Retention rates, re-investment and depreciation in European office markets

The retention rate of a company has an impact on its earnings and dividend growth. Lease structures and performance measurement practice force real estate investment managers to adopt full distribution policies. Does this lead to lower income growth in real estate? This paper examines several European office markets across which the effective retention rates vary. It then compares depreciation rates across these markets. It is concluded that there is evidence of a relationship between retention and depreciation. Those markets with particularly inflexible lease structures exhibit low retention rates and higher levels of rental value depreciation. This poses interesting questions concerning the appropriate way to measure property performance across markets exhibiting significantly different retention rates and also raises important issues for global investors.

Housing supply in Australia : the impact of the availability of development finance

Before the Global Financial Crisis many providers of finance had growth mandates and actively pursued development finance deals as a way of gaining higher returns on funds with regular capital turnover and re-investment possible. This was able to be achieved through high gearing and low presales in a strong market. As asset prices fell, loan covenants breached and memories of the 1990’s returned, banks rapidly adjusted their risk appetite via retraction of gearing and expansion of presale requirements. Early signs of loosening in bank credit policy are emerging, however parties seeking development finance are faced with a severely reduced number of institutions from which to source funding. The few institutions that are lending are filtering out only the best credit risks by way of constrictive credit conditions including: low loan to value ratios, the corresponding requirement to contribute high levels of equity, lack of support in non-prime locations and the requirement for only borrowers with well established track records. In this risk averse and capital constrained environment, the ability of developers to proceed with real estate developments is still being constrained by their inability to obtain project finance. This paper will examine the pre and post GFC development finance environment. It will identify the key lending criteria relevant to real estate development finance and will detail the related changes to credit policies over this period. The associated impact to real estate development projects will be presented, highlighting the significant constraint to supply that the inability to obtain finance poses.

Doctors for divestment: Climate change and public health

On the Global Divestment Day on the 13–14 February 2015, doctors and health professionals were at the forefront of the campaign for fossil fuel divestment. In Australia, medical professionals have pushed for fossil fuel divestment, climate action, and re-investment in renewable energy. Professor Fiona Stanley has been a key leader in the debate over public health and climate change, delivering a Monster Climate Petition to the Australian Parliament. In the United Kingdom, the British Medical Association has led the way, with its decision to divest itself of investments in coal, oil, and gas. The landmark report Unhealthy Investments has provided further impetus for the United Kingdom health and medical community to engage in fossil fuel divestment. In the United States and Canada, there is a burgeoning fossil fuel divestment movement. At an international level, there has been a growing impetus for climate action in order to address public health risks associated with global warming.

Les logiques de localisation des entreprises multinationales au Québec : une analyse des systèmes d'affaires et des relations industrielles en région

L’objet de ce mémoire est de comprendre les logiques de localisation des entreprises multinationales au Québec. À l’aide de deux études de cas, basées sur cinq investissements, nous avons examiné les facteurs qui ont permis à deux filiales d’entreprises multinationales étrangères d’obtenir un investissement ou un réinvestissement. La littérature sur la localisation des entreprises multinationales à l’étranger nous a aidé à identifier trois types d’attributs qui sont susceptibles d’influencer l‘obtention d’un investissement par la filiale locale : les attributs internes à la filiale, les attributs liés à la relation qu’entretient la filiale avec son siège social et les attributs liés aux contextes d’affaires dans lesquels la filiale exerce son activité. Nos résultats permettent d’établir plusieurs constats. Premièrement, les facteurs pris en compte dans les décisions d’investissement varient selon les échelles internationales, nationales, provinciales et locales. Les sièges sociaux des entreprises multinationales procèdent à une sélection successive de facteurs dans la perspective d’arriver à un meilleur compromis. Par conséquent, un facteur ne peut à lui seul expliquer un investissement. Le poids et la diversité des facteurs peuvent varier en fonction des situations. Deuxièmement, la complémentarité des attributs internes de la filiale avec son contexte d’affaires local a fortement contribué à l’obtention d’investissements. La technologie de production, les compétences des employés ainsi que la capacité de la direction locale à promouvoir les atouts de la filiale auprès des comités d’investissement représentent des éléments clés. La présence d’institutions locales fortes et coordonnées est également à prendre en compte dans le soutien apporté au développement de la filiale.

