Pacific Rim Property Research Journal最新文献_第9页

Modeling the volatility of Asian REIT markets 亚洲房地产投资信托基金市场波动模型

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Pacific Rim Property Research Journal Pub Date : 2016-09-01 DOI: 10.1080/14445921.2016.1235757

Wei Kang Loo, Melati Ahmad Anuar, S. Ramakrishnan

引用次数: 2

The dynamic of linkages of Islamic REITs in mixed-asset portfolios in Malaysia 马来西亚混合资产投资组合中伊斯兰REITs的动态联系

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Pacific Rim Property Research Journal Pub Date : 2016-09-01 DOI: 10.1080/14445921.2016.1235758

A. T. Rozman, M. N. Razali, Nurul Afiqah Azmi, H. Ali

引用次数: 2

The impacts of the trails on property values surrounding Jejudo in Korea: using quantile regressions 韩国济州岛周边道路对房地产价值的影响:使用分位数回归

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Pacific Rim Property Research Journal Pub Date : 2016-09-01 DOI: 10.1080/14445921.2016.1235759

S. Jung

{"title":"The impacts of the trails on property values surrounding Jejudo in Korea: using quantile regressions","authors":"S. Jung","doi":"10.1080/14445921.2016.1235759","DOIUrl":"https://doi.org/10.1080/14445921.2016.1235759","url":null,"abstract":"Abstract The purpose of this study is to quantitatively analyze the effect of Jeju Olle Trails on nearby land prices. Land sale prices are designated as the dependent variable and zoning type and land category, shape of the land, and the width of bordering roads as independent variables. Land price data for actual sales for seven areas surrounding Olle Trails were examined with a geographic information system program to determine the exact distance of land parcels from nearby trekking courses. A quantile regression model is used to estimate the effect of trail proximity to nearby land prices. Through this quantile regression model, the difference in the effects of trail proximity between low-priced and high-priced land is captured. This study shows no significance for the variable up to quantile 0.6; however, the variable becomes significant from the 0.7 quantile and up. This suggests that plots in the top 30% of land prices are affected by the presence of trails, but the plots in the bottom 70% are not affected by this variable. For every 100 m distance from an Olle Trail, land price falls by 0.054%.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1235759","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59769127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Variances in rateable values in rating practice in Zambia: the role of mental models in value assessment 赞比亚评等实践中应课差饷价值的差异:心理模型在价值评估中的作用

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Pacific Rim Property Research Journal Pub Date : 2016-05-03 DOI: 10.1080/14445921.2016.1225151

E. Munshifwa, Niraj Jain, Busiku S. Kaunda, Lilias Masiba, Jimmy Lungu, Nelly Chunda-Mwango, Anthony Mushinge, Wilson Ngoma

{"title":"Variances in rateable values in rating practice in Zambia: the role of mental models in value assessment","authors":"E. Munshifwa, Niraj Jain, Busiku S. Kaunda, Lilias Masiba, Jimmy Lungu, Nelly Chunda-Mwango, Anthony Mushinge, Wilson Ngoma","doi":"10.1080/14445921.2016.1225151","DOIUrl":"https://doi.org/10.1080/14445921.2016.1225151","url":null,"abstract":"Abstract Rating valuation is an essential process for local government taxation and revenue generation in Zambia. However, preliminary evidence indicates that the assessment of rateable value is problematic as the same statutory valuation process may lead to different value outcomes. This is especially evident when valuations are undertaken by public valuation surveyors on one side and private valuation surveyors on the other. This has resulted in disagreements in Rating Tribunal hearings at which private valuation surveyors represent the objectors. This paper questions why such differences arise. The paper finds that, besides information factors, a major cause is valuation surveyor-specific factors which, among others, include adoption of different methods and viewpoints. Therefore, the question arises: why do valuation surveyors have different viewpoints or “mental models” if the whole process is specified in the Rating Act of 1997? The study concludes that the Rating Act of 1997 is insufficiently specific concerning the actual calculation of the rateable value, leaving the interpretation of value to individual valuation surveyors. The paper argues that the explanation for differences in values can be found in understanding the “mental models” of valuation surveyors, hence going beyond conventional explanations.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2016-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1225151","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59768417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

