Kutty (2005), also researching cost-to-income ratios, found that lenders advise households not to increase debt service (i.e. interest and principal repayments) to no more than 30% of household income net of taxes, in average in line with the 25% to 35% findings of Stone (2006). Further Kutty (2005) argues that this seems to be in line with many HUD programs (the US Department ofHousing and Urban Development – HUD), which assume housing cost burdens at the level of 30%. This is not an undisputed approach, for example, by Hulchanski (1995) correctly claiming that there is no scientific repeatability in simply observed ratios. Despite Hulchanski's claim (1995) that fixed ratios have rather the taste of "allowing" households to spend within certain band widths rather than to research the actual spending behaviour, the author would like to take on a different view on this matter. His claim that the percentage of household income spent on housingin Ontario according to the 1991 census shows no pattern and in no way supports the 25% to 30% range, seems only correct at a first glance. Taking a weighted average of the different spending brackets shown in Hulchanski's research (1995), assuming 19% for the lowest and 51% for the highest bracket - otherwise taking averages for all other brackets - a value of 27.78% can be computed (as done by the author), at least from this perspective, suggesting to be in line with the 25% to 30% range. Generally, however, Hulchanski (1995) agrees to the perspective that empirical found evidence does not create a scientific law (especially since this value has sharply increased over history comparing the findings of Stigler (1954), Gilderbloom (1985), Hulchanski (1995) and Stone (2006), nevertheless it seems - at least noteworthy - that the 25% - 35% range is in place and use for the past decades.
landlords simply change their units from long-term residential leases to STRs (Cocola-Gant, 2016; Wachsmuth and Weisler, 2018; Yrigoy, 2018). However, this localized preference for short-term renters does not fully explain how flats listed on Airbnb are provided. We suggest that Airbnb opens up opportunities for buy-to-let investors to purchase properties in areas of high tourism demand and rent them out in the STR market. The argument here is that Airbnb offers a new mechanism for the financialization ofhousing because it provides an additional instrument for making investment inresidentialrealestate ever more flexible and profitable. Existing studies have highlighted the growth of capital investment in private rental marketsin the aftermath of the 2008 financial and economic crisis (August and Walks, 2018; Beswick et al., 2016; Fields and Uffer, 2016; Janoschka et al., 2019; Paccoud, 2017; Wijburg et al., 2018). These authors suggest that since the post-2008 capitalist restructuring, investors have implemented novel strategies that lead to the substitution ofhousing financialization based on the buy-to-sell model with investment in the buy-to-let market. Against this background, we argue that Airbnb, and the consequent rise of the STR market, plays an important role in this process, particularly because they have created an increasingly flexible and productive business model that accelerates the incorporation of rental housing into global circuits of capital.
Although it is the foundation of almost all the other mar- kets, the realestate market is quite distinct from other economic activities, in particular due to “the fact that its ‘product’ is not portable” (Case, Goetzmann, & Rouwen- horst, 2000, p. 2). Yet, as noted by Carter (2011, p. 159), “acquiring shelter is an economic activity in which virtually all members of society participate, either in the rental or owner-occupied markets”. This is true not only of individu- als, but also organizations, such as firms, hospitals, police departments, government buildings and farms, among many others, that depend on the realestate market to physically exist. The realestate market is not only a basis for other economic activities, but also plays a decisive role in the world economy. As Poterba, Weil, and Shiller (1991, pp. 145-146) note, “house prices areof more than conver- sational interest to economists. Owner-occupied housing accounts for a greater fraction of household net worth than corporate equity. […] Movements ofreal house prices have large effects on household wealth, and potentially on con- sumer spending. High house prices relative to buildings costs also call forth increased construction activity and channel resources to the building sector”. The realestate market can thus impact people’s lives, families, companies, as well as banks (cf. Goodhart & Hofmann, 2007), and may arguably be considered the most important market of all.