Multiple-project discount rates for cost-benefit analysis in construction projects: A formal risk model for microgeneration renewable energy technologies

The traditional economic approach for appraising the costs and benefits of construction project Net Present Values involves the calculation of net returns for each investment option under different discount rates. An alternative approach consists of multiple-project discount rates based on risk modelling. The example of a portfolio of microgeneration renewable energy technology (MRET) is presented to demonstrate that risks and future available budget for re-investment can be taken into account when setting discount rates for construction project specifications in presence of uncertainty. A formal demonstration is carried out through a reversed intertemporal approach of applied general equilibrium. It is demonstrated that risk and the estimated available budget for future re-investment can be included in the simultaneous assessment of the costs and benefits of multiple projects.

Re-framing infrastructure investment decision-making processes : a preliminary scoping study for urban flood risk management in Jakarta, Indonesia

Jakarta, Indonesia’s chronic housing shortage poses multiple challenges for contemporary policy-makers. While it may be in the city’s interest to increase the availability of housing, there is limited land to do so. Market pressures, in tandem with government’s desire for housing availability, demand consideration of even marginal lands, such as those within floodplains, for development. Increasingly, planning for a flood resilient Jakarta is complicated by a number of factors, including: the city is highly urbanized and land use data is limited; flood management is technically complex, creating potential barriers to engagement for both decision-makers and the public; inherent uncertainty exists throughout modelling efforts, central to management; and risk and liability for infrastructure investments is unclear. These obstacles require localized watershed-level participatory planning to address risks of flooding where possible and reduce the likelihood that informal settlements occur in areas of extreme risk. This paper presents a preliminary scoping study for determination of an effective participatory planning method to encourage more resilient development. First, the scoping study provides background relevant to the challenges faced in planning for contemporary Jakarta. Second, the study examines the current use of decision-support tools, such as Geographic Information Systems (GIS), in planning for Jakarta. Existing capacity in the use of GIS allows for consideration of the use of an emerging method of community consultation - Multi-Criteria Decision-Making (MCDM) support systems infused with geospatial information - to aid in engagement with the public and improve decision-making outcomes. While these methods have been used in Australia to promote stakeholder engagement in urban intensification, the planned research will be an early introduction of the method to Indonesia. As a consequence of this intervention, it is expected that planning activities will result in a more resilient city, capable of engaging with disaster risk management in a more effective manner.

Value-oriented process modeling : integrating financial perspectives into business process re-design

Purpose – Financial information about costs and return on investments are of key importance to strategic decision-making but also in the context of process improvement or business engineering. In this paper we propose a value-oriented approach to business process modeling based on key concepts and metrics from operations and financial management, to aid decision making in process re-design projects on the basis of process models. Design/methodology/approach – We suggest a theoretically founded extension to current process modeling approaches, and delineate a framework as well as methodical support to incorporate financial information into process re-design. We use two case studies to evaluate the suggested approach. Findings – Based on two case studies, we show that the value-oriented process modeling approach facilitates and improves managerial decision-making in the context of process re-design. Research limitations / implications – We present design work and two case studies. More research is needed to more thoroughly evaluate the presented approach in a variety of real-life process modeling settings. Practical implications – We show how our approach enables decision makers to make investment decisions in process re-design projects, and also how other decisions, for instance in the context of enterprise architecture design, can be facilitated. Originality/value – This study reports on an attempt to integrate financial considerations into the act of process modeling, in order to provide more comprehensive decision making support in process re-design projects.

Comparing "socially responsible" and "sustainable" commercial property investment

