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11 – 20 of over 140000Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…
Abstract
Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.
Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17;…
Abstract
Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐17; Journal of Property Investment & Finance Volumes 8‐17; Property Management Volumes 8‐17; Structural Survey Volumes 8‐17.
Develops and compares a number of alternative discounted cash flow (DCF) approaches to the appraisal of over‐rented property. The transparent nature of DCF techniques makes them…
Abstract
Develops and compares a number of alternative discounted cash flow (DCF) approaches to the appraisal of over‐rented property. The transparent nature of DCF techniques makes them more suitable than traditional techniques for the appraisal of over‐rented property, but the different DCF approaches reveal the essential risk characteristics of over‐rented property, including option characteristics similar to those of convertible bonds. This suggests that even more complex appraisal techniques used in other investment markets may be more appropriate.
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Neil J.K. Turner and Matthias Thomas
This paper – the second half of a two‐part paper – constructs a notional property index for the German office market. The returns from this index are subject to numerous…
Abstract
This paper – the second half of a two‐part paper – constructs a notional property index for the German office market. The returns from this index are subject to numerous adjustments in order to produce a cash flow which reflects annual indexation changes in rent and possible reviews to open market levels at appropriate intervals, depending on the terms of the lease contracts and the rise and fall of office rents over time. The lease contracts modulate the relationship between changes in market rents and yields in the German office market (as recorded by the relevant published notional index) leading to capital value movements of the hypothetical portfolio. Attempts have also been made to take account of the effects of non‐recoverable operating costs, although depreciation and letting voids were not accounted for.
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Over the last eight or nine years something closely akin to a revolution has taken place in the production of standards and guidelines intended both to assist the surveyor in day…
Abstract
Over the last eight or nine years something closely akin to a revolution has taken place in the production of standards and guidelines intended both to assist the surveyor in day to day practice and to inject a measure of consistency into the market. Perhaps the most notable contribution has been made by the founding fathers of the Asset Valuation Standards Committee of the Royal Institution of Chartered Surveyors, without whose good offices the valuation profession might well have found itself subject to regulation externally imposed and its role diminished in the eyes of other professional advisors acting on behalf of business clients. One of the cornerstones of the Guidance Notes produced by the AVSC is its definition of open market value, and it is with the general concept of open market value, or rather with one particular aspect of it, that this brief note is concerned.
Marna de Klerk and Charl de Villiers
Corporate responsibility reporting (CRR) deals with companies’ ethical, economic, environmental, and social impacts. The purpose of this paper is to contribute to the debate on…
Abstract
Purpose
Corporate responsibility reporting (CRR) deals with companies’ ethical, economic, environmental, and social impacts. The purpose of this paper is to contribute to the debate on whether CRR is associated with the information set that shareholders use to value a company's equity and therefore, the value‐relevance thereof for investment decision making.
Design/methodology/approach
The paper uses a modified Ohlson model developed by Hassel, Nilsson and Nyquist to examine the role of CRR in providing information to shareholders that may affect their valuation of a company. The paper uses two data sets, namely a KPMG dataset on the CRR of the top 100 South African companies and the McGregor BFA database for financial data.
Findings
It was found that the share prices of companies with higher levels of CRR are likely to be higher.
Originality/value
Prior research in which different valuation methods and different assessment periods were used was conducted in different developed countries. Some studies show value relevance, while others do not. South Africa is a developing country and by bringing a developing country to the literature the authors’ aim is to contribute to the current debate on the value relevance of CRR.
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Suggests which valuation approaches should be adopted forappraising properties that are already treated or intended fordevelopment. Considers questions of ill‐informed market…
Abstract
Suggests which valuation approaches should be adopted for appraising properties that are already treated or intended for development. Considers questions of ill‐informed market evidence, continuing liabilities, comparison of long‐term and short‐term advantages, grants and planning gain. Concludes that many in the property business will have to become more conversant with the mysteries of contamination.
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Tobias Schnaidt and Steffen Sebastian
There is a continuing discussion about whether German valuation methods are inaccurate and inferior to the British standard, and the enduring efforts for a European and…
Abstract
Purpose
There is a continuing discussion about whether German valuation methods are inaccurate and inferior to the British standard, and the enduring efforts for a European and internationally standardised valuation method and value definitions intensify this discussion. The German valuation system is said to lead to valuations which do not reflect actual market conditions and excessive smoothing. Not surprisingly, German surveyors usually disagree and claim that the German valuation approach, with its sustainable rental value, fulfils not only its purpose but is more transparent and thus superior to the approach usually applied in UK. The purpose of this paper is to discuss the recently adjusted German valuation methods.
Design/methodology/approach
The paper analyses the German valuation methods and highlights the predominant differences to the British valuation standards.
Findings
The paper shows that the discussed valuation methods should lead to comparable results. The legal framework of the German valuation approaches can therefore not be blamed for any of the observed empirical phenomenon.
Originality/value
The paper discusses the recently adjusted German valuation methods.
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N.R. Mazure and J.C. Trigg Waddell
Seeks to tackle in the broadest possible terms the legal andpractical aspects of fraud and negligence claims in relation toresidential mortgage valuations and surveys carried out…
Abstract
Seeks to tackle in the broadest possible terms the legal and practical aspects of fraud and negligence claims in relation to residential mortgage valuations and surveys carried out by the surveying profession. Includes underwriting, lenders claims, defective property and valuation for mortgage purposes. cites case law regarding the difference between open market value and mortgage calculation. Concludes that the valuation for mortgage purposes may lead to an entirely different conclusion from open market value.
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