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Editorial 社论
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-10-27 DOI: 10.1108/jpif-09-2020-169
G. Newell
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引用次数: 0
Development land valuation accuracy in China – a case study of Beijing 中国开发用地估价准确性研究——以北京市为例
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-10-14 DOI: 10.1108/jpif-06-2020-0072
Mengmeng Dou, Lesley Hemphill, L. Lim
PurposeThe paper aims to quantitatively investigate vacant industrial land valuation accuracy in China, given the importance of the industrial market as an underlying pillar to promote urban growth especially in emerging economies.Design/methodology/approachIn China, the government formulates a Land Benchmark Price (LBP) to serve as a price reference point to sell land rights. To gain an in-depth understanding of the valuation practice by LBP, this paper uses correlation analysis to investigate the varying dynamics between the transaction-based prices and LBP appraisal-based estimates. Furthermore, a margin of error examination investigates the distortion in LBP land appraisals, with an amended LBP presented to improve the accuracy of the current LBP method.FindingsDifferent influencing factors are identified to impact the actual market transaction prices and the LBP construction, leading to a large discrepancy in industrial land appraisals. A systematic problem is recognised that the construction of the LBP follows urban bid curve theory, whereas the land transaction prices do not, demonstrating that an urgent LBP update is needed to capture the market dynamics for industrial market.Practical implicationsThe paper sets out discrepancies in valuation accuracy surrounding the application of the LBP valuation approach in China. This has practical implications for valuers in terms of raising their awareness of the deficiencies in the approach and the pitfalls they need to guard against in their appraisals. It also has implications for developers and investors who rely on valuer appraisals to assess the viability of land purchases; hence, they need to express caution in the appraisal advice sought. Finally, the results demonstrate to the standard setters how they need to modify the LBP equations to better capture market dynamics.Originality/valueThe paper examines valuation accuracy in transitional economies, through valuation differentials between appraised price and the transacted price. The value of the work lies in the analysis of the fundamental differentials between market price and appraised value, which is of importance to investors/developers, practicing valuers, as well as government officials responsible for setting the valuation standards.
鉴于工业市场作为促进城市增长的基础支柱的重要性,特别是在新兴经济体,本文旨在定量研究中国空置工业用地的估价准确性。设计/方法/方法在中国,政府制定土地基准价格(LBP),作为出售土地权的价格参考点。为了深入了解LBP的估价实践,本文使用相关性分析来研究基于交易的价格和基于LBP评估的估计之间的变化动态。此外,误差范围检验调查了LBP土地评估中的失真,并提出了修正的LBP,以提高当前LBP方法的准确性。发现不同的影响因素会影响实际市场交易价格和LBP建设,导致工业用地评估存在较大差异。人们认识到一个系统性问题,即LBP的构建遵循城市投标曲线理论,而土地交易价格则不遵循,这表明需要紧急更新LBP,以捕捉工业市场的市场动态。实际含义本文阐述了围绕LBP估值方法在中国的应用,在估值准确性方面存在的差异。这对估价师具有实际意义,可以提高他们对该方法的不足之处以及他们在评估中需要防范的陷阱的认识。它还对依赖估价师评估土地购买可行性的开发商和投资者产生了影响;因此,他们需要在寻求评估建议时表示谨慎。最后,结果向标准制定者展示了他们需要如何修改LBP方程,以更好地捕捉市场动态。独创性/价值本文通过评估价格和交易价格之间的估价差异来检验转型经济体的估价准确性。这项工作的价值在于分析市场价格和估价之间的根本差异,这对投资者/开发商、执业估价师以及负责制定估价标准的政府官员都很重要。
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引用次数: 1
Towards a taxonomy for real estate and land automated valuation systems 房地产和土地自动估价系统的分类
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-10-09 DOI: 10.1108/jpif-07-2020-0087
Brano Glumac, F. D. Rosiers
PurposeAutomated valuation models have been in use at least for the last 50 years in both academia and practice, while automated valuation recently re-emerged as very important with the rise of digital infrastructure. The current state of the art, therefore, justifies the dual contributions of this paper: organising existing knowledge and providing a new framework.Design/methodology/approachThis paper provides much-needed analysis and synthesis of the accumulated body of knowledge by proposing an updated classification of automated valuation approaches based on two criteria, and a taxonomy adapted to new trends. The latter requires a paradigm shift from models to automated valuation systems. Both classification and taxonomy arose after literature review.FindingsThis paper provides a framework for an explicit context under which automated valuation is carried out. To do so, authors propose a definition of automation valuation systems; contextualise the differences among theories, approaches, methods, models and systems present in automated valuation and introduce a classification of automated valuation approaches and a non-hierarchical taxonomy of automated valuation systems.Research limitations/implicationsPerhaps, a systematic literature review process instead of a selective list of 100 references could additionally validate the proposed classification and taxonomy.Practical implicationsThe new framework, underlying various dimensions of the automated valuation process, can help practitioners surpass judging models based purely on their predictive accuracy. Also, the automated valuation system is a more generic term that can better accommodate future research coming from a multitude of disciplines, more diverse business areas and enlarged variety of practical users.Originality/valueThis is the first paper that develops a taxonomy of automated valuation systems.
