The Experts below are selected from a list of 28275 Experts worldwide ranked by ideXlab platform
Douglas Baker - One of the best experts on this subject based on the ideXlab platform.
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Public Real Estate development in queensland local government as developers
Urban Policy and Research, 2006Co-Authors: Eddo John Coiacetto, Douglas BakerAbstract:Public sector Real Estate development is common in many parts of the world such as the USA and the Netherlands. However, in Australia, the nature and extent of such development does not appear to be known. This article presents the results of an investigation into the extent and nature of Real Estate development by Local Governments in Queensland, a state where private sector values are often assumed to prevail. The study provides an overview of what types of Real Estate Councils have developed and how much they have developed over the last 10 years. Such development is widespread in Queensland with at least one-third of Local Governments having developed land. Councils often develop because of a perceived failure of the private sector to provide development adequately or as an entrepreneurial means of achieving Public interest goals. However, there is also evidence that Councils are acting like private developers, acquiring land from the private sector and disposing it at open market values. There is an ...
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Public Real Estate development in Queensland: Local government as developers
Urban Policy and Research, 2006Co-Authors: Eddo John Coiacetto, Douglas BakerAbstract:Public sector Real Estate development is common in many parts of the world such as\ud the USA and the Netherlands. However, in Australia, the nature and extent of such development does not appear to be known. This article presents the results of an investigation into the extent and nature of Real Estate development by Local Governments in Queensland, a state where private sector values are often assumed to prevail. The study provides an overview of what types of Real Estate Councils have developed and how much they have developed over the last 10 years. Such development is widespread in Queensland with at least one-third of Local Governments having developed land. Councils often develop because of a perceived failure of the private sector to provide development adequately or as an entrepreneurial means of achieving Public interest goals. However, there is also evidence that Councils are acting like private developers, acquiring land from the private sector and disposing it at open market values. There is an opportunity to\ud learn from the experience of these Councils if local planning is to enter a more proactive approach to shaping urban outcomes
Ezio Micelli - One of the best experts on this subject based on the ideXlab platform.
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from sources of financial value to commons emerging policies for enhancing Public Real Estate assets in italy
Papers in Regional Science, 2018Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:Enhancing Public Real-Estate assets has been at the centre of a lively debate in Italy. Public policies have focused on the supply-side, assuming that private demand was ready to develop assets. Yet with the decline in the Real-Estate market, conditions have greatly changed. Italian authorities begun to experiment new approaches to enhance Public assets by supporting the grass-roots participation. The aim of this research is to determine the conditions that can predict the successful outcome of bottom-up value creation dynamics in Public Real-Estate properties. Through a multivariate statistical analysis, the study proposes an interpretation of the elements that determine the successful outcome of bottom-up processes.
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The enhancement of Public Real-Estate assets through participation and social innovation: Empirical data from Italy
Data in brief, 2018Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:Abstract For years the enhancement of Public Real Estate assets has been at the center of a lively debate in Italy. Over the last few years, as a consequence of a significant decline of the Real Estate market, Public policies have associated the enhancement of Public assets with social innovation. Abandoned buildings without any interest for the Real Estate market have turned into opportunities for development for profit and non-profit entrepreneurs operating in the most diverse domains, with particular reference to cultural-based activities, digital manufacturing and subsidiary welfare. The data collected, relating to 50 significant successful experiences throughout Italy, are aimed at highlighting the conditions that favor the enhancement of Public property assets in support of social innovation. In particular, the research aims to describe this phenomenon through quantitative data and it offers an effective interpretation of the main characteristics of bottom-up processes in Italy. Data can be gathered in three groups. The first includes the variables that indicate the location of the case study (region, city, part of the city in which the building is located) and specify the endowment of social capital of the area according to Public statistic sources. The second includes the variables related to the dimension (variable considered for size classes) and to the quality of the assets (in particular according to their obsolescence). Finally, the third one considers the juridical and managerial aspects of the relationship between Public landlords and self-organized associations and groups (nature of the contract, commitments of the parties, internal organization of associations and groups).