In this paper, we use the results of a questionnaire on the potential demand for housingin a residential area of Lisbon to explore patterns ofhousing demand, taking into account the current context of crisis and uncertainty surrounding the housingmarkets as well as societal evolution. The sociological profiles of potential buyers / tenants are described and an analysis made of the relationship of certain residential options (in terms of location, house type, tenure and price) and the particular characteristics of individuals who want to move house: socioeconomic group, age, stage of life course and location of current residence.These data will be used as a pretext for a reflection on the characteristics of the current demand for housingin Lisbon. Special emphasis is given to identifying emerging trends in demand (such as the growing demand for rental accommodation) and associated profiles; these are interpreted in light of the current constraints of the realestate market as well as the cultural and social changes driving new attitudes and housing values. Focus also goes to the analysis of consolidated trends inhousing demand that have constrained some urban dynamics in structuring the social and urban fabric of the Lisbon metropolis (e.g. the trend towards residential mobility characterized by geographical continuity evidenced in many studies).
on overall company evaluations‖. Murray and Vogel (1997) have investigated the effect of associated CSR practices on consumers and presented similar findings. The CSR activities mentioned in the research are, for instance, environmental protection practices (energy conservation), engagement in acts to promote human welfare, corporate social marketing (electric safety education for schoolchildren), contribution to the economic development of the region, and consumer protection program. Their research found that CSR programs lead to improved customer attitudes towards the firm, including beliefs about the company‘s honesty, consumer responses, and increased support for the firm in labor or government disputes. Mohr et al. (2001) conducted a consumer interview project for investigating the impact of firms‘ CSR on consumer behavior. How well are consumers aware of the CSR level of individual firms? Are the purchase decisions of consumers affected by a firm‘s CSR, and how much? How do consumers think about firms‘ motivation for being socially responsible? Mohr et al. (2001) found that consumers are positive to business in general. It is not wrong to pursue economic interests. Consumers expect firms to be socially responsible. The attitudes of consumers toward socially responsible firms are more positive than toward irresponsible firms. Consumers are aware that socially responsible firms are helping themselves by practicing CSR. But this perception of consumers does not harm the positive consumer evaluations toward socially responsible firms. The studyof Mohr et al. (2001) is enlightening for researchers, managers and policy makers. For managers specifically, it is clear that consumers do care about a firm‘s CSR and act accordingly. Some consumers are highly ethical in
This paper differs from existing ones by modifying the Grenadier (2002) model specification for the demand function to a particularly robust format that allows a more intuitive economic interpretation. To the best of our knowledge, this is the first studyofReal Options Games that makes use of a stochastic demand function in which the stochastic variable changes the slope of the demand curve. Moreover, the parameters of the model were estimated using econometric tools for realestate data, unlike several models of RO Games that have used exogenous values for the parameters, which may be subjective and arbitrary choices. This can be found in studies such as Grenadier (1996), Grenadier (2000), Grenadier (2002), and Grenadier (2005).
proportions, especially in recent years (nearly 25% default in the construction and over 40% in the realestate sector, as of October 2013) (BoP, 2013). Until September 2012, 34.6% of properties received in lieu of payment by banks were located in the metropolitan areas of Lisbon and Oporto, with most of these properties provided by the construction industry. As a consequence of the default on credit in construction and realestate sectors, the portfolio owned by banks and the Finance authority has increased. During the recession and under the pressure of devaluation, banks have been seeking to sell these properties as the European Central Bank penalises banks for having them in their portfolio. The location ofhousing properties is proving to be decisive in the replacement of these portfolio units on the market. The properties with the highest values are typically sold on the international market, while those with the lowest market values are sold domestically, either via realestate agents or at auction. Speculators with either cash or credit often buy properties.
This table presents Likelihood Ratio (LR) test results which compares the ordinary linear regression model with mixed effects model. LR test statistic tail probabilities are bounded above by those of the χ2 distribution with degrees of freedom equal to the full number of restricted parameters. The underlying regression relates the volume ofresidentialrealestate loans against the political dummy dgov2, the total number of banking correspondents, total number of bank branches and the proportion of banking correspondents with loan services and a set of control variables, explained at Methodology chapter. All exogenous variables are 1-period lagged. This table contains the following information: Type of omitted variable which is being tested (column 1), type of test (column 2), test statistic (column 3), probability of exceeding test statistics (column 4) and test conclusion if ordinary linear models or mixed effects models are preferred (column 5). I use state monthly data and include a regulatory dummy dreg3 in order to control for 2011 banking correspondents regulatory change. The political dummy dgov2 is related to the alignment between president or vice-president and state governors. Results include different correlation structure between "randomized" mixed effects variables: independent variables and unstructured variables. This very last option allows for correlation between "randomized" mixed effects variables.
