Recent studies of the valuation of real estate have concentrated on the use of hedonic pricing techniques in which the implicit prices of the component characteristics of an asset are inferred from the observed sale price using regression analysis. All of these studies include as explanatory variables one or more locational factors, such as distance to the central business district, as proxies for the effect that location has on the utility of land. In this research, the explicit consideration of the location of real estate in terms of the geographic or Cartesian coordinates (spatial attributes) of observed sales is shown to be a potential substitute for such proxies, either wholly or in part. Such use of spatial attributes could improve the usefulness of the hedonic methodology while at the same time significantly reducing cost and eliminating sources of error.

Enterprise real estate assets are one of the largest largest balance sheet assets and second largest operating expense, after only human capital. Despite being material to the capital stack and financial performance, many public and private enterprises have not historically prioritized optimizing real estate. The strategic importance of enterprise real estate has elevated dramatically with the recent COVID-19 pandemic, with operating costs, utilization, and the workplace being re-evaluated by almost every entity. This newfound materiality has created a monumental opportunity to contribute new research and theory on real estate optimization relating to financial performance, productivity, talent retention, DEI, ESG, and cultural competency. The following research proposal is designed to undertake qualitative and quantitative research through a mixed-methods protocol to develop new insights on how to better align real estate with business strategy, measure the financial impact of real estate’s contribution to enterprise value, and apply these findings to enhance workplace culture and productivity. The mixed-methods protocol consists of two related studies. Both are anchored in developing a better understanding of whether real estate optimization is being proactively executed in public and private enterprises as a driver of financial performance, shareholder value, and productivity, and how optimization is being measured in terms of real estate and human capital optimization. The proposal includes an introduction, literature review, data approach and methods, data analysis, discussion of the results from both studies, expected contribution, timeline for completion of the dissertation, and concludes with new theory and insights on an under-explored frontier in corporate strategy. In Study One, semi-structured interviews were conducted with 10 subjects producing key themes from the literature review, interview codes, and practical experience, and theoretical assertions that optimization is possible when there is: 1) a centralized real estate function; 2) alignment between real estate and business unit strategy; 3) real estate has a seat at the table for long range planning, and; 4) a financial dashboard to measure the financial and earnings impact of real estate optimization. In Study Two, a Qualtrics survey was used to gather quantitative data from 48 subjects producing results based on dependent variables of: 1) enterprise real estate function contributing earnings and shareholder value, and 2) enterprises having a dashboard to measure the financial and earnings impact of real estate optimization. The key findings from Study Two are that enterprise real estate optimization is not universally mandated, practiced, measured, or prioritized as a driver of shareholder value and earnings. The evidence from the survey in this study reports efforts to foster alignment by providing a “seat at the table” for some real estate teams in long-range planning; however, the operating frameworks necessary to achieve real estate optimization within many enterprises are not in-place, such as financial dashboards, KPI’s, and enterprise real estate team’s mission to deliver earnings and shareholder value. Examples of this factor include survey results for Question 6 (whether there is untapped potential and cost savings, earnings, and workplace productivity in the enterprise real estate portfolio), where over 85% of the respondents agreed that there was potential. However, this one survey question finding could be interpreted as there being a lack of prioritization, or enterprise barriers to facilitating optimization. This possibility is meaningful because there is no logical reason why any enterprise would not want to generate new earning and shareholder value in any area of their business, especially from their largest asset class. Study Two further highlighted this key finding of 85% agreement on the untapped potential coming from a sample population of experienced corporate real estate and senior management respondents, of whom 80% have more than 10 years of experience, with over 50% having more than 20 years, and where less than 50% have a financial dashboard and data analytics to measure real estate optimization, earnings, and shareholder value from real estate optimization. These combinations of findings are at the core of the primary research question and were significantly helpful in answering why these enterprises are not more proactive about real estate optimization. Through the combination of Studies One and Two, and the synergistic results of both, it is exciting to share new insights and contribute more robust findings and theory on enterprise real estate optimization. / Business Administration/Finance

If G is a finite real group and P is an element of Syl(2)(G), then P/P' is elementary abelian. This confirms a conjecture of Roderick Gow. In fact, we prove a much stronger result that implies Gow's conjecture. (C) 2016 Elsevier Inc. All rights reserved.