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The Role of the Social Entrepreneur in Bottom-up Enhancement of Italian Public Real-Estate Properties
Integrated Evaluation for the Management of Contemporary Cities, 2018Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:Recently in Italy, new enhancement forms of Real-Estate property based on grass-roots participation came to light. The development of these initiatives enabled bottom-up valorization to become a viable alternative to the current forms of reuse of the Public assets promoted by the Public authorities. On closer look, some experiences are more successful than others that fail in a short time. This seems to depend on the presence of the social entrepreneur, a specific actor able to efficiently coordinate and manage the bottom-up, value-creation process. The aim of this paper is to investigate the role of the social entrepreneur and the way in which he/she promotes the Public Real-Estate properties’ enhancement through grass-roots participation. Comparing two emblematic case studies in Italy, distinguished by the presence-absence of the social entrepreneur, the paper points out the role and the importance of this actor, a catalyst able to seize the economic and the social opportunities gathering around the initiative; to design an overall business strategy; and to involve the citizenry to strengthen these bottom-up initiatives.
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Simulation Models to Evaluate the Value Creation of the Grass-Roots Participation in the Enhancement of Public Real-Estate Assets with Evidence from Italy
Buildings, 2017Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:In recent years, new forms of enhancement of Public Real-Estate assets have been developed in Italy. These are based on initiatives promoted by a citizenry eager to pursue their cultural, creative, and entrepreneurial activities in unused assets. The aim of this paper is to estimate the value generated by these bottom-up enhancement processes and to evaluate their economic feasibility from the perspective of the administration owner of the asset, beside any other considerations concerning local development or social capital improvement. The uncertainty affecting grass-roots participation and the value creation process is relevant. Therefore, the adopted approach combines Discounted Cash Flow Analysis (DCFA) with dynamic simulation models and the Monte Carlo methodology. The results highlight a significant value creation process: value appraisals appear to be below valuations made before the market downturn of 2008, but higher with respect to the current market values.
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PROCESSI PARTECIPATI PER LA VALORIZZAZIONE DEL PATRIMONIO IMMOBILIARE PUBBLICO: IL RUOLO DEL CAPITALE SOCIALE E DELLE POLITICHE PUBBLICHE
2017Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:The enhancement of Public Real Estate property is a very important issue at national and international level. For this purpose, the Italian Public administration promotes many policies that are oriented to simplify patrimonial and planning procedures. Recently, new enhancement forms of Public Real-Estate asset took place. Self-organized communities started to promote profit and no profit activities in unused Public property. The aim of the paper is to analyse the main conditions to create new economic and social value by bottom up enhancement processes in Italian Public Real-Estate assets. In particular, two hypothesis have been evaluated: the first one conceives the social capital as a premise to start these activities; the second one concerns the use of specific Public policies as a tool to support bottom up processes. Throughout the multivariate statistics, have been analyzed fifty cases studies and three clusters emerged, confirming the initial theory of the research. Social capital is essential for the beginning of bottom-up processes to enhance Public property. Nevertheless, where social capital is lacking, Public policies can be a relevant alternative to support local bottom up activities. DOI: http://dx.medra.org/10.19254/LaborEst.14.08
Eddo John Coiacetto - One of the best experts on this subject based on the ideXlab platform.
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Public Real Estate development in queensland local government as developers
Urban Policy and Research, 2006Co-Authors: Eddo John Coiacetto, Douglas BakerAbstract:Public sector Real Estate development is common in many parts of the world such as the USA and the Netherlands. However, in Australia, the nature and extent of such development does not appear to be known. This article presents the results of an investigation into the extent and nature of Real Estate development by Local Governments in Queensland, a state where private sector values are often assumed to prevail. The study provides an overview of what types of Real Estate Councils have developed and how much they have developed over the last 10 years. Such development is widespread in Queensland with at least one-third of Local Governments having developed land. Councils often develop because of a perceived failure of the private sector to provide development adequately or as an entrepreneurial means of achieving Public interest goals. However, there is also evidence that Councils are acting like private developers, acquiring land from the private sector and disposing it at open market values. There is an ...
