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Article
Publication date: 1 January 1986

ERNEST WOOD

This is the first of a pair of articles which attempt to clarify and compare the concepts and applications of the two so‐called positive or real value valuation methods…

Abstract

This is the first of a pair of articles which attempt to clarify and compare the concepts and applications of the two so‐called positive or real value valuation methods. For these purposes these are the methods which use either the Equated Yield (EY) or the Inflation Risk Free Yield (IRFY) as their principal criterion rather than an all‐risks yield (ARY). This paper looks at the origins of these methods and discusses the principles on which valuation methods for investment purposes should be evaluated.

Details

Journal of Valuation, vol. 4 no. 1
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 1 February 1986

ERNEST WOOD

The first of these two articles gave an insight into the basis on which the suitability of valuation methods to perform their functions should be judged. In this article…

Abstract

The first of these two articles gave an insight into the basis on which the suitability of valuation methods to perform their functions should be judged. In this article attention turns to specific principles in the Equated Yield (EY) and Inflation Risk Free Yield (IRFY) approaches.

Details

Journal of Valuation, vol. 4 no. 2
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 1 September 1938

Ernest Wood

IN spite of the advantages of the sleeve valve engine the poppet valve engine is still produced in large numbers, and this position seems likely to be maintained for some…

Abstract

IN spite of the advantages of the sleeve valve engine the poppet valve engine is still produced in large numbers, and this position seems likely to be maintained for some time. Consequently a critical discussion of poppet‐valve problems and considerations from the metallurgical aspect will not be considered untimely, especially as the discussion is based on a fairly extensive first‐hand experience of high output engines.

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Aircraft Engineering and Aerospace Technology, vol. 10 no. 9
Type: Research Article
ISSN: 0002-2667

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Article
Publication date: 1 April 1938

Ernest Wood

IT has recently been said by a member of a firm of justly‐famous wire makers (1) that there is probably no finer grade of wire than that designed for aero‐engine valve…

Abstract

IT has recently been said by a member of a firm of justly‐famous wire makers (1) that there is probably no finer grade of wire than that designed for aero‐engine valve springs to Air Ministry Specification D.T.D.5A, and despite the fact that this article will deal principally with defects in that wire, the author, from an experience gained from the handling of some hundreds of miles of it, must state at the outset that he can endorse this opinion.

Details

Aircraft Engineering and Aerospace Technology, vol. 10 no. 4
Type: Research Article
ISSN: 0002-2667

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Article
Publication date: 1 September 2006

Ernest Wood

Abstract

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Journal of Property Investment & Finance, vol. 24 no. 5
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 September 2006

Ernest Wood

Property returns are normally measured against the target rate for similar investments with comparable risks and liquidity. However, this analysis is normally undertaken…

Abstract

Purpose

Property returns are normally measured against the target rate for similar investments with comparable risks and liquidity. However, this analysis is normally undertaken in nominal terms and thus the risk of inflation, as it affects different investments, is not fully quantified. This paper seeks to analyse the effect of inflation on property investments.

Design/methodology/approach

This article examines the impact of inflation on gilt returns and relates this to property risk.

Findings

Investors may take a more pessimistic view of future inflation as an investment risk than the current official indices would indicate. In this context it may be that retail price index (RPI) and index adjusted for mortgage payments (RPIX) are not reliable indicators of inflation risk. It has been suggested that the difference between the two species of gilts as “a calculation of inflation expectations should be regarded with suspicion because of the volume of index linked bonds is so small that individual trades can move the market”.

Practical implications

Economists and financial advisers and commentators have long recognised that inflation, in the sense of the tendency of the value of a currency to decline in purchasing power, distorts the picture of the worth, not only of individual assets but also of the whole economy. In this respect investment advisers often, in presenting their arguments, use yields that are net of the rate of experienced inflation taken from the performance of the RPI or the RPIX. Unless there is an understanding of the risk of inflation on property investments, such net rates may be misleading.

Originality/value

This study adds to the literature exploring the effect of inflation on property returns.

Details

Journal of Property Investment & Finance, vol. 24 no. 5
Type: Research Article
ISSN: 1463-578X

Keywords

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Article
Publication date: 1 June 1935

Some twenty years ago, however, the realisation came that the economy of the animal body calls for the activities of substances with functions apparently akin, in many…

Abstract

Some twenty years ago, however, the realisation came that the economy of the animal body calls for the activities of substances with functions apparently akin, in many respects at least, to those of the hormones, which the body itself is nevertheless unable to produce, and therefore must receive them in its food. The indispensable functions of these, like those of the hormones, are adequately fulfilled by extraordinarily small amounts of each one. These food constituents yield therefore no appreciable supply of energy, nor do they serve in any ordinary sense as structural materials. Their presence like that of the hormones is necessary rather for the normal progress of active events. They have dynamic functions. I am alluding, of course, to the vitamins.

Details

British Food Journal, vol. 37 no. 6
Type: Research Article
ISSN: 0007-070X

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Article
Publication date: 1 April 1983

NEIL CROSBY

This paper introduces the real value approach. A second paper, to be published in the next issue of Journal of Valuation, considers specific applications of this approach.

Abstract

This paper introduces the real value approach. A second paper, to be published in the next issue of Journal of Valuation, considers specific applications of this approach.

Details

Journal of Valuation, vol. 1 no. 4
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 1 March 1985

MICHAEL GREAVES

In his article ‘The Valuation of Reversionary Freeholds: A Review’ Andrew Baum drew a comprehensive picture of conventional and modern valuation approaches to this topic…

Abstract

In his article ‘The Valuation of Reversionary Freeholds: A Review’ Andrew Baum drew a comprehensive picture of conventional and modern valuation approaches to this topic. His conclusions were well founded, but appeared to be a bit harsh on the basic Discounted Cash Flow Approach which, in his article, seemed to emerge as the Rational Model of Sykes. This article hopes to show that the basic Discounted Cash Flow Approach can deal adequately with complex reversions without being cumbersome or without requiring major adjustments, as Baum's article implies, and that it has the benefit of being more explicit than the Real Value approach which still hides rental growth in ‘i’, the inflation‐proof discount rate.

Details

Journal of Valuation, vol. 3 no. 3
Type: Research Article
ISSN: 0263-7480

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Article
Publication date: 8 February 2008

David Mackmin

The purpose of this paper is to review the historic evolution of dual rate valuation practice in the UK from the nineteenth century to the present time.

Abstract

Purpose

The purpose of this paper is to review the historic evolution of dual rate valuation practice in the UK from the nineteenth century to the present time.

Design/methodology/approach

The paper is based on a review of published books, articles and letters dating from 1852.

Findings

The study establishes the fact that single rate was the only method in use in the nineteenth century and notes the overlap of two methodologies and beliefs in the first half of the twentieth century. It confirms that by the late 1930s dual rate had replaced single rate and an “establishment opinion” on the essential need to value leaseholds dual rate on the basis of a set of commandments had emerged without any apparent disagreement. This position, with some debated refinements for the effect of tax and treatment of variable profit rents, is shown to continue through the twentieth century and is reaffirmed in standard textbook teaching at the start of the twenty‐first century. The review touches on the criticisms noted by academics in the latter part of twentieth century. It identifies as a key issue the continuing persistent misconception amongst UK valuers that there is a reinvestment assumption in the present value of £1 per annum.

Originality/value

Dual rate principles are shown in the paper to be untenable and the profession is advised to remove the method from future training of valuers and to cease to make any use of the method in the valuation of leasehold investments.

Details

Journal of Property Investment & Finance, vol. 26 no. 1
Type: Research Article
ISSN: 1463-578X

Keywords

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