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Challenges of property data in developing markets have been reported by several authors. However, a deep understanding of the actual nature of this phenomenon in developing markets is largely lacking as in-depth studies into the actual nature of data challenge in such markets are scarce in literature. Specifically, the available literature lacks clarity about the actual nature of data challenges that developing markets pose to valuers and how this affects valuation practice. This study provides this understanding with focus on the Lagos property market.

This study utilises a qualitative research approach. A total of 24 valuers were selected using snowballing sampling technique, and in-depth semi-structured interviews were conducted. Data collected were analysed using thematic analysis with the aid of NVivo 12 software.

The study finds that the main data-related challenge in the Lagos property market is the lack of database of market property transactions and not the lack or absence of transaction data as it has been emphasised in previous studies. Other data-related challenges identified include weak property rights institution with attendant transaction costs, underhand dealings among professionals, undocumented charges, undisclosed information, scarcity of data relating to specialised assets and limited access to the subject property and required documents during valuation. Also, the study unbundles the factors responsible for these challenges and how they affect valuation practice.

The study has implication for practice in the sense that the deeper knowledge of data challenges could provide insight into strategy to tackle the challenges.

This study contributes to the body of knowledge by offering a fresh and in-depth perspective to the issue of data challenges in developing markets and how the peculiar nature of the real estate market affects the nature of data challenges. The qualitative approach adopted in this study allowed for a deep enquiry into the phenomenon and resulted into an extended insight into the peculiar nature of data challenges in a typical developing property market.

An appraisal is normally conducted to determine financial viability of property development projects for several purposes. The residual valuation method is normally used to appraise such projects and the purpose of the paper is to examine its financial viability decision rules (FVDRs) used by practitioners.

The qualitative research approach was adopted based on the case study strategy of enquiry where 48 development appraisal reports from 37 Royal Institution of Chartered Surveyors registered firms in London were accessed from the internet and critically reviewed.

Site-specific and area-wide development appraisals for planning purposes dominated the reports. Five FVDRs were identified. A development project is financially viable if: (i) computed residual profit expressed as a percentage return is equal to or greater than a determined market benchmark risk-adjusted return; (ii) computed residual profit expressed as a percentage return is positive; (iii) calculated residual land value is greater than open market land value or benchmark land value; (iv) computed residual land value is positive; and (v) there is a surplus when appraisal cost variables including land costs plus allowance for developer’s profit are deducted from gross development value. In some reports, it was discovered some appraisal cost variables were excluded whilst others were inappropriately treated.

The first and third FVDRs are reasonable whilst the remaining are fraught with problems and using them can make development projects that are financially unviable to be viable. Also, excluding relevant cost variables and treating some inappropriately understate the appraisal cost component resulting in incorrect financial viability outcomes. These can lead to wrong recommendations about financial viability being proffered that negatively affect the practitioners’ clientele. The dominance of development appraisals for planning purposes shows the important role development appraisals continue to play in the English planning system.

To the best of the author’s knowledge, it is the first time FVDRs in development appraisals have been systematically investigated in England with resultant new empirical findings and arguments.

This paper aims to develop a framework for the bioaccounting measurement of environmental assets based on natural wealth sustainability. Specifically, this paper proposes a theoretical structure for qualitative and quantitative organization-level assessments of the existence and circulation of water, air, wildlife, flora, soil and subsoil resources.

This research used an inductive method with a qualitative and quantitative approach. The authors postulate a systemic and comprehensive bioaccounting measurement of environmental assets, including heterogeneous and homogeneous methods and quantitative and qualitative valuations of the resources that comprise environmental assets.

The authors describe a theoretical structure for the bioaccounting measurement of environmental assets based on the sustainability of natural wealth through heterogeneous and homogeneous measurement methods and show how to integrate these assets through an homogeneous method.

The development of this general theoretical structure will require the integration of theoretical, conceptual and technical developments from multiple disciplines. The authors hope that the scientific community will evaluate and study this proposal for faster progress towards its practical implementation in organizations.

