Academic literature on the topic 'Rural property investment performance index'
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Journal articles on the topic "Rural property investment performance index"
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Lunkevičius, Sigitas, Leonas Ustinovičius, and Edmundas Kazimieras Zavadskas. "RANKING EFFICIENCY OF RURAL PROPERTY INVESTMENT PROJECTS USING MULTICRITERIA DECISION METHODS/DAUGIAKRITERINIS KAIMO STATINIŲ INVESTICINIŲ PROJEKTŲ, EFEKTYVUMO VERTINIMAS." JOURNAL OF CIVIL ENGINEERING AND MANAGEMENT 7, no. 3 (June 30, 2001): 238–46. http://dx.doi.org/10.3846/13921525.2001.10531730.
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Many researchers are right considering economic effect of investments as the key indicator, however, ranking other social, ecological and technical indicators of efficiency separately and leaving them outside of investment ranking criteria system. The authors suggest using together all known efficiency criteria plus some specific of rural property: Payback period, Net present value, Internal rate of return, Profitability index, Business perspective, Rural property purchase price, Rural property reconstruction price, Number of workspace, Taxes, Social level of villagers, Fascination of village. Ranking rural property investment project does not mean deciding which criterion is preferred to another one. Therefore in this situation we use ELECTRE IV approach, because it's objective is to rank the options, but without any weighting criteria. The authors have made some alternatives of rural property revival: Heating and airing systems factory, Fish products manufacture, Woodworker manufacture. On the basis of calculation results the following partial ranking of the alternative projects is suggested: Fish products manufacture; Heating and airing systems factory; 3. Rural property; 4. Woodworker manufacture; 5. Sport and leisure centre.
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Abdullah, Nur Adiana Hiau, Kamarun Nisham Taufil Mohd, and Woei Chyuan Wong. "Implications of dividend tax reforms on M-REITs performance." Journal of Property Investment & Finance 35, no. 2 (March 6, 2017): 184–99. http://dx.doi.org/10.1108/jpif-11-2016-0087.
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Purpose The purpose of this paper is to examine the performance of 19 Malaysian Real Estate Investment Trusts (M-REITs) over the period 1999 to 2014, following the implementation of dividend tax reforms announced in the 2007, 2009 and 2012 budgets. Design/methodology/approach Sharpe index, Treynor index and Jensen α are utilized to compare the performance of M-REITs against a newly developed tax-adjusted value-weighted M-REITs index, equity market, property sector and three month Malaysia Treasury Bills (T-Bills). The calculation of M-REITs returns has been adjusted to take into account the dividend tax reforms which have never been considered in previous studies. Findings Most M-REITs outperform the tax-adjusted value-weighted REITs index, equity market, property sector and three month T-Bills. Property sector performs worst during those periods. Some of the M-REITs have a higher standard deviation than the equity market and the tax-adjusted value-weighted M-REITs index. Most M-REITs have a lower total risk than the property sector. Further analysis shows that before (after) the tax reforms, most M-REITs underperform (outperform) the other sectors. The introduction of the tax reforms benefits both REITs and investors. A significant positive Jensen α for some M-REITs indicates that fund managers are able to time the market or to select undervalued assets. Practical implications Findings of the study would enable investors to evaluate the performance of all REITs in comparison to other financial assets during the period of study for better investment decision making. A more accurate assessment on REITs performance that take into account the tax reforms, is available for investors and fund managers to decide on the investment mix to be included in their portfolio. Moreover, fund managers’ performance can be assessed whether they perform better or worse than the equity market, property sector and three month T-Bills. Originality/value This study contributes to the scant literature on dividend tax reforms and their implication toward REITs performance. It is the first study to thoroughly assess the returns of REITs by taking into account the changes on dividend tax rates announced in the 2007, 2009 and 2012 budgets.
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Zull Kepili, Ema Izati, and Tajul Ariffin Masron. "Malaysia property sector." International Journal of Housing Markets and Analysis 9, no. 4 (October 3, 2016): 468–82. http://dx.doi.org/10.1108/ijhma-08-2015-0043.
