Open Access

The Transactional Assets Pricing Approach and Income Capitalization Models in Professional Valuation: Towards a “Quick” Income Capitalization Format


Cite

Artemenkov A., Mikerin G. 2007, On the Distinctions Between the Perspectives of the Investment-Financial and Professional Valuations, Voprosi Ocenki Quarterly #2, 2007 (published by the Russian Society of Appraisers www.mrsa.ru), pp. 27-39.Search in Google Scholar

Artemenkov A. 2017, Professional Valuation as a Field within Economic Measurements: Its Bases of Valuation and Other International Standardization Challenges (September 21, 2017), Working Paper, Available at SSRN: https://ssrn.com/abstract=3040955.Search in Google Scholar

Andrews D., 2011, Actuarial Methods for Valuing Illiquid assets, SOA Joint Risk Management Section publication, Society of Actuaries, 2011 https://www.soa.org/Files/Research/Projects/via-report-12-2011.pdf.Search in Google Scholar

Cichulska A., Wisniewski R., 2017, Issue of the Risk in Literature, Real Estate Management and Valuation, vol. 25, no. 3, pp. 74-86.10.1515/remav-2017-0024Search in Google Scholar

Damodaran A., 2002. Investment Valuation: Tools and Techniques for Determining the Value of Any Aassets 2ed, John Wiley& Sons, (the whole book is also available for free as e-text at: www.damodaran.com).Search in Google Scholar

Dempsey M., 1996, Corporate Financial Management: Time to Change the Cost of Capital Paradigm?, Critical Perspectives on Accounting: Vol. 7, No. 6, pp. 617-63.10.1006/cpac.1996.0067Search in Google Scholar

Ekern S. 2006, A Dozen Consistent CAPM-Related Valuation Models - So Why Use an Incorrect One? (November 29, 2006), NHH Finance & Management Science Discussion Paper, No. 6/2006 Available at SSRN: http://ssrn.com/abstract=968599.Search in Google Scholar

Jensen M., 1972, The Foundations and Current State of Capital Market Theory, Harvard Business School http://papers.ssrn.com/abstract=350428).Search in Google Scholar

Fisher I., 1930, The Theory of Interest: As Determined by Impatience to Spend Income and Opportunity to Invest It, New York: Macmillan.Search in Google Scholar

Friedman J., Ordway N., 1989, Income Property Appraisal and Analysis, New York: Prentice Hall.Search in Google Scholar

Galasyuk V., Soroka M., 2002, Anthropological Approach to Determining Discount Rates (The GAD Concept as the Corollary of the CCF Concept), Галасюк Валерий, Сорока Мария, Галасюк Виктор Антропологический подход к определению ставки дисконтирования (GAD-концепция как следствие концепции CCF)//Государственный информационный бюллетень о приватизации.-2002.-№11.-С.57-60. (also available at : http://www.galasyuk.com.ua/publications.html?lang=ru#theme_4).Search in Google Scholar

Galasyuk V., Soroka M., 2002, The Notion of Economic Risk within the Conventionality Cash Flows Concept, (Галасюк Валерий, Сорока Мария, Галасюк Виктор, Понятие экономического риска в контексте концепции CCF//Вестник бухгалтера и аудитора Украины.-2002.-№15-16.-C.26-34.) (also available at: http://www.galasyuk.com.ua/publications.html?lang=ru#theme_4).Search in Google Scholar

Galasyuk V.V., 2016, Establishing Fair Value of Objects in Barter, Donation and Exchange Transactions, Art-Press, Dnepr 2016.Search in Google Scholar

Garvey G. T., 2001, What is an Acceptable Rate of Return for an Undiversified Investor?, Working Paper (September), Available at SSRN: http://ssrn.com/abstract=281432.10.2139/ssrn.281432Search in Google Scholar

Leyfer L., 2006, On the Direct Capitalization Methodology and Generalized Inwood Model, Voprosi Ocenki Quarterly (published by the Russian Society of Appraisers), №3, 2006. p. 47-59 (also available at http://www.labrate.ru/leifer/lev_leifer_article-model_inwood.htm).Search in Google Scholar

Leyfer L., Dubovkin A., 2003, Applicability of CAPM for Determining Discount Rates on Russian Investment Markets, stable URL http://pcfko.ru/research5.html#1.Search in Google Scholar

