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This paper contrasts the valuation of accounting numbers related to two classes of assets - the internally managed, fully-controlled assets versus the "significant influence" investments, that is, investments where the investing firm exercises influence, but not control, over the assets. We find...
Persistent link: https://www.econbiz.de/10014027787
Appraisals are needed for decision-making and for performance evaluation. Knowledge on the accuracy of valuation methods is of general interest for banks and investors. We assess the accuracy of the German Regulation on Valuation with monthly data on appraisals and prices for commercial...
Persistent link: https://www.econbiz.de/10009625798
Equilibrium asset-pricing models with time-varying expected economic growth have been criticized for their apparent inability to generate an upward-sloping yield curve and downward-sloping term structures of equity risk and risk premium. We theoretically investigate the model-implied equilibrium...
Persistent link: https://www.econbiz.de/10012835344
I propose a consumption-based asset pricing model that jointly explains the high equity premium, the counter-cyclical behaviour of stock returns, the upward sloping term structure of interest rates and the downward sloping term structure of equity. The driving forces behind these results are...
Persistent link: https://www.econbiz.de/10013057031
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zur traditionellen Immobilienbewertung auf. Das entwickelte Verfahren gibt Kapitalanlegern und Gutachtern ein …
Persistent link: https://www.econbiz.de/10002553528
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Die Immobilienbewertung von Renditeobjekten erfolgt in Deutschland derzeit überwiegend über das so genannte … das Ziel des vorliegenden Beitrags in der Analyse von Determinanten des Diskontierungszinses im Rahmen der Bewertung von …
Persistent link: https://www.econbiz.de/10010307956
Understanding the evolution of real-time beliefs about house price appreciation is central to understanding the U.S. housing crisis. At the peak of the recent housing cycle, both borrowers and lenders appealed to optimistic house price forecasts to justify undertaking increasingly risky loans....
Persistent link: https://www.econbiz.de/10010282748