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.
This book is dedicated to real estate scholastic work, in advancing the greater understanding of real estate investment analysis. This is because there has been limited research in bringing out clearly the uncertainty or risk, which is quantifiable uncertainty in real estate market analysis. Even real estate market research, which is carried out as an industry practice among private real estate researches, is no exception. Another reason is that it has been widely accepted that while the financial revolution has substantially changed many sectors of the financial industry, it has made little impact on real estate development and investment practice as Ill as scholastic work. Furthermore, while it is readily acknowledged that despite its huge share in the world Ialth, real estate investment discipline and research is on the whole still a poorly researched subject area. As a result, the industry tends to be dominated by traditional real estate analysts with little understanding of real estate market uncertainty and capital markets. These commentators are widely regarded to spend too much time worrying about local space supply and demand conditions, while totally losing sight of the everchanging real estate market and capital market conditions. The theme of this book is real estate investment analysis of direct and indirect real, which in turn can be appropriately managed under economic theory and the theoretical conceptions of real estate finance, provided the uncertainty is quantifiable. The book deploys case studies involving Singapore and Asia. This Black over White background viii framework enables real estate market analysis to attempt what defines the Asian direct and indirect real estate sectors; what is being measured; how it behaves (in terms of price and non-price factors); how it is structured and how it effectively achieves the objectives of sustainable total returns and manageable real estate market uncertainty. Managing real estate market uncertainty optimally is achieved at the portfolio level through real estate asset allocation. This is important because the real estate portfolio is able to virtually eliminate the unique (i.e. specific) uncertainties among the various Asian real estate sectors; thus retaining within the portfolio only the systemic (i.e. market-wide) uncertainty. Apart from real estate asset allocation, the alternative and modern approach to risk management at the portfolio level, is the value-at-risk (VaR) approach. Another modern and important alternative to coping with uncertainty is real option analysis and pricing that help to better define real estate market uncertainty in extent and time. Real option analysis and pricing also represent uncertainty via a decision tree and the risk-neutral probability conception, in order to comprehend how uncertainty impacts on the value of real estate investment decisions. The pricing of uncertainty is based on the risk-free hedge security conception. These are best examined at the micro level of the investment in a real estate development opportunity on vacant land. Nevertheless, the real estate sectors in Singapore and Asia offer promising prospects since the Asian currency crisis of 1997. It is now timely to take stock and make an assessment of how the sectors would pan out for the future, Ill into at least rest the next century. I are very pleased to present our thinking and research in international real estate with particular emphasis on Asia. The region’s vast potential for real estate is itself a large incentive for international real estate research and education that has inspired me to document the significant work I have done over the years. Black over White background ix I wish all readers a pleasurable reading of this book, and I thank you sincerely for your support without which the publication of this book would be made all the more difficult. Dr HO, Kim Hin / David Honorary Professor (University of Hertfordshire, UK) (International Real Estate & Public Policy) March 2021.
How To Have The Millionaire Mindset In Real Estate And Be The Millionaire Chapter 1 takes a close look at the intuitive build-up approach in the formation of the direct real estate (DRE) investment hurdle rates for new DRE investing. Chapter 2 first examines the existence of appraisal smoothing for international DRE, via adopting the first and fourth order autoregressive model, to de-smooth the DRE total returns (TRs). Secondly, the 3-factor AHP (analytic hierarchy process) SAA (strategic asset allocation) model is studied by city and country. Chapter 3 is concerned with the need to know the DRE sector, in which the DRE asset(s) are located and of interest to local and international investors Chapter 3 focuses on superior, comprehensive DRE market (sector) structural behaviour market (sector) analysis, Chapter 4 looks in-depth at the risk adjusted return on capital (RAROC) on an ex-ante basis. RAROC is found, by dividing the expected TR in US$ terms by the RAROC capital, for individual pan Asia office sectors “i”. Chapter 5 acknowledges the in-depth contribution via value investing principles and the approaches, to evaluate the SG real estate investment trust (SREIT) common stocks. The “margin of safety” is also examined and pivotal on analytical reasoning and empirical data. Chapter 6 looks at the zone of expectation, which may well be generated from relatively wide H (high) and L (low) bands. Such wide bands accord with the SG private residential sector conditions. Chapter 7 offers this book’s conclusion
As real estate investment trusts continue to grow exponentially in Asia and Europe - being already well established in the USA and Australasia - a comprehensive guide to the issues involved in REIT property investment decision making is badly needed. This book draws together the most recent developments in REIT management from academic research and professional practice. It is based on current, original academic research, including structured interviews with the managers of a wide range of different types of REITs as well as the research and publications of others, together with the author's 25 years experience in REIT management. It provides a theoretically robust and practically relevant up to date guide to the property investment decision making process for REITs. Presenting new insights, the author breaks the REIT property investment decision making process down into three phases comprising six stages with 30 sequential steps. Each chapter focuses on one stage of the property investment decision making process and introduces the key people in the REIT management team relevant to the activities in that chapter. The theory and principles are considered and illustrated by application to Super REIT, a $15bn diversified REIT. Global Real Estate Investment Trusts: People, Process and Management fuses not only how REITs should undertake property investment decision making - based on how it is undertaken and the underlying property theory, capital market theory and finance theory - but also why each part of the decision making process is important. This book provides the first sole-authored scholarly work specifically on REITs as a business enterprise and REIT property investment decision making as an holistic and cyclical process. The focus is on principles, making it relevant in each of the four major REIT markets around the world: USA, Europe, Asia and Australasia. An essential book for REIT managers and all those practising professionals involved in the REIT industry - including property practitioners, researchers, lawyers, accountants, bankers and directors around the world.
