Locational Determinants of Real Estate Valuation: an Analysis of Spatial Autocorrelation in the Hedonic Pricing of Real Estate

Locational Determinants of Real Estate Valuation: an Analysis of Spatial Autocorrelation in the Hedonic Pricing of Real Estate

Date: May 1992
Creator: Shampton, John F.
Description: Recent studies of the valuation of real estate have concentrated on the use of hedonic pricing techniques in which the implicit prices of the component characteristics of an asset are inferred from the observed sale price using regression analysis. All of these studies include as explanatory variables one or more locational factors, such as distance to the central business district, as proxies for the effect that location has on the utility of land. In this research, the explicit consideration of the location of real estate in terms of the geographic or Cartesian coordinates (spatial attributes) of observed sales is shown to be a potential substitute for such proxies, either wholly or in part. Such use of spatial attributes could improve the usefulness of the hedonic methodology while at the same time significantly reducing cost and eliminating sources of error.
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Analyzing the financial condition of higher education institutions using financial ratio analysis.

Analyzing the financial condition of higher education institutions using financial ratio analysis.

Date: May 1999
Creator: Buddy, Nancy J.
Description: The problem concerned the financial indicators used to evaluate the financial condition of the six sister higher education institutions under the authority of the Board of Regents of Oklahoma Colleges. The purposes were to determine the financial ratios that best indicate financial condition; to calculate those financial ratios for the six designated Oklahoma higher education institutions; and to evaluate and compare the financial condition of the six institutions. This study attempted to further the use of financial ratio analysis as an objective addition to subjective studies that examine an institution's definition of its mission, objectives, and goals and its own assessment of the degree to which its resources allow it to attain those goals. The data were obtained from the Integrated Postsecondary Education Data System; the financial reports were audited by independent certified public accountants and presented to the Board of Regents of Oklahoma Colleges; and John Minter Associates, Inc., provided the national norms. The set of financial ratios identified provides a means to study a single higher education institution through trend analysis and in comparison to national norms. It also works well with a sample of homogeneous institutions with interinstitutional comparison. The techniques are intended to provide a general ...
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The Application of Statistical Classification to Business Failure Prediction

The Application of Statistical Classification to Business Failure Prediction

Date: December 1994
Creator: Haensly, Paul J.
Description: Bankruptcy is a costly event. Holders of publicly traded securities can rely on security prices to reflect their risk. Other stakeholders have no such mechanism. Hence, methods for accurately forecasting bankruptcy would be valuable to them. A large body of literature has arisen on bankruptcy forecasting with statistical classification since Beaver (1967) and Altman (1968). Reported total error rates typically are 10%-20%, suggesting that these models reveal information which otherwise is unavailable and has value after financial data is released. This conflicts with evidence on market efficiency which indicates that securities markets adjust rapidly and actually anticipate announcements of financial data. Efforts to resolve this conflict with event study methodology have run afoul of market model specification difficulties. A different approach is taken here. Most extant criticism of research design in this literature concerns inferential techniques but not sampling design. This paper attempts to resolve major sampling design issues. The most important conclusion concerns the usual choice of the individual firm as the sampling unit. While this choice is logically inconsistent with how a forecaster observes financial data over time, no evidence of bias could be found. In this paper, prediction performance is evaluated in terms of expected loss. Most ...
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