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Journal articles on the topic 'Real property fund'
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1
Ilkiv, O. V. "The legal nature of the relationship for the acquisition of certificates real estate fund." Uzhhorod National University Herald. Series: Law, no. 64 (August 14, 2021): 123–27. http://dx.doi.org/10.24144/2307-3322.2021.64.23.
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The article analyzes the legal nature of relations and the content of rights that arise on the basis of agreements for the acquisition of certificates of the real estate fund, and in particular the procedure for their implementation. The author considers the nature of the legal relationship, in which the main purpose is for the manager to perform the duties of the trustee with the greatest benefit and in the interests of the holders of certificates of real estate funds. An analysis of the relationship of participation in the real estate fund allows us to conclude that the trust relationship can be transformed into an absolute property right of the manager of the real estate financing fund, and investors (holders of real estate fund certificates) finance the construction.The funds invested in the real estate financing fund are used to finance a specific object. In the further investment process other participants take part, including the developer with whom the owner of the certificate of fund of real estate operations, is not in contractual relations. The owner of the certificates of the real estate fund has the right to require the manager to comply with the restrictions of the right of trust ownership in the process of fund management.The characteristics of the relationship for the acquisition of certificates of the real estate fund, where the basis of the binding relationship is property, is emphasized by differences and commonalities. The difference is that in contrast to property relations, which mostly involve the existence of the object, the moment of their occurrence, the inclusion of the object in the legal relationship is carried out by performing actions that must or may be performed by their participants, or from which you need to refrain.It is concluded that the agreement on the acquisition of FON certificates belongs to the generic type of property management agreements and the application of this agreement in the field of housing construction is due only to the fact that in this way funds are raised for its financing. transfer of ownership of housing.
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Lee, Stephen, and Giacomo Morri. "Real estate fund active management." Journal of Property Investment & Finance 33, no. 6 (September 7, 2015): 494–516. http://dx.doi.org/10.1108/jpif-06-2014-0043.
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Purpose – The purpose of this paper is to analyse the performance of UK property funds using the dual sources of active management, Active Share and tracking error, to distinguish between the types of active management styles used by funds. Design/methodology/approach – The authors use data on 38 UK real estate funds and classify them into five active management categories using the dual sources of active management, Active Share and tracking error. Then, the authors compare their return performance against Active Share, tracking error, fund size and leverage. Therefore the paper is able to answer two of the fundamental questions of investment: does active management add value and what form of active management, stock selection or factor risk, is better at adding value to the fund? Findings – There are three main conclusions. First, the approach of Cremers and Petajisto (2009) and Petajisto (2010) is able to classify real estate funds in the UK on their management activity into categories that makes intuitive sense and seem stable over time. Second, balanced funds show relatively low Active Shares and particularly low tracking errors, due to the benefits of property-type diversification. In contrast, specialists funds display higher Active Shares and both low and high tracking errors depending on their stock-picking approach; diversified or concentrated. Third, an analysis over different time periods confirmed that funds in the sample essentially remained in the same categories within the sample period, even during markedly different market return periods. This implies that investors need to constantly monitor changes in the market and switch between fund management styles, if at all possible. Research limitations/implications – The analysis was only based on 38 funds with complete data over the sample period and the relationship between fees and active management was not examined, even though ultimately investors are concerned with returns after management fee. It would be instructive therefore if the number of funds and time period was expanded to see if the results are robust and to see whether management fees outweigh the benefits of active manager. Practical implications – The findings should enable investors to make a more informed investment decisions in the future. Originality/value – To the best of the author’s knowledge this is the first paper to apply the dual sources of active management, Active Share and tracking error, in the UK real estate market.
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Karyy, O., О. Grytsay, P. Sorokovyi, and T. Khomuliak. "FINANCING OF HOUSING THROUGH REAL ESTATE FUNDS: THE RELATIONSHIP BETWEEN LEGAL, TAX AND ACCOUNTING ASPECTS." Financial and credit activity: problems of theory and practice 3, no. 38 (June 30, 2021): 68–77. http://dx.doi.org/10.18371/fcaptp.v3i38.237421.
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Abstract. The article examines the processes of housing construction financing through the mechanism of creating funds for real estate transactions from the standpoint of legal and scientific-theoretical justification. The interrelation of legal, tax, and accounting aspects in the process of housing financing through real estate funds and the impact of the issuance of property certificates as equity instruments on the activities of managers of real estate funds are determined.
In the context of providing the housing with financial resources, the dynamics of the index of capital investment in housing construction and the commissioned area of residential real estate as indicators of housing development are analyzed in recent years in Ukraine.
It is determined that the current Ukrainian legislation provides five mechanisms of financing of housing construction: construction financing funds, housing cooperatives, real estate funds, mutual investment institutions, issuance of interest-free (target) bonds. However, not all of them are widely used. In the course of the research, it was established that real estate funds are created for the owners of certificates of this fund to receive income from real estate transactions. Certificates of the real estate fund, which the manager issues when creating such a fund, are securities that certify the right of its owner to receive income from investing in real estate transactions and are in their economic essence equity securities.
Emphasis is placed on the accounting aspect of such financing as the main source of financial information for managing the activities of the real estate fund. To improve the accounting and analytical support for the management of such a fund, the correspondence of accounts is proposed to reflect the typical business transactions related to the management of the property of the real estate fund.
Based on a critical analysis of the current domestic legislation, the tax consequences of the processes of housing construction financing through the mechanism of creating funds for real estate transactions are substantiated.
Keywords: financing, housing construction, real estate fund, objects of accounting, taxation.
JEL Classification G23, H25, L74, M41, R21
Formulas: 0; fig.: 2; tabl.: 1; bibl.: 22.
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Zaleczna, Magdalena, and Rafał Wolski. "Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?" Folia Oeconomica Stetinensia 9, no. 1 (January 1, 2010): 151–66. http://dx.doi.org/10.2478/v10031-010-0014-6.
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Polish Pension Funds Investment - is There A Place For Real Property in A Portfolio?The pension fund investments should be characterised by a long term, low risk and profitability, which implicates the necessity of portfolio diversification. In general, pension funds having regular long-term contributions should develop the long-term policy and its effects would be responsible for the economic position of their future beneficiaries. The ways of capital allocation are also critical in terms of the entire economy, as a constant flow of financial resources provided by pension funds stimulates the activity of its recipients. The typical assets in a pension fund's portfolio in the developed economy are stocks, bonds and real property owing to low (negative) correlation between these assets and their diversified potential. The legal investment limits imposed on the Polish pension funds exclude direct investment in real property, which is responsible - in the authors' opinion - for the lower level of diversification and hinders the risk reduction. The authors analyze the Polish pension fund portfolios focusing on risk and return levels. The aim of the study is to find the answer to the important question about the results of hypothetically added real property to the portfolios of pension funds.
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van den Heuvel, Tom, and Jaroslaw Morawski. "Performance drivers of German institutional property funds." Journal of Property Investment & Finance 32, no. 2 (February 25, 2014): 154–67. http://dx.doi.org/10.1108/jpif-03-2013-0017.
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Purpose – The aim of this paper is to improve the understanding of what drives the performance of non-listed real estate funds. Design/methodology/approach – The authors performed a panel regression analysis on the basis of an extensive sample from Investment Property Databank (IPD) covering returns and selected characteristics of German Spezialfonds over a period of five years from 2006 until 2010. The analysis was performed for the whole sample as well as separately for three distinctively different subperiods: the boom of 2006-2007, the downturn of 2008-2009 and the recovery of 2010. Findings – The analysis uncovered significant differences in the drivers across the cyclical phases. During the boom phase, leverage and global portfolio allocation positively affected returns, while allocation to Germany had a negative effect. In contrast, fund volume, management costs and allocation to offices led to underperformance. Finally, in the recovery of 2010, leverage, allocation to Germany and diversification across property types improved performance, while higher liquidity and focus on retail had a negative impact. Practical implications – In addition to providing extensive and unique insights into the determinants of performance of the German Spezialfonds, the results should be of interest to fund managers looking for advice on the optimal positioning of their funds in response to changing economic environments. Originality/value – Despite the significant practical importance of the topic for the real estate fund industry, it has been addressed by few researchers so far.
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Baranyai, Eszter. "Open-ended real estate funds: from flows to property." Journal of Property Investment & Finance 37, no. 6 (September 2, 2019): 555–69. http://dx.doi.org/10.1108/jpif-06-2019-0080.
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Purpose The purpose of this paper is to uncover the relationship between flows and real estate investment at open-ended real estate funds (OEREFs). Design/methodology/approach The study employs fixed-effects panel regressions, relying on data from the Hungarian fund managers’ trade association. First, the effect of lagged flows on allocation to real estate is assessed. Second, the paper studies how this relationship changes as the cyclical position of CRE market advances using two proxies. Findings Flows are found to affect funds’ real estate holdings if they occurred 12–18 months earlier. Inflows (outflows) in the preceding six months demonstrably lower (increase) funds’ real estate holdings ratio. Beyond this relationship, findings do not suggest that less funds are channelled to real estate as “CRE heat” intensifies. Practical implications In an environment marked by strong cash inflows, the investment lag can translate into a significant drop in funds’ exposure to real estate. The share of real estate at Hungarian funds in the sample, for example, fell from 79 to 50 per cent on average over the period of 2011–2017. Measures designed to limit inflows are in the interest of those existing investors who wish to avoid a dilution of the core investment strategy. Originality/value The paper adds to the literature on OEREFs which has been particularly scarce on liquidity transformation during non-crisis times and on non-German funds.