Developments in the sophistication of global real estate markets mean that global real estate investment is now being executed professionally. Thanks to academic enquiry, professional analysis and entrepreneurial activity, backed by the globalisation of all investment activity, there is now an available body of material which forms the basis of this scholarly but practical summary of the new state of this art. The measurement, benchmarking, forecasting and quantitative management techniques applied to property investments are now compatible with those used in other asset classes, and advances in property research have at last put the ongoing debate about the role of real estate onto a footing of solid evidence. The truly global scope and authorship of this book is unique, and both authors here are singularly well qualified to summarise the impact and likely future of global innovations in property research and fund management. Between them, they have experienced three real estate crashes, and have observed at first hand the creation of the real estate debt and equity instruments that led to the global crisis of 2008-9. Global Property Investment: strategies, structure, decisions offers a unique perspective of the international real estate investment industry with: a close focus on solutions to real life investment problems no excessive theoretical padding a target of both students and professionals highly qualified dual-nationality authorship With many cases, problems and solutions presented throughout the book, and a companion website used for deeper analysis and slides presentations (see below), this is a key text for higher-level real estate students on BSc, MSc, MPhil and MBA courses worldwide as well as for practising property professionals worldwide in fund management, investment and asset management, banking and real estate advisory firms.
Lean Logic is David Fleming's masterpiece, the product of more than thirty years' work and a testament to the creative brilliance of one of Britain's most important intellectuals. A dictionary unlike any other, it leads readers through Fleming's stimulating exploration of fields as diverse as culture, history, science, art, logic, ethics, myth, economics, and anthropology, being made up of four hundred and four engaging essay-entries covering topics such as Boredom, Community, Debt, Growth, Harmless Lunatics, Land, Lean Thinking, Nanotechnology, Play, Religion, Spirit, Trust, and Utopia. The threads running through every entry are Fleming's deft and original analysis of how our present market-based economy is destroying the very foundations--ecological, economic, and cultural-- on which it depends, and his core focus: a compelling, grounded vision for a cohesive society that might weather the consequences. A society that provides a satisfying, culturally-rich context for lives well lived, in an economy not reliant on the impossible promise of eternal economic growth. A society worth living in. Worth fighting for. Worth contributing to. The beauty of the dictionary format is that it allows Fleming to draw connections without detracting from his in-depth exploration of each topic. Each entry carries intriguing links to other entries, inviting the enchanted reader to break free of the imposed order of a conventional book, starting where she will and following the links in the order of her choosing. In combination with Fleming's refreshing writing style and good-natured humor, it also creates a book perfectly suited to dipping in and out. The decades Fleming spent honing his life's work are evident in the lightness and mastery with which Lean Logic draws on an incredible wealth of cultural and historical learning--from Whitman to Whitefield, Dickens to Daly, Kropotkin to Kafka, Keats to Kuhn, Oakeshott to Ostrom, Jung to Jensen, Machiavelli to Mumford, Mauss to Mandelbrot, Leopold to Lakatos, Polanyi to Putnam, Nietzsche to Næss, Keynes to Kumar, Scruton to Shiva, Thoreau to Toynbee, Rabelais to Rogers, Shakespeare to Schumacher, Locke to Lovelock, Homer to Homer-Dixon--in demonstrating that many of the principles it commends have a track-record of success long pre-dating our current society. Fleming acknowledges, with honesty, the challenges ahead, but rather than inducing despair, Lean Logic is rare in its ability to inspire optimism in the creativity and intelligence of humans to nurse our ecology back to health; to rediscover the importance of place and play, of reciprocity and resilience, and of community and culture. ------ Recognizing that Lean Logic's sheer size and unusual structure could be daunting, Fleming's long-time collaborator Shaun Chamberlin has also selected and edited one of the potential pathways through the dictionary to create a second, stand-alone volume, Surviving the Future: Culture, Carnival and Capital in the Aftermath of the Market Economy. The content, rare insights, and uniquely enjoyable writing style remain Fleming's, but presented at a more accessible paperback-length and in conventional read-it-front-to-back format.
