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Aka, A, Isah, A D, Eze, C J and Timileyin, O (2020) Application of lean manufacturing tools and techniques for waste reduction in Nigerian bricks production process. Engineering, Construction and Architectural Management, 27(03), 658–79.
Andary, E G, Abi Shdid, C, Chowdhury, A and Ahmad, I (2020) Integrated project delivery implementation framework for water and wastewater treatment plant projects. Engineering, Construction and Architectural Management, 27(03), 609–33.
Ball, R (1999) Developers, regeneration and sustainability issues in the re-use of vacant industrial buildings. Building Research & Information, 27(03), 140–8.
Christodoulou, S E, Ellinas, G N and Aslani, P (2009) Disorder considerations in resource-constrained scheduling. Construction Management and Economics, 27(03), 229–40.
Gambo, M J (2022) Effect of institutional context and finance context of housing finance on home ownership among low-income earners in Bauchi. Journal of Financial Management of Property and Construction, 27(03), 415-36.
Golizadeh, H, Hosseini, M R, Martek, I, Edwards, D, Gheisari, M, Banihashemi, S and Zhang, J (2020) Scientometric analysis of research on “remotely piloted aircraft”. Engineering, Construction and Architectural Management, 27(03), 634–57.
Gravina da Rocha, C, El Ghoz, H B and Jr Guadanhim, S (2020) A model for implementing product modularity in buildings design. Engineering, Construction and Architectural Management, 27(03), 680–99.
Halliday, S, Beggs, C and Muneer, T (1999) Is solar air conditioning feasible?. Building Research & Information, 27(03), 149–64.
Hui, E C-M and Fung, H H-K (2009) Real estate development as real options. Construction Management and Economics, 27(03), 221–7.
Jia, Y A, Rowlinson, S, Kvan, T, Lingard, H C and Yip, B (2009) Burnout among Hong Kong Chinese architecture students: the paradoxical effect of Confucian conformity values. Construction Management and Economics, 27(03), 287–98.
Leiringer, R, Green, S D and Raja, J Z (2009) Living up to the value agenda: the empirical realities of through-life value creation in construction. Construction Management and Economics, 27(03), 271–85.
Liao, L, Teo Ai Lin, E and Low, S P (2020) Assessing building information modeling implementation readiness in building projects in Singapore. Engineering, Construction and Architectural Management, 27(03), 700–24.
Liu, Q, Ye, G and Feng, Y (2020) Workers' safety behaviors in the off-site manufacturing plant. Engineering, Construction and Architectural Management, 27(03), 765-84.
Marsh, L E and Finch, E F (1999) Using portable datafiles in the construction supply chain. Building Research & Information, 27(03), 127–39.
Mwamila, B L M and Karumuna, B L (1999) Semi-prefabrication concrete techniques in developing countries. Building Research & Information, 27(03), 165–82.
Ping Ho, S, Lin, Y-H, Wu, H-L and Chu, W (2009) Empirical test of a model for organizational governance structure choices in construction joint ventures. Construction Management and Economics, 27(03), 315–24.
Pulket, T and Arditi, D (2009) Construction litigation prediction system using ant colony optimization. Construction Management and Economics, 27(03), 241–51.
Rodriguez, F S, Spilski, J, Hekele, F, Beese, N O and Lachmann, T (2020) Physical and cognitive demands of work in building construction. Engineering, Construction and Architectural Management, 27(03), 745–64.
Toor, S-U-R and Ofori, G (2009) Authenticity and its influence on psychological well-being and contingent self-esteem of leaders in Singapore construction sector. Construction Management and Economics, 27(03), 299–313.
Vahdatmanesh, M, Firouzi, A and Rotimi, J O B (2022) Real options analysis of revenue risk sharing in post-disaster housing reconstruction. Journal of Financial Management of Property and Construction, 27(03), 281-305.
- Type: Journal Article
- Keywords: land readjustment; post-disaster housing reconstruction; public-private partnerships; real option analysis; revenue risk
- ISBN/ISSN:
- URL: https://doi.org/10.1108/JFMPC-02-2021-0018
- Abstract:
Purpose: Post-disaster housing reconstruction (PDHR) demands a considerable percentage of global property investment, yet the post-disaster environment presents intricate challenges to reconstruction financing for governments and at the same time, revenue uncertainty for private investors. The purpose of this study is to develop a methodology for tackling land shortage and the financial challenges of PDHR in the aftermath of a disaster. Design/methodology/approach: This study developed a methodology based on a combined minimum revenue guarantee and maximum revenue cap model using a well-established real options analysis (ROA) for revenue risk sharing in PDHR projects and land readjustment (LR) for finance. The applicability of the purported model is demonstrated through an illustrative example. Findings: The results show that flexibility in the options could increase the PDHR contractor’s risk profile by increasing the expected value of the contractor investment and reducing the probability of investment loss. On the other side, a cap on the contractor revenue stream would allow the government to benefit from any excess in revenue and would counterbalance the value of the option. Practical implications: The framework proposed in this study could serve as a practical risk-revenue sharing in PDHR projects. Governments and policymakers could use the findings to enable the successful delivery of PDHR projects and consequently bring the quality of life of affected people to pre-disaster conditions. Originality/value: This study can be considered as a first attempt toward the use of the Australian barrier style options structure, and the trinomial lattice valuation model in PDHR projects, which incorporates LR, public-private partnerships, governmental guarantees and PDHR concepts in one ROA-based framework. © 2021, Emerald Publishing Limited.
Xu, Y and Turkan, Y (2020) BrIM and UAS for bridge inspections and management. Engineering, Construction and Architectural Management, 27(03), 785–807.
Yuan, J, Zeng, A Y, Skibniewski, M J and Li, Q (2009) Selection of performance objectives and key performance indicators in public–private partnership projects to achieve value for money. Construction Management and Economics, 27(03), 253–70.
Zarghami, S A and Gunawan, I (2020) A fuzzy-based vulnerability assessment model for infrastructure networks incorporating reliability and centrality. Engineering, Construction and Architectural Management, 27(03), 725–44.