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• W234984092 abstract "This paper presents a correction of A Japanese Technique for Evaluating International Real Estate Investments which appeared in the Fall 1999 issue of the Multinational Business Review. We found a significant error in the analysis, which changes the conclusion. In addition to corrected tables, we also have stated the new conclusion. The authors state that the objective of their article is to present the Japanese approach to investment valuation. This is an important issue because investing in international real estate is fraught with uncertainty. The potential benefits of foreign investment, which are associated primarily with risk reduction through diversification, are well documented, see for example, Giliberto and Testa (1990), Gordon (1991) and Eicholz (1996). However, other studies have shown that naive diversification strategies are not always successful in significantly reducing risk, for example Ziobrowski and Curcio (1991) and Ziobrowski and Boyd (1991), and thus substantial research needs to be undertaken before making investments abroad. Even then, investors might come to the conclusion that imperfect information about the country of interest might outweigh the benefits of diversification, see for example Geurts and Jaffe (1996). Since this is such a significant issue, the paper by Essayyed and Green is important. In their paper, the authors use the same case example they presented in a 1990 article in Real Estate Issues. The example used is a rich one, but not all of the information necessary to do all of their calculations is presented in the current article. However, even if the numbers given in this article are accepted, there is an error which changes the conclusion concerning the desirability of the investment. Clearly, if the error results in a faulty conclusion, especially in an area as important as evaluating international real estate investments, then this needs to be clarified. The Japanese approach to investment valuation is similar to an amortization. The process is relatively straightforward in that it calculates how long it takes to recoup an initial investment. However, in calculating this for the case example, the authors make a mistake in Table 3 (p.87) where they calculate the total remittable cash In line three of the table is a number identified as Operating cash flows. This number is the sum of the first (Net income after taxes from Table 2) and the second (Add-back depreciation) lines in the table - at least for Years 2 through 5. This is a widely accepted way of calculating cash flow. However, rather than using the line three as the basis for subsequent adjustments, it is simply added in with the other adjustments. Thus, the operating cash flows are actually included twice in the calculation of the total remittable cash As a result, the ending figure in Table 3 is overstated. The effects of the error are shown in the following tables. …" @default.
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• W234984092 date "2002-04-01" @default.
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• W234984092 title "Correction: A Japanese Technique for Evaluating Real Eastate Investments" @default.
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