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James Harrison - One of the best experts on this subject based on the ideXlab platform.
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establishing a meaningful human rights due Diligence Process for corporations learning from experience of human rights impact assessment
Impact Assessment and Project Appraisal, 2013Co-Authors: James HarrisonAbstract:The United Nations Special Representative of the Secretary-General on Business and Human Rights, Professor John Ruggie, has constructed a new international framework, which is set to become the cornerstone for all action on human rights and business at the international level. The principle of human rights due Diligence (HRDD) is the central component of the corporate duty to respect human rights within that framework. This article argues that Ruggie's HRDD principle contains the majority of the core procedural elements that a reasonable human rights impact assessment (HRIA) Process should incorporate. It is likely that the majority of corporations will adopt HRIA as a mechanism for meeting their due Diligence responsibilities. However, in the context of the contentious debate around corporate human rights performance, the current state of the art in HRIA gives rise to concerns about the credibility and robustness of likely practice. Additional requirements are therefore essential if HRDD is to have a significant impact on corporate human rights performance – requirements in relation to transparency; external participation and verification; and independent monitoring and review.
Floo Seure - One of the best experts on this subject based on the ideXlab platform.
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introducing blockchain to commercial real estate exploring the applicability of blockchain technology in lowering transaction costs of the commercial real estate due Diligence Process
2018Co-Authors: Floo SeureAbstract:The global market for real estate has experienced a significant growth since the financial crisis in 2008. The current global value amounts to more than $200 trillion and comprises nearly 60% of the value of all global assets, including equities, bonds, and gold. Yet, the commercial real estate market is inefficient and opaque due to its complicated due Diligence Processes and strategic behavior in complex multi-actor environments. Blockchain technology is often suggested as a disruptive technology that could increase efficiency, transparency and minimize transaction costs in various markets. Studies on blockchain point out that the technology has enormous potentials in the financial and real estate sector, but obviously has to overcome obstacles both business-, technological-, and adoption-wise. Even though the technology is still nascent, potential disintermediation of intermediaries such as notaries, banks, escrows and in particular brokers is a significant threat for them as they might no longer be necessary, at least in the same way. A qualitative explorative case study research combined with the application of Transaction Cost Economics is used to construct a decision path that can be followed to assess the applicability of blockchain technology and subsequently determine its impact on the sources of transaction costs. Following this decision path, we found that as of now, blockchain appears not to be the most suitable technology to function as a real-time, up to date database during commercial real estate transactions. Future research is suggested to focus on identifying the potential application and implications of property-specific building passports using smart contracts.
Armands Auziņš - One of the best experts on this subject based on the ideXlab platform.
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Real Estate Due Diligence Process in International Real Estate Transactions in Latvia
Walter de Gruyter GmbH, 2015Co-Authors: Janis Viesturs, Armands AuziņšAbstract:Abstract International real estate transactions, especially in countries with different legal systems, are characterised by the fact that each transaction is unique in its complexity, confidentiality, different risk factors, and the limited availability of information regarding the real estate. The Due Diligence (DD) Process is an instrument that can help avoid or at least reduce risks and assist in making important decisions regarding real estate transactions. The term “Due Diligence” has a number of different meanings. The aim of this paper is to determine the etymology of this term and to identify its most common contemporary meaning. Each DD Process is to be recognised as a project requiring management because of the potentially high number of individuals that could be involved.
Koen De Waele - One of the best experts on this subject based on the ideXlab platform.
