Topic
Income approach
About: Income approach is a research topic. Over the lifetime, 1621 publications have been published within this topic receiving 28262 citations.
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Book•
01 Jan 1988
TL;DR: In this paper, the authors present a mathematical model for testing the Capital Asset Pricing Model (CAPM) and evaluate the performance of the model on the stock market with differentially information.
Abstract: 1. Preferences Representation and Risk Aversion. 2. Stachastic Dominance. 3. Mathematics of the Portfolio Frontier. 4. Two Fund Separation and Linear Valuation. 5. Allocative Efficiency and the Valuation of State Contingent Securities. 6. Valuation of Complex Securities and Options with Preference Restrictions. 7. Multiperiod Securities Markets I: Equilibrium Valuation. 8. Multiperiod Securities Markets II: Valuation by Arbitrage. 9. Financial Markets with Differential Information. 10. Econometric Issues in Testing the Capital Asset Pricing Model.
875 citations
TL;DR: In this paper, the authors investigate whether clear reporting of comprehensive income and its components facilitates detection of earnings management by buy-side financial analysts and predictably affects their common stock price judgments, and they conclude that such reporting standards allow companies considerable flexibility in determining which accounts are aggregated into the individual line items in the primary financial statements.
Abstract: This paper investigates whether clear reporting of comprehensive income (CI) and its components facilitates detection of earnings management by buy-side financial analysts and predictably affects their common stock price judgments. Financial reporting standards allow companies considerable flexibility in determining which accounts are aggregated into the individual line items in the primary financial statements. Because of the difficulty inherent in assessing the relevance and persistence of these amounts, users of financial accounting information often
682 citations
Book•
01 Sep 2000
TL;DR: Geltner and Miller as discussed by the authors presented the essential concepts, principles and tools for the analysis of commercial real estate (income producing) from an investment perspective, integrating relevant aspects of urban and financial economics to provide users with a fundamental analytical understanding and application of real estate investments.
Abstract: The well-known and respected authorship team of Geltner and Miller bring you a new edition of what has become the undisputed and authoritative resource on commercial real estate investment Streamlined and completely updated with expanded coverage of corporate and international real estate investment, this upper-level text presents the essential concepts, principles and tools for the analysis of commercial real estate (income producing) from an investment perspective This new book continues to integrate relevant aspects of urban and financial economics to provide users with a fundamental analytical understanding and application of real estate investments - now using ARGUS software Contributing author Piet Eichholtz from the University of Maasstricht contributes an entire chapter that explores international real estate investments, both opportunistically and structurally, by outlining elements for developing and implementing real estate investments successfully abroad Jim Clayton from the University of Cincinnati thoroughly revised and updated the finance coverage and real-life applications throughout Geltner and Miller enhance their pedagogy by adding in a discussion of the real options application to real estate development and streamlining the discussion of data returns
556 citations
TL;DR: In this article, the authors examined the relation between real estate stock portfolio returns and returns on a standard appraisal-based index, and found that lagged values of traded real estate portfolio returns can predict returns on the appraisal based index after controlling for persistence in the appraisal series.
Abstract: This paper analyzes the risks and returns of different types of real estate-related firms traded on the New York and American stock exchanges (NYSE and AMEX). We examine the relation between real estate stock portfolio returns and returns on a standard appraisal-based index, and find that lagged values of traded real estate portfolio returns can predict returns on the appraisal-based index after controlling for persistence in the appraisal series. The stock market reflects information about real estate markets that is later imbedded in infrequent property appraisals. Additional analysis suggests that the differences in the return and risk characteristics across different types of traded real estate firms can be explained in part by appealing to real estate market fundamentals relating to the degree of dependence of the real estate firm upon rental cash flows from existing buildings. These findings highlight the heterogeneity of securitized real estate-related firms.
467 citations