A Valuation of SAREB, the Spanish “Bad Bank”, Upside Using the Real Options Methodology

This paper develops a model to analyze the upside potential of profitability of the SAREB (“Asset Management Company for Assets Arising from Bank Restructuring”), the Spanish “Bad Bank”. The model is based in the Real Options methodology, that is especially adequate due to the convergence of two elements, (i) depreciated assets with a high upside potential, and (ii) a highly volatile market as it has shown to be the real estate Spanish market. Our results suggest that the SAREB has a higher than expected profitability potentialthat would be dedicated to increase the return to its shareholders, mainly private banks. Consequently we also show that after the financial crisis are emerging two types of banks in Spain, in one hand the losers who are transferring their real estate assets at a deep discount, and in the other hand the winners, capturing the upside potential of those assets as shareholders of SAREB, and consequently consolidating their strength in the Spanish Real Estate Industry. It is worth to mention that Governments should make an effort in properly redistribute the wealth generated by the real Estate industry.

Valor inmobiliario y estructura urbana: el análisis del tipo edificatorio como estrategia para la valoración territorial

La valoración de inmuebles urbanos y más cuando se afronta desde un punto de vista masivo, no es una actividad sencilla. Tanto la legislación vigente en España como los estándares de valoración internacionales establecen que los valores deben de estar referenciados al valor de mercado, pero el mercado inmobiliario se caracteriza por su limitada transparencia y porque el producto es relativamente ilíquido. En este contexto, parece necesario acometer el estudio de nuevas herramientas que faciliten el establecer con mayor seguridad el valor de los inmuebles. El análisis de los factores que determinan el precio de los inmuebles permite identificar aquellas características que más inciden en el mismo, como son su tamaño, uso, tipología, calidad, antigüedad y localización. A partir de ellas y a través del estudio de la estructura urbana, localizando las zonas homogéneas y analizando las variables de su producto inmobiliario, se ha desarrollado una nueva metodología basada en el tipo edificatorio como estrategia para la valoración territorial. A lo largo de este trabajo, cuyo ámbito de análisis se ha centrado en los municipios de la Comunidad de Madrid, mediante el análisis comparado de sus características, se va a exponer cómo el tipo de estructura urbana influye significativamente en la calidad de los resultados que se obtienen. También se va a incidir en la sensibilidad de los mismos a los diferentes métodos de tratamiento de datos y de análisis matemático y estadístico. Con todo, se puede afirmar que la utilización de la metodología que se propone facilita, mejora y apoya la valoración de inmuebles, siendo posible su aplicación directa tanto para la valoración masiva de inmuebles como en la individualizada. ABSTRACT The valuation of urban property and more so when one is confronted with it from a massive point of view, is not an easy task. Taking into consideration Spain‟s current regulations as well as the international valuation standards, they establish that the values must be referred to the market value, but the real-estate market is characterised by its limited transparency and because the product is relatively illiquid. Under these circumstances, it seems necessary to undertake the study of new tools that facilitate the obtention of more accurate and secure valuation of real estate assets. The analysis of the factors that determine the price of property allow us to identify those characteristics that influence it most, such as size, use, typology, quality, age and location. Taking these points into consideration and through the study of urban structure, localising the homogeneous areas and analysing the variables of its real-estate product, a new methodology has been developed based on the type of building as well as on the local valuation strategy. Throughout this work, whose scope of analysis has been focussed on the municipalities of the Autonomous Region of Madrid through a comparative analysis of its characteristics, it will be shown how the type of urban structure can significantly influence the quality of the results that are obtained. It will also affect their sensitivity to the different methods of data processing, and of mathematical and statistical analysis. In all, one can confirm that using the methodology that is being proposed facilitates, improves and supports the valuation of properties, enabling its direct application for the mass valuation of property as well as for the individual one.

No. 1 Acct. of Estate belonging to Harvard College January 1799

Two folio-sized leaves containing a one-page handwritten list and description of the College real estate.

An inventory of all of the estate of Caleb Gannett late of Cambridge in the county of Middlesex, Esquire, deceased, appraised upon oath by us the subscribers, duly appointed to that service by the Hon. James Prescott Esq. Judge of Probate & wills, in said county of Middlesex, viz., 1818 May 21

Eight-page handwritten inventory and appraisal of Caleb Gannett's real estate and personal estate by William Hilliard, James R. Chaplin, and Royal Morse with an attached certification of the Middlesex County Court of Probate signed May 26, 1818.