Globalization of real estate investments have revealed an increased desire by investors to operate outside their domestic markets. The removal of barriers to international capital movement and liberalisation of financial markets have made cross-border property investments an attractive alternative for investors, as they take advantage of its diversification potential thus spreading their risks. However, international real estate investment entails venturing into the unknown, where there are unfamiliar political and economic environments. Each property market has its rules, business culture and networks, while experience in one market may not translate well to another. This is because the institutions of a market impinge on market outcomes and behaviour by generating transaction costs which weigh against the returns on investment assets, while these costs may affect domestic versus foreign investors differently. Also, the peculiar nature of real estate, for example heterogeneity and asymmetric information makes it a particularly illiquid asset class. The time element of illiquidity represents an important risk to investors because it exposes them to an extended period of uncertainty. Illiquidity in turn makes real estate an asset specific investment as it calls for the input of intermediaries who utilize their extensive knowledge of the market to facilitate transactions. This makes intermediation an essential requirement for successful investment, as intermediaries introduce asset specific knowledge to the investor to promote liquidity and attenuate risk. However, intermediation imposes an additional transaction cost on investors as it is the price paid for immediacy of the transaction. It is therefore argued that the institutional environment of a real estate market not only underpins market structures and behaviour, but also the inherent characteristic of the asset which calls for the need for intermediation further informs the structures of the market through which commercial real estate is traded. Therefore, an understanding of the wider institutional environment of a real estate market is not only important, but also an understanding of the intermediation structure and associated costs which informs market processes is expedient for successful international real estate investment. This study investigates the institutions through which the commercial real estate investment market in Lagos, Nigeria operates. It offers a new and holistic framework for understanding how the institutions of a market influence its operation in terms of the associated transaction costs, particularly in the context of an emerging real estate market. The study adopts a combined Northian and Williamsonian Transaction Cost Economics theoretical framework and employs a qualitative research approach to achieve the objectives of the study. This involves semi-structured interviews with key market players and a process of thematic analyses of the interviews. Findings show that the Land Use Act of 1978 and the indigenous landholding system form the major formal and informal institutions governing the operation of the market respectively. Findings further reveal that transaction costs associated with the formal institution of the market at 15% of assessed property value and additional intermediation cost of between 2.5% and 5% of the property price, are high when compared to the developed market of the UK, for example. Also, while the formal institutions of the market do not affect foreign and domestic investors differently, findings show that the informal institutions and specifically the associated transaction costs do. An implication of the poor enforcement of the formal rule of the market is the increasing informality in the market and consequent difficulty of securing debt financing and high interest rate due to poor evidence of title. The study recommends a review of the key formal institution of the market to remove its ambiguities and eliminate the omo-onile phenomenon which is a negative transformation of the indigenous landholding system, and of which the perpetrators behave opportunistically, exploiting loopholes in poorly written formal law, thus generating transaction costs embedded in informal institutions of land rights.

by Hui Kong-hung, Andy, Liu Ko-pin. / Thesis (M.B.A.)--Chinese University of Hong Kong, 1995. / Includes bibliographical references (leaves 118-119). / ABSTRACT --- p.i / TABLE OF CONTENT --- p.ii / LIST OF APPENDICES --- p.iv / ACKNOWLEDGEMENTS --- p.v / Chapter CHAPTER I --- INTRODUCTION --- p.1 / What is Property Management? --- p.1 / What happens in China? --- p.2 / Purpose of Study --- p.2 / Scope of Study --- p.3 / Organization of project --- p.3 / Methodologies --- p.4 / Limitation of the Study --- p.5 / Chapter Chapter II --- OVERVIEW --- p.6 / Macro-economic environment --- p.6 / Real Estate Industry in PRC --- p.8 / Property Management in PRC --- p.9 / Demand for Property Management --- p.11 / Chapter Chapter III --- LEGAL ENVIRONMENT --- p.14 / Existing Regulations for Real Estate Industry --- p.14 / Mode of Incorporation --- p.16 / Legal Procedure --- p.17 / Chapter Chapter IV --- MODES OF OPERATION --- p.19 / Consultancy --- p.19 / Property Developer --- p.21 / JV between Developer & Professional Property Management Company --- p.22 / Appoint Professional Property Management Company --- p.22 / Chapter Chapter V --- OPERATION --- p.24 / Hong Kong Style vs Local Style --- p.24 / Major duties --- p.26 / Human Resources Management --- p.29 / Estimation of management fee --- p.30 / Collection of Management fee --- p.32 / Types of Rental Collection --- p.34 / Chapter Chapter VI --- PROBLEM ISSUES --- p.35 / Concept of Property Management --- p.35 / Human Resource Management --- p.36 / Funding Inflexibility --- p.37 / Vague Legal Regulations --- p.38 / Unfair Regulations --- p.39 / Difficulties in Maintenance --- p.39 / Chapter Chapter VII --- SEEDLING TO HARVEST ´ؤ A LONG WAY AHEAD --- p.41 / Community Management in China (小區管理） --- p.41 / Legal Enforcement and Concept Establishment --- p.42 / Human Resources Management --- p.43 / Sincerity to provide professional service --- p.44 / Independent vs Vertical Integrated Operation --- p.44 / Long-term perspective --- p.45 / Conclusion --- p.45 / APPENDIX --- p.47 / BIBLIOGRAPHY --- p.118 / INTERVIEW LIST --- p.120

