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Real estate investment companies direct substantial capital flows into built environments and are significant urban place‐makers. Geographers have long been interested in the ‘urbanisation of capital’ but more recently attention has been directed towards the activities of specific property actors. Employing a firm‐level analysis, this paper presents a case study of Kiwi Property, a large‐scale property company with an investment portfolio exceeding $3 billion. The study charts its corporate and financial dynamics and examines examples of its speculative real estate developments. Employing a firm‐level analysis offers insights into complex and contingent investment processes shaping urban placemaking. [ABSTRACT FROM AUTHOR]

This study explored the key considerations of commercial property investors acting under conditions of economic uncertainty across the following three dimensions: market fundamentals, institutional, and behavioural factors. Over the past few decades, a series of exogenous shocks to the global economy has impacted property performance, investment volumes, and investor perceptions. Acknowledging that uncertainty further complicates investment decision-making, a mixed-methods research approach was adopted to examine the perspectives of 5 experts and 412 property investors. The findings revealed that, while most investors express negative responses to uncertainty and adopt more cautious attitudes, others are more aggressive and attempt to capitalise on emerging opportunities. Market fundamentals are not the only key consideration; access to information and investors' behaviour all impact how decisions are made under these conditions. In particular, wealthy and more experienced investors make more comprehensive decisions, considering all three dimensions, while aggressive investors may disregard data in favour of intuition. Behavioural biases such as the bandwagon effect and fear of missing out (FOMO) all influence decisions and are sometimes exacerbated by media narratives. Practically, these considerations underscore the complexity of decision-making under conditions of uncertainty and how different investors attempt to navigate market volatility. [ABSTRACT FROM AUTHOR]

Economic uncertainty has steadily increased in response to a series of unforeseen shocks, notably the Global Financial Crisis, Brexit, COVID-19, and the Russia–Ukraine war. This study examined the impact of economic uncertainty on rents and capital values in Australia's office, retail, and industrial property sectors. The reactions of these performance indicators to national uncertainty shocks were assessed through reduced-form vector autoregressive (VAR) models, using quarterly data from 2001Q1 to 2022Q3. Overall, there is an inverse relationship between uncertainty and commercial property performance, with notable variations in magnitude and persistence across the different subsectors. Rents are more sensitive to external shocks across all three subsectors, highlighting their role as signals of short-term performance. Following one standard deviation shock in uncertainty, rents steadily declined for approximately three years in the office and retail subsectors. Industrial rents, however, exhibited muted reactions and recovered quicker, typically within five quarters. This resilience to external shocks displayed by the industrial subsector positions it as a compelling option for defensive investment strategies and portfolio diversification. Capital values are less reactive than rents, showing minimal responses to uncertainty shocks and little long-term persistence. [ABSTRACT FROM AUTHOR]

Expected losses anchored to purchase prices can affect actual transactions in different property sectors. Utilizing the data of over a million commercial and residential property transactions in Hong Kong from 1991 to 2015, we find that sellers facing nominal losses relative to their prior purchase prices attained higher selling prices than their counterparts. We suggest two market factors to account for the extent of the loss effect on the market transaction prices. First, the loss effect is only prominent when comparable transaction information is not readily accessible, such as in the less-transacted commercial property market. Second, our results suggest the relevance of the loss effect to the boom-bust property cycle in both the residential and commercial markets. The effect of expected losses on transaction prices is relatively weak in the bust period between 1998 and 2003 when the Hong Kong property market lost almost two-thirds of its value, and it enlarges with the market recovering. The loss effect is not attenuated at the aggregate market level but is associated with strong reductions in price declines in the bust period and in the commercial market. These results have implications for understanding the market adjustment of the loss effect in the property market and its association with the aggregate market dynamics in a boom-bust property cycle. [ABSTRACT FROM AUTHOR]

This study explored the key considerations of commercial property investors acting under conditions of economic uncertainty across the following three dimensions: market fundamentals, institutional, and behavioural factors. Over the past few decades, a series of exogenous shocks to the global economy has impacted property performance, investment volumes, and investor perceptions. Acknowledging that uncertainty further complicates investment decision-making, a mixed-methods research approach was adopted to examine the perspectives of 5 experts and 412 property investors. The findings revealed that, while most investors express negative responses to uncertainty and adopt more cautious attitudes, others are more aggressive and attempt to capitalise on emerging opportunities. Market fundamentals are not the only key consideration; access to information and investors’ behaviour all impact how decisions are made under these conditions. In particular, wealthy and more experienced investors make more comprehensive decisions, considering all three dimensions, while aggressive investors may disregard data in favour of intuition. Behavioural biases such as the bandwagon effect and fear of missing out (FOMO) all influence decisions and are sometimes exacerbated by media narratives. Practically, these considerations underscore the complexity of decision-making under conditions of uncertainty and how different investors attempt to navigate market volatility.