Developments in the Agricultural and Rural Capital Market of the Former Yugoslav Republic of Macedonia. Factor Markets Working Paper No. 9, October 2011

The undeveloped rural capital market in the Former Yugoslav Republic of Macedonia is constrained by an urban–rural development gap, with limited capacities for rural development and imperfections in the rural capital market. Among the most striking hindrances are the illegal status of a large share of agricultural buildings and other real estate in rural areas, particularly on the individual family farms that prevail in the country, and the insufficient knowledge and abilities of individual farmers in applying for credit. National, EU and other donor funds are being used to improve knowledge, skills and other human resources, and to address the illegal status of buildings and facilities. In recent years, government support for agricultural, rural and regional development has been introduced to promote good agricultural practices, production and economic activity in rural areas. The elimination of imperfections and improvements to the functioning of the capital market – making access to credit and funds easier, especially for small-scale family farms and for rural development – are seen as measures contributing to agriculture and more balanced rural and regional development.

Analytical analysis of consumption in Brazil

This thesis is an analytical analysis of consumption in Brazil, based on data from the Consumer Expenditure Survey, years 2008 to 2009, collected by the Brazilian Institute of Geography and Statistics. The main aim of the thesis was to identify differences and similarities in consumption among Brazilian households, and estimate the importance of demographic and geographic characteristics. Initially, households belonging to different social classes and geographical regions were compared based on their consumption. For further insights, two cluster analyses were conducted. Firstly, households were grouped according to the absolute values of expenditures. Five clusters were discovered; cluster membership showed larger spending in all of the expense categories for households having higher income, and a substantial association with particular demographic variables, including as region, neighborhood, race and education. Secondly, cluster analysis was performed on proportionate distribution of total spending by every household. Five groups of households were revealed: Basic Consumers, the largest group that spends only on fundamental goods, Limited Spenders, which additionally purchase alcohol, tobacco, literature and telecommunication technologies, Mainstream Buyers, characterized by spending on clothing, personal care, entertainment and transport, Advanced Consumers, which have high relative expenses on financial and legal services, healthcare and education, and Exclusive Spenders, households distinguished by spending on vehicles, real estate and travelling.

People management issues in Indian KPOs

Purpose: The business process outsourcing (BPO) industry in India is evolving rapidly, and one of the key characteristics of this industry is the emergence of high-end services offered by knowledge processing outsourcing (KPO) organizations. These organizations are set to grow at a tremendous pace. Given the people-intensive nature of this industry, efficient employee management is bound to play a critical role. The literature lacks studies offering insights into the HR challenges involved and the ways in which they are addressed by KPOs. The purpose of this paper is to attempt to fill this gap by presenting findings from an in-depth case study of a KPO organization. Design/methodology/ approach: To achieve the research objective we adopted an in-depth case study approach. The research setting was that of a KPO organization in India, which specialises in offering complex analytics, accounting and support services to the real estate and financial services industries. Findings: The results of this study highlight the differences in the nature of work characteristics in such organizations as compared to call centres. The study also highlights some of the key people management challenges that these organizations face like attracting and retaining talent. The case company adopts formal, structured, transparent and innovative human resource practices. The study also highlights that such enlightened human resource practices stand on the foundations laid by an open work environment and facilitative leadership. Research limitations/implications: One of the key limitations is that the analysis is based on primary data from a single case study and only 18 interviews. The analysis contributes to the fields of KPO, HRM and India and has key messages for policy makers. Originality/value: The literature on outsourcing has in general focused on call centres established in the developed world. However, the booming BPO industry in India is also beginning to offer high-end services, which are far above the typical call centres. These KPOs and their people management challenges are relatively unexplored territories in the literature. By conducting this study in an emerging market (India) and focusing on people-related challenges in KPOs, this study attempts to provide a fresh perspective to the extant BPO literature. © Emerald Group Publishing Limited.

A paradigm shift:alternative interaction techniques for use with mobile & wearable devices

Desktop user interface design originates from the fact that users are stationary and can devote all of their visual resource to the application with which they are interacting. In contrast, users of mobile and wearable devices are typically in motion whilst using their device which means that they cannot devote all or any of their visual resource to interaction with the mobile application -- it must remain with the primary task, often for safety reasons. Additionally, such devices have limited screen real estate and traditional input and output capabilities are generally restricted. Consequently, if we are to develop effective applications for use on mobile or wearable technology, we must embrace a paradigm shift with respect to the interaction techniques we employ for communication with such devices.This paper discusses why it is necessary to embrace a paradigm shift in terms of interaction techniques for mobile technology and presents two novel multimodal interaction techniques which are effective alternatives to traditional, visual-centric interface designs on mobile devices as empirical examples of the potential to achieve this shift.