Purpose – The purpose of this paper is to set out to explore the similarities and differences between jargon used to describe future-focussed commercial building product. This is not so much an exercise in semantics as an attempt to demonstrate that responses to challenges facing the construction and property sectors may have more to do with language than is generally appreciated. Design/methodology/approach – This is a conceptual analysis which draws upon relevant literature. Findings – Social responsibility and sustainability are often held to be much the same thing, with each term presupposing the existence of the other. Clearly, however, there are incidences where sustainable commercial property investment (SCPI) may not be particularly socially responsible, despite being understood as an environmentally friendly initiative. By contrast, socially responsible assets, at least in theory, should always be more sustainable than mainstream non-ethically based investment. Put simply, the expression of social responsibility in the built environment may evoke, and thereby deliver, a more sustainable product, as defined by wider socially inclusive parameters. Practical implications – The findings show that promoting an ethic of social responsibility may well result in more SCPI. Thus, the further articulation and celebration of social responsibility concepts may well help to further advance a sustainable property investment agenda, which is arguably more concerned about demonstrability of efficiency than wider public good outcomes. Originality/value – The idea that jargon affects outcomes is not new. However, this idea has rarely, if ever, been applied to the distinctions between social responsibility and sustainability. Even a moderate re-emphasis on social responsibility in preference to sustainability may well provide significant future benefits with respect to the investment, building and refurbishment of commercial property.

Re-conceptualising and re-positioning Australian library and information science education for the 21st century [Final Report 2011]

How can Australian library and information science (LIS) education produce, in a sustainable manner, the diverse supply of graduates with the appropriate attributes to develop and maintain high quality professional practice in the rapidly changing 21st century? This report presents the key findings of a project that has examined this question through research into future directions for LIS education in Australia. Titled Re-conceptualising and re-positioning Australian library and information science education for the twenty-first century, the purpose of the project was to establish a consolidated and holistic picture of the Australian LIS profession, and identify how its future education and training can be mediated in a cohesive and sustainable manner. The project was undertaken with a team of 12 university and vocational LIS educators from 11 institutions around Australia between November 2009 and December 2010. Collectively, these eleven institutions represented the broad spectrum and diversity of LIS education in Australia, and enabled the project to examine education for the information profession in a holistic and synergistic manner. Participating institutions in the project included Queensland University of Technology (Project Leader), Charles Sturt University, Curtin University of Technology, Edith Cowan University, Monash University, RMIT University, University of Canberra, University of South Australia, University of Tasmania, University of Technology Sydney and Victoria University. The inception and need for the project was motivated by a range of factors. From a broad perspective several of these factors relate to concerns raised at national and international levels regarding problems with education for LIS. In addition, the motivation and need for the project also related to some unique challenges that LIS education faces in the Australian tertiary education landscape. Over recent years a range of responses to explore the various issues confronting LIS education in Australia have emerged at local and national levels however this project represented the first significant investment of funding for national research in this area. In this way, the inception of the project offered a unique opportunity and powerful mechanism through which to bring together key stakeholders and inspire discourse concerning future education for the profession. Therefore as the first national project of its kind, its intent has been to provide foundation research that will inform and guide future directions for LIS education and training in Australia. The primary objective of the project was to develop a Framework for the Education of the Information Professions in Australia. The purpose of this framework was to provide evidence based strategic recommendations that would guide Australia’s future education for the information professions. Recognising the three major and equal players in the education process the project was framed around three areas of consideration: LIS students, the LIS workforce and LIS educators. Each area of consideration aligned to a research substudy in the project. The three research substudies were titled Student Considerations, Workforce Planning Considerations and Tertiary Education Considerations. The Students substudy provided a profile of LIS students and an analysis of their choices, experiences and expectations in regard to LIS education