ROA of Real Estate Development in ZA  

作　　者：TumeUano Sebehela 

机构地区：[1]University of Reading, UK

出　　处：《Journal of Modern Accounting and Auditing》2012年第3期424-434,共11页现代会计与审计（英文版）

摘　　要：Although, there are numerous empirical studies that explore option pricing on vacant land, there is hardly such study based on a South African case study. Moreover, phenomena observed in certain countries are not always prevalent due to different economic circumstances. This case study explores option value emerging on vacant land due to office building in the Northern Suburbs of Johannesburg, South Africa （ZA） because land value ＂increased＂ in ＂price＂. Since late 1990s, Northern Suburbs are one of the most expensive areas of Johannesburg. Samuelson-McKean （1965） model is used to calculate option value on vacant land （Geltner ＆ Miller, 2001） and the model is used to estimate option values, first, when there are no costs, then when total costs are taken into account and lastly, when improvements are taken into account. The results are synonymous with option pricing theory （OPT） in sense that costs and land improvements increase option value; however, the impact of fixed costs on option value is debatable as fixed costs lead to an increase in option value while according to OPT they should not as fixed costs could easily be ＂hedged＂.

关 键 词：expansion option optionality real estate development 

分 类 号：TU241[建筑科学—建筑设计及理论] F830.9[经济管理—金融学]