Journal of Property Investment and Finance

Published by Emerald
Print ISSN: 1463-578X
Purpose This paper seeks to examine the critical role fiscal incentives have played in urban regeneration in Ireland since 1986, focusing on the role of such incentives, their impact on development and implications for the market of their termination. Design/methodology/approach The paper is structured as a periodised chronology where real time is divided into analytically defined phases linked to policy shifts. In this way features of urban regeneration policy can be discussed within the economic context and policy constraints within which their decisions were shaped. Policies have evolved from blanket subsidisation of development in designated areas towards a more selective approach. The paper reflects the results of structured interviews of policymaking, planning and development interests on the operation and effectiveness of the schemes. Quantitative analysis of the costs and benefits of a selected number of property developments in Dublin is included and can be compared with similar schemes internationally. Findings The findings of this paper are that urban regeneration policies as operated over the period have had a significant role in the physical rejuvenation of previously derelict areas and that the role of incentive based policies requires continual monitoring to avoid market distortion effects and to achieve wider regeneration objectives in terms of social and economic aims. Originality/value Despite the importance of the subject there has been a noticeable lack of evidence‐based research in the area and this paper provides quantitative and qualitative evidence based material upon which further research on the costs and effectiveness of the schemes can be based.
We present a comparative study of perceptions concerning the environmental quality of residential real estate in Switzerland based on empirical data collected in three different linguistic regions. Responses by homeowners in the Geneva, Zurich and Lugano areas to questionnaires involving pairwise preference criteria are analysed in the framework of the Analytic Hierarchy Process (AHP). Eight different environmental quality criteria are used and responses are categorised in terms of indicators concerning the personal situation of the homeowner.
Summary Annualised Aggregate Return Enhancement Results
Summary Annualised Aggregate Risk Reduction Results
Purpose This paper seeks to address the question of consistency, regarding the allocation of real estate in the mixed‐asset portfolio. Design/methodology/approach To address the question of consistency the allocation of real estate in the mixed‐asset portfolio was calculated over different holding periods varying from five to 25 years. For each portfolio and holding period, the percentage of portfolios with real estate was computed, as was the average real estate allocation in the optimum solution. Then, the risk and return differences between the two efficient frontiers, with and without real estate, were calculated to estimate real estate's marginal impact on portfolio performance. Findings First, the results suggest strongly that real estate has possessed the attribute of consistency in optimised portfolios. Second, the benefits from including real estate in the mixed‐asset portfolio tend to increase as the investment horizon is extended. Third, the position of real estate changes across the efficient frontier from its return enhancing ability to its risk‐reducing facility. Finally, the results show that the gain in return from adding real estate to the mixed‐asset portfolio is typically less compared with the reduction in portfolio risk. Practical implications The results highlight a number of issues in relation to the role of direct real estate within a mixed‐asset framework. In particular, the rationale behind the inclusion of real estate in the mixed‐asset portfolio depends on the length of the holding period of the investor and their position on the efficient frontier. Originality/value The study examines the attractiveness of direct real estate in the context of mixed‐asset portfolio.
Copeland and Weston's example -cash flows and rates of return
Purpose In investment decision making, the net present value (NPV) rule is often used alongside the well‐known capital asset pricing model (CAPM). In particular, the use of disequilibrium NPV is endorsed in corporate finance for both valuation and decision. The purpose of this paper is to test the reliability of this approach to capital budgeting valuations and decisions. Design/methodology/approach The use of disequilibrium values for computing a project's NPV is considered, and the consistency with the CAPM is checked. The resulting valuation and decision are contrasted with the no‐arbitrage principle, which is universally considered a benchmark for rationality. Findings The paper finds that the disequilibrium NPV is logically deducted from the CAPM for decision‐making purposes. However, this NPV provides nonadditive values, which makes it inconsistent with the no‐arbitrage principle. Practical implications The use of the CAPM+NPV procedure for valuing projects is invalid if disequilibrium values are used. Its use for decision making is logically valid but practically unsafe, because decision makers may frame equivalent courses of action in different ways, resulting in different decisions, which implies that they may incur arbitrage losses. Originality/value The literature does not distinguish between equilibrium and disequilibrium NPV nor between valuation and decision. This paper explicitly makes this distinction and the resulting consequences are highlighted.
Purpose To address formally the issue of uncertainty in valuing real estate. Design/methodology/approach Monte Carlo simulations are used to incorporate the uncertainty of valuation parameters. The probability distributions of the various parameters are constructed using empirical data and a simple model is suggested to compute the discount rate. Findings The central values of the simulations are in most cases slightly less than the hedonic values. The confidence intervals are found to be most sensitive to the long‐term equilibrium interest rate being used and to the expected growth rate of the terminal value. Research limitations/implications Further research should focus on the stability of the model when other portfolios are used and for different periods of the real estate cycle. It would also be fruitful to dig deeper in the relation between capital expenses and property values. Practical implications Risk can be assessed by valuers as they can measure the probability that the value of a property be less than a given threshold. Originality/value By incorporating uncertainty, the analysis does not yield merely a point estimate of the property's value but rather the entire distribution of values. Also this paper constitutes a contribution to the debate about valuation variation and the margin of error in valuing properties.
The aim of this article is to investigate locational attributes of commercial real estate which are defined in terms of a collection of qualitative appreciations by office users in the Geneva region in Switzerland. The empirical analysis of these environmental quality appreciations was carried out using the Analytic Hierarchy Process (AHP) methodology with data from a qustionnaire which was sent to 1800 usrs of commercial real estate. The users belong to seven professional categories, thus making it possible to examine inter-professional differences between the appreciations.
Geographic diversity is a fundamental tenet in portfolio management. Yet there is evidence from the US that institutional investors prefer to concentrate their real estate investments in favoured and specific areas as primary locations for the properties that occupy their portfolios. The little work done in the UK draws similar conclusions, but has so far focused only on the office sector; no work has examined this issue for the retail sector. This paper therefore examines the extent of real estate investment concentration in institutional Retail portfolios in the UK at two points in time; 1998 and 2003, and presents some comparisons with equivalent concentrations in the office sector. The findings indicate that retail investment correlates more closely with the UK urban hierarchy than that for offices when measured against employment, and is focused on urban areas with high populations and large population densities which have larger numbers of retail units in which to invest.