Chapter 1 takes a close look at two types of heterogeneous investors (momentum and disposition) to form a unique difference model, to interpret housing price dynamics. Three parameters are crucial, namely, auto-correlation, the rate of mean reversion and the contemporaneous adjustment towards long-term equilibrium price. The key implication is that the 2006 boom of the Singapore private housing market does not offer as large a magnitude as that from the price gain in the 1990’s boom-and-recovery over the long-term. Singapore’s private housing market is low risk, offering stable returns owing to virtually no divergence even in the speculative 1990s. The best way to invest is to consider the momentum strategy and avoid the herd behaviour for profit sustainability. For policy makers, the Singapore private housing market is over-damped in the long run. Chapter 2 adopts game theory to look at the private residential development oligopolistic market; the determination of residential development sale prices in an uncertain market and under incomplete information of competing developers; the dynamic interaction among developers; the time lags of the development project completion from project start; and the launching of the residential development for sale before completion and the residential development’s own capacity constraints. Developers tend to cooperate for long-term benefit, leading to a sales slowdown. Relatively high profits, earnable in the first few periods, provide an allowance to price undercut others, to sell much faster. First-mover advantage in a new market is evident. As uncertainty rises, prices decrease while price variability increases. Chapter 3 looks at the institutional nature of legal origin and the total returns (TRs), derived from investing in a country’s direct real estate, and via the adoption of a multi-factor arbitrage pricing theory (APT) model. The 1st and 4th order autoregressive model is adopted to de-smooth the TRs. De-smoothed data is used in conjunction with 2 macroeconomic variables (real GDP growth rate and interest rate) and 1 real estate risk factor (vacancy rate) to form the multi-factor structural model. A pooled panel analysis is conducted with the law-system dummies, denoting British legal origin and French legal origin, and the factor loadings (i.e. the sensitivity of the risk factor to the TRs). Macroeconomic and real estate risk factors in equilibrium affect the TRs. Vacancy rate commands high and significant risk premium owing to its direct impact on the TRs, relative to GDP growth rate and interest rate. Chapter 4 is concerned with the real estate mezzanine investment (REMI), a new financial instrument for Asia’s real estate market, and examines the REMI structure, the measurement and characteristics of its risks and returns via a forward-looking binomial asset tree (BAT) model. Risk neutral pricing probability is adopted. REMI bears more risk than typical commercial bank loans, resulting in higher interest rates than pure equity. Different risk issues focus on two major sources - the financial loan to value (LTV) ratio risk and the real estate and capital markets risk. Chapter 4 fulfils the need to close the gap concerning the REMI structure and performance in the steady state, utilizing reliable, authoritative information and data sources. Lastly, Chapter 5 offers this book’s conclusion.
This book is concerned with the unique findings, contributions and recommendations made on several crucial issues, relating to the concomitant subjects of direct real estate (DRE) risk premiums and DRE risk management. Chapter 1 examines the institutional nature of legal origin and the total returns (TRs), from investing in a country’s DRE and via the adoption of a multi-factor arbitrage pricing theory (APT) model. Chapter 2 affirms the true historical volatility to be a reasonable estimation of international DRE risk premiums, when the autoregressive lag orders of the de-smoothed returns and the multi-factor model are taken into account. Chapter 3’s real world of international DRE investing counts on sustainable international DRE investing, imperative for the investing organization’s willingness and preparedness to effectively manage risk or uncertainty, early enough as part of the risk management cycle, in pursuing high risk-adjusted TRs for DRE assets. Chapter 4 recommends a model of the intuitive build-up approach of forming the DRE investment hurdle rates for new DRE investing. The resultant DRE risk premiums serve a rough guide to ensure that the DRE hurdle rate is stringent and high enough, to achieve the risk-adjusted and Sharpe-optimal portfolio TR. Chapter 5 examines the integrated DRE investment strategy for a 13-city Pan Asia DRE portfolio, of office, industrial real estate and public listed DRE companies, adopting the analytic hierarchy process (AHP) and the Markowitz quadratic programming models. Such models enable the versatile strategic asset (SAA) and the tactical asset (TAA) allocations. Chapter 6 enables the DRE institutional investor to achieve a comprehensive and in-depth return and risk assessment at the DRE level for the 4 prime Asia residential sectors of Shanghai (SH), Beijing (BJ), Bangkok (BK), and Kuala Lumpur (KL), under the DRE VaR, incremental DRE VaR and the risk-adjusted return on capital (RAROC), Chapter 7 reiterates that public policies on macroeconomic management have to be consistent and non-conflicting in a widely accepted ‘policy compact’. It is because the policies reinforce the fundamental investment value of large and complex developments, affecting the sustainable viability like the integrated resort (IR)-at-Marina-Bay, Singapore. Chapter 8 draws attention to the aftermath of the Asian economic crisis, terrorism and viral epidemics, that compel more DRE investors to risk-diversify their operations beyond their primary market into other parts of Asia. However, limited studies examine risk-reduction diversification strategies via split returns i.e. decomposing TRs into rental-yield returns and capital value (CV) returns. Chapter 9 proposes and recommends the intelligent building (IB) framework, via the fuzzy logic (FL) engine, leading to a robust measure of building intelligence, and a standard guideline for a consistent performance-based structure for the promotion of the correct IB classification.
