348
Views
4
CrossRef citations to date
0
Altmetric
Original Articles

Accuracy of Swedish property appraisers’ forecasts of net operating income

, &
Pages 103-122 | Received 28 Mar 2011, Accepted 14 Nov 2011, Published online: 07 Dec 2011

References

  • Ball , M. and Tsolacos , S. 2002 . UK commercial property forecasting: The devil is in the data . Journal of Property Research , 19 : 13 – 38 .
  • Baum, A., Crosby, N., Gallimore, P., Gray, A., & McAllister, P. (2000). The influence of valuers and valuations on the workings of commercial property investment market (Report for the Education Trusts of IPF, Jones Lang LaSalle, and RICS). London: RICS.
  • Bomberger , W. 1996 . Disagreement as a measure of uncertainty . Journal of Money, Credit and banking , 28 : 381 – 392 .
  • Clayton , J. , Geltner , D. and Hamilton , S. 2001 . Smoothing in commercial property appraisals: Evidence from individual appraisals . Real Estate Economics , 29 : 337 – 360 .
  • Diaz , J. III and Hansz , J.A. 1997 . How valuers use the value opinion of others . Journal of Property Valuation and Investment , 15 : 256 – 260 .
  • Diaz , J. III and Wolverton , M. 1998 . A longitudinal examination of the appraisal smoothing hypothesis . Real Estate Economics , 26 : 349 – 358 .
  • Elton , E. , Gruber , M. , Brown , S. and Goetzmann , W. 2003 . Modern portfolio theory and investment analysis , New York : Wiley .
  • Enström , R. , Gustafsson , C. and Söderberg , B. 2005 . The Swedish Property Index and its usefulness for research . Journal of Real Estate Literature , 13 : 67 – 79 .
  • French , N. and Gabrielli , L. 2005 . Discounted cash flow: Accounting for uncertainty . Journal of Property Investment & Finance , 23 : 76 – 89 .
  • Gallimore , P. 1996 . Confirmation bias in the appraisal process: A test for corroborating evidence . Journal of Property Research , 13 : 261 – 273 .
  • Gallimore , P. and McAlister , P. 2005 . Expert judgement in the process of commercial property market forecasting . Journal of Property Research , 21 : 337 – 360 .
  • Geltner , D. 1993 . Estimating market values from appraised values without assuming an efficient market . Journal of Real Estate Research , 8 : 325 – 346 .
  • Geltner , D. , MacGregor , B.D. and Schwann , G.M. 2003 . Appraisal smoothing and price discovery in real estate markets . Urban Studies , 40 : 1047 – 1064 .
  • Geltner , D. and Miller , N. 2007 . Commercial real estate analysis and investments , Cincinnati , OH : South-Western College Publishing .
  • Graham , R. , Lee , S. and Brown , S. 2009 . Valuation and sale price report, 2009 , London : Royal Institution of Chartered Surveyors .
  • Guilkey , D. 1999 . How good are MSA forecasts? A review of major supply- and demand-side information providers . Real Estate Finance , 15 : 27 – 41 .
  • Gunnelin , Å. , Hendershott , P.H. , Hoesli , M. and Söderberg , B. 2004 . Determinants of cross-sectional variation in discount rates, growth rates and exit cap rates . Real Estate Economics , 32 : 217 – 237 .
  • Hendershott , P.H. and Turner , B. 1999 . Estimating constant-quality capitalization rates and capitalization effects of below market financing . Journal of Property Research , 16 : 109 – 122 .
  • Hendry , D. and Clements , M. 2003 . Economic forecasting: Some lessons from recent research . Economic Modelling , 20 : 301 – 309 .
  • Kinnard , W.N. , Lenk , M.M. and Worzala , E.M. 1997 . Client pressure on commercial appraisal industry: How prevalent is it? . Journal of Property Valuation and Investment , 15 : 233 – 244 .
  • Lind , H. and Lundström , S. 2009 . Kommersiella fastigheter i samhällsbyggandet , Kristianstad , , Sweden : SNS Förlag .
  • Ling , D. 2005 . A random walk down main street: Can experts predict returns on commercial real estate? . Journal of Real Estate Research , 27 : 137 – 154 .
  • Mankiw , N. and Reis , R. 2002 . Sticky information verses sticky prices: A proposal to replace the new Keynesian Philips curve . Quarterly Journal of Economics , 117 : 1295 – 1328 .
  • Martin , M. 1997 . The ethics of desire . Appraisal Journal , 65 : 227 – 231 .
  • Matysiak , G. and Wang , P. 1995 . Commercial property prices and valuation: Analysing the correspondence . Journal of Property Research , 12 : 181 – 202 .
  • McAllister , P. , Newell , G. and Matysiak , G. 2008 . Agreement and accuracy in consensus forecasting of the UK commercial property market . Journal of Property Research , 25 : 1 – 22 .
  • McParland , C. , Adair , A. and McGreal , S. 2002 . Valuation standards: A comparison of four European countries . Journal of Property Investment and Finance , 20 : 127 – 141 .
  • Mitchell , P. and McNamara , P. 1997 . Issues in the development and application of property market forecasting: The investor’s perspective . Journal of Property Finance , 8 : 363 – 376 .
  • Newell , G. and MacFarlane , J. 2006 . The accuracy of commercial property forecasting in Australia . Pacific Rim Property Research Journal , 12 : 311 – 325 .
  • Quan , D.C. and Quigley , J.M. 1991 . Price formation and the appraisal function in real estate markets . Journal of Real Estate Finance and Economics , 4 : 127 – 146 .
  • Smolen , G.E. and Hambleton , D.C. 1997 . Is the real estate appraiser’s role too much to expect? . Appraisal Journal , 65 : 9 – 17 .
  • Webb , B. 1994 . On the reliability of commercial appraisals: An analysis of properties sold from the Russell-NCREIF index . Real Estate Finance , 11 : 62 – 66 .
  • Yiu , C.Y. , Tang , B.S. , Chiang , Y.H. and Choy , L.H.T. 2006 . Alternative theories of appraisal bias . Journal of Real Estate Literature , 14 : 321 – 344 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.