Economic uncertainty has steadily increased in response to a series of unforeseen shocks, notably the Global Financial Crisis, Brexit, COVID-19, and the Russia–Ukraine war. This study examined the impact of economic uncertainty on rents and capital values in Australia’s office, retail, and industrial property sectors. The reactions of these performance indicators to national uncertainty shocks were assessed through reduced-form vector autoregressive (VAR) models, using quarterly data from 2001Q1 to 2022Q3. Overall, there is an inverse relationship between uncertainty and commercial property performance, with notable variations in magnitude and persistence across the different subsectors. Rents are more sensitive to external shocks across all three subsectors, highlighting their role as signals of short-term performance. Following one standard deviation shock in uncertainty, rents steadily declined for approximately three years in the office and retail subsectors. Industrial rents, however, exhibited muted reactions and recovered quicker, typically within five quarters. This resilience to external shocks displayed by the industrial subsector positions it as a compelling option for defensive investment strategies and portfolio diversification. Capital values are less reactive than rents, showing minimal responses to uncertainty shocks and little long-term persistence.

With COP27 being held in Egypt, a non-Western country, poorer and adversely impacted societies will demand a stronger say in negotiations. There is increased pressure on the rich to dramatically reduce their emissions, provide reparation for past damage and exploitation, and assist poorer nations to improve social livelihoods. Such a new world order will require that global inequity in resource consumption be placed in the spotlight, with fair shares demanded for all. Calling for drastic and urgent action and a paradigm shift to contain warming to 1.5°C, the 2022 IPCC report 'Climate Change 2022' emphasised the need for ‘sufficiency’ to avoid demand for resources while providing wellbeing for all within planetary limits. However, responses to date have been grossly inadequate, amid continued economic growth and policies based upon resource efficiency, renewables and a circular economy. This is most evident in the construction and property sectors, where high rates of new construction continue in both the Global North and South, while claiming this is green and carbon neutral. Bolder, more ambitious policies are proposed that seek to rebalance construction to suit needs, not wants, and especially to restrain the excesses of the property industry driven by financialisation. 'Policy relevance' Current policies and approaches are inadequate to make the required savings in carbon and resource consumption. While embodied carbon is increasingly recognised, this largely applies at the materials level and to carbon intensity metrics, which may lead to around 50–60% reduction. However, building less ('e.g.' by adapting existing stock) or not building at all lead to significantly greater savings of greenhouse gases and resources. To meet climate and other targets, policies and approaches are required that question the global demand for new construction within high- and medium-income societies, rebalance such construction and resource consumption, restrain building size and floor area, and invoke ‘sufficiency’ metrics. Maximum carbon reduction and improved resource allocation may be achieved by carbon budgets and (radically) questioning the need for certain building types, especially when digitalisation enables work from home. Means of diverting investment for social purposes, while integrating such policies in the planning system, are examined.

The improvement of property price modelling accuracy using property market segmentation approaches is well documented in the housing market. However, that cannot be said of the commercial property market which is adjudged to be volatile, heterogeneous and thinly traded. This study, therefore, determines if the commercial property market in Malaysia is spatially segmented into submarkets and whether accounting for the submarkets improves the accuracy of price modelling. Using a 11,460 shop-offices transaction dataset, the commercial property submarkets are delineated by using submarket binary dummies in the market-wide model and estimating a separate hedonic model for each submarket. The former method improves the model fit and reduces error by 5.6% and 6.5% respectively. The commercial property submarkets are better delineated by estimating a separate hedonic model for each submarket as it improves the model fit by about 7% and reduces models’ error by more than 10%. This study concludes that the Malaysian commercial property market is spatially segmented into submarkets. Modelling the submarkets improves the accuracy and correctness of price modelling.

