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Asset Intelligence through Integration and Interoperability and Contemporary Vibration Engineering Technologies pp 23–30Cite as

Semiparametric Valuation of Heterogeneous Assets

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Part of the book series: Lecture Notes in Mechanical Engineering ((LNME))

Abstract

We propose a semiparametric valuation model for heterogeneous assets that fits within Generalized Additive Model (GAM) framework. Using micro data for individual asset sales we are able to estimate the impact and relative importance of macro market conditions and the influence of technical specifications and asset age. We apply our model to the valuation of oceangoing chemical tankers. Our empirical results suggest that asset valuation is a non-linear function of main drivers such as ship size, age, and market conditions, whilst other engineering parameters that are specific to the chemicals market such as tank coating grade and cargo diversity also play a significant role. An asset valuation model that can account for generic market factors as well as highly heterogeneous asset-specific characteristics is important for owners and financiers, particularly in markets with limited liquidity.

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Notes

  1. 1.

    See Wood [8, pp. 154].

References

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Author information

Authors and Affiliations

  1. Norwegian School of Economics (NHH), Bergen, Norway

    Roar Adland

  2. Deloitte, Hamburg, Germany

    Sebastian Köhn

Authors
  1. Roar Adland
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  2. Sebastian Köhn
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Corresponding author

Correspondence to Roar Adland .

Editor information

Editors and Affiliations

  1. The Asset Institute, Queensland University of Technology, Brisbane, QLD, Australia

    Joseph Mathew

  2. Department of Architecture and Civil Engineering, City University of Hong Kong, Hong Kong SAR, China

    C.W. Lim

  3. School of Chemistry, Physics, Mechanical Engineering, Queensland University of Technology, Brisbane, QLD, Australia

    Lin Ma

  4. Synengco Pty Ltd, Highgate Hill, QLD, Australia

    Don Sands

  5. School of Chemistry, Physics, Mechanical Engineering, Queensland University of Technology, Brisbane, QLD, Australia

    Michael E. Cholette

  6. School of Mechanical and Manufacturing Engineering, UNSW Sydney, Sydney, NSW, Australia

    Pietro Borghesani

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Adland, R., Köhn, S. (2019). Semiparametric Valuation of Heterogeneous Assets. In: Mathew, J., Lim, C., Ma, L., Sands, D., Cholette, M., Borghesani, P. (eds) Asset Intelligence through Integration and Interoperability and Contemporary Vibration Engineering Technologies. Lecture Notes in Mechanical Engineering. Springer, Cham. https://doi.org/10.1007/978-3-319-95711-1_3

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  • DOI: https://doi.org/10.1007/978-3-319-95711-1_3

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-95710-4

  • Online ISBN: 978-3-319-95711-1

  • eBook Packages: EngineeringEngineering (R0)

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