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This study aims to consider the theoretical potential for client influences to bias valuations, and assess the validity of the resulting framework by seeking input from…
This study aims to consider the theoretical potential for client influences to bias valuations, and assess the validity of the resulting framework by seeking input from practising valuers and commissioning clients.
Reports upon a series of individual interviews with senior New Zealand property executives responsible for the management of large portfolios of institutional‐grade property assets.
The results indicate that clients with expertise and a high level of knowledge of the property market are able to influence valuers by way of expert and information power. Opportunities to exert influence are afforded by the control the client has over the valuation process including the common practice in New Zealand of permitting clients to review draft valuations prior to their formalisation.
The general aim of this paper is to build on the theory as opposed to testing theory. In order to achieve this aim a qualitative approach was taken, this permits a focus on the search for meaning and understanding. As in most qualitative research therefore it does not claim that the findings can be generalised to a wider population, but it provides theory for later testing. The results however, not only provide a more in‐depth understanding of the process, motivation and opportunities for client influence but also help to highlight the justification for further theoretical and empirical research in this area in order to achieve a more in‐depth knowledge of the valuation process.
This paper succeeded in its objective of developing an holistic and deeper understanding of valuation by gaining insights from clients involved directly in the commissioning of valuations for property funds in New Zealand. The results suggest that there are a number of specific influences that have not been previously documented, but appear to have the potential to affect valuation outcomes and valuations that are ultimately reported to stakeholders.
Suggests that a form of modified variable rate mortgage (VRM) should bethe type of mortgage that is most attractive to the majority ofowner‐occupiers in New Zealand. VRMs…
Suggests that a form of modified variable rate mortgage (VRM) should be the type of mortgage that is most attractive to the majority of owner‐occupiers in New Zealand. VRMs are shown to be lenders′ choice of mortgage because their traditional reliance on retail deposits and other forms of short‐term finance necessitates that their assets be of similar duration. In exchange for unilateral rate‐setting powers, lenders compensate borrowers (to a degree) with relatively low administration costs. Though it appears that the range of mortgage products available in New Zealand is now too narrow, this is beginning to be rectified by new products that offer more conservative borrowers the ability to reduce risk. Finally, analysis of historic mortgage margins indicates that there are differences between lenders. Solely on the basis of rate‐setting practice, though no lender appears to have been able to charge significantly higher margins than all of the other lenders, one institution has offered significantly lower margins.
In a recent article, Dr Michael J. Crean (1993) asserts that reinvestment rates of interest must be explicitly taken into account when using internal rate of return (IRR) to compare mutually exclusive investment opportunities. To that end and to measure the risk perceived to be associated with reinvestment, Dr Crean presents two new concepts, namely the combined result of externally averaged numbers (CREAN) and the reinvestment rate risk ratio (R4). Presents a response to Dr Crean′s article. Begins by showing that the bulk of Dr Crean′s analysis is a reproduction of research that appeared in the finance literature more than two decades ago. It is also shown that variants of IRR which explicitly take reinvestment opportunities into account are of low economic validity. Such measures offer no benefit to naïve investors, since they are forced to assume that the spot rates of interest determined in the financial markets already incorporate a consensus view of future reinvestment opportunities. Selective investors are also not well served by such measures as the CREAN, as they (just like IRR) cannot be used as an absolute measure of investment attractiveness or to compare mutually exclusive alternatives in the absence of information on the market price of risk. Concludes by taking issue with Dr Crean′s assertion that duration and the R4 should both be used to gauge and compare the attractiveness of investments.
The literature on appraisal smoothing and valuer behaviour contains frequent references to the “political pressures” faced by valuers. However, the vast majority of these…
The literature on appraisal smoothing and valuer behaviour contains frequent references to the “political pressures” faced by valuers. However, the vast majority of these are either unsubstantiated or based on anecdotal evidence or media reports. Recent research focusing on the issue of pressure similarly suffers from either a lack of formal evidence that particular sources of pressure (e.g. client) actually exist or preconceptions concerning the effect of such pressures. This paper reports on the results of a study which seeks to redress these shortcomings by identifying the non‐methodological factors that affect the values reported to, and ultimately accepted by, clients. The study consists of a series of individual in‐depth interviews with senior New Zealand Registered Valuers addressing the topic of “non‐methodological factors affecting reported values to clients”. Our results indicate that the primary factors affecting the degree to which clients influence valuations, are the type of client, the characteristics of valuers and valuation firms, the purpose of a valuation and the information endowments of clients and valuers.
