...Maurizio d'Amato; Malgorzata Renigier Bilozor; Giampiero Bambagioni Purpose Ordinary direct capitalization is normally considered procyclical in its present form (De Lisle Grissom, 2011); for this reason, an alternative approach to direct capitalization may be useful in the determination...

... Publishing Limited 2019 Emerald Publishing Limited Licensed re-use rights only Cyclical capitalization Cyclical asset Direct capitalization Real estate market cycle Since the beginning of the Global Financial Crisis, the role of the property market cycle has been stressed in professional...