Traditionally, the measure of risk used in portfolio optimisation models is the variance. However, alternative measures of risk have many theoretical and practical advantages and it is peculiar therefore that they are not used more frequently. This may be because of the difficulty in deciding which measure of risk is best and any attempt to compare different risk measures may be a futile exercise until a common risk measure can be identified. To overcome this, another approach is considered, comparing the portfolio holdings produced by different risk measures, rather than the risk return trade-off. In this way we can see whether the risk measures used produce asset allocations that are essentially the same or very different. The results indicate that the portfolio compositions produced by different risk measures vary quite markedly from measure to measure. These findings have a practical consequence for the investor or fund manager because they suggest that the choice of model depends very much on the individual’s attitude to risk rather than any theoretical and/or practical advantages of one model over another.
Purpose This paper aims to test the robustness of the trend and volatility estimations for two indices: the classical Weighted Repeat Sales and a PCA factorial index. The estimations are computed from a dataset of Paris commercial properties. Design/methodology/approach First, two methodologies are presented, and then the dataset. Finally, the impact of the number of transactions per period are tested on the trend and volatility estimates for each index, and an interpretation of the results are given. Findings The trend and volatility estimates are biased for the WRS index and not for the PCA factorial index when the periodicity increases. Consequently, the level of the index at the end of the computing period is significantly different for various periodicities in the case of the WRS index. Globally, the PCA factorial seems to be more robust to the number of transactions. Originality/value As suggested by D. Geltner, commercial properties indices have to be built using repeat sales instead of hedonic indices. The repeat sales method is a means of constructing real estate price indices based on a repeated observation of property transactions. These indices may be used as benchmarks for real estate portfolio managers. But the investors, in general, are also interested in introducing real estate performance in their portfolio to enhance the efficient frontier. Thus, expected return and volatility are the two key parameters. To create and to improve contracts on real estate indices, trend and volatility of these indices must be robust regarding to the periodicity of the index and the volume of transactions.
Efficient Frontier of MV and LPM 2 (0) Portfolios 
Purpose – The purpose of this paper is to compare the risk and return characteristics as well as the allocation of mean‐variance (MV) and downside risk (DR) optimized portfolios of international real estate stock markets and to discuss implications for portfolio management. Design/methodology/approach – The analysis focuses on real estate markets only and examines the appropriateness of the Markowitz approach based on MV optimization in comparison to the DR framework suggested by Estrada. Therefore, the two frameworks are presented before the properties of the return distributions are analyzed. Afterwards, the risk and return characteristics as well as the allocation of the efficient portfolios in both frameworks and the divergences are analyzed. Findings – Because of non‐normally distributed returns, negative skewness, and probably non‐quadratic utility functions of investors, MV optimization is not appropriate and the alternative approach by Estrada has its merit compared with other DR frameworks. Furthermore, MV‐efficient and DR‐efficient portfolio allocation differ, as shown by a similarity index. Summarizing, MV optimization is inherent with misleading results and DR optimization shows stronger out‐of‐sample performance – at least during time periods characterized by high market volatility and financial market turmoil. Originality/value – This study provides some interesting and valuable insights into the DR of international securitized real estate portfolios and the limitations for portfolio management based on MV optimization.
Purpose The purpose of this paper is to offer a framework for computing optimal investment holding periods for real estate portfolios. Design/methodology/approach The analysis is set within a standard DCF modelling framework and it is shown that it is not adapted to offer sufficient insight into the mechanics leading to optimal holding periods. A richer framework is offered that enables the portfolios terminal value to behave according to a simple diffusion process. Findings The findings show that optimal holding periods for real estate investment portfolios exist within very precise conditions. The key parameters are the investor's weighted average cost of capital (WACC), the cash flow growth rate during the investment period, and the investment's net initial yield. The key finding is (loosely speaking) that, if the investor's cost of capital is outpaced by (the sum of) the portfolio's net initial yield and the cash flow growth rate, then an optimal holding period exists and can be precisely computed. Numerical examples are provided to illustrate these findings. Originality/value Standard financial theory does not specify a consistent methodology for choosing the optimal investment horizon in investment analysis and in particular in discounted cash flow (DCF) modelling. This problem may be particularly acute in real estate investment analysis and valuation, as investment horizons are often arbitrarily chosen. The paper proves that investment horizon may strongly influence net present value.
Valuation is often said to be “an art not a science” but this relates to the techniques employed to calculate value not to the underlying concept itself. Valuation is the process of estimating price in the market place. Yet, such an estimation will be affected by uncertainties. Uncertainty in the comparable information available; uncertainty in the current and future market conditions and uncertainty in the specific inputs for the subject property. These input uncertainties will translate into an uncertainty with the output figure, the valuation. The degree of the uncertainties will vary according to the level of market activity; the more active a market, the more credence will be given to the input information. In the UK at the moment the Royal Institution of Chartered Surveyors (RICS) is considering ways in which the uncertainty of the output figure, the valuation, can be conveyed to the use of the valuation, but as yet no definitive view has been taken. One of the major problems is that Valuation models (in the UK) are based upon comparable information and rely upon single inputs. They are not probability based, yet uncertainty is probability driven. In this paper, we discuss the issues underlying uncertainty in valuations and suggest a robability-based model (using Crystal Ball) to address the shortcomings of the current model.
This paper investigates the analytical potential of factor analysis for sorting out neighbourhood and access factors in hedonic modelling using a simulation procedure that combines GIS technology and spatial statistics. An application to the housing market of the Quebec Urban Community (575,000 in population; study based on some 2,400 cottages transacted from 1993 to 1997) illustrates the relevance of this approach. In the first place, accessibility from each home to selected activity places is computed on the basis of minimum travelling time using the TransCAD transportation-oriented GIS software. The spatial autocorrelation issue is then addressed and a general modelling procedure developed. Following a five-step approach, property specifics are first introduced in the model; proximity and neighbourhood attributes are then successively added on. Finally, factor analyses are performed on each set of access and census variables, thereby reducing to six principal components an array of 49 individual attributes. Substituting the resulting factors for the initial descriptors leads to high model performances, controlled collinearity and stable hedonic prices, although remaining spatial autocorrelation is still detected in the residuals.
