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Valuation Uncertainty
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Book Synopsis Flexibility and Real Estate Valuation under Uncertainty by : David Geltner
Download or read book Flexibility and Real Estate Valuation under Uncertainty written by David Geltner and published by John Wiley & Sons. This book was released on 2018-04-30 with total page 260 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides a revolutionary conceptual framework and practical tools to quantify uncertainty and recognize the value of flexibility in real estate development This book takes a practical "engineering" approach to the valuation of options and flexibility in real estate. It presents simple simulation models built in universal spreadsheet software such as Microsoft Excel®. These realistically reflect the varying and erratic sources of uncertainty and price dynamics that uniquely characterize real estate. The text covers new analytic procedures that are valuable for existing properties and enable a new, more profitable perspective on the planning, design, operation, and evaluation of large-scale, multi-phase development projects. The book thereby aims to significantly improve valuation and investment decision making. Flexibility and Real Estate Valuation under Uncertainty: A Practical Guide for Developers is presented at 3 levels. First, it introduces and explains the concepts underlying the approach at a basic level accessible to non-technical and non-specialized readers. Its introductory and concluding chapters present the important “big picture” implications of the analysis for economics and valuation and for project design and investment decision making. At a second level, the book presents a framework, a roadmap for the prospective analyst. It describes the practical tools in detail, taking care to go through the elements of the approach step-by-step for clarity and easy reference. The third level includes more technical details and specific models. An Appendix discusses the technical details of real estate price dynamics. Associated web pages provide electronic spreadsheet templates for the models used as examples in the book. Some features of the book include: • Concepts and tools that are simple and accessible to a broad audience of practitioners; • An approach relevant for all development projects; • Complementarity with the author's Commercial Real Estate Analysis & Investments—the most-cited real estate investments textbook on the market. Flexibility and Real Estate Valuation under Uncertainty: A Practical Guide for Developers is for everyone studying or concerned with the implementation of large-scale or multi-phase real estate development projects, as well as property investment and valuation more generally.
Book Synopsis The Dark Side of Valuation by : Aswath Damodaran
Download or read book The Dark Side of Valuation written by Aswath Damodaran and published by FT Press. This book was released on 2009-06-19 with total page 604 pages. Available in PDF, EPUB and Kindle. Book excerpt: Renowned valuation expert Aswath Damodaran reviews the core tools of valuation, examines today’s most difficult estimation questions and issues, and then systematically addresses the valuation challenges that arise throughout a firm’s lifecycle in The Dark Side of Valuation: Valuing Young, Distressed and Complex Businesses. In this thoroughly revised edition, he broadens his perspective to consider all companies that resist easy valuation, highlighting specific types of hard-to-value firms, including commodity firms, cyclical companies, financial services firms, organizations dependent on intangible assets, and global firms operating diverse businesses. He covers the entire corporate lifecycle, from “idea” and “nascent growth” companies to those in decline and distress, and offers specific guidance for valuing technology, human capital, commodity, and cyclical firms. ·
Book Synopsis Mortgage Valuation Models by : Andrew S. Davidson
Download or read book Mortgage Valuation Models written by Andrew S. Davidson and published by Oxford University Press, USA. This book was released on 2014 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: Valuation of mortgage-backed securities requires blending empirical analysis of borrower behavior and mathematical modeling of interest rates and home prices, with recognition of various prices of risk and uncertainty. This book offers a detailed description of the sophisticated theories and advanced methods used for the real-world valuation of MBS.
Book Synopsis International Valuation Standards by : David Parker
Download or read book International Valuation Standards written by David Parker and published by John Wiley & Sons. This book was released on 2016-05-16 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: International Valuation Standards: a guide to the valuation of real property assets is an essential road map to using the new International Valuation Standards in everyday practice for real estate assets, explains their content, application and operation. It shows how to value assets including property, plant and equipment and is written in an explanatory style using commonly understood business English with as little jargon as possible. It takes a thematic format, focusing on the application of IVSs to investment property and owner-occupied property with the author addressing valuation instruction, operation and reporting under IVSs.
