Recurring themes in value management practice

This paper reports on a survey of 17 value management exercises recently carried out within the UK construction industry. Twelve leading value management practitioners were asked to describe an example of a value management study which ‘worked well’ and one which ‘did not work well’. They were further asked to explain the underlying factors which they considered had influenced the eventual outcome of the value management study. The subsequent analysis of the interview transcripts reveals six recurring themes which were held to have had a significant influence: expectations, implementation, participation, power, time constraint and uncertainty. Whilst caution is necessary in extracting the themes from their individual contexts, they do provide a valuable insight into the factors which influence the outcome of value management studies.

Atrocities in theory and practice: An introduction

Classical counterinsurgency theory – written before the 19th century – has generally strongly opposed atrocities, as have theoreticians writing on how to conduct insurgencies. For a variety of reasons – ranging from pragmatic to religious or humanitarian – theoreticians of both groups have particularly argued for the lenient treatment of civilians associated with the enemy camp, although there is a marked pattern of exceptions, for example, where heretics or populations of cities refusing to surrender to besieging armies are concerned. And yet atrocities – defined here as acts of violence against the unarmed (non-combatants, or wounded or imprisoned enemy soldiers), or needlessly painful and/or humiliating treatment of enemy combatants, beyond any action needed to incapacitate or disarm them – occur frequently in small wars. Examples abound where these exhortations have been ignored, both by forces engaged in an insurgency and by forces trying to put down a rebellion. Why have so many atrocities been committed in war if so many arguments have been put forward against them? This is the basic puzzle for which the individual contributions to this special issue are seeking to find tentative answers, drawing on case studies.

Style analysis in real estate markets: beyond the sectors and regions dichotomy

While style analysis has been studied extensively in equity markets, applications of this valuable tool for measuring and benchmarking performance and risk in a real estate context are still relatively new. Most previous real estate studies on this topic have identified three investment categories (rather than styles): sectors, administrative regions and economic regions. However, the low explanatory power reveals the need to extend this analysis to other investment styles. We identify four main real estate investment styles and apply a multivariate model to randomly generated portfolios to test the significance of each style in explaining portfolio returns. Results show that significant alpha performance is significantly reduced when we account for the new investment styles, with small vs. big properties being the dominant one. Secondly, we find that the probability of obtaining alpha performance is dependent upon the actual exposure of funds to style factors. Finally we obtain that both alpha and systematic risk levels are linked to the actual characteristics of portfolios. Our overall results suggest that it would be beneficial for real estate fund managers to use these style factors to set benchmarks and to analyze portfolio returns.

Sector and regional factors in real estate returns

This paper presents a simple method to measure the effect of sector and regional factors in real estate returns, and thus provides a quantitative framework for analysing the relative impact of these two diversification categories to real estate portfolio selection. Using data on Retail, Office and Industrial properties spread across 326 real estate locations in the UK, over the period 1981 to 1995, the results show that the performance of real estate is largely sector-driven. A result in line with previous work. Which implies that the sector composition of the real estate fund should be the first level of analysis in constructing and managing the real estate portfolio. As a consequence real estate fund managers need to pay more attention to the sector allocation of their portfolios than the regional spread.

Fuzzy analysis: a vague way of dealing with uncertainty in real estate analysis?

Risk and uncertainty are, to say the least, poorly considered by most individuals involved in real estate analysis - in both development and investment appraisal. Surveyors continue to express 'uncertainty' about the value (risk) of using relatively objective methods of analysis to account for these factors. These methods attempt to identify the risk elements more explicitly. Conventionally this is done by deriving probability distributions for the uncontrolled variables in the system. A suggested 'new' way of "being able to express our uncertainty or slight vagueness about some of the qualitative judgements and not entirely certain data required in the course of the problem..." uses the application of fuzzy logic. This paper discusses and demonstrates the terminology and methodology of fuzzy analysis. In particular it attempts a comparison of the procedures with those used in 'conventional' risk analysis approaches and critically investigates whether a fuzzy approach offers an alternative to the use of probability based analysis for dealing with aspects of risk and uncertainty in real estate analysis