and their graduate destinations. The Workforce substudy provided an overview and analysis of the nature of the current LIS workforce, including a focus on employer expectations and employment opportunities and comment on the core and elective skill, knowledge and attitudes of current and future LIS professionals. Finally the Tertiary Education substudy provided a profile of LIS educators and an analysis of their characteristics and experiences including the key issues and challenges. In addition it also explored current national and international trends and priorities impacting on LIS education. The project utilised a Community Based Participatory Research (CBPR) approach. This approach involves all members of the community in all aspects of the project. It recognised the unique strengths and perspectives that community members bring to the process. For this project ‘community’ comprised of all individuals who have a role in, or a vested interest in, LIS education and included LIS educators, professionals, employers, students and professional associations. Individuals from these sub-groups were invited to participate in a range of aspects of the project from design through to implementation and evaluation. A range of research methodologies were used to consider the many different perspectives of LIS education, including employers and recruiters, professional associations, students, graduates and LIS teaching staff. Data collection involved a mixed method approach of questionnaires, focus groups, semi-structured interviews and environmental scans. An array of approaches was selected to ensure that broadest possible access to different facets of the information profession would be achieved. The main findings and observations from each substudy have highlighted a range of challenges for LIS education that need to be addressed. These findings and observations have grounded the development of the Framework for the Education of the Information Professions in Australia. The framework presents eleven recommendations to progress the national approach to LIS education and guide Australia’s future education for the information professions. The framework will be used by the LIS profession, most notably its educators, as strategic directions for the future of LIS education in Australia. Framework for the Education of the Information Professions in Australia: Recommendation 1: It is recommended that a broader and more inclusive vocabulary be adopted that both recognises and celebrates the expanding landscape of the field, for example ‘information profession’, ‘information sector’, ‘information discipline’ and ‘information education’. Recommendation 2: It is recommended that a self-directed body composed of information educators be established to promote, support and lead excellence in teaching and research within the information discipline. Recommendation 3: It is recommended that Australia’s information discipline continue to develop excellence in information research that will raise the discipline’s profile and contribute to its prominence within the national and international arena. Recommendation 4: It is recommended that further research examining the nature and context of Australia’s information education programs be undertaken to ensure a sustainable and relevant future for the discipline. Recommendation 5: It is recommended that further research examining the pathways and qualifications available for entry into the Australian information sector be undertaken to ensure relevance, attractiveness, accessibility and transparency. Recommendation 6: It is recommended that strategies are developed and implemented to ensure the sustainability of the workforce of information educators. Recommendation 7: It is recommended that a national approach to promoting and marketing the information profession and thereby attracting more students to the field is developed. Recommendation 8: It is recommended that Australia’s information discipline continues to support a culture of quality teaching and learning, especially given the need to accommodate a focus on the broader information landscape and more flexible delivery options. Recommendation 9: It is recommended that strategies are developed that will support and encourage collaboration between information education within the higher education and VET sectors. Recommendation 10: It is recommended that strategies and forums are developed that will support the information sector working together to conceptualise and articulate their professional identity and educational needs. Recommendation 11: It is recommended that a research agenda be established that will identify and prioritise areas in which further development or work is needed to continue advancing information education in Australia. The key findings from this project confirm that a number of pressing issues are confronting LIS education in Australia. Left unaddressed these issues will have significant implications for the future of LIS education as well as the broader LIS profession. Consequently creating a sustainable and cohesive future can only be realised through cooperation and collaboration among all stakeholders including those with the capacity to enact radical change in university and vocational institutions. Indeed the impending adoption and implementation of the project’s recommendations will fundamentally determine whether Australian LIS education is assured both for the present day and into the future.