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Mičurová, V. "Development of structure and exploitation of agriculture land fund in Latvia." Agricultural Economics (Zemědělská ekonomika) 49, No. 4 (March 1, 2012): 179–83. http://dx.doi.org/10.17221/5376-agricecon.
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Agriculture is a sector in Latvia which plays an important role in the country’s economy and the same time performs a significant social, environmental and ethno-cultural function. Latvia has favourable conditions for the development of organic agriculture. The aim of land reform is to reorganise legal, social and economic relationships of land property and land use to facilitate the development of infrastructure, land protection and rational land use according to the interests of society. In Latvia, the land reform is practically carried out in three directions – restitution of real estate rights, privatisation of real property and compensation for previous real estate. At the moment, the main and urgent goal concerns strengthening of the results of land reform. It means that all the information on real estates (land and buildings), uses and area of lease obtained during the previous course of land reform must be reflected into the real property cadastre.
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Mattarocci, Gianluca, and Georgios Siligardos. "Income return versus capital appraisal for real estate funds during the financial crisis." EuroMed Journal of Business 10, no. 1 (May 5, 2015): 66–79. http://dx.doi.org/10.1108/emjb-01-2014-0005.
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Purpose – The overall performance of real estate funds can be ascribed to capital appreciation and/or income return. The Italian property funds market has grown significantly over the past few years; however, little is known about the key drivers of property fund performance. The purpose of this paper is to measure the impact of two sources of funds’ performance and identify their relevance during the financial crisis. Design/methodology/approach – The paper considers the Italian market in the last decade and analyses the annual reports of public real estate funds, separating appraisal returns from income returns. By considering a wide time horizon, it evaluates if the roles of income returns and capital gains with respect to overall performance are more or less influenced by fund characteristics, such as asset diversification, concentration, and leverage. Findings – The contribution of income return and capital growth are not strictly related to the overall performance of Italian real estate funds, with a significantly lower correlation during the global financial crisis. Furthermore, the main drivers of the two income sources are not strictly comparable. Originality/value – The paper presents the first analysis on the source of income return for the Italian real estate funds and it represents one of the few studies that considers the effect of the financial crisis on European indirect real estate investments, capital appreciation and income return.
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Berry, Jim, Stanley McGreal, Karen Sieracki, and Ramon Sotelo. "An assessment of property investment vehicles with particular reference to German funds." Journal of Property Investment & Finance 17, no. 5 (December 1, 1999): 430–44. http://dx.doi.org/10.1108/14635789910294868.
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Property investment vehicles are reviewed from a literature perspective drawing upon the experience of real estate investment trusts in the USA and contrasting this with European examples. The primary focus of the paper is upon German funds, using survey evidence to evaluate their structural characteristics. The paper forwards from a theoretical perspective an assessment framework indicating how different types of fund can be matched to product opportunities on the basis of risk, appreciation potential, nature of contract, location and use.
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Leontev, E. V., and Yu V. Leontyeva. "Individual property tax to fund public transport." Journal of Tax Reform 7, no. 1 (2021): 6–19. http://dx.doi.org/10.15826/jtr.2021.7.1.087.
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Efficient and reliable public transport is of prime concern to city dwellers. To function efficiently, public transport generally needs subsidies from the state or local government. Our goal was to design and develop an alternative model of property tax that would provide financing for public transport. It was hypothesised that if the market value of real estate depends on the proximity of public transport, property tax can be a reliable source of financing for public transport. Based on the hedonic pricing theory, we used multiple regression to measure the impact of public transport proximity on the value of residential property. The data on the market value of property and property tax was taken from statistical tax reporting forms of the Federal Tax Service. The data on various public transport infrastructure facilities was used from the specialized open registers. We tested our alternative model of property tax, using the case of the Ekaterinburg Metro and the Tram and Trolleybus Company, through regression analysis of 7,685 objects of residential property in the City of Ekaterinburg. It was found that the efficiency of the underground service is higher than that of the city’s tram network. On the average, the proximity of underground stations increases the value of housing by over 6%. As predictive estimation of the amount of tax determined by the proximity of public transport showed, the alternative model of property tax is sufficient to cover capital expenditures of the city’s public transport operators and could, therefore, contribute to further expansion and modernization of the transport network.
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Volchek, R. "DISCUSSION ASPECTS OF PROPERTY VALUATION FOR TAX PURPOSES." Аграрний вісник Причорномор'я, no. 94 (December 25, 2019): 64–75. http://dx.doi.org/10.37000/abbsl.2019.94.11.
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The author's vision on the process of estimating the value of real estate objects for the purposes of taxation is given. It is established, that the current norms of valuation of property for taxation purposes, established by the main regulator of valuation activity in Ukraine − the State Property Fund of Ukraine, deprive transparency the process of valuation of property in our state, and offset personal accounting judgments when assessing real estate. Opacity and distortion of the current norms of normative legal acts regulating the process of valuation of property and property rights in Ukraine, as well as the norms of the International Financial Reporting Standards (further − IFRS) 13 «Fair Value Measurement» during the valuation of real estate objects, consists, according our opinion, representatives of the State Property Fund of Ukraine during the approval of property valuation reports for tax purposes are based on the estimated value of the objects, which should be determined solely on the basis of the prices of real estate offers and solely by means of a comparative approach. But, IFRS 13 «Fair Value Measurement» and National Standard 1 «General Principles of Valuation of Property and Property Rights» demand to determine the value of objects of evaluation in three methods: costly, cost-effective and comparative. Recommendations are introduced, implementation of which will allow to observe the transparency and correctness of determining the value of property for tax purposes.
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Ekemode, Benjamin Gbolahan, and Abel Olaleye. "Asset allocation decision-making practices of institutional real estate funds in a developing economy." Property Management 38, no. 3 (September 23, 2019): 457–77. http://dx.doi.org/10.1108/pm-03-2019-0012.
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Purpose In a bid to broaden the understanding of the real estate investment decision-making framework, the purpose of this paper is to examine the real estate asset allocation decision-making practices of real estate funds in Nigeria, a developing economy. This is with a view to providing information toward enhancing real estate investment decisions. Design/methodology/approach A mixed-methods approach comprising a combination of literature review, expert interviews and semi-structured questionnaire survey is adopted for this study. Through literature review and expert interviews, the asset allocation decision-making process of institutional real estate funds was identified. Based on the literature review and expert discussions, a semi-structured questionnaire was developed and self-administered on fund/portfolio managers of 59 institutional real estate funds in Nigeria to investigate their asset allocation decision-making practice. Data were analyzed using descriptive and inferential statistics for the closed-ended questions while the open-ended questions were content analyzed. Findings The findings revealed that the asset allocation decision-making process utilized by public and private real estate funds follows an opportunistic asset accumulation approach. The decision-making process also varies depending on the nature of the fund. Further findings showed that government policies, political uncertainties and regulatory mechanism motivate asset allocation decisions. Moreover, majority of the sampled real estate funds employed a combination of in-house personnel and external consultants (hybrid), while mean/standard deviation and cash flow analysis (DCF, NPV) were mostly utilized by the funds in making property investment decisions. Practical implications The findings implied that the real estate asset allocation decision-making process of institutional property investors in Nigeria deviates from the normative model of the asset allocation process prescribed in the literature and varies depending on the nature of the real estate funds. As such, familiarization of institutional investors with government policies, political climate and other regulatory mechanism (barriers to entry) guiding the ownership and operation of real estate assets in the country could improve their real estate investment decisions. Originality/value The study complements and extends existing literature on real estate asset allocation decision-making process of institutional investors from the viewpoint of the actors involved in a developing African economy.
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McAllister, Pat. "Creating operational alpha? Operating models for real estate management." Property Management 38, no. 4 (July 14, 2020): 565–83. http://dx.doi.org/10.1108/pm-02-2020-0009.
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PurposeFocussing on the UK’s institutional real estate universe, this paper analyses variations in the operational management of real estate investment portfolios. For the main categories of institutional investors, the key tasks in real estate operational management, and the ways in which these tasks are typically bundled and categorised by investment managers are reviewed. Three broad operational management models are outlined. Case studies of real estate operational management models in practice are discussed.Design/methodology/approachThe research approach is primarily descriptive, drawing upon illustrative investor case studies.FindingsA range of operating models are identified for managing real estate investment portfolios. Specialists real estate investors tend to have highly vertically integrated operating models viewing most operational management functions as core operational capabilities. Multi-asset owners tend to have a vertically disintegrated operating model outsourcing fund, asset, property and facilities management. Investing institutions such as fund houses and specialist real estate investment advisors seem to have converged upon a common hybrid operating model with high margin, analytical functions such as fund and asset management being insourced and low margin, routine functions such as property and facilities management being outsourced.Originality/valueDespite the size of the global, institutional real estate investment universe (estimated by DTZ to be worth more than USD 13.6 trillion in 2015), the topic of how (and how effectively) these assets are managed by institutional investors has attracted very little attention from the real estate research community. This paper provides some initial analysis and insights into operational management models for real estate investment portfolios in the contemporary real estate investment management landscape.
