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1
French, Nick, and Laura Gabrielli. "Pricing to market." Journal of Property Investment & Finance 36, no. 4 (July 2, 2018): 391–96. http://dx.doi.org/10.1108/jpif-05-2018-0033.
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Purpose Since the global financial economic crisis hit the world markets in 2007/2008, the role of property valuation has been under greater and greater scrutiny. The process of valuation and its quality assurance has been addressed by the higher prominence of the International Valuation Standards Council (IVSC). This is a significant initiative worldwide. However, there has been little written on the appropriate use of valuation approaches and methods in market valuations. There is now a hierarchy of valuation definitions. In order, there are valuation approaches, valuation methods and, as a subset of the methods, techniques or models. The purpose of this paper is to look at the importance of identifying the appropriate approach to be adopted in market valuations and the methods, techniques and models that should be applied to determine market value. Design/methodology/approach This practice briefing is an overview of the valuation approaches, methods and models available to the valuer and comments on the appropriateness of valuation each in assessing market value. Findings This paper reviews the IVSC-recognised approaches and prompts the valuer to be careful with the semantics involved so that they are better placed to provide an unambiguous service to their clients. Practical implications The role of the valuer in practice is to identify the appropriate approach for the valuation of the subject property, choose the right method and then apply the correct mathematical model for the valuation task in hand. Originality/value This provides guidance on how valuations can be presented to the client in accordance with the International Valuation Standards.
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L.Ganesamoorthy, L. Ganesamoorthy, and Dr H. Shankar Dr.H.Shankar. "Market Timing -Implications Of Market Valuation." Indian Journal of Applied Research 1, no. 4 (October 1, 2011): 36–38. http://dx.doi.org/10.15373/2249555x/jan2012/10.
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L.Ganesamoorthy, L. Ganesamoorthy, and Dr H. Shankar Dr.H.Shankar. "Market Timing -Implications Of Market Valuation." Indian Journal of Applied Research 1, no. 4 (October 1, 2011): 21–24. http://dx.doi.org/10.15373/2249555x/jan2012/6.
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French, Nick. "Property valuation in the UK: material uncertainty and COVID-19." Journal of Property Investment & Finance 38, no. 5 (June 6, 2020): 463–70. http://dx.doi.org/10.1108/jpif-05-2020-0053.
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PurposeAn understanding of uncertainty has always been an integral part of property valuations. No valuation is certain, and the valuer needs to convey to the user of the valuation in the degree of uncertainty pertaining to the market value.Design/methodology/approachThis practice briefing is a short overview of the importance of understanding uncertainty in valuation in normal markets and the particular difficulties now with the material uncertainty created by the COVID-19 pandemic.FindingsThis paper discusses how important it is for the valuer and the client to communicate and understand the uncertainty in the market at any point of time. The COVID-19 has had a significant impact on property values and the importance of clarity within valuation reports.Practical implicationsThis paper looks at the importance of placing capital and rental value changes due to material uncertainty in valuation reports.Originality/valueThis provides guidance on how professional bodies are advising their members, around the world, on how to report valuations and market value in the context of material uncertainty.
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Ernst, Dietmar. "Simulation-Based Business Valuation: Methodical Implementation in the Valuation Practice." Journal of Risk and Financial Management 15, no. 5 (April 26, 2022): 200. http://dx.doi.org/10.3390/jrfm15050200.
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The simulation-based company valuation values a company on the basis of the risks actually present in the company without having to derive them from the capital market data. The simulation-based company valuation takes into account the market imperfections, such as the probability of insolvency or the lack of diversification, and fulfils the legal requirements and auditing standards for a company valuation. The simulation-based company valuation is an alternative to the CAPM-based company valuation, which, under the assumption of perfect capital markets, derives the risks through capital market comparisons. A simulation-based business valuation has many advantages and is particularly suitable for valuing medium-sized companies, start-ups, companies in a crisis, and for integrating country-specific risks into business valuations. Due to the internationally widespread use of the CAPM, a simulation-based company valuation is still rarely used in practice. This article shows which valuation formulas are necessary for the application of a simulation-based company valuation. These are used for both the certainty equivalent method and for the risk premium method. In a concrete and valuation example, the simulation-based business planning and company valuation is carried out, and the derived valuation formulas are applied in a way that allows a transfer to concrete valuation cases in practice. It is shown that the certainty equivalent method and the risk premium method lead to identical company values.
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Ernst, Dietmar. "Simulation-Based Business Valuation: Methodical Implementation in the Valuation Practice." Journal of Risk and Financial Management 15, no. 5 (April 26, 2022): 200. http://dx.doi.org/10.3390/jrfm15050200.
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The simulation-based company valuation values a company on the basis of the risks actually present in the company without having to derive them from the capital market data. The simulation-based company valuation takes into account the market imperfections, such as the probability of insolvency or the lack of diversification, and fulfils the legal requirements and auditing standards for a company valuation. The simulation-based company valuation is an alternative to the CAPM-based company valuation, which, under the assumption of perfect capital markets, derives the risks through capital market comparisons. A simulation-based business valuation has many advantages and is particularly suitable for valuing medium-sized companies, start-ups, companies in a crisis, and for integrating country-specific risks into business valuations. Due to the internationally widespread use of the CAPM, a simulation-based company valuation is still rarely used in practice. This article shows which valuation formulas are necessary for the application of a simulation-based company valuation. These are used for both the certainty equivalent method and for the risk premium method. In a concrete and valuation example, the simulation-based business planning and company valuation is carried out, and the derived valuation formulas are applied in a way that allows a transfer to concrete valuation cases in practice. It is shown that the certainty equivalent method and the risk premium method lead to identical company values.
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Jiao, Huifang, Xuan Wang, Chi To Ng, and Lijun Ma. "Pricing and Return Policies in a Competitive Market: A Consumer-Valuation Based Analysis with Valuation Uncertainties." Sustainability 13, no. 3 (January 29, 2021): 1432. http://dx.doi.org/10.3390/su13031432.
