The information content of REIT credit rating actions and transparency

We examine the short-run and long-run price reaction of equity REIT shares following credit rating actions, testing the transparency of the REIT structure. Generally, the economic effect on the stock price is subdued for both upgrades and downgrades compared to prior literature examining the broader U.S. equity market. An examination of trading volume revealed a significant increase in trading in reaction to downgrade credit rating changes, with a more subdued response to upgrades. The findings support the notion that REITs are more publicly forthcoming about the expectation of positive news in comparison to negative news.

An investigation of thermal comfort adaptation behaviour in office buildings in the UK

Around 40% of total energy consumption in the UK is consumed by creating comfortable indoor environment for occupants. Occupants’ behaviour in terms of achieving thermal comfort could have a significant impact on a building’s energy consumption. Therefore, understanding the interactions of occupants with their buildings would be essential to provide a thermal comfort environment that is less reliance on energy-intensive heating, ventilation and air-conditioning systems, to meet energysaving and carbon emission targets. This paper presents the findings of a year-long field study conducted in non-air-conditioned office buildings in the UK. Occupants’ adaptive responses in terms of technological and personal dimensions are dynamic processes which could vary with both indoor and outdoor thermal conditions. The adaptive behaviours of occupants in the surveyed building show substantial seasonal and daily variations. Our study shows that non-physical factors such as habit could influence the adaptive responses of occupants. However, occupants sometimes displayed inappropriate adaptive behaviour, which could lead to a misuse of energy. This paper attempts to illustrate how occupants would adapt and interact with their built environment and consequently contribute to development of a guide for future design/refurbishment of buildings and to develop energy management systems for a comfortable built environment.

Can environmental performance rating programmes succeed in Africa?: an evaluation of Ghana’s AKOBEN project

The purpose of the article is to describe and analyse Ghana’s AKOBEN programme which is the first environmental performance rating and public disclosure programme in Africa. Furthermore, by means of a SWOT analysis, the article assesses the suitability of AKOBEN as a veritable tool for promoting good environmental governance in Ghana specifically and Africa in general.

Effect of building gap to improve pedestrian comfort levels and ventilation

Rapid rates of urbanization have resulted into increased concerns of urban environment. Amongst them, wind and thermal comfort levels for pedestrians have attracted research interest. In this regards, urban wind environment is seen as a crucial components that can lead to improved thermal comfort levels for pedestrian population. High rise building in modern urban setting causes high levels of turbulence that renders discomfort to pedestrians. Additionally, a higher frequency of high ris e buildings at a particular region acts as a shield against the wind flow to the lower buildings beyond them resulting into higher levels of discomfort to users or residents. Studies conducted on developing wind flow models using Computational Fluid Dynami cs (CFD) simulations have revealed improvement in interval to height ratios can results into improved wind flow within the simulation grid. However, high value and demand for land in urban areas renders expansion to be an impractical solution. Nonetheless, innovative utilization of architectural concepts can be imagined to improve the pedestrian comfort levels through improved wind permeability. This paper assesses the possibility of through-building gaps being a solution to improve pedestrian comfort levels.

Meteorological forcing data for urban outdoor thermal comfort models from a coupled convective boundary layer and surface energy balance scheme

Site-specific meteorological forcing appropriate for applications such as urban outdoor thermal comfort simulations can be obtained using a newly coupled scheme that combines a simple slab convective boundary layer (CBL) model and urban land surface model (ULSM) (here two ULSMs are considered). The former simulates daytime CBL height, air temperature and humidity, and the latter estimates urban surface energy and water balance fluxes accounting for changes in land surface cover. The coupled models are tested at a suburban site and two rural sites, one irrigated and one unirrigated grass, in Sacramento, U.S.A. All the variables modelled compare well to measurements (e.g. coefficient of determination = 0.97 and root mean square error = 1.5 °C for air temperature). The current version is applicable to daytime conditions and needs initial state conditions for the CBL model in the appropriate range to obtain the required performance. The coupled model allows routine observations from distant sites (e.g. rural, airport) to be used to predict air temperature and relative humidity in an urban area of interest. This simple model, which can be rapidly applied, could provide urban data for applications such as air quality forecasting and building energy modelling, in addition to outdoor thermal comfort.

Do online hotel rating schemes influence booking behaviours?

