The impact of the capital crisis of the fall of 1998 on construction lending

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 1999.Includes bibliographical references (leaves 50-51).Over the last three years, the public debt markets in the real estate sector have a grown at a rapid rate. As of June 1998, the Commercial Mortgage Backed Securities (CMBS) market was providing the majority of take-out financing for construction loans for commercial real estate. This dramatically changed in July 1998, when Russia defaulted on it's government debt and investors withdrew their money from high-yield, high-risk investments in favor of safer investments. This "flight to quality" caused lending within the public real estate capital markets to come to a virtual standstill. While macro-economic turmoil was the catalyst of the capital crisis, it brought fears regarding underwriting practices to the surface. The purpose of this paper is to briefly discuss the causes of the capital crisis of 1998 and to analyze its impact on underwriting standards for construction loans. The primary method of research for this paper, a survey of national construction lenders, was designed to provide a snapshot of underwriting standards prior to the capital crisis, at the height of the crisis, and today. These underwriting standards are contrasted against both property market fundamentals and development activity at these various times. The results of the survey confirm that there was a dislocation between the public capital markets and property market fundamentals. While public capital markets are perceived to increase real estate market efficiency in the long term, there is a cost associated with the presence of the capital markets, namely increased volatility in the short term. As macroeconomic shocks occur to the capital markets, property markets will be similarly affected. As evidenced by the capital crunch of August 1998, the role of construction lenders has become more dynamic. Henceforth, construction lenders will have to quickly adjust underwriting standards to reflect the ever-changing risk characteristics present in the capital markets. The question remains: Will the long-term efficiencies gained by the presence of the public markets outweigh the short-term cost of increase volatility? The answer will largely depend on the ability of construction lenders to monitor the capital markets and price loans accordingly.by Steven P. Garuti and Benjamin A.C. Goodsir.S.M

1. On the Mechanism of the Knee Joint.

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Media images and the gendered representation of chefs

Images portrayed in online media may influence societal perceptions of chefs, with the potential to perpetuate gender segregation in the  professional kitchen. Little scholarly attention in previous research has been given to the examination of gender and images in hospitality media. This article aims to fill that gap through an exploration of how online hospitality media may socially construct the gendered nature of the chef  profession. The visual research method — the use of images to learn about the social world — was used to analyse 315 images collected from lifestyle magazines accessed online, food event websites, hospitality and restaurant industry-related websites, cookbooks and cooking equipment websites in New Zealand. Specifically, images depicting male and female chefs were sourced and analysed in relation to their gender  representation. The findings revealed a marked difference between the portrayed images of male and female chefs. Not only did female chefs feature less frequently in the images, they were also predominantly portrayed in more domestic settings, with feminine aspects emphasised. Thepotential implications of these results are discussed, including the reinforcement of gender stereotypes underpinning segregation in the chef profession. Keywords: female chefs, gender segregation, magazines, male chefs, metaphors, visual researc

Managing employee customer service interpersonal exchanges in the hospitality industry: a New Zealand hotel case study

The continued growth of service industries and the development of the experience economy has highlighted the need for employees to have extensive social and interpersonal skills. The need for employee interpersonal skills is further emphasised by the extensive interaction between employees and customers, during the provision of customer service, in full service hotels. Despite the heterogeneous nature of the customer service environment, management expect that a consistent level of service will be maintained, while customers desire a unique experience that meets or exceeds their individual expectations. To ensure that both the needs of the organisation and customers are consistently met, management control of employee actions and behaviours is required.The aim of this study was to identify how hotel organisations and managers control employee interpersonal interactions with customers. The research also sought to identify the interpersonal and emotional capabilities employers require from employees to meet the needs of customers and present the desired corporate image. A qualitative, case study, research methodology was applied to understand the expectations of managers, the issues concerning managing employee interactions with customers, perceptions of employee capabilities, and beliefs about current management control strategies in a hotel environment. The research was conducted at four hotel properties belonging to one international hotel group. The data gathering methods included semi-structured interviews, documentation review and field notes.The research concluded that effective alignment of employee and management goal congruence first requires the alignment of managers' goals to the organisation. To ensure management's expectations, customers' expectations and employee actions and behaviours are aligned, management must also have a sound understanding of the organisation's brand and desired image. Cultural and social control mechanisms were found to be important, as they provided a consistent method of aligning employees' behaviour with the goals and expectations of management. The development of social cohesion and norms, through serial and investiture socialisation mechanisms, also helped to create self-managing teams that reinforced the goals of management. The study suggests that, due to the increasing diversity of the stakeholders' views and goals, some of the traditional management perspectives of hospitality may need to change to meet the needs of contemporary employees

A spatially resolved pressure-based approach to evaluate combined effects of human activities and management in marine ecosystems

Our oceans are heavily utilized by a wide variety of human activities that exert pressures which negatively impact marine ecosystems, occasionally leading to unsustainable rates of exploitation. A linkage framework approach can be used to make independent associations between sectors, activities, and the pressures they introduce. However, in reality, many different sectors and their associated activities overlap in time and space, potentially changing the severity of their impact as pressures combine, and undermine the efforts of environmental managers to mitigate the harmful effects of those activities. Here, we present a spatially resolved approach to assess the potential for combined effects using a linkage framework assessment. Using illustrative examples from the Northeast Atlantic, we show the likelihood of changes in pressure severity as a result of multiple overlapping activities. Management options to limit pressure introduction are explored and their benefit—measured as a reduction in the area of seabed impacted—assessed. In its simplest form, the approach can be used to develop potential precautionary management options in areas where data availability is poor and more comprehensive management measures where data are more widely availabl

An exposure-effect approach for evaluating ecosystem-wide risks from human activities

Ecosystem-based management (EBM) is promoted as the solution for sustainable use. An ecosystem-wide assessment methodology is therefore required. In this paper, we present an approach to assess the risk to ecosystem components from human activities common to marine and coastal ecosystems. We build on: (i) a linkage framework that describes how human activities can impact the ecosystem through pressures, and (ii) a qualitative expert judgement assessment of impact chains describing the exposure and sensitivity of ecological components to those activities. Using case study examples applied at European regional sea scale, we evaluate the risk of an adverse ecological impact from current human activities to a suite of ecological components and, once impacted, the time required for recovery to pre-impact conditions should those activities subside. Grouping impact chains by sectors, pressure type, or ecological components enabled impact risks and recovery times to be identified, supporting resource managers in their efforts to prioritize threats for management, identify most at-risk components, and generate time frames for ecosystem recovery