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In this study, we develop a series of consumer-valuation-based models to investigate the pricing and return policies of the sellers in a competitive e-commerce market. Differing from the competition models in literature, a novel two-dimensional valuation structure is built, which considers the valuations of a consumer on two products and the valuation differentiation of all consumers on each product. We consider both monopoly and duopoly (competitive) markets. In each market, two models are respectively developed, one with and one without the return policies. We derive the solutions for the four models, and conduct some analytical and numerical investigations. The results show that return policy with a partial refund is always chosen by the sellers in both monopoly and duopoly markets. Return policy benefits the seller in a monopoly market, but may not benefit the sellers in a duopoly market. In the duopoly models, one seller can be considered as a monopoly seller who meets a new competitor. Our results show that the monopoly seller will reduce its price by no more than 20% when there comes a competitor, and, counter-intuitively, it will meanwhile adopt a severer return policy to the consumers.
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Małkowska, Agnieszka, and Małgorzata Uhruska. "Towards Specialization or Extension? Searching for Valuation Services Models Using Cluster Analysis." Real Estate Management and Valuation 27, no. 4 (December 1, 2019): 27–38. http://dx.doi.org/10.2478/remav-2019-0033.
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Abstract The paper delivers original data on specialization in property valuation services in Poland. Its aim is to identify relatively homogeneous groups of property appraisers taking into consideration the scope of services performed by them and the types of clients served. Based on the survey results, it was possible to indicate major models in property valuation services consistent with market applications, which allows us to verify the thesis on specialization in doing business in property valuation. The research strategy approach is twofold. Firstly, we have used the agglomerative cluster method to divide the types of valuation services and appraisers’ clients in order to find groups of similar valuation services and represent the main models of business in property appraisals. Secondly, we have applied the k-means partition methods to find relatively homogenous groups of respondents, taking into account the frequency of carrying out the particular types of valuations and clients served. As a result of our research, we present four clusters combining valuations and client types which reflect the models of property valuers’ professional activity, i.e: the market-oriented housing valuation model, market-oriented commercial valuation model, non-market-oriented judicial valuation model and non-market- oriented public valuation model. Research findings confirm the existence of three out of the four specialization clusters within the professional activity. We also extracted a group of appraisers operating on a broad scale, both when it comes to the types of services offered and clients served.
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Meyer, Morgan, and Rebecca Wilbanks. "Valuating Practices, Principles and Products in DIY Biology." Valuation Studies 7, no. 1 (March 12, 2020): 101. http://dx.doi.org/10.3384/vs.2001-5992.2020.7.1.101.
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In this article, we study do-it-yourself (DIY) biology, by looking in particular at the different forms of valuation within the DIY biology movement. Building upon recent work in economic sociology and the study of valuation, we take as case studies different projects developed by DIY biologists. Our approach is attentive to the moments when these projects are valued, i.e. during competitions, investment pitches, and crowdfunding campaigns. The projects analyzed involve both market valuations (with investments, products and potential markets) and non-market valuations (be they social, ethical or cultural). Our key argument is that value is produced through distributed and heterogeneous processes: products, practices, principles and places are valued at the same time. We show that there is not only a valuation of technical and production aspects (well highlighted in the key literature on valuation), but also a valuation of social links and of specific forms of organization. Both are inseparable - it is neither the object nor the context in themselves that are valued, but the “good-within-the-context-of-its-making”: the production of vegan cheese or biological ink and the places and communities of DIY biology or future markets are valued. The valuation practices we examine aim at producing an interest in a threefold sense: a general interest (a public good), an interest for the public (its curiosity), and a monetary interest (by making people financially participate).
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Kupec, Josef. "Added value of sites suitable for sustainable office development." Organization, Technology and Management in Construction: an International Journal 13, no. 2 (July 1, 2021): 2465–71. http://dx.doi.org/10.2478/otmcj-2021-0026.
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Abstract Valuations of real estate are widely used for various purposes and it relied always upon the financial and other markets. Valuation methodology is based on the operation of the free market economy and the real estate properties. The issue of certified properties is relatively new in the field of real estate valuation and is not sufficiently explored. Certified buildings are preferred by major corporate tenants with international field of activity who often have ethical rules for sustainable development. Therefore, certified properties are attractive to international commercial real estate investors who have higher purchasing power and are willing to pay a higher purchase price. Sustainable property certification is an element affecting the market value of the property. The purpose of this presented research is to quantify the impact of property certification on the value of office properties in Prague and subsequently to determine the impact of sustainability certificates on the market value of the land by using basic valuation techniques. The outcome of the project could be used by real estate valuation experts as a guideline to consider the future project certification and its impact on the land market value.
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Vishwakarma, Urmika. "Analysis on Effect of COVID -19 on Property Valuation in Real Estate Market." International Journal for Research in Applied Science and Engineering Technology 9, no. 12 (December 31, 2021): 1467–73. http://dx.doi.org/10.22214/ijraset.2021.39558.
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Abstract: The valuation of real estate is a central tenet for all businesses. Land and property are factors of production and, as with any other asset, the value of the land flows from the use to which it is put, and that in turn is dependent upon the demand (and supply) for the product that is produced. Valuation, in its simplest form, is the determination of the amount for which the property will transact on a particular date. However, there is a wide range of purposes for which valuations are required. These range from valuations for purchase and sale, transfer, tax assessment, expropriation, inheritance or estate settlement, investment and financing. The objective of the paper is to provide a brief overview of the methods used in real estate valuation. Valuation methods can be grouped as traditional and advanced. The traditional methods are regression models, etc. MRA has been implemented by many researchers to study valuation of real property cite that MRA is possible for coefficient estimates and factor weightings using a large number of actual sale cases. Keywords: Real property, property valuation, multiple regression analysis, SWOT Analysis
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Grover, Richard. "Mass valuations." Journal of Property Investment & Finance 34, no. 2 (March 7, 2016): 191–204. http://dx.doi.org/10.1108/jpif-01-2016-0001.
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Purpose – The purpose of this paper is to review the issues involved in the implementation of mass valuation systems and the conditions needed for doing so. Design/methodology/approach – The method makes use of case studies of and fieldwork in countries that have either recently introduced mass valuations, brought about major changes in their systems or have been working towards introducing mass valuations. Findings – Mass valuation depends upon a degree of development and transparency in property markets and an institutional structure capable of collecting and maintaining up-to-date price data and attributes of properties. Countries introducing mass valuation may need to undertake work on improving the institutional basis for this as a pre-condition for successful implementation of mass valuation. Practical implications – Although much of the literature is concerned with how to improve the statistical modelling of market prices, there are significant issues concerned with the type and quality of the data used in mass valuation models and the requirements for successful use of mass valuations. Originality/value – Much of the literature on mass valuation takes the form of the development of statistical models of value. There has been much less attention given to the issues involved in the implementation of mass valuation.
