Dissertations / Theses on the topic 'Real property – finance'
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1
Chan, Chi-wah. "Property development as a means of project finance for infrastructure project /." Hong Kong : University of Hong Kong, 1998. http://sunzi.lib.hku.hk/hkuto/record.jsp?B19876476.
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Xiao, Chong. "Essays on finance and innovation." Diss., Georgia Institute of Technology, 2014. http://hdl.handle.net/1853/53051.
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This thesis investigates the impact of finance on technological innovation. In the first essay we study the causal relation between informativeness of stock prices and innovative efficiency. Using mutual fund flow-driven price pressure as an exogenous shock, we show that impairment of stock price efficiency diminishes innovative efficiency. In the year following the price-pressure shock, patents per R&D dollar drop by 4.7%, while citations are 26.2% lower. Consistent with market feedback, stock mispricing has a greater effect on innovative efficiency when there is less information available from other sources, such as insider information or peers' stock prices. We do not find evidence supporting alternative explanations such as the endogeneity of mutual fund trading, financing effect, managerial incentive, or shareholder short-termism. Overall, our findings show that stock markets improve real efficiency by providing useful market feedback.
The second essay examines the implication of intellectual property protection (IP) to equity financing. Firms can protect IP by either keeping their inventions secret or seeking patent protection and disclosing the inventions. We expect the relative protection conferred by the methods to affect the choice between secrecy and patenting. Further, we expect the manner of IP protection to affect the information released by firms and, hence, their stock liquidity and cost of equity capital. For our empirical analysis, we rely on the exogenous passage of state-level statutes that strengthened trade secret protection. We show that stronger trade-secret protection increased opaqueness and reduced stock liquidity. Firms that raised equity capital after the enactment of trade secret statutes experienced more negative stock market reactions. By contrast, the implementation of the Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS), that strengthened patent protection, improved the transparency and stock liquidity of patenting firms. After TRIPS the stock market reaction to equity offering by these firms was also less negative. Our findings suggest that stronger patent protection encourages more information disclosure and reduces financing frictions, while stronger secrecy protection induces opaqueness and makes equity financing more difficult.
In the third essay, we show that corporate investment in R&D declines sharply following a financial-covenant violation, wherein creditors can use the threat of accelerating the loan to press for changes in firm policies. The reduction in R&D is more severe in firms with low R&D efficiency i.e., when firm R&D is less productive in terms of ROA and delivers fewer patents and citations. It is striking that, despite decrease in R&D, covenant-violating firms do not suffer a drop in innovative output (patents and citations-to-patents). These results highlight that lenders are judicious in exercising their control rights after covenant violations and suggest that bank financing can be a viable source of financing for innovative firms.
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Narayanamurthy, T. R. "Mortgage finance : its impact on private residential property prices in Hong Kong /." Thesis, Hong Kong : University of Hong Kong, 1995. http://sunzi.lib.hku.hk/hkuto/record.jsp?B25800632.
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Chan, Chi-wah, and 陳志華. "Property development as a means of project finance for infrastructure project." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1998. http://hub.hku.hk/bib/B3126850X.
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Li, Na. "The informational content of indirect real estate options evidence from Hong Kong /." Click to view the E-thesis via HKUTO, 2006. http://sunzi.lib.hku.hk/hkuto/record/B38316675.
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Regan, Michael Ernest. "The relationship between capitilisation, taxation and non-residential property return." Thesis, Queensland University of Technology, 2000.
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Loock, Morne. "The risk of borrowed capital for commercial, industrial and residential property developments." Thesis, Nelson Mandela Metropolitan University, 2017. http://hdl.handle.net/10948/18288.
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Most property development firms who invest in property will need to raise some extra financial support. Unforeseen or unexpected expenses can arise at any point in time during the development process. Calculated decisions should be taken with regards to the financial circumstances for any property development project. Decisions should be taken not only for the present but for the future as well. It is therefore important to understand the market and the current economic conditions before applying for capital to fund a property development project. There several types of finance available to fund property development, these include long term borrowing, short term borrowing, construction loans property development investment trust, second mortgages. There is risk to all of the aforementioned finance available.
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Cheung, Siu-sun David, and 張紹燊. "A study of the various methods of financing property development in the private sector in Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 1987. http://hub.hku.hk/bib/B31263720.
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Wong, Siu-kei, and 黃紹基. "The performance of property companies in Hong Kong: a style analysis approach." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2003. http://hub.hku.hk/bib/B26720401.
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Joyner, David Lee. "FINANCIAL IMPACTS OF MILITARY BASE CLOSURES ON LOCAL COMMUNITY PROPERTY VALUES." NSUWorks, 2012. http://nsuworks.nova.edu/hsbe_etd/51.
