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Rating Valuation: Principles and Practice
by Patrick H. Bond Peter K. BrownRating Valuation: Principles and Practice has long been the standard go-to guide for both students studying rating valuation and practitioners needing a comprehensive reference book covering rating law, valuation and, importantly, practice. This fifth edition brings the reader up to date with the changes for the 2023 Rating Revaluation and developments in case law, as well as highlighting the differences between the law in England and Wales. A comprehensive chapter covers rates in Northern Ireland. Starting with the basics, the book goes on to provide more in-depth detail for advanced readers, using clear, accessible and engaging analysis and example valuations throughout to break down what many see as a complex subject. Whether you are studying to pass your APC, or just want an overview of the changes following the latest revaluation, Rating Valuation: Principles and Practice will give you all you need to understand rating valuation.
Rating and Council Tax Pocket Book (Routledge Pocket Books)
by Matthew Cain OrmondroydThe Rating and Council Tax Pocket Book is a concise, practical guide to the legal and practical issues surrounding non-domestic rates and council tax. An essential tool for busy tax collection practitioners in local authorities and private practice, it will also be suitable for a range of non-specialist property professionals who may have to deal with rates and council tax matters as part of their practice. This handy pocket guide is accessible to specialist and non-specialist alike, covering everything from key concepts through to liability, exemptions, procedure and completion notices. The book encompasses both English and Welsh law, and includes all the relevant statutory provisions. With detailed discussion of key cases, this is a book that no one with an interest in rating and council tax should be without.
Rating von Industrieimmobilien (Edition Frankfurt School)
by Oliver Everling Peter SalostowitzDieses Buch stellt Perspektiven, Beurteilungsansätze, Voraussetzungen, Prozesse, Anforderungen und Erwartungen nicht nur der Leserzielgruppe in der Immobilienbranche, sondern darüber hinaus interessierten Lesern aus Wissenschaft und Praxis fundiert und facettenreich vor. Das Werk trägt dazu bei, einen strukturierten Überblick über die Möglichkeiten zu liefern, die aktuellen Herausforderungen in der Logistik und im Management von Industrieimmobilien anzunehmen.Große Miet- und Kaufpreissteigerungen bei Industrieimmobilien zeugen von einer Marktdynamik, die Investoren, Banken und Führungskräfte der Logistikbranche vor neue Herausforderungen stellen. Die große Nachfrage von Investoren nach marktfähigen Industrieimmobilien lässt Mietrenditen fallen und treibt zugleich die Mieterhöhungen. Der Druck auf Entscheidungsträger wächst aber nicht nur durch die geldpolitischen und gesamtwirtschaftlichen Rahmenbedingungen, sondern auch durch spezifische Megatrends, die speziell die Logistik und Industrieimmobilien betreffen: Welche Konsequenzen sind aus E-Commerce, 3D-Druck, Elektromobilität und Robotik zu ziehen? Was ist eine zukunftsfähige Industrieimmobilie, wenn bspw. keine Teilelager mehr für die Automobilindustrie und überhaupt weniger Bauteile wegen des Endes des Verbrennungsmotors gebraucht werden? Wenn Auslieferungszeiten auf eine Stunde sinken sollen, kann eine solche Anforderung nur noch aus kundennahen Immobilien darstellbar sein? Gibt es demnächst andere Hallentypen bzw. benotigt man für die Versorgung der Innenstädte überhaupt noch Hallen und wenn ja, wieviele Geschosse werden diese bei steigenden Grundstückspreisen in Zentrumsnähe haben? Werden Kunden steigende Versandkosten tragen oder dreht sich mit der Last der Auslieferungskosten der Trend zu kürzeren Auslieferungszeiten wieder um? Was passiert mit den bisher präferierten Mega-Hallen? Was spricht für mehrgeschossige Hallen an den Knotenpunkten der Infrastruktur unter Berücksichtigung von Personal und technischer Gebäudeausstattung? Hält der Trend zur Urbanisierung an oder wird die Bevölkerung aufgrund der Möglichkeiten von Homeoffice und Videokonferenzen wieder verstärkt „aufs Land“ ziehen? Wenn ja, sind die jetzigen Hallen dann noch richtig platziert? Funktionieren oder rechnen sich dann überhaupt noch Konzepte wie z.B. Lebensmittelonlinehandel? Die Autoren des Buches diskutieren Antworten auf solche und weitere Fragen aus Expertensicht. Zielgruppe sind alle, die in der Praxis mit dem Management, der Investition und Finanzierung von Logistikimmobilien zu tun haben. Indem der Titel an den Gedanken des Ratings anknüpft, Alternativen zu erheben, zu vergleichen und zu klassifizieren, soll dem Leser ein Herausgeberwerk geboten werden, das zwar wissenschaftlich fundiert ist, aber eher als praxisorientiertes Kompendium mit konkretem Nutzen für die Betroffenen positioniert ist.
