Means, motive and opportunity? Disentangling client influence on performance measurement appraisals

Crosby, Neil; Lizieri, Colin; McAllister, Patrick

doi:10.1080/09599916.2010.499014

Cited by 50 publications

(64 citation statements)

References 17 publications

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“…The presence of such client influence has been confirmed using qualitative field studies and hedonic regression analyses (i.e. Crosby, Lizieri, & McAllister, 2010;Crosby et al, 1997Crosby et al, , 2015Levy & Schuck, 2005;and Smolen & Hambleton, 1997). Illustratively, Bretten and Wyatt (2001) provided indications of increasing client empowerment in the sector, raising their influence on various parts of the valuation process.…”

Section: Professional Autonomy In Real Estate Valuationmentioning

confidence: 96%

Research bias in judgement bias studies – a systematic review of valuation judgement literature

Klamer

Gruis

2017

Journal of Property Research

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a faculty of economics and Management, hu university of applied sciences, utrecht, the netherlands; b faculty of humanities, utrecht university, utrecht, the netherlands; c faculty of education, hu university of applied sciences, utrecht, the netherlands; d faculty of architecture and the Built environment, Delft university of technology, Delft, the netherlands ABSTRACT Valuation judgement bias has been a research topic for several years due to its proclaimed effect on valuation accuracy. However, little is known on the emphasis of literature on judgement bias, with regard to, for instance, research methodologies, research context and robustness of research evidence. A synthesis of available research will establish consistency in the current knowledge base on valuer judgement, identify future research opportunities and support decision-making policy by educational and regulatory stakeholders how to cope with judgement bias. This article therefore, provides a systematic review of empirical research on real estate valuer judgement over the last 30 years. Based on a number of inclusion and exclusion criteria, we have systematically analysed 32 relevant papers on valuation judgement bias. Although we find some consistency in evidence, we also find the underlying research to be biased; the methodology adopted is dominated by a quantitative approach; research context is skewed by timing and origination; and research evidence seems fragmented and needs replication. In order to obtain a deeper understanding of valuation judgement processes and thus extend the current knowledge base, we advocate more use of qualitative research methods and scholars to adopt an interpretative paradigm when studying judgement behaviour.

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Section: Professional Autonomy In Real Estate Valuationmentioning

confidence: 96%

Research bias in judgement bias studies – a systematic review of valuation judgement literature

Klamer

Gruis

2017

Journal of Property Research

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“…In this case, for example, the LVD valuers might have provided low valuation opinions compared to high valuation figures from the private valuers for their clients, which could lead to excessive variation. Indeed, recent real estate behavioural studies Schuck, 1999, 2005;Amidu and Aluko, 2007;Chen and Yu, 2009;Crosby et al, 2010;Iroham et al, 2014;Nwuba et al, 2015;Bellman and Öhman, 2016) have brought to the fore that client influence is pervasive in valuation practice and this may lead to anchoring in valuation. Although it is probable, the evidence of client influence on valuations in Ghana is unclear and, in particular, those relating to compensation valuations.…”

Section: Datamentioning

confidence: 99%

The role of task complexity in valuation errors analysis in a developing real estate market

Awuah

Gyamfi-Yeboah

2017

Journal of Property Research

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Th e r ol e of t a s k c o m pl exity in v al u a tio n e r r o r s a n aly sis in a d e v elo pi n g r e al e s t a t e m a r k e t B affo u r Awu a h, KG a n d Gy a mfi-Yebo a h, F h t t p:// dx. d oi.o r g/ 1 0. 1 0 8 0/ 0 9 5 9 9 9 1 6. 2 0 1 7. 1 3 1 5 4 4 4 Ti t l eTh e r ol e of t a s k c o m pl exity in v al u a tio n e r r o r s a n aly sis in a d ev elo pi n g r e al e s t a t e m a r k e t A u t h o r s B affo u r Awu a h, KG a n d Gy a mfi-Yebo a h, F Typ e Articl e U RL This ve r sio n is a v ail a bl e a t : h t t p:// u sir.s alfo r d. a c. u k/id/ e p ri n t/ 4 4 5 3 1/ P u b l i s h e d D a t e 2 0 1 7 U SIR is a di git al c oll e c tio n of t h e r e s e a r c h o u t p u t of t h e U niv e r si ty of S alfo r d. W h e r e c o py ri g h t p e r mi t s, full t e x t m a t e ri al h el d in t h e r e p o si to ry is m a d e fr e ely a v ail a bl e o nli n e a n d c a n b e r e a d , d o w nlo a d e d a n d c o pi e d fo r n o nc o m m e r ci al p riv a t e s t u dy o r r e s e a r c h p u r p o s e s . Pl e a s e c h e c k t h e m a n u s c ri p t fo r a n y fu r t h e r c o py ri g h t r e s t ri c tio n s. Fo r m o r e info r m a tio n, in cl u di n g o u r p olicy a n d s u b mi s sio n p r o c e d u r e , pl e a s e c o n t a c t t h e R e p o si to ry Te a m a t: u si r@ s alfo r d. a c. u k .The real estate valuation literature on Sub-Saharan Africa (SSA) shows a growing concern over valuation errors especially wide variation in valuations. Although there have been increased business and investment activities in the last decade or more in the region, these valuation errors pose a challenge to the maturity of SSA real estate markets as valuations promote transparency and support efficient operation of property markets. Based on archival and survey data, as well as insights from the task complexity discourse, this study examines the extent of variations in valuations and the effect of complex valuation tasks on the levels of the variations in Ghana. The study finds high levels of variations in valuation opinions of 33.6% and 63% for the archival and survey data respectively. These levels of variations are substantially higher than have been reported in the literature for advanced markets suggesting that the concerns of valuation errors in SSA may be well grounded. Consistent with theory, it is further established that variations in valuation opinions may be more pronounced in comparatively more complex assignments. These findings have several implications including possible loss of confidence of market players in valuations, heightening of market uncertainty and increase in transaction costs.

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“…Apart from, inter alia, fund management and investment analysis, such companies offer appraisal and valuation services to major property investors. The top five valuation firms valued 69% of property in the IPD annual index by capital value in 2008 (Crosby et al, 2010). The organisational and spatial concentration of institutional investors (UK pension, life assurance and general insurance companies) in London and the South East is similarly marked (Blake & Timmermann, 2002;Martin & Minns, 1995).…”

Section: The Market Context Of Investment Valuation Practice In the Ukmentioning

confidence: 99%

Financialisation, the valuation of investment property and the urban built environment in the UK

Crosby

Henneberry

2015

Urban Studies

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The financialisation literature has been criticised for its limited empirical base and its failure adequately to link the everyday world with that of high finance. The paper addresses these shortcomings by examining the calculative practice of property valuation. The way that valuations are performed affects their results and, therefore, the operation of the property market. The paper traces the evolving influence of finance capital on the valuation of commercial property in the UK by constructing a historiography of investment valuation since 1960. Traditional approaches to valuation have been increasingly challenged by those derived from financial economics. However, the former remains the dominant method for undertaking market valuation. Its grounding in comparison -a centring and standardising process -offers an explanation for some of the changes in the urban built environment that are ascribed to financialisation. This suggests that a more detailed and historically sensitive interpretation of financialisation is required.

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Means, motive and opportunity? Disentangling client influence on performance measurement appraisals

Cited by 50 publications

References 17 publications

Research bias in judgement bias studies – a systematic review of valuation judgement literature

Research bias in judgement bias studies – a systematic review of valuation judgement literature

The role of task complexity in valuation errors analysis in a developing real estate market

Financialisation, the valuation of investment property and the urban built environment in the UK

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