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Hochberg, Yael V., and Tobias Mühlhofer. "Market Timing and Investment Selection: Evidence from Real Estate Investors." Journal of Financial and Quantitative Analysis 52, no. 6 (December 2017): 2643–75. http://dx.doi.org/10.1017/s0022109017000667.
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We examine commercial real estate fund managers’ abilities to generate abnormal profits through selection of outperforming property submarket segments or through the timing of entry into and exit from submarkets. The vast majority of portfolio managers exhibit little market timing ability, with the exception of non-NYSE real estate investment trusts after the financial crisis. A substantial fraction of managers seems able to successfully select property submarkets. Selection performance exhibits significant persistence. Managers that are active in more liquid markets tend to exhibit better timing performance, while managers exhibiting better selection ability appear to be active in less liquid markets.
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Apsari, Ida Ayu Kayika, and Ni Ketut Rasmini. "The pecking order theory testing on company life cycle." International research journal of management, IT and social sciences 6, no. 5 (August 23, 2019): 101–7. http://dx.doi.org/10.21744/irjmis.v6n5.704.
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This study was conducted on 49 property and real estate companies listed on the Indonesia Stock Exchange. Year of observation in this research is the year 2013-2017. Research samples of 49 property and real estate companies are grouped based on their life cycle criteria based on the company's net sales for 5 years. After the company is grouped based on its life cycle, multiple linear regression tests are used to test whether the company's Life Cycle affects the company in applying Pecking Order Theory in its funding decision. After multiple linear regression tests, the company in the Growth and Mature cycle stages is compared to whether firm growth is stronger than mature in applying Pecking Order Theory. The results of this study obtained Life Cycle property and real estate companies listed on the Stock Exchange did not significantly affect the Pecking Order Theory. The life cycle of the company does not affect the company in determining its funding decision. The life cycle of the company does not affect the company to apply the Pecking Order Theory in determining its capital structure. Companies that have been grouped according to their life cycle, in determining their capital structure, whether the company will fund with internal funds or external funds company, not based on the life cycle of the company.
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Kozub, S. "CONDUCTING OF FORENSIC ECONOMIC EXAMINATIONS ON TAXATION REGARDING ASSET MANAGEMENT MANAGING ASSETS OF MUTUAL FUNDS - MUTUAL VENTURE INVESTMENT FUND AND CORPORATE INVESTMENT FUNDS." Theory and Practice of Forensic Science and Criminalistics 19, no. 1 (June 2, 2019): 389–98. http://dx.doi.org/10.32353/khrife.1.2019.30.
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The order of taxation of operations of company is considered from the management of asset-mi, that carries out a management the assets of institute of the general investing - a ration venture investment fund and corporate investment fund during realization of judicial economic examinations.
At determinations of accosts got from the sale of the real estate by property of institute of the joint investing upon termination of building of dwelling-house; warranty payments for the objects of the real estate, that is got on the basis of previous agreements of purchase-sale and after entering into the contracts of purchase-sale of apartments on the basis of preliminary agreements of payment of cost of such apartments.
For example, the operation of taxation is considered on the basis of preliminary agreements of purchase-sale in future after entering into the contracts of purchase-sale of apartments on the basis of preliminary agreements that is set off in payment to the cost of such apartments.
During realization of research on the indicated question an important value has, circumstances, that the facilities got by preliminary agreement of purchase-sale join in the assets of institute of the joint investing after their put in paying for the principal contract of purchase-sale of the real estate confess incomes from operations with the assets of fund in accordance with the international standards of record- keeping and fall under the action of privilege and indicated methodical approach it is appropriate to use for conducted corresponding economic researches after materials of tax verifications.
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Czinege, Anikó. "The Valuation System of the National Land Fund." Acta Agraria Debreceniensis, no. 16 (December 6, 2005): 317–23. http://dx.doi.org/10.34101/actaagrar/16/3330.
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The aim of establishing a National Land Fund was to realise the rational management of land property belonging to the Hungarian State, to assist in the realisation of estate political directives, and also to support the development of a modern property structure based on family farms. During this 3 years operation the National Land Fund has become the major player of the Hungarian land market. It has arranged land trades totaling 15,000 hectares, which makes 50% of total related turnover. The NLF created the reason for the existence of land as credit security with the provision of security of mortgage credits. National Land Fund has written co-operation contracts with 11 commercial banks in order to provide long-term agricultural mortgage with the background of land security. NLF has issued almost 1,000 conditional declarations of land purchase to the banks, helping the credit system of agricultural companies.The valuation system „TÉR” created by the National Land Fund, is a many-sided, flexible system adjusted to Hungarian conditions. This evaluation system can determine the value of land in a reliable way. NLF built further controls into the process with the co-operation of independent revisers providing real determination of land value.
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Chieh Liang, Wei, Yao Chun Tsao, Wen Kuei Chen, Hsing Chau Tseng, and Ke Jian Yu. "Stock repurchase effect with loan or idle fund." Management Decision 52, no. 7 (August 12, 2014): 1236–44. http://dx.doi.org/10.1108/md-11-2012-0790.
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Purpose – The purpose of this paper is to integrate Modigliani-Miller (MM) theory and stock repurchases strategy to procure a practical concept for capital decision. Design/methodology/approach – No-arbitrage proof model deduction was used in this study. The authors consider corporate tax and funding sources as two crucial factors drawn in the model. The paper derives some propositions by trichotomy property and keeps the key assumptions of MM Capital Structure Theory. Findings – There are two different effects on firm's value through stock repurchases. The positive effect occurs on firm's value through stock repurchases with loan fund. And the negative impact exists on firm's value through stock repurchases with idle fund. Research limitations/implications – Notably, in the real world there are three limitations with such an arbitrage transaction (Stulz, 2000). The first one is the default risk, and the second one is transaction costs and the last one is the perfect credit market assumption. In the near future, the authors suggest it would be interesting to involve the interest rate factor and contingent tax variable into our model. Originality/value – On the basis of no arbitrage opportunity, this paper considers both trichotomy property and MM theory. It proves the share repurchase strategy should be financed by borrowing fund. In contrast, share repurchase should not be executed with idle fund because of opportunity cost.
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Roberts, David H., Ettore A. Santucci, Mark Schonberger, and Peter W. Lavigne. "The past, present and future of the non-traded NAV REIT structure." Journal of Investment Compliance 21, no. 2/3 (November 30, 2020): 103–9. http://dx.doi.org/10.1108/joic-08-2020-0016.
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Purpose Over 15 years ago Goodwin created the first open-ended, non-traded real estate investment trust (REIT) with regular sales and redemptions at net asset value (“NAV REIT”). While NAV REITs are now well established, there is still room for improvement. Design/methodology/approach We traced the evolution of the NAV REIT’s innovative, investor-friendly features – transparent valuation to strike NAV, liquidity via redemption at NAV per share, indefinite life, lower/simpler selling and management fees, share classes with different upfront loads and trailing distribution fees. Findings To improve the liquidity feature of NAV REITs, share classes could be used to lower the drag on performance and match available liquid assets with expected redemption requests. The goal: balance inflows and outflows, optimize portfolio construction, and better safeguard liquidity. Practical implications One need not look far for the dark side of liquidity in open-ended real estate funds. The UK experience with regulated property funds is a painful object lesson. There is a better way: while traditional non-traded REITs were designed and marketed for investment by retail investors, NAV REITs appeal to a diverse range of investors, and share classes could be enhanced to offer both a menu of selling loads and a menu of liquidity and dividend-rate options to produce a smooth curve blending cost and time. Originality/value Innovation in structuring real estate investment vehicles has broadened choices for all and the NAV REIT is flexible, scalable, open-ended and cost-efficient. Fund sponsors, fund managers, financial advisors, investors and even regulators could find food for thought in our analysis.
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Šupina, Jaroslav, and Dávid Uhrik. "On a Lindenbaum Composition Theorem." Tatra Mountains Mathematical Publications 74, no. 1 (December 1, 2019): 145–58. http://dx.doi.org/10.2478/tmmp-2019-0025.
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Abstract We discuss several questions about Borel measurable functions on a topological space. We show that two Lindenbaum composition theorems [Lindenbaum, A. Sur les superpositions des fonctions représentables analytiquement, Fund. Math. 23 (1934), 15–37] proved for the real line hold in perfectly normal topological space as well. As an application, we extend a characterization of a certain class of topological spaces with hereditary Jayne-Rogers property for perfectly normal topological space. Finally, we pose an interesting question about lower and upper Δ02-measurable functions.