This article explores how legal intermediaries facilitate or inhibit social change. We suggest the increasing complexity and ambiguity of legal rules coupled with the…
This article explores how legal intermediaries facilitate or inhibit social change. We suggest the increasing complexity and ambiguity of legal rules coupled with the shift from government to governance provide legal intermediaries greater opportunities to influence law and social change. Drawing from new institutional sociology, we suggest rule-intermediaries shape legal and social change, with varying degrees of success, in two ways: (1) law is filtered through non-legal logics emanating from various organizational fields and (2) law is professionalized by non-legal professionals. We draw from case studies in the United States and France to show how intermediaries facilitate or inhibit social change.
Alternative enterprises – organizations that operate as a business while still also being driven by a social purpose – are sometimes owned by workers or other…
Alternative enterprises – organizations that operate as a business while still also being driven by a social purpose – are sometimes owned by workers or other stakeholders, rather than shareholders. What role does ownership play in enabling alternative enterprises to prioritize substantively rational organizational values, like environmental sustainability and social equity, over instrumentally rational ones, like profit maximization? We situate this question at the intersection of research on: (1) stakeholder governance and mission drift in both hybrid and collectivist-democratic organizations; and (2) varieties of ownership of enterprise. Though these literatures suggest that ownership affects the ability of alternative enterprises to maintain their social missions, the precise nature of this relationship remains under-theorized. Using the case of a global, social, and environmental values-based banking network, we suggest that alternative ownership is likely a necessary, but not sufficient, condition to combat mission drift in enterprises that have a legal owner. A supermajority of this network’s banks deploy alternative ownership structures; those operating with these structures are disproportionately associated with social movements, which imprint their values onto the banks. We show how alternative ownership acts through specific mechanisms to sustain enterprises’ missions, and we also trace how many of these mechanisms are endogenous to alternative ownership models. Finally, we find that ownership models vary in how well they enable the expression and maintenance of these social values. A ladder of mission-sustaining ownership models exists, whereby the dominance of substantive, non-instrumental values over operations and investment becomes increasingly robust as one moves up the rungs from mission-driven investor ownership to special shareholder and member-ownership models.
This contribution critiques U.S. practices respecting birth citizenship. It first describes the logic of territorial birthright citizenship. The practice makes sense only insofar as place of birth has supplied a proxy for community membership. But many who are born in the United States leave permanently at an early age. It is not clear why they should be able to take their citizenship with them. The paper also critiques the liberalized basis for acquiring citizenship on the basis of parentage. In both cases, birth citizenship creates an increasing disconnect between the formal and organic boundaries of community. This disconnect could be addressed by the adoption of presence requirements beyond birth. Presence requirements would be consistent with liberal values to the extent they would strengthen the solidarities of the liberal state. However, it is unclear that presence gives rise to such solidarities. It is also improbable that presence requirements will be adopted. This both evidences and reinforces the declining salience of citizenship.
Investigates the importance of English language sources ofFriedrich Theodor Althoff (1839‐1908), a German of great influence bothin his own country and, indirectly, in the…
Investigates the importance of English language sources of Friedrich Theodor Althoff (1839‐1908), a German of great influence both in his own country and, indirectly, in the United States. Explores some measures of his influence in education and international understanding. Examines a wide variety of sources. Explains how it could happen that an influential person would end up in intellectual history with almost no recognition. Challenges several conventional assessments. Althoff′s most important contributions are in print and more almost certainly exist in university archives, but the material is scattered and unorganized. Because we do not yet have the full story of this remarkable and complex man, firm conclusions about his influence are not yet possible.