Appraisal Value Research Articles

Fair value accounting choice

Purpose– Profiting from a unique research opportunity in the Portuguese REIFs market, this paper aims to investigate the impact of fund managers ' accounting choice on funds ' returns distribution and analyses the relationship between fair value accounting choice and conditional accounting conservatism.Design/methodology/approach– According to Portuguese securities market regulation, fund managers of REIFs can fix the value of the fund properties between the acquisition cost and the average of the appraisal values assigned periodically by two independent appraisers. Therefore, through the analysis of fund managers’ actual choice to value REIF net asset value in comparison with a mandatory adoption of a pure fair value method (appraisers’ valuations), the paper investigates the impact of accounting choice on funds’ return series. On the other hand, an analysis at fund level is also conducted to determine the consequences of fair value accounting choice on the ability of fund managers in delaying the recognition of asset value decreases (bad news).Findings– Results indicate that in the period of financial crisis, significant differences in REIF returns according to the accounting method used to value properties are observed. There is also evidence that fund managers of open-end funds that are subject to greater market pressure to meet financial reporting objectives are more likely to smooth book value returns. Additionally, findings support the hypothesis that REIFs that use a more historical cost accounting model exhibit a lower degree of conditional accounting conservatism, suggesting that the use of fair value may be useful to reduce fund manager discretion in delaying the recognition of losses.Originality/value– This paper provides an empirical evidence of one possible positive effect of the use of fair value on the quality of financial reporting, evidencing how a more fair value accounting model may limit fund managers’ discretion.

Use of a Gini index to examine housing price heterogeneity: A quantile approach

This paper contributes to the existing literature that deals with the full distribution of house prices and its decomposition (primarily McMillen, 2008) by conducting a deeper analysis of housing price heterogeneity. Our approach differs from McMillen’s insofar as our goal is to explain the variation in housing prices at a point in time rather than over a period of time. The basic statistic used to summarise house price distribution is the Gini index, which compares the actual distribution of the price per square metre (PPSM) with a uniform distribution. We decompose the Gini index into what can be explained for by the explanatory variables (which can also be easily decomposed into the contribution of each explanatory variable) and what remained unexplained. With a data set that includes appraisal values for 9297 dwellings in Barcelona in 1998–2001, the part explained by the standard OLS slopes (up to 60%) suggests a high degree of homogeneity in the linkage between PPSM and the explanatory variables. In any event, when heterogeneity is introduced using a quantile approach, that part of the Gini index explained for by the regressors falls. Finally, the variable that produces the most heterogeneity is area.

Взаимосвязь когнитивной оценки трудных профессиональных ситуаций и профессиональной пригодности у страховых агентов

The article presents the outcomes of our research into stressful working situations and the role of cognitive appraisal of work conditions for insurance agents. Too little attention has so far been paid to the role of individual characteristics in the perception of stressful professional situations. Studying the role of cognitive appraisal of such situations is relevant for defining the criteria of professional aptitude and predicting professional success. We offer a new approach to defining professional aptitude, which takes into account the peculiarities of cognitive appraisal of stressful professional situations. Our study began with a survey of expert opinion and a questionnaire covering 140 insurance agents from the cities of Volgograd and Lipetsk. Their job experience ranged from 3 months to 32 years. The respondents also varied by the level of professional success achieved. As the outcome of Stage 1, we compiled a list of 7 most stressful work situations as mentioned by insurance agents. During Stage 2, respondents arranged these situations by degrees of stressfulness. Stressful situations were assessed by such parameters as frequency, emotional tension, personal significance, uncontrollability, productivity, suspense. Comparing mean values revealed some variations in appraisals. Stressful situations were assessed as significant, uncontrollable and undefined but at the same time infrequent and not causing emotional tension and productivity. This example proves that the cognitive appraisal of professional situations is ambivalent. According to mean appraisal values, the sample was divided into 3 groups: those with high, middle and low resistance to stressful situations. All of these groups also featured a correlation between professional aptitude and cognitive appraisal of the situations offered. Early career specialists are highly vulnerable to stress, while the next stages of professionalization could show either high and low stress indexes. The study outcomes were confirmed by significant variations on the Mann-Whitney U-test. We conclude that cognitive appraisal characteristics may be used as criteria for diagnosing and predicting professional development of insurance agents.

