A Constitutional Study on the Appropriate Price under Act on the Public Announcement of Real Estate Values

2021 ◽  
Vol 20 (2) ◽  
pp. 29-66
Author(s):  
Dong Heun Jun
Keyword(s):  
Real Estate ◽  
The Public ◽  
Public Announcement

Does uncertainty boost overconfidence? The case of financial analysts' forecasts

2014 ◽  
Vol 40 (3) ◽  
pp. 300-324 ◽  
Author(s):  
Véronique Bessière ◽  
Taoufik Elkemali
Keyword(s):  
Stock Returns ◽  
Private Information ◽  
High Tech ◽  
Cross Sectional ◽  
Forecast Dispersion ◽  
Content Type ◽  
The Public ◽  
Public Announcement ◽  
Before And After ◽  
Sectional Analysis

Purpose – This article aims to examine the link between uncertainty and analysts' reaction to earnings announcements for a sample of European firms during the period 1997-2007. In the same way as Daniel et al., the authors posit that overconfidence leads to an overreaction to private information followed by an underreaction when the information becomes public. Design/methodology/approach – In this study, the authors test analysts' overconfidence through the overreaction preceding a public announcement followed by an underreaction after the announcement. If overconfidence occurs, over- and underreactions should be, respectively, observed before and after the public announcement. If uncertainty boosts overconfidence, the authors predict that these two combined misreactions should be stronger when uncertainty is higher. Uncertainty is defined according to technology intensity, and separate two types of firms: high-tech or low-tech. The authors use a sample of European firms during the period 1997-2007. Findings – The results support the overconfidence hypothesis. The authors jointly observe the two phenomena of under- and overreaction. Overreaction occurs when the information has not yet been made public and disappears just after public release. The results also show that both effects are more important for the high-tech subsample. For robustness, the authors sort the sample using analyst forecast dispersion as a proxy for uncertainty and obtain similar results. The authors also document that the high-tech stocks crash in 2000-2001 moderated the overconfidence of analysts, which then strongly declined during the post-crash period. Originality/value – This study offers interesting insights in two ways. First, in the area of financial markets, it provides a test of a major over- and underreaction model and implements it to analysts' reactions through their revisions (versus investors' reactions through stock returns). Second, in a broader way, it deals with the link between uncertainty and biases. The results are consistent with the experimental evidence and extend it to a cross-sectional analysis that reinforces it as pointed out by Kumar.

scholarly journals Limits of exercising the rights to leasing out property by public institutions of higher education

2020 ◽  
pp. 7-12
Author(s):  
Mykola Moroz
Keyword(s):  
Higher Education ◽  
Real Estate ◽  
Educational Institution ◽  
Public Institutions ◽  
Educational Institutions ◽  
Institutions Of Higher Education ◽  
Higher Educational Institutions ◽  
The Public ◽  
Higher Educational ◽  
The Right

Problem setting. Leasing out property that is involved in educational, academic, training and production, scientific activities by the public institutions of higher education often leads to violation of the rights of other participants in educational activities. They are sure to be a result of violating the limits, established by the current legislation, of exercising the rights to leasing out property by the public institutions of higher educational. Analysis of recent researches and publications. The issues of state property lease have been studied by many scholars. Basic research in this area has been conducted by I. Spasibo-Fatieieva, O. Lipetsker, Ye.Kazarenko, V. Steshenko, M. Pronina, S. Puhinsky, T. Potapenkova, Yu.Basin, D. levenson, N. Khashchivska, N. Milovska and other scientists. Target of research. The aim of the paper is a comprehensive study and analysis of the limits of exercising the rights by the public institutions of higher education to leasing out their own property. To achieve this goal the following tasks should be solved: 1) to define the limits of exercising the rights by the public institutions of higher education to leasing out their own property; 2) to determine the legal consequences of concluding lease agreements by the public higher educational institutions in violation of current legislation. Article’s main body. The article conducts a general study and analysis of the right of the public institutions of higher education to lease property. The author emphasizes that public higher educational institutions have the right to lease out only real estate and other individually identified property. The legal consequences of concluding lease agreements by public higher educational institutions in violation of the current legislation have been studied. Conclusions and prospects for the development. Summarizing the results of the study we can formulate the following conclusions. The public institutions of higher education have the right to lease out real estate and other individually determined property in the manner prescribed by law and subject to statutory restrictions (without the right of redemption and sublease, when it does not worsen the social and living conditions of persons studying or working in the educational institution). While leasing the property, the public higher educational institution realizes primarily their own property interests, at the same time, indirectly realizing the property interests of the state. If the lease agreement of real estate and other individually determined property of higher educational institutions is recognized as invalid, it may be recognized as invalid only for the future.