This study confirms that the two social-housing projects under study had much in common, at least at first glance. Both the Kiel and Luchtbal estates were flagship projects commissioned and financed by two Antwerp social-housing companies. They both had to symbolise the progressivity of the Social Democrats in Antwerp. Stylistically, they are superficially quite similar as they both contain pilotis as well as fully equipped kitchens and bathrooms. The level of comfort in these buildings was unprecedented for its inhabitants, which consisted predominantly in both cases in civil servants of the city. Their apartments shared similar concepts of domesticity. Eating in the kitchens was discouraged in both projects, for example, but encouraged in the living room. In both projects, the surrounding public space was undefined. But in Braem’s project, the public space was more organic in both layout and furnishing. Both designers were passionate about architecture, but nevertheless occupied different positions in the analytical framework of Williams Goldhagen. That is especially the case for the political and social axes. Van Kuyck was rather a consensualist modernist who was optimistic about the future of society and who believed that a modern architecture should support the new industrial culture. He was fascinated by industrial techniques and technological process in order to increase housing production and to reduce costs. He aimed to improve architecture so that the buildings would become more efficient instruments serving the existing political and economic structures of society, in this case: solving the housing shortage. Braem, by contrast, was a reformist, who, as a Socialist, criticised capitalist society, but who also believed that he could improve the life of the inhabitants by means of his architecture in combination
standard behavior that can be used for all pages (or a group of pages) in the application. Next, we can create separate content pages that include the content associated with the page that we want to display. When users request a content page, the output page is a combination of the structure of the main page and content from the content page. We can also manage the authentication of a Web application using Windows groups or its own role database using ASP.NET roles. These schemes are easy to add, remove or replace, depending on the requirements for the application. This platform was chosen for development because it includes the "designer" mode, which is easy enough to use at the initial level of programming. Also during the creation of the information system, we used the programming language C#. To date, the programming language C# is one of the most powerful, fast growing and demanded languages in the IT industry. At the moment, it writes a variety of applications: from small desktop programs to large web portals and web services that serve millions of users every day.
A Correlation Table was then computed, displaying the correlation coefficient 25 for every possible pair. Due to high number of combinations ( ) the authors abstained from attaching the correlation table. Almost all pairs (99,21%) have positive correlation in returns ranging from -0,59 to 0,93 with mean 0,26. The top 200 pairs were ranked (i.e. the top 200 pairs that exhibited a larger correlation coefficient) as all of them were statistically significant for a 1% significance level 26 . The top pairs identified seem reasonable with Heineken Holding vs Heineken at the top, followed by Banco Santander vs Banco Bilbao Vizcaya Argentaria (BBVA), Volkswagen vs Porsche, LVMH vs Christian Dior and Société Générale vs BNP Paribas. Pairs seem to share the same industry and geography, although the closeness for the top pair might come from institutional ownership as Heineken Holding holds 50% of Heineken‟s shares outstanding. The list of total top 200 pairs can be seen in  of Appendix B.
so this is the value of the stock market as the macroeconomic "barometer". Pan (2014) questions whether political events such as the party's National Congress and the "two sessions" have an impact on the Chinese stock market. During the year 2007, the "two sessions of the congress?" were studied as an event analysis. The results show that such political events have a significant impact on the domestic stock market, which is a market with obvious characteristics of a "policy market" but lacks policy efficiency. The paper considers that the government's compulsory system arrangement, the instability of the policy mechanism and the existence of "internal information" are the main reasons for this phenomenon, and it is suggested that the government function should be changed appropriately, and the regulation function of the market should be exerted. China believes that there are still many deficiencies in its stock market, such as weak regulatory awareness, and the administrative means is far more than the legal means. The supervision system is not perfect and puts forward the suggestions of protecting investors ' interests, strengthening the construction of the law enforcement team and strengthening the market self-restraint function. Zhen (2009) views the stock market "barometer" failure of function mostly attributed to the excessive speculative behavior of investors, and the stock index, price/earnings ratio, turnover rate, circulation market value, turnover amount, as well as the size and change of the number of accounts, that can well reflect the excessive speculative strength of the market. In addition, the investor's high confidence and herd mentality also have an impetus influence on the Chinese stock market speculative bubble. Smear (2008) discusses the stability of China's stock market and considers that the imperfection of the price stability mechanism and the deviation of adjustment and control ideas are the main reasons for the instability of China's stock market, as well as the current market environment. The lack of short mechanism and the immaturity of investors are the basis of the instability of stock market and the failure of "barometer" function, and then put forward some measures such as perfecting the governance mechanism of listed companies and establishing market mechanism of supply and demand balance.