Book Synopsis Modern Methods of Valuation by : Eric Shapiro
Download or read book Modern Methods of Valuation written by Eric Shapiro and published by Taylor & Francis. This book was released on 2013 with total page 554 pages. Available in PDF, EPUB and Kindle. Book excerpt: The new and improved eleventh edition of this essential valuation textbook reflects the changes in the property market since 2009, whilst presenting the tried and tested study of the principles governing the valuation of land, houses and buildings of the previous editions. The eleventh edition is fully up-to-date with latest guidelines, statutes and case law, including the implications of the latest RICS Red Book and the Localism Act. Its comprehensive coverage of the legal, economic and technical aspects of valuation make this book a core text for most University and College Real Estate Programmes and to provide trainees (APC Candidates) and practitioners with current and relevant guidance on the preparation of valuations for statutory purposes. Over the twenty eight chapters, the author team of experienced valuation experts present detailed accounts of the application of these principles to the everyday problems met in practice. This new edition continues to be of excellent value to both students and practitioners alike as it provides the reader with a clear understanding of the methods and techniques of valuation.
Book Synopsis Takeover Activity, Valuation Estimates and Merger Gains by : Bjørn Espen Eckbo
Download or read book Takeover Activity, Valuation Estimates and Merger Gains written by Bjørn Espen Eckbo and published by Academic Press. This book was released on 2010-06-02 with total page 863 pages. Available in PDF, EPUB and Kindle. Book excerpt: A selection of republished corporate finance articles and book chapters that can serve as an advanced corporate finance supplementary text for courses that use no textbooks. Combining convenience and an affordable price with retypeset pages and a high-quality index, the 600 pages of volume one, Takeover Activity, Valuation Estimates and Merger Gains, focus on classical issues such as the existence and source of merger waves, empirical estimates of takeover announcement returns and the division of takeover gains between bidders and targets, and tests for potential sources of takeover gains (primarily involving estimation of industry wealth effects of takeovers), introducing students to modern scientific evidence about corporate takeovers. Including an index and new introduction, this volume will simplify and facilitate students' interaction with new concepts and applications. - Provides a status report about modern scientific evidence on corporate takeovers - Exposes students to new methods and empirical evidence while reading high quality primary material - Offers a concise and cost-efficient package of journal and book articles for advanced corporate finance students
Book Synopsis Handbook of Basel III Capital by : Juan Ramirez
Download or read book Handbook of Basel III Capital written by Juan Ramirez and published by John Wiley & Sons. This book was released on 2017-02-21 with total page 563 pages. Available in PDF, EPUB and Kindle. Book excerpt: A deeper examination of Basel III for more effective capital enhancement The Handbook of Basel III Capital – Enhancing Bank Capital in Practice delves deep into the principles underpinning the capital dimension of Basel III to provide a more advanced understanding of real-world implementation. Going beyond the simple overview or model, this book merges theory with practice to help practitioners work more effectively within the regulatory framework, and utilise the complex rules to more effectively allocate and enhance capital. A European perspective covers the CRD IV directive and associated guidance, but practitioners across all jurisdictions will find value in the strategic approach to decisions surrounding business lines and assets; an emphasis on analysis urges banks to shed unattractive positions and channel capital toward opportunities that actually fit their risk and return profile. Real-world cases demonstrate successful capital initiatives as models for implementation, and in-depth guidance on Basel III rules equips practitioners to more effectively utilise this complex regulatory treatment. The specifics of Basel III implementation vary, but the underlying principles are effective around the world. This book expands upon existing guidance to provide a deeper working knowledge of Basel III utility, and the insight to use it effectively. Improve asset quality and risk and return profiles Adopt a strategic approach to capital allocation Compare Basel III implementation varies across jurisdictions Examine successful capital enhancement initiatives from around the world There is a popular misconception about Basel III being extremely conservative and a deterrent to investors seeking attractive returns. In reality, Basel III presents both the opportunity and a framework for banks to improve their assets and enhance overall capital – the key factor is a true, comprehensive understanding of the regulatory mechanisms. The Handbook of Basel III Capital – Enhancing Bank Capital in Practice provides advanced guidance for advanced practitioners, and real-world implementation insight.