Ratings Analysis: Audience Measurement and Analytics
by James Webster Patricia Phalen Lawrence LichtyThis 4th edition of Ratings Analysis describes and explains the current audience information system that supports economic exchange in both traditional and evolving electronic media markets. Responding to the major changes in electronic media distribution and audience research in recent years, Ratings Analysis provides a thoroughly updated presentation of the ratings industry and analysis processes. It serves as a practical guide for conducting audience research, offering readers the tools for becoming informed and discriminating consumers of audience information. This updated edition covers: International markets, reflecting the growth in audience research businesses with the expansion of advertising into new markets such as China. Emerging technologies, reflecting the ever increasing ways to deliver advertising electronically and through new channels (social media, Hulu) Illustrates applications of audience research in advertising, programming, financial analysis, and social policy; Describes audience research data and summarizes the history of audience measurement, the research methods most often used, and the kinds of ratings research products currently available; and Discusses the analysis of audience data by offering a framework within which to understand mass media audiences and by focusing specifically to the analysis of ratings data. Appropriate for all readers needing an in-depth understanding of audience research, including those working in advertising, electronic media, and related industries, Ratings Analysis also has much to offer academics and policy makers as well as students of mass media.
Ratings als Steuerungsinstrument von Unternehmen für eine nachhaltige Entwicklung
by Christian StrangaliesIn diesem Open-Access-Buch wird mit Hilfe einer systemtheoretischen Perspektive untersucht, wie Nachhaltigkeitsratings zu einer sinnvollen Gesellschaft beitragen. In einer grundlegenden Einführung in die Systemtheorie wird erklärt, wie die Selbsterhaltung von sozialen Systemen durch neuen Sinn ermöglicht wird, der auf weiteren Sinn verweist. Daraufhin wird die Notwendigkeit einer nachhaltigen Entwicklung der Gesellschaft systemtheoretisch dargestellt, indem ein pathologisches Wirtschaftssystem beschrieben wird, das die eigene Umwelt zerstört und dadurch immer weniger sinnvolle Anschlussoperationen findet, die weiteren Sinn ermöglichen. Zudem wird erläutert, wie aus systemtheoretischer Sicht ein nachhaltiges Wirtschaftssystem operiert. Es wird ausgeführt, wie durch eine begrenzte Reflexion neuer Sinn für das Wirtschaftssystem erzeugt wird, der im Einklang steht mit den gesellschaftlichen Entwicklungsmöglichkeiten und somit die wirtschaftliche und gesellschaftliche Selbsterhaltung langfristig sicherstellt. Anhand von Nachhaltigkeitsratings wird dann ein konkretes Beispiel angeführt, wie Entscheidungen mit einer begrenzten Reflexion in Unternehmen zu einer solchen sinnvollen Ökonomie beitragen.
