1,721,069 research outputs found
The definition of fair divisional projects in bankruptcy and inheritance disputes
No full textIn this research a model to support the definition of efficient and fair divisional projects in considerably complex bankruptcy procedures and inheritance disputes has been developed. The model is based on the principle that is generally pursued in defining shares to be assigned for inheritance divisions, according to which the assignment of the deceased’s assets must minimize the monetary compensations that result from the difference between the heirs’ legal right shares and the portions to be assigned to them. The application of the model proposed shows its validity, implemented by a user-friendly software
Break Even Analysis for the financial verification of urban regeneration projects
No full textThe involvement of the private investor in urban regeneration projects makes the
verification of the financial feasibility of the initiative inevitable. Thus, the applicability of Break
Even Analysis (BEA) is tested in this study. BEA is a financial analysis technique that allows to study the impact that technical, economic and organizational decisions may have on the financial feasibility of the project. The main methodological and operational aspects of BEA are discussed,
with the application of an urban regeneration of a former brownfield site located in a city of Southern Italy being developed. The success of the experiment confirms the possibility to use BEA
for the financial analysis of projects, especially in the early design stages
Estimative analysis of a segment of the bare ownership market of residential property
No full textEstimative analysis of the property market aims to identify the
parameters, economic variables and mechanisms at the basis of negotiations
that take place in the market. The aims are explanatory and predictive. In this
work, a multiple regression analysis is carried out to evaluate a segment of the
bare ownership market of residential properties in a district of an Italian city. In
particular, using regression, the explanatory variables in the price of the bare
ownership are selected among those initially identified with the empirical
observation of this phenomenon, the hedonic prices and weights of the
explanatory variables are estimated, the estimation function of the bare
ownership price is specified as well as the average depreciation rate determined
by the usufruct. The discrepancy between the depreciation rates estimated with
the regression and those set out by the law for tax purposes, but applied when
estimating the bare ownership value, leads to distrusting the practical use of the
latter in matters other than tax purposes
Evaluation of the economic sustainability of the projects in social housing
No full textWith reference to operations of urban regeneration to be realized
with the involvement of private investors, in this work a model of Operative
Research is developed that allows to define, subject to the constraint of financial
feasibility for the private operator, the maximum share of social housing to
be borne by the private sector, the administered price of sale and/or lease of
social housing and the exchange factor of the area to redevelop. The model is
applied to a project of urban regeneration and social housing recently realized
in an Italian Region. The research highlights the utility of the model as a tool
for decision support in the planning of social housing
Least median of squares regression and minimum volume ellipsoid estimator for outliers detection in housing appraisal
No full textIn the real estate sector the regression analysis is the most used method for interpretative and predictive purposes. However, the presence of outliers in the estimative sample can lead to ordinary last squared regression models that do not represent the investigated market phenomenon, with the consequence of producing unreliable assessments. In the present research the issue of the identification and the removal of outliers is discussed. The outliers identified by the least median of squares regression (LMS) and the minimum volume ellipsoid estimator (MVE) are compared in order to test the coincidence or the diversity. A complete diagnosis of the data of the initial estimative sample is carried out, combining the robust residuals obtained with LMS and the robust distances obtained with MVE. The data are classified into regular observations, vertical outliers, good leverage points and bad leverage points, and cases to delete and those to keep in the sample are identified
Bare ownership evaluation. Hedonic price model vs. Artificial neural network
No full textIn the current downturn of European real estate market, the sale of the bare ownership is creating a growing interest of market operators. The
attention to this formula is not only local, but also comes from foreign investors, attracted by the substantial saving on the purchase price, the
revaluation of the property over time, as well as the breakdown of the tax burden and the costs of management and maintenance. The aim of this research
is, first of all, to deepen the knowledge of the bare ownership market of residential properties. Secondly, it is to develop an effective tool for estimating
the bare ownership. Therefore, on the same database and with reference to the same explanatory variables of the price of bare ownership, two estimation