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Berry, Thomas D., and John L. Houston. "The Leverage Problem In The Valuation Of Privately Held Firms." Journal of Applied Business Research (JABR) 3, no. 1 (November 1, 2011): 37. http://dx.doi.org/10.19030/jabr.v3i1.6545.
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One of the most perplexing situations that arises in financial analysis is the valuation of a firm that lacks an observable stock market price. Firms going public, spin-offs of subsidiaries, and estate or ESOP valuations of private firms are all examples where the lack of an observable stock market price complicates the valuation process.
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Kucharska - Stasiak, Ewa. "UNCERTAINTY OF PROPERTY VALUATION AS A SUBJECT OF ACADEMIC RESEARCH." Real Estate Management and Valuation 21, no. 4 (December 1, 2013): 17–25. http://dx.doi.org/10.2478/remav-2013-0033.
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Abstract Property valuation is characterized by uncertainty, understood not only as uncertainty of a single valuation, but also as a discrepancy between multiple valuations of the same property carried out at the same time and for the same purpose. A valuation is only an estimate, the outcome of which depends on the assumptions adopted by the valuer. Such assumptions may account for the potential of a property in a complex market environment in different ways. The objective of the paper is to present the methodology of research devoted to valuation uncertainty in highly developed markets to emphasize the need to conduct such research in Poland, and to indicate the areas in which professional organizations should undertake actions.
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Румянцева, I. Rumyantseva, Смарагдов, I. Smaragdov, Мотохин, and A. Motokhin. "Assessment Services Market Competition." Auditor 1, no. 4 (April 20, 2015): 64–67. http://dx.doi.org/10.12737/10927.
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The article presents the results of the analysis of the Russian assessment services market performed by the method of market cores based on data of the rating
agency «Expert RA» by volumes of total revenue of leading valuating companies in 2013, and quantitative valuation of the level of market competition.
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Czaplińska, Mirosława, Małgorzata Rymarzak, and Dariusz Trojanowski. "Fuel Station Valuation under Polish and RICS Standards." Real Estate Management and Valuation 25, no. 2 (June 27, 2017): 20–32. http://dx.doi.org/10.1515/remav-2017-0010.
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Abstract In the last few years, there has been a visible change in the structure of the fuel station market in both Poland and the United Kingdom. The changes taking place both in the fuel station market structure and the management forms of fuel stations, along with the increasing significance of convenience goods sales, result in the necessity of verifying the existing Polish valuation standards of the income approach. Moreover, there is an urgent need to develop specific fuel station valuation guidelines. Fuel station valuation requires both the specific approach and profits method adjustment to be able to account for the specificity of the valuation. The universal character of property valuation in Poland cannot result in ignoring the specificity of fuel station valuation and the market where it operates. Property valuers undertaking valuations of this type of facilities must be familiar with the rules operating on the fuel station market. This paper focuses on the comparison analysis of the fuel station market structure in Poland and the United Kingdom along with the specificity of the way fuel stations operate. Its emphasis is on the comparison analysis of fuel station valuation methods under Polish and RICS standards in order to show their similarities and differences. The aim of the paper is to present the methods of fuel station valuation in Poland and the United Kingdom, though mainly to show the areas of changes in the Polish valuation standards with regards to the profits method under the income approach that would take into account the specificity of fuel stations and their market.
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Uwaifiokun, Vincent. "Application of Contemporary Equated Yield and Dcf Explicit Growth Methods in the Valuation of Over-Rented Properties in a Recessionary Period: A Case Study of Nigeria." Real Estate Management and Valuation 26, no. 3 (September 1, 2018): 35–50. http://dx.doi.org/10.2478/remav-2018-0023.
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Abstract Valuations have always been time specific and, if properly undertaken, are supposed to give a true reflection of property market conditions at any given point in time. In periods of economic decline, when properties are leased or tend to exchange hands at rents or prices lower than their true market value, a need to capture the explicit growth rate associated with an instability in the property market arises. With the Nigerian economy currently facing its worst recession in years, the onus is on valuers to adopt contemporary methods of valuation which seek to mirror the true situation of the property market at any point in time; something which, hitherto, conventional methods of valuations have failed to do. This paper therefore takes a pilot survey of the types of investment valuation models currently adopted by valuers when carrying out valuations of reversionary properties in a recession. The study seeks to highlight the knowledge gap of valuers, both in practice and in the academia, concerning the use of the Equated yield and DCF explicit growth method of valuation, and hence enlighten them and the general public on its use as a more appropriate method of valuing properties during a downturn.
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Aluko, Bioye Tajudeen. "RELIABILITY OF MORTGAGE VALUATION FOR INSTITUTIONAL LENDING IN NIGERIA." International Journal of Strategic Property Management 8, no. 4 (December 31, 2004): 193–203. http://dx.doi.org/10.3846/1648715x.2004.9637517.
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The growing number of distressed banks in Nigeria and the recognition of mortgage valuation as a measure of investment performance of collaterals to mitigate the risks of loan underwriting process necessitates this study. It examined whether open market valuations of mortgage properties were a good proxies for their sale prices. Pooled data, involving 121 open market sales during the period 1994 to 2002, on property transactions in the study area with their corresponding contemporaneous valuations were gathered from the estate surveying and valuation firms, the lending institutions and the Nigerian Deposit Insurance Corporation. The data emanating therefrom were analysed with the aid of multiple regression models. The study revealed, amongst other things, that open market valuation for mortgage is a good proxy for their transaction price in the study area; although, the accuracy is not as good as what obtains in U.K, U.S.A. and Australia.
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Sheldon, T. J., and A. D. Smith. "Market Consistent Valuation of Life Assurance Business." British Actuarial Journal 10, no. 3 (August 1, 2004): 543–605. http://dx.doi.org/10.1017/s1357321700002695.