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Read, Barry. "Building Mulholland Highway: The Road to Mulholland Drive." Southern California Quarterly 99, no. 1 (2017): 46–70. http://dx.doi.org/10.1525/scq.2017.99.1.46.
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The scenic highway along the crest of the Santa Monica Mountains that became Mulholland Drive was the brainchild of a group of large property owners, speculators, developers, financiers, and business leaders. This group, organized as the Hollywood Foothills Improvement Association, donated the land for the right-of-way, directed the survey and engineering studies for the roadway, lobbied city officials, convinced small property-holders to approve a municipal improvement district to fund it, and won public support for the project. The scenic drive fostered its members’ real estate goals and the value of their investments. It also promoted tourism in the region and reduced the mountain barrier that had divided the City of Los Angeles from its San Fernando Valley extension.
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Abdullah, Nur Adiana Hiau, Kamarun Nisham Taufil Mohd, and Woei Chyuan Wong. "Implications of dividend tax reforms on M-REITs performance." Journal of Property Investment & Finance 35, no. 2 (March 6, 2017): 184–99. http://dx.doi.org/10.1108/jpif-11-2016-0087.
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Purpose The purpose of this paper is to examine the performance of 19 Malaysian Real Estate Investment Trusts (M-REITs) over the period 1999 to 2014, following the implementation of dividend tax reforms announced in the 2007, 2009 and 2012 budgets. Design/methodology/approach Sharpe index, Treynor index and Jensen α are utilized to compare the performance of M-REITs against a newly developed tax-adjusted value-weighted M-REITs index, equity market, property sector and three month Malaysia Treasury Bills (T-Bills). The calculation of M-REITs returns has been adjusted to take into account the dividend tax reforms which have never been considered in previous studies. Findings Most M-REITs outperform the tax-adjusted value-weighted REITs index, equity market, property sector and three month T-Bills. Property sector performs worst during those periods. Some of the M-REITs have a higher standard deviation than the equity market and the tax-adjusted value-weighted M-REITs index. Most M-REITs have a lower total risk than the property sector. Further analysis shows that before (after) the tax reforms, most M-REITs underperform (outperform) the other sectors. The introduction of the tax reforms benefits both REITs and investors. A significant positive Jensen α for some M-REITs indicates that fund managers are able to time the market or to select undervalued assets. Practical implications Findings of the study would enable investors to evaluate the performance of all REITs in comparison to other financial assets during the period of study for better investment decision making. A more accurate assessment on REITs performance that take into account the tax reforms, is available for investors and fund managers to decide on the investment mix to be included in their portfolio. Moreover, fund managers’ performance can be assessed whether they perform better or worse than the equity market, property sector and three month T-Bills. Originality/value This study contributes to the scant literature on dividend tax reforms and their implication toward REITs performance. It is the first study to thoroughly assess the returns of REITs by taking into account the changes on dividend tax rates announced in the 2007, 2009 and 2012 budgets.
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Anjaningrum, Widiya Dewi. "PENERAPAN METODE STABLE TAIL ADJUSTED RETURN RATIO (STARR) DALAM PENGUKURAN KINERJA INVESTASI." Jurnal Ilmiah Bisnis dan Ekonomi Asia 10, no. 2 (September 25, 2018): 91–97. http://dx.doi.org/10.32812/jibeka.v10i2.78.
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The purpose of this study was to determine the appropriate approach and method for measuring the performance of the investment, if the return data provided just a little or the data don’t follow the normal distribution. Then, apply it in a real case, that is, investment portfolio performance measurement of a pension fund managed by a private university in Malang town. Data processing was aided by MS Excel which the steps are calculating the average return (mean), standard deviation, VaR and CVaR, deviation VaR and CVaR, BI rate and STARR both in the case of a Gaussian distribution and T-Student. The result of the analysis showed that the T-Student distribution approach and STARR method are better to use for measuring pension fund investment performance than the Gaussian distribution approach and traditional Sharpe method. Two investment instruments that have the best performance are a Direct Placement and Property.
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Frihardina, Frihardina, and Rossje V Suryaputri. "Analisis Pengaruh Karakteristik Perusahaan dan Ekonomi Makro Terhadap Return Saham (Studi Empiris Pada Perusahaan Real Estate dan Property)." Jurnal Magister Akuntansi Trisakti 2, no. 1 (February 21, 2015): 25. http://dx.doi.org/10.25105/jmat.v2i1.4940.
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<p><em>Real estate and property is one of industry that has developed very rapidly. Investors assess that property is not only about human need but also become a good investment for the future. The increase of real estate and property’s company each year on Indonesia Stock Exchange shows that this investment is attracted investors to place their fund to get more return</em>. <em>This study aimed to analyze the effect of financial performance (ROE), size, systematic risk, inflation rate and exchange rate on stock returns of real estate and property company listed on the Indonesia Stock Exchange in observations from 2009-2013 using multiple regression method with SPSS 20. </em><em>The data used are secondary data from Jakarta Stock Exchange (JSX) Yearly Statistics, Statistik Ekonomi dan Keuangan from Bank Indonesia, official website of Bank Indonesia, Yahoo Finance on 2009-2013. Population research consist of 47 listed companies and the end with purposive sampling method this research employed an empirical study by using 26 companies. </em><em>The hypothesis test result showed that systematic risk have positive influence to stock return and inflation rate have negative influence to stock return, on the other hand there is no significantly influence for financial performance (ROE), size’s company and exchange rate.</em></p>
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Higgins, David, Tsvetomira Vincent, and Peter Wood. "Modelling the drivers of the UK multi-let industrial property market: an exploratory study." Property Management 38, no. 4 (June 20, 2020): 585–96. http://dx.doi.org/10.1108/pm-10-2019-0057.
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PurposeMulti-let industrial (MLI) estates are an emerging £15 billion UK real estate asset class that can offer attractive returns, a diversified income base, constrained supply and extensive management opportunities to add value within an operational platform. This investment appeal is supported by the evolving MLI occupier market with the growth of small to medium enterprises (SME) requiring modern urban business space driven in part by technology advances offering new streams of supply chain connectivity between businesses and potential clients at a local level.Design/methodology/approachTo understand more about MLI properties, this study utilises a hedonic pricing model to quantify property values as a function of defined variables. The dataset used for this research is a sample portfolio of 26 multi-let industrial properties. The dataset was analysed alongside eleven physical, financial and locational factors. Interestingly, the hedonic pricing model results showed that only four characteristics are value-affecting across the selected properties: namely (1) Granularity of the property income, (2) Distance from the nearest motorway, (3) Distance to the nearest town centre and (4) Gross internal floor area. A chi–test confirmed that there was no significant difference between the modelled values and the supplied property valuations.FindingsThis preliminary study offers valuable insight into MLI property market drivers and could easily form a simple decision-making tool to examine potential MLI opportunities in this developing real estate asset class.Originality/valueIn detailing these key MLI property features, current research is limited and focused primarily on market commentary. New knowledge on the MLI property market can provide a platform creating interesting opportunities for fund managers with an intensive management engagement strategy.
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Wong, Peng Yew, Woon-Weng Wong, and Kwabena Mintah. "Residential property market determinants: evidence from the 2018 Australian market downturn." Property Management 38, no. 2 (December 3, 2019): 157–75. http://dx.doi.org/10.1108/pm-07-2019-0043.
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Purpose The purpose of this paper is to validate and uncover the key determinants revolving around the Australian residential market downturn towards the 2020s. Design/methodology/approach Applying well-established time series econometric methods over a decade of data set provided by Australian Bureau of Statistics, Reserve Bank of Australia and Real Capital Analytics, the significant and emerging drivers impacting the Australian residential property market performance are explored. Findings Besides changes in the significant levels of some key traditional market drivers, housing market capital liquidity and cross-border investment fund were found to significantly impact the Australian residential property market between 2017 and 2019. The presence of some major positive economic conditions such as low interest rate, sustainable employment and population growth was perceived inadequate to uplift the Australian residential property market. The Australian housing market has performed negatively during this period mainly due to diminishing capital liquidity, excess housing supplies and retreating foreign investors. Practical implications A better understanding of the leading and emerging determinants of the residential property market will assist the policy makers to make sound decisions and effective policy changes based on the latest development in the Australian housing market. The results also provide a meaningful path for future property investments and investigations that explore country-specific effects through a comparative analysis. Originality/value The housing market determinants examined in this study revolve around the wider economic conditions in Australia that are not new. However, the coalesce analysis on the statistical results and the current housing market trends revealed some distinguishing characteristics and developments towards the 2020s Australian residential property market downturn.
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Svynous, Nadiia. "Depreciation as a source of investment resources of an agricultural enterprise." INNOVATIVE ECONOMY, no. 7-8 (November 2019): 78–84. http://dx.doi.org/10.37332/2309-1533.2019.7-8.11.