自动化估值模型在学术界和实践中至少已经使用了50年,而随着数字基础设施的兴起,自动化估值最近重新变得非常重要。因此,当前的艺术状态证明了本文的双重贡献:组织现有知识和提供一个新的框架。设计/方法论/方法本文通过提出基于两个标准的自动估价方法的更新分类和适应新趋势的分类法,为积累的知识体系提供了急需的分析和综合。后者需要从模型到自动评估系统的范式转变。分类和分类学都是在文献综述之后产生的。本文提供了一个明确的框架,在此背景下进行自动估值。为此,作者提出了自动化评估系统的定义;将自动估价中存在的理论、方法、方法、模型和系统之间的差异置于背景下,并介绍自动估价方法的分类和自动估价系统的非分层分类法。研究的局限性/意义也许,系统的文献综述过程而不是选择性的100篇参考文献列表可以额外验证所提出的分类和分类法。实际意义:新框架潜藏在自动化评估过程的各个维度之下,可以帮助从业者超越纯粹基于预测准确性的判断模型。此外,自动评估系统是一个更通用的术语,可以更好地适应来自众多学科、更多样化的业务领域和更广泛的实际用户的未来研究。原创性/价值这是第一篇对自动评估系统进行分类的论文。
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引用次数: 4
Practice briefing – Automated valuation models (AVMs): their role, their advantages and their limitations 实践简报-自动估价模型(AVM):其作用、优势和局限性
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-09-29 DOI: 10.1108/JPIF-07-2020-0086
Brano Glumac, F. D. Rosiers
PurposeThe current state-of-the-art recognises three traditional valuation approaches. The current division is not sufficient to explain systematically all features that drive the development and usage of automated valuation models.Design/methodology/approachThis practice briefing reviews existing valuation approaches, their pros and cons and more critical other automated valuation aspects or features; both based on a literature review.FindingsThis paper discusses and lists the six critical aspects or features, besides the valuation approaches.Practical implicationsThis paper reveals the list of aspects or features that are important to consider when designing an automated valuation model.Originality/valueThis practice briefing discusses the inclusion of a multitude of aspects when considering an automated valuation model design.