The COVID-19 pandemic has provided the biggest recent test of the valuation profession and valuation standards, notably 'RICS Global Standards — Valuation "Red Book"' ('Red Book Global'). Many positive lessons have been learnt from the crisis, the principal one being for valuers to be prepared for changing valuation practice in the light of severe market challenges, while still adhering to valuation standards requiring the provision of accurate, objective and evidenced advice. The demand for explicit valuation techniques and a comprehensive rationale, increased automation and digitisation, with more demanding governance is unlikely to be reversed following the initial impact of COVID-19. This paper analyses how valuers will continue to rise to these challenges. [ABSTRACT FROM AUTHOR]

With COP27 being held in Egypt, a non-Western country, poorer and adversely impacted societies will demand a stronger say in negotiations. There is increased pressure on the rich to dramatically reduce their emissions, provide reparation for past damage and exploitation, and assist poorer nations to improve social livelihoods. Such a new world order will require that global inequity in resource consumption be placed in the spotlight, with fair shares demanded for all. Calling for drastic and urgent action and a paradigm shift to contain warming to 1.5°C, the 2022 IPCC report Climate Change 2022 emphasised the need for 'sufficiency' to avoid demand for resources while providing wellbeing for all within planetary limits. However, responses to date have been grossly inadequate, amid continued economic growth and policies based upon resource efficiency, renewables and a circular economy. This is most evident in the construction and property sectors, where high rates of new construction continue in both the Global North and South, while claiming this is green and carbon neutral. Bolder, more ambitious policies are proposed that seek to rebalance construction to suit needs, not wants, and especially to restrain the excesses of the property industry driven by financialisation. [ABSTRACT FROM AUTHOR]

The valuation of commercial properties for the guarantee of loans is extremely relevant for financial institutions, since it directly impacts the calculation of the loan to value ratio (LTV). However, despite the vast literature on the subject, the choice of methodological basis and the definition of the type of value to be employed are not pacified issues among researchers and practitioners. In this sense, the main objective of this paper is to present a methodological approach, as well as a suggestion of the type of value for the valuation of commercial properties bound collateral.

Abstract Urban transport investments have contributed to the exponential increase of value from land and properties around the built infrastructure. Although literature had shown evidence of value uplift from the residential property due to transit development, little is known about the impact on commercial property values. This paper aims to evaluate the impact of rail transit proximity to the commercial property market by taking into account the pre-operation of the LRT project in Jakarta, Indonesia. This study utilizes a big data approach to accelerate research data processing by employing data mining method, as well as geographical information system (GIS) and hedonic price modeling (HPM) to investigate the property prices to formulate empirical evidence for the research. The results show opposite evidence compared to previous studies which argued that accessibility may contribute to the property price when closer to the transit station. The findings indicate that proximity to rail transit has an insignificant impact on the commercial property price compared to other variables such as building size, number of rooms, location, and hospitals. A comparison of the findings between this research with other studies was discussed and recommendation for further research development was proposed.

Sustainability is no longer a new concept. However, applying, measuring and reporting on the sustainability initiative is still a somewhat confused and subjective issue. There is a huge variety of sustainability guidelines and green building schemes of differing natures, meanings and wordings. Despite this, there is no one guideline providing a crossreference between corporate social responsibility and green building performance to help the commercial property market completely incorporate sustainability into their activities. Therefore, this paper intends to link sustainability, real estate environmental, social, and governance (ESG) and sustainable building in order to help companies internalise this concept in all areas of their operations aligning it with their strategic planning. From desk-based research, this proposal examines and compares key aspects of the main schemes in existence, which are currently evolving in the definition, assessment and report of sustainability at the corporate and built environment level. This approach provides key information to help professionals get a better understanding of the specific changes which sustainability brings about in their corporate process, strategies, investment decisions, daily business operations as well as their property management. The insights presented here can support real estate companies to develop comprehensive communication flows and tools for the measurement and disclosure of sustainability data.