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ABSTRACTIn recent years there has been a trend towards market consistent valuation in those institutions for which actuaries have responsibilities. The larger United Kingdom with-profits insurance companies are now preparing realistic balance sheets, both for internal purposes and also at the request of the Financial Services Authority. International accounting standards have been moving to a fair value approach. Pension fund accounting under FRS 17 has also moved in this direction.In this paper we examine the reasons for the adoption of market consistent valuation and discuss some of the commercial implications and corporate valuation. We consider the methods and assumptions which can be used to develop market consistent valuations of cash flows typically encountered in the liabilities of financial institutions, together with some of the problems inherent in the calibration of models used for the valuation of these cash flows. The volatility assumption is crucial to the valuation of options and guarantees, and we discuss the relationship between historical and implied volatility.While most insurance companies initially adopted formulae to value their with-profits guarantees, several offices are now using a Monte Carlo simulation approach for their realistic balance sheets. The Monte Carlo approach enables allowance to be made for management discretion in bonus and investment policy, as well as policyholder actions. However, in many cases it is possible to develop analytical formulae for cash flows approximating those payable under insurance contracts.The valuation formulae have implications for the hedging of embedded guarantees. The authors discuss the construction of hedges for financial risks in with-profits funds, the separate perspectives of policyholders and shareholders, possible funds in which to hold hedging instruments, limitations of capital market hedging tools and the effect of taxation on hedge effectiveness.
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Ivashkovskaya, Irina Vasilevna, and Ivan Kuznetsov. "An Empirical Study of Country Risk Adjustments to Market Multiples Valuation in Emerging Markets: the Case for Russia." Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438 1, no. 3 (December 31, 2010): 26–52. http://dx.doi.org/10.17323/j.jcfr.2073-0438.1.3.2007.26-52.
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Valuation in emerging markets is always a challenge. The existence of sovereign risk and capital market segmentation as well as small trading volumes and narrow domestic capital market make it difficult to identify peer companies for market multiples valuation without cross- border comparables. This paper investigates the practical implementation of market multiples valuation in emerging markets when the analyst should involve peer companies from developed markets. Companies with comparable operational parameters bear different values on different financial markets. The problem of unavoidable difference among national stock markets exists, that is why methods of cross-border multiples’ corrections are called for. We address cross-border corrections procedures for adjusting multiples to a sovereign risk to find out the role and the extent of these type of adjustments in valuation. We are using the samples of Russian and US companies to test three different adjustments’ techniques: the sovereign spread, the relative market coefficients and the regression approach.
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Nel, WS, and NJ le Roux . "Precision, Consistency and Bias in Emerging Equity Markets." Journal of Economics and Behavioral Studies 6, no. 5 (May 30, 2014): 386–99. http://dx.doi.org/10.22610/jebs.v6i5.501.
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The use of multiples is a popular approach employed by analysts to perform valuations. These multiples are based on optimal value drivers, the valuation performance of which should be underpinned by empirical findings from carefully designed, unbiased research initiatives. This paper firstly investigates the risk of biasing the design of market-based studies which aim to test the valuation performance of individual value drivers. The evidence revealed that, when testing the valuation performance of value drivers, there is an inherent risk of biasing the design of a study of this kind, and therefore, its outcome. Secondly, the paper presents evidence in support of the consistency of previous research findings regarding the valuation performance of individual value drivers in the South African market over the period 2001-2010. To this end, the paper introduces a new approach for the analysis of multidimensional equity valuation research data in the form of principal component analysis (PCA)-based biplots. Thirdly, the paper provides evidence that multiples-based modeling seems to be biased to the downside, which is an important consideration for analysts who choose to adjust their valuations outside of these models.
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Wolf, James G. "Market Approach to Valuation." ICFA Continuing Education Series 1990, no. 2 (January 1990): 13–22. http://dx.doi.org/10.2469/cp.v1990.n2.3.
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Nel, WS. "An Optimal Peer Group Selection Strategy for Multiples-Based Modelling in the South African Equity Market." Journal of Economics and Behavioral Studies 7, no. 3(J) (June 30, 2015): 30–46. http://dx.doi.org/10.22610/jebs.v7i3(j).580.
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Although peer group selection is a key consideration when performing multiples-based valuations, there is a lack of theoretical guidance on an optimal peer group selection strategy in emerging markets. Principal Component Analysis-based biplots and correlation monoplots are used to assess the valuation performance of multiples whose peer groups are based on either industry classification or valuation fundamentals. The evidence suggests that multiples whose peer groups are based on valuation fundamentals outperform multiples whose peer groups are based on industry classifications, with a combination of valuation fundamentals Rg and RoE emerging as the optimal peer group variable. The evidence suggests that an optimal choice of peer group variable could secure an increase in valuation precision of as much as 41.77%.
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Moss, Alex, and Nicole Lux. "The impact of liquidity on the valuation of European real estate securities." Journal of European Real Estate Research 7, no. 2 (July 29, 2014): 139–57. http://dx.doi.org/10.1108/jerer-12-2013-0026.
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Purpose – The purpose of this paper is to test the hypothesis that the valuations of European real estate securities are, in part, determined by the relative liquidity in the companies’ shares. Design/methodology/approach – Six groups are derived for our sample of European listed real estate companies. They are split between the UK and Europe, and then both sets are categorised by liquidity as large, medium or small. These are then tested for market depth, market tightness and difference in valuations over the cycle 2002-2012. Intuitively, it can be expected that the stock market valuation premium for companies with greater liquidity increases post the global financial crisis. Findings – The key discriminating variable that drives companies’ liquidity and valuations is market capitalisation. For both the UK and Europe, the valuation premium of larger companies vs small companies has increased significantly since 2008 (by 20-40 per cent), which can be attributed to the increased value placed on liquidity post GFC. Research limitations/implications – The sample size is relatively small, and subject to individual company influences on stock market valuation. Practical implications – The key implications from the findings are the cost and quantum of new equity capital available to companies with superior liquidity, and the possibility of exclusion from portfolios for companies with low liquidity. Originality/value – Previous studies have focussed on returns for measuring a liquidity premium. This study focusses on relative valuations and how the liquidity premium changes throughout the cycle.
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Reitmaier, Christine, and Wolfgang Schultze. "Enhanced business reporting: value relevance and determinants of valuation-related disclosures." Journal of Intellectual Capital 18, no. 4 (October 9, 2017): 832–67. http://dx.doi.org/10.1108/jic-12-2016-0136.