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The dissertation explores the financial ramifications of US military base closure on local community real estate property values. The dissertation examines an area that has not received sufficient research. Previous works on military base closure by Bradshaw, Kroll, Corley, Kirshenbaum and Harlan (1995); Dardia, McCarty, Malkin, and Vernez, (1996); Hooker and Knetter (2001) and Krizan (1998) examine more generalized economic factors such as employment and macroeconomic activity. More recent published dissertation work by authors Hall (1998) and Poppert (2002) have provided interesting explanatory hypotheses to assist municipal and state leaders in crafting working plans to assist communities where base closure occurs. This dissertation intends to look into the effects on real estate property values in the wake of military base closures. The dissertation expands the study of base closure effects into a relatively new area on the fluctuation of real estate property values. An enhanced understanding of how military base closures affect real estate values will have implications for real estate investors, developers, city and county government planners, and budget directors from local school districts to state government.
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BARBOSA, Rafael. "Essays in public economics and financial macroeconomics." Doctoral thesis, European University Institute, 2021. https://hdl.handle.net/1814/71503.
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Defence date: 24 May 2021Examining Board: Professor Ramon Marimon (European University Institute); Professor Russell Cooper (European University Institute); Professor David Yves Albouy (University of Illinois); Professor Christian Bayer (University of Bonn)
The first chapter of the thesis is entitled A Brief History of Land Value Taxation in Economic Theory. The issue of land rents and their taxation through a land value tax (LVT) was as a hotly debated topic in economic theory since classical age and until the early twentieth century, when it mostly vanished as a research subject. I provide a brief history of the evolution of the concept of land value taxation in economic theory in order to understand the reasons why it fell out of favor as a research subject in the literature. I identify this outcome as being a consequence of developments both inside and outside academia. The second chapter is entitled Tax Housing or Land? Distributional Effects of Property Taxation in Germany. Despite its theoretical merits, Land Value Taxation is not a common policy instrument. One of the main reasons is uncertainty regarding its distributional impacts. Using a general equilibrium model with heterogeneous agents calibrated to an unique household level dataset of German homeowners in 2017, we assess the distributional effects of replacing a housing tax with a LVT. Our data shows the share of land value in property value is 33%, on average, with considerable household heterogeneity, both within and across regions, and within income levels. We add to the empirical literature by showing land values are more concentrated than property values, but, within regions, not as strongly correlated with income, making it less progressive than a standard property tax for homeowners. Our model is the first to allow for an efficiency-equity trade-off from the introduction of a revenue neutral LVT. Results from the model show the introduction of a LVT increases residential investment substantially, reducing housing rents and benefiting renters. It also leads to migration from urban regions, promoting regional convergence. Landowners with high land holdings lose, in general, but most other landowners across income levels benefit, especially in non-urban regions. Overall, introduction of a LVT increases welfare, despite a minor regressive tendency in urban regions for homeowners. The third chapter is entitled Credit Spirals: Spillovers between Firm and Household Borrowing in a Small Open Economy. The paper deals with an open economy model of financial crisis with sudden stops, but featuring both household and firm borrowing. So far, the literature has mostly ignored the effects of joint borrowing for financial stability. The model features occasionally binding borrowing constraints and shows how borrowing decisions in one sector can reinforce standard capital flows and increase the volatility of collateral asset through strategic complementarities, beyond what standard financial accelerator models would predict. These spillovers can lead to sharper reductions in borrowing and consumption during sudden stop events.
-- Part 1 A Brief History of Land Value Taxation in Economic Theory -- 1.1 Introduction -- 1.2 The Classics -- 1.3 Henry George and Rise to Prominence -- 1.4 The Marginalists and Fall from Grace -- 1.5 Post Marginalists -- 1.6 Concluding Remarks -- Part 2 Tax Housing or Land? Distributional Effects of Property Taxation in Germany -- 2.1 Introduction -- 2.2 Literature Review -- 2.3 Data -- 2.3.1 Household Survey -- 2.3.2 VALKIS + M -- 2.3.3 SOEP 2.0 -- 2.4 Regional Data Analysis -- 2.5 Analysis of SOEP 2.0 -- 2.5.1 Distributions of Land and Property Value -- 2.5.2 Land Value Share -- 2.5.3 Land Value Share and Income -- 2.5.4 Regional analysis -- 2.5.5 Quantitative analysis -- 2.6 Model -- 2.6.1 Households -- 2.6.2 Migration -- 2.6.3 Firms -- 2.6.4 Government -- 2.6.5 Competitive Equilibrium -- 2.6.6 Calibration -- 2.7 Model Results -- 2.7.1 Optimal Policies -- 2.7.2 Regional Differences in Steady State -- 2.7.3 Policy Experiments -- 2.8 Conclusion -- Appendix -- A Construction of SOEP 2.0 -- B ALKIS - Example -- C Decomposing the Income Elasticity of the Land Value Share -- C.1 Reformulation of Income effect on Structures Value -- D Additional Empirical Results -- E Solving for the Competitive Equilibrium of the Model -- F Additional Model Results -- Part 3 Credit Spirals: Spillovers Between Firm and Household Borrowing in a Small Open Economy -- 3.1 Introduction -- 3.2 Literature Review -- 3.3 Basic Model -- 3.3.1 Environment -- 3.3.2 Household -- 3.3.3 Firms -- 3.3.4 Equilibrium -- 3.4 Full Model -- 3.4.1 Extension -- 3.4.2 Parameterization -- 3.4.3 Results -- 3.5 Conclusion
Chapter 2 ‘Tax Housing or Land? Distributional Effects of Property Taxation in Germany' of the PhD thesis draws upon an earlier version published as CESifo Working Paper, 2019/8039
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Noholoza, Alex. "An investigation on the role of Development Finance Institutions (DFI) in building small emerging enterprises for property development initiatives in South Africa." Thesis, Nelson Mandela Metropolitan University, 2014. http://hdl.handle.net/10948/d1020646.