The paper examines the relationship existing between commercial property investment returns and public capital investment (budgetary expenditures) on road infrastructure in Fadikpe area, Minna (Nigeria) with the aim of determining the degree of impact of public capital investment on commercial property investment returns. The paper addresses a pertinent policy and practice question on the impact of government’s budgetary expenditures on real estate sector of the economy. Government increasingly faces funding challenges in providing new infrastructure or improvement of existing ones, thus, keen to know the areas of greater impact of its expenditures and the extent to which the benefits from the impact may go in augmenting or providing funds (through tax) for new road infrastructure provision or repair of existing ones. The research uses the before-and-after case method to identify an increase in property values (rental and sales) as measured by the trend of property investment returns before-and-after budgetary expenditures. The results show that commercial property investment returns in the area increased after budgetary expenditure (road construction) took place. The results form the basis upon which the government should consider more budgetary allocations and expenditures related to road transportation infrastructure in its budgetary allocation decisions. The results also quantify the proposed alternative source of funding (property tax) that can be harnessed via capturing the increase in property investment returns.

The subject of the article is international legal aspects of economic responsibility of states. The aim of the article is to find an answer to the problematic issues of economic responsibility of states and its international legal aspects. Different concepts of economic responsibility are analyzed due to the lack of a unified approach to it both in economics and in related branches of law. It is noted that the institution of economic responsibility is designed to stabilize the relations of socio-economic development, the interests of participants in social exchange and to achieve the goals of sustainable development. From the international legal point of view of understanding economic responsibility, the state bears two types of responsibility – material (economic) and non-material (political). And international legal responsibility of the state is considered as an institution of the law of international responsibility. It is from this point of view the economic responsibility of the state is considered by international lawyers and specialists in the field of international relations. The methodology of the article is based on the fact that there are three basic mechanisms of liability – derivative of property rights, contracts, and torts. Contract law deals with breaches of duty, tort law deals with accidental or intentional injury to persons or property, and property law deals with misappropriation or interference with property rights. It is concluded that the state is the same economic entity in terms of economics as all equal economic entities. However, the applicability of the means of economic responsibility in the international legal aspect is complicated by the immunity of the state with regard to its property. Therefore, there are signs of liability not for all property, but only for that which has certain signs of applicability – use for commercial purposes, connection with the subject matter of the claim. In the aspect of economic responsibility, there is a distinction between immunity from jurisdiction and immunity from enforcement. The problem of differentiation of commercial and state property is outlined, attention is focused on the existence of certain categories of state property, the public nature of which is not in doubt and which are not considered possible for economic (property) responsibility for the conduct of diplomatic and consular activities of their missions, consulates, special missions, etc., whose immunity is enshrined in the Vienna Convention on Diplomatic Relations of 1961; military property, as well as property used for military purposes; property that is part of the cultural heritage of a foreign state or part of its archives, as well as property that is part of an exhibition of items of scientific, cultural or historical significance. It is also concluded that economic responsibility in international law is not always associated with the negative consequences of unlawful behavior, because it can also be applied as a result of lawful behavior, leading to the infliction of harm to other subjects. Thus, the economic responsibility of the state is on the verge of regulation of public and private law. This is its peculiarity and complexity of its application to the state.

This paper utilizes timely proprietary data to examine the contemporary impact of the COVID-19 pandemic on commercial property rent dynamics in the Asia--Pacific region. Given that the Asia--Pacific region was the first to be impacted by the public health crisis, it is important to examine how the COVID-19 pandemic has affected the real estate markets in this region and to assess how the region has been recovering since then. Our regression analysis, controlling for different macroeconomic fundamentals and city and property type fixed effects, documents substantial declines in rents of approximately 15% during the first six months of 2020 across the Asia--Pacific commercial property market. We further observe that the most significant declines in rent occur in regions where exposure to the COVID-19 pandemic is the more severe, and in the retail property sector, where we have been observing continued declines of over 30%, with little recovery as of the second quarter of 2020. In additional analysis, we examine capital values and show that while capital targeting the retail property sector has been muted, there is some evidence showing capital flows into the residential and industrial sectors. We also show that fiscal stimuli imposed by governments have moderated the adverse impact of the pandemic. Overall, our study shows that while the effect of the COVID-19 public health crisis is detrimental to commercial real estate, its impact varies significantly across different regions and property sectors. [ABSTRACT FROM AUTHOR]

Infrastructure development in Indonesia creates massive impacts on the economy. The Light rail transit (LRT) of greater Jakarta (Jabodebek) project has been estimated to have cost more than 29 trillion rupiahs due to land acquisition and route planning. The urban transit development may impact to the price of property including residential, commercials and offices along the route. This research aims to determine variables affecting the price elasticity of property and the correlation to station proximity. Data mining through web scrapping was used to assess the degree of correlation between price elasticity and station location. The result shows that approximately 13% of the commercial property was spread over a distance of 1 km from the LRT station. The closer a property to transit station, the price will be twice cheaper compared to those located further. The findings also show variables that highly contribute to property prices including schools, hospitals, and proximity to some of transit stations located in city center of Jakarta and building density.

