Journal of Property Investment & Finance: Volume 29 Issue 4/5


Table of contents - Special Issue: Valuation Colloquium 2010: Organized by Clemson University, USA in association with Oxford Brookes University, UK

Guest Editors: Professor Elaine Worzala

A new paradigm for real estate valuation?

David Wyman, Maury Seldin, Elaine Worzala

The purpose of this exploratory paper is to examine the efficient market theories and to argue that a new paradigm or an expanded paradigm is needed for the valuation of real…


Real estate market dynamics during capital market imbalances

Thomas Hamilton

The major purpose of this paper is to refocus the appraisal profession on estimating value rather than explaining price. The appraisal profession itself encompasses many…


Real estate valuation, cognitive risk, and translational research

Larry Wofford, Michael Troilo, Andrew Dorchester

This paper seeks to consider selected aspects of the relationship between real estate valuation, human cognition, and translational research. Its purpose is to introduce the…


Valuation procedure and cycles: an emphasis on down markets

James DeLisle, Terry Grissom

Current economic conditions have identified a complication if not conflict in the application of valuation analysis assumptions with the free fall in asset prices observed since…


Market value, fair value, and duress

John Dorchester

This paper seeks to consider a significant market misconception and related errors commonly made by valuers, financial decision makers, and other users of valuation services. Its…


Using contingent valuation to measure property value impacts

Clifford Lipscomb

The purpose of this paper is to measure the impact of a proposed biomass facility on prospective property values using the contingent valuation method.


A meta‐analysis of the effect of environmental contamination on non‐residential real estate values

Jesse Saginor, Robert Simons, Ron Throupe

This paper seeks to reduce the lack of quantitative research by addressing diminution in value to non‐residential property resulting from environmental contamination.

Coherent risk measures in real estate investment

Roger Brown, Michael Young

The purpose of this paper is to propose a new way to measure risk in real estate investment, which departs from traditional statistical methodology borrowed from finance.


Barriers and drivers to green buildings in Australia and New Zealand

Sandy Bond

Improving energy efficiency of buildings and appliances has been shown to be the most cost‐effective way of reducing greenhouse gas emissions. The aim of this research is to…


Do peer effects shape property values?

François Des Rosiers, Jean Dubé, Marius Thériault

Both hedonics and the traditional sales comparison approach are derived from a similar paradigm with respect to how prices, hence market values, are determined. While the hedonic…


Expert systems and mass appraisal

John Kilpatrick

The purpose of this paper is to examine the usefulness of a heuristic expert system, to show its applicability to real‐world valuation problems, and to suggest several avenues for…


The political economy of green office buildings

David Harrison, Michael Seiler

This paper aims to examine whether rental premiums accrue to environmentally certified class “A” office buildings and, further, to what extent such premiums vary with the…


Preserving agricultural and forest land: a TDR approach

Bill Mundy, Theodore Lane

The purpose of this paper is to explore the demand and supply relationship between urban and non‐urban land, the latter's diminishing supply, arguments for and against its…


European valuation practices: how to compare valuations across borders? Initial findings

Aart Hordijk, Paul Nelisse, Leonie Koerhuis‐Gritter

Real estate investors invest more and more cross‐border, but the valuation practices in the different countries are not similar. For investors it is good to know the difference in…


Professional standards: RICS Valuer Registration Scheme

Nick French

In the last ten years, there has been much debate about the need for the licensing and regulation of property valuers in Europe. The European Union has “hinted” at the need for a…

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