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Purpose. The aim of the article is generalization of scientists' approaches to the recognition of depreciation as a source of investment resources of agricultural enterprises and development of practical recommendations on the use of depreciation as a component of their own financial resources in order to recreate the material and technical base of farms in the corporate sector of the agrarian economy. Methodology of research. The following general scientific methods are applied in the course of the study: analysis and synthesis of generalized opinions of scientists on the treatment of categories of “depreciation” and “amortization”, concretization and abstraction – in the development of measures to create a unit depreciation and investment fund, systematic and complex approaches to obtaining evidence the roles and locations of depreciation, as sources of investment resources of agricultural enterprises, as well as abstract and logical methods of research – in determining the economic feasibility of indexing fixed assets. Findings. It has been proved that the formation of depreciation charges by agricultural enterprises is an important instrument for stimulating investment activity. It is proposed to exempt from the income tax part of the taxable profit that participates in the formation of the investment financing fund, in the form of indexation of accumulated depreciation, taking into account the level of inflation. It is established that depreciation can be considered in the market economy as a source of financing of capital investments on the basis of its financial component – real funds in the proceeds from the sale of goods (products, works, services), which should be accumulated for the purposeful use. Originality. The feasibility of introducing a production method of depreciation for 4-5 groups of fixed assets in crop production in the formation of costs to determine profit before tax. In order to increase the role of depreciation as a source of updating and modernization of agricultural capital, it is advisable to: develop a new tax strategy, in particular, preferential taxation, introduce an additional tax burden when using depreciation not for the intended purpose; to pursue an active policy of accelerated depreciation and to introduce methods of state control over the targeted use of depreciation; to use the instruments of state support of accumulation of depreciation in the form of real money in deposit or special accounts with banks; to create regional unitary amortization and investment funds with state participation. Practical value. The proposed method of formation of the fund will allow enterprises to store depreciation resources that are directed to reproduction of fixed capital in their indexed value terms that is, taking into account inflation, which will facilitate the conduct of extended reproduction of production by modernization of the technical base. Obviously, such an approach to the formation of a depreciation accumulation fund is possible only with the break-even operation of agricultural enterprises. In the case of an unprofitable operation of the enterprise, depreciation deductions are directed to cover the losses and have no purpose. This means that depreciation for the recovery of property, plant and equipment is absent, which leads to the conclusion about the crisis. Key words: depreciation; investment; agricultural enterprise; reproduction; fixed assets.
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Tretynyk, V., А. Voznyak, and V. Domrachev. "Using Machine Learning Methods to Estimate the Cost of Housing." Cybernetics and Computer Technologies, no. 1 (March 30, 2021): 67–73. http://dx.doi.org/10.34229/2707-451x.21.1.7.
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Introduction. Nowadays, the state has enshrined at the legislative level the definition of appraised value for tax purposes in sales of real estate as mandatory. The comparative approach most often used by appraisers has disadvantages such as the inability to find analogues in some cases and the need to make corrections, which affects the reliability of the results. The module of electronic determination of appraisal value (Module) similar to the object of property appraisal of the Unified database of appraisal reports works on the same approach and quite often overestimates appraisal value that leads to increase in the size of the tax during sales as the real estate cannot be sold for the price less than the estimated cost. Today to determine the price of an automated system correctly, it is necessary to fill the Unified Valuation Database in the State Property Fund with large knowledge bases - a huge IT system. So far, the thoughtless machine still determines the price by the average value. Currently there are often situations when the appraised value of real estate, determined by the Module, exceeds its real market value. Given that the approach used by the Valuation Module does not always give the correct result, there is a need to find a better method to determine the value of housing that could be used by the Module. The purpose of the paper. In this paper, an approach based on fuzzy logic was used to estimate the cost of housing in Kyiv. Fuzzy methods allow to apply a linguistic description of complex processes, to establish fuzzy relationships between concepts, to predict the behavior of the system, to create a set of alternative actions, to formally describe fuzzy decision-making rules. Results. The software implementation of the model in Python programming language was performed. Data for modeling were taken for the period July – October 2020 from a single database of property valuation reports. The sample contained 2133 records, it was filtered, divided into training and testing in the proportion of 85 : 15. To assess the quality of the program, the average relative error of the developed model was calculated. Keywords: fuzzy logic, machine learning, Python programming, linguistic variables, predictive model.
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Krishka, V. I. "COST NATURE OF WAGE." Economics Profession Business, no. 4 (December 10, 2019): 43–51. http://dx.doi.org/10.14258/epb201946.
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The article is devoted to the theoretical study of the wage's nature value. Without touching upon the problem of the substance of value in the article the following questions are considered and the relevant conclusions are drawn.
The value nature of wages has nominal (monetary) and real (natural) values.
The starting and final point of the circuit of nominal (monetary) wages are money, or rather money as capital. Real (natural) wages in this movement is only a moment. The purpose of this circuit is to recover from the cash proceeds of the advanced monetary wage Fund.
On the contrary, the source and end point of reproduction of the labor commodity form is its commodity-natural form. Money, more precisely, money capital is only a passing moment. The purpose of this cycle is the reproduction of the labor force in its natural and commercial form.
The article shows that the purchase and sale of goods labor and its use has two forms of advance funds.
On the part of the employer there is an advance of cash wages (prepayment), that is employees need an advance for the normal reproduction of the labor force before the end of the reproduction cycle of finished goods. On the part of the employee can observe the advance of labor before the end of the work specified in the employment contract.
In General, the two-way advance of funds allows us to say that from the position of property rights, there is both the rent of labor and the rent of capital.
Value as a substantive basis of wage date and wage labor has three forms of existence: 1) cash existence of money; 2) non-cash existence of cash prices and 3) the estimated value of goods.
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Chuweni, Nor Nazihah, and Chris Eves. "A review of efficiency measures for REITS and their specific application for Malaysian Islamic REITS." Journal of Islamic Accounting and Business Research 8, no. 1 (February 13, 2017): 41–53. http://dx.doi.org/10.1108/jiabr-03-2015-0007.
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Purpose This paper aims to present a conceptual model on the efficiency of Islamic real estate investment trusts (I-REITs) available in Malaysia. The key difference between the Islamic and their conventional investment vehicle part is mainly its own Shariah framework. For instance, I-REITS must comply with the requirement of Securities Commission Act 1993 as well as the Guidelines on Islamic Real Estate Investment Trusts (Islamic REITs Guidelines). Design/methodology/approach The paper reviews and synthesises the relevant literature on the performance analysis and efficiency measurements of REITs. The paper then develops and proposes a conceptual model to measure the efficiency of Malaysian and Islamic REITs. Findings The paper identifies and examines the appropriate methods and instruments to measure the efficiency in relation to the risk and profitability of I-REITs. The efficiency measure is important for the fund managers to maximise the shareholders’ return in an investment of property portfolio as well as proposing the best way to allocate resources efficiently. Research limitations/implications This is a preliminary review of current work that identifies the issues that will be addressed in future empirical research. The authors will be undertaking this future empirical research in measuring the efficiency of Malaysian real estate investment trusts (M-REITs), particularly the I-REITs, using the non-parametric approach of data envelopment analysis. Originality/value To date, there has been very limited research on the efficiency measurement of I-REITs. The current analysis of REIT has been focused on traditional non-Islamic funds. This paper will review and discuss the current literature on efficiency measurement to determine the most appropriate approaches and methodologies for future application in performance analysis of efficiency measure for Malaysian and Islamic REITs.
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Butryn, Krzysztof, Elżbieta Jasińska, Oleksandra Kovalyshyn, and Edward Preweda. "Sustainable formation of urban development on the example of the primary real estate market in Krakow." E3S Web of Conferences 86 (2019): 00010. http://dx.doi.org/10.1051/e3sconf/20198600010.
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Due to the high demand on the housing market, it may seem that every investment will find buyers’ interest and the key is its economic dimension. Meanwhile, in the Krakow real estate market, one can observe the trend of SMART market creation, in which the added value is the quality of life of residents of a given investment, especially in terms of using renewable energy sources and ensuring a well-organized space around the investment. The implementation of intelligent energy networks and the widespread use of renewable energy sources will result in more efficient energy transfer, waste recycling, faster identification of the threat and repair after a possible failure. Using, for example, the resources of the National Fund for Environmental Protection and Water Management, the implementation of ecological solutions is not related to the excessive price of such investments, and guarantees a higher quality of life for new owners. The article presents good practices in the design of housing estates in the city of Krakow. One of such closed settlements is "Osiedle Fi", whose location guarantees good public transport, additionally underground parking places a lot of green areas outside, positively affecting the microclimate of the area. The buildings are made of natural materials and the common parts of the property are illuminated from solar energy. The use of renewable energy sources favors both the environment and reduces the cost of maintaining the property. Rainwater is also used. The next smart housing estate is "Osiedle Ozon". It is a comfortable housing estate with functional land development. Among its main attributes, it is worth mentioning a lot of greenery and naturally diversified terrain. There were used plant species, which have the ability to catch harmful chemicals or dust from soil and air. In this work, a statistical analysis was conducted to compare the prices of housing properties in these two selected settlements to the prices of real estate in the area, indicating statistically insignificant differences in the economic aspect, with significant differences in the quality of life of the potential buyer.
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Sidawi, Bhzad. "An evaluation of the performance of the housing finance system in the Kingdom of Saudi Arabia." International Journal of Housing Markets and Analysis 7, no. 2 (May 27, 2014): 156–74. http://dx.doi.org/10.1108/ijhma-11-2012-0057.
