scholarly journals After the crisis is before the crisis: Reading property market shifts through Amsterdam’s changing landscape of property investors

2021 ◽  
pp. 096977642110218
Author(s):  
Tuna Taşan-Kok ◽  
Sara Özogul ◽  
Andre Legarza
Keyword(s):  
Global Financial Crisis ◽  
Recovery Period ◽  
Investment Strategies ◽  
Property Market ◽  
Regulatory Processes ◽  
Regulatory Changes ◽  
Regulatory Systems ◽  
Novel Approach ◽  
Transaction Analysis ◽  
Regulatory Interventions

Shifts in property markets are closely tied to changes in investment actors’ relations, shaped by wider economic and regulatory processes. However, the existing literature generally neglects the role of actors’ behaviour and agency within property market shifts, and how market shifts affect cities. In response, we establish a framework that systematically unpacks the role, characteristics and behaviour of property investors in investment market shifts within urban development. We consider market shifts as modifications to established economic and regulatory processes and argue that a multidimensional approach is required to understand property investors and their role within property investment markets that shapes the urban built environment. Our main contribution is a novel approach and methodology to read changing property investor landscapes by linking wider economic and regulatory changes to investment actors and their investment strategies. Empirically, we focus on Amsterdam’s changing investor landscape over the last 15 years. We investigate how crises, represented by far-reaching institutional disruptions of economic and regulatory systems, relate to Amsterdam’s landscape of property investors. Correspondingly, we define three distinct periods of analysis, based on transaction volumes and regulatory interventions at national and local levels: the pre-global financial crisis (GFC) period from 2005 to 2008, the post-GFC recovery period from 2009 to 2013, and the pre-Covid19 boom period from 2014 to 2020. We reveal how Amsterdam’s investor landscape changed over the course of these periods through a mixed methods analysis, including quantitative investment transaction analysis, mapping, and in-depth interviews with investors. We ultimately suggest that reading property market shifts through multidimensional characteristics would enable more targeted policy solutions, moving away from empirically ill-supported stereotypes of property actor behaviours.

scholarly journals THE DYNAMIC OF VOLATILITY OF PAN-ASIAN PROPERTY PORTFOLIO MARKETS

2019 ◽  
Vol 17 (9) ◽  
Author(s):  
Muhammad Najib Razali ◽  
Muhammad Yusaimi Hamid ◽  
Mohd. Muzammil Zekri
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Point Of View ◽  
Investment Strategies ◽  
Property Market ◽  
Real Estate Investment ◽  
Regional Market ◽  
Egarch Model ◽  
Global Investors ◽  
The Cost

The securitised market in Asia has become more progressive recently, especially with the introduction of Real Estate Investment Trusts (REITs). The financial crisis such Global Financial Crisis has put the Asian property market into a convenient means to invest because of their sustained economy from that crisis. Nevertheless, the Asian property market has become more complex to understand, especially for institutional investors. As such, it is important to understand the market volatility especially the Asian property market. An understanding of volatility level especially in regional market is important to determine the cost of capital as well as to detect leverage decision and investment. Significant changes in volatility will have a significant impact to property portfolio market at the regional level. With the emergence of regional and global investors in property, it is important to answer the question on the situation of Asian property portfolio markets’ volatility. Moreover, economy of each of PanAsian countries will also be assessed to show the significance of their economy development and provide information for investor’s investment strategies from the volatility level point of view. This paper will assess the volatility level of panAsian property portfolio market over the period January 2000 to December 2015 by using EGARCH model.

The IMF and the Politics of Austerity in the Wake of the Global Financial Crisis

2018 ◽  
Author(s):  
Ben Clift
Keyword(s):  
Global Financial Crisis ◽  
Full Employment ◽  
Real Economy ◽  
Economic Stability ◽  
Public Power ◽  
The Great Recession ◽  
Regulatory Interventions ◽  
The Stability ◽  
The Global Financial Crisis ◽  
The Imf

The IMF uses crisis-defining economic ideas, and crisis legacy-defining ideas, to construct interpretations of economic crises in ways which prioritize particular policy or institutional responses, and rule out or marginalize others. The post-crash IMF enjoyed scope to shift the boundaries of ‘legitimate’ policy, involving heightened appreciation of ‘non-linear’ threats from losses of confidence, prolonged weak demand, and financial system fragilities and contagion. The policy corollaries of this Fund rethink were that economic stability has to be actively pursued through a wider range of policy and regulatory interventions by governments, central banks, the IMF, and other forms of authority and public power. In the context of the Great Recession, the Fund no longer considered it safe to assume an inherent tendency on the part of unfettered market forces in finance and the real economy to deliver the stability and full employment at the heart of its mandate.