目前的最新技术认可了三种传统的估值方法。目前的划分不足以系统地解释驱动自动评估模型开发和使用的所有特性。设计/方法/方法本实务简介回顾现有估值方法、它们的优点和缺点,以及其他更重要的自动估值方面或特点;都是基于文献综述。除了评估方法外,本文还讨论并列出了六个关键方面或特征。本文揭示了在设计自动估值模型时需要考虑的重要方面或特征列表。原创性/价值本实践简报讨论了在考虑自动评估模型设计时包含的众多方面。
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引用次数: 11
Valuation uncertainty – when and why this is important 估值不确定性——何时以及为什么这一点很重要
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-09-28 DOI: 10.1108/JPIF-07-2020-0077
Christine Thorne
Purpose: The recent coronavirus pandemic created uncertainty across most markets This has resulted in many valuations being reported with caveats warning that they are uncertain However, many valuers and their clients remain unclear as to what these warnings are supposed to convey and why they are required by many valuation standards, including the International Valuation Standards The purpose of this paper is to explain how recognition of the need for uncertainty disclosures has developed over the past 25 years and how such disclosures can enhance overall trust in valuation Design/methodology/approach: The author has been involved in the development of the guidance issued by both the International Valuation Standards Council and Royal Institution of Chartered Surveyors, which included extensive consultation with financial regulators and valuation users alike He has also examined the wider economic theories of risk and uncertainty and how these need to be clearly distinguished in valuations Findings: This paper identifies the situations under which valuation uncertainty can occur, and steps that a valuer can follow to determine whether it is sufficiently material to require an appropriate caveat to be issued alongside the valuation It also examines the merits of different ways in which material uncertainty can be disclosed Practical implications: The paper should provide valuers with a better understanding of the reason why uncertainty disclosures are required and the circumstances in which they are required It also provides principles to help them formulate disclosures that are appropriate in different circumstances Originality/value: This is an abridged version of a Valuers' Briefing “Valuation Uncertainty – Reporting the unknowable” by the author and published as either an eBook or paperback available from Amazon © 2020, Emerald Publishing Limited
目的:最近的冠状病毒疫情在大多数市场造成了不确定性。这导致许多估价报告中都有警告,警告它们不确定。然而,许多估价师及其客户仍然不清楚这些警告应该传达什么,以及为什么许多估价标准都要求这些警告,包括国际估价标准。本文的目的是解释在过去25年中,对不确定性披露需求的认识是如何发展的,以及这种披露如何增强对估价设计/方法/方法的整体信任:作者参与了国际估价标准理事会发布的指南的制定和英国皇家特许测量师学会,其中包括与金融监管机构和估值用户的广泛咨询。他还研究了风险和不确定性的更广泛的经济理论,以及如何在估值中明确区分这些理论,以及估价师可以遵循的步骤,以确定是否有足够的实质性要求在估价时发布适当的警告。它还考察了披露实质性不确定性的不同方式的优点。实际意义:该文件应使估价师更好地了解要求披露不确定性的原因,以及需要他们的情况它还提供了帮助他们制定适合不同情况的披露的原则原创/价值:这是作者撰写的估价师简报《估价不确定性——报告未知情况》的删节版,以电子书或平装本的形式出版,可从亚马逊©2020 Emerald Publishing Limited获得
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引用次数: 4
COVID 19, real estate and uncertainty: examining this new “normal” through the quotes of Jim Graaskamp 2019冠状病毒病、房地产和不确定性:通过吉姆·格拉斯坎普的名言审视这一新的“常态”
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-09-18 DOI: 10.1108/JPIF-06-2020-0068
Elaine Worzala
Purpose: This paper examines the current uncertainty within real estate markets through the quotes of Dr James A Graaskamp, a real estate educator and researcher Graaskamp focused his teachings on real estate investment through the lens of risk management and risk mitigation Using the current COVID 19 pandemic crisis as the backdrop, the author examines how we might learn from Graaskamp to look differently at real estate investments during these uncertain times when an external shock shakes a market, causing transactions to stall and sometimes freeze In addition, she explores how we might learn from today's situation and make long-term changes to our built environment to have a better understanding of the risks associated with the current but also future pandemics and other uncertainties including natural disasters or climate change The quotes were gathered by Jim Curtis, a student, friend and colleague of Dr Graaskamp from the late 1970s until his death in 1988 Through these quotes, the author explores the many facets of the complex nature of the real estate asset class particularly during these very uncertain times created by the global pandemic