Purpose ? The purpose of this paper is to conceptualise a workable strategic asset allocation (SAA) model, given the data paucity problem, and involve an ex ante framework that is distributional free. Design/methodology/approach ? The SAA model is developed within a semi-quantitative and expert-based framework ? the analytic hierarchy process (AHP) ? and not a purely time-series one. It is developed on the basis of consensus by a group of real estate investment experts, who agree on a fixed investment time horizon so that the time factor is disregarded as a variant. The SAA becomes the interface around which a set of tactical bands is imposed, subject to the Markowitz mean-variance optimisation, and utilizing the total-return data set of the Jones Lang LaSalle Real Estate Intelligence Service-Asia. The lower and upper limits of the tactical bands represent the cyclical attractiveness of the various Asian office markets as growth and value-added markets Findings ? The SAA-AHP model robustly reflects expert judgement among a cohesive group of real estate investment experts, with regard to a Pan-Asia office market portfolio of eight major Asian cities. Through pair-wise comparisons and subject to consistency checks in terms of the consistency ratio of <0.10, then the comparative expert assessment of the macro-economic and the real estate specific factors driving individual Asian real estate markets, would be consistent (i.e. non conflicting). Then the total weighted evaluations of individual markets are derived and deployed as the SAA portfolio mix. This portfolio mix thus becomes the appropriate interface, around which the tactical asset allocation (TAA) is developed within defined tactical bands. These bands must be in line with the underlying Asian real estate market analysis and their cyclical positions. The TAA is obtained through the Markowitz mean-variance portfolio optimisation, with the objective of locating the optimally efficient TAA on the Markowitz efficient frontier, under a maximising risk-adjusted-return Sharpe ratio. Originality/value ? The SAA-AHP model is reliant on an ex ante assessment of alternative asset allocation strategies on the basis of expert judgement of the macroeconomic environment and the Asian office markets. It is an appropriate SAA alternative to one based on the typical economic-sized indicators, for example, the urban GDP.
This paper attempts to explain the motivations of residential rental property investors in New Zealand in terms of the behavioural assumption of bounded rationality. Commencing with a rejection of the more standard neo-classical economics view of rationality as an explanation of investment behaviour, the paper seeks to both examine the extent to which bounded rationality applies to the investment behaviour encountered and to elaborate on that behaviour. The discussion is underpinned by the findings of a postal survey of a large nationwide sample of private residential rental property owners, and is directly based on a study of a smaller sample of investors using in-depth interview techniques. Qualitative analysis overlays the quantitative data, to enable better exploration of the constraints within which individual investors operate.
Purpose The purpose of this paper is to analyze whether a convergent behavior exists in the price indexes of the seven Asian Real Estate Investment Trust (REIT) markets. Design/methodology/approach The authors investigate the convergent behavior in Asian REIT indexes against Japan and the USA by conducting the unit‐root testing procedure. Findings Results show that the Asian REIT markets are more connected with the US REIT market than with that of Japan. The convergent behavior was more obvious since 2007. Practical implications The underlying assets of real estate securities in different countries are usually not directly related; hence, there should be segmentation to a certain extent between international REIT markets as well. If the performances of Asian REIT markets are converged, this linkage can be viewed as a contagion effect. Originality/value The results of this paper indicate that the risk of REITs might be underestimated and the benefit that investors may acquire from adding REITs to their portfolios might be overestimated.
Purpose – Proposes to elucidate the relationship between implicit and explicit discounted cash flow (DCF) methods in freehold valuations. Design/methodology/approach – Sets out a calculation of annual growth with respect to a rack‐rented property. Findings – Finds that the advantage of the DCF model is that it makes the assumptions underpinning the valuation explicit. Originality/value – This shows how the valuer is allowed to analyse the market and to answer not only the question of the price of the property but also the question of whether it is worth that price.
The globalization of trade and markets requires international standards governing accounting and associated activities including valuation. The EU Financial Services Action Plan and the revised banking supervision rules both spotlight the need for consistent standards. Valuation standards exist at the international (IVSC), European (TEGoVA) and professional (RICS) levels. Differences of tradition and approach nevertheless still exist covering fundamental issues such as bases of value. Traditional valuation practice in many EU states therefore faces a process of swift harmonization. This paper examines, for one EU country, the degree of variation between valuation standards and current practice. Results are presented of the first ever survey of the professional practice of Portuguese valuers. Survey results reveal a largely part-time profession, which appears to be poorly equipped to meet the challenge outlined above.
Purpose Land governance plays an important part in influencing the quality of valuations. The purpose of this paper is to review the different meanings of governance. Design/methodology/approach The World Bank Indicators of Governance, Jones Lang LaSalle's Global Real Estate Transparency Index (GRETI) and other data sources have been consulted. Findings The paper discusses what is meant by good governance and how this can be measured. Originality/value The paper presents some evidence to suggest that market transparency requires freedom of information and association, and is associated with factors such as the quality of institutions, the absence of corruption, and the quality of corporate governance.
Using a framework similar to Bekeart, Harvey and Ng (2005), we investigate contagion between real estate investment trusts (REITs) within and across three geographical regions: North America, Europe and Asia-Pacific. We also examine for contagion between twelve national REIT markets on the one hand, and broad equity indices on the other hand. In our analysis, we distinguish between the 2007-2009 global financial crisis (GFC) period and the rest of the sample, and further test for an increase in the frequency of contagion during the GFC. We find no evidence of contagion between the REITs and equities during non-crisis sample intervals, but find contagion between six of the twelve country REIT indices and local, regional and global equity markets over the GFC period. We also report statistically significant excess correlations between the national REITs and regional and world real estate markets during the entire 2004-2011 time period, measured in addition to what is explained by a factor pricing model. Lastly, there is no evidence to suggest that the frequency of the contagion amongst the REITs increased during the crisis, and we conclude that a similar degree of dependence persisted among the national markets over the crisis and non-crisis sample periods.
Purpose – The aim of the Journal of Property Investment & Finance (JPIF) is to keep industry practitioners informed on current thinking and developments in all aspects of real estate research and practice by informing and encouraging debate between academics and practising professionals. To achieve this aim the journal seeks to: “publish well‐written, readable articles of intellectual rigour with a theoretical and practical relevance to the real estate profession”. But some papers are likely to be more difficult to understand than others and may not be effective if the reader is unable to completely comprehend the contents. Thus, the readability of academic papers has a major effect on how well the reader is informed by the articles appearing in the journal. However, nothing is known about the readability of real estate journals. The purpose of this paper is to present the results of a study that analysed the readability of academic papers in the JPIF and concludes that the academic articles are “difficult” to read. Design/methodology/approach – In this study, readability is defined as the “ease of understanding or comprehension based on the style of writing”. That is, the legibility of the print (typography) or the ease of reading due to the pleasantness of writing but the ease with which the reader can understand an article, read it at an optimal speed, and find it interesting, i.e. its comprehension, is being measured. In this briefing, the authors follow previous studies and use five different readability tests, designed to identify the number of years of education needed to read the text, and average the results across the tests. Findings – Using the sample of all academic JPIF papers over the period 1997 to 2009, it was found that the academic papers in the JPIF come under the “difficult” range with the reader needing a college level education in order to understand the text. Originality/value – Readability is generally considered to be one of the most important characteristics of effective writing. Yet nothing is known about the readability of academic papers in real estate journals. This paper fills some of the gaps.