Ratings: Critical Analysis and New Approaches of Quantitative and Qualitative Methodology (Contributions to Finance and Accounting)
by Peter Brusov Tatiana Filatova Natali OrekhovaThis book presents new methodologies for rating non-financial issuers and project ratings based on the BFO (Brusov-Filatova-Orekhova) theory of capital cost and structure, and its perpetuity limit (Modigliani-Miller theory), as well as modern investment models created by the authors. It first provides a critical analysis of the methodological and systemic shortcomings of the current credit ratings of non-financial issuers and project ratings. In order to increase the objectivity and accuracy of rating assessments, it then modifies the BFO theory for companies of arbitrary age as well as and the perpetuity limit (Modigliani-Miller theory) for rating needs. The authors also incorporate the financial indicators used in the rating methodology into both the BFO theory and the Modigliani-Miller theory. Within the framework of the modified BFO theory for rating needs, they then present a detailed study of the dependence of the weighted average cost of capital of WACC, used as the discount rate for discounting financial flows, on the financial ratios used in the rating, on the age of the company, on the leverage level and on the level of taxation for a wide range of values of equity cost and debt cost for companies of arbitrary age. This makes it possible to correctly assess of the discount rate, taking into account the values of financial ratios. The use of well-established corporate finance theories (BFO theory and its perpetuity limit) opens up new horizons in the rating industry, providing an opportunity to switch from mainly qualitative methods for determining the creditworthiness of issuers to mainly quantitative methods in rating, and as such improving the quality and accuracy of rating scores.
Rational Accounting Concepts: The Writings of Willard J. Graham (Routledge Library Editions: Accounting)
by Harold Q. Langenderfer Grover L. PorterWillard J. Graham (1897-1966) was an important contributor to both accounting thought and education and he pioneered life-long education for executive business that is still emulated today. This volume collects 25 of his key writings which shed light on his contributions to management accounting and business education as well as the accounting profession.
Rational Choice
by Itzhak GilboaA nontechnical, concise, and rigorous introduction to the rational choice paradigm, focusing on basic insights applicable in fields ranging from economics to philosophy. This book offers a rigorous, concise, and nontechnical introduction to some of the fundamental insights of rational choice theory. It draws on formal theories of microeconomics, decision making, games, and social choice, and on ideas developed in philosophy, psychology, and sociology. Itzhak Gilboa argues that economic theory has provided a set of powerful models and broad insights that have changed the way we think about everyday life. He focuses on basic insights of the rational choice paradigm—the general conceptualization rather than a particular theory—that survive recent (and well-justified) critiques of economic theory's various failures. Gilboa explains the main concepts in language accessible to the nonspecialist, offering a nonmathematical guide to some of the main ideas developed in economic theory in the second half of the twentieth century. Chapters cover feasibility and desirability, utility maximization, constrained optimization, expected utility, probability and statistics, aggregation of preferences, games and equilibria, free markets, and rationality and emotions. Online appendixes offer additional material, including a survey of relevant mathematical concepts.
Rational Choice and Managerial Decision-Making
by Willy ShihThis note discusses Herbert Simon's notion of bounded rationality: how managers may sometimes make suboptimal choices because of their limited ability to access or process information.
Rational Decision and Causality
by Ellery EellsFirst published in 1982, Ellery Eells' original work on rational decision making had extensive implications for probability theorists, economists, statisticians and psychologists concerned with decision making and the employment of Bayesian principles. His analysis of the philosophical and psychological significance of Bayesian decision theories, causal decision theories and Newcomb's paradox continues to be influential in philosophy of science. His book is now revived for a new generation of readers and presented in a fresh twenty-first-century series livery, including a specially commissioned preface written by Brian Skyrms, illuminating its continuing importance and relevance to philosophical enquiry.
Rational Decisions (The Gorman Lectures in Economics #4)
by Ken BinmoreIt is widely held that Bayesian decision theory is the final word on how a rational person should make decisions. However, Leonard Savage--the inventor of Bayesian decision theory--argued that it would be ridiculous to use his theory outside the kind of small world in which it is always possible to "look before you leap." If taken seriously, this view makes Bayesian decision theory inappropriate for the large worlds of scientific discovery and macroeconomic enterprise. When is it correct to use Bayesian decision theory--and when does it need to be modified? Using a minimum of mathematics, Rational Decisions clearly explains the foundations of Bayesian decision theory and shows why Savage restricted the theory's application to small worlds. The book is a wide-ranging exploration of standard theories of choice and belief under risk and uncertainty. Ken Binmore discusses the various philosophical attitudes related to the nature of probability and offers resolutions to paradoxes believed to hinder further progress. In arguing that the Bayesian approach to knowledge is inadequate in a large world, Binmore proposes an extension to Bayesian decision theory--allowing the idea of a mixed strategy in game theory to be expanded to a larger set of what Binmore refers to as "muddled" strategies. Written by one of the world's leading game theorists, Rational Decisions is the touchstone for anyone needing a concise, accessible, and expert view on Bayesian decision making.