Design/methodology/approach: This is a thought piece on the current uncertainty surrounding real estate markets around the globe caused by the COVID 19 pandemic The author of this essay was also a student, friend and mentee of Jim Graaskamp's, so it is an oral history of her experiences with this well-known and iconic real estate educator and scholar Findings: As a discussion piece, this is not a traditional research project with empirical findings It is an exploration of the current uncertain times caused by the COVID 19 pandemic and its impact on real estate markets The author examines how the increased risk is currently, and will also continue to, significantly influence the fields of property investment and finance Practical implications: The James A Graaskamp Collection on Teaching Materials compiled by the Wisconsin Real Estate Alumni Association is not a widely recognized resource for real estate scholars and practitioners yet the two CDs contain a wealth of information and knowledge from an intelligent real estate expert Used as the base for the discussion, this paper sheds light on the teachings and writings of Dr Graaskamp It illustrates the usefulness of the materials for other researchers and educators In particular, it highlights Graaskamp focus on risk management and mitigation which he strongly believed were essential skills to understanding the complicated nature of a real estate investment and for making good investment decisions, particularly when markets are full of uncertainty as is the case during these current times of the global COVID 19 pandemic Originality/value: As one of only a handful of living and still practicing doctoral students of Professor Graaskamp, the author has a unique perspective and lens to attempt to interpret the quotes of this real estate expert He was a leade
目的:本文通过引用房地产教育家兼研究员James A Graaskamp博士的话,研究了当前房地产市场的不确定性。Graaskamp通过风险管理和风险缓解的视角,将他的教学重点放在了房地产投资上,作者研究了在外部冲击动摇市场、导致交易停滞甚至冻结的不确定时期,我们如何向Graaskamp学习,以不同的方式看待房地产投资。此外,她探讨了我们如何从今天的情况中吸取教训,并对我们的建筑环境进行长期的改变,以更好地了解与当前和未来的流行病以及包括自然灾害或气候变化在内的其他不确定性相关的风险,Graaskamp博士的朋友和同事,从20世纪70年代末到1988年去世,作者探讨了房地产资产类别复杂性质的许多方面,特别是在全球疫情造成的非常不确定的时期。设计/方法/方法:这是一篇关于2019冠状病毒病疫情导致的全球房地产市场当前不确定性的思考文章。这篇文章的作者也是一名学生,Jim Graaskamp的朋友和学员,所以这是她与这位著名和标志性的房地产教育家和学者的经历的口述历史,这不是一个有经验发现的传统研究项目。它是对当前由2019冠状病毒病疫情及其对房地产市场的影响造成的不确定时期的探索,对房地产投资和金融领域产生重大影响实际意义:威斯康星房地产校友会汇编的James A Graaskamp教材集对房地产学者和从业者来说并不是一个公认的资源,但这两张CD包含了一位聪明的房地产专家提供的丰富信息和知识在讨论的基础上,本文阐明了Graaskamp博士的教学和著作。它说明了这些材料对其他研究人员和教育工作者的有用性。特别是,它强调了Graaskamp对风险管理和缓解的关注,他坚信这是理解房地产投资复杂性和做出良好投资决策的基本技能,特别是当市场充满不确定性时,就像当前全球新冠肺炎疫情期间的情况一样。独创性/价值:作为Graaskamp教授为数不多的在世且仍在执业的博士生之一,作者有着独特的视角和视角来尝试解读这位房地产专家的语录。他是房地产教育的领导者,特别是在房地产估价、可行性和投资方面,这篇文章从他简洁幽默的名言中汲取了一些更重要的教训©2020,Emerald Publishing Limited
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引用次数: 7
The investment attributes of Mexico REITs as a listed property investment vehicle 墨西哥房地产投资信托基金作为上市房地产投资工具的投资属性
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-09-04 DOI: 10.1108/jpif-05-2020-0048
M. Marzuki, G. Newell
PurposeMexico REITs are a significant and important REIT market, both in a regional and in emerging property market context. As one of the few emerging economies in the world with an active REIT market, Mexico REITs are specifically designed to provide an effective pathway to participate in the investment opportunities offered by the Mexico commercial property market for both domestic and international investors. Importantly, Mexico REITs provide additional property investment benefits such as a high degree of transparency, governance and liquidity. The main focus of this research is to highlight the significance of Mexico REITs and assess their performance dynamics, as well as the added-value benefits of Mexico REITs in mixed-asset investment portfolios.Design/methodology/approachUsing monthly total returns, the risk-adjusted performance and portfolio diversification potential of Mexico REITs over April 2011–December 2019 were assessed. A constrained mean-variance portfolio optimisation framework was used to develop a three-asset portfolio scenario using the historical returns, risk and correlation of Mexico REITs and the other two major financial assets.FindingsDespite being more volatile than the mainstream asset classes, Mexico REITs delivered the strongest