- Filename: european-valuation-standards-2003.
- ISBN: 9781135322984
- Release Date: 2014-07-10
- Number of pages: 415
- Author: Tegova,
- Publisher: Taylor & Francis
First Published in 2003. Routledge is an imprint of Taylor & Francis, an informa company.
First Published in 2003. Routledge is an imprint of Taylor & Francis, an informa company.
Inhaltsangabe:Abstract: The dissertation analyses whether or not and to what extent the managers of German open-ended property funds see a necessity for amendments to the current German property valuation standards in the context of an increasing demand for European convergence in valuation practice. A critical review of the literature is structured in two chapters: (1) European valuation convergence; and (2) legal background and valuation standards in Germany in a European context. Three main drivers for European convergence have been identified, namely international investment, International Accounting Standards (IAS) and the new Basel Capital Accord. The main standard setting organisations with a European scope are the IVSC, TEGoVA and RICS. German standards are highly regulated by law (BauGB, KAGG, WertV, WertR). However, the relevant valuation basis in Germany mainly complies with its international counterpart. Three methods are outlined in the German standards (WertV), but additional approaches are allowed according to the guidelines (WertR). Systematic differences could be identified between the German investment method and relevant international approaches. The main German specialities in this regard are separation of value for land and building, consideration of only one income (sustainable long-term rent) and arriving at gross values. The Cost Approach is meaningless for the valuation of open-ended funds. Alternative international approaches are Term & Reversion, Layer, Equivalent Yield and DCF. 13 rating scale and 9 open-ended questions were extracted from the above headings and were assessed by 8 managers of open-ended property funds. Further in depth information could be gathered by semi-structured and unstructured interviews with 5 of these managers and 3 valuers. The survey indicated that the German fund managers are quite satisfied with the German standards (WertV) and only minor problems arise. A - 1 - European Convergence in Property Valuation: How do the German Open-Ended Property Funds measure up? need for modification could not be identified. DCF is used occasionally by fund managers, but the appropriateness for neutral valuations is seen with scepticism. Traditional British direct capitalisation methods are unpopular in Germany. Problems arise with the transparency in Germany due to data protection and sometimes with the qualification of German valuers. The emergence of a two tier market (domestic and international) is [...]
Seminar paper from the year 2007 in the subject Business economics - Miscellaneous, grade: 2,7, Nurtingen University, course: Real Estate Management, 15 entries in the bibliography, language: English, abstract: The international globalization in the real estate business started much later than in other businesses. Historic grown specifics, topographic and cultural differences as well as judicial, fiscal, and political basic conditions, which do not have an international standardization are reasons for this reserve. But today many real estate companies and investors act worldwide, so that the real estate business and so the property valuation too cannot longer be seen as a national issue only. Germany has an attractive real estate market for foreign investors because of its steady currency, appealing lease contract structures and a rent growth potential. In recent years foreign investors have increased their presence in the real estate business in Germany and so there is a rising demand for property valuations using international methods. The conventional national German systems of valuation are inadequately. A standardization of valuation methods or at least comparable national valuation methods is an essential condition for foreign institutional investors. Standardized methods are necessary to ensure the transparency for all participants in the real estate market. The purpose of this paper is to point out established international property valuation methods. At first I will describe the important terms and definitions which are used for valuation methods, followed by an explanation why and when a property valuation will be necessary. I will also show you several valuation standards which have developed and I will deliver an insight of different international property valuation methods with short simplified example which shall clarify each particular procedure.
Inhaltsangabe:Abstract: This paper deals with the valuation of property in a global context and discusses contemporary and evolving issues that might affect property valuation standards and practice in Germany and in the United Kingdom. It shows the need, the development and the growing acceptance of International Valuations Standards (IVS) published by the International Valuations Standards Committee and identifies valuations for financial reporting as the key driving force behind the ambition of harmonising valuation standards. Additionally, the major differences between valuation standards and practice in Germany and the UK are examined, the interrelationship between and the discussion about three concurring set of standards (namely Red Book, Blue Book and White Book) is presented and the importance of Market Value as the central underlying definition of value is highlighted. Then the parallel development of International Accounting Standards (IAS) and their adoption within the European Union from 2005 onwards is explained and it is shown that this reinforces the position and the acceptance of IVS. Furthermore, the major differences between IAS, German and UK Generally Accepted Accounting Practice regarding the treatment of real estate are shown and the possible consequences for the valuation of fixed assets are derived. Also the New Basel Capital Accord (Basel II) which determines the way how banks have to allocate capital is identified as another area of interest for the valuation profession. For this reason the methodology of Basel II is explained briefly and the problems and consequences regarding the treatment and valuation of real estate that evolve out of an application of Basel II are explored. Finally, other areas of interest that might determine the future of property valuation are addressed, notably the issue of sustainability. It is shown that there are numerous benefits of sustainable buildings, that the client demand for them is rising and that valuers will have to consider this aspect because it will affect the Market Value of the property. In sum, this paper shows that there are fundamental differences in the way how the German and the UK valuation scene is acting to cope up with these developments on the international scene, i.e., the UK valuers and the RICS are acting proactive and are at the forefront of new developments (the fact that the RICS based their new Red Book mainly on IVS is the best example), while in contrast [...]