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Purpose – The aim of this paper is to find ongoing socioeconomic needs and how they affect the built environment and how they should be financed. Design/methodology/approach – A field survey was undertaken in 2011 in the eastern province of the Kingdom of Saudi Arabia (KSA) to find the citizens’ views about the initial and ongoing financial support of banks and the real estate development fund. Findings – The survey’s results showed that the majority of the respondents did not manage to take up mortgage and own a property. There is also serious lack of financial support for the population’s socioeconomic needs. Research limitations/implications – The research is carried out in the KSA. The findings, however, can be generalized to other Gulf and Islamic countries as well. Practical implications – The research would enable the policymakers and financing bodies to consider future socioeconomic needs of low-income citizens and set proper financial resources to meet these needs. Originality/value – Few research studies have been carried out in the KSA in regard to the relation between the built environment and ongoing socioeconomic needs.
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Bredikhin, Vladimir, Vladimir Khaustov, and Dmitriy Melkumov. "Geotechnical monitoring during construction in difficult soil conditions." Journal of Applied Engineering Science 19, no. 2 (2021): 537–41. http://dx.doi.org/10.5937/jaes0-31438.
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One of the common and at the same time most difficult problems that developers may face is unstable soil layer at the base of a future building. This paper describes problems of construction on weak, subsidence and heaving soils in engineering and geological conditions of Kursk city. Real problem of construction property safety is shown with the example of one of the demanding geomorphological and lithological conditions of urban areas. The paper offers a description of geologic and hydrogeological features of the slope rock mass in the right bank of the Tuskar river. Groundwater level lies at 8.7 m. depth. It is possible to predict an increase in the level of groundwater in building maintenance because this area is potentially flooded. Various engineering and geological processes and such phenomena as ground subsidence, Karst, suffosia, landslides, flooding, etc., can also be found in the studied territory. Initially an insufficient engineering-geomorphological, hydrogeological, ecological and engineering-geological study of hazardous areas in the city of Kursk have led to its problematic development, which illustrates the situation with residential real estate in the studied territory. To predict dangerous engineering-geological processes and ensure the reliability of the construction fund, specific proposals have been developed for the organization of a geotechnical monitoring system based on the optimal integration of geomorphological, geodesic, engineering-geological, hydrogeological and environmental construction methods in complex engineering-geological conditions.
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Bondareva, N. A. "Registry Errors in the Cadastre under Modern Conditions." Accounting. Analysis. Auditing 6, no. 2 (April 11, 2019): 68–74. http://dx.doi.org/10.26794/2408-9303-2019-6-2-68-74.
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The introduction of new legislation to determine the cadastral value of property calls for solution of some problems. Poor cadastral valuation leads to errors in the activity of a cadastral engineer. In particular, the lack of developed methodological support, speeding up the training of cadastral valuation staff, unreliability or lack of cadastral information in most areas of the country, obsolete equipment, the lack of R & D and the application of the method of mass valuation of real estate, which does not take into account the individual characteristics of the object of valuation, can result in registry errors. The considered direction of the state registration of the land fund is at the very beginning of its development, which will require the further adjustment of the legislation, new approaches to training and certification of cadastral engineers and organization of their activity. To this end, the article analyses the types of allowed registry errors, their classification, as well as the legislation determining responsibility for such errors. As the mistakes made by a cadastral engineer influence economic activity of organizations, expenses of regions, the author offers classification of register errors based on the principle of materiality.
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Agbloyor, Elikplimi Komla, Frank Kwakutse Ametefe, Emmanuel Sarpong-Kumankoma, and Vera Fiador. "Investment appraisal: Akwaaba university hostel projectInvestment appraisal: Akwaaba university hostel project." Emerald Emerging Markets Case Studies 11, no. 2 (August 31, 2021): 1–38. http://dx.doi.org/10.1108/eemcs-01-2020-0025.
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Learning outcomes After completing this case, students should be able to: identify and compute relevant cash flows in relation to a real estate project and compute the net present value (NPV). Determine the target return or cost of capital (by looking at historical economic indicators). Design or formulate a sensitivity analysis to determine the drivers of the project value. Evaluate real estate and other investments taking qualitative and quantitative factors into consideration. Demonstrate the computation of a break-even rate to determine the minimum or maximum revenue or cost required for a project to be viable. Case overview/synopsis This case study is about the Golden Beak Securities Pension Fund that wanted to invest in a Hostel Project in one of the universities in Ghana. Most universities in Ghana faced an acute shortage of on-campus accommodation. Also, the Government of Ghana, in 2017, implemented a programme to make Senior High School in Ghana free. This was expected to increase the number of students who will enter the existing universities. The project was therefore seen as strategic, as it would help ease the pressure of on-campus accommodation while providing diversification for the pension fund. As part of the investment committee’s (IC) quest to improve the skill set available to it, especially in relation to real estate investments, Esi Abebrese was appointed as one of the members of the IC of GSB. Her main task was to collect information on key macroeconomic variables, as well as granular information on project costs and revenues and conduct investment appraisal. Esi was scheduled to make a presentation to the IC on the 15th of October 2019 following which the Committee will debate and make a decision. The project had an estimated cost of GH¢52m with a total number of 3,424 student beds and ancillary facilities. Undertaking the project required moving funds from investments in money market securities with one of the banks in Ghana. The investments in the money market securities were currently yielding about 16% a year. The determination of the cost of capital was critical and Esi and Nana eventually settled on a long-term weighted average cost of capital of 14%. This was after considering the trend of inflation, monetary policy rates, treasury rates, stock market returns and a report on returns on commercial real estate properties in Ghana. An exit capitalisation rate of 20% was also estimated for the purposes of determining the value of the property at the end of the investment horizon. Esi also obtained estimates of cost and revenue for the project and proceeded to carry out a feasibility analysis on the project. This consisted of an NPV analysis and sensitivity analysis on various factors to determine the drivers of the project value. The IC had to take several factors (both quantitative and qualitative) into consideration before making a decision. Esi believed that these factors included the diversification of the fund’s assets, the return on investment, potential oversupply of hostel accommodation, the social responsibility of providing student accommodation and the impact of any prolonged shutdown of the university. Complexity academic level Masters/advanced undergraduate. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes. Subject code CSS 1: Accounting and Finance.
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Abas, Farah Nadia, and Fauziah Raji. "Factors Contributing to Inefficient Management and Maintenance of Waqf Properties: A Literature Review." UMRAN - International Journal of Islamic and Civilizational Studies 5, no. 3 (October 31, 2018): 53–67. http://dx.doi.org/10.11113/umran2018.5n3.233.
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Fundamentally, an effective management of properties has been established as a healthy way of increasing the value and benefits of real estate. The sources of awqaf (waqf) are quite rich. However, the issues of the sustainability of valuable waqf properties have not yet been explored especially with regards to sustaining and enhancing the value through sound principles of property management. Thus, this paper presents a literature review concerning the factors contributing to inefficient management and maintenance of waqf properties globally with a particular focus on Malaysia. From the findings, they have five factors identified that consist of; insufficient fund, lack of best performance by waqf manager, unregistered of waqf land under SIRC, out-dated data and confiscation of ownership rights by heirs from SIRC. Yet, due to the lack of study in the area of the maintenance function of waqf properties, it strongly suggested that there is a need to fill the gap in the body of knowledge of which both; management and maintenance function (operational management) shall take into account in waqf management practice as well. This is very important to achieve sustainability of valuable waqf properties by providing a continuous stream of income through effective and efficient of the waqf management system.
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CHEN, ZHIPING, LIYUAN WANG, PING CHEN, and HAIXIANG YAO. "CONTINUOUS-TIME MEAN–VARIANCE OPTIMIZATION FOR DEFINED CONTRIBUTION PENSION FUNDS WITH REGIME-SWITCHING." International Journal of Theoretical and Applied Finance 22, no. 06 (September 2019): 1950029. http://dx.doi.org/10.1142/s0219024919500298.
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Using mean–variance (MV) criterion, this paper investigates a continuous-time defined contribution (DC) pension fund investment problem. The framework is constructed under a Markovian regime-switching market consisting of one bank account and multiple risky assets. The prices of the risky assets are governed by geometric Brownian motion while the accumulative contribution evolves according to a Brownian motion with drift and their correlation is considered. The market state is modeled by a Markovian chain and the random regime-switching is assumed to be independent of the underlying Brownian motions. The incorporation of the stochastic accumulative contribution and the correlations between the contribution and the prices of risky assets makes our problem harder to tackle. Luckily, based on appropriate Riccati-type equations and using the techniques of Lagrange multiplier and stochastic linear quadratic control, we derive the explicit expressions of the optimal strategy and efficient frontier. Further, two special cases with no contribution and no regime-switching, respectively, are discussed and the corresponding results are consistent with those results of Zhou & Yin [(2003) Markowitz’s mean-variance portfolio selection with regime switching: A continuous-time model, SIAM Journal on Control and Optimization 42 (4), 1466–1482] and Zhou & Li [(2000) Continuous-time mean-variance portfolio selection: A stochastic LQ framework, Applied Mathematics and Optimization 42 (1), 19–33]. Finally, some numerical analyses based on real data from the American market are provided to illustrate the property of the optimal strategy and the effects of model parameters on the efficient frontier, which sheds light on our theoretical results.
