外文翻译---欧洲房地产研究与教育

1、本科毕业设计（论文）外文翻译原文二：european real estate research and education:development, globalization, and maturityabstractthe last 10 years has seen the rapid development of real estate research in europe and the development of intra-european contacts and networks. at the same time, u.s. academics have become i

2、ncreasingly interested in european real estate research and strong links have developed between european and u.s. real estate academics. further links have been established between australasian and european academics. this, of course, has been set against a background of the globalization of real es

3、tate investment and the consequent globalization of real estate research. during the same period, specialist real estate education has developed in a number of european countries and the focus in real estate education in the united kingdom has changed-the development of european real estate research

4、many mainland european countries for some time have had strong research communities in housing economics, urban economics, and economic geography, but research in commercial real estate is a much more recent phenomenon. mainland europe has few specialist real estate departments in universities, and

5、as in the united states, real estate research takes place in business, economics, and finance departments. research in real estate started in the northern european countries (finland, germany, the netherlands, sweden, switzerland, and the united kingdom), but now has expanded to several countries in

6、 southern europe (france, italy, and spain) and eastern europe (such as hungary, poland, russia, and the ukraine). although researchers should benefit from the newly created appraisal-based indices in france, ireland, and the netherlands, data availability remains a constraint for researchers in man

7、y of these countries.a variety of topics have been or are being examined, such as the construction of real estate indices, the study of tenure choice decisions, the role of real estate as a portfolio diversifier and a hedge against inflation, and the impact of subsidized housing on real estate marke

8、ts. in eastern europe, great consideration is given to the effects of the transition to a market economy and to environmental issues. this latter stream of research also has drawn considerable attention from u.s. researchers. compared to u.s. real estate research, european real estate research has f

9、ocused to a lesser degree on finance and to a stronger degree on planning, land development, and urban economics. in general, european urban economics research also has tended to explore more fully alternative theoretical frameworks to neoclassical economics. however, more and more young academics a

10、re pursuing research in real estate with an investment and finance focus.with the surge in real estate research in europe, the european real estate society (eres) was created in 1994. initially, its main focus was to organize an annual conference. unlike its american counterpart (the american real e

11、state society, ares), eres does not as yet publish a journal.the development of real estate research in the united kingdomwithin europe, commercial real estate research grew first and most quickly in the united kingdom, and the lead initially came from the private sector. the united kingdom is unusu

12、al in europe in that an exclusive profession, surveying, traditionally has dealt with all aspects of real estate from its physical structure to investment analysis. in the 1950s and 1960s, the education of real estate professionals contained a substantial amount of construction and building technolo

13、gy and very little investment and finance. it focused on individual buildings rather than portfolios- research tended to follow similar priorities, although overlaps with planning education in some institutions meant the early development of planning and development research.as u.k professional prac

14、tice developed a stronger focus on the financial aspects of individual real estate investments and, later, on portfolios of investments, more rigorous research was needed to underpin investment decisions and research departments were established. the traditional skills and the education of surveyors

15、 were inappropriate for many of the developing functions; and those recruited to research departments, initially in surveying firms and then in the large financial institutions, mainly were from backgrounds in economics, geography, and planning. as private practice developed, particularly within the

16、 institutions, there was a need to compare real estate with other investment classes. as a result, progressively since the mid-1980s and particularly within the institutions, the traditional barriers between real estate and other investment professionals have been breaking down.the surveying firms c

17、ollected appraisal data, and a number produced and reported rent, yield, and returns indices: most go back to the middle to late 1970s but some poorer quality data are available from the early 1960s. these indices have allowed the development of empirical research, such as real estate market forecas

18、ting. in contrast to the availability of these appraisal-based data, data on supply and vacancy rates never have been collected systematically by the private sector outside london, and what is available from the government is of poor quality. accordingly, the incorporation of supply or vacancy varia