It is important to acknowledge that floodwaters are not only composed of water. Many times, water carries substances that will affect the properties of building materials. If coastal floods happen, water will carry salt that will lead to sulfate attacks to metal components with devastating results for reinforced concrete houses. Reinforced concrete, if in contact with seawaters is subjected to corrosion of steel due to the presence of chloride ions in the water that travels inside the concrete through capillary action and by diffusion through the pores. Once in contact with steel bars, chloride ions destroy the passive film that coats the steel bars and initiate steel corrosion if oxygen and water are also available to sustain the reaction. As steel comes in contact with air and water, it will oxidize to form rust that has much more volume than the steel consumed in the reaction leading to more cracks to form due to low tensile strength of concrete. Corners will start to spall and delamination of the surface will occur as concrete cover will become dislodged and fall off. The failing of the steel can and will – if not properly addressed – result in structural deficiency. To avoid the risk of corrosion, increasing of the nominal cover of the element can be made by identifying the right class of exposure which is related to standardized values for resisting the action of deicing salts in many building codes worldwide.
der sozialen Produktion von condominios fechados im Verdichtungsraum Lissabon. Diese Wohnform wurde erstmals in den 1980er Jahren in Portugal realisiert und verbreitete sich in den 1990er Jahren rasch. Im ersten Abschnitt stellen wir zunächst eine einlei¬ tende, grundsätzliche Analyse des Phänomens «bewach¬ ter Wohnkomplex» dar, die notwendig ist, um die Eigentümlichkeit des Phänomens zu verstehen und die wichtigsten Faktoren, welche an der sozialen Pro¬ duktion beteiligt sind, identifizieren zu können. Dabei
“Deal Breakers”) is defined in order to introduce concerns in terms of past damages and/or danger- ous materials. For example, concerns regarding radon gas, mold, asbestos and flood or fire dam- ages in the past are introduced in the appraisal system by this criterion; FPV 4 (Lot Site) concerns evaluation references related to the property, such as: topography, street location, amenities, view and size; FPV 5 (Economic Factors) highlights the importance of economic factors, such as: expenses (e.g. taxes, insurances), financing conditions and housing supply; FPV 6 (Location and Environmen- tal Factors) addresses issues related to location of the house and surrounding environment, namely: quality of schools, neighborhood safety and reputa- tion, proximity to economic agents (e.g. hospitals, shopping) and accessibilities; and, finally, FPV 7 (Stigmatized Characteristics) concerns issues relat- ed to social stigmas, such as: proximity to cemeter- ies, proximity to meth labs or known drug areas, haunting and ghosts and past deaths in the house. As argued by the members, some of the criteria in- cluded in our framework are rarely taken into ac- count. However, the use of cognitive maps in this particular context allowed for their identification, and this was considered extremely positive by the participants involved.
The particular feature of the Portuguese case lies on its development model, one that combined late urbanization, an immature and unfinished industrial development process, and a segmented labour market between a «secure» sector, linked to the functioning structure of the public sector, and an «insecure» sector, connected to the informal and black economy (Allen, 2010). This labour market polarization reproduces uneven capabilities in accessing housing market, rendering «natural» candidates to social housing incapable of accessing housing market while, on the other hand, privileged recipients of public investment inhousingare largely aided through the support to homeownership. In the first situation, those unable to find in social housing neither enough supply to meet their needs, nor the housing model most appropriate to their residential status, have developed parallel ways to access housing, through self-construction and self-promotion, of an illegal nature, particularly important in the 1970’s (Ferreira et al,1985); the latter, although faced with a fragile public intervention inhousing, were partially offset by a «familyist culture», based on a relationship system between an extended family that provides readily available means to the access to housing, adding to public aid in terms of tax and financial incentives to the access to homeownership.