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venture capitalists appraisal of investment projects an empirical european study
Entrepreneurship Theory and Practice, 1997Co-Authors: Sophie Manigart, Mike Wright, Ken Robbie, Philippe Desbrieres, Koen De WaeleAbstract:The investment appraisal and valuation Process of venture capitalists includes information gathering, the assessment of risk and required return, and the choice of a valuation method. This Process is empirically studied in the United Kingdom, the Netherlands, Belgium, and France. The importance of different information sources is equal in the four countries, except that the French venture capitalists place more emphasis on personal references and the track record of the entrepreneur. The required return is lowest in the Netherlands and Belgium for every development stage of a company, and highest in the UK. The most widely used valuation method in the UK is the multiplication of past or future earnings with some price-earnings ratio. In the Netherlands and Belgium it is the discounting of future cash flows, and in France it is the book value of the net worth. Venture capitalists perform an extensive due Diligence Process before investing in a company. In this way, they want to minimize their investment risk by getting to know the entrepreneur or the management team, the product, and the market potential presented in the investment proposal. Due to possible agency problems, caused by information asymmetry and moral hazard issues, the screening of deals is extremely important. This has received extensive attention in the academic literature (for a recent overview, see Muzyka, Leleux, & Birley, 1996). Recent research (Fried & Hisrich, 1994; Steier & Greenwood, 1995) has shown that the due Diligence Process is an iterative one, where the first step is to assess whether a proposal meets the investment criteria of the venture fund (e.g., with respect to the investment stage, sector, or magnitude of the investment proposal) and whether the proposal is viable at first sight. A formal valuation of a company will only be performed when the proposal passes this initial test (Wright & Robbie, 1996). This paper focuses on the information and valuation methods used in this stage of screening of an investment proposal. Other economic agents have to value companies in other settings; e.g., investment bankers have to determine the introduction price of a new company on a stock market or they have to appraise a take-over candidate. Financial analysts have to assess whether the stock market value of a company is significantly higher or lower than its 'true' economic value, in order to decide when to sell or buy stocks (Arnold and Moizer, 1984; Moizer & Arnold, 1984; Pike, Meerjanssen, & Chadwick, 1993). The venture capitalist's valuation Process, however, is likely to differ from the ones used for these purposes, because of the very different nature of the companies they have to value. Investment proposals, received by venture capital funds, are often very risky, due to the early stage of development of the company, the lack of track record of the company, or the degree of innovation of products or markets. Moreover, the companies are not quoted on a stock market, so publicly available information is limited. The present study sheds light on this neglected area through an examination of how European venture capitalists proceed in this difficult task. The valuation of investment proposals is important for venture capitalists because the value of the company determines the proportion of shares they receive in return for their investment and thus their ultimate return. It is important for entrepreneurs, too, because a valuation that is too low will lead to an excessive dilution of their share in the company. Moreover, when entrepreneurs know how venture capitalists value investment proposals, they are better prepared to adapt their business plan to the needs of investors. They will be able to produce the required information and to understand the way venture capitalists use the information. Despite the establishment of general corporate finance principles, differences may arise in their application between countries. Previous cross-country studies on the behaviour of investment analysts has shown differences between markets. Pike et al. (1993) show that German investment analysts make significantly more use of technical analysis than do their UK counterparts who place more emphasis on net assets per share and dividend growth models. Similarly, cross-country studies of venture capitalists (e.g. Sapienza, Manigart, & Vermeir, 1996; Manigart, 1994) have demonstrated that they behave differently in different geographical markets: the European venture capital market is not homogeneous. It is important, therefore, to investigate the differences and commonalities between countries and to try to explain them. The present study is an extension of Wright and Robbie (1996), where the authors investigated the valuation Process of British venture capitalists. Here, the scope of the study is broadened to include three important Continental venture capital markets: France, the Netherlands, and Belgium.
Janis Viesturs - One of the best experts on this subject based on the ideXlab platform.
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Real Estate Due Diligence Process in International Real Estate Transactions in Latvia
Walter de Gruyter GmbH, 2015Co-Authors: Janis Viesturs, Armands AuziņšAbstract:Abstract International real estate transactions, especially in countries with different legal systems, are characterised by the fact that each transaction is unique in its complexity, confidentiality, different risk factors, and the limited availability of information regarding the real estate. The Due Diligence (DD) Process is an instrument that can help avoid or at least reduce risks and assist in making important decisions regarding real estate transactions. The term “Due Diligence” has a number of different meanings. The aim of this paper is to determine the etymology of this term and to identify its most common contemporary meaning. Each DD Process is to be recognised as a project requiring management because of the potentially high number of individuals that could be involved.