Lintner J., 1965, Security Prices, Risk, and Maximal Gains From Diversification, The Journal of Finance, Vol. 20, No. 4, pp. 587-615. Stable URL:http://links.jstor.org/sici?sici=0022-1082%28196512%2920%3A4%3C587%3ASPRAMG%3E2.0.CO%3B2-U.10.1111/j.1540-6261.1965.tb02930.xSearch in Google Scholar

Mercer C., 2004, The Integrated Theory of Business Valuation: Valuing Shareholder Cashflows, Peabody publishing, Memphis (ch.7).Search in Google Scholar

Michaletz V., 2002, Discount Rate in Valuation Practice, Voprosi Ocenki Quarterly (published by the Russian Society of Appraisers www.mrsa.ru), №3, p.35.-42.Search in Google Scholar

Michaletz V., 2005, Discount Rates and Income Approach Methodologies, Voprosi Ocenki Quarterly (published by the Russian Society of Appraisers www.mrsa.ru), №1, 2005, p. 3-19.Search in Google Scholar

Michaletz V., 2005. The Principles of Portfolio Averaging in Market Valuations, Voprosi Ocenki Quarterly №4, p.53-59 (published by the Russian Society of Appraisers www.mrsa.ru).Search in Google Scholar

Michaletz V., Artemenkov A., Artemenkov I., 2007, Income Approach and Discount Rates for Valuing Income-Producing Illiquid Assets - Outlines of New Framework: Revisiting the Concepts in Income Approach and Developing the Model of Illiquid Assets Transactional Pricing, Icfai Journal of Applied Finance, December, Proceedings of the Icfai University and the University of Philadelphia V International Conference on Business and Finance, Hyderabad (India), Available at SSRN: https://ssrn.com/abstract=996016.Search in Google Scholar

Michaletz V., Artemenkov A., 2008, Discounted Cash Flows Analysis and the Discounting Procedure in Market Valuations - How We Understand Them: A Brief Conceptual Note for Professional Valuers, January Available at SSRN: https://ssrn.com/abstract=1090069 orhttp://dx.doi.org/10.2139/ssrn.1090069.10.2139/ssrn.1090069Search in Google Scholar

Miller M.H., Modigliani F., 1961, Dividend Policy, Growth and the Valuation of Shares, The Journal of Business, Vol. 34, pp. 411-433.10.1086/294442Open DOISearch in Google Scholar

Muczyński A., 2015, An Integrated Approach to Real Estate (Portfolio) Management, Real Estate Management and Valuation, Vol. 23, No. 2, pp. 5-16.10.1515/remav-2015-0011Search in Google Scholar

Pratt S., Reilly R., Schweihs R., 2000, Valuing a Business: Valuation of Closely-held Companies, Textbook (4th edition); New York: McGraw-hill.Search in Google Scholar

Rubenstein M., 2003, Great Moments in Financial Economics: 1 Present Value; in the The Journal of Investment Management (1 Quarter 2003), (also available at: www. in-the-money. com/pages/author.htm).Search in Google Scholar

Sayce S., Smith J. et al., 2006, Real Estate Appraisal: from Value to Worth, Blackwell publishing, Oxford.Search in Google Scholar

Slee R., 2004, Private Capital Markets: Valuation, Capitalization, and Transfer of Private Business Interests, Hoboken: John Wiley & Sons.Search in Google Scholar

Slutksy A., 2016, Long-term Trends on the Commercial Property Market of Moscow: Ex-post Analysis, RWAY Bulletin, #251 (February), pp. 140-152.Search in Google Scholar

Sharpe W., 1964, Capital Assets Prices: The Theory of Equilibrium under Conditions of Risk, The Journal of Finance, Vol. 19, No. 3, pp. 425-442.10.1111/j.1540-6261.1964.tb02865.xSearch in Google Scholar

Traynor J., 1962, Toward a Theory of Market Value of Risky Assets, Unpublished manuscript (available at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=628187)Search in Google Scholar

Institutional Work (1989), “The Appraisal of Real Estate”, The Appraisal Institute Students’ Bound Volume, tenth edition, 1989, p. 422.Search in Google Scholar

IVSC (2017), The International Valuation Standards 2017 (also available at: www.ivsc.org)Search in Google Scholar

TEGoVA (2016), The European Valuation Standards 2016 (TEGoVA—available at www.tegova.org).Search in Google Scholar

eISSN:
2300-5289
Language:
English
Publication timeframe:
4 times per year
Journal Subjects:
Business and Economics, Political Economics, other