risk-adjusted performance versus stocks and bonds over April 2011–December 2019, which was made possible by the high premium of their total return performance. Notably, Mexico REITs offered excellent diversification potential with bonds, whilst demonstrating a marginal positive correlation with the stock market. These investment attributes of Mexico REITs have brought immediate benefits towards their ability to add value to the Mexico mixed-asset portfolio fabric across a wide portfolio risk–return spectrum.Practical implicationsWhilst their initial establishment in 2004 was considered unsuccessful, the ongoing regulatory improvements have been pivotal in providing a supportive investment environment to nurture the organic growth of Mexico REITs. This now sees the Mexico REIT market as an exemplar of success for REIT establishments amongst its peers in the Latin American region, as well as for emerging economies worldwide. Mexico REITs are now an important REIT market, as the second largest emerging REIT market in the world. The empirical investigation of this research has established the investment attributes of Mexico REITs as a listed property investment vehicle. The strong risk-adjusted performance of Mexico REITs compared to stocks and bonds sees Mexico REITs contributing to the mixed-asset portfolio across the portfolio risk–return spectrum. This is particularly important as it provides insights into the broader strategic implications of Mexico REITs as an effective, transparent and tax-efficient conduit for high-quality Latin American property exposure in a liquid format.Originality/valueThis paper is the first published empirical research that elucidates the investment attributes o
目的墨西哥房地产投资信托基金在区域和新兴房地产市场中都是一个重要的房地产投资市场。作为世界上为数不多的房地产投资信托市场活跃的新兴经济体之一,墨西哥房地产投资基金旨在为国内外投资者提供一条参与墨西哥商业地产市场投资机会的有效途径。重要的是,墨西哥房地产投资信托基金提供了额外的房地产投资收益,如高度的透明度、治理和流动性。本研究的主要重点是强调墨西哥REITs的重要性,评估其业绩动态,以及墨西哥REITs在混合资产投资组合中的附加值收益。设计/方法/方法使用月度总回报率,评估了2011年4月至2019年12月墨西哥REITs的风险调整后业绩和投资组合多元化潜力。使用约束均值方差投资组合优化框架,利用墨西哥REITs和其他两种主要金融资产的历史回报、风险和相关性,开发了一个三资产投资组合场景。发现尽管墨西哥REITs的波动性比主流资产类别更大,但在2011年4月至2019年12月期间,墨西哥REITs相对于股票和债券的风险调整后表现最为强劲,这得益于其总回报表现的高溢价。值得注意的是,墨西哥房地产投资信托基金通过债券提供了极好的多元化潜力,同时与股市表现出边际正相关。墨西哥房地产投资信托基金的这些投资属性为其在广泛的投资组合风险-回报范围内为墨西哥混合资产投资组合结构增值的能力带来了立竿见影的好处。实际意义虽然它们在2004年的首次成立被认为是不成功的,但持续的监管改进在提供支持性投资环境以培育墨西哥REITs的有机增长方面发挥了关键作用。现在,墨西哥房地产投资信托市场成为拉丁美洲地区房地产投资基金机构以及全球新兴经济体成功的典范。墨西哥房地产投资信托现在是一个重要的房地产投资基金市场,是世界上第二大新兴房地产投资市场。本研究的实证研究确立了墨西哥房地产投资信托基金作为上市房地产投资工具的投资属性。与股票和债券相比,墨西哥REITs在风险调整后的表现强劲,这表明墨西哥REITs为整个投资组合风险回报范围的混合资产投资组合做出了贡献。这一点尤为重要,因为它深入了解了墨西哥房地产投资信托基金作为一种有效、透明和节税的渠道,以流动的形式为拉丁美洲的高质量房地产敞口提供了更广泛的战略影响。原创性/价值本文是首次发表的实证研究,阐述了墨西哥REITs的投资属性,强调了其作为新兴REIT市场的重要性、风险调整和投资组合绩效提升作用。这项研究的主要成果使人们能够就墨西哥房地产投资信托基金在投资组合中的战略作用做出经验验证、更知情和更实用的房地产投资决策。
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引用次数: 4
UK REIT conversion and institutional ownership dynamic 英国房地产投资信托基金转换和机构所有权动态
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-08-27 DOI: 10.1108/jpif-05-2020-0061
W. Wong
Purpose – The purpose of this paper is to examine the impact of conversion to REIT status by former listed property companies in the United Kingdom on the level of institutional ownership during the period of 2007–2016. Design/methodology/approach – This paper uses an event study framework to track the change in institutional ownership three years before and after a REIT conversion event. This event study approach circumvents the sample selection bias issue associated with the conversion event wherein the decision to convert to REIT is likely to be endogenous. Findings – Panel regression analysis reveals that changing to REIT status led to a 12.8 and 15.2% increase in institutional ownership and number of institutional investors, respectively. The first order of priority in institutional investors’ investment in REIT shares is their preference for liquidity. Further analysis shows that institutional investors changed their preferences towards characteristics associated with systematic risk, firm age and liquidity after the conversion event by becoming less averse to firm-specific risk, placing more emphasis on firm age and less emphasis on systematic risk and liquidity. Practical implications – Overall, conversion to REIT status helps increase former property companies’ investor base, which is in line with the regulator’s aim to open up the property market to a wide range of investors through the introduction of a REIT regime. Findings from this paper also have policy implications for countries that are considering a REIT regime for their capital market and existing REIT regimes without a formal conversion mechanism. Originality/value – This paper offers, for the first time, evidence on 1) how conversion to REITs influences firms’ institutional ownership and 2) the determinants of converted REITs’ institutional ownership.