Covering all the key topics across the subject of Penology, this book gives you the tools you need to delve deeper and critically examine issues relating to prisons and punishment. The second edition: explores prisons and punishment within national, international and comparative contexts, and draws upon contemporary case studies throughout to illustrate key themes and issues includes new sections on actuarial justice, proportionality, sentencing principles, persistent offending, rehabilitation, and abolitionist approaches to punishment features a The book also includes a useful study skills section which guides you through essay writing and offers hints and tips on how you can get the most out of your lectures and seminars. This is the perfect primer for all undergraduate students of Criminology taking modules on Prisons and Punishment or Penology.
In a complex and multi-layered world, the conventional idea of great leadership being the result of the efforts of a single individual is rapidly becoming redundant. This book takes up the challenge of finding an alternative method of leadership in educational contexts, and looks at how this can help achieve sustained improvement in schools. The authors acknowledge that there are no simple solutions to school improvement. They argue that the effective leaders of the future will be those who are able to share responsibility, build positive relationships and offer stakeholders - teachers, parents and students - an opportunity to work together to improve their schools. The book is based around four key areas of concern: the changing context of leadership, leadership and school improvement, building leadership capacity, and future direction and implications. In each section, the authors discuss current theories and issues, and put forward alternative ideas and perspectives. This important book will make valuable reading for headteachers, principles, deputies and other senior teachers, particularly those undertaking leadership qualifications and training. It will also be of interest to postgraduate students and school governors.
The Economics of The Modernisation of Direct Real Estate and The National Estate - A Singapore Perspective Chapter 1 takes a close look the vector auto regression (VAR) model, offering a dynamic system of solely direct real estate variables, for international direct real estate investors and policy makers, to enable their decision-making. Chapter 2 examines the association of residential price and aggregate consumption. A cross-spectra analysis is helps to so validate, because of its model-free characteristics Chapter 3 is concerned with the underlying housing market dynamics and housing price time-series variation, via the Singapore (SG) generalized dynamic factor model (GDFM). Chapter 4 is concerned with the in-depth market analysis and empirical analysis of the structural behavior of the important SG private housing sector. Chapter 5 acknowledges that an in-depth sector analysis and an empirical analysis are imperative to better understand the structural behavior of the SG office sector. Chapter 6 is concerned with the Main Upgrading Programme (MUP), a highly targeted subsidized Housing Development Board (HDB) policy, since the 1990s. Chapter 7 recognizes the ‘National Estate’, denoting SG’s built environment, due to physical planning, integrated urban design, and the direct influence of the SG government in providing physical infrastructure via government ministries, statutory boards and public authorities. Chapter 8 offers the book’s conclusion.
Chapter 1 takes a close look at a unique and state-of-the-art dynamic, structural public housing macroeconomic model (DSPHM), based on an open economy for several key macroeconomic variables, actual and expected, as well as the demand for new HDB flats sold. This Chapter readily adopts the DSPHM for simulating two scenarios, namely a “no change” first scenario and a public housing “deregulation” second scenario. Chapter 2 explores the relationship between several economic factors and the demand for public housing in Singapore and Hong Kong, deploying the innovative and versatile system dynamics model, to shed better understanding on the policy implications of assisted ownership housing. The Chapter assesses the demand for new flats of the Singapore and Hong Kong economies, under certain macroeconomic policy changes, suitable for their unique situations. Chapter 3 is concerned with the underlying structural relationships that affect Singapore’s public housing policy to potentially privatize the HDB concessionary-rate mortgages for HDB homebuyers. Such a potential privatization infuses and sustains price competitiveness among the domestic private banks in Singapore, and lead to improved efficiency among them as well as the Singapore economy at large. Chapter 4 is concerned with the binomial option-pricing model, proposed by Cox, Ross and Rubinstein (1979), which is appropriate to represent the movement of the underlying HDB resale flat prices, subject to private market forces in HDB’s large scale public housing secondary resale market. The HDB Main Upgrading Program (MUP) is a heavily subsidized and highly targeted public housing policy. Since its inception in 1992, the HDB has budgeted some S$3 billion to finance the MUP policy. Chapter 5 recognizes housing affordability to be always an issue of concern to many Singaporean homebuyers because shelter forms one of the basic life necessities. The corresponding private residential market in Singapore offers quality and premium private residential accommodation for homebuyers, who prefer the private residential market. The appropriate affordability model is a multi-factor housing affordability index (HAI) model, which considers the ability to provide down payment and to service the mortgage taken up. Lastly, Chapter 6 offers the book’s conclusion.
Many professional books talk about digital and media literacy, but this text addresses the complete continuum' from television to technology' and guides teachers to think deeply about their own preferences and beliefs, as well as those of their students to develop knowledgeable, informed media users and consumers for the 21st Century." ' Kristin Ziemke Fastabend, First Grade Teacher Chicago Public Schools Give digital kids a voice! Today' s kids are digital natives, but what' s the best way to help them become ...