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Forrest, Robert G., David Lopez, Richard C. Peckham, and Frank J. Gorry. "A MAJOR OIL BARGE POLLUTION INCIDENT ON THE ARKANSAS RIVER." International Oil Spill Conference Proceedings 1985, no. 1 (February 1, 1985): 319–23. http://dx.doi.org/10.7901/2169-3358-1985-1-319.
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ABSTRACT When the towboat Girard Lewis lost power on the Arkansas River Navigation System, it drifted into a railroad bridge near Pine Bluff, Arkansas. Upon impact, it lost the two oil barges it was pushing; one barge floated downstream and was impaled by icebreakers on U.S. Army Corps of Engineers Lock and Dam No. 4. The resulting damage to the barge caused a major discharge (8,000 barrels) of No. 6 fuel oil, which affected industrial and recreational uses of the river and threatened sensitive environmental areas, including the White River National Wildlife Refuge. The discharger accepted responsibility for salvage of the damaged barge but not for containment and cleanup of the spilled oil. Consequently, the U.S. Environmental Protection Agency initiated a federal removal project using the oil pollution response fund authorized under the Clean Water Act. A coordinated effort among at least seven federal and state agency representatives on site was carried out over 25 days. Special problems were encountered and resolved involving unusually high river flow, large amounts of debris, use and effectiveness of various oil recovery devices, barge salvage operations, closure of the navigation system to traffic, protection of environmentally sensitive areas, and levels of cleanup of shorelines and locks and dams. The project was effectively carried out over 60 miles of affected river at a cost of $372,000, with a minimum of environmental and real property damages. It was the worst pollution incident that has occurred on the Arkansas River Navigation System.
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Moss, Alex, Andrew Clare, Stephen Thomas, and James Seaton. "Can sector-specific REIT strategies outperform a diversified benchmark?" Journal of European Real Estate Research 10, no. 3 (November 6, 2017): 366–83. http://dx.doi.org/10.1108/jerer-11-2016-0042.
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Purpose The authors in this paper aim to investigate the performance of different portfolios of REITs which specialise by property type compared to the performance of a diversified free-float market capitalisation-weighted benchmark index to determine whether superior risk-adjusted returns can be achieved. Design/methodology/approach First, the authors examine the performance of portfolios constructed using the criteria of equal weight, minimum variance, maximum Sharpe and risk parity rather than free-float market capitalisation. Second, the authors apply an automated trading strategy of trend following to see if this filter will improve risk-adjusted returns. Findings The two-step process of forming combinations of REIT sectors with the subsequent addition of a trend following overlay can offer clear benefits relative to a passive benchmark investment. Research limitations/implications Although three of the four strategies were shown to outperform the benchmark index on a risk-adjusted basis, one issue was that the efficient portfolios tended to have large weightings to relatively few sectors. The authors also found that maximum drawdowns (losses) of the strategies tended to be rather high, as was the benchmark. Practical implications The methods outlined in this paper can be applied to construct superior risk-adjusted REIT portfolios globally. Originality/value Although studies have been undertaken separately on REIT specialisation and trend following in equity and commodity markets, this paper is the first to combine the two topics, and therefore has particular value for real estate fund managers globally.
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Glushkova, Y. O. "COVID-19 IMPACT ON THE CREATIVE INDUSTRIES." Scientific Review: Theory and Practice 10, no. 8 (August 31, 2020): 1798–810. http://dx.doi.org/10.35679/2226-0226-2020-10-8-1798-1810.
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President V.V. Putin, in his address to citizens on March 25, 2020, announced a number of measures aimed at supporting the economy in the face of accelerating the spread of coronavirus infection in the Russian Federation. These measures are focused on four area: 1. provision of essential goods and support to the population (monitoring of consumer prices; monitoring the availability of essential goods on sale; implementation of measures to actively support employment; establishment of a “green corridor” for the import of essential goods); 2. support for sectors of the economy that are at risk (exemption of tour operators from paying fees and establishing compensation for their losses; monitoring the financial situation of developers and contractors; granting a delay in tax payments for a period of 3 months to organizations and industries most affected by the pandemic; 3. support for small and medium-sized businesses (a moratorium on inspections of small and medium-sized businesses; deferral of rent payments in the case of using state or municipal property; provision of forms of preferential lending); 4. system-wide measures (creating a financial reserve of up to 300 billion rubles; creating a guarantee fund for the restructuring of loans to companies affected by the worsening economic situation). Despite all the measures taken, it is currently difficult to assess the real scale and consequences of the COVID-19 economy in Russia. Today (May 10, 2020), there is a deterioration in the sanitary epidemiological situation in the country. Time will tell, how Russia will survive this pandemic, and what damage will be done to the economy.
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Hrytsai, Iryna, Oleksandr Yunin, and Antonina Matsola. "SPECIAL APPROACHES TO ALLOCATION OF TYPES OF SERVITUDES FROM THE ACCOUNTING POSITIONS." Baltic Journal of Economic Studies 4, no. 5 (February 11, 2019): 53. http://dx.doi.org/10.30525/2256-0742/2018-4-5-53-58.
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Articulation of issues. A number of bases, positions, which previously were recognized as the only correct and irrefutable, served as the foundation of legal regulation of civil relations. But now they do not fully correspond to modern tendencies in the development of civil law science. That is why, today, it should be mentioned about the formation of a new doctrine, which can meet the requirements of the formation and development of the rule-of-law state. In such conditions, it is obvious that the scientific and theoretical study of individual approaches to the allocation of types of servitudes from the standpoint of accounting will contribute to the improvement of civil-law relations, to the formation of a clear and coherent system. At the same time, the variety of scientific views about types of way-leaves constantly encourages the implementation and improvement of scientific research in the field of property rights for someone else’s property. In this context, the issue of the implementation of contractual, inheritance, and land relations for servitudes becomes very important and necessary. Also, another important question is: Are specific legislative approaches to allocation of servitudes on the basis of specific features fixed in legislation or not? Has the legislator stopped only on land and personal servitude? The aim of the article is to study the theoretical and legal possibilities and approaches to the allocation of way-leaves on the basis of specific features from the standpoint of accounting and jurisprudence. Also, another aim is to attract the attention of legal scholars to possible further scientific researches on the introduction of this phenomenon in modern civil legislation of Ukraine. The subject of the study is the individual approaches to the allocation of types of servitudes from the standpoint of accounting. Methodology. The research is based on the analysis of legal acts, which are connected with legal regulation of way-leave relations in Ukraine. On the basis of the comparative legal method of investigation of certain provisions of Ukrainian legislation, the possibilities and limits of the use of types of servitudes in contractual hereditary and land relations are determined. Results of this study have shown that special approaches to the allocation of way-leaves on the basis of specific features in Ukraine are in a real legal vacuum. Such a conclusion is based on the lack of legislative clarification and consolidation of other types of servitudes, which are not connected with the material component. Thus, property rights under the Tax Code of Ukraine are intangible assets, and the provisions of the Civil Code of Ukraine consolidate the material constituent of real rights to someone else’s property. From the standpoint of accounting, we can talk about the presence of intangible servitudes that are associated with the recognition and accounting of intangible assets. If this gap will be solved, then we can talk about the revision of the characteristics of way-leaves, relying on the positions of other branches of law. Practical impact. The idea that certain positions of intangible servitude are contained in national law is rather necessary and expedient. So, we can talk about corporate rights as a person’s rights, the share of which is determined in the statutory fund (property) of a business organization. These rights include the competence to participate in the management of a business entity, obtaining a certain percentage of profits (dividends) of this organization and assets in case of liquidation of it in accordance with the law, as well as other powers provided by law and statutory documents and, for example, the rights to use websites, or aspects of commercial secrecy. Correlation/originality. An analysis of the possible use of other types of way-leaves than those, which are enshrined in civil law in contractual, inheritance, land relations can become the basis for developing the most promising directions for the development of domestic civil law in this area and improving the civil law doctrine.
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Nittayakasetwat, Aekkachai, and Jiroj Buranasiri. "The Insight Diversification Characteristic of Real Estate Security in Capital Market under Sharpe’s Asset Class Factor Model: The Case of Thai Property Funds." International Journal of Trade, Economics and Finance 5, no. 6 (December 2014): 472–76. http://dx.doi.org/10.7763/ijtef.2014.v5.418.
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Jadevicius, Arvydas. "Real estate portfolios – the case for globally diversified core property funds." Journal of Property Investment & Finance 38, no. 1 (November 4, 2019): 82–86. http://dx.doi.org/10.1108/jpif-09-2019-0123.
