Department of Estate Management
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- ItemCausal Behavior of Dynamic Dividend Yield of Property Stock in Information Asymmetric Market: Evidence from South African Listed Property Stock Market(INTERNATIONAL REAL ESTATE REVIEW, 2024) Fateye, Tosin BabatolaThe paper investigates the dynamic behavior of the dividend yield of South African (SA) property stocks under an information asymmetric market. The vector error correction model (VECM) is used to analyze daily data on dividend yield and asymmetric market indicators including bid-ask spread, turnover, volatility index, weighted average price, and market size for the period of 2007-2017. We find that dividend payouts from the SA property stock market declined during the study period and reacted positively and sharply to shocks in the market spread. The VECM shows a statistically significant causal effect between the dynamic behavior of property stock and market spread. The market spread predicts the dynamic behavior of the dividend yield of SA property stocks in both the short and long run.
- ItemAdoption of Automated Valuation Models- A Panacea for Enhanced Valuation Practice in Nigeria(Department of Estate Management, Obafemi Awolowo University, Ife, 2021) Awosode, OrayinkaThe era of globalization coupled with the introduction of information communication technology has brought about changes in the real estate industry. It has widened the scope of valuation practice, while sophisticated clients also demand accurate price prediction and risk pricing. Extant studies have discussed the lack of data repository bank, digital divide, obsolete educational and practical knowledge as part of the challenges of valuation practice in Nigeria. However, the use of technology is continually changing valuers’ roles from property assessors based on localized market information to financial analysts. The adoption of advanced valuation methods such as Automated Valuation Models (AVM) could help in removing the problem of localized property market knowledge, data availability and access to data. This study reviewed valuation practice in Nigeria, challenges facing the practice in Nigeria and the use of technology as a possible future for valuation practice. The study concluded that although the use of AVM is not popular in Nigeria, it is pertinent to the growth and development of valuation practice. It then recommended that all stakeholders should encourage its adoption in data collection and analysis coupled with a physical inspection to ensure an accurate estimate of value.
- ItemFactors Influencing the Choice of Automating Systems Used in High-Rise Buildings in Lagos, Nigeria(African Real Estate Society, 2019-09) Awosode, OrayinkaThe consistent change and functions of building systems coupled with the level of sophistication of users of high-rise buildings require that facility managers find innovative ways to control and manage facilities. In this while, the use of automation systems presents facility managers innovative ways of ensuring functionality of the built environment through the integration of people, place, process and technology. These systems must however be selected with care and operated with dedication to achieve desired results. This study examined factors influencing the choice of automating systems in high-rise buildings in Lagos, Nigeria with a view to providing information that could enhance facility management practice. The study selected 53 high-rise commercial buildings based on their high occupancy ratio. Total enumeration of the identified 53 resident facility managers of these high-rise buildings was carried out. Information collected included types of automating system used by facility managers, time of acquisition of automating systems used among others. Descriptive and inferential statistics such as frequency tables, mean ranking and factor analysis were used to analyse the result. Findings of the study revealed that the choice of automating systems used by facility managers was significantly influenced by the cost of acquisition of the automating system, while the need to protect buildings against failure was considered as the most significant factor influencing the adoption of automation in the management of facilities in high-rise buildings. The study concluded that cost of acquiring automating system is the most influencing factor when considering the choice of automation, while the need to protect buildings against failure was considered as the most significant factor influencing the adoption of automation.
- ItemComparative Analysis of Students' Satisfaction with Classroom Facilities in Nigerian Private Universities(Macrothink Institute:Journal of Studies in Education, 2015-11) Ajayi, Cyril AyodeleIn order for educational institutions to meet national and international standards, users preferences becomes an essential determinant of user satisfaction with facilities provided in such institutions. This study evaluates students' satisfaction with classroom facilities in three (3) private Universities in Ado-Odo Local Government Council Area, Ota, Ogun State, Nigeria. A total of five hundred and seventy (570) questionnaires were administered to students, and four hundred and thirty-two (432) representing 76% were returned and analysed. It was found that students were satisfied with electricity supply, ceiling finishes, windows/doors and furniture in their classrooms but, they were not satisfied with the provision and availability of air-conditioning and internet facilities in classrooms. However, when the results were analysed to reflect the findings for each University, they showed different levels of satisfaction and dissatisfaction. The study recommended that the Management of each University should work continuously towards ensuring that this essential facility is given priority in financial decisions and provisions. Essentially, this study would assist University policy-makers to allocate resources more effectively and efficiently since allocation of resources is critical to attaining excellence in a competitive academic environment.
- ItemCausal Relationship between N-REIT’s Dividend Yield and Money Market Indicators(Journal of African Real Estate Research, 2019-03-04) Ajayi, Cyril AyodeleThis paper examined the relationship between the Nigerian Real Estate Investment Trusts (NREITs) and Money Market Indicators (MMIs) which comprise of: Currency in Circulation (CIC), Broad Money Supply (BMS), Corporate-private Sector (CPS), Prime Lending Rate (PLR) and Treasury Bill Rate (TBR). Data for the N-REITs were sourced from the annual published report of SkyeREIT (an indirect real estate investment vehicle of Skye Shelter Fund Plc), while that of the MMI were sourced from the quarterly published bulletins of the Central Bank of Nigeria (CBN) and the National Bureau of Statistics (NBS) for the period 2008-2017. The study adopted the Co-integration test, Vector Autoregressive (VAR) and Vector Error Correction Model (VECM). The data collected passed the stationary test at p-value of p<0.05 which implies that the data is fit for Granger Causality Model (GSM) in a VAR environment. The co-integration test at 5% confidence level shows the existence of a partial long-run relationship at p-values of 0.0003, 0.0292 and 0.0297 respectively at the first three orders, while the Max-Eigen rank test was significant at the first order (none) with a p-value of 0.005. The results of the VAR and VEC models showed that CPS, PLR and TBR, with chi-square values of 11.748; 16.589; and 34.778 respectively, significantly affected the performance of N-REITs, while the PLR (4.5798) had a long-run significant effect. The findings provide decision caution for investors, analysts and capital market players when considering investment on securitised real estate assets.