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dc.contributor.authorCrosby, Neilen
dc.contributor.authorDevaney, Stevenen
dc.contributor.authorLizieri, Colinen
dc.contributor.authorMcAllister, Patricken
dc.date.accessioned2015-12-04T10:44:16Z
dc.date.available2015-12-04T10:44:16Z
dc.date.issued2015-11-26en
dc.identifier.citationJournal of Business Ethics 2015. doi:10.1007/s10551-015-2953-1en
dc.identifier.issn0167-4544
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/252832
dc.description.abstractThis paper investigates the extent to which institutional investors may have influenced independent real estate appraisals during the financial crisis. A conceptual model of the determinants of client influence on real estate appraisals is proposed. It is suggested that the extent of clients’ ability and willingness to bias appraisal outputs is contingent upon market and regulatory environments (ethical norms and legal and institutional frameworks), the salience of the appraisal(s) to the client, financial incentives for the appraiser to respond to client pressure, organisational culture, the level of moral reasoning of both individual clients and appraisers, client knowledge and the degree of appraisal uncertainty. The potential of client influence to bias ostensibly independent real estate appraisals is examined using the opportunity afforded by the market downturn commencing in 2007 in the UK. During the market turbulence at the end of 2007, the motivations of different types of owners to bias appraisals diverged clearly and temporarily provided a unique opportunity to assess potential appraisal bias. We use appraisal-based performance data for individual real estate assets to test whether there were significant ownership effects on performance during this period. The results support the hypothesis that real estate appraisals in this period reflected the differing needs of clients.
dc.languageEnglishen
dc.language.isoenen
dc.publisherSpringer
dc.subjectAppraisalen
dc.subjectClient influenceen
dc.subjectInstitutional investorsen
dc.subjectPerformance measurementen
dc.subjectReal estateen
dc.titleCan Institutional Investors Bias Real Estate Portfolio Appraisals? Evidence from the Market Downturnen
dc.typeArticle
dc.description.versionThis is the author accepted manuscript. The final version is available from Springer via http://dx.doi.org/10.1007/s10551-015-2953-1en
prism.publicationDate2015en
prism.publicationNameJournal of Business Ethicsen
rioxxterms.versionofrecord10.1007/s10551-015-2953-1en
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserveden
rioxxterms.licenseref.startdate2015-11-26en
dc.contributor.orcidLizieri, Colin [0000-0002-7111-8052]
dc.identifier.eissn1573-0697
rioxxterms.typeJournal Article/Reviewen
rioxxterms.freetoread.startdate2016-11-26


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