Appraisal inflation: Evidence from the 2009 GSE HVCC intervention

Appraisal inflation is a prominent aspect of lax underwriting practice. The GSE May 2009 Home Valuation Code of Conduct (HVCC) aims to prohibit lenders from influencing appraisers. Refinance loans, without a transaction price, are potentially more susceptible to appraisal inflation than purchase loans. We use GSE refinance loans as our treatment group and non-GSE refinance loans as the control group, and find that GSE refinance loans originated after May 2009 have lower default rates than non-GSE refinance loans. We further measure the appraisal inflation (bias) as the difference between the appraisal value in a 2009 refinance transaction and the actual transaction price in an earlier purchase transaction for the same property adjusted for local housing value changes. We find that the reduction in appraisal bias was larger for GSE refinance loans than for non-GSE refinance loans. This paper quantifies the “contribution” of appraisal inflation in poor loan underwriting standards and highlights the importance of unbiased and independent appraisal.

Re-estimating UK Appraisal Values for Non-work Travel time Savings Using Random Coefficient Logit Model

The official appraisal values of travel time savings (VTTS) for non-work trips in UK were estimated by basic discrete choice model on stated choice data collected over 20 years ago. This choice model developed by Bates and Whalen (2001) was specified to address some long-standing issues in the field of VTTS valuation including the sign and size of VTTS while allowing continuous interactions between VTTS and journey covariates. With respect to the size issue, it was found that a “tapering” function, whereby time changes are increasingly discounted, could best explain the lower unit utility observed for small time savings (STS). While this set of non-work VTTS is still being used for transport appraisal in UK, the field of discrete choice modelling has evolved significantly brought by a leap of computing power and improved simulation techniques. Notably, advanced model such as mixed multinomial logit (MMNL) has been widely used to facilitate more realistic travel behavioural modelling by explaining random taste heterogeneity across respondents, which cannot be achieved in a deterministic manner. Also, techniques in specifying such model for VTTS valuation are well established by researchers nowadays. The key objective of this research was then to apply the MMNL model and re-estimate the current UK VTTS within a random coefficient logit framework. Alongside the theoretical discussions, this paper presents a synthesis of empirical evidence to support an updated appraisal value for non-work travel time savings in UK. Some key findings from this paper include a much higher mean value for the VTTS and the significantly reduced “perception effect” for the STS. In particular, this research found that MMNL model substantially reduces the “tapering” parameter of the discounting function for STS such that the “perception effect” of the VTTS becomes minimal. This finding suggests that travel benefits due to STS should be included for transport appraisal and it challenges some appraisal frameworks for countries like Germany where VTTS are discounted or even completely ignored for STS.

An approach to evaluating the enterprise strategic crisis management with uncertain linguistic information

With respect to decision making problems by using probabilities and information that can be represented with linguistic labels, some new decision analysis is proposed. Firstly, we shall develop two new aggregation operators: generalized probabilistic uncertain linguistic weighted average GP-ULWA operator and generalized probabilistic uncertain linguistic ordered weighted average GP-ULOWA operator. These operators use the WA operator, the OWA operator, uncertain linguistic information and probabilistic information. They are quite useful because they can assess the uncertain information within the problem by using both linguistic labels and the probabilistic information that considers the attitudinal character of the decision maker. In these approaches, alternative appraisal values are calculated by the aggregation of uncertain linguistic information. Thus, the ranking of alternative or selection of the most desirable alternatives is obtained by the comparison of uncertain linguistic information. Finally, we give an illustrative example for evaluating the enterprise strategic crisis management with uncertain linguistic information to verify the developed approach and to demonstrate its feasibility and practicality.

Diversion System Scenarios Optimization Considering Indicators Correlation

The decision-making indicators of hydropower engineering diversion scenario are always related with diversion risk, and for determining the optimal scenario, correlation analysis and decoupling for indicators is the key problem. Using k-additive fuzzy measure to characterize and decouple the relevance of indicators on the base of the analysis and quantization of indicators, and determining the weights of indicators according to maximum fuzzy measure entropy principle, finally the synthetic appraisal value for diversion scenarios can be calculated with choquet integral to rank and select optimal scenario. The case study shows that the decision-making method is effective for characterizing and decoupling the relevance of the indicators and enhancing the decision-making veracity to provide an effective method for the diversion scenario decision of hydropower engineering.