Purpose Real estate investors invest more and more cross‐border, but the valuation practices in the different countries are not similar. For investors it is good to know the difference in valuations between the countries, therefore this paper aims to investigate the valuation practices in eight different countries (France, Germany, Italy, The Netherlands, Portugal, Russia, Spain and the UK). Design/methodology/approach To gather the information a questionnaire was sent out. The questionnaire included questions not only about facts, but also about the respondents' opinion about the reliability of the information. Findings It was found that in the different countries market value is not always the basis and that a wide variation of surface measurements is currently applied. Regular lease periods and the responsibility for operating cost vary from country to country. Also the sources for market evidence and their reliability differ per country. So it can be seen that, although market values can be compared across countries, valuation methodologies are country‐specific. Research limitations/implications The authors are still in the process of retrieving information and quality control, and the intention is to expand the research to all European Union countries, and finally all European countries. Therefore this paper only shows initial findings. Originality/value The existing research about international valuation practices is not very recent, and, because the authors not only assembled facts and processes, but also collected the respondents' opinions about the reliability of the information, the research is very valuable.
Purpose – Progress in retrofitting the UK's commercial properties continues to be slow and fragmented. New research from the UK and USA suggests that radical changes are needed to drive large-scale retrofitting, and that new and innovative models of financing can create new opportunities. The purpose of this paper is to offer insights into the terminology of retrofit and the changes in UK policy and practice that are needed to scale up activity in the sector. Design/methodology/approach – The paper reviews and synthesises key published research into commercial property retrofitting in the UK and USA and also draws on policy and practice from the EU and Australia. Findings – The paper provides a definition of “retrofit”, and compares and contrasts this with “refurbishment” and “renovation” in an international context. The paper summarises key findings from recent research and suggests that there are a number of policy and practice measures which need to be implemented in the UK for commercial retrofitting to succeed at scale. These include improved funding vehicles for retrofit; better transparency in actual energy performance; and consistency in measurement, verification and assessment standards. Practical implications – Policy and practice in the UK needs to change if large-scale commercial property retrofit is to be rolled out successfully. This requires mandatory legislation underpinned by incentives and penalties for non-compliance. Originality/value – This paper synthesises recent research to provide a set of policy and practice recommendations which draw on international experience, and can assist on implementation in the UK.
Purpose The purpose of this paper is to propose and discuss practical approaches on how to address risk and uncertainty within valuation reports, particularly when there is only insufficient comparable transaction evidence available. Design/methodology/approach A four stage approach to property valuation is proposed that can be particularly useful if there is insufficient comparable transaction evidence available: Identifying, measuring and expressing risk by making use of property rating approaches. Transforming risk into risk premia for calculating the yield on a risk free basis by partially making use of models of risk and return usually applied in finance. Simulating risk premia (since there is great deal of uncertainty involved in determining these premia) by making use of a statistical method commonly referred to as Monte Carlo Simulation. Using the derived yield's probability distribution in combination with further probability distributions for other valuation input variables (e.g. market rent) to calculate a range of possible outcomes of Market Value as well as a number of statistical measures that can be indicative of the valuer's perceived uncertainty regarding the valuation assignment. Findings The empirical part shows that due to data limitations determining idiosyncratic risk premia for property assets is not yet possible. This significantly hampers the development of robust yield pricing models and reinforces the need to create databases including information on both individual property returns and associated building characteristics. Practical implications The paper postulates that there are few (if any) rational reasons for valuers not to use rating and simulation approaches as an indispensable element of the valuation process. Originality/value A valuation approach that allows simultaneously addressing risk and uncertainty as well as sustainability issues within commercial property valuation practice is proposed.
The favourable selection effect of risk pricing when risks are uniformly distributed 
Worked example of adverse selection 
Graphical representation of numerical example
Graphical representation of numerical example
The effect of more refined categories on borrowers at the extremes
Why do lenders shrink back from full risk pricing in certain credit markets, even when a sophisticated system of credit scoring is already in place? Fear of bad publicity is the usual reason cited but this paper offers a complementary explanation which suggests that there may be an underlying financial process driving such behaviour. The key proposition of the paper is that risk pricing can cause adverse selection which has the potential to mitigate any positive benefits such a pricing strategy may bring to the lender. This explanation is developed by introducing risk pricing into the seminal Stiglitz and Weiss model and in so doing offers the first substantial link between the risk assessment and credit rationing literatures.
Purpose – Green office buildings have recently taken on increased significance in institutional property portfolios in Australia and globally. The key issue from an institutional investor perspective is the assessment of whether green office buildings add value. Using an extensive portfolio of green office buildings, the purpose of this paper is to empirically assess the level of energy rating premiums in the property performance of green office buildings in Australia. Design/methodology/approach – Using a portfolio of over 200 green office buildings in Australia benchmarked against a comparable portfolio of non-green office buildings, the level of energy rating premiums in the property performance of green office buildings in Australia is empirically evaluated. Hedonic regression analysis is used to account for differences between specific office buildings and to explicitly identify the “pure” green effect in identifying the level of energy rating premiums in several commercial property performance characteristics (e.g. office value, rent). Findings – The empirical results show the added-value premium of the 5-star National Australian Built Environment Rating Scheme (NABERS) energy rating scheme and the Green Star scheme in the property performance of green office buildings in Australia, including office values and rents. Energy rating premiums for green office buildings are evident at the top energy ratings and energy rating discounts at the lower energy ratings. The added-value “top-end” premium of the 5-star vs 4-star NABERS energy rating category is clearly identified for the various property performance parameters, including office values and rents. Practical implications – This paper empirically determines the presence of energy rating premiums at the top energy ratings in the performance of green office buildings, as well as energy rating discounts at the lower energy ratings. This clearly highlights the added value dimension of energy efficiency in green office buildings and the need for the major office property investors to prioritise the highest energy rating to facilitate additional property performance premiums. This will also see green office buildings become the norm as the market benchmark rather than non-green office buildings. Social implications – This paper highlights energy performance premiums for green office buildings. This fits into the context of sustainability in the property industry and the broader aspects of corporate social responsibility in the property industry. Originality/value – This paper is the first published property research analysis on the detailed determination of energy rating premiums across the energy rating spectrum for green office buildings in Australia. Given the increased focus on energy efficiency and green office buildings, this research enables empirically validated and practical property investment decisions by office property investors regarding the importance of energy efficiency and green office buildings, and the priority to achieve the highest energy rating to maximise property performance premiums in office values and rents.