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Purpose of this treatise: The aim of this treatise is to identify the challenges facing emerging entrepreneurs in accessing funding for property development initiatives which results in high levels of declined loans thereby limiting participation in the property market as well as the interventions necessary to improve access to finance. Design / methodology / approach: The questionnaires were emailed to funding institutions and emerging property developers. The questionnaire investigates the respondents‟ perception of importance and evidence of questions on property development, finance and managerial skills drawn from the literature. Findings: The findings of this study are consistent with and support the findings of previous local and international literature on constraints that SME‟s have in accessing finance for various initiatives. The findings indicate that the emerging property developers in South Africa are characterised by insufficient number in representation in the property sector, high risk averse financial institutions that requires collateral to lend. The findings of the study indicate that broader and bolder initiatives aimed at improving the emerging property developer's representation in the market needs a holistic and collaborative approach from the various institutions to aide these entrepreneurs. Value of paper: The research is of importance to all stakeholders involved in the property sector, financial institutions and economic development of the SME sector. The results of the study will contribute to the understanding of the current financing limitations facing SMEs and will assist funding institutions to better understand the role and importance of effective collaboration in improving access to finance to emerging property developers.
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Kemmet, Lynndee Ann. "Intergovernmental fiscal policy in California: The 1993 property tax shift." CSUSB ScholarWorks, 1994. https://scholarworks.lib.csusb.edu/etd-project/912.
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Haworth, Martin. "A study of the relationship between changes in housing values and variations in macroeconomic factors." University of South Africa, 2007. http://hdl.handle.net/10500/61.
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A Research Report
presented to the
Graduate School of Business Leadership
University of South Africa.
In partial fulfilment of the
requirements for the
MASTERS DEGREE IN BUSINESS LEADERSHIP,
UNIVERSITY OF SOUTH AFRICAThe purpose of this research is to analyse the changes in housing values in Windhoek, Namibia over the past ten years and explore links in property value variation to macroeconomic changes during that period. The objectives of this research are twofold. Firstly this research compiles and assesses the movement of housing values over the past ten years. Secondly this research assesses if there is a causal relationship between changes in macroeconomic factors and housing values, and to define the nature of this relationship. The timing and magnitude of response by housing values to changes in macroeconomic factors are investigated. The primary data requirements for this study are a monthly relative value index of housing prices for the Windhoek area and macroeconomic factors. Macroeconomic data collected relates to macroeconomic conditions within Namibia that could have an effect on housing prices. This includes information on housing supply, GDP, population levels, inflation and interest rates. The results of this study explore the relationship between these factors and changes in housing prices as reflected by changes in the housing index. The most significant result of this study is the effect of housing availability on housing values. Changes in the total supply of housing as estimated by the number of houses built in a month affect changes in housing values after 5 and 6 months. A total of 20.5% of the change in housing values can be explained by the change in total housing supply. The effect of interest rates found by this study was lower than the theory and literature reviews would have led us to expect. The results of the Pearson correlation test for the relationship between percentage changes in interest rates and percentage changes in future housing values found that a relationship exists 8 months after the change in interest rates occurred. Interest rates were found to explain 5.5% of the change in housing values 8 months later. No significant effects were noted for changes in inflation. For population and income changes there was insufficient data to perform more than a high level look at possible interactions with the level of housing prices.
Graduate School of Business Leadership
MBL
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Meliani, Zakaria. "Finance islamique et immobilier au Maroc." Thesis, Rennes 1, 2014. http://www.theses.fr/2014REN1G001.
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La finance islamique est un secteur à fort potentiel, il ne connaît pas de crise, et sa croissance augmente à deux chiffres ! Au Maroc comme partout dans le monde, cette industrie financière éthique est en plein effervescence, elle ne cesse de gagner du terrain notamment dans les secteurs touchant l’économie réelle, à l’instar de l’immobilier. En effet, force est de constater, que le secteur immobilier s’adapte parfaitement aux exigences éthiques de cette finance à caractère morale. À vrai dire cette dernière, offre une panoplie de techniques juridiques allant du simple au plus complexe permettant l’accès au logement et l’investissement immobilier. Cette thèse examine selon une approche juridique moderne ces techniques contractuelles, qui offrent des alternatives intéressantes et sans intérêts aux solutions de financement actuellesIslamic Finance is a sector of big potentials, it knows no crisis and its growth is increasing with a double-digit rate! In Morocco, like everywhere in the word, this ethical financial industry is buzzing, it keeps gaining ground in sectors of real economy such as real estate. In fact, it is clear that the sector of real estate adapts perfectly to the ethical requirements of this finance of moral features. As a matter of fact, it offers a panoply of juridical techniques ranging from simple to complex and gives access to housing and real estate investment. This thesis, probes with a modern juridical approach these contractual techniques that give interesting alternatives and without bank interest to the problems of the current financing
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Li, Na, and 李娜. "The informational content of indirect real estate options: evidence from Hong Kong." Thesis, The University of Hong Kong (Pokfulam, Hong Kong), 2006. http://hub.hku.hk/bib/B38316675.