19、bles is more difficult than in the united states.at the same time as these changes and in a few cases predating and anticipating them, a number of other developments occurred first, the investment property databank (ipd) was established to provide a performance analysis of u.k. real estate portfolio

20、s, a market index, and a research database. it now has detailed records going back to 1981 on over 29,000 properties. second, surveying education and academic research, encouraged by the 6 hoesli and macgregor royal institution of chartered surveyors (rics), developed in directions similar to the pr

21、ofessional changes and began to produce both graduates and research more suitable to the changed context. third, the society of property researchers (spr) was established in 1987, initially with a membership of private sector researchers but more recently drawing more of its membership from academic

22、s, first from surveying and then from a wider range of disciplines. progressively, specialist real estate journals and research-based conferences developed, drawing in contributions from a range of disciplines, with the result that these grew very quickly in quality and importance.journalsthe first

23、journals focusing on land and real estate markets had an urban and housing economics focus and were established in the mid-1960s. specialist real estate journals have been established more recently for reasons of the earlier development of the subject, the larger size of the research community, and

24、language, most of these journals are u.k. based. some real estate-journals also exist in mainland europe (forazexample, reaflexions immobilieares in france and vogon in the netherlands), but for language reasons the audience for these journals usually is limited to the country in which they are publ

25、ished. among the journals that can be considered as "real estate journals/1 the three main ones are the journal of property valuation and investment, the journal of property research, and the journal of property finance.the journal of property valuation and investment (formerly the journal of v

26、aluation) was established in 1982 and, as its original title suggests, initially focused on property valuation (real estate appraisal). its subject coverage has expanded progressively but it retains a strong emphasis on real estate appraisal. of the three journals, it is the most practice orientated

27、, publishing both academic and practice papers and with a larger and wider readership, including surveying practitioners.the journal of property research (formerly land development studies) was established in 1984, originally with a focus on real estate development and a target audience of both rese

28、archers and practitioners. it was relaunched in 1991 with a new title and has expanded to include both investment and development, with a growing number of papers on finance subjects. its readership predominantly is academic researchers-the journal of property finance was established in 1990 and aim

29、ed at a wide range of practitioners in property finance it has expanded progressively in focus and increased in academic strength.until recently, these three journals attracted papers predominantly from the united kingdom but with a growing number of papers from other countries, particularly in paci

30、fic asia. the european dimension in all three journals has been small, although the journal of property valuation and investment has a "european section.11 much of the research covering european topics has been by u.k. and u.s. academics but a very small number of european academics have been p

31、ublished in u.s. real estate journals, although typically not on exclusively european topics.conferencethe only major, established pan-european conference is run by the european real estate society. from the outset, this attracted a wide european audience, including delegates from countries where re

32、al estate research is a fairly new phenomenon. participants from eastern europe now regularly attend these conferences, and eres is planning to hold its 1997 conference in berlin. in 199& the eres conference in maastricht will be a joint conference with the international conference of the americ

33、an real estate and urban economics association.the first major conference in the united kingdom dealing with real estate research was organized by the rics in 1991. from it developed the cutting edge as an annual conference devoted to real estate investment, development, use, and management. this in

34、itially attracted primarily u.k. academics but it has fast begun to attract a much wider international audience, including academics from the rest of europe and the united states. national conferences also are organized in a variety of other european countries. as is the case for journals, most of t

35、hese conferences, however, are limited to a national audience for language reasons.programsundergraduate and graduate real estate programs now exist in several mainland european countries (such as france, germany, hungary, and the netherlands), and these programs are expanding the preferred option,

36、however, is to offer electives or minors in real estate. such electives and minors usually are offered as parts of a finance, business, or economics curriculum. in the last few years, five programs in mainland europe have been recognized by the rics. this is part of a strategy to expand the surveyin

37、g profession into countries where no such profession exists and where surveying activities have been undertaken by accountants or architects or, as in eastern europe, where no land and real estate markets have existed until recently.in the united kingdom, 44 programs have been accredited by the rics