models are implemented, one based on hedonic prices theory and another using artificial neural networks (ANN), in order to compare the respective
performance.In the current downturn of European real estate market, the sale of the bare ownership is creating a growing interest of market operators. The attention to this formula is not only local, but also comes from foreign investors, attracted by the substantial saving on the purchase price, the revaluation of the property over time, as well as the breakdown of the tax burden and the costs of management and maintenance. The aim of this research is, first of all, to deepen the knowledge of the bare ownership market of residential properties. Secondly, it is to develop an effective tool for estimating the bare ownership. Therefore, on the same database and with reference to the same explanatory variables of the price of bare ownership, two estimation models are implemented, one based on hedonic prices theory and another using artificial neural networks (ANN), in order to compare the respective performance
Least Median of Squares regression and Minimum Volume Ellipsoid estimator for outliers detection in housing appraisal
No full textIn the real estate sector the regression analysis is the most used method for interpretative and predictive purposes. However, the presence of outliers in the estimative sample can lead to ordinary last squared regression models that do not represent the investigated market phenomenon, with the consequence of producing unreliable assessments. In the present research the issue of the identification and the removal of outliers is discussed. The outliers identified by the least median of squares regression (LMS) and the minimum volume ellipsoid estimator (MVE) are compared in order to test the coincidence or the diversity. A complete diagnosis of the data of the initial estimative sample is carried out, combining the robust residuals obtained with LMS and the robust distances obtained with MVE. The data are classified into regular observations, vertical outliers, good leverage points and bad leverage points, and cases to delete and those to keep in the sample are identified
Concession and lease or sale? A model for the enhancement of public properties in disuse or underutilized
No full textAlthough in many European countries the enhancement of public properties constitutes a theme of primary importance in the current economic situation, almost never Public Administrations have appropriate skills to rationally evaluate the best modality of valorization. This paper develops and test an evaluation model to support decisions of Public Administrations involved in the identification of the best modality of enhancement (concession and lease or sale) of public properties in disuse and/or underutilized. The model can be applied to any type of public property, but this research is focused on religious cultural buildings in disuse, common in Italy both in big cities and in smaller towns. The assumption underlying the model is that, since the properties considered are complex buildings, generally characterized by large dimensions, the form of bilateral monopoly market is always verified. The application of the model to three concrete cases, concerning religious buildings in disuse located in different areas of Southern Italy, shows that the model is a tool of simple use, exportable in any territorial context
An application of Real Option Analysis for the assessment of operative flexibility in the urban redevelopment
Full text linkThe high variability of market prices and the uncertainty that, even in restrained timeframes, is characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows the efficacy of the instrument. Assuming that the entrepreneur considers affordable the implementation of the initiative if the outcome of the discounted cash flow analysis is at least equal to a threshold value calculated as a percentage of revenues, the application of ROA returns an extended NPV that meets this constraint, whereas the use of traditional NPV suggest to abandon the project idea. The binomial approach used also allows to accurately monitor the project's development, correlating it to the evolution of the market. The work must be attributed in equal parts to the author
Modelli innovativi per l’attuazione degli interventi sul territorio: la compensazione urbanistica
No full textLa scarsa disponibilità di risorse finanziarie pubbliche, ulteriormente accentuata dai provvedimenti di contenimento della spesa pubblica, rende ineludibile il ricorso a soluzioni alternative di finanziamento e gestione delle trasformazioni urbane e, più in generale, degli interventi sul territorio. Per ovviare a questa situazione, negli ultimi anni sono stati messi a punto diversi strumenti innovativi riconducibili al partenariato pubblico-privato. Tra questi l’interesse maggiore è suscitato dalla compensazione urbanistica, la quale consiste nella cessione non onerosa a uso pubblico di immobili e/o di altre risorse private, o nella esecuzione diretta di opere di interesse collettivo, in cambio di diritti edificatori da localizzare su aree preposte allo scopo o di immobili di proprietà degli enti locali. Nel presente contributo, della compensazione urbanistica sono delineati i principali aspetti metodologici, operativi e sono accennati i riferimenti normativi
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