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Purpose Enhanced business reporting (EBR) seeks to address the information needs of investors when making company valuations for investment decisions. The purpose of this paper is to analyze the relevance for market valuation of EBR disclosures that are directly related to firm valuation (value-based reporting (VBR)). Design/methodology/approach Data are hand collected from annual reports of German publicly listed companies over five years. The content analysis is based on the valuation-related disclosure framework of the German Schmalenbach Society of Business Administration. A 2SLS approach accounts for potential endogeneity. Findings Share-based compensation, leverage, corporate size, and share volatility are significant determinants of VBR. The level of VBR is significantly associated with market values and provides additional market value explanatory power, indicating its relevance to investors in the process of valuation and decision making. Also, the relevance of book value and earnings for explaining market values increases for firms with better VBR. The findings are robust to the exclusion of banks and assurance companies and to alternative model and variable specifications. Research limitations/implications The research contributes to the literature on voluntary disclosures by testing an EBR framework explicitly derived from valuation theory. The results provide indirect evidence of the investors’ use of respective valuation techniques in decision making. A contribution is made to the value relevance literature by showing that valuation-related disclosures constitute a suitable proxy for “other information” in the Ohlson’s (1995) model. Such disclosures complement traditional accounting metrics, i.e. book value and earnings, as basis for valuations. Potential caveats relate to the content analysis of annual reports and the endogeneity of voluntary disclosures. Originality/value This paper informs the debate on further developments of EBR in helping to identify important components thereof.
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Asres, Habtamu Bishaw, Hans Lind, and Belachew Yirsaw Alemu. "Understanding the Bases and Approaches of Mortgage Valuation in Ethiopia." JOURNAL OF AFRICAN REAL ESTATE RESEARCH 5, no. 1 (June 1, 2020): 55–76. http://dx.doi.org/10.15641/jarer.v5i1.856.
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In Ethiopia there is no mortgage valuation framework or a regulatory valuation institution. Due to this, financial institutions may value mortgage securities without any clear and consistent basis; resulting in confusion among experts and parties dependent on valuations for their business. Further, there is no previous empirical evidence on how banks or financial institutions value mortgage securities. This study is therefore intended to examine the practice of mortgage valuation adopted by Ethiopian banks by looking at valuation bases and their corresponding approaches. To meet this objective the researchers adopted a qualitative research approach where primary data were collected using key informant interviews from experienced valuers at four Ethiopian banks. The collected data were analysed and interpreted using clustering and the data were categorised into relevant themes. The study found that banks undertake mortgage valuation without any valuation basis, and they consider the cost approach as the only recognised valuation approach. Moreover, property valuers do not have sufficient professional competence in valuation and have no discretion to choose the appropriate valuation approaches. Based on the findings of this research, it is suggested that banks apply market value as a basis of valuation. The market value basis is compatible with the property market context of Ethiopia and international practices. The constitution of Ethiopia also supports it. Furthermore, banks should also adopt either the income, market or cost approaches depending on the nature and type of properties. But the cost approach can be applied as a check and balance on the reasonableness of the value determined using another approach and in cases where the two approaches are inappropriate. Valuers should also be able to use their discretion in selecting valuation approaches. These can be realised by establishing an independent national institution responsible for valuation regulation and certification.
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Ivanovski, Zoran, Zoran Narasanov, and Nadica Ivanovska. "Performance Evaluation of Stocks’ Valuation Models at MSE." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 11, no. 2 (June 1, 2018): 7–23. http://dx.doi.org/10.2478/ers-2018-0011.
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Abstract Subject and purpose of work: The main task of this paper is to examine the proximity of valuations generated by different valuation models to stock prices in order to investigate their reliability at Macedonian Stock Exchange (MSE) and to present alternative “scenario” methodology for discounted free cash flow to firm valuation. Materials and methods: By using publicly available data from MSE we are calculating stock prices with three stock valuation models: Discounted Free Cash Flow, Dividend Discount and Relative Valuation. Results: The evaluation of performance of three stock valuation models at the MSE identified that model of Price Multiplies (P/E and other profitability ratios) offer reliable stock values determination and lower level of price errors compared with the average stocks market prices. Conclusions: The Discounted Free Cash Flow (DCF) model provides values close to average market prices, while Dividend Discount (DDM) valuation model generally mispriced stocks at MSE. We suggest the use of DCF model combined with relative valuation models for accurate stocks’ values calculation at MSE.
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Strong, John S. "The Market Valuation of Credit Market Debt." Journal of Money, Credit and Banking 21, no. 3 (August 1989): 307. http://dx.doi.org/10.2307/1992416.
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Kordy, Kariman, Aliaa Bassiouny, and Eskandar Tooma. "Valuation discrepancies in money market funds during market disruptions: evidence from Egypt." Investment Management and Financial Innovations 17, no. 3 (September 8, 2020): 97–110. http://dx.doi.org/10.21511/imfi.17(3).2020.08.
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Money market funds (MMFs) are generally considered safe investment vehicles, but the 2008 global financial crisis showed their vulnerability during market disruptions resulting in increased regulatory oversight across developed markets to protect investors. This paper examines the effect of MMF accounting regulation on investors in an emerging market context. It hypothesizes that the continued use of amortized cost methods to account for MMFs’ Net Asset Value (NAV) during market disruptions can result in unfair treatment of investors. The Egyptian money market provided a unique laboratory to test this hypothesis over a prominent economic crisis that combined high levels of interest rate volatility with a redemption-only structure for MMFs. A model that measures the discrepancies between the amortized and floating market NAVs per certificate for various money market portfolios (MMPs) simulating MMFs of different durations is tested using the Egyptian data. A sharp rise in interest rates is found to lead to significant discrepancies between the amortized NAV per certificate relative to their floating value. Serial investor redemptions of the certificates compound the discrepancies, but only certificate holders remaining in the funds bear the accumulated losses, which are augmented for portfolios with higher durations. The results suggest that emerging market regulators consider introducing the rules that switch to floating NAV calculations for MMFs during such periods to promote equality across all investors.
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Akujuru, Victor A., and Les Ruddock. "Dichotomising compulsory land acquisition and land contamination valuations." International Journal of Disaster Resilience in the Built Environment 6, no. 3 (September 14, 2015): 268–88. http://dx.doi.org/10.1108/ijdrbe-11-2013-0040.
