Journal of Property Research最新文献_第9页

A Study of the Interplay between Intuition and Rationality in Valuation Decision Making 估价决策中直觉与理性的相互作用研究

IF 1.9

Journal of Property Research Pub Date : 2019-10-02 DOI: 10.1080/09599916.2019.1687572

Abdul-Rasheed Amidu, D. Boyd, F. Gobet

{"title":"A Study of the Interplay between Intuition and Rationality in Valuation Decision Making","authors":"Abdul-Rasheed Amidu, D. Boyd, F. Gobet","doi":"10.1080/09599916.2019.1687572","DOIUrl":"https://doi.org/10.1080/09599916.2019.1687572","url":null,"abstract":"ABSTRACT There is widespread acceptance that both intuition and rationality can play significant roles in valuation decision-making. However, a study that specifically examines how intuitive and rational approaches interact is still missing. This study addresses this gap by applying cognitive theories of information processing and using a very detailed analysis of verbal protocols to propose a model of cognitive structure that identifies and describes the reasoning of property valuers during a commercial valuation task. The empirical data suggest that valuers start with an established goal and then engage in analytical and intuitive thinking until a valuation outcome has been reached. It is argued that a major reason for effective valuation decision-making, in a real-world context, is that the cognitive processes required by experts’ analytical and intuitive thinking demonstrate greater degree of cohesiveness and interrelatedness. The ability of valuers to integrate more intuition into their largely rational decision-making process suggests the need for valuation professional organisations to formally acknowledge intuition as an important component of valuation professional competence and skill requirement and to customise professional valuers’ training and development programmes to facilitate the development of appropriate intuitive approaches for effective valuation decision-making.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"36 1","pages":"387 - 418"},"PeriodicalIF":1.9,"publicationDate":"2019-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09599916.2019.1687572","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42309340","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: 6

What is a ‘competitive return’ to a landowner? Parkhurst Road and the new UK planning policy environment 什么是土地所有者的“竞争性回报”？帕克赫斯特路与英国新的规划政策环境

IF 1.9

Journal of Property Research Pub Date : 2019-10-02 DOI: 10.1080/09599916.2019.1690028

N. Crosby, P. Wyatt

{"title":"What is a ‘competitive return’ to a landowner? Parkhurst Road and the new UK planning policy environment","authors":"N. Crosby, P. Wyatt","doi":"10.1080/09599916.2019.1690028","DOIUrl":"https://doi.org/10.1080/09599916.2019.1690028","url":null,"abstract":"ABSTRACT In the UK, contributions from landowners towards the provision of affordable housing are obtained through a process of negotiation that centres on the financial viability of each development proposal. National Planning Practice Guidance, first published in 2014 and recently revised in 2018 and 2019, provides the Government framework for these negotiations and sets parameters for the financial viability appraisals. Failure to achieve levels of affordable housing set out in local plans has been attributed to ‘gaming’ strategies employed by landowners and developers within viability negotiations. This paper examines how planning guidance has influenced financial viability appraisals. A key issue within these appraisals is the determination of a suitable return to the landowner, known as Benchmark Land Value. Using a case study approach to investigate two planning appeals and a subsequent High Court decision concerning a residential development site in London, this paper demonstrates how planning policy and practice guidance on viability can lead to reduced planning obligations being delivered. It identifies the technical concerns that need to be addressed to enable appraisals to determine land prices that are fair to landowners, whilst delivering policy-compliant levels of affordable housing, and discusses whether the revised National Planning Guidance has made those changes.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"36 1","pages":"367 - 386"},"PeriodicalIF":1.9,"publicationDate":"2019-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09599916.2019.1690028","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44712038","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

Measuring the cointegration of housing types in Northern Ireland 衡量北爱尔兰住房类型的协整

IF 1.9

Journal of Property Research Pub Date : 2019-10-02 DOI: 10.1080/09599916.2019.1688851

M. McCord, D. Lo, J. McCord, P. Davis, M. Haran

{"title":"Measuring the cointegration of housing types in Northern Ireland","authors":"M. McCord, D. Lo, J. McCord, P. Davis, M. Haran","doi":"10.1080/09599916.2019.1688851","DOIUrl":"https://doi.org/10.1080/09599916.2019.1688851","url":null,"abstract":"ABSTRACT The primary purpose of this paper is to examine the dynamic and Granger causal (inter) relationships between house prices and to empirically assess the co-movement in-house prices across different property types within Northern Ireland (NI). The Johansen cointegration, Granger causality tests and vector error correction model are applied to quarterly house price data for the NI housing market between Q1 1995 and Q2 2018 to determine whether price transmissions are propagated contemporaneously into both short-term and long-term price adjustments. The findings show the stylised facts of lead–lag relationships across property types in NI using long-term Granger causality tests that the performance of the Apartment sector systematically and consistently lagged behind all other residential property segments over the period. Indeed, the results indicate that there are obvious market filtration transmission pricing signals in operation in a Granger-causal fashion. Property price signals are observed to be transmitted from the more liquid owner-occupier-led Detached and Semi-detached segments to the Apartment segment, but not vice versa.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"36 1","pages":"343 - 366"},"PeriodicalIF":1.9,"publicationDate":"2019-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09599916.2019.1688851","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"59503302","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: 9