Travelers’ hotel booking behaviors increasingly depend on peers' opinions and online ratings. This study investigates the effects of online hotel ratings on travelers' attitudes toward the hotel and booking intentions, using a 2 × 2 experimental research design. The results suggest that online rating lists are more useful and credible when published by well-known online travel communities (e.g., TripAdvisor). More favorable attitudes toward a hotel and higher booking intentions emerge when the hotel appears in best hotels lists. Finally, for the entries on best hotels lists, better attitudes and higher booking intentions result if the list is published on a well-known online travel community (Tripadvisor), whereas for entries on a worst hotel list, attitudes and booking intentions decrease even further if the list appears on TripAdvisor.

Do online hotel rating schemes influence booking behaviors?

Travelers’ hotel booking behaviors increasingly depend on peers' opinions and online ratings. This study investigates the effects of online hotel ratings on travelers' attitudes toward the hotel and booking intentions, using a 2 × 2 experimental research design. The results suggest that online rating lists are more useful and credible when published by well-known online travel communities (e.g., TripAdvisor). More favorable attitudes toward a hotel and higher booking intentions emerge when the hotel appears in best hotels lists. Finally, for the entries on best hotels lists, better attitudes and higher booking intentions result if the list is published on a well-known online travel community (Tripadvisor), whereas for entries on a worst hotel list, attitudes and booking intentions decrease even further if the list appears on TripAdvisor.

A study of adaptive thermal comfort in a well-controlled climate chamber

This paper aims to critically examine the application of Predicted Mean Vote (PMV) in an air-conditioned environment in the hot-humid climate region. Experimental studies have been conducted in a climate chamber in Chongqing, China, from 2008 to 2010. A total of 440 thermal responses from participants were obtained. Data analysis reveals that the PMV overestimates occupants' mean thermal sensation in the warm environment (PMV > 0) with a mean bias of 0.296 in accordance with the ASHRAE thermal sensation scales. The Bland–Altman method has been applied to assess the agreement of the PMV and Actual Mean Vote (AMV) and reveals a lack of agreement between them. It is identified that habituation due to the past thermal experience of a long-term living in a specific region could stimulate psychological adaptation. The psychological adaptation can neutralize occupants’ actual thermal sensation by moderating the thermal sensibility of the skin. A thermal sensation empirical model and a PMV-revised index are introduced for air-conditioned indoor environments in hot-humid regions. As a result of habituation, the upper limit effective thermal comfort temperature SET* can be increased by 1.6 °C in a warm season based on the existing international standard. As a result, a great potential for energy saving from the air-conditioning system in summer could be achieved.

Different strategies for improving summer thermal comfort in heavyweight traditional buildings

In order to exploit the passive energy potential of the building envelope, it is important to provide a right combination of insulation thickness, heat capacity and night-time ventilation. In this paper, this issue will be tackled with reference to an historic building in Catania (Southern Italy). The building was built at the end of the XIX century, and its opaque envelope is entirely made with lava stones, which is typical of traditional architecture in this area. Starting from the current configuration of the building, many hypotheses for refurbishment are considered, combined with different strategies for passive cooling, such as night-time ventilation, use of shading devices and adoption of highly-reflective coatings. The effectiveness of each solution in terms of summer thermal comfort is evaluated through dynamic thermal simulations carried out with EnergyPlus. The results show the synergic effect of these strategies, as well as their individual impact, and allow to draw some general conclusions about the behaviour of heavyweight buildings under moderately hot weather conditions.

Assessing how retrofit of traditional buildings impacts indoor environment and occupant’s thermal comfort

Buildings consume a large amount of energy, in both their use and production. Retrofitting aims to achieve a reduction in this energy consumption. However, there are concerns that retrofitting can cause negative impacts on the internal environment including poor thermal comfort and health issues. This research investigates the impact of retrofitting the façade of existing traditional buildings and the resulting impact on the indoor environment and occupant thermal comfort. A Case building located at the University of Reading has been monitored experimentally and modelled using IES software with monitored values as input conditions for the model. The proposed façade related retrofit options have been simulated and provide information on their effect on the indoor environment. The findings show a positive impact on the internal environment. The data shows a 16.2% improvement in thermal comfort after retrofit is simulated. This also achieved a 21.6% reduction in energy consumption from the existing building.