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Purpose – This study aims at identifying the consequences of adopting statutory rather than market basis in assessing damages due to contamination to land. Most valuations undertaken to assess compensation for damages due to contamination on land are done with valuation methods prescribed by law for the compulsory acquisition of land. Design/methodology/approach – A total of 80 registered valuation firms with experience in both compulsory acquisition and damage assessment participated in a questionnaire survey to ascertain the methods adopted in valuing when determining the compensation payable as damages due to land contamination and the need for a framework for such valuations, in addition to some archival documents relating to the relevant laws and some purposively selected valuation reports, which were reviewed. Findings – The results of the analysis indicate that the use of compulsory acquisition valuation methods results in inadequate damages, which engenders conflicts among the stakeholders. The absence of any framework for damage assessment is responsible for the current practice in the Niger Delta, and it is recommended that international best practices utilising market basis of valuation be adopted. Research limitations/implications – Most valuation methods available are useful for valuing commercial properties regularly traded in the market and not applicable to the Niger Delta, which is mostly rural with very few market transactions. It is expected that this study will enable oil and gas industry operators, professional valuers advising the land owners or operators in the industry and the government to differentiate compensation paid for compulsory acquisition and compensation required to placate those suffering losses due to contamination. Practical implications – The findings will assist professional valuers to be more professional in valuing contaminated land devastated by oil spills. Social implications – Adopting the findings will engender a greater acceptability of the results of valuations undertaken in the wake of an oil spillage disaster and ensure a peaceful environment for the oil operators and the entire populace. Originality/value – The findings of this study are expected to assist policymakers in emerging economies and professional valuers acting in these environments to avoid precipitating crises by adopting inappropriate valuation techniques when assessing damages due to contamination. This study is original and has not been published elsewhere.
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Kucharska-Stasiak, Ewa, and Katarzyna Olbińska. "Reflecting Sustainability in Property Valuation - Defining the Problem." Real Estate Management and Valuation 26, no. 2 (June 1, 2018): 60–70. http://dx.doi.org/10.2478/remav-2018-0016.
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Abstract A major topic in discussions about environmental protection is the concept of sustainable development utilizing the economic criteria enhanced by environmental, social and ethical aspects. The concept inspired a new approach to construction and paved the way for the idea of sustainable buildings. Sustainable buildings are expected to offer economic benefits to their owners and tenants that should be reflected in property values. The authors test a hypothesis that the real estate market in Poland still fails to incorporate sustainability in property valuation. The article seeks evidence in support of this hypothesis, as well as attempting to find out why the market does not pay a premium for sustainability. To accomplish the purpose of the research, a systematic literature review, an analysis of the pilot studies available in Poland and a preliminary assessment of the ability of valuation methods to reflect sustainability in property valuations are performed. The focus of the research is on the office property market, one of the fastest growing and most modern segments of the real estate market. The conclusion drawn from the research is that, of all respondents surveyed by international studies, Polish developers, property owners, tenants and valuers know the least about sustainable building and that the evidence of the benefits of sustainable building is still unavailable in the Polish real estate market. Such benefits are rather hypothesized to exist and considered theoretically rather than empirically confirmed. It is possible that the reasons for these findings are the short period of research and problems with distinguishing sustainable buildings from conventional ones, which make it difficult for valuers to reflect the benefits of sustainability in valuations. Nevertheless, a new approach to property valuation encompassing environmental, ethical and moral aspects seems necessary. This would encourage sustainable building and green investment strategies. Sustainable valuation would also be an opportunity for the development of the valuation profession.
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Baffour Awuah, Kwasi Gyau, Frank Gyamfi-Yeboah, David Proverbs, and Jessica Elizabeth Lamond. "Sources and reliability of property market information for property valuation practice in Ghana." Property Management 35, no. 4 (August 21, 2017): 448–66. http://dx.doi.org/10.1108/pm-05-2016-0019.
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Purpose Adequate reliable property market data are critical to the production of professional and ethical valuations as well as better real estate transaction decision-making. However, the availability of reliable property market information represents a major barrier to improving valuation practices in Ghana and it is regarded as a key challenge. The purpose of this paper is to investigate the sources and reliability of property market information for valuation practice in Ghana. The aim is to provide input into initiatives to address the availability of reliable property market data challenges. Design/methodology/approach A mixed methods research approach is used. The study, thus, relies on a combination of a systematic identification and review of literature, a stakeholder workshop and a questionnaire survey of real estate valuers in Accra, Ghana’s capital city to obtain requisite data to address the aim. Findings The study identifies seven property market data sources used by valuers to obtain market data for valuation practice. These are: valuers own database; public institutions; professional colleagues; property owners; estate developers; estate agents; and the media. However, access to property market information for valuations is a challenge although valuers would like to use reliable market data for their valuations. This is due to incomplete and scattered nature of data often borne out of administrative lapses; non-disclosure of details of property transactions due to confidentiality arrangements and the quest to evade taxes; data integrity concerns; and lack of requisite training and experience especially for estate agents to collect and manage market data. Although professional colleagues is the most used market data source, valuers own databases, was regarded as the most reliable source compared to the media, which was considered as the least reliable source. Research limitations/implications Findings from the study imply a need for the development of a systematic approach to property market data collection and management. This will require practitioners to demonstrate care, consciousness and a set of data collection skills suggesting a need for valuers and estate agents to undergo regular relevant training to develop and enhance their knowledge, skills and capabilities. The establishment of a property market databank to help in the provision of reliable market data along with a suitable market data collection template to ensure effective and efficient data collection are considered essential steps. Originality/value The study makes a significant contribution to the extant knowledge by providing empirical evidence on the frequency of use and the reliability of the various sources of market data. It also provides useful insights for regulators such as the Ghana Institution of Surveyors (GhIS), the Royal Institution of Chartered Surveyors (RICS) and other stakeholders such as the Commonwealth Association of Surveying and Land Economy (CASLE) and the Government to improve the provision of reliable property market information towards developing valuation practice not only in Ghana, but across the Sub-Saharan Africa Region. Also, based on these findings, the study proposes a new property market data collection template and guidelines towards improving the collection of effective property market data. Upon refinement, these could aid valuation practitioners to collect reliable property market data to improve valuation practice.
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Kucharska-Stasiak, Ewa. "15 Myths about Market Value." Real Estate Management and Valuation 26, no. 3 (September 1, 2018): 113–21. http://dx.doi.org/10.2478/remav-2018-0030.
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Abstract Market value is one of the most difficult notions in economics. It is also one of the most puzzling in the valuation industry, although its definitions can be found in the International Valuation Standards, European Valuation Standards, RICS standards and national standards. This value tends to be given different interpretations and misconceptions surrounding it are shared by many members of the property valuer community. The many ways in which property market value is understood leads to misvaluations and significant variations between valuation results, which are damaging to the prestige of the property valuation profession. This article explores areas giving rise to the misinterpretations of property market value to provide a critical review of the existing views, and to put forward arguments explaining why they should be revised. To this end, a critical literature review and observations made by the author during discussions with valuation professionals taking skill-improvement courses, scientific conferences on valuation methodology and practice, and entry exams for the profession of property valuers are used. Three main areas conducive to the emergence of myths have been identified: the interpretation of property market value (four myths), the process of arriving at property market value (ten myths) and the interpretation of valuation results (one myth). The myths are challenged on the grounds of the market value concept and its interpretation as used in economics.