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Purpose The purpose of this paper is to build a case for globally diversified core real estate funds portfolio. Design/methodology/approach It uses Monte Carlo simulation technique to construct synthetic real estate funds portfolios. Findings Benefit of maintaining globally diversified real estate funds portfolio merits admission. An optimal portfolio has an almost even split between Europe, USA and Asia Pacific, ceteris paribus. Likewise, currency effect for Europe domiciled investors is undeniable. Practical implications The overall estimates suggest that a blend of APAC, European and US allocations enhance portfolio risk return profile. Originality/value The study adds additional evidence on the contested issue of real estate diversification.
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Rezeki, Shelvia, and Iwin Arnova. "SISTEM INFORMASI AKUNTANSI ALOKASI DANA DESA DI DESA TANJUNG DALAM KECAMATAN PONDOK KUBANG KABUPATEN BENGKULU TENGAH." JAZ:Jurnal Akuntansi Unihaz 2, no. 2 (November 16, 2019): 78. http://dx.doi.org/10.32663/jaz.v2i2.994.
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The purpose of this study is to determine whether the village apparatus of Tanjung Dalam has the ability to make financial reports of the Village Fund Allocation in accordance with the Accounting Information System and To determine whether village officials are weak in terms of financial administration in Accounting Information Systems Village Fund Allocation in Tanjung Dalam Village, Pondok Kubang Sub-district of Central Bengkulu Regency. This descriptive-based research is trying to describe the real picture of the phenomenon that occurs in the application of Accounting Information Systems on Village Fund Allocation in Tanjung Dalam Village, Pondok Kubang Sub-district of Central Bengkulu Regency. While the technique used in the form of direct observation to the village of Tanjung Dalam, Pondok Kubang Sub-district of Central Bengkulu Regency, who then conducted interviews and documentation studies.After the data collected and data analysis it can be drawn conclusion, namely: In the management of village funds in the village of Tanjung Dalam is in accordance with the accounting information system and already using computerized system. While the executor of Accounting Information System is the treasurer of the village itself that has been able to arrange the village finances properly in accordance with Accounting Information Systems. Any acceptance or expenditure of village funds is recorded in the village general treasury. It's just that there is still lack of supporting facilities for the officers who manage the village fund's financial report.
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Adamuscin, A. "Investing in European market real property through reits." Slovak Journal of Civil Engineering 18, no. 1 (March 1, 2010): 31–42. http://dx.doi.org/10.2478/v10189-010-0001-9.
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Investing in European market real property through reitsFor institutional and private investors, investing in real estate represents an attractive form of the consignment of their money. Real estate provides a regular source of income in the form of the rent from or interest on the credit provided. At the same time, real estate is a good investment instrument, because it provides diversified contributions and security against inflation for investors. In their efforts to diversify risk, investors are expressing growing interest in investing in the whole European Union. The success of Real Estate Investment Trusts (REITs) in the U.S. also opened the door for investing in this market for small investors, which is the reason for the development of this type of investment company in the European arena. One problem concerning the development of European real estate investment funds is the unsolved issue of the harmonization of the legislation and regulatory safety measures, which would enable the creation of a common market for new investment products in Europe.
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Stankevich, Tatiana S. "Forecasting the Spatial Behavior of a Forest Fire at Uncertainty and Instability of the Process." Lesnoy Zhurnal (Forestry Journal), no. 1 (February 9, 2021): 20–34. http://dx.doi.org/10.37482/0536-1036-2021-1-20-34.
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The Russian forest fund, being a public domain of the people and a special kind of federal property, requires sustainable management at the national level. One of the key principles of forest management is to ensure that forests are conserved and protected against a wide range of threats, primarily forest fires. Although forest fires are a natural component of forest ecosystems and cannot be completely eliminated, researchers have currently revealed a decrease in the regulatory function and an increase in the destructive function of forest fires. Understanding the interrelations between the environmental factors and forest fire history is necessary for the development of effective and scientifically sound forest safety plans. The main purpose of the study is to increase the efficiency of the formation of an operational forecast of a forest fire in difficult conditions of a real fire (at instability and uncertainty). The author analyzed statistical data on forest fires the USA, Canada, Russia and the five southern European Union member states (Portugal, Spain, France, Italy and Greece) and confirmed the conclusion on the increase in the frequency of large forest fires. The most widely used in practice forecasting models of forest fire dynamics (Van Wagner, Rothermel, Finney, Cruz, etc.) and their computer implementations (Prometheus, FlamMap, FARSITE, VISUAL-SEVEIF, WILDFIRE ANALYST) are presented in the article. It is proposed to develop an intelligent system designed to create an operational forecast of a forest fire using convolutional neural networks (CNN). The structure of this system is described. It includes three main subsystems: information, intelligent and user interface. A key element of the intelligent subsystem is a forest fire propagation model, which recognizes data from sequential images, predicts the forest fire dynamics, and generates an image with a fire spread forecast. The scheme of the proposed model is described. It includes the following stages: data input; preprocessing of input data; recognition of objects using CNNs; forecasting the forest fire dynamics; output of operational forecast. The implementation features of the stage “recognition of objects using CNNs” are presented in detail: core size for each convolutional layer 3×3, activation function ReLu(x), filter in 2×2 pooling layers with step 2, max-pooling method, Object recognition and Semantic segmentation methods at the networks output.
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Boshoff, Douw, and Chris E. Cloete. "Can listed property shares be a surrogate for direct property investment behaviour?" South African Journal of Economic and Management Sciences 15, no. 1 (March 16, 2012): 55–71. http://dx.doi.org/10.4102/sajems.v15i1.20.
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The listed property sector in South Africa has grown to a size which could be considered to be a good representation of the income producing property market in general. Stock market listed property investment funds offer the opportunity to compare indirect property investment to direct property investment, which could bridge the gap between irrational investment behaviour and intrinsic asset values. This study investigates the relationship between listed property share prices and the property values in listed property funds. The share prices are correlated with various factors, such as the accounting ratios of the companies, the financial statements of the companies and general economic variables. The outcome of the study is an explanation of the behaviour of listed property shares, and its relationship to the direct property market and the general economy. This would assist in the explanation of market behaviour and provides the opportunity to more accurately predict portfolio asset values, which might be used in the valuation of individual real estate assets.
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Hutcheson, Tiffany, and Graeme Newell. "Decision-making in the management of property investment by Australian superannuation funds." Australian Journal of Management 43, no. 3 (April 20, 2018): 404–20. http://dx.doi.org/10.1177/0312896218754476.
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Decision-making in property investment by superannuation funds is an important investment decision, but it is different to their decision-making on other asset classes included in their asset portfolios. The large value and heterogeneous nature of individual pieces of real estate make the market for real estate relatively illiquid and subject to larger transaction costs than other asset classes. Based on interview surveys of Australian superannuation funds, using the analytical hierarchical process (AHP), we identified strategic decision-making as being the most important factor used by the superannuation funds when making decisions on the management of their property investment portfolio. Comments during the interviews indicated that their decisions were influenced by restrictions in their fund’s investment mandate and the level of funds that they had to invest. The AHP technique has allowed this research to provide a more in-depth understanding of the management of decision-making factors than previous surveys.
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Lechowicz, Tomasz. "Financing Commercial Property in Poland and the UK." Olsztyn Economic Journal 7, no. 1 (June 30, 2012): 143–51. http://dx.doi.org/10.31648/oej.3414.
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The following work is a comparison of real estate financing methods in Poland and Great Britain. A comparison of the data from both countries shows that the most popular method of real estate financing in both countries is through mortgages. External financing of commercial real estates in Poland is accomplished by: universal and mortgage banks, leasing companies, investment funds-loan, private investors and through the issue of ownership or debt securities. Another method of financing commercial real estate is financing it through the establishment of a special, separate company designed to carry out the project, which is known as "project financing". The availability of a variety of grants, preferential loans and time loans, is the strong point of the Polish system of financing commercial property purchases.
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Nikolaieva, Tetiana. "INFORMATION AND STATISTICAL PROVISION OF PUBLIC REAL PROPERTY MANAGEMENT." Economic Analysis, no. 27(1) (2017): 49–58. http://dx.doi.org/10.35774/econa2017.01.049.
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The topicality of management of public real property is caused by its significant share in the national wealth, long term operation and the need for significant investment for the construction and operation. On the basis of modern theory and best foreign property management practices which are described in other author’s publications the possibility of national statistics to provide sufficient complete picture of the structure and dynamics of state property objects, their value, and information on public capital investment in the real estate construction and maintenance are analysed. In this article information and statistical support of public property management since 1996 is considered in accordance with the time periods with different methodological approaches to property accounting and statistics, relevant data is demonstrated. It is shown that in any of these periods the state could not provide governance with necessary statistical information especially on the public property within fixed assets corresponding to capital investment or in terms of different ownership, financing sources, whether according to the classification of buildings and facilities, of different stages of the life cycle (design, construction, maintenance and operation). The significant progress during the period of 2013-2014 in implementing comprehensive statistics of capital investments and fixed assets on appropriate forms of statistical reporting is shown. It has been proposed the universal sheet (summary table) of public real property statistical monitoring and the corresponding public investment that provides the opportunity to manage public property and budge funds on the basis of macroeconomic indicators.