Download or read book Property Valuation written by Peter Wyatt and published by John Wiley & Sons. This book was released on 2013-05-13 with total page 455 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new edition of the ‘all in one' textbook for the postgraduate study of valuation on real estate courses retains its focus on the valuation and appraisal of commercial and industrial property across investment, development and occupier markets. It is structured from the client perspective and covers single-asset pricing, risk and return issues. The structure of the book has been substantially revised. Part A introduces the key microeconomic principles, focussing on land as a resource, production functions, supply and demand and price determination. The locational aspect of real estate is also introduced. Macroeconomic considerations are categorised by the main market sectors (and their function); the market for land (development), for space (occupation) and for money (investment). The economic context is set and the author then explains why property valuations are required and discusses the main determinants of value and how they might be identified. The mathematics required to financially quantify value determinants are also introduced. Part B of the book describes the methods of valuation; Part C applies these methods to the valuation of a range of property types for a wide variety of purposes; and Part D covers investment and development appraisal. The author introduces valuation activities from a broad economic perspective, setting valuation in its business finance context and combining its academic and practical roots. Changes in this second edition include: less daunting economics expanded companion website with PowerPoint slides for lecturers, self-test Questions & Answers for students: see www.wiley.com/go/wyattpropertyvaluation up-to-date case studies and sample valuations reference to the newly-published Red Book (the valuer’s bible) Property Valuation with its user-friendly format, using tried-and-tested teaching and learning devices and a clear writing style, remains the core text for students on real estate, estate management and land economy degree courses, as well as for fast-track conversion courses for non-cognate graduates.
Book Synopsis Advanced Issues in Property Valuation by : Hans Lind
Download or read book Advanced Issues in Property Valuation written by Hans Lind and published by John Wiley & Sons. This book was released on 2021-05-07 with total page 160 pages. Available in PDF, EPUB and Kindle. Book excerpt: Discover an insightful new text covering advanced problems in real property valuation In Advanced Issues in Property Valuation, real estate valuation experts and authors Hans Lind and Bo Nordlund provide a deep understanding of the concepts, theories, methods and controversies in property valuation. The book introduces readers to controversies and discussions in real estate valuation, including the relevance of market value for valuation for lending purposes, how uncertainty in property valuations should be interpreted, and the relationship between market value and fair value in financial reporting. Readers will also benefit from the inclusion of: A thorough introduction to the concepts, theories, methods and problems in real estate property valuation An exploration of the relevance of market value for valuation for lending purposes A practical discussion of how uncertainty in property valuations should be interpreted A concise treatment of the relationship between market value and fair value in financial reporting An examination of how concerns about sustainability and other structural changes can affect property valuation Perfect for graduate level students in courses involving valuation or real estate, Advanced Issues in Property Valuation is also an excellent resource for real estate practitioners who wish to update and deepen their knowledge about property valuation.
Book Synopsis Property Valuation and Market Cycle by : Maurizio d'Amato
Download or read book Property Valuation and Market Cycle written by Maurizio d'Amato and published by Springer Nature. This book was released on 2022-09-28 with total page 326 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book discusses the role of the property market cycle in real estate valuation. Challenging traditional property valuation methods that rely on current market conditions and economic trends, this book argues for a re-evaluation of the relationship between property valuation and cycles in property markets. The book is divided into two parts. The first part gathers research on property market cycle analysis and the delicate problems dealing with property market information including the development of the real estate market index, appraisal bias, and the use of time series in plotting the market cycle. The second part proposes several possible modifications to the traditional income approach methodologies, including cyclical capitalization and the hedonic price method. Furthermore, this part also addresses the need for amendments to current s property valuation standards and institutional regulations. Written by an international cross-section of expert voices in market cycles and property valuation, the book is a comprehensive resource for any researcher or upper-level student studying economic volatility.