METHODS FOR PROBABILISTIC DECISION MAKING WITH LINGUISTIC INFORMATION

With respect to decision making problems by using probabilities, immediate probabilities and information that can be represented with linguistic labels, some new decision analysis are proposed. Firstly, we shall develop three new aggregation operators: generalized probabilistic 2-tuple weighted average (GP-2TWA) operator, generalized probabilistic 2-tuple ordered weighted average (GP-2TOWA) operator and generalized immediate probabilistic 2-tuple ordered weighted average (GIP-2TOWA) operator. These operators use the weighted average (WA) operator, the ordered weighted average (OWA) operator, linguistic information, probabilistic information and immediate probabilistic information. They are quite useful because they can assess the uncertain information within the problem by using both linguistic labels and the probabilistic information that considers the attitudinal character of the decision maker. In these approaches, alternative appraisal values are calculated by the aggregation of 2-tuple linguistic information. Thus, the ranking of alternative or selection of the most desirable alternative(s) is obtained by the comparison of 2-tuple linguistic information. Finally, we give an illustrative example about selection of strategies to verify the developed approach and to demonstrate its feasibility and practicality.

APPRAISAL LEVEL TINGKAT PENETAPAN NJOP PAJAK BUMI DAN BANGUNAN DI KECAMATAN LOWOKWARU KOTA MALANG

<p>Appraisal level determination to NJOP (Tax Object Sale Value) land and building is a measurement of the tax object sale value is used to determine besarya property tax to be paid to the government's taxpayers. While the standard used to determine in an international NJOP is the standard IAAO (International Association of Assesor Officer). Analysis of measurements with HJOP NJOP adjustment is to use ratio analysis, Coefficient of Dispersion (COD), Non-Parametric Binomial Test, Spearman Correlation, compare Mean One Sample Test. The results of the determination of the ratio analysis NJOP ground (earth) in Dinoyo has qualified for justice, while not yet eligible, In Merjosari justice, the non-parametric binomial test showed the results has been no justice from all parties and interest in the determination of both Dinoyo NJOP or in the Merjosari. Uniformity NJOP Dinoyo level determination and Merjosari Malang District Lowokwaru significantly lower, this means setting performance NJOP is not good. There is a correlation between the appraisal value with NJOP HJOP as market values. There are significant differences in the determination of both NJOP compared HJOP Dinoyo or in the Merjosari.</p> <p> </p> <p> </p>

Book Review: Rare Book Librarianship: An Introduction and Guide

Rare Book Librarianship: An Introduction and Guide. By Steven K. Galbraith and Geoffrey D. Smith. Santa Barbara, CA: Libraries Unlimited, 2012. 185 p. $55 acid-free paper (ISBN: 978-1-59158-881-8). With unique perspectives and specializations developed through working with modern European books in an independent research library and modern American books at a large public university, Galbraith and Smith's Rare Books Librarianship provides a broad overview of the fundamental skills and knowledge necessary for the successful professional. The work offers twelve chapters, each containing footnotes, suggested further reading, and in some instances, images, diagrams, and links to recommended websites. A brief biographical summary of each author as well as an ample index are provided. The book opens with a brief overview of the history of rare book libraries involving the origin of book production, growth of book collecting, and types of rare book libraries. Chapter two, divided into two parts, describes the importance of rare books not only as texts but also as historical artifacts. Part one addresses the types of rare book bibliographies, particularly the components and terminology of a descriptive bibliography; part two discusses materials produced in the modern era (defined by the authors as 1800s to present), including types of collections, and the late nineteenth-century movement called fine printing (37) or the book as an art object. The following chapter covers the importance of researching the provenance of items in a rare book collection and the significance of appraisal values in evaluating and justifying the importance of a collection. Chapter four provides an overview of the concepts involved in rare book conservation and preservation including best practices for handling, storing, stabilizing, and treating fragile materials in the collection. The succeeding chapter describes the importance of rare book digitization as not only a way of improving research access, but also as a way of decreasing prospective handling of materials and thus preserving them for posterity. Chapter six discusses basic planning and preventive measures involving theft, damage, and potential disasters. The subsequent chapter defines the elements of rare book collection development, and examples of general policies and acquisition strategies are provided. Chapter eight discusses the vital role of timely accessioning and cataloging of materials, which not only provides judicious access for researchers, but also inspires the confidence of current and prospective donors. The ninth chapter provides a brief overview of the essentials of copyright law when managing rare book collections. …

Electronic Appraisal Methodology for Right-of-Way Acquisition in Highway Projects

When right-of-way is acquired for highway projects, state departments of transportation (DOTs) must ensure property owners receive a fair market value for their land by delivering high-quality appraisals. Despite recent technological advances, the highly complicated appraisal process often results in similar properties being assessed differently. Several DOTs sponsored a study to develop an electronic appraisal method to improve the appraisal process and to reduce the likelihood of inconsistent appraisal values by capturing, transmitting, storing, managing, and analyzing the appraisal data. The proposed method’s framework is discussed and a prototype of the system has been developed to demonstrate its features.

