Appraiser behaviour and appraisal smoothing: some qualitative and quantitative evidence

There is a substantial literature which suggests that appraisals are smoothed and lag the true level of prices. This study combines a qualitative interview survey of the leading fund manager/owners in the UK and their appraisers with a empirical study of the number of appraisals which change each month within the IPD Monthly Index. The paper concentrates on how the appraisal process operates for commercial real estate performance measurement purposes. The survey interviews suggest that periodic appraisal services are consolidating in fewer firms and, within these major firms, appraisers adopt different approaches to changing appraisals on a period by period basis, with some wanting hard transaction evidence while others act on ‘softer’ signals. The survey also indicates a seasonal effect with greater effort and information being applied to annual and quarterly appraisals than monthly. The analysis of the appraisals within the IPD Monthly Index confirms this effect with around 5% more appraisals being moved at each quarter day than the other months. More November appraisals change than expected and this suggests that the increased information flows for the December end year appraisals are flowing through into earlier appraisals, especially as client/appraiser draft appraisal meetings for the December appraisals, a regular occurrence in the UK, can occur in November. January illustrates significantly less activity than other months, a seasonal effect after the exertions of the December appraisals.

Turning points: the personal and professional circumstances that lead academics to become middle managers

In the current higher education climate, there is a growing perception that the pressures associated with being an academic middle manager outweigh the perceived rewards of the position. This article investigates the personal and professional circumstances that lead academics to become middle managers by drawing on data from life history interviews undertaken with 17 male and female department heads from a range of disciplines, in a post-1992 UK university. The data suggests that experiencing conflict between personal and professional identities, manifested through different socialization experiences over time, can lead to a ‘turning point’ and a decision that affects a person’s career trajectory. Although the results of this study cannot be generalized, the findings may help other individuals and institutions move towards a firmer understanding of the academic who becomes head of department—in relation to theory, practice and research.

Integrated Arable Farming Systems and their potential uptake in the UK

Integrated Arable Farming Systems are examined from the perspective of the farmer considering the use of such techniques, and data are presented which suggest that the uptake of the approach may expose the manager to a greater degree of risk. Observations are made about the possible uptake of such systems in the UK and the implications this may have for agricultural and environmental policy in general.

An analytical framework for appraising Integrated Arable Farming Systems

Integrated Arable Farming Systems are examined from the perspective of the farmer considering the use of such techniques, and data are presented which suggest that the uptake of the approach may expose the manager to a greater degree of risk. Observations are made about the possible uptake of such systems in the UK and the implications this may have for agricultural and environmental policy in general.

Branding in the post-internet era

The internet and its related e-technologies have to a large extent upset the asymmetry of information that for so many years worked in favour of brand managers. Consumers are now empowered to interact with brands and other consumers but also to create their own content on user generated content sites leading to a more participative approach to branding. Internet brands adopt a more relaxed stance on brand management, which involves the consumer in fundamental stages of the brand building process. In this context, the brand manager is no longer a `guardian' of the brand but becomes more of a brand `host'. The question is to what extent can traditional companies follow suit? Are they comfortable to cede control to consumers? Do we need a new theory of branding in an e-space?

The conditional performance of UK property funds

The evaluation of investment fund performance has been one of the main developments of modern portfolio theory. Most studies employ the technique developed by Jensen (1968) that compares a particular fund's returns to a benchmark portfolio of equal risk. However, the standard measures of fund manager performance are known to suffer from a number of problems in practice. In particular previous studies implicitly assume that the risk level of the portfolio is stationary through the evaluation period. That is unconditional measures of performance do not account for the fact that risk and expected returns may vary with the state of the economy. Therefore many of the problems encountered in previous performance studies reflect the inability of traditional measures to handle the dynamic behaviour of returns. As a consequence Ferson and Schadt (1996) suggest an approach to performance evaluation called conditional performance evaluation which is designed to address this problem. This paper utilises such a conditional measure of performance on a sample of 27 UK property funds, over the period 1987-1998. The results of which suggest that once the time varying nature of the funds beta is corrected for, by the addition of the market indicators, the average fund performance show an improvement over that of the traditional methods of analysis.

Sustainable land management and development: the role of the chartered surveyor

Despite the growing intensity of the debate about environmental management, it is only recently that rural practice surveyors have become aware of its significance and potential. Consequently, few surveyors are yet in a position to offer professional advice, despite evidence from the RICS's client needs survey that nearly half of all existing clients require more advice on environmental matters. As a prerequisite to becoming involved in environmental management, it is clear that chartered surveyors have to develop new skills alongside new perceptions of their work. Rather than being conterminous, however, the alignment of these attributes reflects a fundamental tension. This is focused on the dichotomy between the strategic construction of the environment as a basis for realigning corporate policy and the more limited evocation of environmentalism as potential new business. This paper seeks to explore the nature and policy context of sustainable development, in the process examining its significance for rural chartered surveyors. In doing so, the paper will seek to contrast the essentially anthropocentric utilitarianism of surveyors' current attitudes with the radical agenda inferred by a more ecocentric, sustainable development approach to professional management and advice. The paper will conclude with a discussion about how far the principles of sustainable development can be incorporated into the management of surveying businesses, and what this implies for the future of the rural practice chartered surveyor as land manager.