The economic value of the Colombo Public Library, Sri Lanka: contingent valuation approach 斯里兰卡科伦坡公共图书馆的经济价值:条件评估方法

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Pacific Rim Property Research Journal Pub Date : 2016-05-03 DOI: 10.1080/14445921.2016.1203231

P. Kaluthanthri, J. Edirisinghe

{"title":"The economic value of the Colombo Public Library, Sri Lanka: contingent valuation approach","authors":"P. Kaluthanthri, J. Edirisinghe","doi":"10.1080/14445921.2016.1203231","DOIUrl":"https://doi.org/10.1080/14445921.2016.1203231","url":null,"abstract":"Abstract Net Revenue of a public library is not an indicator of the true value of services rendered by a public library to the wider society. The peoples’ perception of the service of the library or economic value is the true value of the library. The Contingent Valuation Method (CVM) used to assess the economic value of a public library which is not a service in the free market economy. This study employs CVM: a branch of the Stated Preference Method to measure the economic value of the Colombo Public Library (CPL) Sri Lanka. The payment vehicle is a Trust Fund. The logistic regression has been applied to estimate the Willingness to Pay (WTP) of citizens which elicited through single bound dichotomous choice question with onetime payment option. The WTP for the population is aggregated by using mean probabilistic logic WTP of the sample. The study found that annualized economic value of the CPL is higher than its total capital and recurrent expenditure per year. Thus, continuation of public funding is acceptable even CPL makes financial losses to the Colombo Municipal Council.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2016-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1203231","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59768560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The dilemma and future of property valuation education in China 中国房产估价教育的困境与未来

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Pacific Rim Property Research Journal Pub Date : 2016-05-03 DOI: 10.1080/14445921.2016.1203721

Yan Xiao, Nelson D. Chan

引用次数: 1

Valuers’ strategies for coping with the dearth of market data in two Nigerian cities: Ibadan and Abeokuta 尼日利亚两个城市伊巴丹和阿贝奥库塔的估价师应对市场数据缺乏的策略

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Pacific Rim Property Research Journal Pub Date : 2016-05-03 DOI: 10.1080/14445921.2016.1225150

T. Ashaolu, M. O. Olaniran

{"title":"Valuers’ strategies for coping with the dearth of market data in two Nigerian cities: Ibadan and Abeokuta","authors":"T. Ashaolu, M. O. Olaniran","doi":"10.1080/14445921.2016.1225150","DOIUrl":"https://doi.org/10.1080/14445921.2016.1225150","url":null,"abstract":"Abstract Access to and analysis of data, especially market-related data, remains central to professional valuation. This paper examines the ease of eliciting market data for valuation purposes by valuers in the residential property sector and the reaction to the dearth of data among valuers in the two south-western Nigerian cities of Ibadan and Abeokuta. A five-point Likert-type scale was used to measure respondents’ disposition towards alternative data sources with the results analysed using weighted mean score and logit regression. The study revealed that rental value and comparable sales price were most easily accessed with the greatest challenge being to access property yields and appropriate rates of depreciation. Given the difficulties in accessing data, it was found that valuers in the study area either make recourse to colleagues, shift to the next available method or adopt various alternative data-scooping measures, with years of practical experience, position in the firm and professional status exerting considerable influence on decisions. The paper suggests the establishment of a centralized databank for Nigerian valuers and a requirement for them to maintain a logbook of valuation computations with records of data used to justify otherwise inexplicable valuations, with further research into the interpretation and derivation of yields among Nigerian valuers recommended.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2016-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1225150","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59768808","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