scholarly journals How To Invest Your IRAs In Profitable Real Estate IRAs

2011 ◽  
Vol 2 (11) ◽  
Author(s):  
Raj Kiani ◽  
M.A. Sangeladji
Keyword(s):  
Real Estate ◽  
Interest Rates ◽  
Retirement Savings ◽  
Sharp Decline ◽  
The Public ◽  
Individual Retirement Accounts ◽  
The Past ◽  
Retirement Accounts ◽  
Roth Ira ◽  
Investment Advisers

Since the inception of Individual Retirement Accounts (IRAs) in 1974, the public has been advised strongly by bankers, accountants (CPAs), and investment advisors that the best strategy for IRA holdings is investment in stocks or bonds.  Unfortunately, with the sharp decline in the market value of stocks and the bottoming out of interest rates in the past years, most IRA funds have performed very poorly and investors have witnessed how drastically their retirement savings lost their accumulated value.  During these years, apparently, not many investment advisers have bothered to consider other alternative ways for investing accumulated IRAs and pension funds.  There is, in fact, another viable investment alternative that offers both safety and a considerable growth rate.  That is real estate IRAs.  The purpose of this paper is to explain (a) why the traditional and Roth IRA should be invested in real estate, b) the steps involved in establishing a sound real estate IRA, (c) the restrictions and the dos and don’ts of investing in a real estate IRA, and (d) the tax and penalty consequences of incorrect investment in a real estate IRA.

scholarly journals A atuação do Montepio na produção estatal de habitação em João Pessoa de 1932 a 1963

2009 ◽  
Vol 11 (2) ◽  
pp. 95
Author(s):  
Angela Araujo Nunes
Keyword(s):  
Real Estate ◽  
The State ◽  
Housing Production ◽  
The Real ◽  
The Real Estate ◽  
The Public ◽  
Official Record ◽  
The City

Este trabalho objetiva o exame da atuação da Carteira Imobiliária do Montepio do Estado da Paraíba na produção estatal de habitação na cidade de João Pessoa, de 1932 a 1963, período entre a designação da instituição para a produção de moradias em benefício do funcionalismo público até sua última realização antes da criação do BNH. Através de exaustiva pesquisa documental, realizada em acervos locais, e tendo como principal fonte o jornal A União, registro oficial das realizações do Executivo estadual, foram recolhidos dados sobre as realizações habitacionais do instituto, possibilitando a identificação das suas vilas e conjuntos populares e, posteriormente, a classificação das unidades construídas e a reconstituição da planta e fachada originais. Palavras-chave: Montepio; João Pessoa; carteira imobiliária; habitação popular. Abstract: This work analyzes the constructive actuations of the real estate portfolio of Montepio Paraíba State in the statal housing production in the city of João Pessoa, from 1932 to 1963, established between the institutional designation for the production of housing in benefit of the public functionalism and its last popular realization before the work of BNH. Through exhausting documental research, done in local collections and especially through the newspaper A União, official record of the realizations of the state executive, data was found regarding the realizations of the housings by the institution, identifying the cities and popular aggregation and later on classifying the built unities and the reconstitution of thehouse plans and the front elevation. Keywords: Montepio; João Pessoa; real estate portfolio; popular housing.

scholarly journals International Real Estate Review

2016 ◽  
Vol 19 (1) ◽  
pp. 27-49
Author(s):  
William Mingyan Cheung ◽  
◽  
James Chicheong Lei ◽  
Desmond Tsang ◽  
◽  
...  
Keyword(s):  
Real Estate ◽  
Price Discovery ◽  
Common Factor ◽  
Significant Proportion ◽  
Real Estate Market ◽  
Reverse Causality ◽  
Public And Private ◽  
Real Estate Markets ◽  
The Public ◽  
Private Real Estate