This article has no abstract
Purpose – The purpose of this paper is to examine the impacts of private placement announcements by Australian Real Estate Investment Trusts (A-REITs) on existing shareholders. The study examines 96 A-REIT private placements from January 2000 to December 2012. Design/methodology/approach – Utilising event study methodology the authors examine the impact on existing shareholders wealth by measuring the abnormal returns (AR) around the placement announcement. The authors extend the analysis to model the A-REITs ARs against a number of explanatory variables to investigate the possible drivers for the observed event study results. Findings – The results support the information signalling hypothesis, in that existing investors in A-REITs earn negative and significant cumulative ARs of −1.3 per cent over the three-day event window [−1, +1]. This result is in contrast to prior studies conducted on industrial firms, for example; Hertzel and Smith (1993), Krishnamurthy et al. (2005) and Wruck and Wu (2009). Practical implications – Regression analysis shows A-REITs trading at a premium to net tangible assets and A-REITs that use placement funds for their core business have a positive impact on announcement ARs. Originality/value – This paper adds to the existing literature surrounding private placements and is the first paper, to the authors’ knowledge, to examine the impact of Australian REITs.
Purpose: This paper presents the findings of a study to investigate the reasons for implementing Public Private Partnership (PPP) projects.----- Design/methodology/approach A questionnaire survey was conducted in Hong Kong (also commonly referred to as the Hong Kong Special Administrative Region), Australia and the United Kingdom. The survey respondents were asked to rate the importance of nine identified reasons for implementing PPP projects.----- Findings The findings of the top three ranks for each respondent group were investigated. Ranked top by the survey respondents in Hong Kong was ‘Private incentive’. Ranked second by all three groups of survey respondents was ‘Economic development pressure demanding more facilities’. Third in Hong Kong and first in Australia was ‘High quality of service required’. The reason ‘Inefficiency because of public monopoly and lack of competition’ was ranked third by the Australian respondents. And finally ranked first and third by the British respondents was ‘Shortage of government funding’ and ‘Avoid public investment restriction’. The rankings showed that in general those rated highly in the United Kingdom focused on financial elements whereas those rated highly in Hong Kong and Australia were more related to the overall performance of improving public projects.----- Originality/value: These findings were believed to provide an idea of the possible reasons for implementing PPP projects, and as a result illustrate a clearer understanding of the process.
Since 1993 the UK has used a “banded” property tax as opposed to discrete values for the assessment of residential property. Explains both the advantages and disadvantages of the system. In addition, summarises the main results of empirical research into the use of banded property values which have been unaltered for ten years. In summary, aims to present findings on the continued operation of this unique system, highlighting strengths and weaknesses and its viability/applicability in other countries and jurisdictions in the light of empirical evidence based on the analysis of open market transactions. Discusses both the assessment and administration process and, with the analysis of sales data, demonstrates the importance of regular and frequent revaluations of the tax base in order to ensure a reasonable level of both vertical and horizontal equity. Speculates on the potential application of a banded system of property values in other countries, in the light of the advantages of the banded system which could lend themselves to jurisdictions where an ad valorem system of land taxation is inappropriate; where resources are limited in terms of experienced valuers, or where the availability of technology to undertake mass appraisal would provide added advantages. Concludes by drawing together recommendations in relation to how the system in the UK can be improved and makes recommendations for policy-makers in other jurisdictions.
Purpose – The purpose of this paper is to review the context, rationale, execution strategies and results of the biggest property sale and leaseback programme Barclays has yet undertaken. Design/methodology/approach – The paper is a review and analysis of Barclays' project documentation plus report and accounts, interviews with key decisionmakers, analysis of external economic and property market data in order to set the strategy choices and results achieved into context. Findings – The sale and leaseback programme released capital and supported business objectives at a material level for Barclays; it achieved sales values that were at cyclical highs; flexibility in execution allowed additional value to be delivered across changing market conditions; a mixed skills team was critical for success. Originality/value – The paper documents why the sale and leaseback programme made sense for the organisation and what elements were key to success both as a strategy and through execution. It provides a case study for how a large organisation approached a recent and large‐scale sale and leaseback opportunity across a portfolio of 900‐1,000 properties.
Purpose – The main aim of this paper is to investigate the specific factors that influence fund managers' decisions to dispose of property. Design/methodology/approach – This study explores the reasons behind the decision‐making processes associated with the disposal of real estate within a portfolio, and the information sources utilised by fund managers. A behavioural finance approach is adopted with the field research carried out as a survey‐based analysis of the disposal decisions made by fund managers in the UK property fund market. Findings – The main reason for disposal of an investment is due, in part, to re‐structuring the portfolio. This is also linked to under‐performance of the asset involved, and current market expectations. The implications for the study are that it identifies that there are links between rational and irrational behaviour in the selection of assets, not only for disposal, but also in terms of investment as a whole. This can be based on the inefficiency of the property market, and the lack of accurately available information. Originality/value – The study is unique as it provides a comprehensive commentary on the disposal behaviour of fund managers at the individual property and portfolio‐wide levels.
Purpose The purpose of this study is to solve five key brownfield valuation problems. Design/methodology/approach This aim is achieved by using doctoral research on integrating the scientific process into the appraisal process. The first objective is demonstrating why four of the problems require solutions prior to solving the first problem, a valuation procedure for formerly used sites. A second objective is to use empirical data from appraisals to reveal why existing methodology is not reliable – because it does not solve the four problems. Findings The resulting findings are that a developmental model that incorporates the Triad approach to quantifying environmental uncertainty, initially used in the USA, simulates a process used by buyers to establish the price paid for brownfields with contaminated land. Practical implications The practical implication that results from this research is that valuers need to emulate the buyer's process when valuing this property type. Prescriptive procedures for valuation requiring the use of scientific methods, as used in the Triad process, need to be set forth to quantify the atypical uncertainties in valuing this property type. The results of this research should be of significant interest to all stakeholders that are involved in brownfield redevelopment, so that they can insure that their needs will be met by improved feasibility analysis. Originality/value This research is unique in that it is the first empirical test of the reliability of the valuation of brownfields that need to undergo a time‐consuming and often expensive soil remediation process.
