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THE EFFECT OF THE VALUATION SERVİCES QUALITY FOR REAL ESTATES OWNED BY REITs ON THE REITs’ VALUE

Year 2018, Volume: 17 Issue: 53, 77 - 100, 01.01.2018

Volkan Demir Alper Metin

Abstract

One of the determinants of the value of real estate investment trusts REITs is the value of the real estate in theportfolio of these partnerships and this value is determined by the work done by real estate appraisal companies.Therefore, evaluating the quality of the valuation studies and determining the effect of the value of the real estateinvestment trusts benefiting from this service, are important for both related industries. The aim of this study isto determine whether there are any interactions between the market value of the 20 REİTs traded in BIST andthe quality of valuation services. In this study, it is also discussed which areas should be prioritized to improvethe quality of valuation activities

Keywords

Real Estate Appraisal Real Estate Investment Trusts International Valuation Standards Panel DataAnalysis

References

  • Cömert A. “Gayrimenkul yatırım ortaklıklarında finansal yapı, büyüme, strateji ve potföy teorisi prensiplerinin gayrimenkul portföyüne uygulanması” Yüksek Lisans Tezi M. Ü. İstanbul 2002
  • Demir, V., & Bahadir, O. “An investigation of compliance with International Financial Reporting Standards by listed companies in Turkey” Accounting and Management Information Systems, 2014, s.13(1), 4.
  • Demopulos, G., “What to look for in an appraisal” Origination News, 2010, 20(2), s.4-8
  • Diaz J. “An investigation into the impact of previous expert value estimates on appraisal judgment”, The Journal of Real Estate Research, 1997, 13(1), s. 57-66.
  • Diaz, J., & Hansz, J. A., “A taxonomic field investigation into induced bias in residential real estate appraisals” International Journal of Strategic Property Management, 2010, 14(1), s. 3-17.
  • Downs, D. H., & Güner, Z. N. (2013). “Commercial real estate, information production and market activity”,
  • Journal of Real Estate Finance and Economics, 2013, 46(2), s. 282-298.
  • Downs, D. H., & Güner, Z. N., “Information producers and valuation: Evidence from real estate markets”, The Journal of Real Estate Finance and Economics, 2012, 2010 (online yayımlanma tarihi), 44(1/2), s.167-183
  • Fu, Y., & Ng, L. K., “Market efficiency and return statistics: Evidence from real estate and stock markets using a Present Value approach”, Real Estate Economics, (2001)29(2), s. 227-250
  • Gilbertson, B. G. (2001). “Appraisal or valuation: An art or a science?”, Real Estate Issues, 2001 26(3), s.86-88
  • Graff, R. A., & Young, M. S. (1999). “The magnitude of random appraisal error in commercial real estate valuation” The Journal of Real Estate Research, 1999, 17(1/2), s. 33-54
  • Güven M. “Gayrimenkul yatırım ortaklıkları ve gayrimenkul yatırım ortaklıkları hisse senetlerinin verimini etkileyen faktörler üzerine İMKB’de bir uygulama” Yüksek Lisans Tezi İ.Ü. İstanbul 2006
  • Gwin, C. R., & Maxam, C. L. “Why do real estate appraisals nearly always equal offer price?: A theoretical justification.” Journal of Property Investment & Finance, 2002 20(3), s.242-253
  • Holthausen, R. W., & Leftwich, R. W. “The Economic Consequences of Accounting Choice”, Journal of Accounting & Economics, 1983 vol. 5: 77-117
  • İçellioğlu C.Ş. “Ekonomik ve finansal perspektifte gayrimenkul yatırımları: İstanbul konut piyasasının ekonometrik analizi (2008-2011)” Doktora tezi İ.Ü. İstanbul 2012
  • Jensen, M., & Meckling, W. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 1976 vol. 3, no. 3: 305-360
  • Kratzer, M. M. “Working with real estate appraisals-tips on appraising an appraisal” Real Estate Finance,2004, (6), 7-14.
  • Lahey, K. E., Ott, D. M., & Lahey, V. M., “Survey of the effects of state certification on appraisers”, Appraisal Journal, 1993, 61(3), s. 405-412
  • Lee, S. L., “The changing benefit of REITs to the mixed-asset portfolio”, Journal of Real Estate Portfolio Management, 2010, 16(3), s.201-215
  • Meacham, A. (1993). The role of a quality control checklist in avoiding appraisal report errors. Appraisal Journal, (2), s. 261-267
  • Newell, G. “The quality of appraisal reports in Australia” The Appraisal Journal, 1997, 65(1), 92-95
  • Reilly, R. F. “How to build a strong real estate appraisal report” American Bankruptcy Institute Journal,2004, (7), s. 44-51.
  • Reynolds, T., “REITs under a brighter light” Journal of Financial Planning, 1997, 10(2), s.68-77
  • Rudolph, P. M., “Will mandatory licensing and standards raise the quality of real estate appraisals?: Some insights from agency theory”, Journal of Housing Economics, 1998, 7(2), s.165-179
  • Shimizu, C., & Nishimura, K., “Biases in appraisal land price information: The case of Japan”, Journal of Property Investment & Finance, 2006, 24(2), s.150-175.
  • Slade, B. A., & Sirmans, C. F., “Office property DCF assumptions: Lessons from two decades of investor surveys”, Appraisal Journal, 2010, 78(3), s. 251-261
  • Spisni, M., Petracci, B., & Pattitoni, P., “NAV discount in REITs: The role of expert assessors”, Applied Economics Letters, 2013, 20(2), s.194-198.
  • Turnacıgil S. “Genel olarak gayrimenkul yatırım ortaklıkları ve İMKB’de bir araştırma” Yüksek Lisans Tezi Ç. Ü. Adana 2012
  • Watts, R. and Zimmerman, J. “Positive Accounting Theory”. Englewood Cliffs, NJ: Prentice-Hall.