The fully revised and updated version of the leading textbook on real estate investment, emphasising real estate cycles and the availability and flow of global capital Real Estate Investment remains the most influential textbook on the subject, used in top-tier colleges and universities worldwide. Its unique, practical perspective on international real estate investment focusses on real-world techniques which measure, benchmark, forecast and manage property investments as an asset class. The text examines global property markets and real estate cycles, outlines market fundamentals and explains asset pricing and portfolio theory in the context of real estate. In the years since the text’s first publication, conditions in global real estate markets have changed considerably following the financial crisis of 2008-2009. Real estate asset prices have increased past pre-crisis levels, signalling a general market recovery. Previously scarce debt and equity capital is now abundant, while many institutions once averse to acquiring property are re-entering the markets. The latest edition – extensively revised and updated to address current market trends and practices as well as reflect feedback from instructors and students – features new content on real estate development, improved practical examples, expanded case studies and more. This seminal textbook: Emphasises practical solutions to real investing problems rather than complex theory Offers substantial new and revised content throughout the text Covers topics such as valuation, leasing, mortgages, real estate funds, underwriting and private and public equity real estate Features up-to-date sections on performance measurement, real estate debt markets and building and managing real estate portfolios Includes access to a re-designed companion website containing numerous problems and solutions, presentation slides and additional instructor and student resources Written by internationally-recognised experts in capital management and institutional property investing strategies, Real Estate Investment, Second Edition: Strategies, Structures, Decisions is an indispensable textbook for instructors and students of real estate fund management, investment management and investment banking, as well as a valuable reference text for analysts, researchers, investment managers, investment bankers and asset managers.
Direct real estate market analysis is a rigorous investigative approach for academic research, and for direct real estate investment research in practice. ‘An Asian International Real Estate Review’ considers the subject in the context of economic theory pertaining to market disequilibria, utilizing data from major cities in Asia as case studies. Such an approach makes it possible to determine what really defines an Asian direct real estate sector. What is being measured? How does it behave (in terms of price and non-price factors)? How is it structured? How effectively does it achieve sustainable total returns? And how does it manage direct real estate market uncertainty? Direct real estate market uncertainty originates from both the demand-side and the supply-side of the market. The market responds to structural macroeconomic and microeconomic factors that in turn are affected by related public policies. Such factors and policies interact to affect Asian direct real estate in unique ways since the Asian currency crisis of 1997. ‘An Asian International Real Estate Review’ shows that while the details of direct real estate market analysis are different for the various Asian cities (and their direct real estate sectors) owing to their different stages of maturity, underlying principles nevertheless apply. ‘An Asian International Real Estate Review’ also looks at managing direct real estate market uncertainty at the portfolio level via the analytical techniques of direct real estate asset allocation, direct real estate value-at-risk (VaR), real option analysis and pricing.
The financial and economic collapse that began in the United States in 2008 and spread to the rest of the world continues to burden the global economy. David Kotz, who was one of the few academic economists to predict it, argues that the ongoing economic crisis is not simply the aftermath of financial panic and an unusually severe recession but instead is a structural crisis of neoliberal, or free-market, capitalism. Consequently, continuing stagnation cannot be resolved by policy measures alone. It requires major institutional restructuring. "Kotz's book will reward careful study by everyone interested in the question of stages in the history of capitalism." --Edwin Dickens, Science & Society "Whereas others] suggest that the downfall of the postwar system in Europe and the United States is the result of the triumph of ideas, Kotz argues persuasively that it is actually the result of the exercise of power by those who benefit from the capitalist economic organization of society. The analysis and evidence he brings to bear in support of the role of power exercised by business and political leaders is a most valuable aspect of this book--one among many important contributions to our knowledge that makes it worthwhile." --Michael Meeropol, Challenge
Chapter 1 examines the significance of ‘green’ buildings on the operational and financial performance of REITs. The Chapter covers different direct real estate sectors, namely office, retail and residential, for the REITS concerned to evaluate the consistency of the results. Chapter 2 looks at the risk neutral and non-risk neutral pricing of real estate investment trusts in Singapore (S-REITs), via comparing the average of the individual ratios (of deviation between expected and observed closing price/observed closing price), with the ratio (of standard deviation/mean) for closing prices, via the binomial options pricing tree model. Chapter3 highlights that while the Markowitz portfolio theory (MPT) is popular in modern finance to model portfolios with maximum total returns (TRs) for a given systematic risk, the more flexible multivariate copula model is introduced that enables investors and portfolio managers to obtain the optimal portfolio. Chapter 4 looks at a value investing framework, in which a REIT and real estate comany investment operation is deemed to be one, where a “thorough analysis”, should promise the safety of a principal and an adequate total return. Chapter 5 examines the market reactions of Malaysia’s listed property trusts and property common stocks to corporate restructuring activities – direct real estate asset acquisitions and new listings. Chapter 6 reports the Monetary Authority of Singapore (MAS) consultations with the Inland Revenue Authority of Singapore (IRAS) and the Ministry of Finance (MOF), to introduce the Income Tax Act (ITA) amendments, and a new temporary relief measure for real estate investment trusts (REITs) in Singapore. The Chapter also looks at the proposal by the Asian Public Real Estate Association (APREA) to the MAS, to create a private REIT structure Chapter 7 looks at the key issues and notes on the valuation of the public real estate investment trusts (REITs) and the real estate companies, adopting several valuation metrics to value REITs on a stand-alone and a relative basis. Chapter 8 looks at the unique Asian REIT institutional environment, pertaining to the S-REIT, while cross referencing it to that of the CapitaMall Trust (S-CMT) and the Hong Kong HK- Link REIT. Chapter 9 summarises the book’s findings and highlights the contributions and recommendations made.