SOME HARMONIC AGGREGATION OPERATORS WITH 2-TUPLE LINGUISTIC ASSESSMENT INFORMATION AND THEIR APPLICATION TO MULTIPLE ATTRIBUTE GROUP DECISION MAKING

With respect to multiple attribute group decision making problems with linguistic information of attribute values, a group decision analysis is proposed. Some new aggregation operators are proposed: the 2-tuple linguistic weighted harmonic averaging (TWHA), 2-tuple linguistic ordered weighted harmonic averaging (TOWHA) and 2-tuple linguistic combined weighted harmonic averaging (TCWHA) operator and properties of the operators are analyzed. Then, a method based on the TWHA and TCWHA operators for multiple attribute group decision making is presented. In this approach, alternative appraisal values are calculated by the aggregation of 2-tuple linguistic information. Thus, the ranking of alternative or selection of the most desirable alternative(s) is obtained by the comparison of 2-tuple linguistic information. Finally, a numerical example is used to illustrate the applicability and effectiveness of the proposed method.

‘We Are What We Keep; We Keep What We Are’: Archival Appraisal Past, Present and Future

Archival appraisal has its own history and is highly contested ground within the profession, and increasingly with our external communities. This article analyses the evolution of appraisal thinking through three well-established phases: the curatorial guardian assigning appraisal responsibility to the creator or administrator of records; the historian-archivist making appraisal decisions indirectly through the filter of trends in academic History; and the archivist as expert directly assessing contexts of function and activity to discern appraisal value. A fourth phase is now beckoning: participatory appraisal with various communities of citizens so that silences long haunting our archives may at last be heard.

Exploiting Property Characteristics in Commercial Real Estate Portfolio Allocation

Plazzi,Torous, andValkanov use a parametric portfolio approach to estimate optimal commercial real estate portfolio policies. They do so by relying on the NCREIF dataset of commercial properties over the sample period 1984 Q2–2009 Q1.The richness of this extensive dataset and the flexibility of the parametric portfolio approach allow the authors to consider: 1) a large cross section of individual properties across various regions and property types, 2) several property-specific conditioning variables such as cap rates, appraisal values, and vacancy rates, and 3) various macroeconomic factors. Property-specific conditioning information is found to be economically important even for portfolios that are well diversified. <b>TOPICS:</b>Real estate, CMBS and commercial mortgage loans, pension funds

A framework for identifying and understanding enterprise systems benefits

PurposeIdentifying the benefits arising from implementations of enterprise systems and realizing business value remains a significant challenge for both research and industry. This paper aims to consolidate previous work. It presents a framework for investigating enterprise systems benefits and business change, which addresses the identified limitations of previous research and provides a more detailed analysis of benefits and their contextual variation.Design/methodology/approachDrawing on data gathered from 31 real‐world organizations (case studies) of differing size, maturity, and industry sector, the study adopts an iterative content analysis to empirically derive a comprehensive benefits framework.FindingsThe content analysis provides a detailed classification of expectations and benefits, which is described in a four‐level framework. The four levels (areas) are further subdivided into aspects and criteria plus an attributed appraisal value. The resulting scheme for the “three‐level benefit codes” provides a greater level of detail about the nature of expected and realized benefits.Practical implicationsThe high level of detail and the code scheme comprising 60 different codes and the method for deriving the codes allows companies to identify and define benefits as well as to assess the outcome of enterprise systems implementation projects.Originality/valueThe paper empirically develops an applicable benefits framework, which addresses the lack of detail of previous frameworks.

Some generalized aggregating operators with linguistic information and their application to multiple attribute group decision making

With respect to multiple attribute group decision making problems with linguistic information, some new decision analysis methods are proposed. Firstly, we develop three new aggregation operators: generalized 2-tuple weighted average (G-2TWA) operator, generalized 2-tuple ordered weighted average (G-2TOWA) operator and induced generalized 2-tuple ordered weighted average (IG-2TOWA) operator. Then, a method based on the IG-2TOWA and G-2TWA operators for multiple attribute group decision making is presented. In this approach, alternative appraisal values are calculated by the aggregation of 2-tuple linguistic information. Thus, the ranking of alternative or selection of the most desirable alternative(s) is obtained by the comparison of 2-tuple linguistic information. Finally, a numerical example is used to illustrate the applicability and effectiveness of the proposed method.