Rational Decisions in Organisations: Theoretical and Practical Aspects
by Frédéric AdamManagers in organisations must make rational decisions. Rational decision making is the opposite of intuitive decision making. It is a strict procedure utilising objective knowledge and logic. It involves identifying the problem to solve, gathering facts, identifying options and outcomes, analysing them, considering all the relationships and selecting the decision. Rational decision making requires support: methods and software tools. The identification of the problem to solve needs methods that would measure and evaluate the current situation. Identification and evaluation of options and analysis of the available possibilities involves analysis and optimisation methods. Incorporating intuition into rational decision making needs adequate methods that would translate ideas or observed behaviours into hard data. Communication, observation and opinions recording is hardly possible today without adequate software. Information and data that form the input, intermediate variables and the output must be stored, managed and made accessible in a user-friendly manner. Rational Decisions in Organisations: Theoretical and Practical Aspects presents selected recent developments in the support of the widely understood rational decision making in organisations, illustrated through case studies. The book shows not only the variety of perspectives involved in decision making, but also the variety of domains where rational decision support systems are needed. The case studies present decision making by medical doctors, students and managers of various universities, IT project teams, construction companies, banks and small and large manufacturing companies. Covering the richness of relationships in which the decisions should and must be taken, the book illustrates how modern organisations operate in chains and networks; they have multiple responsibilities, including social, legal, business and ethical duties. Nowadays, managers in organisations can make transparent decisions and consider a multitude of stakeholders and their diverse features, incorporating diverse criteria, using multiple types and drivers of information and decision-making patterns, and referring to numerous lessons learned. As the book makes clear, the marriage of theoretical ideas with the possibilities offered by technology can make the decisions in organisations more rational and, at the same time, more human.
Rational Expectations and Efficiency in Futures Markets
by Barry A. GossDo traders in futures markets make use of all relevant information and is this reflected in prices? This collection of original essays by a team of international economists considers these and other questions central to futures markets.
Rational Expectations and Inflation: Third Edition
by Thomas J. SargentA fully expanded edition of the Nobel Prize–winning economist's classic bookThis collection of essays uses the lens of rational expectations theory to examine how governments anticipate and plan for inflation, and provides insight into the pioneering research for which Thomas Sargent was awarded the 2011 Nobel Prize in economics. Rational expectations theory is based on the simple premise that people will use all the information available to them in making economic decisions, yet applying the theory to macroeconomics and econometrics is technically demanding. Here, Sargent engages with practical problems in economics in a less formal, noneconometric way, demonstrating how rational expectations can satisfactorily interpret a range of historical and contemporary events. He focuses on periods of actual or threatened depreciation in the value of a nation's currency. Drawing on historical attempts to counter inflation, from the French Revolution and the aftermath of World War I to the economic policies of Margaret Thatcher and Ronald Reagan, Sargent finds that there is no purely monetary cure for inflation; rather, monetary and fiscal policies must be coordinated.This fully expanded edition of Rational Expectations and Inflation includes Sargent's 2011 Nobel lecture, "United States Then, Europe Now." It also features new articles on the macroeconomics of the French Revolution and government budget deficits.