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Fusch, Christina. "Risk Management Strategies for Sustainable Rental Real Estate Profitability." ScholarWorks, 2019. https://scholarworks.waldenu.edu/dissertations/7292.
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Some rental property owners lack risk management strategies that enable them to budget for sustainable profitability. This study provides rental property owners with risk management strategies for sustainable profitability to maintain business stability during market volatility and create stable, well-maintained housing for tenants. A mini ethnographic case study was conducted to determine the key risk management budgeting strategies rental property owners in the greater Seattle area have used to achieve sustainable profitability for at least 10 years. Enterprise risk management was applied to assess the role risk played in small rental property businesses and budgeting for sustainable profitability. Participant observation, interviews, and document review were conducted with rental property owners who had achieved sustainable profitability for at least 10 years. Data analysis software was leveraged to code the data and identify 4 key risk management budgeting strategies that contributed to sustainable profitability. The rental property owners included these 4 risk management budgeting strategies into their business: incorporating risk identification, response, and monitoring into firm strategy; cultivating a risk management network that effectively enabled them to mitigate risk; risk response to industry regulations; and creating a positive social change impact. Building on the results, 4 models of risk management budgeting were created for rental property owners searching for strategies to achieve sustainable profitability. The rental property owners in the study applied these 4 risk management budgeting strategies to achieve sustainable profitability and contribute to positive social change such as improving the well-being of tenants and communities.
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Tannous, Kareem Atalla. "Impact of Mortgage Characteristics on Retail Mortgage Transaction Completion Time." ScholarWorks, 2018. https://scholarworks.waldenu.edu/dissertations/5271.
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In the mortgage industry, many mortgage lenders cannot manage mortgage workflow systems while meeting and exceeding organizational objectives. Organizations with an above-industry average turnaround time (ATT) to complete a retail mortgage transaction (RMT) from origination to funding experience revenue losses. Grounded in the proposition that mortgage loan purpose (MLP), mortgage loan type (MLT), and subject property type (SPT) impact ATT to complete an RMT, the purpose of this causal-comparative study was to assess the impact of MLP, MLT, and SPT on ATT to complete an RMT. Using archival data records (N = 146) from a selected mortgage institution in the state of Florida, the results of the 2 x 2 x 2 factorial ANOVA showed that there were no main or interaction effects F(5,140) = 0.42, p = .83. Implications for social change include the possibility for mortgage lenders to implement improved workflow processes to reduce costs and improve efficiency metrics and intrinsic value, thereby benefitting organizational stakeholders such as employees and consumers.
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Arikan, Asli Musaoglu. "Essays on corporate strategy: evolution of corporate capabilities and the role of intangible assets." Connect to this title online, 2004. http://rave.ohiolink.edu/etdc/view?acc%5Fnum=osu1086374216.
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Thesis (Ph. D.)--Ohio State University, 2004.Title from first page of PDF file. Document formatted into pages; contains xii, 144 p.; also includes graphics (some col.). Includes bibliographical references (p. ). Available online via OhioLINK's ETD Center
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Staphorst, Leonard. "The impact of intellectual property rights from publicly financed research and development on governance mode decisions for research alliances." Diss., University of Pretoria, 2011. http://hdl.handle.net/2263/24604.
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This study consisted of two distinct research phases, performed within the context of the South African Council for Science and Industrial Research (and its current and potential research alliances). The purpose of the study was to develop a decision making model that would enable strategists at publicly financed research and development organisations to analyse and predict governance mode decisions, as well as select optimal governance mode structures (ranging from quasi-market structures, such as once-off contracts, to quasi-hierarchy structures, such as research joint ventures) for research alliances. During the qualitative first phase, the study aimed to identify impact domains within South Africa’s new Bayh-Dole-like Intellectual Property Rights legislative framework that consists of the Intellectual Property Rights from Publicly Financed Research and Development Act, as well as the Technology Innovation Agency Act, which could potentially influence research alliances (based on the Transactional Cost Economics, Resource-based View and Real Options Approach perspectives) with publicly financed research and development organisations. This was followed by the quantitative second phase, which attempted to verify the validity of a value-mediated governance mode model that included the highest ranked impact domains identified during the first phase as formative indicators for the perceived Intellectual Property Rights regime strength uncertainty factor. A qualitative online survey amongst senior managers at the Council for Science and Industrial Research, followed by Theme Extraction combined with Constant Comparative Method analysis, as well as a weighted frequency analysis, constituted the research methodology employed during the first phase’s identification and ranking of impact domains within the South African legislative framework. This phase demonstrated that the highest ranked impact domains (primarily driven by the Transactional Cost Economics perspective) included the choice of Intellectual Property Rights ownership, state walk-in rights on undeclared Intellectual Property, and benefit-sharing policies for the creators of Intellectual Property. The second phase consisted of a quantitative online survey, distributed amongst current and potential research alliance partners of the Council for Science and Industrial Research, followed by Structural Equation Modelling of a value-mediated governance model that included, amongst others, the perceived Intellectual Property Rights regime strength as an uncertainty factor. This phase revealed not only that the impact domains identified during the first phase could be used as formative indicators of the perceived Intellectual Property Rights regime strength, but also that stronger perceived regimes are positively related to the preference for quasi-hierarchy research alliance governance modes. Furthermore, it established that the expected value of a research alliance, which was shown to be positively influenced by the strength of the perceived Intellectual Property Rights regime, acted as a mediating factor on the relationship between the perceived Intellectual Property Rights regime strength and the preferred research alliance governance mode. Keywords: Bayh-Dole, Formative Indicators, Intellectual Property Rights, Research Alliances, Real Options Approach, Resource-based View, Quasi-Market Governance Modes, Quasi- Hierarchy Governance Modes, Structural Equation Modelling, Transactional Cost Economics, Value-mediated Governance Model. CopyrightDissertation (MBA)--University of Pretoria, 2012.