In this work a process simulation model identifies the most profitable German biogas plant types and sizes. Small manure and large-scale biowaste plants are currently the most economically attractive installations whereas the valorization of energy crops turns out to be unprofitable. Future developments are assessed with the help of a regional optimization model under constraints. Capacity expansion concerns small-scale manure and biowaste installations rather than plants based on energy crops.
The definitive bibliography of Canada’s Governor General’s Literary Awards Alice Munro, Michael Ondaatje, Margaret Atwood, Antonine Maillet, Carol Shields, Marie-Claire Blais, Gilles Vigneault... For over three quarters of a century, the Governor General’s Literary Awards have been instrumental in recognizing many of Canada’s best authors, illustrators and translators. The result is impressive: between 1936 and 2017, 705 titles have been recognized with this prestigious award. With careful attention to detail, Andrew Irvine presents the history and evolution of the Awards and extols their importance for the careers of authors, illustrators and translators, as well as for the development of Canada’s national literature. The heart of the book contains the first comprehensive bibliography of the awards, including the first list of winning books organized according to their historically correct award categories; information about five books wrongly omitted from previous lists of winning titles; detailed information about award ceremonies, film adaptations and jury members; and other key information. This is a seminal work that belongs on the shelf of every scholar and every lover of Canadian literature. This book is published in English. - Une bibliographie incontournable des Prix littéraires du Gouverneur général du Canada Alice Munro, Margaret Atwood, Antonine Maillet, Carol Shields, Marie-Claire Blais, Michael Ondaatje, Gilles Vigneault... Les écrivains canadiens sont depuis longtemps encensés sur la scène nationale comme à l’échelle mondiale, et les Prix du Gouverneur général jouent un rôle clé dans la reconnaissance de certains de nos meilleurs auteurs, illustrateurs et traducteurs. La liste est impressionnante : ce prestigieux prix a récompensé 705 oeuvres entre 1936 et 2017. Avec un souci minutieux au détail, Andrew Irvine présente l’histoire et l’évolution des Prix et vante leurs vertus indispensables à la carrière des écrivains et des traducteurs ainsi que dans l’élaboration d’une littérature nationale au Canada. Cette bibliographie est la toute première recension complète des Prix littéraires du Gouverneur général et donne des renseignements détaillés au sujet des cérémonies, des adaptations cinématographiques, des membres des jurys ainsi que d’autres informations clés. Le livre présente aussi une copie exhaustive et exacte de données bibliographiques tirées d’archives, une première dans le monde de l’édition. En somme, une référence incontournable. Ce livre est publié en anglais.
“This book is a comprehensive and insightful overview of international real estate focusing on three of the BRICs: China, India and Brazil. I was pleasantly surprised to find useful market data and industry profiles for each of the countries that were very consistent with my first hand experience. The book has a wealth of information for the real estate investment analyst and practitioner and will be very useful to those seeking guidance on what to expect in emerging markets.” —Joseph F. Azrack, Managing Partner, Real Estate, Apollo Global Management “David Lynn has set the bar with respect to real estate investment in the most compelling emerging markets. Lynn provides a framework for thinking about highly dynamic markets characterized by youthful populations, extraordinary demand, capital inefficiency and, most importantly, aspiration. This book will enlighten institutional investors and entrepreneurs alike. I look forward to another work by David Lynn addressing the frontier markets.” —Gary R. Garrabrant, CEO & Co-Founder, Equity International An informed look at investing in emerging market real estate Focusing primarily on private equity real estate investment in China, India, and Brazil this reliable resource develops a general approach to commercial real estate investment in emerging markets, and illustrates some common strategies and analytical methods that can be implemented within this arena. Filled with in-depth insights and expert advice, Emerging Market Real Estate Investment focuses on broad investment themes and strategies as well as economic and legal/institutional factors, rather than the minute details of local market analyses. Opening with two informative chapters that provide an overview of the fundamentals of commercial and international real estate investment, this practical guide then moves on to the country-specific chapters of China, India, and Brazil. Outlines various real estate investment options and strategies for emerging markets such as China, India, and Brazil Discusses the main features of each real estate market, including real estate foreign direct investment (FDI) Analyzes several primary real estate sectors in each country: office, retail, residential, industrial, and hotel where applicable Written with both institutional and private investors in mind, Emerging Market Real Estate Investment will put you in a better position to excel in emerging real estate markets. Praise for Emerging Market Real Estate Investment: “Emerging Market Real Estate Investment is written with a top down strategic orientation. It presents an excellent overview for US institutional investors planning to invest in offshore real estate in general and emerging markets and China, India and Brazil specifically. It covers all the key points my firm had to address before investing in China. I wish it had been available then.” —Robert H. Zerbst, Former Chairman & CEO, CB Richard Ellis Investors “This book does for international real estate what Samuelson’s primary Economics text did for economics students—it finally provides a new discipline with its first Bible. As cross-border real estate capital flows are on the rise, and investors increasingly seek compelling risk-adjusted returns in emerging markets, this book couldn’t have come at a better time in the market cycle. It is rich in content and filled with practical insights” —Kenneth A. Munkacy, Senior