that “FCM development methods are far from be- ing complete and well-defined, mainly because of the deficiencies that are present in the underlying theoretical framework [...] the development of FCM models almost always relies on human knowledge [... and] strongly depend on subjective beliefs of expert(s) from a given domain”. Indeed, it is wide- ly acknowledged that the conception of a cognitive map is context-dependent and, thus, subjective in nature. This context-dependence is related to the decision circumstances, participating decision makers, facilitator skills and/or session duration (Ferreira et al. 2012). nonetheless, it is more than compensated by the direct involvement of experts, the amount of information discussed and by the iterative and interactive nature of the process, which allows ideas and thoughts to be shared and explored and relationships to be better understood. FCM are not a substitute for statistical approach- es; however, their application by managers and decision makers can provide insights on the role of key feedbacks in the system, which might other- wise go undetected by statistical approaches alone (cf. Stach et al. 2005, 2010).
In July 2015, the patient was referred to the department of internal medicine by her family doctor with weight loss of 8 kg, persistent fatigue, and pain in the right hypochondriac region. There were no urinary symptoms. Clinical examination revealed tenderness in the right hypochondriac region, and ultrasonography showed a mass on the upper pole of the right kidney. A computed tomography (CT) scan of the abdomen revealed a voluminous tumour of 8.2 cm in the upper pole of the right kidney. The tumour showed irregular contrast captation and was assessed as a malignant solid renal tumour, presumably renal cell carcinoma. No pathologically enlarged retroperitoneal nodes were seen (Figure 1A and 1B). A CT image of the thorax showed no abnormalities. A radical right nephrectomy was performed with an uncomplicated postoperative course.
These results reinforce some of the results presented by Minli and Wenpo (2012), who identified the follow- ing realestate investment concerns, using a different methodology: (1) political risks and market oscillations; (2) investment risks (i.e. the costs inherent to the entire process, both initial and maintenance); (3) location risks; and (4) type of investment (see also Ribeiro et al., 2017). The results obtained in the current study add to previous research, however, in terms of the identification of more criteria, including more subjective criteria which are often overlooked. The structuring and analysis method followed not only allowed the deterrents to realestate investment to be prioritized, but also allows the effects of oscillations in the intensity of one criteria on the rest of the system to be visualized. Thus, the impact of a change in legisla- tion, for instance, or of the tax payments required, on the system as a whole would be able to be visualized, allowing for better decision making. Such analyses can allow a bet- ter definition of areas of intervention, which is something traditional methods cannot typically provide.
Increasing energy efficiency in buildings as a part of a climate change mitigation strategy would potentiate the reduction of energy poverty problems (Ürge-Vorsatz and Tirado Herrero 2012), although it is suggested that complete eradication of energy poverty would probably be inevitably linked to higher energy consumption (Schaffrin and Reibling 2015), because of the extra energy needed to have sufficient energy services at home (even if the need to improve energy efficiency is recognized in order to obtain energy services at a reduced price) (Bouzarovski 2014a). In this sense, there is also the danger of increasing energy poverty situations, by acting aggressively towards climate change, especially when externalities of carbon emissions are considered and not offset by savings potentiated by energy efficiency (Ürge-Vorsatz and Tirado Herrero 2012). This position regarding environmental taxation can increase energy prices for consumers, which, combined with the context of decreasing incomes, would increase the risk of energy poverty in households (Bouzarovski 2014b). In addition, some evidences that indicate that climate change can dramatically decrease energy demand regarding heating and increase cooling needs (Barbosa et al. 2015; Sanders and Phillipson 2003), suggesting that energy poverty situations can increase in an extreme climate context, similarly to what happens in a urban heat island context (Tsilini et al. 2015), which would also call for policy integration with climate adaptation. In this context, several authors advocate measures that are arguably win-win solutions regarding climate change adaptation and energy poverty, such as the promotion of energy performance through retrofit of the built environment (Barbosa et al. 2015; Filippín et al. 2018).