38、, mainly at the former polytechnics that gained university status in the early 1990s. many of these programs provide training for the construction part of the profession rather than in real estate. recent developments in the curriculum in many programs, brought about by the changing needs of profess

39、ional practice, mean that graduates now are far more able to deal with investment issues and see real estate in the wider context of the economy and other investment classes. although research is developing in most of these in order to support the teaching programs, the strongest real estate researc

40、h centers are at the universities of aberdeen, reading, and ulster.the papersthe sample of papers within this special issue devoted to european real estate is a good reflection of the tradition of research on european real estate markets. five of the papers have an empirical focus and one has a theo

41、retical focus. of the six papers included, four examine some aspect of u.k. real estate. this is due to the strong emphasis placed on real estate research in the united kingdom and also the availability of time series data. most authors of these papers are british, several are american, reflecting t

42、he strong interest from us researchers for european real estate markets.the paper by lizieri and satchell examines the links between real estate securities and common stocks in the united kingdom. using causality tests, their results suggest that the stock market leads the real estate securities1 ma

43、rket in the short term but that, with a longer lag structure, positive returns on real estate securities may point to negative future stock returns.the next two papers deal with the inflation-hedging effectiveness of u.k. real estate. the paper by hoesli, macgregor, matysiak, and nanthakumaran repor

44、ts that real estate has poorer short-term hedging characteristics for total return and its components than common stocks but better characteristics than bonds. these authors also find that the relationships change under different economic environments.the aim of the paper by wheaton, torto, and evan

45、s is to examine the cyclic behavior of the greater london office market over the last 20 years. using structural equations for office space demand, new supply, and rental movements, the authors find that new office construction can be well explained with a traditional investment model and that movem

46、ents in demand and rents seem to be fully explained by the creation of london office jobs. with the estimated equations, they additionally examine how the london office market might behave in the future under various economic scenarios.martin hoesli bryan d. macgregorjournal of real estate finance a

47、nd economics, 15: h 5±9 (1997) 1997 kluwer academic publishers译文：欧洲房地产研究与教育：发展，全球化，与成熟度摘要最近10年已经看到了欧洲房地产研究的快速发展和内部发展欧洲的联系和 网络。与此同时，美国学者也越来越感兴趣欧洲房地产研究和发展之间的密切联 系欧洲和美国的房地产学者。此外之间建立了联系澳大利亚和欧洲的学者。这当 然已成立针对一房地产投资全球化的背景和随z而來的全球化房地产研究。在同 一时期，房地产专业教育发达，在一些欧洲排名国家和在英国的房地产教育的重 点发生了变化。欧洲房地产研究发展有一段时间，许多欧洲大陆

48、国家也有较强的科研社区在住房经济学，城市经 济学，经济地理学，但研究中商业房地产是一个更近的现象。欧洲人陆几乎没冇 大学不动产登记部门，并作为美国，房地产研究以在商业，经济和财政部门的地 方。在实际研究房地产开始在北部（芬兰，德国，荷兰的欧洲国家，瑞典，瑞士 和英国），但现在已扩大到数在南欧（法国，意大利和四班牙）和东欧国家（如 匈牙利，波兰，俄罗斯和乌克兰）。尽管研究人员应可受惠于新创建的法国，爱 尔兰，荷兰，数据评估为基础的指数各种主题的已经或正在审查，如实际施工地产指数，权属选择决策的研究屮, 房地产作为一个组合中的地位一种多元化和保值，以及住房补贴的实际影响房地 产市场。在东欧，慎重考