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Tizniti, Douaa, and Mohammed Rachid Aasri. "Do Discounts Enhance or Degrade IPOs Valuation Performance?" Financial Markets, Institutions and Risks 5, no. 2 (2021): 34–41. http://dx.doi.org/10.21272/fmir.5(2).34-41.2021.
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In the present study, we investigate the impact of discounts on the valuation performance of initial public offerings. Review of existing literature reveals that such valuation performance lacks examination in terms of discounts as most studies focus on valuation methods. Accordingly, we examine the valuation performance of initial public offerings before and after applying discounts. Whereby, underwriters apply a deliberate discount to fair value estimate before setting the final offer price. We assess the valuation performance of initial public offerings through bias and accuracy errors as well as explainability. When valuation errors are low, the valuation performance is deemed superior. Our sample consists of 39 initial public offerings conducted on the Moroccan stock exchange between 2004 and 2018. We use publicly available prospectus to collect necessary data. Our results reveal that discounts applied to fair value estimate when setting the final offer price reduce valuation errors. Consequently, discounts enhance the valuation performance of initial public offerings. In fact, both optimistic and pessimistic final offer price are closer to market price in comparison with optimistic and pessimistic fair value estimate. We conclude that if valuations conducted by underwriters are objective, discounts serve as a qualitative valuation to supplement the quantitative one. This qualitative valuation incorporates relevant information about market circumstances with regard to initial public offerings. This indicates the superior fundamental analysis underwriters are capable of performing. However, if valuations conducted by underwriters are subjective, then underwriters deliberately overestimates fair value estimate to justify applying discounts when setting the final offer price. Nonetheless, our study reveals that discounts are more than proportional to valuation optimism. Consequently, while discounts absorb this valuation optimism, they also set a valuation pessimism. In other words, discounts avoid overpricing initial public offerings, yet they result in underpricing them. Interestingly, we discover that although optimistic fair value estimate and pessimistic final offer price have approximate valuation errors, underwriters are more comfortable underpricing initial public offerings than overpricing them.
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Dyson, A. C. L., and C. J. Exley. "Pension Fund Asset Valuation and Investment." British Actuarial Journal 1, no. 3 (August 1, 1995): 471–557. http://dx.doi.org/10.1017/s1357321700001203.
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ABSTRACTThe theoretical basis for, and practical application of, the discounted income method for valuing UK pension fund assets is discussed, with particular reference to the widely adopted application to variable income (equity type) assets, as proposed by Day & McKelvey (1964), in the context of both the management and compliance objectives of pension fund valuation. An alternative methodology is proposed in which consistency with assets, liabilities, and market values is demanded, with smoothing of the valuation result achieved on an explicit rather than implicit basis. It is then demonstrated that the explicit smoothing parameter can be set so as to achieve the historic smoothness framework for establishing pension fund investment policy.In conclusion the paper suggests greater emphasis on market-related methodologies for compliance valuations and leaves open the choice of methodology for management valuations and monitoring purposes, on the grounds that there is a large subjective element in any realistic basis. However, it is demonstrated that while smoother than unadjusted market-related methods, other aspects of the dynamics of the funding level under the method of Day & McKelvey can be perverse and it is suggested that this method should not be allowed to dictate investment decisions.
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Gaca, Radosław, Robert Zygmunt, and Michal Gluszak. "Comparative Analysis of Transaction Prices and the Values of Forest Properties in Poland." Forests 11, no. 12 (December 13, 2020): 1323. http://dx.doi.org/10.3390/f11121323.
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Research Highlights: In the paper, we explore systematic discrepancy between sale prices and values of forest properties in Poland. We argue that the systematic valuation bias found is partially caused by the simplified parametric appraisal methodology currently used in Poland. Background and Objectives: Most of the forests in Poland are state-owned, but in recent decades, the market for private forest properties has been dynamically growing. In the paper, we investigate the relations between the actual transaction prices, and the estimated value of forest properties in selected regions in Poland. We hypothesize that sale prices systematically deviate from valuations. An additional question arises regarding the determinants of forest property prices. We hypothesize that due to asymmetric information positive amenities are not fully capitalized in property prices in Poland. Materials and Methods: In the paper, we adopt two regression models used to investigate the valuation accuracy and bias. We test the hypothesis that valuations are unbiased estimates of transaction prices. Results: The results indicate that market prices for forest properties systematically differ from estimated values. Conclusions: Systematic deviation of forest property sales prices from market values may contribute to the imperfect information available to the market participants, especially when information is asymmetrically distributed between buyers and sellers. This may confirm the hypothesis that sellers are not fully aware of the advantages of the property being sold, and provide further explanations for large systematic differences between sales prices and valuations based on parametric valuation methods used in Poland.
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MacDonald, Don N., and William L. Huth. "Individual valuation, market valuation, and the preference reversal phenomenon." Journal of Behavioral Economics 18, no. 2 (June 1989): 99–114. http://dx.doi.org/10.1016/0090-5720(89)90004-1.
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D’AMATO, Maurizio. "INCOME APPROACH AND PROPERTY MARKET CYCLE." International Journal of Strategic Property Management 19, no. 3 (October 9, 2015): 207–19. http://dx.doi.org/10.3846/1648715x.2015.1048762.
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This paper is focused on a proposed valuation method including real estate market cycle analysis in real estate valuation process. Starting from early works on this field (d'Amato 2003) the work highlight the dangerous gap between academic research on property market cycles and professional practice of property valuation. The danger of this gap comes from the fact that in spite it is well documented that the property market has a “natural” cyclical behaviour, the opinions of value based on income approaches still relies on assumption of a stable or perpetually growing (or decreasing) income. This may be one generating factors of the real estate bubble and the subsequent financial markets crisis experienced recently. This paper offers a general introduction on cyclical capitalization as a further family of valuation methodologies based on income approach. This method includes in the traditional Dividend Discount Model more than one g-factor in order to plot property market cycle. An empirical application of Cyclical Capitalization is offered to the office market of the Eastern London.