Issues of valuation error have become one of the most significant challenges of the valuation profession lately. The derivation of property returns from commercial income and prices actually paid has cast a lot of doubt on the reliability of valuation opinion in the commercial property investment decision process. This study investigates the implication of valuation inaccuracy on investment performance of commercial properties in Akure, Nigeria. Questionnaires were administered to 25 registered and practicing Estate Surveyors and Valuers (ESVs) in Akure and 19 duly filled questionnaires were returned for analysis. Descriptive analysis was used to assess the level of inaccuracy and the factors influencing the valuation inaccuracy, while regression analysis was used to examine the effect of this inaccuracy on investment performance. It was discovered that the most common level of valuation inaccuracy in Akure is ±11-15% which is above the acceptable range of ±5%. It was also discovered that the various assumptions made by the valuers and the market indices used in carrying out valuation have the highest influence on the inaccuracy discovered in their valuation. From the simple linear regression analysis carried out, it was found that valuation inaccuracy has negative implication, at β=-.800, t=3.873, p>.05 on the investment performance. This shows that the higher the level of inaccuracy of valuation, the lower the performance of the investment. The result, however, indicates that the effect of valuation inaccuracy on commercial property investment performance is statistically insignificant. This study recommends that valuers in Akure should be very careful in making assumptions and be more vigilant regarding their use of market indices for valuations. It also recommends that valuers should be aware that investors rely on the accuracy of their valuations for making timely investment predictions and should therefore ensure conscientious efforts are put in place for accuracy of their valuations.

In this paper, we set up a two-sided random search model to study the trading behaviour between buyers and sellers in the commercial real estate market. Our model shows that the interaction between search and bargaining has a profound influence on the role played by the market search friction regarding the equilibrium transaction price of commercial property and the well-being of both buyers and sellers. Against the traditional view that the existence of search friction always plays a negative role in the commercial real estate market, we find that under some conditions the market search friction can increase the equilibrium transaction price of commercial property and thus benefit sellers, which is considered the most valuable especially during the downturn of a business cycle. [ABSTRACT FROM AUTHOR]

Under the provisions of the standard Valuation to Secure Debt made by the Polish Federation of Valuers’ Associations, in preparing the appraisal report for this purpose, the valuer, among other things, is “obligated to identify risk areas related to the property concerned, including the anticipated changes in the property market and the risk related to how the property is assessed by investors”. The article discusses the assessment of the risk of incomes generated by a commercial property which is to constitute loan security. Factors influencing the variability of incomes taken into consideration in the income approach to property valuation are subject to detailed analysis. The article analyses the assessment of the risk of earning income different from that expected from the property constituting loan security with the use of statistical measures. The main purpose of the article is to propose the application of statistical measures for income risk assessment. Auxiliary goals are listing the factors which influence the variability of incomes in property valuation and characteristic features of modern office space in the Polish Tricity (i.e. Gdansk, Sopot, Gdynia) near the Baltic Sea, with the analysis of rents and vacancies. The article analyzes data from the Tricity property market over the period 2009 – 2016.

Valuation for secured lending is required when an interest in real property is used as security for a loan. The outcome of such valuation will help the lending institution to achieve commercial prudence in lending as well as avoid taking undue risk. This paper examines the issues and developments in the valuation of urban commercial properties in Nigeria for secured lending purposes. It argues that due to the volatile nature of the Nigerian economy, coupled with the linkage between the economy and commercial property markets, the maximum amount of loan to be granted by lenders in the country using interest in commercial property as collateral should be based on the Mortgage Lending Value (MLV) and not the Market Value (MV) of the property, although the market value should also be reported in the valuation. A case study is used to demonstrate the valuation. It further contends that since the inputs for determining the MLV of a commercial property must be derived from long-term trends in the property and financial markets, it is more stable than MV when used to determine the maximum amount of mortgage loan to be granted by a lender. It concludes that the stability of the MLV makes it more reliable than the MV in achieving commercial prudence in mortgage lending as it fits into the long-term nature of mortgage loan repayment.

