PurposeThis paper considers the merits of using projects bonds to finance infrastructure investment projects and considers the pricing of such bonds and the level of risk premium demanded by the market. Design/methodology/approachThe research used a mix of qualitative and quantitative methods with desk based study and interviews. Interviews were held with policy makers, local authority staff, planners, developers, investors, fund managers and academics. Infrastructure bond data was obtained from the Bloomberg 1 database on all project bonds issued in four Asian countries -Malaysia, China, Taiwan and India -over the period 2003 to 2014. FindingsThe analysis indicates investor appetite for project bonds and suggests that a risk premium of between 150 to 300 basis points over the comparable government bond is appropriate depending on the sector and the degree of government involvement in underwriting the issue. Practical implicationsThe paper argues that the introduction of project bonds would be an important innovation, assisting the financing of infrastructure investment at a time when bank lending is likely to remain fragile. The current conditions in the sovereign debt market, where strong demand has forced down yields, has opened up the opportunity to introduce project bonds offering a higher yield to satisfy institutional investment demand for long term fixed income products. Originality/valueThe originality of this paper stems from the analysis of the merits of using projects bonds to finance infrastructure investment projects, the pricing of such bonds and the level of risk premium demanded by the market.
Purpose Air quality, noise and proximity to urban infrastructure can arguably have an important impact on the quality of life. Environmental quality (the price of good health) has become a central tenet for consumer choice in urban locales when deciding on a residential neighbourhood. Unlike the market for most tangible goods, the market for environmental quality does not yield an observable per unit price effect. As no explicit price exists for a unit of environmental quality, this paper aims to use the housing market to derive its implicit price and test whether these constituent elements of health and well-being are indeed capitalised into property prices and thus implicitly priced in the market place. Design/methodology/approach A considerable number of studies have used hedonic pricing models by incorporating spatial effects to assess the impact of air quality, noise and proximity to noise pollutants on property market pricing. This study presents a spatial analysis of air quality and noise pollution and their association with house prices, using 2,501 sale transactions for the period 2013. To assess the impact of the pollutants, three different spatial modelling approaches are used, namely, ordinary least squares using spatial dummies, a geographically weighted regression (GWR) and a spatial lag model (SLM). Findings The findings suggest that air quality pollutants have an adverse impact on house prices, which fluctuate across the urban area. The analysis suggests that the noise level does matter, although this varies significantly over the urban setting and varies by source. Originality/value Air quality and environmental noise pollution are important concerns for health and well-being. Noise impact seems to depend not only on the noise intensity to which dwellings are exposed but also on the nature of the noise source. This may suggest the presence of other externalities that arouse social aversion. This research presents an original study utilising advanced spatial modelling approaches. The research has value in further understanding the market impact of environmental factors and in providing findings to support local air zone management strategies, noise abatement and management strategies and is of value to the wider urban planning and public health disciplines.
White-collar crime causes the most economic harm to the finance world. It is the white collar criminals who steal our pensions, bankrupt companies, destroy thousands of jobs and shatter people's dreams. Forensic accounting practice has emerged in the areas of litigation support consulting, expert witnessing, and fraud investigation. Although forensic accounting practice is viewed as one of the most rewarding and secure career choices, there is a gap between forensic accounting practice and education. Furthermore, the evidence of forensic accounting practice and education in China is rare. Thus, the primary purposes of this paper are to: 1) describe areas of forensic accounting practices in China; 2) examine the demand for and interest in forensic accounting practices and education in China: and 3) present the most relevant forensic accounting topics to be integrated into the Chinese business curriculum. To achieve study purposes a survey is conducted to bring insights experts on the demand, relevance, benefits, coverage, and delivery of forensic accounting materials to accounting professionals in China. Results indicate that : 1) the demand for and interest in forensic accounting education and practice in China will continue to increase; and 2) many of the suggested forensic accounting topics should be integrated into business and accounting curricula in China. The findings can be of great benefit to business colleges and accounting schools as well as accounting students, and employers of accounting graduates in China.
Energy performance remains a debated topic in real estate, particularly with reference to the capitalisation effect with property value. An emerging corpus of research studies have investigated the relationship between energy performance characteristics and the role of Energy Performance Certificates. Whilst these studies have consistently demonstrated that a pricing effect exists, some recent studies have shown that EPCs are more complex and inconclusive, particularly when accounting for data limitations and changing model specifications. Moreover, a majority of these studies neglect to adequately account for absolute location and therefore, arguably, do not examine the geographic variation between EPCs and property value across the housing market setting. This study presents one of the first spatial analyses of EPCs using transactions for the Belfast Metropolitan Area. In evaluating whether spatial effects exist between EPCs and house prices, a number of spatial tests are performed and a series of models are developed to account for spatial dependency and determine whether there are any spatially correlating effects. The findings indicate that EPCs comprise a partial effect on house prices, and importantly, there are pricing differentials in the spatial variation in EPCs with the pricing effects conforming to both spatial clustering and randomness.
The primary purpose of this paper is to examine the dynamic and Granger causal (inter) relationships between house prices and to empirically assess the co-movement in house prices across different property types within Northern Ireland (NI). The Johansen cointegration, Granger causality tests and vector error correction model are applied to quarterly house price data for the NI housing market between Q1 1995 and Q2 2018 to determine whether price transmissions are propagated contemporaneously into both short-term and long-term price adjustments. The findings show the stylised facts of lead-lag relationships across property types in NI using long-term Granger causality tests that the performance of the Apartment sector systematically and consistently lagged behind all other residential property segments over the period. Indeed, the results indicate that there are obvious market filtration transmission pricing signals in operation in a Granger-causal fashion. Property price signals are observed to be transmitted from the more liquid owner-occupier-led Detached and Semi-detached segments to the Apartment segment, but not vice versa.
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