The Determinants of Executive Compensation in US REITs: Performance vs. Corporate Governance Factors 美国REITs高管薪酬的决定因素：绩效与公司治理因素

IF 1.9

Journal of Property Research Pub Date : 2019-08-27 DOI: 10.1080/09599916.2019.1653955

Claudia Ascherl, Liesa Schrand, Wolfgang Schaefers, Sofia Dermisi

引用次数: 7

Tone in REIT financial statements and institutional investments 房地产投资信托基金财务报表和机构投资的基调

IF 1.9

Journal of Property Research Pub Date : 2019-07-03 DOI: 10.1080/09599916.2019.1650802

Riëtte Carstens, J. Freybote

{"title":"Tone in REIT financial statements and institutional investments","authors":"Riëtte Carstens, J. Freybote","doi":"10.1080/09599916.2019.1650802","DOIUrl":"https://doi.org/10.1080/09599916.2019.1650802","url":null,"abstract":"ABSTRACT We investigate the response of institutional REIT investors to the abnormally (net) positive tone in REIT financial statements. For non-REIT firms, sophisticated investors have been found to respond negatively to an abnormally positive tone due to managerial incentives to take advantage of information asymmetries and use a positive tone to manipulate investor perception. However, institutional REIT investors have an informational advantage as they either directly invest in commercial real estate as part of their portfolio management strategy or, at a minimum, have access to commercial real estate market data. Thus, they are able to evaluate the abnormally positive tone in REIT financial statements against their perception of conditions in the commercial real estate and derivative REIT market. For a sample of US REITs over the period of 2001 to 2017, we find that the response of institutional investors to the abnormally positive tone in REIT financial statements is time-varying and non-linear, irrespective of whether we use variables in levels or changes. In particular, in periods of institutional REIT investor optimism (pessimism), institutional REIT investors respond positively (negatively) to an abnormally positive tone and behave as net buyers (net sellers).","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"36 1","pages":"227 - 244"},"PeriodicalIF":1.9,"publicationDate":"2019-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09599916.2019.1650802","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42184105","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: 7

The impact of sale and leaseback on commercial real estate prices and initial yields in the UK 售后回租对英国商业房地产价格和初始收益率的影响

IF 1.9

Journal of Property Research Pub Date : 2019-07-03 DOI: 10.1080/09599916.2019.1642370

Danielle Sanderson, Farazia Shakurina, Jolene Lim

{"title":"The impact of sale and leaseback on commercial real estate prices and initial yields in the UK","authors":"Danielle Sanderson, Farazia Shakurina, Jolene Lim","doi":"10.1080/09599916.2019.1642370","DOIUrl":"https://doi.org/10.1080/09599916.2019.1642370","url":null,"abstract":"ABSTRACT This research evaluates the impact of Sale and Leaseback (SLB) on UK commercial property prices and yields, compared with arms-length transactions. Data on 357 SLB deals and 1266 non-SLB deals are extracted from CoStar and EGI. Hedonic regressions and comparative analysis with the risk-free rate are undertaken. In addition to the SLB dummy variable, explanatory variables include building size, quality, age, sector, location and year of transaction. SLB transactions are found to occur at a statistically significant price premium, with the greatest premium occurring in the office sector. SLB properties achieve a 4.5 percentage point premium compared with the risk-free rate. The net initial yield of the SLB transaction sample is around 2 percentage points lower than for the non-SLB sample in every sector. Reasons for these differences are probed by considering the effect of WAULT and tenant covenant strength. From a vendor’s perspective, the results give an indication of the price premium they might be able to negotiate for their property compared with market prices. This will help them assess whether SLB is worthwhile compared with other available financing options. The findings of a yield reduction should help investors decide whether to engage in SLB investment.","PeriodicalId":45726,"journal":{"name":"Journal of Property Research","volume":"36 1","pages":"245 - 271"},"PeriodicalIF":1.9,"publicationDate":"2019-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1080/09599916.2019.1642370","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44774409","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: 8

Sales comparison approach, multiple regression analysis and the implicit prices of housing 销售比较法、多元回归分析与住房隐性价格

IF 1.9

Journal of Property Research Pub Date : 2019-07-03 DOI: 10.1080/09599916.2019.1651755

Gaetano Lisi

引用次数: 6

Urban development and cooperation games 城市发展与合作游戏

IF 1.9

Journal of Property Research Pub Date : 2019-05-20 DOI: 10.1080/09599916.2019.1615977

Anders Eika

引用次数: 2

Firm and industry informational content from REIT FFO announcements REIT FFO公告中的公司和行业信息内容

IF 1.9

Journal of Property Research Pub Date : 2019-04-03 DOI: 10.1080/09599916.2019.1589554

William G. Hardin, Gow-Cheng Huang, Kartono Liano, Ming-Shiun Pan

引用次数: 4

Spatial and temporal impacts on building depreciation 建筑折旧的时空影响

IF 1.9

Journal of Property Research Pub Date : 2019-04-03 DOI: 10.1080/09599916.2019.1602844

Jaime Armengot, B. Williams, J. F. Padial

引用次数: 0