Gordon Institute of Business Science (GIBS)
unrestricted
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Van, den Haute Erik. "Harmonisation européenne du crédit hypothécaire: perspectives de droit comparé, de droit international privé et de droit européen." Doctoral thesis, Universite Libre de Bruxelles, 2008. http://hdl.handle.net/2013/ULB-DIPOT:oai:dipot.ulb.ac.be:2013/210458.
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La réalisation du marché intérieur européen par une meilleure intégration des marchés financiers est aujourd’hui devenue une réalité. L'objectif est toutefois loin d'être atteint en matière de crédit hypothécaire, nonobstant de nombreuses initiatives européennes. Compte tenu de ces difficultés et du postulat selon lequel il serait impossible d'harmoniser le droit des suretés immobilières en raison de leur ancrage culturel et national, une proposition alternative consistant dans la création d'une sûreté immobilière commune (euro-hypothèque), venant se superposer aux systèmes nationaux, a été formulée depuis un certain nombre d'années. La recherche analyse dans un premier temps la réalité du postulat précité à la lumière du droit comparé et conclut qu'en réalité, les différents systèmes trouvent non seulement leur origine dans un modèle identique, fondé sur le caractère accessoire de la sûreté, mais ont en outre connu une évolution similaire au cours de ces dernières années. Il apparaît que ce modèle constitue la meilleure base pour toute harmonisation européenne. Après avoir examiné l'interaction avec le droit international privé, sous l'angle de la protection du consommateur, et le droit européen, sous l'angle de la question de la compétence communautaire et du principe de subsidiarité, des pistes sont proposés pour opérer un rapprochement des législations nationales relatives au crédit hypothécaire. La proposition consiste à intégrer dans un seul instrument juridique contraignant (une directive européenne) les différentes propositions permettant d'opérer un rapprochement des législations nationales à trois niveaux :celui de la sûreté immobilière et de la publicité foncier, celui du contrat de prêt et enfin, celui relatif à la procédure de réalisation de l'immeuble.Doctorat en droit
info:eu-repo/semantics/nonPublished
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Wight, A. G. (Alan Gary). "The property finance business in South Africa." Diss., 2001. http://hdl.handle.net/10500/819.
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Problem Statement:
The business of property finance has not been properly documented in South Africa.
Available resource material focuses on the perspective of the property developer and
investor largely neglecting the business of property finance. Thus comprehensive
information on this business was not available to students and researchers
This study set out to correct this deficiency.
Research Procedure:
Key property finance personnel in the major banks in the Republic of South Africa
were interviewed to establish how the business of property finance is conducted.
Jointly the interviewees represent 77% by volume of business over a period of two
years
A parallel process of literature research was undertaken to compliment the interview
research and provide technical depth to the findings.
Findings:
The empirical and literature research results were combined to comprehensively
document the processes, structures, systems, productsBusiness Management
M. Com. (Business Management)
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Jensen, Ulrich. "A framework for determining the factors influencing the performance of commercial property investments." Thesis, 2008. http://hdl.handle.net/10210/276.
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Verskeie faktore, finansieel en nie-finansieel, kan die opbrengs op winkelsentrum-beleggings beïnvloed. Hierdie faktore is egter nie almal ewe belangrik nie. Sommige, byvoorbeeld die huurdersamestelling, kan ‘n wesenlike impak op die finansiële resultate hê. Ander faktore is onbeheerbaar, byvoorbeeld die inflasiekoers. Die bestuur en bestuursagente van winkelsentrums het bepaalde doelwitte wat hulle moet bereik. In die geval van ‘n kommersiële eiendom soos ‘n winkelsentrum is dit heelwaarskynlik maksimering van die markwaarde (toekomstige kontantvloeie). Ten einde die gestelde doelwitte te bereik, moet die bestuur: • weet watter faktore die opbrengs van die winkelsentrum kan beïnvloed • beheerbare, halfbeheerbare en onbeheerbare faktore kan identifiseer • dié faktore wat die grootste impak op opbrengs kan hê, kan identifiseer • bewus wees van die verwantskap tussen die verskillende faktore ‘n Lys van 133 subfaktore wat die opbrengs op winkelsentrums kan beïnvloed is geïdentifiseer. Hierdie fakore is in die volgende vyf hoofkategorieë ingedeel: • ligging • ekonomiese omstandighede • bestuursstrategie • huurderverwante aangeleenthede • verbruikersverwante aangeleenthede Hierdie raamwerk dui aan watter faktore die opbrengs van winkelsentrums kan beïnvloed, hoe belangrik elke faktor is, en in watter mate die faktore beheerbaar is al dan nie.Prof. A. Boessenkool
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Mkhize, Irvin Mcabangeleni. "The transfer of primary residence and tax implications involved." Thesis, 2005. http://hdl.handle.net/10413/1706.