A note on the use of spreadsheet optimisers in real estate analysis

Modern Portfolio Theory (MPT) has been advocated as a more rational approach to the construction of real estate portfolios. The application of MPT can now be achieved with relative ease using the powerful facilities of modern spreadsheet, and does not necessarily need specialist software. This capability is to be found in the use of an add-in Tool now found in several spreadsheets, called an Optimiser or Solver. The value in using this kind of more sophisticated analysis feature of spreadsheets is increasingly difficult to ignore. This paper examines the use of the spreadsheet Optimiser in handling asset allocation problems. Using the Markowitz Mean-Variance approach, the paper introduces the necessary calculations, and shows, by means of an elementary example implemented in Microsoft's Excel, how the Optimiser may be used. Emphasis is placed on understanding the inputs and outputs from the portfolio optimisation process, and the danger of treating the Optimiser as a Black Box is discussed.

Protecting developing countries' forests: enforcement in theory and practice

This paper relates the key findings of the optimal economic enforcement literature to practical issues of enforcing forest and wildlife management access restrictions in developing countries. Our experiences, particularly from Tanzania and eastern India, provide detail of the key pragmatic issues facing those responsible for protecting natural resources. We identify large gaps in the theoretical literature that limit its ability to inform practical management, including issues of limited funding and cost recovery, multiple tiers of enforcement and the incentives facing enforcement officers, and conflict between protected area managers and rural people's needs.

Emotional well-being and adjustment to vision loss in later life: a meta-synthesis of qualitative studies.

Purpose: To review perceived emotional well-being in older people with visual impairment and perceived factors that inhibit/facilitate psychosocial adjustment to vision loss. Method: The databases of MEDLINE, EMBASE, PsycINFO and CINAHL were searched for studies published from January 1980 to December 2010, which recruited older people with irreversible vision loss, and used qualitative methods for both data collection and analysis. Results sections of the papers were synthesised using a thematic-style analysis to identify the emergent and dominant themes. Results: Seventeen qualitative papers were included in the review, and five main themes emerged from the synthesis: 1) the trauma of an ophthalmic diagnosis, 2) impact of vision loss on daily life, 3) negative impact of visual impairment on psychosocial well-being, 4) factors that inhibit social well-being, and 5) factors that facilitate psychological well-being. We found the response shift model useful for explaining our synthesis. Conclusions: Acquired visual impairment can have a significant impact on older people's well-being and make psychosocial adjustment to the condition a major challenge. Acceptance of the condition and a positive attitude facilitate successful psychosocial adjustment to vision loss as well as social support from family, friends and peers who have successfully adjusted to the condition. [Box: see text].

10,000 years in the life of the river Wandle: excavations at the former Vinamul site, Butter Hill, Wallington

Archaeological excavations alongside the river Wandle in Wallington produced evidence of the environmental history and human exploitation of the area. The recovery of a large assemblage of struck flint provided information on the nature of the prehistoric activities represented, while a detailed environmental archaeological programme permitted an examination of both the local sediment successions and thus an opportunity to reconstruct the environmental history of the site. The site revealed a complex sedimentary sequence deposited in riverine conditions, commencing during the early Holocene (from c 10,000 years before present) and continuing through the late Holocene (c last 3000 years). Large flint nodules were washed by the river onto the site where they were procured and worked by Mesolithic and Bronze Age communities. Potentially usable nodules had been tested, and suitable pieces completely reduced, while the majority of useful flakes and blades had been removed for use elsewhere. Small numbers of retouched pieces, such as scrapers and piercers, indicate that domestic activities took place nearby. By the Saxon period the site had begun to stabilise, although it remained marshy and probably peripheral to habitation. Two pits from this period were excavated, one of which contained an antler pick. A small quantity of cereal grain also suggests that cultivated land lay in the vicinity of the site. During the 19th century a mill race was dug across the site, redirecting water from the river Wandle, which resulted in episodic flooding.