Thesis (M.B.A.)--Boston University / PLEASE NOTE: Boston University Libraries did not receive an Authorization To Manage form for this thesis or dissertation. It is therefore not openly accessible, though it may be available by request. If you are the author or principal advisor of this work and would like to request open access for it, please contact us at open-help@bu.edu. Thank you. / 2031-01-01

Doctor of Philosophy(PhD) / This thesis builds on the real estate lease model of Grenadier which consists of the Black Scholes PDE and an upper reflecting boundary condition. Extending the method of images of Buchen, a new technique was developed to solve this class of problems. Problems that previously required difficult integration can now be solved with algebra and simple integrals. In addition, the compound option in this framework is solved using this new technique. To the best of our knowledge the solution of the compound problem has not been published. An interesting symmetry between this class of problems and the lookback option was also discovered and described in this thesis. The extension of the method of images to include problems with the reflecting boundary condition in the context of real estate leases was presented at the Financial Integrity Research Network Doctoral Tutorials at the University of Technology, Sydney, in 2006. The presentation was awarded the ``FIRN Best Paper Award''. This paper has been submitted to the Journal of Financial Mathematics for publication. The solution to the compound problem in the context of the upward-only market review option is the subject of the next paper.

Given the nature of the valuation task environment appraisers are often made aware of previous value opinions rendered by appraisers, commonly in the form of an historic appraisal. And, because an appraisal task involves the rendering of market value, a hypothetical, unobservable construct based on probabilities, direct feedback against this objective is typically not possible. Alternate signals derived from the task environment such as confirmation of previous appraised values may be employed, thereby potentially altering the appraiser’s perception of the valuation objective leading to divergence from the normative model. The real estate behavioral literature suggests commercial appraisers have been susceptible to anonymous value opinions of experts, often times resulting in biased valuation judgments. This research is the first to focus on decision support tools as a technique to eliminate systematic biases in the appraisal process. The study focuses on the value opinion of an anonymous expert as a source of potential bias, because the value opinion of an anonymous expert is a common non-sanctioned source of influence representing a clear departure in the normative appraisal process. To operationalize the research hypotheses a two-factor randomized experiment to investigate the stated research hypotheses was conducted.

As the growth of multimedia communications involving digital audio and video, it is increasingly important for the MANET (Mobile Ad Hoc Network) routing protocols to simultaneously support both real-time and non-real-time traffic. MANET energy management should offer this support because devices are equipped with limited battery power. To achieve this end, we revise the Ad hoc On-demand Distance Vector (AODV) routing protocol to provide an energy management mechanism such that both real-time and non-real-time packets can be effectively transmitted. In the proposed scheme, real-time traffic uses higher transmission power to reduce transmission delay time and selects a shortest route with the largest minimum residual energy to avoid route break. The non-real-time traffic uses normal transmission power to save energy and chooses a proper shortest route with highest average residual energy to balance node energy consumption. The simulation results show that the revised AODV obtains lower average end-to-end delay and fewer energy-exhausted nodes comparing to the conventional AODV.

Thesis (M.S.) -- University of Texas at Arlington, 2009.