Emerald | Journal of Property Investment & Finance | Table of Contents http://www.emeraldinsight.com/1463-578X.htm Table of contents from the most recently published issue of Journal of Property Investment & Finance Journal en-gb Tue, 01 Apr 2014 00:00:00 +0100 2013 Emerald Group Publishing Limited editorial@emeraldinsight.com support@emeraldinsight.com 60 Emerald | Journal of Property Investment & Finance | Table of Contents http://www.emeraldinsight.com/common_assets/img/covers_journal/jpifcover.gif http://www.emeraldinsight.com/1463-578X.htm 120 157 Real estate ownership and closely-held firm value http://www.emeraldinsight.com/journals.htm?issn=1463-578X&volume=32&issue=3&articleid=17108020&show=abstract http://www.emeraldinsight.com/10.1108/JPIF-07-2013-0045 <strong>Abstract</strong><br /><br /><B>Purpose</B> – The authors aim to measure the value of leasing, versus owning, business locations for the closely-held firm. <B>Design/methodology/approach</B> – The authors examine the sales transactions of small businesses in the USA – those with revenues of less than $20 million per year – between 1995 and 2010. The authors contrast the values of firms that own, and do not own, their real estate. <B>Findings</B> – In general, the authors find negative relationships between closely-held firm values and real estate ownership. Nowhere did the authors observe firm value being enhanced by property ownership. <B>Research limitations/implications</B> – The data set may be limited by the accuracy of the data provided by business brokers. Compared to the capital markets, the small business “exchange” is less efficient, but it is the only source of unlisted business sales data. <B>Practical implications</B> – The findings are important to the small-business broker and the investor. The broker might better advise the buyer and seller with the findings. Business owners, private equity investors, and their advisors, are all reminded to focus on the core business strategy and avoid getting “locked into” real estate ownership in a business investment. <B>Originality/value</B> – The impact of real estate on the valuations of closely-held firms is a largely unexamined area. And there is a lack of consistency on publicly-held company valuations as a function of real estate ownership; these public company findings and the dearth of work on the privately-held company's real estate attract the attention in this study. Article literatinetwork@emeraldinsight.com (John Edward Graham, Craig Galbraith, Curt Stiles) Tue, 01 Apr 2014 00:00:00 +0100 Integration between real estate equity and non-real estate equity http://www.emeraldinsight.com/journals.htm?issn=1463-578X&volume=32&issue=3&articleid=17108021&show=abstract http://www.emeraldinsight.com/10.1108/JPIF-10-2013-0063 <strong>Abstract</strong><br /><br /><B>Purpose</B> – The paper examined the long-run relationship between real estate equity (property listed stock) and non-real estate equity (common stock) in the Nigerian capital market and established the integration between the investments. The paper aims to discuss these issues. <B>Design/methodology/approach</B> – The data collected comprised quarterly returns on property listed stock and All Share Index for the period of January 1999-December 2011. The calculated quarterly returns of the investments were subjected to the Philip-Person unit root test after which the integration between the investments was analysed using the Johansson integration test. <B>Findings</B> – The results showed that real estate equity performed better the non-real estate equity but with corresponding higher risk level. Also, real estate equity had a slightly lower performance when compared with non-real estate equity on return/risk ratio basis. The findings showed that property listed stock (real estate equity) was integrated with common stock or non-real estate equity and suggest that the Nigerian listed property stock, by nature, was similar to REITs. This result negates the belief that property listed stock's returns are integrated with direct real estate market and are often influenced by the returns of the underlying direct real estate assets. <B>Practical implications</B> – The paper implied that while investors could consider investing in real estate equity and earn better return than investing in common equity in the Nigerian capital market, the inclusion of both in a domestic portfolio could be expected to bring little or no diversification benefit. <B>Originality/value</B> – The paper is one of the few attempts at assessing the long-run relationship between property listed stock as a form of real estate equity and non-real estate equity and especially from African emerging market perspective. Article literatinetwork@emeraldinsight.com (Abel Olaleye, Benjamin Ekemode) Tue, 01 Apr 2014 00:00:00 +0100 Competency expectations for property professionals in Australia http://www.emeraldinsight.com/journals.htm?issn=1463-578X&volume=32&issue=3&articleid=17108022&show=abstract http://www.emeraldinsight.com/10.1108/JPIF-12-2013-0068 <strong>Abstract</strong><br /><br /><B>Purpose</B> – The aim of this paper is to identify the competency expectations for property professionals in Australia. It further discusses differences in competency expectations between property professionals who have different professional backgrounds, such as valuers or non-valuers, and property professionals who work in different sectors or different-sized companies and who have differing amounts of experience. The competencies identified in this paper include knowledge areas, skills and attributes. <B>Design/methodology/approach</B> – This paper presents the research findings of a questionnaire survey sent to Australian Property Institute members, which aimed to gather Australian property professionals' views on the knowledge, skills and attributes required to perform their roles effectively. The percentage of the respondents who provided different choices of given answers for each of the 31 knowledge areas, 20 skills and 21 attributes was identified and discussed. The professional backgrounds of the respondents were also identified to see whether these impact on competency expectations for property professionals. Content analysis was used to analyse written comments collected