The authors structured the bioaccounting measurements, which are presented individually for each class of environmental assets. Each of these assets requires subcategories (accounts, subaccounts and resources) and recognition/measurement units. Environmental value units (EVUs) are used to standardize the plurality of measurement units.

This study aims to examine how financial analysts evaluate other comprehensive income (OCI) information with a focus on the information content and economic substance of OCI gain and loss.

This study conducted a 2 × 2 between-subject experiment by manipulating profitability (net profit or net loss) and OCI (OCI gain or loss). A total of 103 equity research analysts participated in the experiment.

The results show that when the company suffers a net loss, the presence of unrealized gain in OCI appears to cause concern for analysts, in that they assigned a lower valuation to the OCI gain company than the OCI loss company. However, in the cases where the company is profitable, analysts appeared to respond to the direction of OCI (i.e. gain or loss) and incorporated the directional information in their valuation judgment.

The experimental results complement prior archival research on OCI valuation. This study extends prior work on OCI’s decision usefulness, improves understanding of the impact of OCI on firm valuation and contributes to the ongoing debate about whether OCI is viewed as a performance measure. The findings indicate that the effect of OCI gains or losses is most pronounced when the company experiences a loss. During such instances, analysts may interpret a combination of net loss and OCI gain as a potential indicator of earnings management opportunities. Consequently, they may perceive it as a signal of deteriorating future financial performance.

This study investigates the motivations and consequences of classification shifting from cost of sales to research and development (R&D) in high-technology industries.

This study conducts a multivariate analysis using logistic and ordinary least squares regression methods on panel data of high-technology firms for the period 1988–2012 to examine the effect of R&D classification shifting on gross margin benchmarks and future performance.

The results show that R&D classification shifting increases the likelihood of meeting or beating gross margin benchmarks. They also show that firms engaged in R&D classification shifting exhibit lower future R&D productivity, stock returns, and operating performance. The findings indicate that the short-term benefits of achieving gross margin benchmarks are offset by the long-term negative impact of R&D misclassification.

This paper provides insights that can help regulators develop clearer guidelines for the appropriate classification of R&D costs.

Moving beyond the core earnings management paradigm, this study demonstrates the use of R&D classification shifting as a tool to manipulate gross profits and R&D in high-technology industries. Most prior studies focused on the determinants of R&D classification shifting, while few investigated the impact of the practice. The findings in this study provide initial evidence of the consequences of R&D classification shifting for future R&D productivity and firm performance in high-tech industries. Using five methods, this study also validates R&D classification shifting and addresses the alternative explanation of R&D overinvestment.

From the buying club’s perspective, the transfer of a player can be interpreted as an investment from which the club expects uncertain future benefits. This paper aims to develop a decision-oriented approach for the valuation of football players that could theoretically help clubs determine the subjective value of investing in a player to assess its potential economic advantage.

We build on a semi-investment-theoretical risk-value model and elaborate an approach that can be applied in imperfect markets under uncertainty. Furthermore, we illustrate the valuation process with a numerical example based on fictitious data. Due to this explicitly intended decision support, our approach differs fundamentally from a large part of the literature, which is empirically based and attempts to explain observable figures through various influencing factors.

We propose a semi-investment-theoretical valuation approach that is based on a two-step model, namely, a first valuation at the club level and a final calculation to determine the decision value for an individual player. In contrast to the previous literature, we do not rely on an econometric framework that attempts to explain observable past variables but rather present a general, forward-looking decision model that can support managers in their investment decisions.

This approach is the first to show managers how to make an economically rational investment decision by determining the maximum payable price. Nevertheless, there is no normative requirement for the decision-maker. The club will obviously have to supplement the calculus with nonfinancial objectives. Overall, our paper can constitute a first step toward decision-oriented player valuation and for theoretical comparison with practical investment decisions in football clubs, which obviously take into account other specific sports team decisions.

Valuers should independently assess market value. The purpose of this article is to analyze whether the valuation behavior remains independent when commissioned by publicly listed companies in Taiwan.

This study used both quantitative and qualitative methods. Quantitative data analysis was used to examine the estimated premium ratio and estimated divergent ratio with the independent sample t test and Wilcoxon-Mann-Whitney test. To complement and validate the quantitative analysis, open-ended questionnaires were conducted, providing additional insights into the research findings.

