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Paper eres2016_295:
A framework to identify Tangible and Intangible assets in Real Estate companies

id eres2016_295
authors Monetti, Eliane; Daniel Britto
year 2016
title A framework to identify Tangible and Intangible assets in Real Estate companies
source 23rd Annual European Real Estate Society Conference in Regensburg, Germany
summary It seing often in capital markets the prices floating of real estate companies with low correlation with what the companies are really doing in their decisions. For that reason, the discussion on how to identify by disclosure information the fair value of those companies intensified both among its managers and capital market analysts. Traditional valuation models proved inadequate and require adaptations for use in those companies, as well as the identification and characterization of value drivers. This article aims to propose a framework of value drivers (taxonomy), tangible or intangible, identifying which are the assets that have greater influence on the value generation and why this influence, enabling investors and analysts to better assess the value of companies in the sector. After a literature review as well as the analysis of the IPO Prospectus and the financial statements available to the public, taxonomy was proposed to measure the value of the real estate companies in four dimensions: property capital, human capital, market capital and relational capital. In each dimension were identified tangible and intangible assets and these related to value generation through indicators and benchmarks.
series ERES:conference
type paper session
discussion No discussions. Post discussion ...
ratings
session Institutional Corporate Real Estate
last changed 2017/11/18 16:16
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