"You’ve modelled and now what?" : Exploring determinants of process model re-use

Business process modelling as a practice and research field has received great attention over recent years. Organizations invest significantly into process modelling in terms of training, tools, capabilities and resources. The return on this investment is a function of process model re-use, which we define as the recurring use of process models to support organizational work tasks. While prior research has examined re-use as a design principle, we explore re-use as a behaviour, because evidence suggest that analysts’ re-use of process models is indeed limited. In this paper we develop a two-stage conceptualization of the key object-, behaviour- and socioorganization-centric factors explaining process model re-use behaviour. We propose a theoretical model and detail implications for its operationalization and measurement. Our study can provide significant benefits to our understanding of process modelling and process model use as key practices in analysis and design.

Re-conceptualising rural resources as countryside capital: The case of rural tourism

Brian Garrod, Roz Wornell and Ray Youell (2006). Re-conceptualising rural resources as countryside capital: The case of rural tourism. Journal of Rural Studies, 22 (1), 117-128. RAE2008

Contributos da educação : (re)viver na prisão

Relatório de estágio de mestrado, Ciências da Educação (Educação Intercultural), Universidade de Lisboa, Instituto de Educação, 2011

Les régimes providentiels à l'ère post-industrielle: reconfiguration ou résilience ?

L'approche des régimes providentiels élaborée par Esping-Andersen dans les années 1990 présente un grand intérêt dans l'appréhension des lignes directrices de la protection sociale: elle met en relief le jeu d'interrelations entre différents piliers de bien-être (l'État, le marché et la famille) dans la production et la distribution du bien-être. Esping-Andersen a identifié à cet effet trois types de régimes providentiels: les régimes social-démocrate, libéral et conservateur (qui correspondent respectivement aux pays nordiques, anglo-saxons et d'Europe continentale) auxquels certains observateurs ont rajouté le type latin, qui correspond aux pays d'Europe du Sud (Espagne, Grèce, Italie, Portugal). Ces régimes se sont consolidés dans un contexte industriel d'après-guerre et on peut se demander s'ils peuvent tenir la route à l'ère post-industrielle. En effet, le jeu d'interrelations entre l'État, le marché et la famille est appelé à connaître des reconfigurations, pour répondre plus adéquatement aux divers risques nouveaux qu'encourent les individus. La résilience des régimes providentiels est donc mise à l'épreuve et doit composer avec de nouvelles réalités sociales et économiques qui peuvent l'amener vers des terrains qui lui étaient jusque là inconnus. Notre examen s'intéresse à l'évolution des régimes providentiels à l'ère post-industrielle. Nous cherchons à caractériser et à différencier vingt pays de l'OCDE sur la base d'indicateurs quantitatifs de dépenses publiques et de situations socio-économiques couvrant la période de 1985 aux années 2000. Au moyen de l'analyse factorielle des correspondances et de l'analyse de classification hiérarchique, nous avons pu dégager des regroupements de pays qui correspondent assez fidèlement à la typologie d'Esping-Andersen et à ses développements subséquents et à mettre en relief différentes formes de protection sociale à l'ère post-industrielle: soit "l'activation laissée au marché" dans les pays anglo-saxons, "l'activation comme projet en devenir" dans les pays d'Europe continentale et, finalement, "la faible référence à l'activation" dans les pays d'Europe du Sud.

Les fonds mutuels éthiques américains : la présence de croyances organisationnelles au cœur de la performance sociale et financière.

Il y a plusieurs manières de classer les fonds mutuels éthiques. L'une d'elles est de porter l'emphase sur le genre de croyances organisationnelles que nous pouvons retrouver dans ces fonds. Il y a des fonds mutuels éthiques dans lesquels nous pouvons identifier des croyances à orientation financière qui tentent d'expliquer ou de justifier les choix faits par les gestionnaires de ces fonds. Certains autres fonds mutuels éthiques sont plutôt caractérisés par leurs croyances à orientation sociale qui justifient leurs critères sociaux. Dans certains cas, les fonds mutuels éthiques ont les deux genres de croyances. Nous avons analysé ici trois fonds mutuels éthiques (Parnassus Equity Income Fund, Calvert Social Investment Fund Portfolio", "Domini Social Equity Fund") afin de voir si les fonds mutuels éthiques ayant des croyances à orientation financière et/ou sociale auraient une meilleure performance financière que le S & P 500. Nous avons trouvé que le fonds ayant la meilleure performance financière par rapport au S & P 500 était un fonds mutuel éthique ayant des croyances à orientation financière. Les deux autres fonds ayant des croyances à orientation sociale avaient une performance financière plus basse par rapport au S & P 500.

L'art contemporain à l'ère des glissements du privé vers le public : pour une relecture de la vie privée

Ce mémoire de maîtrise porte principalement sur les œuvres des artistes Sophie Calle, Sylvie Cotton, Donigan Cumming, Martin Dufrasne et Marc-Antoine K. Phaneuf. L’objectif de cette recherche est d’observer les différents allers-retours qu’ils effectuent dans leur pratique entre la sphère privée et la sphère publique et qui problématisent notre rapport à l’intimité. Dans le premier chapitre, je déterminerai ce qui caractérise respectivement l’espace public et l’espace privé, pour ensuite cibler les lieux et les figures de l’intime. Dans le deuxième chapitre, seront étudiés les gestes et les méthodes d’appropriation de la sphère privée par les artistes à l’aide de la pratique de la collection, la pratique ethnographique ainsi que la pratique de la surveillance. L’impact de ces pratiques sur l’investissement de l’artiste dans la durée est relevé, ainsi que leur inscription dans un art dit contextuel. Enfin, je terminerai par une réflexion sur ma propre pratique, en considérant ce qui l’apparente et la distingue des artistes étudiés dans celui-ci.