scholarly journals The Key Success Factors for Attracting Foreign Investment in the Post-Epidemic Era

Axioms ◽  
2021 ◽  
Vol 10 (3) ◽  
pp. 140
Author(s):  
Sun-Weng Huang ◽  
James J. H. Liou ◽  
Shih-Hsiung Cheng ◽  
William Tang ◽  
Jessica. C. Y. Ma ◽  
...  
Keyword(s):  
Foreign Investment ◽  
Global Economy ◽  
Success Factors ◽  
Neutrosophic Set ◽  
Investment Strategies ◽  
Key Factors ◽  
Expert Opinions ◽  
Fuzzy Delphi ◽  
Novel Approach ◽  
Epidemic Period

The global economy has been hit by the unexpected COVID-19 outbreak, and foreign investment has been seen as one of the most important tools to boost the economy. However, in the highly uncertain post-epidemic era, determining how to attract foreign investment is the key to revitalizing the economy. What are the important factors for governments to attract investment, and how to improve them? This will be an important decision in the post-epidemic era. Therefore, this study develops a novel decision-making model to explore the key factors in attracting foreign investment. The model first uses fuzzy Delphi to explore the key factors of attracting foreign investment in the post-epidemic era, and then uses DEMATEL to construct the causal relationships among these factors. To overcome the uncertainty of various information sources and inconsistent messages from decision-makers, this study combined neutrosophic set theory to conduct quantitative analysis. The results of the study show that the model is suitable for analyzing the key factors of investment attraction in the post-epidemic period. Based on the results of the study, we also propose strategies that will help the relevant policy-making departments to understand the root causes of the problem and to formulate appropriate investment strategies in advance. In addition, the model is also used for comparative analysis, which reveals that this novel approach can integrate more incomplete information and present expert opinions in a more objective way.

What drives the venture capital investments in China?

2019 ◽  
Vol 13 (3) ◽  
pp. 574-602 ◽  
Author(s):  
Yixi Ning ◽  
Gubo Xu ◽  
Ziwu Long
Keyword(s):  
Financial Crisis ◽  
Stock Market ◽  
Global Financial Crisis ◽  
High Growth ◽  
Investment Strategies ◽  
Stock Market Crash ◽  
Content Type ◽  
Risk Levels ◽  
Aggregate Amount ◽  
A Share

