Based on the financial data selected from 77 companies during four quarters in 2009 in the comprehensive-class listing companies, two methods, including normal analysis and panel-data model analysis are used to analyze deeply the path of optimization in corporate asset structure. The empirical analysis comes to a memorable conclusion that path-dependence is the character of asset structure optimization. Enterprise asset structure is not only dynamic, but also depended on the balance of profitability and mobility made by managers of enterprise.
The aim of this paper is to compare various real estate valuation models and the manner in which they take into account environmental variables. The reference model is taken to be a standard linear regression model including ordinal variables to measure environmental quality. This type of model is widely used. It is first compared to linear models which incorporate environmental quality notes extracted from the urban habitat database of a Geographic Information System (GIS) which has been developed recently for Geneva, Switzerland. We also incorporate these quality notes in a single input parameter, a so-called geo-index. The price indices constructed in this way are quite similar to the more traditional hedonic model.We additionally find that Artificial Neural Network (ANN) models, which are non-linear per se, exhibit a similar general form of the price indices, but that the detailed price behaviours of different models feature notable differences depending on the input choice of environmental variables.-2 -
Purpose -To address formally the issue of uncertainty in valuing real estate. Design/methodology/approach -Monte Carlo simulations are used to incorporate the uncertainty of valuation parameters. The probability distributions of the various parameters are constructed using empirical data and a simple model is suggested to compute the discount rate. Findings -The central values of the simulations are in most cases slightly less than the hedonic values. The confidence intervals are found to be most sensitive to the long-term equilibrium interest rate being used and to the expected growth rate of the terminal value.Research limitations/implications -Further research should focus on the stability of the model when other portfolios are used and for different periods of the real estate cycle. It would also be fruitful to dig deeper in the relation between capital expenses and property values. Practical implications -Risk can be assessed by valuers as they can measure the probability that the value of a property be less than a given threshold. Originality/value -By incorporating uncertainty, the analysis does not yield merely a point estimate of the property's value but rather the entire distribution of values. Also this paper constitutes a contribution to the debate about valuation variation and the margin of error in valuing properties.
Sum m ary. The aim of this paper is to gain a better understan ding of the character istics related to the environ m ent of single-fam ily houses in the greater Geneva area. An Analytical Hierarch y Process (AH P) m ethodology is applied to the data collecte d by m ean s of a question naire which w as sent to 850 owners of houses in G eneva. The pairw ise com parisons are done with eight criteria . For the 28 com parison s, the stan dard levels of preferen ces are used, but with a m ultiplicative scale rath er than the stan dard linear scale. The resu lts show that distan ce to a green area and quietn ess of the area are the two m ost importan t factors. Another ® nding is that the proxim ity of shopping centres and schools is not as im portan t as in other cou ntries.Andre ÂBender is at HEC, Universite Âde Gene Á ve, 102 boulevard Carl-Vog t,
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.