Purpose This paper aims to examine whether rental premiums accrue to environmentally certified class “A” office buildings and, further, to what extent such premiums vary with the political ideology of the local market area. Design/methodology/approach Using standard ordinary least squares (OLS) regression techniques, the paper models rental rates on environmentally certified structures as a function of the space market characteristics, economic environment, and political ideology within each local market area. Findings The paper finds significant variation in environmentally certified rental premiums across jurisdiction‐specific political ideology metrics. Specifically, politically liberal locations exhibit green rental premiums of nearly 6 percent, while politically conservative locations exhibit premiums of less than 2 percent. Originality/value This paper expands the existing literature by offering further evidence of positive rental premiums accruing to environmental certification, and by systematically exploring the fundamental determinants of these observed value differences.
Purpose: Buildings, which account for approximately half of all annual energy and greenhouse gas emissions, are an important target area for any strategy addressing climate change. Whilst new commercial buildings increasingly address sustainability considerations, incorporating green technology in the refurbishment process of older buildings presents many technical, financial and social challenges. This article explores the social dimension, focussing on the perspectives of commercial office building tenants. Methodology/Approach: Semi-structured in-depth interviews with seven residents and neighbours of case-study building under-going green refurbishment in Melbourne, Australia. Responses were analysed using a thematic approach, identifying categories, themes and patterns. Findings: Commercial property tenants are on a journey to sustainability. Tenants are interested and willing to engage in discussions about sustainability initiatives, but the process, costs and benefits need to be clear. Research limitations/implications: The findings, whilst limited by non-random sampling and small sample size, highlight that the commercial property market is interested in learning about sustainability in the built environment. Practical implications: The findings highlight the importance of developing a strong business case and transition plan for sustainability in commercial buildings. As sustainable buildings become mainstream, tenants predicted the emergence of a 'non-sustainability discount' for residing in buildings without sustainable features. Originality/value: This research offers a beginning point for understanding the difficulty of integrating green technology in older commercial buildings. Tenants currently have limited understandings of technology and potential building performance outcomes, which ultimately could impede the implementation of sustainable initiatives in older buildings.
Purpose – The purpose of this paper is to identify the factors present in successful energy efficiency investments that might indicate how to resolve the landlord-tenant dilemma in existing and new commercial property. Design/methodology/approach – The paper reviews literature to indicate the importance of energy efficiency in buildings and to explore the barriers to such investments, including problematic landlord-tenant relationships. Such relationships have been investigated by the International Energy Agency, and a similar approach is used here in two case studies in new and existing buildings. These studies explore the nature of landlord-tenant relationships and the importance of policy and standards of building performance. Findings – In neither case did landlord-tenant issues constitute barriers to investments in energy efficiency, however, these investments were made for other reasons than simple cost savings. Construction of new commercial property to Passivhaus standards ensures a high-build quality and a comfortable building with low-energy costs. The added value to tenants may justify the cost of construction. The cost of investments in energy efficient buildings can also be justified by the enhanced reputation of landlords which may be more valuable than a DEC rating. In neither case was the commercial Green Deal felt to be an attractive funding mechanism. Practical implications – Conclusions based on these case studies must be regarded as tentative, so future studies of successful energy efficient buildings should be undertaken to explore the motivation to invest, particularly the relative importance of indirect benefits of energy efficiency. Originality/value – One of the case study buildings is exceptionally energy efficient and is the result of a particularly open and effective contractual relationship. Further study of such cases may suggest a new approach to landlord-tenant problems of energy efficiency, even in refurbishment of existing buildings.
Purpose This paper aims to show that the accuracy of real estate portfolio valuations and of real estate risk management can be improved through the simultaneous use of Monte Carlo simulations and options theory. Design/methodology/approach The authors' method considers the options embedded in Continental European lease contracts drawn up with tenants who may move before the end of the contract. The authors combine Monte Carlo simulations for both market prices and rental values with an optional model that takes into account a rational tenant's behaviour. They analyze how the options significantly affect the owner's income. Findings The authors' main findings are that simulated cash flows which take account of such options are more reliable that those usually computed by the traditional method of discounted cash flow. Research limitations/implications Some limitations are inherent to the authors' model: these include the assumption of the rationality of tenant's decisions and the difficulty of calibrating the model given the lack of data in many markets. Originality/value The main contribution of the paper is both by accounting for market risk (Monte Carlo simulations for the prices and market rental values) and for accounting for the idiosyncratic risk (the leasing risk).
Purpose The paper aims to present the findings of a “situation review” of the Energy Performance of Buildings Directive (EPBD), focusing on energy performance certificates (EPCs) to highlight areas of specific importance for the UK property investment community. The paper is based on research commissioned by the Investment Property Forum (IPF) and funded through the IPF Research Programme (2006‐2009). Design/methodology/approach Interviews were undertaken with experts from the fields of property investment and building engineering. The interviews were undertaken with to identify: the current knowledge of EPCs in the property investment sector; key issues with practical implementation of the legislation; and perceptions of the potential impacts of legislation, particularly in relation to value stakeholder and behaviour. Findings The paper finds that, although the regulations have been published, there is still a need for clarification in the marketplace with regard to some of the detail of regulations and the certification process. The following areas are of most concern to property investors: costs of surveys; potential difficulties with the process; and a shortage of assessors. With respect to these impacts it is becoming clear that investors who have not yet started considering the EPBD and its requirements within their strategy are likely to face difficulties in the short term. The most significant value‐related impacts of EPBD are expected to be value differentiation of properties and “price chipping” against the rental or capital value of the property, where an occupier or potential purchaser will use the recommendations contained within an EPC to force a reduction in value. The latter is expected to emerge in the short term, whereas the former is expected to be realised over the medium to long term. Both these impacts have potentially significant implications for property investment holdings and also future investment behaviour. Originality/value The paper provides useful information the importance of EPCs.
