Property Management

The impact of an announcement of land acquisition in auctions on real estate firms' stock return in Hong Kong : Table of Contents

Eddie Chi-man Hui, Ann Yu, Russell Lam — Sat Feb 06 08:00:23 GMT 2010

Abstract:
Purpose – The purpose of this paper is to examine the abnormal stock return of Hong Kong real estate firms following news of land acquisition and identify determinants to the abnormal stock return. Design/methodology/approach – The paper employs the event-study methodology and multivariate regression to test factors that are hypothesized to have effects on the abnormal return. Findings – The paper indicates that on land acquisition announcement there is a significant positive price reaction. Also the market capitalization and debt-to-equity ratio of a firm is associated negatively with the level of abnormal price reaction. Practical implications – This study has identified significant positive abnormal stock return following the news of land acquisitions by developers in the context of Hong Kong. It has also documented negative correlation between abnormal stock return and two specific factors of a firm, namely, market capitalization and debt-to-equity ratio. Originality/value – This paper identifies significant positive abnormal stock return pursuant to land acquisitions by firms.

Implementing corporate social responsibility in the UK construction industry : Table of Contents

Stephen Barthorpe — Sat Feb 06 08:00:23 GMT 2010

Abstract:
Purpose – The purpose of this paper is to provide a general overview of the origins, development and rise in importance of corporate social responsibility (CSR) and demonstrate how CSR has been incorporated and implemented in the UK construction industry. Design/methodology/approach – This paper briefly introduces the concept and origins of CSR and then provides appropriate examples of how the UK construction industry implements it. A literature review provides the historical context and development of CSR and this is augmented with a “milestone of events” which summarises the notable events and identifies the influential people that have shaped the development of CSR throughout the world. The paper is structured on the following themes: introducing corporate social responsibility; incorporating and reporting corporate social responsibility; and implementing corporate social responsibility. Findings – The findings of this paper reveal a surprising and welcome contrast to the generally held negative views expressed in recent seminal reports that castigate the UK construction industry for lacking innovation and the desire to embrace change. This paper demonstrates, through the use of case study examples, how the UK construction industry organisations add significant value to local and national communities by implementing CSR. Research limitations/implications – Although an appropriate literature review has been able to provide the historical overview and development of CSR, the case study examples provided have been limited to ten major UK contracting organisations and will therefore not necessarily be representative of small or medium sized organisations. Practical implications – The practical implications of this paper are potentially significant. Individuals or organisations should be able to apply the principles and examples provided and apply them to suit their own circumstances. Originality/value – This paper has provided a useful historical overview of CSR and succinctly demonstrates the significant milestone events that have shaped the development of this increasingly important phenomenon. CSR has, over the past few years developed into a powerful agenda in the boardrooms of organisations throughout the developed world. Initial token philanthropic gestures have latterly expanded and developed into mainstream corporate strategy. CSR is now becoming embedded in business practice and is not just seen as an altruistic burden but as making sound business sense and for providing an opportunity to gain strategic competitive advantage.

Understanding property cycles in a residential market : Table of Contents

Richard Reed, Hao Wu — Sat Feb 06 08:00:23 GMT 2010

Abstract:
Purpose – This paper aims to review property cycle theory and the relevance of the larger body of knowledge about cycles with reference to the housing market. It also aims to highlight the lack of research into property cycles in the residential sector on a suburb or smaller region basis, as well as the potential for increased knowledge about cycles to assist to avoid housing stress. Design/methodology/approach – The paper conducts a literature review of previous cycle research and encourages the use of cycle theory. It discusses the established body of knowledge about business cycles and the office market sector, as well as investigating levels of housing affordability and how detailed knowledge about property cycles can assist to decrease housing affordability in residential areas, which will eventually experience a downturn. Findings – It is argued that an increased level of certainty about cycle behaviour in particular suburbs will give households a higher level of confidence when considering whether and when to enter the market. Property cycle research has the potential to assist low-income homeowners to better understand the characteristics of cycles and associated risks in each residential. Research limitations/implications – This is a conceptual paper and has conducted a review of cycle research and housing affordability in certain countries. Some areas or countries may be affected to varying degrees by property cycles and levels of housing affordability. Practical implications – In extended periods of high volatility it is argued that a better understanding of housing cycles will allow more homeowners to avoid negative equity and the stress associated with repossessions. Property cycles are unavoidable although there is typically relatively little information available in the open market about the timing and amplitude of cycles in individual areas. Originality/value – This paper is unique as it highlights the potential for property cycles to be used to avoid housing stress in the residential market. Traditionally cycle research is used to increase returns and avoid downturns in the office and/or business sectors.

The perceived effectiveness of surveillance in reducing crime at shopping centers in Finland : Table of Contents

Sami Kajalo, Arto Lindblom — Sat Feb 06 08:00:23 GMT 2010

Abstract:
Purpose – This study seeks to analyse managers' perceptions of the effectiveness of both informal and formal surveillance in reducing vandalism, disturbance, and shoplifting in their shopping centers in Finland. Design/methodology/approach – The present study utilizes elements of crime prevention through environmental design (CPTED) in its theoretical approach. The data are based on an internet survey in Finland conducted in February and March of 2009. The sampling frame of the present study consistes of the 58 shopping centers and especially those managers who are responsible for security and safety management investments at these centers. All together 32 managers completed the survey. Findings – This study reveales that perceived effectiveness of both formal and informal surveillance in reducing all three types of crime is high. Security guard patrols are clearly perceived to be the most effective formal surveillance method. Also, activity of personnel and premises that are easily monitored, are perceived very effective in reducing incidence of crime at the shopping centers. Research limitations/implications – Qualitative studies could reveal issues that would enable more thorough operationalization of the concepts linked the surveillance and security in shopping center context. Practical implications – The paper sensitizes managers to think where informal and formal surveillance work best in shopping centers. Originality/value – Very little empirical research has evaluated the effectiveness of surveillance at shopping centers. The present study fills this research gap.