Tax Law (Books and Journals)
2445 results for Tax Law (Books and Journals)
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The dynamics of listed property companies in Indonesia
Purpose: As an asset class, listed property companies (PCs) in the emerging Asian markets have taken on increased significance in recent years. Investors have seen Indonesian real estate investment trusts (REITs) being regulated to become a property investment vehicle in 2007. This sees macro-environment investment in the Indonesian property market taking off to a higher level regionally. In the...
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International capital movement towards the Spanish real estate sector
Purpose: The purpose of this paper is to examine the determinants that affect international capital flows (ICF) toward the Spanish real estate market over the period 1995 first quarter to 2017 fourth quarter. Design/methodology/approach: VECM methodology is used to analyze time series and panel methods using pooled EGLS regression. Findings: VECM parameter results for construction and real...
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Pricing risk and its use in modelling real estate market yields
Purpose: In the light of past financial and economic turmoil, there has been a marked increase in the volatility in real estate markets. This has impacted on the pricing of property assets, partly through market sentiment and particularly concerning risk. It also limits modelling accuracy model accuracy. The purpose of this paper is to create a new variable and model to enhance analysis of what...
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Determinants of foreign and domestic non-listed real estate fund flows in India
Purpose: Real estate forms an important part of any economy and the investment in real estate, in turn, is impacted by the macroeconomic environment of that country. The purpose of the present research is to examine macroeconomic determinants of foreign and domestic non-listed real estate fund (NREF) flows and to examine whether they are similar or different for an emerging economy like India. ...
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Property futures—the art and science of strategic foresight
Purpose: The study aims to discuss the role of strategic foresight in determining and mapping possible property futures. In particular, the briefing will explore the importance of determining alternative futures and creating scenarios to help determine a flexible and adaptable strategy. Design/methodology/approach: This education briefing is an overview of property futures and strategic...
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The added-value role of industrial and logistics REITs in the Pacific Rim region
Purpose: As significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the traditional industrial properties with logistic properties to gain strategic exposure to recent e-commerce trends. This paper aims to assess the investment performance of I&L REITs by assessing the significance, risk-a
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Property valuation in the UK: material uncertainty and COVID-19
Purpose: An understanding of uncertainty has always been an integral part of property valuations. No valuation is certain, and the valuer needs to convey to the user of the valuation in the degree of uncertainty pertaining to the market value. Design/methodology/approach: This practice briefing is a short overview of the importance of understanding uncertainty in valuation in normal markets and...
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Property valuation in UK: climate change targets and the value of UK investment properties – a change in sea level[1]
Purpose: The UK government, in late 2019, announced new proposed targets for the energy efficiency legislation in the UK, MEES – Minimum Energy Efficiency Standards. The current suggestion is that all let properties, commercial or residential, need to be B rated by 2030. If this is implemented, it will have a significant impact upon the UK market property investment market. Design/methodology/app
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Can digital technologies speed up real estate transactions?
Purpose: This study presents a structured investigation of the most important causes for delay in commercial real estate transactions. It assesses the potential of digital technologies such as “Blockchain”, “Property Passports” or “Automated Valuation Models” to make transactions faster and cheaper. Design/methodology/approach: The authors conduct a focus group interview to identify the...
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Make a call: assessing capital calls velocity for closed end Asia Pacific non-listed real estate funds
Purpose: The study examines Asia Pacific (APAC) non-listed non-core real estate funds' capital calls (investor equity drawdowns) sequence for varying vehicle strategies. Design/methodology/approach: Analysis starts with a cursory data interpretation that extracts a typical investors' equity drawdowns schedule. Thousands of simulations are then computed for each vehicle strategy for each year to...
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Strange attractor in the Auckland commercial property market
Purpose: The purpose of this study is to provide a chaos theory-based framework, which can be used to model commercial property market dynamics. Design/methodology/approach: The paper is presented in two parts. In the first, rigorous mathematical reasoning is entertained, so to derive an attractor describing a set of feedback formulae. In the second part, the attractor definition is used to...
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Causes of U.S.-China trade imbalances: a review
Purpose: It is a common view to Trump administration and public that devaluation of Chinese currency is the origin of the US trade deficit. However, the previous literature does not support this common view. To better understand the causes of the US trade imbalances with China, this study aims to review the previous literature focusing on the causes of bilateral trade imbalances between the USA...