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Chapter 1 Introduction In his budget speech of23 February 2000 the minister of finance Mr Trevor Manuel announced the introduction of Capital Gains Tax (CGT) in South Africa. Internationally, the idea of such tax is uncommon, with many ofour trading partners having implemented CGT decades ago. In order to give effect on the proposal relating to CGT, an Eighth Schedule has been added to the Income Tax Act 58 of 1962. The Eighth Schedule determines a taxable gain or loss and a new section 26A of the principal Act provides that the taxable gain is included in taxable income. The date from which capital gains tax started was 1 October 2001. Chapter 2 The transfer ofprimary residence from private individuals The Department of Inland Revenue makes a distinction between what it calls Property Investors and Property Traders. This is a very important distinction; A Property Investor will be liable to pay Income Tax , on rental income and Capital Gains Tax (CGT) on profits made when selling the property in the normal way, however, a Property Dealer (also known as a trader) will find that all his or her profits made on the sale of a property are taxed as Income Tax and not taxed as Capital Gains. So, the key to deciding your tax minimising strategy is figure out whether you will be treated as a dealer or an investor. The Eighth Schedule to th~ Income Tax Act 58 of 1962 provides that only natural persons (individuals) are entitled to exclude the first R1 million of gains on disposal of their primary residences. Chapter 3 & 4 The transfer of primary residence from Trusts, Companies and Close Corporations Many individuals have historically purchased their residence in companies for a variety of reasons, including protection from creditors, avoidance of transfer duty and estate duty and circumvention of the repealed Group Areas Act. These persons now face a potential Capital Gains Tax (CGT) liability when their company, close corporation or trust disposes of the residence. ~ The Eighth Schedule to the Income Tax Act 2004 provides that only natural persons (individuals) and special trusts are entitled to exclude the first R1 million of gains on disposal of their primary residence. This exclusion does not apply where a company, close corporation or trust owns the residence. Chapter 5 Transfer Duty A system whereby conveyancers will be able to lodge transfer duty declarations and make payments electronically via the internet will become operational during April 2005. Conveyancers will be ab, le to lodge the declarations by transferors (sellers) and transferees (purchasers) to SARS branches electronically and simultaneously make payments to designated SARS bank accounts. SARS will verify the duty calculations and authorizes the issue of a transfer duty receipt. Conveyancers wishing to make use of ev filing should register as e-filers by visiting the e-Commerce section of the SARS website. Chapter 6 Conclusion and RecommendationsThesis (M.Com.)-University of KwaZulu-Natal, 2005.
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"Valuation of presale launches in market equilibrium: real options strategic exercise." Thesis, 2000. http://library.cuhk.edu.hk/record=b6073919.
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Presale of residential units refers to putting the units on sale before they are completed. The value of presale to the developer comes from the flexibility of timing the presale launch so as to optimize the expected payoff. We model the developer's optimal launch timing as a real option, and the purchaser's series of presale payments with the flexibility to default as compound options. By assuming a stochastic property price process, we derive model frameworks that a risk-averse developer should adopt in launching the presale under single and multiple payment schemes. The frameworks solve the optimal conditions, contract structures, and prices for the launch. We then extend the model to optimize developers' payoffs in monopolistic and imperfect market equilibria. Finally, by assuming a jump-diffusion demand shock process and based on game theoretic approach, we derive sub-game Nash equilibrium optimal strategies that determine when and at what price developers should launch for presale with stochastic or deterministic rare market events. All the models thus derived are subject to probabilities of purchaser defaults, which will happen if the contract prices are too high when compared to market prices. Our model frameworks confirm that the launch option values increase with increases in price growth rates and variances, but decrease in risk-free rates. Furthermore, developers tend to delay the launch when good events are anticipated, while launching presale earlier at lower prices in times of expected bad events. The equilibrium strategies also provide an alternative explanation to oversupply in property markets. We further illustrate effects of rare events on presale launching strategies through government intervention (particularly public housing and housing subsidies) and output flow uncertainty in competitive equilibrium. Our general optimal strategic models are robust in a few aspects. First, we include the time factor that is crucial for some real options. Second, only slight adjustments are required to cope with market changes, or jumps. Finally, the strategies thus derived can be extensively and flexibly applied to other real options which incur multi-stage contingent payoffs, and whose price processes are characterized by stochastic jump-diffusion process.Lai Neng.
"October 2000."