Rational Exuberance
by Michael J. MandelMichael J. Mandel, chief economist of BUSINESSWEEK is the country's most passionate partisan for exuberant economic growth. In the mid-1990s, he was one of the first journalists to use the term "New Economy" to describe the fast-growing but volatile U.S. economy, supercharged by technology and finance. Mandel's understanding of the true underpinnings of the 1990s economy led to his prescient warning that the Internet bubble was about to burst, which he predicted in his book THE COMING INTERNET DEPRESSION. Now Mandel is issuing another warning. Without exuberant, technology-driven growth, the U.S. economy will lack the firepower to solve its social problems. Without breakthrough innovations like the internal combustion engine or the Internet, the U.S. economy simply can't create enough jobs or wealth to provide for its citizenry. Yet exuberant growth is stigmatized as immoral by some and bad public policy by others. And economists, surprisingly enough, are the biggest enemies of innovative, transformative growth. Mandel, a Ph.D. in economics himself, believes his colleagues in the dismal profession are a big part of the problem. Focusing on what he labels the single biggest failure in modern economics, Mandel blames NEW YORK TIMES columnist Paul Krugman, Nobel laureate Milton Friedman, and Greg Mankiw, President Bush's head of the Council of Economic Advisers, for misleading generations of students and slanting public policy against scientific innovation. Lively, opinionated, and controversial, Mandel's thinking will serve as a rallying cry for the creation of a new political coalition dedicated to economic growth. He calls on Silicon Valley to take their case to Washington, and to shift the debate from arguing about trade and budget deficits to solutions, such as more support for research, start-ups, and workforce training. Mandel is sure to kick-start that debate
Rational Exuberance for Renewable Energy
by Srinivasan SunderasanRational Exuberance for Renewable Energy is a beyond-the-hype account of the underlying issues that encourage or plague widespread dissemination of renewable energy (RE) technologies. Renewable energy operates in the real world, and it cannot be assumed that the conventional theories and incentive structures of economics and business do not apply. The author argues that grants and subsidies could be provided to support research, development and technology improvement efforts, but should not be employed as an instrument of state policy to intervene in specific markets. It is important to recognize that although investors often demonstrate an appetite for market risk, they find technology risks and policy uncertainty much less appealing. Rational Exuberance for Renewable Energy blends classical economic theory with the everyday realities of the RE industry to identify incentive structures contributing to the success - or otherwise - of project implementation involving renewable sources and appropriate technologies. The book is a compilation of articles that analyze individual RE technologies, and offer multiple perspectives of the RE industry and markets. Rational Exuberance for Renewable Energy is intended for policy makers, advanced students of energy economics and sustainable development, and for potential mainstream investors.
Rational Investing with Ratios: Implementing Ratios with Enterprise Value and Behavioral Finance
by Yannick CoulonExplaining the underlying logic behind financial ratios, this book adds to the discussion on the importance and implementation of ratios and illustrates the essential role that they play in company evaluations and investment screening. The author explores how ratios establish a proportional relationship between accounting and market data, and when well-integrated into a global company vision, can become powerful indicators capable of outlining relevant information and identifying warning signs. Going beyond merely listing possible ratios and looking further into their implementation, each ratio family is demonstrated with numerous graphs and practical case studies involving companies such as Amazon, Walmart and Alibaba. With a focus on behavioral finance and enterprise value, this innovative Palgrave Pivot will be of interest to investors, bankers and entrepreneurs, as well as finance scholars and students.
Rational Investing: The Subtleties of Asset Management (Columbia Business School Publishing)
by Jacques Lussier Hugues LangloisMany investors believe that success in investing is either luck or clairvoyance. In Rational Investing, finance professor Hugues Langlois and asset manager Jacques Lussier present the current state of asset management and clarify the conundrum of luck versus skill. The core of Rational Investing is a framework for smart investing built around three performance drivers: balancing exposure to risk factors, efficiently diversifying bad luck, and taking advantage of relative mispricings in financial markets. With clear examples from model multi-asset-class portfolios, Langlois and Lussier show how to implement performance drivers like institutional investors with access to extensive resources, as well as nonprofessional investors who are constrained to small-scale transactions. There are few investment products, whether traditional or alternative, discretionary or systematic, fundamental or quantitative, whose performance cannot be analyzed through this framework. Langlois and Lussier illuminate the structure of financial markets and the mechanics of sustainable investing so any investor can become a rational player, from the nonprofessional investor with a basic knowledge of statistics all the way to seasoned investment professionals wishing to challenge their understanding of the asset management industry.
