Architecture, Building and Planning - Research Publications
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ItemListed property trusts and downside systematic risk sensitivity(Emerald, 2008-07-22)Purpose This paper aims to identify and examine the determinants of downside systematic risk in Australian listed property trusts (LPTs). Design/methodology/approach Capital asset pricing model (CAPM) and lower partial moment‐CAPM (LPM‐CAPM) are employed to compute both systematic risk and downside systematic risk. The methodology of Patel and Olsen and Chaudhry et al. is adopted to examine the determinants of systematic risk and downside systematic risk. Findings The results confirm that systematic risk and downside systematic risk can be individually identified. There is little evidence to support the existence of linkages between systematic risk in Australian LPTs and financial/management structure determinants. On the other hand, downside systematic risk is directly related to the leverage/management structure of a LPT. The results are also robust after controlling for the LPTs' investment characteristics and varying target rates of return. Practical implications Investors and real estate analysts should conscious with the higher returns from high leverage and internally managed LPTs. Although there is no evidence that these higher returns are related to higher systematic risk, there could be the compensation for higher downside systematic risk. Originality/value This study provides invaluable insights into the management of real estate risk in Australian LPTs with implications for REITs in other countries. Unlike previous studies of systematic risk in REITs or LPTs, this is the first study to assess downside systematic risk and explore the determinants of downside systematic risk in LPTs.
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ItemThe sustainable competitive advantage model for corporate real estate(EMERALD GROUP PUBLISHING LTD, 2008)Purpose This purpose of this paper is to propose a model for the relationship between corporate real estate management (CREM) practices and an organisation's sustainable competitive advantage. Corporate real estate (CRE) plays an important but poorly recognised role in organisational competitiveness. Design/methodology/approach The model was developed from the strategic management, organisational competitiveness, and CRE literatures. A total of 162 CREM practices from the literature were connected, where possible, with cost, innovation and differentiation sources of sustainable competitive advantage. Clustering similar practices allowed the summarising of competitive effects in those clusters and each of the sources of sustainable competitive advantage. Technical CREM practices were the focus of analysis as they constitute the traditional core of CREM. Findings Many gaps were identified in the theoretical connections between practices and sources of sustainable competitive advantage. Overall, cost dominated as the mode of competition most affected by the practices. Cost, innovation and differentiation made roughly equivalent positive contributions, but cost was most negatively affected by CREM practices. Research limitations/implications The model is conceptual and provides a framework for aligning CREM practices with an organisation's competitive strategies, to build CRE‐based strategic capabilities for competitiveness, and to optimise practices' competitive effects. The holistic model directly links core CRE techniques with business outcomes and establishes a framework for further exploration of this important relationship. Originality/value Organisational competitiveness, CRE, and CREM are seldom studied. This paper provides a useful connecting framework for CRE researchers and practitioners to research and advance efforts to realise CRE value for organisations.
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