Source: Dissertation Abstracts International, Volume: 62-01, Section: A, page: 0270.
Supervisor: Ko Wang.
Thesis (Ph.D.)--Chinese University of Hong Kong, 2000.
Includes bibliographical references (p. 184-192).
Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web.
School code: 1307.
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Adendorff, M. J. "Unlocking hidden wealth corporate real estate strategic value management." Thesis, 2016. http://hdl.handle.net/10539/20917.
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Muchengwa, Dorica Daka. "Investigating the importance of non-financial determinants of owning or leasing industrial real estate in Gauteng." Thesis, 2018. https://hdl.handle.net/10539/26916.
Full textAbstract:
A research Report submitted to the Faculty of Engineering and the Built Environment, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Science in Property Development and Management, September 2018Corporate real estate is required by firms to operate business and this can either be owned or leased. Either option requires substantial amounts of money. Despite this fact most studies conducted have focussed on tangible corporate assets in general and not corporate real estate in particular, the reason put forward being that this asset type has diverse intangible aspects which makes the own or lease equation a complex one. South Africa is the second largest economy on the continent and has a real estate market rivalling that of European countries by size; these facts are reason enough to support investigating the real estate market in detail. Gauteng Province accounts for 34.4% of the country’s GDP and 23% of this is from the industrial sector. This study, which is based on a 2011 UK study by Barkham and Park, sought to establish whether non-financial factors play a key role in the decision to own or lease industrial real estate in Gauteng Province. The study used an empirical approach using Thematic Network analysis to explore the non-financial determinants of owning or leasing industrial real estate from data obtained from 4 firms. Findings reveal that both financial and non-financial determinants are considered in the LVB decision for industrial CRE in Gauteng. Ranking of these factors showed that 3 of the four respondents ranked the non-financial ones first followed by some financial ones. It is suggested that further research be conducted to cover a larger population i.e. industrial firms in the major cities with a large industrial presence country wide. Additionally one which includes different firm sizes and a mixed method for data collection and analysis.
XL2019
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Ntuli, Mpilo. "An overview of the initial performance of South African Real Estate Investment Trusts." Thesis, 2016. http://hdl.handle.net/10539/22357.
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A research report submitted to the Faculty of Engineering and the Built Environment in partial fulfilment of the requirements for the degree of Master of Science (Building), University of the Witwatersrand, 2016South Africa implemented the REIT structure in 2013 with the intention of encouraging local and international investment. A year after implementation South African listed property was reported to have performed better than the UK, European, and Asian REITs. This report assesses the initial performance of South African REITs and their portfolio diversification benefits when paired with Shares, Bonds, T-Bills, and other Listed Property in a mixed-asset portfolio, over the period May 2013 to December 2015. The findings show that REITs are the second best performing asset, risk-adjusted. REITs are a return-enhancer when included in a mixed-asset portfolio, and tend to contribute at the higher end of the risk spectrum. This reports contributes to the few that exist on emerging markets, it is a study of the only major REIT market in Africa, and is significant as it discusses South African REITs from their implementation.
MT2017
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LaPoint, Cameron. "Essays on the Japanese Economy." Thesis, 2020. https://doi.org/10.7916/d8-1an6-dt21.
Full textAbstract:
This dissertation uses national policy experiments and original datasets from Japan to explore issues in macroeconomics and public finance. In the first chapter, I provide new evidence of the feedback loop between corporate borrowing and commercial real estate investment emphasized in macro-finance models with collateral constraints. Japan enacted a series of reforms in the early 1980s which relaxed national regulatory constraints on the height and size of buildings. Combining local non-residential land price indices for over 400 localities with geocoded firm balance sheets, I show that these land use deregulations generated a boom-bust cycle in corporate real estate values, borrowing, and real estate investment. Firms located in more ex ante land use constrained areas both issued more debt and invested more heavily in real estate, thus amplifying the initial positive shock to commercial real estate prices. I develop a multi-city spatial sorting model with production externalities and real estate collateral which uses the estimated reduced form effects of my local regulatory instruments on firm outcomes to assess aggregate effects of the reform. I find that the deregulatory shock to commercial real estate markets and corporate borrowing environment amplified the 1980s real estate cycle and led to an increased incidence of zombie lending in the 1990s.
Governments often distribute payments through the income tax system to combat recessions. But how effective are such fiscal stimulus policies at targeting households who are likely to respond by increasing their spending? In the second chapter, we link geocoded household expenditure and financial transactions data to local housing price indices and document a U-shaped pattern with respect to housing price growth in the marginal propensity to consume (MPC) out of a large tax rebate. Recipients living in areas with the smallest housing price gains during the 1980s spent 44% of the 1994 Japanese rebate within three months of payment, compared to 23% among recipients in areas which experienced the largest housing price gains. While we find limited heterogeneity in MPCs among households in less-affected areas, MPCs are higher for younger, renter households with no debt residing in more-affected areas. These findings are consistent with near-rational households for which the pricing shock was small relative to permanent income spending a larger fraction of the tax rebate. Our analysis suggests fiscal stimulus payments primarily induce spending among “winner” households who face minimal exposure to housing price cycles.