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Public Real Estate development in Queensland: Local government as developers
Urban Policy and Research, 2006Co-Authors: Eddo John Coiacetto, Douglas BakerAbstract:Public sector Real Estate development is common in many parts of the world such as\ud the USA and the Netherlands. However, in Australia, the nature and extent of such development does not appear to be known. This article presents the results of an investigation into the extent and nature of Real Estate development by Local Governments in Queensland, a state where private sector values are often assumed to prevail. The study provides an overview of what types of Real Estate Councils have developed and how much they have developed over the last 10 years. Such development is widespread in Queensland with at least one-third of Local Governments having developed land. Councils often develop because of a perceived failure of the private sector to provide development adequately or as an entrepreneurial means of achieving Public interest goals. However, there is also evidence that Councils are acting like private developers, acquiring land from the private sector and disposing it at open market values. There is an opportunity to\ud learn from the experience of these Councils if local planning is to enter a more proactive approach to shaping urban outcomes
Alessia Mangialardo - One of the best experts on this subject based on the ideXlab platform.
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from sources of financial value to commons emerging policies for enhancing Public Real Estate assets in italy
Papers in Regional Science, 2018Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:Enhancing Public Real-Estate assets has been at the centre of a lively debate in Italy. Public policies have focused on the supply-side, assuming that private demand was ready to develop assets. Yet with the decline in the Real-Estate market, conditions have greatly changed. Italian authorities begun to experiment new approaches to enhance Public assets by supporting the grass-roots participation. The aim of this research is to determine the conditions that can predict the successful outcome of bottom-up value creation dynamics in Public Real-Estate properties. Through a multivariate statistical analysis, the study proposes an interpretation of the elements that determine the successful outcome of bottom-up processes.
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The enhancement of Public Real-Estate assets through participation and social innovation: Empirical data from Italy
Data in brief, 2018Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:Abstract For years the enhancement of Public Real Estate assets has been at the center of a lively debate in Italy. Over the last few years, as a consequence of a significant decline of the Real Estate market, Public policies have associated the enhancement of Public assets with social innovation. Abandoned buildings without any interest for the Real Estate market have turned into opportunities for development for profit and non-profit entrepreneurs operating in the most diverse domains, with particular reference to cultural-based activities, digital manufacturing and subsidiary welfare. The data collected, relating to 50 significant successful experiences throughout Italy, are aimed at highlighting the conditions that favor the enhancement of Public property assets in support of social innovation. In particular, the research aims to describe this phenomenon through quantitative data and it offers an effective interpretation of the main characteristics of bottom-up processes in Italy. Data can be gathered in three groups. The first includes the variables that indicate the location of the case study (region, city, part of the city in which the building is located) and specify the endowment of social capital of the area according to Public statistic sources. The second includes the variables related to the dimension (variable considered for size classes) and to the quality of the assets (in particular according to their obsolescence). Finally, the third one considers the juridical and managerial aspects of the relationship between Public landlords and self-organized associations and groups (nature of the contract, commitments of the parties, internal organization of associations and groups).
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The Role of the Social Entrepreneur in Bottom-up Enhancement of Italian Public Real-Estate Properties
Integrated Evaluation for the Management of Contemporary Cities, 2018Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:Recently in Italy, new enhancement forms of Real-Estate property based on grass-roots participation came to light. The development of these initiatives enabled bottom-up valorization to become a viable alternative to the current forms of reuse of the Public assets promoted by the Public authorities. On closer look, some experiences are more successful than others that fail in a short time. This seems to depend on the presence of the social entrepreneur, a specific actor able to efficiently coordinate and manage the bottom-up, value-creation process. The aim of this paper is to investigate the role of the social entrepreneur and the way in which he/she promotes the Public Real-Estate properties’ enhancement through grass-roots participation. Comparing two emblematic case studies in Italy, distinguished by the presence-absence of the social entrepreneur, the paper points out the role and the importance of this actor, a catalyst able to seize the economic and the social opportunities gathering around the initiative; to design an overall business strategy; and to involve the citizenry to strengthen these bottom-up initiatives.
-
Simulation Models to Evaluate the Value Creation of the Grass-Roots Participation in the Enhancement of Public Real-Estate Assets with Evidence from Italy
Buildings, 2017Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:In recent years, new forms of enhancement of Public Real-Estate assets have been developed in Italy. These are based on initiatives promoted by a citizenry eager to pursue their cultural, creative, and entrepreneurial activities in unused assets. The aim of this paper is to estimate the value generated by these bottom-up enhancement processes and to evaluate their economic feasibility from the perspective of the administration owner of the asset, beside any other considerations concerning local development or social capital improvement. The uncertainty affecting grass-roots participation and the value creation process is relevant. Therefore, the adopted approach combines Discounted Cash Flow Analysis (DCFA) with dynamic simulation models and the Monte Carlo methodology. The results highlight a significant value creation process: value appraisals appear to be below valuations made before the market downturn of 2008, but higher with respect to the current market values.
