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Discusses the distinctions between property investment/development companies and property developer/trading companies, and notes the differences in valuation methodology. Explains that the valuation of property investment/development company shares is based on estimated net asset value (NAV), and the process by which the shares may be traded on the stock market at a discount or a premium to this. Identifies the factors which influence the discount or premium to NAV and suggests a framework whereby the shares may be evaluated in a more explicit manner.

In this paper we build upon recent scholarship on sport event legacies to identify, categorise and describe the key processes underpinning sport event interactions with human rights. It develops a simple, representative model to illustrate the points where sport events bisect with human rights and considers what factors can modify these impacts. The development of this model is based on a meta-review of literature and examination of case studies. It is clear from our analysis that sport events are malleable, symbolic and political occurrences that can be positioned to provide evidence and support of benefice or harm to the cause of human rights. The model also provides a nuanced approach to consider how sport event organisers may begin to think about the tactics and strategies that might be employed how they might leverage human rights through their sport event. The model also indicates that Human Rights, being similarly malleable political tools, are paradoxical in application in the sport event context and consequently cannot be assumed to be taken-for-granted as event outcomes or outputs.

This article provides an exploration of the emergent tensions arising from the participation of mutual-aid orientated voluntary sports clubs (VSCs) within a modernized sport delivery system in England. The analysis identifies the tenets of the New Labour government's 'modernisation project', the meaning of modernization for VSC organization and operation and the extent to which opposing pressures are negotiated within VSCs. The analysis is informed by a range of public documents produced by government and by 28 semi-structured interviews with VSC members and senior key stakeholders. These interviews were conducted in one English county using a stratified sample to assess the extent to which the mutual aid/modernization dichotomy impacts on the role of the VSC as sport policy implementer. The conclusions indicate that modernization is altering the structure within which VSCs sit as well as shaping both external and internal expectations of those volunteering within VSCs. The article finally considers some of the ramifications of the dichotomy between VSC mutuality and modernized delivery, for both sport policymakers and practitioners alike.Este artículo sienta las bases para un primer análisis de las tensiones que están empezando a aparecer en el difícil encaje de los clubes deportivos voluntarios (CDV), cuyo objetivo se centra en la labor social y la ayuda mutua entre los socios, dentro de un sistema deportivo modernizado y muy profesionalizado en Inglaterra. El artículo comienza identificando los principales principios de la política de modernización propugnada por el gobierno del Nuevo Laborismo inglés, para después investigar las consecuencias de esta política en la organización diaria de los CDV y hasta qué punto se generan tensiones dentro de los clubes como consecuencia de dichos programas de modernización. La investigación adopta una metodología basada en el análisis de documentos públicos adoptados por el gobierno y un total de 28 entrevistas semi-estructuradas con socios de CDV y representantes de organizaciones clave dentro de la estructura del modelo deportivo inglés. Dichas entrevistas se realizaron en una región de Inglaterra usando un sistema de selección estratificada de la muestra de población. Las conclusiones de nuestro análisis sugieren que se está produciendo un cambio en las estructuras de gobierno del sistema deportivo inglés, dentro del cual se encuadran los CDV, lo que a su vez condiciona las expectativas internas y externas de aquellos voluntarios que participan en la gestión de los CDVs. El artículo finalmente considera las consecuencias que la dicotomía entre modernización y voluntariado tienen tanto para las autoridades públicas como para quienes trabajan en los clubes deportivos sobre el terreno.Palabras clave: Modernización; ayuda mutua; voluntariado

Kosowski, Timmermann, Wermers, and White (2006) find that certain growth-oriented fund managers have substantial skill but do not stipulate the particular skills that they possess. We examine in detail the style-timing abilities of 3,181 US growth-oriented equity mutual funds over the period from 1993 to 2006. We find that an important contributor to the persistent abnormal returns reported by Kosowski et al. (2006) is growth timing, i.e. switching stocks along the value/growth continuum, and that this explains at least 45% of the abnormal returns reported. No other style-timing skills are observed. Our results also demonstrate that it is easy to misidentify growth timing as market timing.