The question of how policymakers should choose the frequency of payments has received little attention in the literature on the optimal design of public benefits programs. The third chapter proposes a simple model in which the government chooses the length of the interval between payments, subject to a tradeoff between the administrative cost of providing more frequent benefits and the welfare gain from reducing deviations from full consumption smoothing. In our empirical application, we examine consumer and retailer responses to bimonthly payments from the Japanese National Pension System. We exploit variation in the duration of payment cycles using a unique retail dataset that links consumers to their purchase history. Our high frequency difference-in-differences approach shows a clear spike in spending on payment dates for customers who are of retirement age relative to those who are not. While within-store average prices increase by 1.6% on payday, this effect is almost entirely due to consumers substituting towards higher quality goods rather than a retailer response. We use these reduced form estimates to parameterize the model and conclude that the optimal frequency of Japanese public pension payments is less than one month, implying the government could improve welfare by increasing payment frequency.
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Twala, December Jacob. "Consumption and house prices in South Africa." Thesis, 2010. http://hdl.handle.net/10413/9941.
Full textAbstract:
Many countries such as Australia, Ireland, Netherlands, United Kingdom (UK), Spain,
United States of America (USA) and South Africa (SA) among others have experienced
an increase in housing prices, since the late 1990s. In SA, the abrupt increase in
residential property prices, particularly during the period 1999 to 2007, resulted in an
improvement in the level of households’ net wealth position. Empirical investigations,
mainly from developed countries, provide evidence indicating that a house price increase
has a significant impact on the households’ wealth, and thus house price gains increase
housing collateral for homeowners which make it possible for them to take out equity in
the form of refinancing or selling of the house to finance consumption.
With the above in mind, this study investigates the relationship between aggregate
expenditure on consumption by households and residential house prices in South Africa.
Following the permanent-income/lifecycle hypothesis (PI-LCH), this study applies the
vector error model (VECM) into the 1980:Q1 to 2007:Q4 quarterly data sample. The
overall finding of the study indicates there is indeed a long-run positive relationship
between housing prices and consumption in South Africa.Thesis (M.Com.)-University of KwaZulu-Natal, Westville, 2010.
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Mkhabela, Nikiwe. "Drivers of direct commercial real estate returns: evidence from South Africa." Thesis, 2016. http://hdl.handle.net/10539/22358.
Full textAbstract:
A research report submitted in partial fulfilment of the requirements for a Master of Science degree in Building to the Faculty of Engineering and the Built Environment, School of Construction Economics and Management, University of the Witwatersrand, Johannesburg, 2016Background – The South African (SA) real estate sector lacks transparency and there is limited research and robust data on the performance drivers of underlying commercial real estate assets in investment portfolios as opposed to the residential and listed property sectors in the SA context. SA real estate competes internationally and the rapid growth in emerging countries is creating new real estate players and growing competition for real estate investment opportunities (PwC, 2015). It is important for investors in the industry to understand the factors that affect the sector’s performance to be able to plan, review investment strategies, allocate resources efficiently, understand past trends and manage future risks. Purpose - The purpose of the study is to understand the performance of the SA direct commercial real estate sector and identify the key factors that drive the sector’s total returns in the country. Literature review is conducted to identify factors that drive direct commercial real returns in other countries and the identified drivers are tested for relevancy in the SA market. The study applies SA annual commercial real estate returns published by the International Property Databank (IPD) over the past 20 years, from 1995 to 2014, as dependent variables. Findings - Using Pearson’s correlation analysis, the study tests for correlations between CRE returns and independent variables; macroeconomic indicators (exogenous factors) and property performance variables (endogenous factors). The study finds gross rental escalation and real Gross Domestic Product (GDP) growth rates to be highly positively correlated with direct real estate returns. The results provide evidence that gross rental escalation and real GDP have high explanatory values of commercial real estate returns. The study concludes that rental income growth and economic growth are the key drivers of direct commercial real estate total returns. Value - The findings provide evidence of the correlations that exist between exogenous, endogenous variables and CRE returns and assist in understanding the behaviour of the direct commercial real estate sector. This study sets a basis for real estate investments analysis and the results can be applied in asset allocation strategies by guiding investors on the direction CRE returns could take based on performance of the widely published macroeconomic and property performance variables under study. Limitations - The limitation to this study is that the dependent variables, SA annual commercial real estate returns, has time series data of 20 variables in its existence and this has restricted the quantitative methodology choice, hence the use of correlation analysis to quantitatively analyse the relationships that exist between CRE returns and the exogenous and endogenous factors. Further research in the topic would include regression analysis to test for causality. This study has implications on real estate investment decision making and contributes to real estate market literature in SA.
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Ramphal, Krishna. "Impact of mortgage policies on homeownership in Kwazulu-Natal." Thesis, 2002. http://hdl.handle.net/10321/2810.
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Dissertation submitted in fulfillment of the requirement for the Degree of Master of Technology: Quantity Surveying at Technikon Natal, 2002.This research investigates the key question of whether banks discriminate against black people in the process of granting mortgage bonds which consequently affects homeownership in South Africa in general, and KwaZulu-Natal in particular
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