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Estimation of Armington elasticities for trade-policy analysis
Purpose: The purpose of this paper is to compare the Armington elasticities for world average values and country-specific values and obtain evidence for whether the world average elasticities and the “rule of two”, which have been applied in many papers, are accurate for cereals in trade policy studies related to an individual country. Design/methodology/approach: The authors use panel data with
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The big data regime shift in real estate
Purpose: The paper explores the emergence of the “big data regime” and the disruption that it is causing for the real estate industry. The paper defines big data and illustrates how an inductive, big data approach can help improve decision-making. Design/methodology/approach: The paper demonstrates how big data can support inductive reasoning that can lead to enhanced real estate decisions. To...
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The initial impacts of Minimum Energy Efficiency Standards (MEES) in England
Purpose: The paper investigates the initial impacts on asset management and valuation practice of the Minimum Energy Efficiency Standard (MEES) introduced in England and Wales from April 2018 for new lettings. Design/methodology/approach: The paper reports findings from a small-scale pilot study of valuers, asset managers, lawyers and building consultants. Interviews were conducted over the...
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House prices and credit cycles: the case of Cyprus
Purpose: The purpose of this paper is to assess whether the rapid accumulation of bank deposits before the global financial crisis and their subsequent drastic reduction was the main driving force of the Cyprus house price cycle over the period 2006–2015. Design/methodology/approach: To this aim we estimate a three-equation model in which house prices are determined by housing loans, among other
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Performing technical analysis to predict Japan REITs' movement through ensemble learning
Purpose: The purpose of this study is to evaluate the performance of the ensemble learning models, such as the Random Forest and Extreme Gradient Boosting models, in predicting the direction of the Japan real estate investment trusts (J-REITs) at different return horizons, based on input obtained from various technical indicators. Design/methodology/approach: This study measures the...
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Terms of trade and economic growth in developing country. Evidence from bilateral and commodity level analysis
Purpose: The purpose of this study is to investigate the first time ever the effects of overall terms of trade, bilateral terms of trade and main commodity groups’ terms of trade on economic growth. Design/methodology/approach: Augmented Dickey Duller and Philips Perron unit root tests and Johensan cointegration test have been applied by using annual time series data from 1974 to 2017. Dynamic...
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Is the MD&A of US REITs informative? A textual sentiment study
Purpose: This study examines whether language disclosed in the Management Discussion and Analysis (MD&A) of US Real Estate Investment Trusts (REITs) provides signals regarding future firm performance and thus generates a market response. Design/methodology/approach: This research conducts textual analysis on a sample of approximately 6,500 MD&As of US REITs filed by the SEC between 2003...
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Risks in feasibility and viability appraisal process for property development and the investment market in Nigeria
Purpose: The feasibility and viability appraisal technique is becoming increasingly crucial in the planning systems, theory, applications and outputs for property development and project investments. This paper aims to account for the findings of the practices associated with risk in the feasibility and viability appraisal process. Also, it examines the need for a practical framework for...
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Spillovers between US real estate and financial assets in time and frequency domains
Purpose: Assessing the strength and time variation of spillovers between returns on residential real estate, real estate investment trusts (REITs), stocks and bonds in the United States. Spillovers reduce the benefits of portfolio diversification, especially in crisis times, when asset returns tend to be more correlated. Design/methodology/approach: The Diebold–Yilmaz approach in the time domain
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The influence of a mortgage interest and capital deduction policy on house prices. A regional study for different housing types in Belgium
Purpose: Since 2005, Belgian housing prices have strongly increased. As the timing coincides with the implementation of a new fiscal package in order to stimulate homeownership, our study attempts to provide an understanding whether the mortgage interest and capital deduction (MICPD) policy has had the side-effect of increasing housing prices while, at the same time, controlling for key housing...
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Growth factors of the coworking industry: the case of Prague
Purpose: The global coworking industry is currently growing at a rapid pace. Similarly, Prague is witnessing an influx of global coworking operators who entered the market since 2018 and are expanding significantly. The purpose of this paper is to investigate enabling factors for this growth. Design/methodology/approach: After a brief review of coworking and relevant typologies of its various...
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Who performs better? AVMs vs hedonic models
Purpose: In the literature there are numerous tests that compare the accuracy of automated valuation models (AVMs). These models first train themselves with price data and property characteristics, then they are tested by measuring their ability to predict prices. Most of them compare the effectiveness of traditional econometric models against the use of machine learning algorithms. Although the...
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Bricks, mortar, and proptech. The economics of IT in brokerage, space utilization and commercial real estate finance
Purpose: Digital and information technologies (IT) are becoming silently pervasive in old-fashioned real estate markets. This paper focuses on three important avenues for the diffusion of IT in commercial real estate: online brokerage and sales, the commoditization of space and Fintech in mortgage and equity funding. We describe the main new markets and products created by this IT revolution. The
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