Pérez-Salas Sagreras, Jose Luis

ORCID

0000-0003-0773-4931

Panorama page

https://www.upv.es/ficha-personal/jlperezs

Search Results

Now showing 1 - 5 of 5

Market value vs. legal value in land use change in Spain
(2010) Segura García del Río, Baldomero; Pérez-Salas Sagreras, Jose Luis; Cervelló Royo, Roberto Elías; Vidal, Fernando; Facultad de Administración y Dirección de Empresas; Departamento de Economía y Ciencias Sociales
[EN] The Spanish Land Law of May 28, 2007 gave rise to a radical change in the determination of the legal value of the land for agricultural use under compulsory purchase proceedings linked to the transformation of their use. Under this new law the compulsory purchase value is calculated based on the real or potential discounted cash flow at a determined rate set in the rule, with the aim of avoiding the negative effects of speculation. The aim of this work was to compare if there are significant differences between the values obtained when applying the methodology provided under the new law and the values presented in the national land prices survey. We have considered whether differences actually exist between the values obtained when applying the methodology provided under the new law and the values presented in the national survey; and the aim of this work is to compare these values. For this purpose the variables relevant for the application of the capitalization method were estimated based on the data published in the Spanish official statistics. Significant differences were found between the legal rate and the one which estimates the market values, with an average value for the studied period of 3.45% and 1.75%, respectively; additionally, different trends were observed. Also the existence of different discount rates for the market value depending on the land use against the unique rate set in the rule has been verified; therefore, the real distortion which a single capitalization rate could give rise to is very significant.
Livestock valuation: an assessment model based on sow age
(EDP Sciences, 2017) Guaita Pradas, Inmaculada; Pérez-Salas Sagreras, Jose Luis; Fenollosa Ribera, María Loreto; Facultad de Administración y Dirección de Empresas; Departamento de Economía y Ciencias Sociales; Centro de Investigación de Ingeniería Económica; Escuela Técnica Superior de Ingeniería Agronómica y del Medio Natural
[EN] Food supply in Europe is based on the consumption of meat ¿ of which pork is the most consumed. The livestock sector represents some 40% of total agricultural production. Livestock farms need tools for business management and valuation in order to make business productivity estimates and determine compensation, as well as calculate average and marginal costs. Pig farmers need to determine the optimal time for culling a sow: meaning that for livestock depreciation it is necessary to determine the value of sows depending on their age. In this study, a model is shown for valuing a sow according to its productive life and net present value generated. In the same way as any asset in a production process, the economic value of a sow should be estimated by its contribution to the process of generating future profits. The distribution of costs depends on the size of the farm, and so three sizes of farms are considered: fewer than 250 hybrid sows; 251 to 500 sows; and more than 500 sows. The economic values of the sows were obtained according to their age and number of farrowing. The models show variations between differently sized farms.
Land value and returns on farmlands: an analysis by Spanish Autonomous Regions
(Instituto Nacional de Investigación y Tecnología Agraria y Alimentaria (INIA), 2012) Cervelló Royo, Roberto Elías; Segura García del Río, Baldomero; Pérez-Salas Sagreras, Jose Luis; Facultad de Administración y Dirección de Empresas; Departamento de Economía y Ciencias Sociales
Although the discounted cash-flow is still considered to be the fundamental value of an asset, there are few studies which assess its ability to explain movements in the market prices of agricultural assets. The aim of this work was to compare the evolution of market prices of Farmland to the series of values that would be obtained by applying the income approach method using official Spanish statistical data as well as two proposed methods: on the similarity of the dynamical structure of prices and returns time series, on the one hand; and on the regression between both series, on the other. The results obtained are not consistent with the hypothesis that the values obtained by the income approach method can explain the movements observed in market prices. Only in certain isolated cases, such as the Autonomous Region of Aragón. Therefore, other causes should be considered both at national and regional level.
Agricultural land values using Geographic Information Systems: design location model and tools for information available by geoportal. Application to a Spanish Agricultural Area
(Maney Publishing, 2018) Marqués Pérez, Inmaculada; Mora Navarro, Joaquín Gaspar; Pérez-Salas Sagreras, Jose Luis; Velilla-Torres, Joan Manuel; Femenia Ribera, Carmen; Departamento de Economía y Ciencias Sociales; Departamento de Ingeniería Cartográfica Geodesia y Fotogrametría; Escuela Técnica Superior de Ingeniería Geodésica, Cartográfica y Topográfica; Centro de Investigación de Ingeniería Económica; Escuela Técnica Superior de Ingeniería Agronómica y del Medio Natural; Grupo de Cartografía, Geodesia y GPS
[EN] Quantifying the effect of location on land values can be done by designing a location factor which considers the most relevant aspects that may influence this value such as proximity to large cities, the population living around the parcel or land to be valued, the distance from it to markets or logistic centres, or the existence of places of environmental or landscape interest. Considering these variables can be complicated by having to process large amounts of distinct data (distances, no. of inhabitants or population size, protected areas, etc.), which have to be processed and interpreted to be able to define the factor that summarises them, and can affect the land value from income, such as productive assets, to correct its value. The main proposal put forward in this research is to study the various location aspects that affect land values, and the possibilities that Geographic Information Systems (GIS) offer to design with free software tools that allow simple calculations of a location correction factor and, consequently, land values. Calculations were made for all the rural cadastral parcels (2.3 million) in the Valencian Region. Results can be integrated into a new online GIS portal and make these available to users in soil valuation studies.
Discounting in agro-industrial complex. A methodological proposal for risk premium
(Instituto Nacional de Investigacion y Tecnologia Agraria y Alimentaria, 2017) Marqués Pérez, Inmaculada; Guaita Pradas, Inmaculada; Pérez-Salas Sagreras, Jose Luis; Facultad de Administración y Dirección de Empresas; Departamento de Economía y Ciencias Sociales; Centro de Investigación de Ingeniería Económica; Escuela Técnica Superior de Ingeniería Agronómica y del Medio Natural
[EN] The estimation of the discount rate is decisive for a reliable economic valuation. The discount rate has to be adjusted for the risks related to the company, the sector which the company has its market, and the risks related to the investment project. We present a proposal to incorporate the risk premium to the discount rate. The novelty of the methodology is that difference risk groups according to activity as a factor to adjust the cost of capital to companies. The study applies the methodology to the Agro-Industrial Complex (AIC) in Spain. The AIC is formed by industries that add value to farming production. This sector s economic success demands financial management techniques that assess risk. The conventional method responds neither to the heterogeneity of the economic activities that make up the AIC, nor to differentiating risk by groups. The proposed methodology distinguishes activity groups in accordance with the NACE (National Code of Economic Activities) and uses net profitability variability to distinguish the risk in each group. Our results demonstrate the various levels of risk per group. The results show that among all the groups that form the AIC there are wide differences between levels of risk; thus, the risk neutral groups present risk levels on the order of 150 times lower than the groups extreme risk levels.