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A note on “The initial yield revealed: explicit valuations and the future of property investment”

Philip White (Head of the Valuation Department, College of Estate Management, and later Professor of Urban Land Economics and Dean of the Faculty of Commerce and Business Administration, University of British Columbia, Canada; co‐founder and trustee of the World Valuation Congress.)

Journal of Property Valuation and Investment

ISSN: 0960-2712

Article publication date: 1 August 1995

Abstract

A response to the article by Baum and MacGregor (1992), “The initial yield revealed: explicit valuations and the future of property investment”. Contends that the concept of “underlying investment value” proposed is specific to individual potential purchasers or to an individual owner. Points out that the application proposed for “underlying investment value” is similar to the capital budgeting process and to earlier proposals for a process of investment selection in American valuation literature. Baum and MacGregor put forward “a modern explicit method of valuation”, which is, in principle, the “summation method” and this, too, has been part of American valuation literature for some time. Criticisms of the summation method are equally applicable to the modern explicit method, but they have not been seriously addressed by Baum and MacGregor. Includes corrigenda to the original article.

Keywords

Citation

White, P. (1995), "A note on “The initial yield revealed: explicit valuations and the future of property investment”", Journal of Property Valuation and Investment, Vol. 13 No. 3, pp. 53-58. https://doi.org/10.1108/14635789510088618

Publisher

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MCB UP Ltd

Copyright © 1995, MCB UP Limited