Anatomy and lessons of the global financial crisis. Is US consumption financed by Chinese savings?

Savings and investments in the American money market by emerging countries, primarily China, financed the excessive consumption of the United States in the early 2000s, which indirectly led to a global financial crisis. The crisis started from the real estate mortgage market. Such balance disrupting processes began on the American financial market which contradicted all previously known equilibrium theories of every school of economics. Economics has yet to come up with models or empirical theories for this new disequilibrium. This is why the outbreak of the crisis could not be prevented or at least predicted. The question is, to what extent can existing market theories, calculation methods and the latest financial products be held responsible for the new situation. This paper studies the influence of the efficient market and modern portfolio theory, as well as Li’s copula function on the American investment market. Naturally, the issues of moral risks and greed, credit ratings and shareholder control, limited liability and market regulations are aspects, which cannot be ignored. In summary, the author outlines the potential alternative measures that could be applied to prevent a new crisis, defines the new directions of economic research and draws the conclusion for the Hungarian economic policy.

The role of neighborhood organizations in the production of gentrifiable urban space: The case of Wynwood, Miami's Puerto Rican barrio

Partnerships between government and community-based actors and organizations are considered the hallmark of contemporary governance arrangements for the revitalization and gentrification of economically distressed, inner city areas. This dissertation uses historical, narrative analysis and ethnographic methods to examine the formation, evolution and operation of community-based governance partnerships in the production of gentrifiable urban space in the Wynwood neighborhood of Miami, FL between 1970 and 2010. This research is based on more than four years of participant observation, 60 in-depth interviews with respondents recruited through a purposive snowball sample, review of secondary and archival sources, and descriptive, statistical and GIS analysis. This study examines how different organizations formed in the neighborhood since the 1970s have facilitated the recent gentrification of Wynwood. It reveals specifically how partnerships between neighborhood-based government agencies, nonprofit organizations and real estate developers were constructed to be exclusionary and lead to inequitable economic development outcomes for Wynwood residents. The key factors conditioning these inequalities include both the rationalities of action of the organizations involved and the historical contexts in which their leaders’ thinking and actions were shaped. The historical contexts included the ethnic politics of organizational funding in the 1970s and the “entrepreneurial” turn of community-based economic development and Miami urban politics since the 1980s. Over time neighborhood organizations adopted highly pragmatic rationalities and repertoires of action. By the 2000s when Wynwood experienced unprecedented investment and redevelopment, the pragmatism of community-based organizations led them to become junior partners in governance arrangements and neighborhood activists were unable to directly challenge the inequitable processes and outcomes of gentrification.

Vulnerabilidade socioambiental no bairro de Mãe Luíza, Natal – RN/Brasil

This work has as object the elaboration of social environmental indicator of disaster risk that are present in precarious areas of human occupation, related to intense environmental dynamic from the perspective of the studies about the subject in Geography. The District of Mãe Luiza in Natal, capital city of Rio Grande do Norte, was defined as the study area. The place was chosen because it presents –historically- several vulnerability conditions and exposure to disaster risk. After a local social environmental description, two indexes were elaborated: the Social Vulnerability Index (SVI or IVS in Portuguese), based on 17 (seventeen) variables arranged on a questionnaire addressed to the population nucleus of the district, on regular grid (systematic sampling), classified into 5 (five) levels of SV from the weighted average; and the Physical and Natural Exposure to the Mass Movements Index (EMMI or IEMM in Portuguese) which had 16 (sixteen) variables that feature conditions of exposure to the mass movements in the district with classified levels from the weighted average of 1 (one) to 5 (five). The relationship between these two results, specialized in the district map, produced the Social Environmental Vulnerability Index (SEVI or IVSA in Portuguese) of Mãe Luiza, also classified into 5 (five) levels, following the Boolean logic correlation for cartographic overlay with use of computer software ArcGIS v.9.3, being named as: Very Low; low; average; high; and Very High Environmental Vulnerability in District. The study is based on the methodology proposed by Guerra et al (2009) for EMMI and by Almeida (2010) for SVI. They were modified and adapted according to the local reality, producing a new methodology in this study area. It was concluded that the neighborhood has most of its area with High and Very High Socio-environmental vulnerability to disasters, defined seven (7) critical areas, with Very High IVSA, and hazards associated with mass movements or flooding. In the end, the main issues that were found, such as generating elements for proposing mitigation measures and/or the proposed interventions were enumerated, related to structural order of vulnerability factors: how low constructive pattern of households; poor urban drainage; Real Estate forsaken in landslide routes; infrastructure ready access roads and slope containment. And social: as a lack of education about environmental risk; income and education of residents; presence of persons with limited mobility and/or those with special needs. This reality highlights the need for urgent action applied to the resolution and/or reduction of these problems, which is focusing the end of this work.

