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To address formally the issue of uncertainty in valuing real estate.

Monte Carlo simulations are used to incorporate the uncertainty of valuation parameters. The probability distributions of the various parameters are constructed using empirical data and a simple model is suggested to compute the discount rate.

The central values of the simulations are in most cases slightly less than the hedonic values. The confidence intervals are found to be most sensitive to the long‐term equilibrium interest rate being used and to the expected growth rate of the terminal value.

Further research should focus on the stability of the model when other portfolios are used and for different periods of the real estate cycle. It would also be fruitful to dig deeper in the relation between capital expenses and property values.

Risk can be assessed by valuers as they can measure the probability that the value of a property be less than a given threshold.

By incorporating uncertainty, the analysis does not yield merely a point estimate of the property's value but rather the entire distribution of values. Also this paper constitutes a contribution to the debate about valuation variation and the margin of error in valuing properties.

There is a wealth of literature on the financing structure of a company. For this reason, the authors considered it useful to present a theoretical and empirical literature review of classical and new theories of the financial structure. The purpose of this study is to realize on a panel of 15 nonfinancial Moroccan companies listed on the Casablanca Stock Exchange, over a period of 11 years.

The results obtained indicate that only a few variables from financial theory have an important role in the financing policy of Moroccan companies. The authors have presented the positive role of size and self-financing on the debt ratio. The analysis of the effects of profitability shows in this study that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness.

Econometric analysis is used to ascertain the nature of the financial structure of listed companies. For this purpose, a large number of companies listed on the Casablanca stock exchange were used.

The authors have presented the positive role of size and self-financing on the debt ratio. Regarding the influence of profitability, this analysis shows that it is negative related on the debt ratio which asserts the predictions of the pecking order theory. Also, the age of the company and the growth opportunities explain the level of indebtedness.