Hot and cold IPO markets : the case of the stock exchange of Mauritius

The aim of this study is to assess the characteristics of the hot and cold IPO markets on the Stock Exchange of Mauritius (SEM). The results show that the hot issues exhibit, on average, a greater degree of underpricing than the cold issues, although the hot issue phenomenon is not a significant driving force in explaining this short-run underpricing. The results are consistent with the predictions of the changing risk composition hypothesis in suggesting that firms going public during hot markets are on average relatively more risky. The findings also support the time adverse selection hypothesis in that the firms’ quality dispersion is statistically different between hot and cold markets. Finally, the study concludes that firms which go public during hot markets do not underperform those going public in cold markets over the longer term.

Flight to quality? An investigation of the attributes of sold properties in hot and cold markets

This paper uses sales transaction data in order to examine whether flight from risk phenomena took place in the US office property investment market during the financial crisis of 2007-2009. The effect of the crisis on the pricing of property quality attributes, mainly summarized by the class category of each building, is investigated. In addition, the paper examines how turnover levels were affected by the market downturn and whether there were significant variations between different real estate quality types. The results of the hedonic regression models suggest that the price spread between Class, A, B and C grew significantly during the downturn. We also find that property attributes such as size, height and age are priced significantly different in ‘hot’ and ‘cold’ markets.

A review of growth for construction service companies in global markets

Throughout the developed world, professional services play an increasingly important part in an economy, with many countries showing a substantial positive trade balance for services. Yet, there has been relatively little research on construction services (CS) and, in particular, how well professional service companies (PSFs) perform in the international arena. The method for collecting services export information differs to the way in which goods and products exports data are gathered because of the intangible nature of services. Organisational growth of companies aims to share risks across different regions and sectors, however, the rapidly changing business environment challenges companies with the increasing foreign ownership and changes in procurement. The complexity of today’s international construction services organisations raises two questions: how the organisations can successfully manage growth and what are their motives for international trade. The research focuses on top UK consulting engineering companies to understand their organisational strategy, their export strategy, and drivers for overseas activities. The data will feed a model of professional services exports, which can help to inform the way services export data could be collected to better reflect the industry’s performance.

The use of non-hypothetical experimental markets for measuring the acceptance of genetically modified foods

The findings from a study measuring consumer acceptance of genetically modified (GM) foods are presented. The empirical data were collected in an experimental market, an approach used extensively in experimental economics for measuring the monetary value of goods. The approach has several advantages over standard approaches used in sensory and marketing research (e.g., surveys and focus groups) because of its non-hypothetical nature and the realism introduced by using real goods, real money, and market discipline. In each of three US locations, we elicited the monetary compensation consumers required to consume a GM food. Providing positive information about the benefits of GM food production, in some cases, reduced the level of monetary compensation demanded to consume the GM food. (C) 2004 Elsevier Ltd. All rights reserved.

Extinction processes in hot spots of avian biodiversity and the targeting of pre-emptive conservation action

Hot spots of endemism are regarded as important global sites for conservation as they are rich in threatened endemic species and currently experiencing extensive habitat loss. Targeting pre-emptive conservation action to sites that are currently relatively intact but which would be vulnerable to particular human activities if they occurred in the future is, however, also valuable but has received less attention. Here, we address this issue by using data on Endemic Bird Areas (EBAs). First, we identify the ecological factors that affect extinction risk in the face of particular human activities, and then use these insights to identify EBAs that should be priorities for pre-emptive conservation action. Threatened endemic species in EBAs are significantly more likely to be habitat specialists or relatively large-bodied than non-threatened species, when compared across avian families. Increasing habitat loss causes a significant increase in extinction risk among habitat specialists, but we found no evidence to suggest that the presence of alien species/human exploitation causes a significant increase in extinction risk among large-bodied species. This suggests that these particular human activities are contributing to high extinction risk among habitat specialists, but not among large-bodied species. Based on these analyses, we identify 39 EBAs containing 570 species (24% of the total in EBAs) that are not currently threatened with severe habitat loss, but would be ecologically vulnerable to future habitat loss should it occur. We show that these sites tend to be poorly represented in existing priority setting exercises involving hot spots, suggesting that vulnerability must be explicitly included within these exercises if such sites are to be adequately protected.

Building cluster and shading in urban canyon for hot dry climate - Part 1: Air and surface temperature measurements

Under low latitude conditions, minimization of solar radiation within the urban environment may often be a desirable criterion in urban design. The dominance of the direct component of the global solar irradiance under clear high sun conditions requires that the street solar access must be small. It is well known that the size and proportion of open spaces has a great influence on the urban microclimate This paper is directed towards finding the interaction between urban canyon geometry and incident solar radiation. The effect of building height and street width on the shading of the street surfaces and ground for different orientations have been examined and evaluated. It is aimed to explore the extent to which these parameters affect the temperature in the street. This work is based on air and surface temperature measurements taken in different urban street canyons in EL-Oued City (hot and and climate), Algeria. In general, the results show that there are less air temperature variations compared to the surface temperature which really depends on the street geometry and sky view factor. In other words, there is a big correlation between the street geometry, sky view factor and surface temperatures.

Building cluster and shading in urban canyon for hot dry climate Part 2: Shading simulations

Under low latitude conditions, minimisation of solar irradiance within the urban environment may often be an important criterion in urban design. This can be achieved when the obstruction angle is large (high H/W ratio, H = height, W = width). Solar access to streets can always be decreased by increasing H/W to larger values. It is shown in this paper that the street canyon orientation (and not only the H/W ratio) has a considerable effect on solar shading and urban microclimate. The paper demonstrates through a series of shading simulation and temperature measurements that a number of useful relationships can be developed between the geometry and the microclimate of urban street canyons. These relationships are potentially helpful to assist in the formulation of urban design guidelines governing street dimensions and orientations for use by urban designers.