Book Synopsis Introduction to Property Valuation in Australia by : David Parker
Download or read book Introduction to Property Valuation in Australia written by David Parker and published by Taylor & Francis. This book was released on 2023-12-12 with total page 338 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an easy-to-follow introduction to the principal methods of property valuation in Australia within the context of International Valuation Standards, so bridging the gap between traditional property valuation methods and the modern era of global valuation governance. Providing a framework for valuation practice, the book outlines the property asset class, the role of valuation, concepts of value and valuation standards before focusing on the instructing, undertaking and reporting aspects of the valuation process. The market approach to valuation is addressed through the comparative method of valuation with the income approach addressed through the capitalisation of income, discounted cash flow and profits methods of valuation and the cost approach addressed through the replacement cost, reproduction cost and residual or hypothetical development methods of valuation. As an introductory textbook on property valuation methods, this book is a companion to Australia’s leading advanced valuation textbook, Principles and Practice of Property Valuation in Australia edited by the same author and also published by Routledge, which is a more advanced text considering key principles underlying property valuation and current techniques and issues in the practice of property valuation for major sectors of the Australian property market. The most up-to-date valuation text book for the Australian market, this book will appeal to both valuation practitioners and undergraduate/postgraduate students as well as to accountants, auditors, lawyers, lenders and all professionals dealing with property valuation issues.
Book Synopsis The Era of Uncertainty by : Francois Trahan
Download or read book The Era of Uncertainty written by Francois Trahan and published by John Wiley & Sons. This book was released on 2011-07-13 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomic Investment Strategies for an Era of Economic Uncertainty “Over the years, François’ insightful analyses of the business cycle has led to market calls that have both benefitted investors on the upside and (more important to many) protected them from losses on the downside. François’ incredible track record in successfully interpreting the trends that can be found in leading indicators and other macroeconomic data have also led to his well deserved reputation as an expert in sector rotation - providing investors on both the long and short side of the market opportunities to profit from his ideas. In my opinion, his most important and influential macro prediction to date was his call in the middle of the last decade when he predicted that the worst housing crisis in American history would soon be upon us, and that it would have far-ranging implications for both the global economy and world financial markets.”
Book Synopsis Quantitative Business Valuation by : Jay B. Abrams
Download or read book Quantitative Business Valuation written by Jay B. Abrams and published by John Wiley & Sons. This book was released on 2010-03-29 with total page 672 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quantitative Business Valuation A Mathematical Approach for Today's Professionals Essential reading for the serious business appraiser, Quantitative Business Valuation, Second Edition is the definitive guide to quantitative measurements in the valuation process. No other book written on business valuation is as well researched, innovative, and bottom-line beneficial to you as a practitioner. Written by leading valuation and litigation economist Jay B. Abrams, this text is a rigorous and eye-opening treatment filled with applications for a wide variety of scenarios in the valuation of your privately held business. Substantially revised for greater clarity and logical flow, the Second Edition includes new coverage of: Converting forecast net income to forecast cash flow Damages in manufacturing firms Regressing scaled y-variables as a way to control for heteroscedasticity Mathematical derivation of the Price-to-Sales (PS) ratio Monte Carlo Simulation (MCS) and Real Options (RO) Analysis Venture capital and angel investor rates of return Lost inventory and lost profits damage formulas in litigation Organized into seven sections, the first three parts of this book follow the chronological sequence of performing a discounted cash flow. The fourth part puts it all together, covering empirical testing of Abrams' valuation theory and measuring valuation uncertainty and error. Parts five to seven round it all out with discussion of litigation, valuing ESOPs and partnership buyouts, and probabilistic methods including valuing start-ups. The resulting work, solidly grounded in economic theory and including all necessary mathematics, integrates existing science into the valuation profession and develops valuation formulas and models that you will find useful on a daily basis.