in the questionnaire. <B>Findings</B> – The most important categories of knowledge, skill and attribute for Australian property professionals are valuation, effective written communication and practical experience, respectively. The least important are international real estate, second language and creativity. Knowledge of rural valuation is very important in Australia, although this has not been mentioned in previous studies. Professional backgrounds have a large influence on Australian property professionals' views on knowledge requirements, but less so on skills and attributes. <B>Practical implications</B> – The findings of this paper can be used as guidance for property professionals in their professional development plan. In addition, property course providers can use the research findings of this paper to inform their curriculum development and redesign. <B>Originality/value</B> – This project is the first to identify the comprehensive competency expectations of property professionals as a whole in Australia. At the same time, it identifies differences in the competency expectations of property professionals who have different professional backgrounds. Similar types of study have been conducted in the UK, the USA, Hong Kong and New Zealand but not yet in Australia. An understanding of the knowledge, skills and attributes required for property professionals is important for continuing professional development, curriculum development and the redesign of relevant property courses in order to maintain performance and competitiveness in the property sector. Article literatinetwork@emeraldinsight.com (Joanna Poon, Michael Brownlow) Tue, 01 Apr 2014 00:00:00 +0100 An investigation of property-related decision practice of Australian fund managers http://www.emeraldinsight.com/journals.htm?issn=1463-578X&volume=32&issue=3&articleid=17108023&show=abstract http://www.emeraldinsight.com/10.1108/JPIF-02-2014-0014 <strong>Abstract</strong><br /><br /><B>Purpose</B> – In Australia, the A$2.2 trillion managed funds industry including the large pension funds (known locally as superannuation funds) are the dominant institutional property investors. While statistical information on the level of Australian managed fund investments in property assets is widely available, comprehensive practical evidence on property asset allocation decision-making process is underdeveloped. The purpose of this research is to identify Australian fund manager's property asset allocation strategies and decision-making frameworks at strategic level. <B>Design/methodology/approach</B> – The research was undertaken in May-August 2011 using an in-depth semi-structured questionnaire administered by mail. The survey was targeted at 130 leading managed funds and asset consultants within Australia. <B>Findings</B> – The evaluation of the 79 survey respondents indicated that Australian fund manager's property allocation decision-making process is an interactive, sequential and continuous process involving multiple decision-makers (internal and external) complete with feedback loops. It involves a combination of quantitative analysis (mainly mean-variance analysis) and qualitative overlay (mainly judgement, or “gut-feeling”, and experience). In addition, the research provided evidence that the property allocation decision-making process varies depending on the size and type of managed fund. <B>Practical implications</B> – This research makes important contributions to both practical and academic fields. Information on strategic property allocation models and variables is not widely available, and there is little guiding theory related to the subject. Therefore, the conceptual frameworks developed from the research will help enhance academic theory and understanding in the area of property allocation decision making. Furthermore, the research provides small fund managers and industry practitioners with a platform from which to improve their own property allocation processes. <B>Originality/value</B> – In contrast to previous property decision-making research in Australia which has mainly focused on strategies at the property fund investment level, this research investigates the institutional property allocation decision-making process from a strategic position involving all major groups in the Australian managed funds industry. Article literatinetwork@emeraldinsight.com (Wejendra Reddy, David Higgins, Ron Wakefield) Tue, 01 Apr 2014 00:00:00 +0100 A “family of cycles” – major and auxiliary business cycles http://www.emeraldinsight.com/journals.htm?issn=1463-578X&volume=32&issue=3&articleid=17108024&show=abstract http://www.emeraldinsight.com/10.1108/JPIF-02-2014-0015 <strong>Abstract</strong><br /><br /><B>Purpose</B> – The paper aims to discuss the major and auxiliary types of cycles found in the literature. <B>Design/methodology/approach</B> – The existence of cycles within economy and its sub-sectors has been studied for a number of years. In the wake of the recent cyclical downturn, interest in cycles has increased. To mitigate future risks, scholars and investors seek new insights for a better understanding of the cyclical phenomenon. The paper presents systematic review of the existing copious cyclical literature. It then discusses general characteristics and the key forces that produce these cycles. <B>Findings</B> – The study finds four major and eight auxiliary cycles. It suggests that each cycle has its own distinct empirical periodicity and theoretical underpinnings. The longer the cycles are the greater controversy which surrounds them. <B>Practical implications</B> – Cycles are monumental to a proper understanding of complex property market dynamics. Their existence implies that economies, whilst not deterministic, have a rhythm. Cyclical awareness can therefore advance property market participants. <B>Originality/value</B> – The paper uncovers four major and eight auxiliary types of cycles and argues their importance. Article literatinetwork@emeraldinsight.com (Arvydas Jadevicius, Simon Huston) Tue, 01 Apr 2014 00:00:00 +0100 Editorial http://www.emeraldinsight.com/journals.htm?issn=1463-578X&volume=32&issue=3&articleid=17108025&show=abstract Editorial literatinetwork@emeraldinsight.com (Deborah Levy) Tue, 01 Apr 2014 00:00:00 +0100