...Nicholas Chatzitsolis; Konstantinos J. Liapis; Elena P. Christodoulopoulou Purpose The purpose of this study is to identify how different Generally Accepted Accounting Principles (GAAP) influence property management. The study is based on two basic accounting principles for the valuation of assets...

... to comprehend the true nature of assets and liabilities. Leasing is an activity whereby the use of an asset is separated from the ownership of that asset. The Accounting Standards Board, in its Statement of Principle, defines assets as “rights or other access to future economic benefits controlled by an entity...

...Konrad Finkenzeller; Tobias Dechant; Wolfgang Schäfers Purpose The purpose of this paper is to provide conclusive evidence that infrastructure constitutes a separate asset class and cannot be classified as real estate from an investment point‐of‐view. Furthermore, optimal allocations...

...Karen Sieracki; Kim Hiang Liow; Amidu Abdul‐Rasheed; Aluko Bioye Tajudeen; Nuhu Muhammad Bashar; Saibu Muibi Olufemi Purpose Quite a substantial number of academic papers have examined the performance of both direct and indirect real estate relative to other investment assets. While these studies...

... institutional property investors in their asset allocation decision processes. Financial performance Property Performance measurement (quality) Assets Investors The IPD databases provide property performance data for a large variety of countries. A large amount of research has been published...

... of asset classes over a longer sample period. We provide additional evidence suggesting that practicing analysts should include REITs as an asset class to optimize their portfolios. Specifically, our results show that the price behavior of REITs is unique and cannot be satisfactorily duplicated...

...Bert Kramer; Ton van Welie With asset liability management (ALM), all the relevant asset and liability classes are managed in an integrated fashion. We describe an ALM model for housing associations. This model uses simulation to show the development of a housing association, usually measured...

... period of 1993 and 1994. The ranking of the samples by the total NAV is shown in Figure 1 . The average NAV of the sample stocks is £973 million. Four out of the ten selected stocks have a total NAV in excess of £1 billion. Scottish Metropolitan is the smallest capitalised stock with a net asset holding...

...Patrick Wilson; John Okunev Understanding cyclical activity is an important component of efficient portfolio management. Property appraisal models that do not explicitly take into account cyclical fluctuations may produce unrealistic valuation estimates resulting in property assets being...

...Sandy Bond; Peter Dent Research undertaken by the authors over the last two years has revealed a number of problems in valuing non‐market, non‐investment properties in the public sector. The first part of the article draws together some of the literature in the area of public sector asset valuation...

..., but this fails to recognize that there are externalities that will affect the decision when certain conditions are met. For example, an asset allocator can choose between (say) £1m of real estate, or £1m of stocks. All things being equal, they will choose the asset which provides the greater IRR (at any given...

...Peter Young Discusses the valuation “public sector assets” comprising public parks,infrastructural assets (roads, drains, water supply, etc.), hospitals,schools, universities and the like; and takes a passing look at the modern public sector accounting practices which appear to create a need...

...Andrew Cherry Describes the third edition of the Red Book. Notes that it is now mandatory for valuers undertaking certain types of asset valuation to state whether or not they have complied with the advice in the Red Book. Concludes that the third edition contains little new material...