目的-本文的目的是研究2007-2016年期间英国前上市房地产公司转换为REIT状态对机构所有权水平的影响。设计/方法/方法-本文使用事件研究框架来追踪房地产投资信托基金转换事件前后三年的机构所有权变化。这种事件研究方法规避了与转换事件相关的样本选择偏差问题,其中转换为REIT的决定可能是内生的。调查结果-面板回归分析显示,转变为房地产投资信托基金导致机构所有权和机构投资者数量分别增加12.8%和15.2%。机构投资者投资房地产投资信托基金股票的首要考虑因素是对流动性的偏好。进一步分析表明,转换事件后,机构投资者对与系统风险、公司成立时间和流动性相关的特征的偏好发生了变化,对公司特有风险的厌恶程度降低,更加重视公司成立时间,而对系统风险和流动性的重视程度降低。实际影响-整体而言,转换为房地产投资信托有助增加前物业公司的投资者基础,这符合规管机构透过引入房地产投资信托制度,向广泛投资者开放房地产市场的目标。本文的研究结果也对那些正在考虑为其资本市场建立REIT制度和现有REIT制度而没有正式转换机制的国家具有政策意义。原创性/价值-本文首次提供了以下证据:1)转换为REITs如何影响公司的机构所有权;2)转换为REITs的机构所有权的决定因素。
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引用次数: 2
Impact of firm-level attributes on listed real estate company performance 企业层面属性对房地产上市公司业绩的影响
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-08-25 DOI: 10.1108/jpif-03-2020-0030
M. Haran, D. Lo, M. McCord, P. Davis, L. Lim
PurposeThe purpose of this paper is to test the extent to which company-specific attributes including market capitalisation, capital structure and investment focus impact upon the performance of European listed real estate companies. Enhanced understanding of firm-level performance drivers is important for investors in order to diversify their investment portfolios and to mitigate company-specific risks at different points in the real estate cycle.Design/methodology/approachThe study centres on six key listed European real estate markets selected on the basis of market capitalisation, diversity, transparency and maturity. A series of statistical tests are undertaken using EPRA and Bloomberg data for the period of 2007–2017 using 113 listed property companies, all of whom were contemporaneous constituents of EPRA indices in this period. A series of customised performance indices were constructed to evaluate firm-level performance attributes.FindingsFirm-level attributes collectively account for more variation of risk-adjusted return than sector-level attributes over the investigation period. The impact of firm-specific attributes on performance varies significantly from country to country attributable to the contrasting cyclical property market trends in the pre– and post–Global Financial Crisis period. REITs outperformed non-REITs on a risk-adjusted basis attributed to the strong performance of “niche” market entrants allied with stronger regulatory structure. Finally, the findings showcase that sector specialist firms outperform diversified companies inferring that investors should seek to attain diversification through portfolio-based approaches rather than firm-level strategies.Practical implicationsThe results have implications for real estate companies aiming to raise capital internally for growth as higher return on equity in general signals reduced cost of capital. Secondly, the findings should be of practical use to multinationals specialising in international real estate trading in designing their business plans in general and formulating cross-country investment strategies in particular. Last but not least, a more refined conceptualisation of corporate-level performance drivers should complement existing professional practices in relation to business/company appraisal.Originality/valueThe research integrates EPRA and Bloomberg data sets to create a series of bespoke index constructs to measure the impact of firm-specific attributes on European listed real estate companies. Additionally, the authors construct a Herfindahl Index (H.I.) to further the debate on the impacts of diversification within the listed real estate sector. This serves to further heighten investor understanding of investment allocation and portfolio optimisation strategies for the listed real estate sector given the increasingly diverse range of investment opportunities within emerging sub-markets.