Managing Director, GID International Group/GID Investment Advisers, LLC “With American real estate in the doldrums, more investors will be looking abroad. David and Tim's analysis of international real estate investment, focused on three of the world’s most dynamic economies, provides exceptionally detailed knowledge concerning what real estate markets are really like in China, India, and Brazil. It is essential reading for investors considering those markets.” —Anthony Downs, Senior Fellow, the Brookings Institution “David Lynn and Tim Wang have written the 'must read' book for all real estate investors in emerging Brazil, China and India. They comprehensively cover the landscape of issues—economic, policy, legal, markets, sectors, entry, exit and strategies. Of noted value is their sanguine assessment of the risks and opportunities of alternative strategies in each country. The first outlay for all should be their book.” —Dr. Raymond G Torto, CRE, Global Chief Economist, CB Richard Ellis "Emerging Market Real Estate Investment is a powerful tool for those engaged in foreign investment generally, as well as in China, India and Brazil in particular. It combines a broad general view of competitive strategy with local detail on costs and legal aspects. The book is an intelligent and practical guide to foreign real estate investment." —Bowen H. McCoy, CRE, Formerly Partner and Managing Director, Morgan Stanley
Proven private equity real estate investing strategies The subprime fallout and credit crisis have triggered a major transition in U.S. real estate. With tightening lending and underwriting standards, speculative investments and construction projects are likely to limited, resulting in constrained supply and healthier fundamentals over the long term. Looking forward, market participants anticipate that the coming years will be fraught with challenges as well as opportunities. Active Private Equity Real Estate Strategy is a collection of abridged market analyses, forecasts, and strategy papers from the ING Clarion Partners' Research & Investment Strategy (RIS) group. Divided into two comprehensive parts, this practical guide provides you with an informative overview of real estate markets, forecasts, and recent trends in part one, and presents specific active strategies in private equity real estate investing in part two. Includes a simulation of the economy in recession and the expected effects on the commercial real estate industry Offers examples of portfolio analysis and recommendations using ING Clarion's forecasts and Modern Portfolio Theory Focuses on multifamily, hotel, land, and industrial investments Demonstrates the use of the various tools available to the private equity real estate investor Written with both the individual and institutional real estate investor in mind, this book offers specific private equity strategies for investing in real estate during volatile times.
What if the constraints and limitations of architecture became the catalyst for design invention? The award-winning young architecture firm Lewis.Tsurumaki.Lewis calls their answers to this question 'opportunistic architecture.' It is a design philosophy that transforms the typically restrictive conditions of architectural practice—small budgets, awkward spaces, strict zoning—into generators of architectural innovation. Lewis.Tsurumaki.Lewis presents a diverse selection of built and speculative projects ranging from small installations to larger institutional buildings. Built projects are accompanied by thought-provoking texts, beautiful drawings and photographs. An appendix distills their design philosophy into five tactics, a readymade code for students and practitioners looking for design ideas for the real world. Lewis.Tsurumaki.Lewis is an architecture partnership established in New York City in 1997 by Marc Tsurumaki, Paul Lewis, and David J. Lewis. Paul Lewis is Assistant Professor at Princeton University. Marc Tsurumaki is Adjunct Professor at Columbia University. David J. Lewis is Associate Professor at Parsons The New School for Design.
This book is a novel treatment of modern project management from artificial intelligence (AI), entailing data analytics, neural networks, fuzzy logic, genetic algorithms; and data visualisation deploying agent based modelling for the knowledge based urban development (KBUD). The book can be adopted by design engineers, urban planners, project managers, quantity and real estate surveyors, public and private real estate developers, architects and scholars. Chapter 1 discusses that the traditional statistical method, which needs a priori parametric knowledge of linear or non-linear functions between the input and output variables. Nneural networks do not need such information to predict future possible outcomes. Chapter 2 reiterates that new private office and residential supply like in Hong Kong depend on current market prices, relative to the replacement or building costs. The market should equate prices with replacement costs that include the cost of land. Prices and costs may diverge because of lags and delays in the building process. Chapter 3 discusses the specific tasks to be planned to develop life cycle models and metrics to analyse technology and innovation. Such models can look into life cycle cost analysis (LCA). Chapter 4 draws attention to the trend that in a highly volatile world, the best point estimate of classical DCF model is not a reliable indication of investment worth. The fuzzy discounted cash flow (DCF) model offers a natural and intuitive way, based on a set of fuzzy inputs. The fuzzy net present value (NPV) for an office-cum-retail development is so estimated to provide the approximated evaluation of investment worth. Chapter 5 discusses the fuzzy tactical asset allocation (FTAA) model, incorporating intuitive decision making into the direct real estate project (asset) allocation process, from the expert investor prospective. The FTAA model improves the efficiency of asset allocation, adopting fuzzy set theory and fuzzy optimization theory. Chapter 6 reiterates that today’s city planners see the KBUD strategy as a new form of urban renewal for industrial cities. Planners believe KBUDs bring economic, technological progress and sustainable socio-spatial order to the contemporary city. Chapter 6 addresses the need for an urban design criterion that aids in efficient land use planning for KBUDs.