Value gap in Nigerian property compensation practice: measurement and economic effects 尼日利亚财产赔偿实践中的价值差距:计量与经济效应

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Pacific Rim Property Research Journal Pub Date : 2016-05-03 DOI: 10.1080/14445921.2016.1203235

N. A. Bello, O. Olanrele

引用次数: 4

Alternative assets – a new challenge to property? An analysis of superannuation funds 另类资产——对房地产的新挑战?对退休基金的分析

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Pacific Rim Property Research Journal Pub Date : 2016-05-03 DOI: 10.1080/14445921.2016.1203722

W. Reddy

{"title":"Alternative assets – a new challenge to property? An analysis of superannuation funds","authors":"W. Reddy","doi":"10.1080/14445921.2016.1203722","DOIUrl":"https://doi.org/10.1080/14445921.2016.1203722","url":null,"abstract":"Abstract Leading Australian superannuation funds now have major exposure of approximately 20% to a sector classified as alternative assets. Within this sector, there are infrastructure products, which have similar characteristics to property. Thus, an ongoing debate on whether alternatives can replicate the performance of property in mixed-asset portfolios. This research examines the diversification benefits of property, infrastructure, private equity, hedge funds and commodities within two-asset and multi-asset optimisation portfolios. It uses ex-post data (1995–2015), from A$431 billion industry superannuation funds balanced portfolio. The methodology also involves substituting smoothed with desmoothed property data to detect any subsequent change in property allocation levels. The results from the two-asset portfolios illustrate that including infrastructure, hedge funds and private equity in the direct property portfolio provides high risk-adjusted returns (.45–.51), although portfolio weight is dominated by direct property. Analysis on multi-asset portfolios clearly shows that substituting smoothed property with desmoothed property data is insignificant to both industry fund performance and its weighting to property. Despite similar asset allocation range assigned to property and infrastructure (0–20%), infrastructure allocation was 3%, lower than property (13%). Strong allocations to property highlight its significance in institutional portfolios, even with the availability of similar alternative assets. For industry superannuation funds, the empirical results show that allocation to property can be higher than current 10%, backed by improved portfolio risk-adjusted returns. The research contributes to both practical and academic fields as it offers a methodological approach on how allocation to property assets can be improved using a series of asset allocation strategies.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2016-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1203722","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59768699","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

The effects of mass rapid transit station on the house prices in Taipei: the hierarchical linear model of individual growth 台北市捷运站对房价之影响:个人成长之层级线性模型

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Pacific Rim Property Research Journal Pub Date : 2016-01-02 DOI: 10.1080/14445921.2016.1158938

F. Liou, Shih-Yu Yang, Borliang Chen, Wan-Ping Hsieh

{"title":"The effects of mass rapid transit station on the house prices in Taipei: the hierarchical linear model of individual growth","authors":"F. Liou, Shih-Yu Yang, Borliang Chen, Wan-Ping Hsieh","doi":"10.1080/14445921.2016.1158938","DOIUrl":"https://doi.org/10.1080/14445921.2016.1158938","url":null,"abstract":"Abstract A number of studies have examined the impact of mass rapid transit (MRT) systems, especially the transit station, on house prices, and the conclusions vary. While most studies focused on the analysis at an aggregate level, this paper develops a hierarchical hedonic price model of individual growth to investigate the effects of real estate’s proximity to the train stations, together with other house/neighborhood-specific characteristics, on the longitudinal growth pattern of house prices in Great Taipei. Sample houses are those located within a radius of one kilometer from selected MRT stations. The empirical results show that: (1) the growth pattern of housing price in real terms over time is significantly upward; (2) the city in which the house is located and the type of building positively moderate such growth trajectory; and (3) the influences of both the distance to MRT on house prices and on the growth pattern of house prices are insignificant. Discussion and implications of these findings were provided.","PeriodicalId":44302,"journal":{"name":"Pacific Rim Property Research Journal","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2016-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/14445921.2016.1158938","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59768732","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 14