This study examines whether property transaction affects the price discovery process in real estate markets. Prior literature shows that price discovery generally first takes place in the securitized public real estate investment trust (REIT) market. We conjecture that property transaction provides novel information to the direct real estate market and can change the dynamics between public and private real estate returns. We employ a unique dataset of property transactions to construct "transaction windows¨ and specifically examine the causality between public and private real estate markets around these periods. We form firm-level pairs of public and private price series, and estimate the normalized common factor loadings per Gonzalo and Granger (1995) by using a vector error-correction model. Our findings show that a significant proportion of price discovery happens in the private market instead of the public REIT market. Our results are robust to investments of different property types and different lengths of transaction windows. Overall, the findings in this study imply that property acquisition and disposition provide crucial information to the private real estate market and induce a reverse causality between the public and private markets.

scholarly journals Complexity and coordination in London’s Silvertown Quays: How real estate developers (re)centred themselves in the planning process

2019 ◽  
Vol 52 (2) ◽  
pp. 362-382
Author(s):  
Frances Brill
Keyword(s):  
Public Sector ◽  
Real Estate ◽  
Private Sector ◽  
Urban Governance ◽  
Planning Process ◽  
The Public ◽  
Relational Work ◽  
Development Organizations ◽  
Multiple Levels ◽  
Real Estate Developers

This paper contributes to existing research on the relational work of real estate developers to demonstrate how internal corporate complexities create opaqueness in governance settings and limit potential community engagement. This work is particularly pertinent at a time when there is renewed interest in the private sector, yet very little analysis that begins from the perspective of the developer. Drawing on the example of London’s Silvertown, this paper shows how the strategies of development organizations evident in existing research, including their work with the public sector, communities and experts, require multiple levels of internal coordination. I argue that because of these sub-centres of power, developers are able to maintain a more deeply entrenched centrality in urban governance.

Return and co-movement of major public real estate markets during global financial crisis

2017 ◽  
Vol 35 (5) ◽  
pp. 489-508 ◽  
Author(s):  
Kim Hiang Liow ◽  
Shao Yue Angela
Keyword(s):  
Financial Crisis ◽  
Real Estate ◽  
Global Financial Crisis ◽  
Content Type ◽  
Real Estate Markets ◽  
The Public ◽  
Movement Dynamics ◽  
The Usa ◽  
Short Run ◽  
Practical Implications

Purpose The purpose of this paper is to investigate the volatility spectral of five major public real estate markets, namely, the USA, the UK, Japan (JP), Hong Kong (HK), and Singapore (SG), during the pre- and post-global financial crisis (GFC) periods. Design/methodology/approach First, univariate spectral analysis is concerned with discovering price cycles for the respective real estate markets. Second, bivariate cross-spectral analysis seeks to uncover whether any two real estate price series share common cycles with regard to their relative magnitudes and lead-lag patterns of the cyclical variations. Finally, to test the contagion effects, the authors estimate the exact percentage change in co-spectral density (cyclical covariance) due to high frequencies (short run) after the GFC. Findings The authors find that whilst none of the public real estate markets examined are spared from the crisis, the three Asian markets were less severely affected by the GFC and were accompanied by a reversal in volatility increase three years post-global financial crisis. Additionally, the public real estate markets studied have become more cyclically linked in recent years. This is particularly true at longer frequencies. Finally, these increased cyclical co-movements measure the outcomes of contagion and indicate fairly strong contagious effects between the public real estate markets examined due to the crisis. Research limitations/implications The implication of this research is that benefits to investors from international real estate diversification may not be as great during the present time compared to previous periods because national public real estate markets have become more correlated. Nevertheless, the findings do not imply the complete absence of diversification benefits. This is because although cyclical correlations increase in the short run, many of the correlation values are still between low and moderate range, indicating that some diversification benefits may still be realized. Practical implications Given the significant market share and the highest levels of securitization in Asia-Pacific markets including JP, HK/China, and SG, this cyclical research including major public real estate markets has practical implications for ongoing international real estate investment strategies, particularly for the USA/UK and Asian portfolio managers. Originality/value This paper contributes to the limited research on the cyclical return and co-movement dynamics among major public real estate markets during financial/economic crisis in international finance. Moreover, the frequency-domain analysis conducted in this paper adds to better understanding regarding the impact of GFC on the cyclical return volatility and co-movement dynamics of major developed public real estate markets in international investing.

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