As societies continue to set educational goals that are, on current performance, beyond the capacity of the system to deliver, strategies for enhancing student learning through school and classroom intervention have become increasingly important. Yet, as David Hopkins argues in his book, many of the educational initiatives recently developed under the umbrella of school improvement are inadequate or unhelpful. Simply blaming teachers and delegating financial responsibility, he maintains, has little positive impact on classroom practice. This is the bleak context within which school improvement has to operate today. School Improvement for Real offers a genuine alternative: a strategy for educational change that focuses on student achievement by modifying classroom practice and adapting the management arrangements within the school to support teaching and learning. It outlines an approach to school improvement that has a medium term, systemic orientation, providing both principles and suggestions for better practice. The author's experience in the field of school improvement ensures that the text is informed by a practical wisdom that is so often lacking from the more typical managerial texts on improvement and effectiveness.
The book concludes with my life achievements, then discusses my expanded work experience, my published articles, my published books and citations of my articles.
This book represents the culmination of David Nirenberg s ongoing project; namely, how Muslims, Christians, and Jews lived with and thought about each other in the Middle Ages, and what the medieval past can tell us about how they do so today. There have been scripture based studies of the three religions of the book that claim descent from Abraham, but Nirenberg goes beyond those to pay close attention to how the three religious neighbors loved, tolerated, massacred, and expelled each otherall in the name of Godin periods and places both long ago and far away. Whether Christian Crusaders and settlers in Islamic-ruled lands, or Jewish-Muslim relations in Christian-controlled Iberia, for Nirenberg, the three religions need to be studied in terms of how each affected the development of the other over time, their proximity of religious and philosophical thought as well as their overlapping geographies, and how the three neighbors define (and continue to define) themselves and their place in the here-and-nowand the here-afterin terms of one another. Arguing against exemplary histories, static models of tolerance versus prosecution, or so-called Golden Ages and Black Legends, Nirenberg offers here instead a story that is more dynamic and interdependent, one where Muslim, Jewish, and Christian communities have re-imagined themselves, not only as abstractions of categories in each other s theologies and ideologies, but by living with each other every day as neighbors jostling each other on the street. From dangerous attractions leading to interfaith marriage, to interreligious conflicts leading to segregation, violence, and sometimes extermination, to strategies of bridging the interfaith gap through language, vocabulary, and poetryNirenberg aims to understand the intertwined past of the three faiths as a way for their heirs to coproduce the future.
Transplant Infections is a practical, clinically focused reference covering the common and more unusual bacterial, viral, and fungal infections affecting patients who have received stem cell or solid organ transplants. It provides a comprehensive review of the epidemiology, diagnosis, and management of opportunistic infections and presents strategies for infection prevention and control. Highlights of the Third Edition include a chapter on new immunosuppressive agents and expanded coverage of tropical infections and West Nile virus.
Real Estate Analysis: A Toolkit for Property Analysts presents economic and financial models, applications and insights, packaged as a toolkit for analysts and other participants in commercial and residential real estate markets. Participants in property markets – analysts, brokers, commentators as well as investors and tenants – move seamlessly across a range of physical and financial markets. They employ models that illuminate market activity: the tools of supply and demand to explain rental trends and to forecast vacancy rates and construction cycles; forecasts of macro-economists foreshadow shoppers’ spending behaviour in shopping malls and the growth in demand for office space; capital market arithmetic to apply discount and capitalisation rates. Currently these topics are often scattered through textbooks. This book brings these tools together and situates them in a real estate market context. Topics addressed include: • The interaction of markets – capital, space and physical assets • Debt, the cost of capital and investment hurdle rates • Real options – valuing lease contracts and land • Risk – what counts, what doesn’t (systemic and non-systemic risk) • Discounted rates and capitalisation rates – interpreting spreads to sovereign bond yields • Externalities – why do markets “fail”; what are the “solutions”? • Property rights – different rules, different outcomes • Exploitation for natural resources (exhaustible, renewable) – how does discounted cash flow analysis (DCF) fit in? • Cost-benefit analysis – the analytics of compensation payments • Forecasting – purpose and process The foundations and the scaffolding that underpin and support real estate market analysis are the focus of this book. Its purpose is to complement, sometimes augment, the subject matter of real estate training programs. The prospective audience includes curious professionals and researchers, seeking perspectives that extend standard class-room fare.
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.
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