49、虑的是考虑到的影响过渡到市场经济和环境问题。这方 面的研究后流也有來口美国研究人员的重视。相对于美国房地产研究，欧洲房地 产研究集中在较小的程度上金融市场，并一强程度上规划，十地开发和城市经济 学。在一般情况下，欧洲研究城市经济学也有倾向于以寻求更充分的选择新古典 主义经济学的理论框架。然而，越来越多的年轻学者所追求的与投资和金融焦点 房地产研究。随着房地产研究在欧洲，欧洲房地产协会激增（eres）创建于1994年。最 初，它的主要焦点是每年举办一次会议。不像它的美国同行（美国房地产协会， 阿瑞斯），eres来说口前尚未发表一篇日记。在英国房地产研究发展在欧洲，商业房地产研究首先和最快速增长在

50、美国英国和铅最初來自私营部 rjo联合王国在这不寻常的欧洲独家专业测量，传统上处理从它的物理结构，投 资分析的各个方而的房地产。在20世纪50年代和60年代，房地产专业人员的 教育包含了大量的建筑及建造技术和很少的投资和融资。它把重点放在投资组 合，而不是个别建筑物。研究往往遵循类似的优先事项，虽然-些机构与规划重 叠意味着早期教育制定发展规划和发展研究。作为英国专业实践上发展起来的一个财务方面更加注重个别房地产投资，以 及后来的投资组合，更严格研究是投资决策所需的支撑和研究部门进行成立。传 统的技能和测量师教育是不恰当的许多发展中的职能，以及研究部门招募的，最 初在测量师行和大型金融机构的话

51、，主要是从背景经济学，地理学和规划。至于 私人执业的发展，特别是在机构，有一个需要比较与其他投资类别的房地产。作 为因此，逐步从80年代中期，特别是在机构，与房地产和其他投资专业人士的 传统障碍已打破。测量师行的评估数据收集，和一个数字制作和报道的租金，产量和效益指标: 大多数回到20世纪70年代中晚期，但一些较贫穷的高质量的数据可从60年代 初。这些指标已允许发展的实证研究，如房地产市场的预测。相反，这些评估为 基础的数据，对供应和空置率的数据可用性永远不会有己收集系统由私营部门在 伦敦郊外，什么是可用从政府的质量低劣。因此，供应或成立空缺变量比美国困 难。在这些变化，在少数情况下捕食和期待

52、他们，同时其他一些事态发展发生。 首先，投资物业资料库（ipd）的成立的口的是提供一个英国房地产投资组合的 业绩分析，市场索引和研究数据库。它现在已经冋到了 1981年的详细记录29,000 屈性。二，测量教育和学术研究，鼓励由英国皇家特许测量师洋会（rics）,发 展方向类似于和专业的变化开始同时生产和科研的毕业生更适合更改后的内容。 第三，物业的研究人员协会（战略石油储备）成立于1987年，最初与私人部门 的研究人员最近绘制的成员，但更更多的成员来自学术界，首先从勘测，然后再 从更广泛的范围学科。循序渐进，专业房地产期刊和研究为基础的会议发展，从-个学科范围来稿，结果，这些增长速度非常迅速

53、，质量和重要性。期刊对土地和房地产市场为重点的第一期刊有一个城市和住房经济的重点和设 立于1960年代屮期。专业房地产期刊最近已经建立。对于这一问题的早期发展 的原因，研究界对大尺寸，和语言，这些期刊大多是英国基础。一些房地产期刊 也存在于欧洲大陆的（例如，法国的reflexions immobi 1 ieres和荷兰的vogon）, 但语言的原因观众对这些杂志通常仅限于在他们所出版的国。其屮，可作为考虑 房地产杂志期刊，主要有三个是物业估值及投资，地产研究期刊，华尔街日报和 金融财产。物业估值及投资（而身为估价朵志）朵志成立于1982年，以原始顾名思义, 最初对财产的重点估价（房地产评估）。它的主题涉及的范围逐步扩大，但它保 留了对房地产佔价的高度重视。在这三个刊物，它是最实践导向，出版学术和实 践文章，并与更大更多的读者，包描测量从业人员。沉阳市产权研究所（原土地发展研究）杂志是成立于1984年，最初以房地 产开发的重点和目标观众研究人员