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Purpose Because Malaysia decided to liberalize its property sector, investors have shown a considerable interest in the country’s property investment. Divided into five sub-sectors, Malaysia’s real estate is sought actively by foreign investors. However, to date, the sub-sectors performance analysis has never been researched for the purpose of investment diversification within the property sector. This paper aims to examine the performance of sub-sectors in the property market, namely, residential, commercial, industrial, agricultural and development land. This paper also assesses the portfolio diversification benefits within the sectors. Design/methodology/approach Quarterly data from 2002 or 2014 are used to analyze the performance of the Malaysia property market. The analysis is conducted in three phases, pre-liberalization, post-liberalization and overall period, because it considers the liberalization policy introduced in 2009. Statistically, the risk-adjusted return featuring Sharpe’s index is used to observe how these sub-sectors perform relative to each other. Correlation analysis is used to observe the existence of diversification benefits in terms of a Malaysia property context. Findings It is found that Malaysia’s real estate sub-sectors have different rankings during the pre- and post-liberalization periods. The difference is due to changes in their average return and the risk. During the post-liberalization period, risk for all sub-sectors has increased but has been well compensated by the return. The residential property sector maintains its ranking position as the best sub-sector for every risk investor’s encounter. Research limitations/implications Due to wide range of differences and non-uniformity of costs associated with housings, for example tax rates, rental stream, LTV and others, this research focuses on values and data supplied by NAPIC only. Originality/value Although performance and portfolio diversification benefits have been tested in many Asian countries, none has tried to assess the Malaysia property. This research enables the policy maker to be informed on whether the sub-sectors are performing in accordance to country’s requirement and which sub-sectors need to be improved further.
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Xiao, Zhongyi, Peng Zhao, Masha Rahnama, and Yaling Zhou. "Winner versus Loser: Time-Varying Performance And Dynamic Conditional Correlation." Journal of Applied Business Research (JABR) 28, no. 4 (June 27, 2012): 581. http://dx.doi.org/10.19030/jabr.v28i4.7042.
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<span style="font-family: Times New Roman; font-size: small;"> </span><p style="margin: 0in 0.5in 0pt; line-height: 12pt; mso-line-height-rule: exactly;" class="MsoNoSpacing"><span style="color: black; font-family: "Times New Roman","serif"; font-size: 10pt; mso-themecolor: text1;">Using multi-factor models in OLS and GARCH-M methodology, this paper provides a cross-sectional and time-series investigation of conditional and unconditional expected returns of real REITs index momentum portfolios against real estate property, large-cap stock small-cap stock, and bond index in USA. The expected returns and dynamic conditional correlations between REITs and those of other financial and tangible assets vary in period 1989-2010. REITs returns exhibit a higher correlation with up move of financial market, but a lower correlation in market downturns. REITs may possibly provide diversification benefits to multi-asset investment portfolio. We find that the performances of momentum returns are different from the NAREIT index, and display asymmetric volatility as well. Additionally, we find evidence that REITs momentum returns are varying between winner and loser by Wald test. The results of regressions also indicate that REITs return exhibits the greater sensitivity to large- and small-cap stock index, and less closely with those of bond and real estate index. The results also suggest that REITs not be viewed as a complete substitute for investment in tangible property of real estate. </span></p><span style="font-family: Times New Roman; font-size: small;"> </span>
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Yardha, Muhammad Saufa. "ANALISIS PORTOFOLIO INVESTASI PADA SAHAM SEKTOR PROPERTI YANG TERDAFTAR DI JAKARTA ISLAMIC INDEX DENGAN PENDEKATAN SHARPE INDEX, TREYNOR INDEX, DAN JENSEN INDEX." Studia Economica : Jurnal Ekonomi Islam 1, no. 2 (July 6, 2015): 151. http://dx.doi.org/10.30821/se.v1i2.244.