GAYRİMENKUL YATIRIM ORTAKLIKLARININ MÜLKİYETİNDE BULUNAN GAYRİMENKULLERİN DEĞERLEMESİNE İLİŞKİN ÇALIŞMALARIN KALİTESİNİN BU ORTAKLIKLARIN DEĞERİNE ETKİSİ

Year 2018, Volume: 17 Issue: 53, 77 - 100, 01.01.2018

Volkan Demir Alper Metin

Abstract

Gayrimenkul yatırım ortaklıklarının değerinin belirleyen unsurlardan bir tanesi bu ortaklıkların portföyünde bulunan gayrimenkullerin değeri olup, bu değer gayrimenkul değerleme şirketleri tarafından yapılan çalışmalar iletespit edilmektedir. Dolayısıyla değerleme çalışmalarının kalitesinin değerlendirilerek, bu hizmetten yararlanangayrimenkul yatırım ortaklıklarının değerine etkisinin tespit edilmesi, gerek gayrimenkul yatırım ortaklıkları,gerekse gayrimenkul değerleme şirketleri açısından önem taşımaktadır. Bu çalışmanın amacı, 01.01.201131.12.2015 arası dönemde Borsa İstanbul A.Ş. ulusal pazarında işlem gören 20 adet gayrimenkul yatırım ortaklığının piyasa değeri ile hizmet aldıkları kuruluşların çalışmalarındaki kalite arasında herhangi bir etkileşimbulunup bulunmadığının tespit edilmesidir. Çalışmamızda aynı zamanda değerleme faaliyetlerinin kalitesini iyileştirebilmek için hangi alanlara öncelik verilmesi gerektiği de tartışılmaktadır

Keywords

Gayrimenkul Değerleme Gayrimenkul Yatırım Ortaklıkları Uluslararası Değerleme Standartları Panel Veri Analizi