The results showed that there is a significant difference in estimated valuations commissioned by representatives of buyers and sellers, and the estimated premium ratios commissioned by representatives of buyers were higher than those of sellers. Furthermore, the open-ended questionnaires results indicate that these findings may be influenced by clients for less experienced appraisers. However, for senior appraisers, this is seen as an action to gain a better understanding of the valuation purpose and always within a reasonable price range. In addition, client influence is not a static factor; it may transform into the valuer's behavior as the appraiser's experience grows and deepens.

It is difficult to obtain valuation reports commissioned by representatives of both buyers and sellers for the same property transactions. In this study, data were obtained from the Market Observation Post-System (MOPS) in Taiwan. As valuation reports could not be obtained, estimated valuations and transaction prices are used to calculate estimated premium ratio and estimated divergent ratios.

Previous investigations of the client effect have been conducted using qualitative methods including questionnaire surveys, in-depth interviews and experimental design. However, these studies are subject to moral hazard. This study may be the first study that has access to data on valuations for both buyers and sellers in such a formal setting.

Candlestick charts are a key tool for the technical analysis of cryptocurrency price fluctuations. It is essential to examine trends in the time series of a financial asset when completing an analysis. To accurately examine its potential future performance, it must also consider how it has changed and been active during the period. The researchers created cryptocurrency trading algorithms in this study based on the traditional candlestick pattern.

The data includes information on Bitcoin prices from early 2012 until 2021. Only the engulfing Candlestick model was able to anticipate changes in the price movements of Bitcoin. The traditional Harami model does not work with Bitcoin trading platforms because it has yet to generate profitable business results. An inverted Harami is a successful cryptocurrency trading method.

The inverted Harami approach accounts for 6.98 profit factor (PrF) and 74–50% of profitable (Pr) transactions, which favors a particularly long position. Additionally, the study discovered that almost all analyzed candlestick patterns forecast longer trends greater than shorter trends.

To statistically study its future potential return, examining how it has changed and been active over the years is necessary. Such valuations are the basis for trading strategies that could help traders and investors in the cryptocurrency market. Without sacrificing clarity or ease of application, the proposed approach has increased performance by up to 32.5% of mean absolute error (MAE).

This study is novel in that it used multilayer autoregressive neural network (MARN) models with crypto-net (CNM) in machine learning to analyze a time series of financial cryptocurrencies. Here, the primary study deals with time trends extracted through a neural network model. Then, the developed model was tested using Bitcoin and Ethereum. Finally, CNM validity was tested through linear regression.

Ordinary direct capitalization is normally considered procyclical in its present form (De Lisle Grissom, 2011); for this reason, an alternative approach to direct capitalization may be useful in the determination of a robust opinion of value. The valuation standards propose an alternative determination of terminal value in the discounted cash flow analysis, recommending that for cyclical assets, the terminal value should consider … “the cyclical nature of the asset and should not be performed in a way that assumes “peak” or “trough” levels of cash flows in perpetuity” (IVS 105 Valuation Approaches and Methods para 50.21 lett e).

The introduction in International Valuation Standards (IVS) of Cyclical Assets raises several questions for the community of real estate professionals and academicians (IVS, 2022, 105 Valuation Approaches and Methods para 50.09 lett d). Cyclical assets can be defined as property whose value is “influenced by upturn and downturn of the market in a significant way” (d’Amato et al., 2019).

The paper proposes different solutions to the problem. The determination of the exit value using cyclical capitalization allows for a prudent assessment of the value and may be used either as a valuation procedure or a risk analysis method.

The valuation comparison with the traditional valuation techniques will be based on an iteration of exit value in order to determine the effects of the valuation procedure on the opinion of value.

The implication of the valuation procedure is the introduction of a countercyclical valuation method to determine the exit value in order to reach stable and reliable valuations for income-producing properties.

These models may have a social implication, providing valuation for income-producing properties that may deal with the property market cycle in a more efficient way, providing efficient valuation for banks and institutions.

The paper is the first application of such a valuation procedure to the determination of exit value.