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<p>This study aimed to analyze the investment portfolio in the property sector stocks listed in JII using the Sharpe Index, Treynor Index and Jensen Index. Research carried out by using a different test is based on data about the performance of the portfolio during the period of 2010-2014. Based on the data processing obtained F value Calculate for the return of the portfolio in a row that the BSDE amounted to 23 904, CTRA amounted to 21,250, LPKR amounted to 44 981, and SMRA amounted to 38 729, then to see the F Calculate there, the conclusion that F count> F table is on BSDE 23 904> 3.885294, at CTRA 21,250> 3.885294, on LPKR amounted to 44 981> 3.885294, and the SMRA 38 729> 3.885294, and a significance level of <0.05 then the conclusion is not the differences significant return between BSDE, CTRA, LPKR, and SMRA approach Sharpe Index, Treynor Index and Jensen Index. While in terms of performance, there are differences in the performance of the portfolio using Sharpe Index, Treynor Index and Jensen Index.</p>
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Mei, Bin. "Investment returns of US commercial timberland: insights into index construction methods and results." Canadian Journal of Forest Research 47, no. 2 (February 2017): 226–33. http://dx.doi.org/10.1139/cjfr-2016-0186.
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This study compares different index construction methods of timberland investment returns and evaluates the resulting indices by various asset pricing models. In addition to various NCRIEF indices, I include a de-smoothed index that attempts to restore property market values, a transaction-based index that tracks ex post transaction prices, and a pure-play index that is based on unleveraged returns of public timber firms and only has exposures to the timber segment. The findings are that the appraisal-based timberland index has higher mean and lower volatility compared with the transaction-based timberland index, separate accounts outperform comingled funds in the private timberland market, the pure-play timberland index exhibits higher return and lower risk than the corresponding portfolio of public timber firms, and abnormal performance of timberland asset becomes less significant after controlling for the appraisal smoothing or by using real transaction data. These results can help timberland investors better benchmark their financial performance.
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Roubi, Sherif. "Towards a transaction-based hotel property price index for Europe." Journal of Property Investment & Finance 33, no. 3 (April 7, 2015): 256–81. http://dx.doi.org/10.1108/jpif-09-2013-0053.
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Purpose – The purpose of this paper is to fill an existing gap in the field. A transaction-based hotel price index for Europe is constructed to provide a true measure for hotel real estate performance. The index will enable investors enhance investment decisions in many ways: to assess individual property performance; to make an objective decision about where to invest and in which property type; to assess the relative performance of hotel assets to all other sectors and consequently reach optimal funds allocation decisions. This will allow investors to time their acquisitions/disposals according to the hotel property cycle. Design/methodology/approach – Data include 495 hotel property transactions in Europe during the period between 2004 and 2013. Transaction prices and property characteristics were collected from a variety sources published by hotel agents and consultants, property magazines, newspapers, tourist board, individual property and hotel association registers and web sites. Data include property name, sale price, size, time of sale, location, buyers and sellers. A hedonic pricing model is developed where the transaction price is regressed on the different characteristics. The index is calculated by taking the anti-logs of regression coefficients of the year index. Findings – This paper claims that the hotel property price index (HPPI) portrays a more realistic picture of what happened to hotel property prices in 2008 showing a single digit negative growth vs the hotel valuation index which reports a double digit negative growth rate in European hotel prices during the same year. The real impact of recession showed on hotel property prices in 2009. HPPI shows a crash in hotel property prices by -23.7 per cent in 2009. The year 2011 was marked by more sales transacted through administrators and a looming double-dip recession. Unlike appraisal-based indices, HPPI does not suffer from sticky valuation issues and is not desensitise from distressed properties. Therefore, it was more volatile to distressed situations throughout the period between 2011 and 2013. Research limitations/implications – Results of this study should be considered with caution. There are limitations associated with transaction data including incompleteness or inaccuracies regarding price data, financing information for each deal, property tenure, and property characteristics. Practical implications – This work has successfully developed an HPPI for hotel property in Europe. This paper paves the way for transaction-based indices that are more volatile than existing appraisal-based indices. This represents a significant development in tracking price movements of hotel properties in Europe. The index has potential to support research and forecasting of the hotel property cycles. Originality/value – This paper fulfils an identified need to track hotel property prices and timing the hotel property cycle.
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Jimenez, Manuel I., Philip Abbott, and Kenneth Foster. "Measurement and analysis of agricultural productivity in Colombia." El futuro de las humanidades 11, no. 20 (2019): 4–37. http://dx.doi.org/10.17230/ecos.2019.47.1.
