&#150;412. July.
Hamilton, S.W. and Schwann, G.M. (1995). Do High Voltage Electric Transmission Lines affect Property Value? Land Economics. 71:4, 436&#150;44.
Kinnard, W., Geckler, M., Geckler, J. Kinnard, J., and Mitchell, P. (1984). An Analysis of the Impact of High Voltage Electric Transmission Lines on Residential Property Values in Orange County, New York. Storrs, C.T. Real Estate Counselling Group of Connecticut Group, May.
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Priestley, T. and Evans, G. (1990). Perception of a Transmission Line in a Residential Neighbourhood: Results of a Case Study in Vallejo, California. A report prepared for Southern California Edison Environmental Affairs Division. December.
Reichert, A. J. (1997). Impact of a Toxic Waste Superfund Site on Property Values. The Appraisal Journal (4): 381&#150;392.
Rosiers, F.D. (1998). The Impact of High Voltage Power Lines on Housing Prices. Paper presented at the American Real Estate Society Conference, Monterey California. April 15&#150;18.
Simons, R. A. and A. Sementelli (1997). Liquidity Loss and Delayed Transactions with Leaking Underground Storage Tanks. The Appraisal Journal: 255&#150;260. July.
Smolen, G. E., G. Moore, et al. (1992). &quot;Hazardous Waste Landfills: Impacts on Local Property Values.&quot; The Real Estate Appraiser (1): 4&#150;11,
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<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
</item>

<item>
<link>https://www.prres.org/volume6-2000/the-effect-of-economic-factors-on-rural-land-values</link>
<title><![CDATA[The Effect of Economic Factors on Rural Land Values]]></title>
<description><![CDATA[Despite continuing world discussions in relation to free trade the majority of first world countries still have a very heavily subsidised rural economy. Over the past twenty years countries such as Australia and New Zealand have been reducing farm support schemes to the point where now these rural industries are competing on a free world trade market basis.
The reduction in farm commodity and input support has placed significant managerial pressure on Australian farmers to compete and survive in a market that fluctuates from periods of high commodity prices to low prices based on total world supply and demand.
This paper will examine the change in rural land prices within an area of New South Wales to determine the extent of rural land price change and returns over a twenty year period. The paper will also examine the change in major rural input and output costs over the same time. This analysis will examine the influence of these factors on rural land prices.
]]></description>
<content><![CDATA[Australian Bureau Agricultural Resource Economics., 1996, Agriculture and Resources Quarterly. Vol. 8 No.4, Australian Government Printing Service, Canberra.
Australian Bureau of Agricultural and Resource Economics., 1996, 1997 Australian Commodity Statistics. Australian Bureau of Agricultural Economics, Canberra
Australian Bureau Agricultural Resource Economics., 1993, 1996 Farm Survey Report. Australian Government Publishing Service. Canberra.
Australian Institute of Agricultural Science, 1997, Winter Cereal Production Statistics. Occasional Publication No 95. Sydney.
Australian Bureau of Statistics., 1978, 1980, 1984, 1988, 1993, 1997 Estimated Resident Population and Components of Change in Population of Statistical Local Areas in New South Wales. Australian Government Publishing Service.
Australian Wheat Board., 1997, Annual Report 1996&#150;1997.
Collins, H.G, 1959. Rural Land Value Movements and Their Causes. The Valuer. July, ppl41&#150;147.
Coombs, J. G, 1959. Trends in Rural Land Values. The Valuer, Vol 15, No.5, pp257.
Edwards, K, 1994, Movements in Rural Land Prices in South Australia. The Valuer, and Land Economist, Vol. 33 No. 1, February, pp 72&#150;75.
Eves, C, 1997, The Effect of Land Use Change on Marginal Agricultural Land. Proceedings of Royal Institution of Chartered Surveyors, Cutting Edge Conference, Dublin Institute of Technology, September 1997
Eves, C., 1997, Analysis of NSW rural land performance 1985&#150;1995 The Valuer and Land Economist, Vol 34, No. 6, May, pp 551&#150;557.
Eves, C, 1998, A Comparison of Agricultural and Residential Land in Rural Regions. 4
Pacific Rim Real Estate Conference, Perth Western Australia, January 1998.
Fitzsimmons, R. W., 1997, Winter Cereal Production Statistics. Occasional Publication No. 95, Australian Institute of Agricultural Science.
Hammersley, D, 1987. The Impact of the Rural Recession on Land Values in NSW. The Valuer, January 1987, pp 408&#150;411.
MacPhillamy, C, 1969 Movements in Rural land Prices and Factors Affecting these Movements. The valuer, January 1969, pp702&#150;708.
Lins. D. ?., Sherrick, ?. J and Venigalla, ?., 1992, Institutional Portfolios: Diversification through Farmland Investment. Book of American Real Estate and Urban Economics Association, Vol 20: pp 549&#150;571.
Pope, R.D., Kramer, R. ?., Green, R. D and Gardner, B. D., 1979, An Evaluation of Econometric Models of U.S. Farmland Prices. Western Book of Agricultural Economics, July, pp 107&#150;120.
Reserve Bank of Australia., 1978, 1984, 1988, 1992, 1996 Reserve Bank Bulletin. January, Ambassador Press, Australia.
Thomas, K., 1996, Appropriate Circumstances for Applying the Income Based Valuation Approach. Proceedings Australian Institute of Valuers and Land Economists Annual Rural Conference, Kooralbyn, Queensland.
Treseder, B.M, 1972. The Current Rural Valuation Problem. The Valuer, Vol. 17, No. 3, pp. 282&#150;286.
Valuer General&#39;s Department, 1976, 1978, 1980, 1982, 1986, 1990, 1994, 1996 New South Wales Real Estate Market. NSW Government Information Service, Sydney.
Wadham, S. M., 1955, An Agriculturist Looks at Problems of Land Values and Land Valuation. The Valuer, Vol 13 No. 6, April, pp.286&#150;291.
]]></content>
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<pubDate>31 Dec 1999 03:00:00 GMT</pubDate>
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