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Means, Motive and Opportunity? Disentangling Client Influence on Performance Measurement Appraisals

Listed author(s):
  • Neil Crosby


    (School of Real Estate & Planning, University of Reading Business School)

  • Colin Lizieri


    (School of Real Estate & Planning, University of Reading Business School)

  • Patrick McAllister


    (School of Real Estate & Planning, University of Reading)

This paper investigates the extent to which clients were able to influence performance measurement appraisals during the downturn in commercial property markets that began in the UK during the second half of 2007. The sharp change in market sentiment produced speculation that different client categories were attempting to influence their appraisers in different ways. In particular, it was recognised that the requirement for open-ended funds to meet redemptions gave them strong incentives to ensure that their asset values were marked down to market. Using data supplied by Investment Property Databank, we demonstrate that, indeed, unlisted open ended funds experienced sharper drops in capital values than other fund types in the second half of 2007, after the market turning point. These differences are statistically significant and cannot simply be explained by differences in portfolio composition. Client influence on appraisal forms one possible explanation of the results observed: the different pressures on fund managers resulting in different appraisal outcomes.

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Paper provided by Henley Business School, Reading University in its series Real Estate & Planning Working Papers with number rep-wp2009-09.

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Length: 24 pages
Date of creation: 2009
Handle: RePEc:rdg:repxwp:rep-wp2009-09
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