Financing infrastructure development : time to unshackle the bonds?

The authors would like to thank the RICS for their financial support of the project and the numerous respondents who gave so freely of their time. Part of the research was supported by a grant from the Hong Kong-Scotland Partners in Post-Doctoral Research Scheme sponsored by the Research Grants Council of Hong Kong and the Scottish Government (S-HKU701/13).

Synsättet på förnyelsebara elkällor inom fastighetsbranschen

För mellan 40-50 år sedan så byggdes en miljon bostäder i Sverige. Idag har arbetet påbörjats med att renovera och restorera dessa bostäder, i samband med dessa åtgärder så görs även många åtgärder för att minska energianvändningen. Syftet med detta arbete var att ta reda på vad som var det mest ekonomiska valet av olika gröna elkällor. Även fastighetsägarnas egna tankar och uppfattningar ställs i relation till slutsatserna vid beräkningarna för att få en uppfattning om det stämmer överens. För att arbetet inte skulle bli för stort och krävande så gjordes dessa avgränsningar:  För att tiden skulle räcka till så avgränsades arbetet till Dalaregionen.  Arbetet har dessutom avgränsats till att bara undersöka ekonomin vid valet av de olika gröna elkällorna. Genom två olika undersökningar med mentometerknappar så kunde resultatet om fastighetsägarnas egna tankar och uppfattningar redovisas och analyseras. Vidare kunde fastighetsägarnas tankar och uppfattningar jämföras med beräkningarna och dessa slutsatser kunde då dras: Slutsatser:  Vindkraft var ej lönsam med dagens elpriser.  Av fastighetsbolag kunde det ses att deltagarna trodde olika på vad som gav bäst lönsamhet mellan vindkraft, solel eller grön el.

Repositioning a Multifamily Asset

Multifamily investments, particularly value-added strategies, have been of keen interest to real estate investors for years now. Successful execution of a multifamily investment offers excellent risk-adjusted returns when compared to other classes of real estate such as industrial, retail, and office. From a volatility standpoint, multifamily enjoys relatively stable long-term cash flows with less downside risk during periods of recession due to stable tenancy in most major markets. The stability during downturns is also supported by the fact that recessions tend to make renters out of owners, increasing demand for apartments.

Entre o cartão-postal e a cidade real: um estudo sobre paisagem e produção imobiliária em Natal/RN

Recent studies concerning the landscape have investigated the most important activities that contribute for its modification and have tried to better understand the society through the marks left by its quotidian. It is understood that singular landscapes constitute the cultural patrimonies of the cities, once they are part of the daily life of the citizens and are present in their social representations. Some contemporary authors defend the preservation of the natural and urban landscape trying, specially, to keep its importance for the local population. Natal is a city where the ambient qualities are well defined and known by the beauty of the area where it is located. Situated just between a river and the sea, the city grew following its geographic characteristics. The Potengi River, the Atlantic Ocean and the vast dunes ecosystem represented natural limits to the urban expansion; at the same time they have favored the development of a landscape pattern marked by the dialectic between the natural elements and the human interventions. However, this relationship changed after the intensification of the high rising development process that took place since the 1960s. The urban legislation tried to preserve the features of the local landscape delimiting Areas for Controlling Building High , destined to protect the scenic value of some parts of the city. On the other hand, the civil construction sector has made constant pressure in sense to abolish or to modify this legal instrument, aiming profits that have increased, in the 1990s, because of the consumption and the qualification of the urban space for tourist activities. It is necessary the raising of new elements to stimulate the quarrel about the landscape preservation, the process of the urban space production and the best way for the legislation implementation. This work tries to raise elements about the subject at local level, in sense to use Natal City experience to contribute for the formulation of indicators to raise the question about the lack of measure for subjective values, for example the cultural and affective value of the landscape. The natural elements inserted in the urban profile, represent strong visual references and supply identity to the town; they are part of the collective imaginary and are detached in the social context of the city. Then, why the preservation of the landscape, that estimates the improvement in the quality of life, is not enough to justify the controlling building high already previewed as part of Natal City Legislation? These questions send us to the approach of the landscape, as a community patrimony, alerting that some of its significant esthetics attributes must be preserved as a legacy for the future generations