Uncertain Linguistic Multiple Attribute Group Decision Making Approach and Its Application to Software Project Selection

This paper proposes a new approach to solve the multiple attribute group decision making (MAGDM) problem where attribute values are in the format of uncertain linguistic information and attribute weights are in the format of linguistic information. Firstly, concepts and c omparison laws of uncertain 2-tuple are given. Then, an uncertain 2-tuple ordered weighted averaging (UTOWA) operator is used to calculate alternative appraisal values with respect to all attributes for each decision maker (DM) and to aggregate all DMs’ preferences into a collective opinion. Furthermore, ranking alternatives or selecting the most desirable alternative(s) is conducted according to the comparison laws. Finally, a numerical example on software project selection is used to illustrate the applicability and effectiveness of the proposed approach.

A Risk Evaluation Method for the High-Technology Project Investment Based on ET-WA Operator with 2-Tuple Linguistic Information

With respect to multiple attribute decision making problems with linguistic information of attribute values and weight values, a decision analysis is proposed. Then, a method based on the ET-WA operator for multiple attribute decision making is presented. In the approach, alternative appraisal values are calculated by the aggregation of 2-tuple linguistic information. Thus, the ranking of alternative or selection of the most desirable alternative(s) is obtained by the comparison of 2-tuple linguistic information. Finally, a numerical example with risk evaluation of high-technology is used to illustrate the applicability and effectiveness of the proposed method.

Improving Class II malocclusion as a side-effect of rapid maxillary expansion: A prospective clinical study

The objective of this prospective clinical study was to evaluate the dentoalveolar and skeletal effects induced by rapid maxillary expansion (RME) therapy in mixed dentition patients with Class II Division 1 malocclusion compared with a matched untreated Class II Division 1 control group. The treatment sample consisted of cephalometric records of 50 patients with Class II malocclusion (19 boys, 31 girls) treated with an RME protocol including an acrylic splint expander. Some patients also had a removable mandibular Schwarz appliance or maxillary incisor bracketing as part of their treatment protocol. Postexpansion, the patients were stabilized with a removable maintenance plate or a transpalatal arch. The mean age at the start of treatment of the RME group was 8.8 years (T1), with a prephase 2 treatment cephalogram (T2) taken 4.0 years later. The control sample, derived from the records of 3 longitudinal growth studies, consisted of the cephalometric records of 50 Class II subjects (28 boys, 22 girls). The mean age of initial observation for the control group was 8.9 years, and the mean interval of observation was 4.1 years. All subjects in both groups were prepubertal at T1 and showed comparable prevalence rates for prepubertal or postpubertal stages at T2. Independent-sample Student t tests were used to examine between-group differences. Class II patients treated with the described bonded RME protocol showed statistically significant increases in mandibular length and advancement of pogonion relative to nasion perpendicular. The acrylic splint RME had significant effects on the anteroposterior relationship of the maxilla and the mandible, as shown by the improvements toward Class I in the maxillomandibular differential value, the Wits appraisal value, and the ANB angle. Patients treated with the bonded RME showed the greatest effects of therapy at the occlusal level, specifically highly significant improvement of Class II molar relationship and decrease in overjet. Treatment with the acrylic splint RME had no sustainable effects on the skeletal vertical dimension, maxillary skeletal position, or maxillary dentoalveolar dimensions. This study suggests that the protocol described including treatment with a bonded rapid maxillary expander used in the early mixed dentition in Class II Division 1 patients can help to improve the Class II malocclusion as a side-effect, both skeletally and dentally. Evidence for this phenomenon was based previously on anecdotal data; the results of this study show that the improvements are far more pervasive than anticipated.

A method for multiple attribute group decision making based on the ET-WG and ET-OWG operators with 2-tuple linguistic information

With respect to multiple attribute group decision-making problems with linguistic information of attribute values and weight values, a group decision analysis is proposed. Some new aggregation operators are proposed: the extended 2-tuple weighted geometric (ET-WG) and the extended 2-tuple ordered weighted geometric (ET-OWG) operator and properties of the operators are analyzed. Then, A method based on the ET-WG and ET-OWG operators for multiple attribute group decision-making is presented. In the approach, alternative appraisal values are calculated by the aggregation of 2-tuple linguistic information. Thus, the ranking of alternative or selection of the most desirable alternative(s) is obtained by the comparison of 2-tuple linguistic information. Finally, a numerical example is used to illustrate the applicability and effectiveness of the proposed method.