The development of a CPPI
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- Elfrieda Charles
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1 Farley Ishaak Feron Sarucco Frankfurt, The development of a CPPI Practical challenges regarding data sources
2 Introduction Handbook on required data sources Issues regarding data linkage Example in the Netherlands Handbook on transaction data Issues regarding transaction data Example in the Netherlands Summary
3 Handbook on required data sources Handbook Ch Overview: In practice, compilers of CPPI s exploit two sources of data The data for other variables come from a variety of different sources Missing: issues regarding linkage of data sources
4 Issues regarding data linkage Transactions Does not contain good quality information Hybrid approach like SPAR method CPPI Valuations Does not contain good quality information Contains information on building usage Contains information on rental real estate Register of buildings Register of property ownership
5 Issues regarding data linkage Transactions Plot Valuations Valuation object Unit of measure Isolated object License Register of buildings Register of property ownership
6 Example regarding data linkage Transactions Plot Valuations Valuation object Isolated object License Register of buildings Register of property ownership
7 Example regarding data linkage Transactions Plot Valuations Valuation object Isolated object License Register of buildings Register of property ownership
8 Handbook on transaction data Handbook CPPI Ch Transactions Lack of transparency Lack of timely data from a transparent source that can be independently verified Small numbers of transactions Heterogeneity Missing: concrete issues and solutions
9 Issues regarding transaction data Lack of transparency
10 Issues regarding transaction data Lack of transparency can originate from complexities in the contracts Portfolio / cluster sales Excluding these sales is not an option: Reduced amount of transactions Possible sample selection bias
11 Issues regarding transaction data Lack of transparency can originate from complexities in the contracts Portfolio / cluster sales are registered in various ways example 1 Transaction number Address Number of objects Sale price Street Street Street Street
12 Issues regarding transaction data Lack of transparency can originate from complexities in the contracts Portfolio / cluster sales are registered in various ways example 2 Transaction number Address Sale price Street Street Street Street
13 Example regarding transaction data Object imputation method Transaction Object 1 Sale price Object 2 Object 3 Object 4 4 objects
14 Example regarding transaction data Object imputation method Transaction Object 1 Sale price Object 2 Object 3 Object 4 4 objects
15 Example regarding transaction data Object imputation method Transaction Object 1 Object 2 Object 3 Object 4 4 objects Sale price Object type Office Office Rental house Retail 3 object types
16 Example regarding transaction data Object imputation method Transaction Sale price Object type Valuation Object 1 Office Object 2 Office Object 3 Rental house Object 4 Retail objects object types
17 Example regarding transaction data Object imputation method Transaction Sale price Object type Valuation Portfolio share Object 1 Office % Object 2 Office % Object 3 Rental house % Object 4 Retail % 4 objects object types %
18 Example regarding transaction data Object imputation method Transaction Sale price Object type Valuation Portfolio share Object Office % Object Office % Object Rental house % Object Retail % 4 objects object types %
19 Summary It would be beneficial to us if the handbook would discuss the following issues more in depth: - Issues regarding the use of multiple data sources. Like key variables, units of measure, etc. - Concrete issues regarding the use of transaction data. Like portfolio sales, coping with small numbers of transactions, etc.
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