Purpose This study aims to examine the venture capital (VC) industry in China. It has demonstrated a history of high growth with significant variations over time. The authors have examined the trends and determinants of VC investments in China over a 20-year period from 1995 to 2014. They find that the aggregate amount of VC investments, the total number of venture deals and the average amount of venture investments per deal in China are all significantly impacted by macroeconomic conditions (i.e. GDP, export, money supply), technology innovations and financial market indicators (i.e. initial public offerings (IPOs), interest rate, price-to-earnings ratio, etc.). They also find that the 2007 China A-Share stock market crash and the subsequent global financial crisis have motivated VCists in China to adjust their investment strategies and risk levels by allocating more capital to later-stage investments and securing more deals with later-round financings. However, after the 2008 global financial crisis, the China’s venture industry has recovered faster compared to the US counterpart response. Design/methodology/approach The authors first perform trend analysis of VC investments at an aggregate level, by stages of development, and across industry from 1995 to 2014.To test H1 and H2, the authors use multiple regression models with lagged explanatory variables. To test H3, the authors use univariate tests to compare the measures of VC investments at an aggregate level, stage funds ratios, stage deals ratios and financing series ratios during both a five-year and seven-year time windows around the 2007 A-Share stock market crash and the subsequent financial crisis. Findings The development of the VC industry in China has demonstrated a history of high growth with significant variation over time. The authors find that the aggregate amount of VC investments, the total number of venture deals and the average amount of venture investments per deal in China are all significantly impacted by macroeconomic conditions (i.e. GDP, export, money supply), technology innovations and financial market indicators (i.e. IPOs, interest rate, price-to-earnings ratio, etc.). The authors also find that the 2007 China A-Share stock market crash and the subsequent global financial crisis have motivated VCists in China to adjust their investment strategies and risk by allocating more capital to later-stage investments and securing more deals with later-round financings. However, the China VC industry has recovered faster compared to the USA just after the 2008 global financial crisis. Research limitations/implications There are also limitations in the study. The VC data in China in the earlier 1990s might not be very reliable due to the quality of statistics. Therefore, the trend analysis and discussions mainly focus on the time after 2000. Also, the authors cannot find VC financing sequence data for the analysis. Second, there is no doubt that the policy impact from Chinese transforming economic system and government policies on its VC industry is substantial (Su and Wang, 2013). However, they cannot find an appropriate variable to be included in the empirical models to consider this effect. Further study on this area would provide meaningful information. Third, although the authors have done comparison study between the VC industry in China in this study and the VC industry in the US documented in Ning et al. (2015) and discussed some interesting findings, more in-depth research in this area will be very useful. Practical implications The findings have meaningful implications for VCists and start-up companies seeking equity financings in China. VCists should closely monitor macroeconomic and market conditions to make appropriate adjustments to their risk and investment strategies. Entrepreneurs seeking equity financings for their business could also monitor the identified macroeconomic and market indicators, which can help them with their timing and to negotiate a better equity financing deal. VC financing is more likely to succeed when key macroeconomic and market indicators become favorable. Originality/value This paper contributes to the literature by testing the supply and demand theory on the VC market proposed by Poterba (1989) and Gompers and Lerner (1998) from the macroeconomic perspective using 20 years’ VC data from China. The authors also examine how the 2007 A-Share stock market crash and the subsequent financial crisis affected VCists to adjust their risk levels and investment strategies. It provides useful information for international academia and policymakers to understand the quick rise of China VC industry. The authors also find that the macroeconomic drivers of VC industry are somewhat different under different economic systems.

Property development activities: value creation or distraction for REITs?

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Woei Chyuan Wong ◽  
Joseph T.L. Ooi
Keyword(s):  
Value Creation ◽  
Global Financial Crisis ◽  
Univariate Analysis ◽  
Tobin’S Q ◽  
Property Market ◽  
Property Development ◽  
Development Activity ◽  
Tobin's Q ◽  
Content Type ◽  
Run Up

PurposeThis paper examines the evolution and impact of property development activities on REIT performance. The paper provides insights on whether REITs should venture into property development in addition to their core-business of holding income producing properties.Design/methodology/approachThis paper charts and highlights the evolution of development activities of US REITs from 1992 to 2020. The Tobin's Q of property developing REITs and non-property developing REITs are compared using univariate analysis.FindingsDevelopment activities of US REITs grew dramatically during the run up to global financial crisis (GFC) in 2008. The level of development activities has dropped since the GFC and it has not return to its pre-crisis peak. In comparison, development activities of listed property investment companies and homebuilders are less volatile over the same period. The data reveals that property developing REITs enjoy significantly higher Tobin's Q as compared to their non-developing counterparts.Practical implicationsOur graphical evidence from a market without development restriction suggests that development restriction in other REIT regimes has it value in limit REITs' excessive risk-taking tendency during a booming property market. The positive relationship between Tobin's Q and the existence of property development activity support the value creation of this business activity to REITs.Originality/valueThis paper raises overbuilding as a potential cause of the underperformance of the REIT sector during the GFC.

scholarly journals Social Allostasis and Social Allostatic Load: A New Model for Research in Social Dynamics, Stress, and Health

2019 ◽  
Vol 15 (2) ◽  
pp. 469-482 ◽  
Author(s):  
Darby E. Saxbe ◽  
Lane Beckes ◽  
Sarah A. Stoycos ◽  
James A. Coan
Keyword(s):  
Allostatic Load ◽  
Social Dynamics ◽  
Social Groups ◽  
Regulatory Function ◽  
Stress System ◽  
Regulatory Processes ◽  
Regulatory Systems ◽  
Wear And Tear ◽  
Highly Correlated ◽  
Stress And Health