本文的目的是检验包括市值、资本结构和投资重点在内的公司特定属性对欧洲房地产上市公司绩效的影响程度。加强对公司绩效驱动因素的理解对于投资者来说非常重要,这样可以使他们的投资组合多样化,并在房地产周期的不同阶段减轻公司特有的风险。设计/方法/途径本研究以欧洲六个主要上市房地产市场为中心,根据市值、多样性、透明度和成熟度进行选择。本文利用2007-2017年期间的EPRA和彭博数据对113家上市房地产公司进行了一系列统计检验,这些公司都是同一时期EPRA指数的成分股。构建了一系列定制绩效指标来评估企业层面的绩效属性。在调查期间,公司层面的属性比行业层面的属性对风险调整后收益的影响更大。由于全球金融危机前后周期性房地产市场趋势的差异,公司特定属性对业绩的影响因国而异。在风险调整后的基础上,房地产投资信托基金的表现优于非房地产投资信托基金,这归因于“利基”市场进入者的强劲表现,以及更强的监管结构。最后,研究结果表明,行业专业公司的表现优于多元化公司,这表明投资者应该通过基于投资组合的方法而不是公司层面的策略来寻求实现多元化。该研究结果对旨在通过内部融资实现增长的房地产公司具有启示意义,因为较高的股本回报率通常表明资本成本降低。其次,研究结果应该对专门从事国际房地产交易的跨国公司在设计其一般商业计划和制定跨国投资战略方面具有实际用途。最后但并非最不重要的一点是,企业层面绩效驱动因素的更精细概念化应该补充与业务/公司评估相关的现有专业实践。该研究整合了EPRA和彭博社的数据集,创建了一系列定制的指数结构,以衡量公司特定属性对欧洲上市房地产公司的影响。此外,作者构建了赫芬达尔指数(H.I.)来进一步探讨多元化对上市房地产行业的影响。鉴于新兴子市场的投资机会日益多样化,这有助于进一步提高投资者对上市房地产行业的投资配置和投资组合优化策略的理解。
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引用次数: 0
The future of property education in Australia 澳大利亚财产教育的未来
IF 1.3 Q2 Economics, Econometrics and Finance Pub Date : 2020-08-18 DOI: 10.1108/jpif-06-2020-0062
D. Parker
PurposeThe study aims to comment upon the state of property education in Australia.Design/methodology/approachStatement of opinionFindingsProperty education in Australia is heading down a one-way dead-end roadResearch limitations/implicationsThis article is a statement of opinionPractical implicationsHighlights alternative forms of delivery for property education in AustraliaSocial implicationsConsiders property education delivery in context of current social environmentOriginality/valueStatement of opinion based in experience in academia and practice
本研究旨在对澳大利亚的财产教育现状进行评论。设计/方法/方法意见陈述发现澳大利亚的房地产教育正走向一条死胡同研究限制/影响本文是意见陈述实际影响强调澳大利亚房地产教育的其他交付形式社会影响考虑当前社会环境背景下的房地产教育交付原创性/价值基于学术界和实践经验的意见陈述
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引用次数: 0
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Journal of Property Investment & Finance
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