References

  • Cömert A. “Gayrimenkul yatırım ortaklıklarında finansal yapı, büyüme, strateji ve potföy teorisi prensiplerinin gayrimenkul portföyüne uygulanması” Yüksek Lisans Tezi M. Ü. İstanbul 2002
  • Demir, V., & Bahadir, O. “An investigation of compliance with International Financial Reporting Standards by listed companies in Turkey” Accounting and Management Information Systems, 2014, s.13(1), 4.
  • Demopulos, G., “What to look for in an appraisal” Origination News, 2010, 20(2), s.4-8
  • Diaz J. “An investigation into the impact of previous expert value estimates on appraisal judgment”, The Journal of Real Estate Research, 1997, 13(1), s. 57-66.
  • Diaz, J., & Hansz, J. A., “A taxonomic field investigation into induced bias in residential real estate appraisals” International Journal of Strategic Property Management, 2010, 14(1), s. 3-17.
  • Downs, D. H., & Güner, Z. N. (2013). “Commercial real estate, information production and market activity”,
  • Journal of Real Estate Finance and Economics, 2013, 46(2), s. 282-298.
  • Downs, D. H., & Güner, Z. N., “Information producers and valuation: Evidence from real estate markets”, The Journal of Real Estate Finance and Economics, 2012, 2010 (online yayımlanma tarihi), 44(1/2), s.167-183
  • Fu, Y., & Ng, L. K., “Market efficiency and return statistics: Evidence from real estate and stock markets using a Present Value approach”, Real Estate Economics, (2001)29(2), s. 227-250
  • Gilbertson, B. G. (2001). “Appraisal or valuation: An art or a science?”, Real Estate Issues, 2001 26(3), s.86-88
  • Graff, R. A., & Young, M. S. (1999). “The magnitude of random appraisal error in commercial real estate valuation” The Journal of Real Estate Research, 1999, 17(1/2), s. 33-54
  • Güven M. “Gayrimenkul yatırım ortaklıkları ve gayrimenkul yatırım ortaklıkları hisse senetlerinin verimini etkileyen faktörler üzerine İMKB’de bir uygulama” Yüksek Lisans Tezi İ.Ü. İstanbul 2006
  • Gwin, C. R., & Maxam, C. L. “Why do real estate appraisals nearly always equal offer price?: A theoretical justification.” Journal of Property Investment & Finance, 2002 20(3), s.242-253
  • Holthausen, R. W., & Leftwich, R. W. “The Economic Consequences of Accounting Choice”, Journal of Accounting & Economics, 1983 vol. 5: 77-117
  • İçellioğlu C.Ş. “Ekonomik ve finansal perspektifte gayrimenkul yatırımları: İstanbul konut piyasasının ekonometrik analizi (2008-2011)” Doktora tezi İ.Ü. İstanbul 2012
  • Jensen, M., & Meckling, W. “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 1976 vol. 3, no. 3: 305-360
  • Kratzer, M. M. “Working with real estate appraisals-tips on appraising an appraisal” Real Estate Finance,2004, (6), 7-14.
  • Lahey, K. E., Ott, D. M., & Lahey, V. M., “Survey of the effects of state certification on appraisers”, Appraisal Journal, 1993, 61(3), s. 405-412
  • Lee, S. L., “The changing benefit of REITs to the mixed-asset portfolio”, Journal of Real Estate Portfolio Management, 2010, 16(3), s.201-215
  • Meacham, A. (1993). The role of a quality control checklist in avoiding appraisal report errors. Appraisal Journal, (2), s. 261-267
  • Newell, G. “The quality of appraisal reports in Australia” The Appraisal Journal, 1997, 65(1), 92-95
  • Reilly, R. F. “How to build a strong real estate appraisal report” American Bankruptcy Institute Journal,2004, (7), s. 44-51.
  • Reynolds, T., “REITs under a brighter light” Journal of Financial Planning, 1997, 10(2), s.68-77
  • Rudolph, P. M., “Will mandatory licensing and standards raise the quality of real estate appraisals?: Some insights from agency theory”, Journal of Housing Economics, 1998, 7(2), s.165-179
  • Shimizu, C., & Nishimura, K., “Biases in appraisal land price information: The case of Japan”, Journal of Property Investment & Finance, 2006, 24(2), s.150-175.
  • Slade, B. A., & Sirmans, C. F., “Office property DCF assumptions: Lessons from two decades of investor surveys”, Appraisal Journal, 2010, 78(3), s. 251-261
  • Spisni, M., Petracci, B., & Pattitoni, P., “NAV discount in REITs: The role of expert assessors”, Applied Economics Letters, 2013, 20(2), s.194-198.
  • Turnacıgil S. “Genel olarak gayrimenkul yatırım ortaklıkları ve İMKB’de bir araştırma” Yüksek Lisans Tezi Ç. Ü. Adana 2012
  • Watts, R. and Zimmerman, J. “Positive Accounting Theory”. Englewood Cliffs, NJ: Prentice-Hall.
There are 29 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Volkan Demir This is me

Alper Metin This is me

Publication Date January 1, 2018
Published in Issue Year 2018 Volume: 17 Issue: 53

Cite

APA Demir, V., & Metin, A. (2018). GAYRİMENKUL YATIRIM ORTAKLIKLARININ MÜLKİYETİNDE BULUNAN GAYRİMENKULLERİN DEĞERLEMESİNE İLİŞKİN ÇALIŞMALARIN KALİTESİNİN BU ORTAKLIKLARIN DEĞERİNE ETKİSİ. Muhasebe Ve Denetime Bakış, 17(53), 77-100.