Attribution analysis of property portfolios

This paper aims to clarify the potential confusion about the application of attribution analysis to real estate portfolios. Its three primary objectives are: · To review, and as far as possible reconcile, the varying approaches to attribution analysis evident in the literature. · To give a clear statement of the purposes of attribution analysis, and its meaning for real-world property managers. · To show, using real portfolio data from IPD's UK performance measurement service, the practical implications of applying different attribution methods

Credit Where It’s Due: The Law and Norms of Attribution

The reputation we develop by receiving credit for the work we do proves to the world the nature of our human capital. If professional reputation were property, it would be the most valuable property that most people own because much human capital is difficult to measure. Although attribution is ubiquitous and important, it is largely unregulated by law. In the absence of law, economic sectors that value attribution have devised non-property regimes founded on social norms to acknowledge and reward employee effort and to attribute responsibility for the success or failure of products and projects. Extant contract-based and norms-based attribution regimes fail optimally to protect attribution interests. This article proposes a new approach to employment contracts designed to shore up the desirable characteristics of existing norms-based attribution systems while allowing legal intervention in cases of market failure. The right to public attribution would be waivable upon proof of a procedurally fair negotiation. The right to attribution necessary to build human capital, however, would be inalienable. Unlike an intellectual property right, attribution rights would not be enforced by restricting access to the misattributed work itself; the only remedy would be for the lost value of human capital. The variation in attribution norms that currently exists in different workplace cultures can and should be preserved through the proposed contract approach. The proposal strikes an appropriate balance between expansive and narrow legal protections for workplace knowledge and, in that respect, addresses one of the most vexing current debates at the intersection of intellectual property and employment law

Derivatives Performance Attribution.

This paper shows how to decompose the dollar profit earned from an option into two basic components: 1) mispricing of the option relative to the asset at the time of purchase, and 2) profit from subsequent fortuitous changes or mispricing of the underlying asset. This separation hinges on measuring the "true relative value" of the option from its realized payoff. The payoff from any one option has a huge standard error about this value which can be reduced by averaging the payoff from several independent option positions. It appears from simulations that 95% reductions in standard errors can be further achieved by using the payoff of a dynamic replicating portfolio as a Monte Carlo control variate. In addition, it is shown that these low standard errors are robust to discrete rather than continuous dynamic replication and to the likely degree of misspecification of the benchmark formula used to implement the replication.

Attributions as Behavior Explanations: Toward a New Theory

Attribution theory has played a major role in social-psychological research. Unfortunately, the term attribution is ambiguous. According to one meaning, forming an attribution is making a dispositional (trait) inference from behavior; according to another meaning, forming an attribution is giving an explanation (especially of behavior). The focus of this paper is on the latter phenomenon of behavior explanations. In particular, I discuss a new theory of explanation that provides an alternative to classic attribution theory as it dominates the textbooks and handbooks—which is typically as a version of Kelley’s (1967) model of attribution as covariation detection. I begin with a brief critique of this theory and, out of this critique, develop a list of requirements that an improved theory has to meet. I then introduce the new theory, report empirical data in its support, and apply it to a number of psychological phenomena. I finally conclude with an assessment of how much progress we have made in understanding behavior explanations and what has yet to be learned

Front Cover

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Graph attribution through sub-graphs

We offer an alternative to the standard formalisation of attributed graphs. We propose to represent an attributed graph as a graph with a marked sub-graph, in which the sub-graph represents the data domain, rather than as a tuple of graph and algebra. This is a general construction which can be shown to preserve adhesiveness of categories; it has the advantage of uniformity and gives more flexibility in defining data abstractions. We show equivalence of our formalisation with the standard one, under a suitable encoding of algebras as graphs