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PROCESSI PARTECIPATI PER LA VALORIZZAZIONE DEL PATRIMONIO IMMOBILIARE PUBBLICO: IL RUOLO DEL CAPITALE SOCIALE E DELLE POLITICHE PUBBLICHE
2017Co-Authors: Alessia Mangialardo, Ezio MicelliAbstract:The enhancement of Public Real Estate property is a very important issue at national and international level. For this purpose, the Italian Public administration promotes many policies that are oriented to simplify patrimonial and planning procedures. Recently, new enhancement forms of Public Real-Estate asset took place. Self-organized communities started to promote profit and no profit activities in unused Public property. The aim of the paper is to analyse the main conditions to create new economic and social value by bottom up enhancement processes in Italian Public Real-Estate assets. In particular, two hypothesis have been evaluated: the first one conceives the social capital as a premise to start these activities; the second one concerns the use of specific Public policies as a tool to support bottom up processes. Throughout the multivariate statistics, have been analyzed fifty cases studies and three clusters emerged, confirming the initial theory of the research. Social capital is essential for the beginning of bottom-up processes to enhance Public property. Nevertheless, where social capital is lacking, Public policies can be a relevant alternative to support local bottom up activities. DOI: http://dx.medra.org/10.19254/LaborEst.14.08
Kim Hiang Liow - One of the best experts on this subject based on the ideXlab platform.
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Relationship between Foreign Macroeconomic Conditions and Asian-Pacific Public Real Estate Markets: The Relative Influence of the US and China
International Journal of Financial Studies, 2019Co-Authors: Kim Hiang Liow, Yuting Huang, Kai Li HengAbstract:The aim of this paper was to examine the relationship between changes in the US and China macroeconomic conditions and the excess returns of nine Asian-Pacific Public Real Estate markets (Singapore, Indonesia, Malaysia, the Philippines, Thailand, Australia, Taiwan, Hong Kong, and Japan). We found that there are insignificant correlations between macroeconomic conditions in the US and China and the Real Estate markets’ excess returns. Additionally, whilst the US macroeconomic factors show stronger causal relationships with the Real Estate markets in the long run, China’s macroeconomic variables have experienced a stronger causal relationship in the short run. Finally, key macroeconomic variables, such as the industrial production output index, long-term interest rates, and economic policy uncertainty, produced fluctuating impulse responses to shocks from the US and China. Overall, we conclude that the US economy continues to have a dominant influence in the Asian-Pacific Real Estate markets. However, during economic crises and in the short run, the impact of China’s economy grows significantly and outweighs that of the US In the context that a high degree of economic and financial integration has affected the interdependent level of international financial markets, the Asian-Pacific securitized Real Estate markets’ performances are also impacted by global shocks.
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do china or the us macroeconomic conditions affect asian Public Real Estate markets
2018Co-Authors: Kim Hiang Liow, Yuting Huang, Kai Heng LimAbstract:In retrospect of China’s increasing significance and active role in the global economy alongside with prominence in Asian economic growth, this paper investigates the relative impact of China’s and US’s macroeconomic factors on Asian Real Estate excess return performance. Although past literature covered extensively the influence of macroeconomic variables on the domestic stock markets, little had been done in the research of foreign macroeconomic factors on domestic Real Estate markets. This paper attempts to contribute along this direction. Using a set of 10 Asia-Pacific (APAC) and the US Real Estate market monthly excess returns, as well as several macroeconomic factors and economic policy uncertainty indices from January 1988 to April 2017, we implement multiple regression analysis, linear and nonlinear causality analysis and generalized impulse response functions to reach a robust conclusion. We find that there are insignificant correlations between China macroeconomic variables and APAC, as well as between the U.S macroeconomic variables and APAC Real Estate market excess returns in both the full and sub-period analysis. The observations would agree with the conventional wisdom that foreign macroeconomic factors have weaker correlations with the Real Estate returns, as compared to its domestic counterparts. Nevertheless, the US macroeconomic factors show stronger causal relationship with the APAC Real Estate excess returns during the full period analysis, while China macroeconomic variables have witnessed a stronger causal relationship in shorter sub-period analysis. Key macroeconomic variables such as Industrial Production Output Index, Long Term Interest Rates and Economic Policy Uncertainty had observed significant fluctuated responses for both US and China. Overall, it can be concluded from the study that the US economy continues to have a dominant influence in Asian Real Estate markets. However, during economic crises, the impact of China’s economy conclusively outweighs that of U.S. The key macroeconomic factors that are the most impactful include industrial output growth, long-term interest rate and economic policy uncertainty. Finally, the results reported in this paper might have portfolio and policy implications.