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Tremendous agricultural potential in Colombia has gone untapped for decades due to: i) civil strife and the criminal drug trade; ii) uncertain property rights; iii) inadequate infrastructure; iv) lack of innovation and technological development; v) lack of funding, vi) lack of investment; and vii) misallocation of resources within the sector. Proof of this is the relatively lower growth of the value of Colombia’s agriculture versus other countries in the region during the agricultural prices booms (FAO, 2015). This paper analyzes whether Colombia’s weak agricultural performance was due to low productivity growth rather than input accumulation. Using econometric specifications, this paper finds that Colombia’s agricultural productivity grew on average between 0.8% and 1.3% annually from 1975 and 2013. This growth was mainly driven by livestock and poultry productivity, which grew between 1.6% and 2.2%, while crop productivity grew between 0% and 0.8%. Likewise, this paper finds biased technical and scale effects whenever the models are able to test their presence. In addition, it finds evidence that Colombia’s agricultural productivity growth was affected by changing economic circumstances. These results are significant for post-conflict rural investment because they provide information about the returns on future government investment options in the rural sector of Colombia.
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Nsibande, Mduduzi, and Douw Gert Brand Boshoff. "An investigation into the investment decision-making practices of South African institutional investors." Property Management 35, no. 1 (February 20, 2017): 67–88. http://dx.doi.org/10.1108/pm-09-2015-0050.
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Purpose The South African listed property market has changed its legal basis from property loan stock companies and property unit trusts to adopt the more familiar international structure, real estate investment trusts. The main distinction is how shareholding is structured and investment returns are paid out to shareholders, which results in a different tax treatment. It is hoped that this change would attract more foreign investment, but it is questionable if this is sufficient to convince global investors who, amidst a seeming worsening of the stability in the political and economic environment, would probably need more insight into aspects such as investment decision making within these South African organisations. The paper aims to discuss these issues. Design/methodology/approach Using a balanced scorecard (BSC) framework, this study investigates the relevance of investment decision-making frameworks in South Africa. A survey using a sample of institutional investors that are included in the South African Property Market Index was conducted. Findings The study found similarities in decision-making priorities of South African institutional investors to those of previous studies. With the focus on retail property, tenant mix and secondary to that, quality of the centre management team is found to be important for forecasting expected returns in a retail investment decision environment. Diversification strategies were found to have similar results to previous studies, leaning more towards geographic location than economic location. Further, the study suggested the use of a BSC framework, linking the financial information and different financial ratios to nonfinancial aspects that need specific consideration in a retail investment environment. Research limitations/implications Retail property is considered to be of particular concern due to the business enterprise value that could be created if superior management techniques are applied. The investment decision stage concerned with forecasting expected returns relies on financial and quantitative models such as those derived from Modern Portfolio Theory. In a shopping mall environment, however, future performance is driven by nonfinancial factors, for example, tenant mix and superior customer experience. Therefore, forecasting expected returns in a retail environment requires a nuanced approach relative to other commercial property sectors. Originality/value The paper is considered to be original in its analysis of the retail real estate market in South Africa. This offers new insight into retail properties specifically, but also how investors in South Africa react to decision-making practices. This adds value in the internationalisation of the property market and the consistency and transparent practices applied globally.
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Apata, Temidayo, Kayode Ogunleye, Olusola Agboola, and Tope Ojo. "Heterogeneity of Agricultural Land Use Systems and Poverty in Sub-Saharan Africa: Relationship and Evidence from Rural Nigeria." Agris on-line Papers in Economics and Informatics 13, no. 2 (June 30, 2021): 3–22. http://dx.doi.org/10.7160/aol.2021.130201.
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Several factors influencing rural-poverty in sub-Saharan-Africa, for all the factors, agricultural-land access/management and “culture of poverty” are quite dominant in literature. This study examines socio-cultural/economic factors influencing poverty and establishes linkages of heterogeneity of land-use systems. Farm-level cost–route surveys of cross-sectional national-data of 800 respondents were used for analysis. Data were analyzed by descriptive-statistics, trans-logarithmic model, and poverty-measures. Descriptive statistics depict land-ownership structure, farmer’s socio-cultural practices, and exploits of government intervention programs influenced agricultural-poverty. Trans-logarithmic coefficients results of short-run sustainability-index (SRSI), land-policy intervention variables and household-sizes are dominance factors. Also, SRSI indicated 0.69, suggesting that 69% of the farmers made unsustainable use of agricultural-land. Moreover, 92% of extremely poor respondents with large household-sizes (61.2%) seek their agricultural-land ownership by rentage, while those with land-titled documents constitute 78.6% of the non-poor. Public-policy interventions must take into account formalization of land-property rights in order to facilitate its transferability and boosting investment.
