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Significant Assets (significant + asset)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	75%

Selected Abstracts

Real estate and corporate valuation: an asset pricing perspective

MANAGERIAL AND DECISION ECONOMICS, Issue 7 2001
Liow Kim Hiang
Property is a significant asset in the balance sheets of some Singapore industrial/commerce firms and hotel corporations. In this research, we take on the task of examining the relationship between real estate and stock market valuation of these business firms from an asset pricing perspective. Specifically, the real estate sensitivity of ,property-intensive', non-real estate stocks is investigated in both a three-index (market, sector and property) of stock returns and in an arbitrage pricing theory (APT) framework. The APT model is further recast as a multivariate non-linear regression model with across-equation restrictions. Using weekly returns on ,property-intensive' stocks in the period 1989,1998 and three shorter-sample periods, iterated non-linear seemingly regression techniques (ITNSUR) are employed to obtain joint estimates of stock sensitivities and their associated APT risk ,prices'. The ,real estate' sensitivity is found to be systematic and priced in the APT sense of corporations being paid an ex ante premium for bearing property market risk in investing and owning properties in two of the three sample periods (1989,1991, 1992,1994). The empirical results provide some support that property is a factor in corporate valuation, and is broadly consistent with the efficient markets hypothesis. The implications for portfolio and corporate management are examined. Copyright © 2001 John Wiley & Sons, Ltd. [source]

COMMERCIAL DEVELOPMENT AND NATURAL RESOURCE MANAGEMENT ON THE INDIGENOUS ESTATE: A PROFIT-RELATED INVESTMENT PROPOSAL

ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 3 2005
Jon Altman
This article assesses the state of commercial development and resource management on Indigenous land in remote Australia. Indigenous landowners control significant assets,over one million square kilometres of land,often with substantial resource rights and income earning potential. The inactivity and missed opportunities on the Indigenous estate are of such magnitude as to represent a major risk both for Indigenous landowning communities, in terms of their future economic and social well-being, and for national and international interests in terms of ecological vulnerability. The article explores the role of government as risk manager in such circumstances and outlines the principles that might underpin any intervention program targeted to the commercial development of Indigenous land. Using the analytical framework for profit-related loans and elements of an existing venture capital support programme, the Innovation Investment Fund Program, we outline the hypothetical skeleton of a new investment scheme to assist development and natural resource management on the Indigenous estate. Our proposal can be conceptualised as a profit-related loan scheme or as a form of capped public investment. It seeks to address key elements of the market failure that exists in relation to financing development on remote Indigenous land, provides incentives for greater private sector investment, and ensures that commercial and social risks are shared equitably between government, private sector investors and Indigenous-owned corporations to avoid problems of adverse selection and moral hazard. [source]

The coming of age of major giving

INTERNATIONAL JOURNAL OF NONPROFIT & VOLUNTARY SECTOR MARKETING, Issue 3 2000
Article first published online: 12 JUL 200, Judith E. Nichols
The beginning of the 21st century may well usher in a golden age of major gifts. Not only are those donors born at the beginning of the twentieth century distributing their wealth, but ,Baby boomers' and ,Generation X' are accumulating significant assets at much younger ages. Each generation appears able and willing to make larger donations to charities. By rethinking major gifts strategy charities can benefit from the increasing wealth and affluence.Copyright © 2000 Henry Stewart Publications. [source]

Endowments: Stable Largesse or Distortion of the Polity?

PUBLIC ADMINISTRATION REVIEW, Issue 3 2007
Renée A. Irvin
As ever more private resources are held in foundations and nonprofit organizations' endowment funds, more scholars and practitioners are demanding that these assets be put to good use immediately. Those favoring the preservation of capital,primarily representing private foundations,sound unnecessarily cautious. This article examines endowment conservation from a variety of critical angles, finding strong rationales for both conserving and liquidating endowments. Policy responses to the buildup of endowment assets include requiring a faster payout or regulating the amount and type of administrative expenses included in annual payout. This article reviews the relationship of the business cycle and wealth distribution to annual giving. The most prudent course, in view of the cyclical nature of giving as well as the substantial generational wealth currently held by elders, appears to be to conserve significant assets now in order to establish a stable flow of future social benefits. [source]