The introduction of the Digital Economy Act 2017 followed by the New Electronic Communications Code are legislation changes that property owners, investors and developers should be aware of. In particular, the ability of electronic communications network operators to take property owners to court to seek to impose rights over their property assets and the restrictions on removing phone masts without a court order are having a fundamental impact on how the property sector perceives mobile phone masts and other electronic communications infrastructure. This paper reviews some of the issues that are causing difficulty between the property sector and network operators, particularly issues that professionals advising property owners should be alive to and upon which early specialist advice may be prudent before engaging with network operators. [ABSTRACT FROM AUTHOR]

Sustainability is no longer a new concept. However, applying, measuring and reporting on the sustainability initiative is still a somewhat confused and subjective issue. There is a huge variety of sustainability guidelines and green building schemes of differing natures, meanings and wordings. Despite this, there is no one guideline providing a crossreference between corporate social responsibility and green building performance to help the commercial property market completely incorporate sustainability into their activities. Therefore, this paper intends to link sustainability, real estate environmental, social, and governance (ESG) and sustainable building in order to help companies internalise this concept in all areas of their operations aligning it with their strategic planning. From desk-based research, this proposal examines and compares key aspects of the main schemes in existence, which are currently evolving in the definition, assessment and report of sustainability at the corporate and built environment level. This approach provides key information to help professionals get a better understanding of the specific changes which sustainability brings about in their corporate process, strategies, investment decisions, daily business operations as well as their property management. The insights presented here can support real estate companies to develop comprehensive communication flows and tools for the measurement and disclosure of sustainability data. [ABSTRACT FROM AUTHOR]

The purpose of this study is to evaluate the impact of cross border real estate investments on the performance of the direct commercial property market in Australia. Using an autoregressive distributed lag (ARDL) model, factors including volume of cross border real estate investments, real gross domestic product (RGDP), office stock, and vacancy and net absorption rates are examined for their impact on total returns. The results indicate that traditionally established long-term drivers, including RGDP, office stock, and vacancy and net absorption rates, are still relevant. It is found that cross border real estate investments have impact on the performance of the direct commercial office property market in Australia. The results and findings would help property investors, developers, policymakers, and stakeholders in decision making around property investments. This research is an initial study that focuses on the impact that cross border real estate investments have on the performance of the direct commercial/office property market in Australia. [ABSTRACT FROM AUTHOR]

Commercial hosts are becoming increasingly common in peer-to-peer (P2P) accommodation sharing. Yet the interplay between commercial and individual hosts has been unclear. This study investigates the effect of properties managed by commercial hosts on the individual hosts in the neighborhood. Specifically, we hypothesize that an increase in commercial properties, which have competitive advantages, would penetrate neighborhood markets and cannibalize the online popularity of individual properties. We test these hypotheses using a large-scale, longitudinal data set collected from a leading P2P accommodation-sharing platform in Beijing. The findings show that an increase in commercial properties is associated with a decline in the popularity of individual properties in the neighborhood. However, the negative effect of commercial properties is weakened when there is a higher price difference between the two ownership types and a higher density of tourist attractions. The implications for service operations and strategies for P2P accommodation-sharing businesses are discussed. [ABSTRACT FROM AUTHOR]

There is widespread acceptance that both intuition and rationality can play significant roles in valuation decision-making. However, a study that specifically examines how intuitive and rational approaches interact is still missing. This study addresses this gap by applying cognitive theories of information processing and using a very detailed analysis of verbal protocols to propose a model of cognitive structure that identifies and describes the reasoning of property valuers during a commercial valuation task. The empirical data suggest that valuers start with an established goal and then engage in analytical and intuitive thinking until a valuation outcome has been reached. It is argued that a major reason for effective valuation decision-making, in a real-world context, is that the cognitive processes required by experts' analytical and intuitive thinking demonstrate greater degree of cohesiveness and interrelatedness. The ability of valuers to integrate more intuition into their largely rational decision-making process suggests the need for valuation professional organisations to formally acknowledge intuition as an important component of valuation professional competence and skill requirement and to customise professional valuers' training and development programmes to facilitate the development of appropriate intuitive approaches for effective valuation decision-making. [ABSTRACT FROM AUTHOR]