Purpose – The purpose of this paper is to examine weekly dynamic conditional correlations (DCC) and vector autoregressive (VAR)-based volatility spillover effects within the three Greater China (GC) public property markets, as well as across the GC property markets, three Asian emerging markets and two developed markets of the USA and Japan over the period from January 1999 through December 2013. Design/methodology/approach – First, the author employ the DCC methodology proposed by Engle (2002) to examine the time-varying nature in return co-movements among the public property markets. Second, the author appeal to the generalized VAR methodology, variance decomposition and the generalized spillover index of Diebold and Yilmaz (2012) to investigate the volatility spillover effects across the real estate markets. Finally, the spillover framework is able to combine with recent developments in time series econometrics to provide a comprehensive analysis of the dynamic volatility co-movements regionally and globally. The author also examine whether there are volatility spillover regimes, as well as explore the relationship between the volatility spillover cycles and the correlation spillover cycles. Findings – Results indicate moderate return co-movements and volatility spillover effects within and across the GC region. Cross-market volatility spillovers are bidirectional with the highest spillovers occur during the global financial crisis (GFC) period. Comparatively, the Chinese public property market's volatility is more exogenous and less influenced by other markets. The volatility spillover effects are subject to regime switching with two structural breaks detected for the five sub-groups of markets examined. There is evidence of significant dependence between the volatility spillover cycles across stock and public real estate, due to the presence of unobserved common shocks. Research limitations/implications – Because international investors incorporate into their portfolio allocation not only the long-term price relationship but also the short-term market volatility interaction and return correlation structure, the results of this study can shed more light on the extent to which investors can benefit from regional and international diversification in the long run and short-term within and across the GC securitized property sector, with Asian emerging market and global developed markets of Japan and USA. Although it is beyond the scope of this paper, it would be interesting to examine how the two co-movement measures (volatility spillovers and correlation spillovers) can be combined in optimal covariance forecasting in global investing that includes stock and public real estate markets. Originality/value – This is one of very few papers that comprehensively analyze the dynamic return correlations and conditional volatility spillover effects among the three GC public property markets, as well as with their selected emerging and developed partners over the last decade and during the GFC period, which is the main contribution of the study. The specific contribution is to characterize and measure cross-public real estate market volatility transmission in asset pricing through estimates of several conditional “volatility spillover” indices. In this case, a volatility spillover index is defined as share of total return variability in one public real estate market attributable to volatility surprises in another public real estate market.
This paper examines the short and long-term comovements among UK regional property markets over the period 1976-2001. The markets examined are London, Outer South-East, East Anglia, South West, East Midlands, West Midlands, Yorkshire and Humberside, North and North West. Multivariate cointegration procedures, Granger non-causality tests, level VAR and generalised variance decomposition analyses based on error-correction and vector autoregressive models are conducted to analyse short and long-run relationships among these markets. The results indicate that there is a stationary long-run relationship and significant long-run causal linkages between the various UK property markets. In terms of the percentage of variance explained other regional markets are generally more important than innovations in a given region, though this is not the case for the Outer South-East which is extremely segmented from the remaining markets, as is, to a lesser extent, the North and North West. This suggests that opportunities exist for portfolio diversification in UK regional property market.
Purpose – The questions of loan availability and pricing were considered from the perspectives of financial economic theory and practice as well as a survey of lenders capable of financing a one-year bridge loan to determine the market's willingness to make such a loan and what rate of interest would be charged. Utilizing the sources above, in conjunction with professional knowledge and industry contacts, 101 lenders were selected as representative of the universe of lenders who had the capacity to make directly or otherwise to arrange, a $192 million bridge loan. The survey of lenders involved interviews with 67 of the 86 selected lenders from 59 firms. The paper aims to discuss these issues. Design/methodology/approach – Loan availability and pricing were considered from perspectives of financial economic theory and practice plus a survey to determine market's willingness to make a loan at what price. Utilizing professional knowledge and industry contacts, 101 lenders were selected as representative of those which had the capacity to make a $192 million bridge loan. When lenders were evaluated against criteria of size, product type, geographic territory, and willingness/capability to provide nonstandard loans, list selected for telephone interviews was narrowed, then subsequently expanded with referrals that led to identification of new potential lenders to be contacted. Findings – Nine lenders offered conceptualized deal structures to provide the required financing. Though the price may be expensive, especially relative to what borrowers may wish to pay, financing is available. Developers’ and deal-makers’ protestations that “it's impossible,” should be discounted and rejected. Because the subject property is characterized by high-risk, it is logical conclusion that the lenders expressing a desire to provide the bridge loan would expect to earn a high return, meaning that the interest rate would approach, if not exceed, 20 percent. Research limitations/implications – Because the nature of the research required that the specific identities of the building and the parties were not revealed, some lenders might decline to consider this financing opportunity. And, real world negotiation of financing terms could result in higher rates than quoted and/or disinclination of lenders to proceed. Because of very specialized circumstances surrounding this proprietary research, conducted subject to nondisclosure agreement, publication had to be deferred until those constraints no longer applied. Though the data are more than a decade old, this consideration does not compromise the relevance, validity, or generalizability of the findings. Practical implications – Markets can accommodate transactions that might be perceived as improbable. Investors which approach opportunities with creativity and open mind, can make deals that would not be possible, were strict, rigid, unbending eligible deal preference parameters to be employed. Strategists establishing policies for real estate enterprises should insist on progressive, expansive thinking in turning the scope of their potential venture involvements. Real estate education and training should address more attention to financial economic theory, strategic initiative, and creative deal making, which priority topics are too seldom prioritized, with the consequence that too many in real estate think narrowly rather than expansively. Social implications – This research substantiates a fundamental theory of financial economics and refutes conventional applied wisdom. Seldom do researchers and investors have the opportunity to “get inside” the lending decision process for a large scale commercial property, especially one characterized by daunting circumstances and considerable complexity, such as studied here. A unique real world date set – not normally accessible to property scholars – enables study of the proposition that every commodity has a price, no matter how severe or difficult the circumstances, in a manner fully congruent with the new AACSB Business School Deans policy emphasis on relevance in addition to rigor. Originality/value – As commercial mortgages much less studied than residential mortgages, this paper is significant addition to undeveloped segment of literature. As the majority of mortgage finance research, estimated to be in the range of 90 percent, has been limited to single family residential financing, the study of commercial mortgage financing is relatively under-researched. Further, the studies of commercial mortgage finance tend to be illustrative case studies with stylized facts rather than explorations of empiricism-based investigations. As most researchers engaged in exploring real estate topics limit themselves to public information, research that provides access to real world private transactions is especially important.