Dissertations / Theses on the topic "Rural property investment performance index"
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Eves, Alfred Christopher, University of Western Sydney, College of Law and Business, and of Construction Property and Planning School. "Developing a NSW rural property investment performance index." THESIS_CLAB_CPPP_Eves_A.xml, 2003. http://handle.uws.edu.au:8081/1959.7/810.
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This thesis is based on the analysis of all rural property sales transactions that occurred in NSW over the period 1990-2000 and is the first complete state wide analysis of a rural property market in Australia. Previous studies on rural land performance have been restricted in both limited time periods and limited location areas. The importance of rural property, as an investment asset has been recognised in the US and UK with both countries having a rural property performance index. These indices are similar in construction, quality and reliability as the commercial property, residential property and share market indices that are also available in these countries to analyse the performance of these investment assets. Until the development of the rural property capital and total return indices in this thesis, there has never been a comprehensive and complete set of rural property investment indices available to assess the risk/return performance and investment portfolio benefits of rural property in Australia. The actual construction of the indices in this thesis have been based on the current indices produced by the Property Council of Australia for office, retail, industrial and hotel property in Australia. Based on the work in this thesis, rural property investment performance can now be compared to all major investment assets available in Australia. This research will be ongoing to ensure that the performance of rural property will be available on a semi-annual basis for use by all institutions, companies and individuals with an interest in the investment potential of rural property in AustraliaDoctor of Philosophy (PhD)
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Eves, Alfred Christopher. "Developing a NSW rural property investment performance index /." View thesis, 2003. http://library.uws.edu.au/adt-NUWS/public/adt-NUWS20051125.144519/index.html.
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Mkhosi, Percy Dumisani. "The use of the subsidy dependence index technique in appraising the performance of a rural financial intermediary : a case study of the Kwazulu finance and investment corporation." Diss., 2001. http://hdl.handle.net/2263/24155.
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Please read the abstract in the section 00front of this documentDissertation (M Inst Agrar (Agricultural Economics))--University of Pretoria, 2007.
Agricultural Economics, Extension and Rural Development
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Book chapters on the topic "Rural property investment performance index"
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Dale, Peter, and John McLaughlin. "Economic Issues in Land Administration." In Land Administration. Oxford University Press, 2000. http://dx.doi.org/10.1093/oso/9780198233909.003.0015.
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Land is of such fundamental importance that the land administration function has tended to be taken for granted. Increasingly, however, there is a debate as to how much money should be allocated to this area and with what priority. A host of concerns have been raised with respect to: 1. documenting the benefits and costs of titling and registration projects; 2. financing the construction and ongoing management of land administration infrastructure; 3. developing appropriate pricing strategies and policies for land administration services and products; and 4. examining the economic issues associated with determining the most effective roles for government and the private sector in the land administration field. Where more fundamental assessment of the role of real property has taken place, two schools of thought have emerged that are not mutually exclusive. The first has been based on traditional arguments for detailed a priori benefit/cost assessments (factoring in both quantifiable and non-quantifiable variables); the second and more recent has argued for minimal initial investment in the infrastructure, leaving it to market forces to dictate subsequent developments. The classic work of Gershon Feder and his World Bank colleagues on assessing the benefits of titling and registration has recently been reported in Feder and Nishio (1998). Feder developed a conceptual framework for the economics of land registration, initially in the context of a study on rural Thailand (Feder et al 1988). Two links between titles and economic performance were highlighted: the enhancement of tenure security and the role of titles in collateral arrangements that would facilitate access to institutional credit. Feder’s conceptual framework for evaluating landownership security and farm productivity is illustrated in Figure 11.1. Using empirical evidence from rural Thailand, Feder and his team compared the economic performance of two groups of farmers: one group was without legal titles and operated in forest reserves while the another group had legal titles and operated outside the forest reserve boundaries. Study sites were selected from four provinces, with the comparative groups operating in geographical proximity and within a similar agrarian and climatic environment.