47 research outputs found

    Quantity surveying and BIM 5D. Its implementation and analysis based on a case study approach in Spain

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    There is ample evidence to show that in the Spanish architecture, engineering and construction (AEC) sector, implementation is underway of the Building Information Modelling (BIM) methodology, which is changing the way architectural projects are designed and managed in all their phases. This paper focuses on the quantity surveying practice, carried out in Spain using the newly available digital tools. Through a review of the existing literature and the qualitative analysis of four case studies (CS), it aims to define the key points related to the new processes, roles and skills required by quantity surveyors in this new paradigm of BIM methodology. The information collected from different sources was coded for its qualitative analysis. The findings from the research show that having a rich database and all the available information to design a three dimensional (3D) model are vital for enhancing the quality of the quantity take-off and a project’s cost estimate. From the findings, a new role emerges for the quantity surveyor as a cross-disciplinary profile needed to improve the process. In Spain, there is still a shortfall in knowledge levels of cost management software and the implementation of BIM, which differs in direct relation to company size and type.Postprint (published version

    The securitization of residential rental revenue streams in Europe

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    The purpose of this paper is to analyze the securitization of rental streams, a new investment and finance product introduced in the USA in 2013 that enables fundraising from large residential portfolios owned by major investment funds and investment banking. The securities are made up of non-performance loans as well as real estate portfolios of financial entities. REO-to-rental securitization is a step forward toward the democratization of finance through the globalization of the residential market, improving risk sharing for major and retail investors. The securitization of rental streams in Europe has not taken off, despite several issuances in the USA since 2013 with significant success where first tranches obtained a credit qualification of triple-A from the majority of the main rating agencies.Peer ReviewedPostprint (published version

    Loan-Based-Crowdfunding Investment as an alternative vehicle in channeling institutional and personal savings: the collaborative economy

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    The financial disintermediation mechanism known as ‚Äúloan-based-crowdfunding‚ÄĚ has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The concluThe financial disintermediation mechanism known as ‚Äúloan-based-crowdfunding‚ÄĚ has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The conclusion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors. sion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors.Peer ReviewedPostprint (author's final draft

    Recognition and enforcement of arbitral awards cancelled at the place of arbitration

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    El cumplimiento de los laudos arbitrales por las partes es voluntario pero existen casos que dan cuenta de los obst√°culos que una parte vencedora en la disputa puede verse expuesta a sortear. La asunci√≥n de una posici√≥n respecto a la localizaci√≥n o deslocalizaci√≥n del arbitraje es realmente determinante para decidir sobre el reconocimiento de un laudo anulado o, si por el contrario, el √©nfasis debe ser puesto en consideraciones que la comunidad internacional ha identificado como ‚Äúnociones b√°sicas de justicia.‚ÄĚ Los instrumentos que regulan el libre tr√°nsito de laudos internacionales permiten el ejercicio de discrecionalidad lo cual genera incertidumbre e incita el forum shopping, plante√°ndose entonces la pregunta respecto a cu√°les son los valores que deben primar: certeza y respeto por las jurisdicciones locales o un posible mayor grado de incertidumbre. El presente art√≠culo pretende unificar posiciones respecto a la (des)localizaci√≥n del arbitraje la cual no solo parece una tarea tit√°nica, sino adem√°s ineficiente. Por su parte, el establecimiento de principios b√°sicos de justicia y debido proceso parece no solo m√°s alcanzable, sino tambi√©n deseable.Peer ReviewedPostprint (published version

    Loan-Based-Crowdfunding Investment as an alternative vehicle in channeling institutional and personal savings: the collaborative economy

    No full text
    The financial disintermediation mechanism known as ‚Äúloan-based-crowdfunding‚ÄĚ has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The concluThe financial disintermediation mechanism known as ‚Äúloan-based-crowdfunding‚ÄĚ has recently come under regulation in Spain. This competitive investment and finance vehicle is already well established in the US and British markets. By compiling empirical data from a reference crowdfunding platform, this article compares loan-based crowdfunding with other traditional investment vehicles such as investment funds, equities, and pension funds. The conclusion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors. sion of the study is that saving through crowdfunding allows the optimization of a portfolio comprising both institutional and retail investors.Peer Reviewe

    Reconocimiento y ejecución de laudos arbitrales anulados en la sede del arbitraje

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    The fulfilment of arbitral awards by the parties is voluntary, but there have been cases in which the successful party in the dispute has been obliged to circumvent certain obstacles. Taking a position on the location or relocation of arbitration is crucial to decide whether an annulled award should be recognized or whether, on the contrary, the emphasis should be placed on considerations that the international community has identified as ‚Äúbasic notions of justice‚ÄĚ.Postprint (published version

    Recognition and enforcement of arbitral awards cancelled at the place of arbitration

    No full text
    El cumplimiento de los laudos arbitrales por las partes es voluntario pero existen casos que dan cuenta de los obst√°culos que una parte vencedora en la disputa puede verse expuesta a sortear. La asunci√≥n de una posici√≥n respecto a la localizaci√≥n o deslocalizaci√≥n del arbitraje es realmente determinante para decidir sobre el reconocimiento de un laudo anulado o, si por el contrario, el √©nfasis debe ser puesto en consideraciones que la comunidad internacional ha identificado como ‚Äúnociones b√°sicas de justicia.‚ÄĚ Los instrumentos que regulan el libre tr√°nsito de laudos internacionales permiten el ejercicio de discrecionalidad lo cual genera incertidumbre e incita el forum shopping, plante√°ndose entonces la pregunta respecto a cu√°les son los valores que deben primar: certeza y respeto por las jurisdicciones locales o un posible mayor grado de incertidumbre. El presente art√≠culo pretende unificar posiciones respecto a la (des)localizaci√≥n del arbitraje la cual no solo parece una tarea tit√°nica, sino adem√°s ineficiente. Por su parte, el establecimiento de principios b√°sicos de justicia y debido proceso parece no solo m√°s alcanzable, sino tambi√©n deseable.Peer Reviewe

    Laudos zombis: la necesaria unificación de los criterios sobre reconocimiento y ejecución de laudos arbitrales anulados en la sede del arbitraje

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    Es pretensi√≥n del presente trabajo analizar la cuesti√≥n relativa al reconocimiento y ejecuci√≥n de laudos arbitrales anulados en el pa√≠s de la sede del arbitraje. Las √ļltimas decisiones suponen un distanciamiento del Reino Unido y Estados Unidos de la que ha sido la tendencia mayoritaria hasta la fecha: que un laudo anulado en la sede del arbitraje no ser√° susceptible de reconocimiento y ejecuci√≥n en otra jurisdicci√≥n.Peer ReviewedPostprint (published version

    Humanizing Finance by Hedging Property Values

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    The recent financial crisis triggered the greatest recession since the 1930s and had a devastating impact on households’ wealth and on their capacity to reduce their indebtedness. In the aftermath, it became clear that there is significant room for improvement in property risk management. While there has been innovation in the management of corporate finance risk, real estate has lagged behind. Now is the time to expand the range of tools available for hedging households’ risks and, thus, to advance the democratization of finance. Property equity represents the major asset in households’ portfolios in developed and undeveloped countries. The present paper analyzes a set of potential innovations in real estate risk management, such as price level-adjusted mortgages, property derivatives, and home equity value insurance. Financial institutions, households, and governments should work together to improve the performance of the financial instruments available and, thus, to help mitigate the worst impacts of economic cycles
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