Does foreign investment affect US office real estate prices?

his article examines the impact of foreign real estate investment on U.S. office market capitalization rates. The geographic unit of analysis is MSA and the time period is 2001–2013. Drawing upon a database of commercial real estate transactions, the authors model the determinants of market capitalization rates with a particular focus on the significance of the proportion of market transactions involving foreign investors. Employing several econometric techniques to analyze the data, the results suggest statistically significant effects of foreign investment across 38 U.S. metro areas. It is estimated that, all else equal, a 100 basis point increase in foreign share of total investment in a U.S. metropolitan office market causes about an 8 basis point decrease in the market cap rate.

The impact of cross-border real estate investment on commercial real estate capitalisation rates

This study examines the impact of foreign real estate investment on the US office market capitalization rates. The geographic unit of analysis is MSA and the time period is 2001-2013. Drawing upon a database of commercial real estate transactions provided by Real Capital Analytics, we model the determinants of market capitalization rates with a particular focus on the significance of the proportion of market transactions involving foreign investors. We have employed several econometric techniques to explore the data, potential estimation biases, and test robustness of the results. The results suggest statistically significant effects of foreign investment across 38 US metro areas. It is estimated that, all else equal, a 100 basis points increase in foreign share of total investment in a US metropolitan office market causes about an 8 basis points decrease in the market cap rate.

Concentration in the ownership of plant variety rights: Some implications for developing countries

This paper explores concentration levels in the ownership of intellectual property rights over plant varieties worldwide. An analysis of data for 30 UPOV member-countries shows a high degree of concentration in the ownership of plant variety rights for six major crops at the national level in the developed world. Much of this concentration has arisen owing to the rapid consolidation of the seed industry through mergers and acquisitions, especially in the 1990s. A high degree of concentration in the ownership of plant variety rights, in combination with recent efforts to strengthen plant variety protection regimes, is likely to have significant effects on the prospects for future innovation in plant breeding and the distribution of market power between companies. For developing countries, concentration in intellectual property right ownership may have important implications for the structure of domestic seed industries and access to protected varieties and associated plant breeding technologies. These implications for developing countries are likely to become apparent in the context of the rapid spread of plant variety protection and access legislation, emerging changes in the international exchange regime for plant material and liberalised investment policies permitting foreign investment in the seeds sector.

Concentration in ownership of plant variety rights: some implications for developing countries

This paper explores concentration levels in the ownership of intellectual property rights over plant varieties worldwide. An analysis of data for 30 UPOV member-countries shows a high degree of concentration in the ownership of plant variety rights for six major crops at the national level in the developed world. Much of this concentration has arisen owing to the rapid consolidation of the seed industry through mergers and acquisitions, especially in the 1990s. A high degree of concentration in the ownership of plant variety rights, in combination with recent efforts to strengthen plant variety protection regimes, is likely to have significant effects on the prospects for future innovation in plant breeding and the distribution of market power between companies. For developing countries, concentration in intellectual property right ownership may have important implications for the structure of domestic seed industries and access to protected varieties and associated plant breeding technologies. These implications for developing countries are likely to become apparent in the context of the rapid spread of plant variety protection and access legislation, emerging changes in the international exchange regime for plant material and liberalised investment policies permitting foreign investment in the seeds sector. (C) 2003 Elsevier Ltd. All rights reserved.

The rapid rise of supermarkets?

A series of articles, many of them published in this journal, have charted the rapid spread of supermarkets in developing and middle-income countries and forecast its continuation. In this article, the level of supermarket penetration (share of the retail food market) is modelled quantitatively on a cross-section of 42 countries for which data could be obtained, representing all stages of development. GDP per capita, income distribution, urbanisation, female labour force participation and openness to inward foreign investment are all significant explanators. Projections to 2015 suggest significant but not explosive further penetration; increased openness and GDP growth are the most significant factors.

‘Once a miner, always a miner’: Poverty and livelihood diversification in Akwatia, Ghana

This paper offers an alternative viewpoint on why people choose to engage in artisanal mining – the low tech mineral extraction and processing of mainly precious metals and stones – for extended periods in sub-Saharan Africa. Drawing upon experiences from Akwatia, Ghana’s epicentre of diamond production since the mid-1920s, the analysis challenges the commonly-held view that the region’s people are drawn to artisanal mining solely because of a desire ‘to get rich quick’. A combination of events, including the recent closure of Ghana Consolidated Diamonds Ltd’s industrial-scale operation and decreased foreign investment in the country’s diamond industry over concerns of it potentially harbouring ‘conflict’ stones from neighbouring Coˆte D’Ivoire, has had a debilitating economic impact on Akwatia. In an attempt to alleviate their hardships, many of the town’s so-called ‘lifetime’ diamond miners have managed to secure employment in neighbouring artisanal gold mining camps. But their decision has been condemned by many of the country’s policymakers and traditional leaders, who see it solely as a move to secure ‘fast money’. It is argued here, however, that these people pursue work in surrounding artisanal gold mining communities mainly because of poverty, and that their decision has more to do with a desire to immerse in activities with which they are familiar, that offer stable employment and consistent salaries, and provide immediate debt relief. Misdiagnosis of cases such as Akwatia underscores how unfamiliar policymakers and donors are with the dynamics of ASM in sub-Saharan Africa.

Structural adjustment and subsistence industry: artisanal gold mining in Ghana

Since the implementation of Ghana's national Structural Adjustment Programme (SAP), policies associated with the programme have been criticized for perpetuating poverty within the country's subsistence economy. This article brings new evidence to bear on the contention that the SAP has both fuelled the uncontrolled growth of informal, poverty-driven artisanal gold mining and further marginalized its impoverished participants. Throughout the adjustment period, it has been a central goal of the government to promote the expansion of large-scale gold mining through foreign investment. Confronted with the challenge of resuscitating a deteriorating gold mining industry, the government introduced a number of tax breaks and policies in an effort to create an attractive investment climate for foreign multinational mining companies. The rapid rise in exploration and excavation activities that has since taken place has displaced thousands of previously-undisturbed subsistence artisanal gold miners. This, along with a laissez faire land concession allocation procedure, has exacerbated conflicts between mining parties. Despite legalizing small-scale mining in 1989, the Ghanaian government continues to implement procedurally complex and bureaucratically unwieldy regulations and policies for artisanal operators which have the effect of favouring the interests of established large-scale miners.

Artisanal gold mining at the margins of mineral resource governance : a case from Tanzania

This article discusses the character of mineral resource governance at the margins of the state in Tanzania and the way artisanal gold miners are incorporated into mineral sector transformation. The landscape of mineral resource exploitation has changed dramatically over the past 20 years: processes of economic liberalisation have heralded massive foreign investment in large-scale gold mining, while also stimulating artisanal activities. Against this background, the article shows how artisanal gold miners are affected by contradictory processes: some have become integrated with state institutions and legal processes, while others, the large majority, are either further excluded or incorporated in ways that exacerbate insecurity and exploitation, underpinned by socio-economic inequalities. These processes are compounded by the actions of large-scale and medium-scale gold mining companies and by poor local governance. It is open to debate whether this will bring improved integration and welfare for artisanal mining communities or new forms of exclusion, although evidence suggests the latter.