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Bekkerman, Anton, Gary W. Brester, and Tyrel J. McDonald. "A Semiparametric Approach to Analyzing Differentiated Agricultural Products." Journal of Agricultural and Applied Economics 45, no. 1 (February 2013): 79–94. http://dx.doi.org/10.1017/s1074070800004594.
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When consumers have heterogeneous perceptions about product quality, traditional parametric methods may not provide accurate marginal valuation estimates of a product's characteristics. A quantile regression framework can be used to estimate valuations of product characteristics when quality perceptions are not homogeneous. Semiparametric quantile regressions provide identification and quantification of heterogeneous marginal valuation effects across a conditional price distribution. Using purchase price data from a bull auction, we show that there are nonconstant marginal valuations of bull carcass and growth traits. Improved understanding of product characteristic valuations across differentiated market segments can help producers develop more cost-effective management strategies.
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Kossecki, Pavel. "Comparison of Telecommunication Markets in Europe Using Multivariate Statistical Analysis." Journal of information and organizational sciences 44, no. 2 (December 9, 2020): 331–44. http://dx.doi.org/10.31341/jios.44.2.8.
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Common problem in valuation of telecommunication companies is finding comparable data and markets for valuation. The aim of this work was to identify comparable markets for the telecommunication market in Europe. A method for comparison of the markets based on the Multivariate Statistical Analysis was presented. The study covers twenty-two European countries. Using taxonomic measures, these countries were divided into five groups, taking into account the following variables: average monthly service cost of the fixed Internet, average cost of the mobile usage, and average cost of the fixed telephony usage. Within individual groups, the costs of telecommunications services are less diverse than in the entire population; their members can be considered comparable markets. The same method can be used for comparing markets in cases of enterprise valuations in the telecommunication sector, and also in analysis of their level of development.
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Bogatyrev, S. Yu. "Behavioral valuation in the Russian and Western stock markets." Finance and Credit 26, no. 3 (March 30, 2020): 549–64. http://dx.doi.org/10.24891/fc.26.3.549.
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Subject. The article discusses changes in qualities of market actors that influence the valuation of assets, behavioral valuation, ranges of the valuation apparatus components. I focus on the practical implementation of the behavioral pricing and a technique for assessing key indicators of behavioral valuation of assets. Objectives. The study measures ranges of certain values adjusting the beta coefficient, which is used to assess the discount rate under the CAPM so as to arrive at the behavioral discount rate and market value of assets in markets with reference to behavioral factors. Methods. The article demonstrates how the behavioral pricing apparatus is applied. I also present some computations, propose benchmarks for assessing the adjustment to components of the discount rate formula for valuation purposes and in line with the emotional tone in stock markets. Results. I devised and implemented the technique for measuring the emotional tone of news and integrated methods for assessing the behavioral beta in accordance with the behavioral CAMP of Hersch Shefrin and Meir Statman. I tested and verified the hypothesis stating that emotions cause the beta coefficient, which is used by irrational investors use, to diverge from the one embedded in the CAPM. The article shows a range of the beta coefficient used by irrational investors from the one embedded in the CAPM. It can be used to assess the market value of shares in a particular case. Conclusions and Relevance. The theory of behavioral valuation of financial assets was put into practice, unveiling the value of the discount rate constituents, which can serve for cost analysts and appraisers. The findings are useful for valuation, corporate finance, public and municipal finance, fiscal issues, stock exchanges. Behavioral valuation tools are especially relevant in case of instability and crisis, a changing market paradigm, market developments, changes in the rate of return and volatility of financial instruments. Behavioral valuation tools supplements and expands the classical one, improves decision-making on value management in modern markets.
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Łaguna, Teresa Maria, and Aleksander Wasiuta. "Wind Powers Stations and Market Valuation." Olsztyn Economic Journal 8, no. 4 (December 31, 2013): 361–71. http://dx.doi.org/10.31648/oej.3353.
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This study presents the results of research on the market valuation of wind power stations. The valuation of wind power station projects is an individualized process and there is a growing need for systematization of the valuation theory of wind power stations as specific structures. This will enable reliable reflection of their value at each stage of the investment process, possibly due to consideration for value standards sought by different entities interested in valuation. The theoretical part presents the conditions of the development of the analysed energy sector in Poland and provides the different value categories found in valuation practice, both during project implementation and after power plant start-up. Variation in wind power station project implementation phases was then indicated, recommending the discounted cash flow method as a universal valuation tool for each stage of the project life cycle.
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Sampson, Gabriel S., Nathan P. Hendricks, and Mykel R. Taylor. "Land market valuation of groundwater." Resource and Energy Economics 58 (November 2019): 101120. http://dx.doi.org/10.1016/j.reseneeco.2019.101120.
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RHODES-KROPF, MATTHEW, and S. VISWANATHAN. "Market Valuation and Merger Waves." Journal of Finance 59, no. 6 (December 2004): 2685–718. http://dx.doi.org/10.1111/j.1540-6261.2004.00713.x.
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Choi, Won W., Sung S. Kwon, and Gerald J. Lobo. "Market Valuation of Intangible Assets." Journal of Business Research 49, no. 1 (July 2000): 35–45. http://dx.doi.org/10.1016/s0148-2963(98)00121-0.
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Dulaney, Ronald A., John H. Fitzgerald, Matthew S. Swenson, and John H. Wicks. "Market Valuation of Household Production." Journal of Forensic Economics 5, no. 2 (March 1, 1992): 115–26. http://dx.doi.org/10.5085/0898-5510-5.2.115.
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Francis, Rick. "Market valuation of accrual components." Review of Accounting and Finance 7, no. 2 (May 16, 2008): 150–66. http://dx.doi.org/10.1108/14757700810874128.
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Kijek, Tomasz. "Market valuation of innovation capital." International Journal of Innovation and Learning 15, no. 4 (2014): 411. http://dx.doi.org/10.1504/ijil.2014.062476.
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Piekkola, Hannu. "Intangible Investment and Market Valuation." Review of Income and Wealth 62, no. 1 (October 29, 2014): 28–51. http://dx.doi.org/10.1111/roiw.12149.
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Morck, Randall, Andrei Shleifer, and Robert W. Vishny. "Management ownership and market valuation." Journal of Financial Economics 20 (January 1988): 293–315. http://dx.doi.org/10.1016/0304-405x(88)90048-7.
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