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Dynamic Relationships between Price and Net Asset Value for Asian Real Estate Stocks
International Journal of Financial Studies, 2018Co-Authors: Kim Hiang Liow, Sherry YeoAbstract:This paper examines short- and long-term behavior of the price-to net asset value ratio in six Asian Public Real Estate markets. We find mean-reverting behavior of the ratio and spillover effects, where each of the examined Public Real Estate markets correlates with other markets. Additionally, the unexpected shock correlating with the price-to-net asset value ratio in one market has a positive or negative correlation with the ratios of other markets. Our results offer fresh insights to portfolio managers, policymakers, and academic researchers into the regional and country market dynamics of Public Real Estate valuation and cross-country interaction from the long-term and short-term perspectives.
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Return and co-movement of major Public Real Estate markets during global financial crisis: A frequency domain approach
Journal of Property Investment & Finance, 2017Co-Authors: Kim Hiang Liow, Shao Yue AngelaAbstract:Purpose The purpose of this paper is to investigate the volatility spectral of five major Public Real Estate markets, namely, the USA, the UK, Japan (JP), Hong Kong (HK), and Singapore (SG), during the pre- and post-global financial crisis (GFC) periods. Design/methodology/approach First, univariate spectral analysis is concerned with discovering price cycles for the respective Real Estate markets. Second, bivariate cross-spectral analysis seeks to uncover whether any two Real Estate price series share common cycles with regard to their relative magnitudes and lead-lag patterns of the cyclical variations. Finally, to test the contagion effects, the authors estimate the exact percentage change in co-spectral density (cyclical covariance) due to high frequencies (short run) after the GFC. Findings The authors find that whilst none of the Public Real Estate markets examined are spared from the crisis, the three Asian markets were less severely affected by the GFC and were accompanied by a reversal in volatility increase three years post-global financial crisis. Additionally, the Public Real Estate markets studied have become more cyclically linked in recent years. This is particularly true at longer frequencies. Finally, these increased cyclical co-movements measure the outcomes of contagion and indicate fairly strong contagious effects between the Public Real Estate markets examined due to the crisis. Research limitations/implications The implication of this research is that benefits to investors from international Real Estate diversification may not be as great during the present time compared to previous periods because national Public Real Estate markets have become more correlated. Nevertheless, the findings do not imply the complete absence of diversification benefits. This is because although cyclical correlations increase in the short run, many of the correlation values are still between low and moderate range, indicating that some diversification benefits may still be Realized. Practical implications Given the significant market share and the highest levels of securitization in Asia-Pacific markets including JP, HK/China, and SG, this cyclical research including major Public Real Estate markets has practical implications for ongoing international Real Estate investment strategies, particularly for the USA/UK and Asian portfolio managers. Originality/value This paper contributes to the limited research on the cyclical return and co-movement dynamics among major Public Real Estate markets during financial/economic crisis in international finance. Moreover, the frequency-domain analysis conducted in this paper adds to better understanding regarding the impact of GFC on the cyclical return volatility and co-movement dynamics of major developed Public Real Estate markets in international investing.
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Switching Regime Beta Analysis of Global Financial Crisis: Evidence from International Public Real Estate Markets
Journal of Real Estate Research, 2017Co-Authors: Kim Hiang LiowAbstract:We examine whether the recent subprime/global financial crisis caused some significant changes in the excess return distribution and volatility spillover, as well as the link between them and the w...