Investment process and impact of internet search  
Purpose – The purpose of this paper is to examine internet search query data provided by “Google Trends”, with respect to its ability to serve as a sentiment indicator and improve commercial real estate forecasting models for transactions and price indices. Design/methodology/approach – This paper examines internet search query data provided by “Google Trends”, with respect to its ability to serve as a sentiment indicator and improve commercial real estate forecasting models for transactions and price indices. Findings – The empirical results show that all models augmented with Google data, combining both macro and search data, significantly outperform baseline models which abandon internet search data. Models based on Google data alone, outperform the baseline models in all cases. The models achieve a reduction over the baseline models of the mean squared forecasting error for transactions and prices of up to 35 and 54 per cent, respectively. Practical implications – The results suggest that Google data can serve as an early market indicator. The findings of this study suggest that the inclusion of Google search data in forecasting models can improve forecast accuracy significantly. This implies that commercial real estate forecasters should consider incorporating this free and timely data set into their market forecasts or when performing plausibility checks for future investment decisions. Originality/value – This is the first paper applying Google search query data to the commercial real estate sector.
This paper has two main aims. First, given that an approximately 2 per cent positive differential of property over gilts appears to be the accepted required risk premium, then it is useful to examine the actual values of ex-post risk premiums of property over both conventional and index-linked gilts to determine whether this is achieved. Second, the univariate time series properties of the generated risk premiums are analysed to ascertain if there are any stable forecasting attributes embodied in the first and second moments.
Purpose – The purpose of this paper is to investigate the current market development of Energy Performance Contracting (EnPC) in Hong Kong and Taiwan, focussing on four key aspects: first, the potential building energy retrofits as an investment for future savings; second, the motivations for building owners toward the use of EnPC; third, the reasons for building owners not using EnPC; and fourth, the different approaches of Hong Kong and Taiwanese governments toward the promotion of EnPC. Design/methodology/approach – A dual-questionnaire survey was conducted both in Hong Kong and Taiwan, where the same set of questionnaire was sent to the key personnel of the energy services companies (ESCOs) in both regions as identified from the latest member lists of representative trade associations, supplement with 11 structured interviews. Findings – Apart from explainable differences, the results show the top rankings by the respondents of Hong Kong and Taiwan as follows: “Potential retrofit works” including lighting replacement with efficient fluorescent and light emitting diode lamps and improvement of air-con system. “EnPC Motivations” including owners’ lack of upfront capital and use of energy savings for other purposes may yield better returns; ESCOs’ provision of turnkey services. “Reasons not considering EnPC” including worry about its complexities; lack of familiarity with EnPC and long payback periods. As for promotional efforts for EnPC, the Taiwan government has taken more initiatives to foster its use both technically and financially. Practical implications – This study identifies market-related motivators and deterrents as experienced by ESCOs in implementing EnPC projects in two developed Asian economies. Originality/value – This study provides insightful information for the stakeholders about the latest market development of EnPC in Hong Kong and Taiwan.
This paper uses time series econometric techniques to model regional property rents in order to build a picture of the distinctiveness and commonality of the Scottish property sector. Data used comes from a series stretching from 1970-1998 and allows Scotland’s market performance (in terms of rents) in each of the three main property sectors to be benchmarked against a selective comparison of other UK regions. In doing so, we pay particular attention to the statistical properties of the time series used, applying tests of data stationarity and cointegration to develop a reduced form model of rents comprising both demand and supply-side variables. The paper develops a predictive approach to property rents based on the autoregressive moving average (ARMA) methodology. Initial within-sample predictive power is reasonably high. The implications of our results for a better understanding of the Scottish property market, as well as the more general modelling, are sketched out.
Purpose – The purpose of this paper is to summarise and analyse the new compensation provisions brought in by the government for Phase 1 of the HS2 high-speed train line. Design/methodology/approach – To summarise each of the proposals and provide a critical assessment of each of them. Findings – For the most part, and the Homeowner Payment Scheme (HPS) is a marked exception, the new HS2 compensation provisions set out a logical approach to reducing the impact of the scheme on the people most directly affected by its blighting affect. There are, however, a number of concerns as to whether there are more urgent reforms that have not been considered. Research limitations/implications – The proposals were announced in April and in respect of some of them, particularly the HPS, very little information is available as yet. Practical implications – The paper should provide factual information on a very new set of compensation provisions and a critical appraisal of their value. Originality/value – As the compensation provisions have been published only recently there will be few other similar commentaries available.
Purpose – The purpose of this paper is to highlight the practical difficulties resulting from the UK Court of Appeal's recent guidance on the effect of anti‐avoidance provisions in the Landlord and Tenant (Covenants) Act 1995. Design/methodology/approach – The paper analyses the Court's guidance, focusing on the inability of a guarantor to take a valid assignment of a lease from the outgoing tenant. Findings – The paper identifies significant implications for due diligence, valuation and pricing of property investments, arguing that the result could be to deprive landlords of access to covenant strength that is crucial to its valuation or to any sale price. Originality/value – The paper reflects practitioner discussions since the Court of Appeal gave its ruling in K/S Victoria Street v. House of Fraser. It highlights significant new issues that must be factored into property due diligence.
The purpose of this paper is to develop a General Systems Theory (GST) risk management framework and conducts a preliminary investigation into its potential benefits. A risk management framework with four domains is developed by applying GST to property. Risk management in five listed Australian Real Estate Investment Trusts (A-REITs) is benchmarked against the GST ideal using public web-sites information. A-REIT volatility-adjusted returns are calculated using Treynor ratios for the year to May 2010. The link between risk management score and entity performance is then investigated. The GST framework directs attention to risks involving surveillance, capacity and controls. However, as predicted by the Efficient Market Hypothesis (EMH), the study found no link between assessed risk management and volatility-moderated annual returns to May 2010. The risk scoring was predicated on publicly available data, with limited analysis of financial statements. The sample size was restricted. Successful entities are well governed, focused and innovative. Robust finances allow exploitation of emerging opportunity when business conditions become favourable. Planning and environmental management capabilities are essential.
Top-cited authors
Graeme Newell
  • Western Sydney University
Joseph T. L. Ooi
  • National University of Singapore
Vassilis Assimakopoulos
  • National Technical University of Athens
Kim Hiang Liow
  • National University of Singapore
Deborah Levy
  • University of Auckland