The 2014 International Conference on Economics and Management Engineering (ICEME2014) is held in Hangzhou, China from October 18–19, 2014. The conference aims to provide an excellent international academic forum for all the researchers, practitioner, students and teachers in related fields to share their knowledge and results in theory, methodology and application on economics, management science and management engineering. ICEME2014 features unique mixed topics of Economics, Management Science, Management Engineering and other related ones. ICEME2014 proceeding tends to collect the most up-to-date, comprehensive, and worldwide state-of-art knowledge on economics, management science and management engineering. All the accepted papers have been submitted to strict peer-review by 2–4 expert referees, and selected based on originality, significance and clarity for the purpose of the conference. The conference program is extremely rich, profound and featuring high-impact presentations of selected papers and additional late-breaking contributions. We sincerely hope that the conference would not only show the participants a broad overview of the latest research results on related fields, but also provide them with a significant platform for academic connection and exchange.
Understanding the unique requirements of traditional buildings is crucial to providing appropriate guidance on their care and repair. This book will help practitioners identify the particular issues relating to older buildings and the problems they may encounter when surveying and repairing them. With the use of examples, the author provides invaluable information on how traditional buildings perform, emphasizing the need for a sensitive and sustainable approach which also takes account of the specific needs of the building. The book examines all aspects to be included in any assessment for survey and repair, and points out in detail the potential pitfalls. It also explores the controversial issues surrounding the treatment of damp and timber decay, advocating solutions that are appropriate to older buildings rather than using standard, often damaging, methods of treatment. The extensive case studies not only illustrate good conservation in practice but also how projects can go badly wrong, and how mistakes could have been avoided. This title explores the causes of movement and the actions required. It advises on alternatives to chemical treatment for damp and timber decay. It provides fully illustrated case studies with numerous photographs. It emphasizes a sustainable approach to conservation. It outlines the key legislation issues. It includes the Historic Buildings Prosecution Fines Database and other useful appendices.
A pioneering reference essential in any financial library, the Encyclopedia of Alternative Investments is the most authoritative source on alternative investments for students, researchers, and practitioners in this area. Containing 545 entries, the encyclopedia focuses on hedge funds, managed futures, commodities, and venture capital. It features contributions from well-known, respected academics and professionals from around the world. More than a glossary, the book includes academic references for money managers and investors who want to understand the jargon and delve into the definitions. About the Editor Greg N. Gregoriou, Ph.D., is Professor of Finance in the School of Business and Economics at the State University of New York, Plattsburgh, USA. A prolific author, Dr. Gregoriou is hedge fund editor of the Journal of Derivatives and Hedge Funds as well as an editorial board member of the Journal of Wealth Management and the Journal of Risk Management in Financial Institutions. His research primarily focuses on hedge funds and managed futures.
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This paper proposes a new approach to quantifying the effects of corporate governance reforms, by focusing on the dynamics of the voting premiums, a measure of the private benefits of control in a corporation. The results indicate that the reforms have been successful in reducing the voting premiums EU-wide. Moreover, more intense and broad reform efforts (such as introducing national reforms beyond and above the EU-wide initiatives) bring higher and longer lasting benefits. Our findings also suggest that the market for corporate control in Europe has become more integrated, as illustrated by the lower dispersion in voting premiums across countries and over time.
Building on the success of the author’s previous book Beyond the J Curve:Managing a Portfolio of Venture Capital and Private Equity Funds, this work covers new and additional material and offers advanced guidance on the practical questions faced by institutions when setting up and managing a successful private equity investment programme. Written from the practitioner’s viewpoint, the book offers private equity and venture capital professionals an advanced guide that will make high return targets more realistic and sustainable. Factors that can sometimes cause institutions to shy away from venture capital are the industry’s opaque track record, unclear valuations and risks, perceived lack of transparency as well as the significant entry barriers to overcome before tangible results show. These issues are all addressed in details with practical solutions to the problems. Among other topics J-Curve Exposure includes discussions of: Experiences with the adoption of the International Private Equity and Venture Capital Valuation Guidelines to address fair value under IFRS. Approaches for splitting and prioritizing distributions from private equity funds. Techniques for track record analysis and other tools to help limited partners in their due diligence. Approaches to dealing with uncertainty, the relevance of real options, and co-investments and side funds as advanced portfolio management techniques. Questions related to limited partner decision making fallacies and how to manage portfolios of VC funds. Securitization backed by portfolios of investments in private equity funds. Real life case studies illustrate the issues relevant for the practitioner.
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