Theories such as social baseline theory have argued that social groups serve a regulatory function but have not explored whether this regulatory process carries costs for the group. Allostatic load, the wear and tear on regulatory systems caused by chronic or frequent stress, is marked by diminished stress system flexibility and compromised recovery. We argue that allostatic load may develop within social groups as well and provide a model for how relationship dysfunction operates. Social allostatic load may be characterized by processes such as groups becoming locked into static patterns of interaction and may ultimately lead to up-regulation or down-regulation of a group’s set point, or the optimal range of arousal or affect around which the group tends to converge. Many studies of emotional and physiological linkage within groups have reported that highly correlated states of arousal, which may reflect failure to maintain a group-level regulatory baseline, occur in the context of stress, conflict, and relationship distress. Relationship strain may also place greater demands on neurocognitive regulatory processes. Just as allostatic load may be detrimental to individual health, social allostatic load may corrode relationship quality.

scholarly journals Genetic control of growth

2005 ◽  
Vol 152 (1) ◽  
pp. 11-31 ◽  
Author(s):  
Primus E Mullis
Keyword(s):  
Cell Biology ◽  
Molecular Level ◽  
Cellular Level ◽  
Hormone Production ◽  
Regulatory Processes ◽  
Regulatory Systems ◽  
Expression Of Genes ◽  
Pathophysiological Role ◽  
Level I ◽  
Made In

The application of the powerful tool molecular biology has made it possible to ask questions not only about hormone production and action but also to characterize many of the receptor molecules that initiate responses to the hormones. We are beginning to understand how cells may regulate the expression of genes and how hormones intervene in regulatory processes to adjust the expression of individual genes. In addition, great strides have been made in understanding how individual cells talk to each other through locally released factors to coordinate growth, differentiation, secretion, and other responses within a tissue. In this review I (1) focus on developmental aspects of the pituitary gland, (2) focus on the different components of the growth hormone axis and (3) examine the different altered genes and their related growth factors and/or regulatory systems that play an important physiological and pathophysiological role in growth. Further, as we have already entered the ‘post-genomic’ area, in which not only a defect at the molecular level becomes important but also its functional impact at the cellular level, I concentrate in the last part on some of the most important aspects of cell biology and secretion.

scholarly journals Social Allostasis and Social Allostatic Load: A New Model for Research in Social Dynamics, Stress, and Health

2020 ◽  
Author(s):  
Darby Saxbe ◽  
Lane Beckes ◽  
Sarah Stoycos ◽  
James Arthur Coan
Keyword(s):  
Allostatic Load ◽  
Social Dynamics ◽  
Social Groups ◽  
Regulatory Function ◽  
Stress System ◽  
Regulatory Processes ◽  
Regulatory Systems ◽  
Wear And Tear ◽  
Highly Correlated ◽  
Stress And Health

Theories such as social baseline theory have argued that social groups serve a regulatory function but have not explored whether this regulatory process carries costs for the group. Allostatic load, the wear and tear on regulatory systems caused by chronic or frequent stress, is marked by diminished stress system flexibility and compromised recovery. We argue that allostatic load may develop within social groups as well and provide a model for how relationship dysfunction operates. Social allostatic load may be characterized by processes such as groups becoming locked into static patterns of interaction and may ultimately lead to up-regulation or down-regulation of a group’s set point, or the optimal range of arousal or affect around which the group tends to converge. Many studies of emotional and physiological linkage within groups have reported that highly correlated states of arousal, which may reflect failure to maintain a group-level regulatory baseline, occur in the context of stress, conflict, and relationship distress. Relationship strain may also place greater demands on neurocognitive regulatory processes. Just as allostatic load may be detrimental to individual health, social allostatic load may corrode relationship quality.

Favourable conditions will help global banks transform

2018 ◽  
Keyword(s):  
Economies Of Scale ◽  
Business Models ◽  
New Technologies ◽  
Global Financial Crisis ◽  
Regulatory Reform ◽  
Content Type ◽  
Regulatory Changes ◽  
European Banks ◽  
The Global Financial Crisis ◽  
Global Banks

Subject Outlook for the globally systemically important banks. Significance Ten years on from the global financial crisis, regulatory changes have been especially costly for large, interconnected banks. Reflecting these pressures, the banks are now transforming their business models to maintain and enhance their profitability, stability and supply of credit to the economy. Impacts Global banks have become more resilient in light of post-crisis regulatory reform; they will increasingly invest in new technologies. Rising forced subsidiarisation on national lines to separate banks’ investment and deposit taking arms is raising costs and altering risks. European banks are reducing their global footprint even as they consider consolidation with European peers to create economies of scale.

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