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.

/pdf/financialisation-the-valuation-of-investment-property-and-muee1e3t3y.pdf

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

Organizational scholars have systematically studied the negotiation process to guide the development of general descriptive and prescriptive theory. Descriptive research conducted by scholars from anthropology, law, and international relations converge on the features required for a general theory. This includes a multiphase process comprising planning, bargaining, and implementation, as well as multiparty process between actors organized within a multilevel structure. We examine to what extent negotiation scholars in management have incorporated such complexities into their empirical work. In a survey of empirical studies, we observe concentrated efforts to model and measure dyadic interactions in just one phase—bargaining—and the near exclusive use of experimental methods. By contrast, we survey prescriptive theory generated by specialized experts from various negotiation contexts and find that they place greater focus on the preparation and implementation phases. From this review, we recommend that scholars (a) theorize and measure negotiation as a multiphase process with possibilities for recursion, (b) incorporate a multiparty and multilevel structure in which actors beyond negotiating parties can influence the process, and (c) consider agreements as action commitments separate from actually realizing outcomes. In doing so, we discuss the value of integrating analogous work to furnish negotiation theory. We also provide recommendations for novel empirical approaches that move beyond experimental designs of multi-issue bargaining.

More than a Phase: Form and Features of a General Theory of Negotiation

In the context of its increasing use in policy formulation regarding planning obligations, we discuss a number of problematic issues in the application of development viability appraisal modelling in the UK planning system. The increased use of planning obligations to provide affordable housing and to mitigate the effects of negative externalities generated by new development is discussed. The methodology of development viability appraisal modelling is also outlined. Three types of problem are identified. First, there is a set of issues related to intrinsic model and input uncertainty that are problematic in the application of development viability modelling whatever the context. Second, there are problems that are specific to modelling for estimating or justifying planning obligations. In particular, a crucial input that remains contested and uncertain is threshold land value. Clear guidance can resolve this issue. Finally, and more fundamentally, due to spatial and temporal variation in the capacity of ...

/pdf/fit-for-planning-an-evaluation-of-the-application-of-1vwi1iuorn.pdf

Fit for planning? An evaluation of the application of development viability appraisal models in the UK planning system

Due to the requirement to demonstrate financial feasibility of policy proposals and scheme-specific planning obligations, development viability and development appraisal have become core themes in the English planning system. The objective of this paper is to evaluate the application of development appraisal in practice. The paper reviews the literature and the models available to assess the viability of development and analyses a sample 19 development viability appraisals to identify practice. The paper concludes that the practice of development appraisal deviates significantly from the tenets of capital budgeting theory. In particular, in addition to a propensity to oversimplify the timing of income and expenditure, the way in which debt, developer’s return and value and cost change are handled in practice illustrates a major gap between mainstream capital budgeting theory and development appraisal in practice.

Development appraisal in practice: some evidence from the planning system

Abstract Negotiation consists of a sequence of activities that occur before, during, and after the bargaining process of exchanging offers and counteroffers (Geertz, 1978; Williams, 1985; Zartman & Berman, 1983). It is a central process in many social contexts, especially those that involve exchange of goods or resources or redefining patterns of interdependence, such as when making sales, or business acquisitions. Because of its importance in social life, expert practitioners and social scientists have been attempting to investigate and understand this process for a very long time. The resulting prescriptive theories of negotiation serve to guide the thoughts and actions of negotiators who follow the advice contained within.

/pdf/negotiation-in-all-its-phases-theory-and-data-on-behavior-2bvtt9lazg.pdf

Negotiation in All Its Phases: Theory and Data on Behavior Before, During, and After Bargaining.

The Income Approach to Valuation

How to Value, Buy, or Sell a Financial Advisory Practice: A Manual on Mergers, Acquisitions, and Transition Planning

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The Income Approach to Valuation

How to Value, Buy, or Sell a Financial Advisory Practice: A Manual on Mergers, Acquisitions, and Transition Planning