Rational Queueing (Chapman & Hall/CRC Series in Operations Research)
by Refael HassinUnderstand the Strategic Behavior in Queueing SystemsRational Queueing provides one of the first unified accounts of the dynamic aspects involved in the strategic behavior in queues. It explores the performance of queueing systems where multiple agents, such as customers, servers, and central managers, all act but often in a noncooperative manner.T
Rationalisation and Unemployment: An Economic Dilemma (Routledge Revivals)
by J. A. HobsonFirst published in 1930, John Hobson’s study deals with the economic dilemmas generated in the early twentieth century by the advent of mass production. Namely the over-production and surfeit of goods and the resultant failure of the expansion of markets leading to record levels of mass unemployment. Seeking a solution to this dilemma, Hobson analyses all aspects of the problem: income, uses of the surplus, underconsumption, markets and distribution, and internationalism. The study also explores theories concerning economies of rationalisation, both in terms of productivity and consumption.
Rationalisierung von Inventur und Bestandskontrolle: Weniger Aufwand und mehr Sicherheit mit Stichprobeninventur (essentials)
by Jörg ÖkonomouJörg Ökonomou veranschaulicht praxisnah, wie sich mit statistischen Verfahren der Zählaufwand im Vergleich zur Vollinventur erheblich verringern lässt und sich Aufnahmefehler gleichzeitig minimieren. Dieses essential zeigt die Optionen und Umsetzungsmöglichkeiten der Methoden auf, die auch für unterjährige Bestandskontrollen ein erheblich effizienteres Mittel als das konventionelle Vorgehen sind. Es ist kein Statistik-Buch, sondern es ist gedacht für Praktiker, die Inventur- und Bestandskontrollprozesse optimieren wollen.
Rationality and Explanation in Economics (Routledge Frontiers Of Political Economy Ser.)
by Maurice LagueuxEconomical questions indisputably occupy a central place in everyday life. In order to clarify these questions, people generally turn to those who are familiar with economics. In answering such legitimate questions, economists propose explanations which rest on a few principles among which the rationality principle is by far the most fundamental. This principle assumes that people are rational, but what is meant by this has to be specified. Rationality and Explanation in Economics claims that only a minimal kind of rationality is required to ‘animate’ economic explanations. However, such a conception of rationality faces serious objections: it is closely associated with harshly criticised methodological individualism and it is not easily disentangled from sheer irrationality. The book answers these objections and shows that the economists’ way of mobilising the concepts of maximization or of consistency for defining rationality raises more serious problems. Since the latter have encouraged various attempts to downgrade or even to dispense with the very notion of rationality, the book is largely devoted to countering arguments associated with these attempts and to show why postulating that agents are rational is still the only efficient way to explain economic phenomena as such. The author also proposes original views about the role of rationality, the meaning of methodological individualism, the relevance of the selection argument and the relation between ‘rational’ explanations of economics and explanations in natural sciences.
Rationality in Economics
by Vernon L. SmithThe principal findings of experimental economics are that impersonal exchange in markets converges in repeated interaction to the equilibrium states implied by economic theory, under information conditions far weaker than specified in the theory. In personal, social, and economic exchange, as studied in two-person games, cooperation exceeds the prediction of traditional game theory. This book relates these two findings to field studies and applications and integrates them with the main themes of the Scottish Enlightenment and with the thoughts of F. A. Hayek: through emergent socio-economic institutions and cultural norms, people achieve ends that are unintended and poorly understood. In cultural changes, the role of constructivism, or reason, is to provide variation, and the role of ecological processes is to select the norms and institutions that serve the fitness needs of societies.
Rationality, Institutions and Economic Methodology (Economics As Social Theory Ser.)
by Uskali Mäki Christian Knudsen Bo GustafssonFirst published in 1993. Routledge is an imprint of Taylor & Francis, an informa company.
Rationality, Nationalism and Post-Communist Market Transformations: A Comparative Analysis of Belarus, Poland and the Baltic States (Routledge Revivals)
by Andrew SavchenkoThis title was first published in 2000: A comparative analysis of market transformation in Poland, Belarus and the Baltic states with particular emphasis on cross-national variations in speed and direction of post-Communist economic reforms. While many studies tend to concentrate on the economic aspects of market reforms, analysis of the broader institutional framework is less common. This book, therefore, focuses on the influence of historical and cultural conditions on the formation of economic policy. The findings presented indicate that, far from being a purely rational process driven exclusively by considerations of economical efficiency, post-Communist market transformation is influenced by socio-political and cultural factors which are able to account for cross-national variations in speed and direction of reforms.