Book Synopsis Real Options and Investment Under Uncertainty by : Eduardo S. Schwartz
Download or read book Real Options and Investment Under Uncertainty written by Eduardo S. Schwartz and published by MIT Press. This book was released on 2004 with total page 890 pages. Available in PDF, EPUB and Kindle. Book excerpt: The study of investment under uncertainty was stagnant for several decades until developments in real options revitalized the field. The topics covered in this book include the reasons behind the under-investment programme.
Book Synopsis Financial Risk Management by : Steve L. Allen
Download or read book Financial Risk Management written by Steve L. Allen and published by John Wiley & Sons. This book was released on 2012-12-19 with total page 608 pages. Available in PDF, EPUB and Kindle. Book excerpt: A top risk management practitioner addresses the essentialaspects of modern financial risk management In the Second Edition of Financial Risk Management +Website, market risk expert Steve Allen offers an insider'sview of this discipline and covers the strategies, principles, andmeasurement techniques necessary to manage and measure financialrisk. Fully revised to reflect today's dynamic environment and thelessons to be learned from the 2008 global financial crisis, thisreliable resource provides a comprehensive overview of the entirefield of risk management. Allen explores real-world issues such as proper mark-to-marketvaluation of trading positions and determination of needed reservesagainst valuation uncertainty, the structuring of limits to controlrisk taking, and a review of mathematical models and how they cancontribute to risk control. Along the way, he shares valuablelessons that will help to develop an intuitive feel for market riskmeasurement and reporting. Presents key insights on how risks can be isolated, quantified,and managed from a top risk management practitioner Offers up-to-date examples of managing market and creditrisk Provides an overview and comparison of the various derivativeinstruments and their use in risk hedging Companion Website contains supplementary materials that allowyou to continue to learn in a hands-on fashion long after closingthe book Focusing on the management of those risks that can besuccessfully quantified, the Second Edition of FinancialRisk Management + Websiteis the definitive source for managingmarket and credit risk.
Book Synopsis Contract Analysis and Design for Supply Chains with Stochastic Demand by : Yingxue Zhao
Download or read book Contract Analysis and Design for Supply Chains with Stochastic Demand written by Yingxue Zhao and published by Springer. This book was released on 2015-09-12 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is devoted to analysis and design of supply chain contracts with stochastic demand. Given the extensive utilization of contracts in supply chains, the issues concerning contract analysis and design are extremely important for supply chain management (SCM), and substantial research has been developed to address those issues over the past years. Despite the abundance of classical research, new research needs to be conducted in response to new issues emerging with the recent changing business environments, such as the fast-shortening life cycle of product and the increasing globalization of supply chains. This book addresses these issues, with the intention to present new research on how to apply contracts to improve SCM. Contract Analysis and Design for Supply Chains with Stochastic Demand contains eight chapters and each chapter is summarized as follows: Chapter 1 provides a comprehensive review of the classical development of supply chain contracts. Chapter 2 examines the effects of demand uncertainty on the applicability of buyback contracts. Chapter 3 conducts a mean-risk analysis for wholesale price contracts, taking into account contracting value risk and risk preferences. Chapter 4 studies the optimization of product service system by franchise fee contracts in the service-oriented manufacturing supply chain with demand information asymmetry. Chapter 5 develops a bidirectional option contract model and explores the optimal contracting decisions and supply chain coordination issue with the bidirectional option. Chapter 6 addresses supply chain options pricing issue and a value-based pricing scheme is developed for the supply chain options. With a cooperative game theory approach, Chapter 7 explores the issues concerning supply chain contract selection/implementation with the option contract under consideration. Chapter 8 concludes the book and suggests worthy directions for future research.
Book Synopsis Economic Valuation of Environmental Health Risks to Children by : OECD
Download or read book Economic Valuation of Environmental Health Risks to Children written by OECD and published by OECD Publishing. This book was released on 2006-01-12 with total page 314 pages. Available in PDF, EPUB and Kindle. Book excerpt: This OECD book proposes an in depth analysis of the main methodological difficulties associated with estimating the social value of a reduction in environmental health risks to children.
