Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090810_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andrew Holmes Author-X-Name-First: Andrew Author-X-Name-Last: Holmes Author-Name: Joe James Author-X-Name-First: Joe Author-X-Name-Last: James Title: Discrimination, Lending Practices and Housing Values: Preliminary Evidence from the Houston Market Abstract: At the center of the debate on racially induced price differentials in housing is the issue of discrimination. This research studies the impact that ethnic as well as racial composition in a neighborhood exerts on value. In an attempt to extend previous efforts, aggregate data is used to study the effects of discrimination and lending bias on residential real estate in Houston, Texas. The data do not support allegations of systematic bias in the mortgage lending process. Journal: Journal of Real Estate Research Pages: 25-37 Issue: 1 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090810 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090810 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:1:p:25-37 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090811_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ross Dickens Author-X-Name-First: Ross Author-X-Name-Last: Dickens Author-Name: Roger Shelor Author-X-Name-First: Roger Author-X-Name-Last: Shelor Author-Name: Marc Chopin Author-X-Name-First: Marc Author-X-Name-Last: Chopin Title: Mortgage Lenders' Market Response to a Landmark Regulatory Decision Based on Fair Lending Compliance Abstract: Regulation of real estate lending has substantially increased in the past decade. Government efforts to improve compliance with Community Reinvestment Act mandates are evidence of increased emphasis on racial equal opportunity in loan origination. To investigate the impact of these efforts, this paper examines the Federal Reserve Bank rejection of Shawmut National Corporation's application to buy New Dartmouth Bank. Rejection was based on Shawmut’s poor compliance with fair-lending guidelines. Testing finds significant negative abnormal stock returns for samples of mortgage lenders on the announcement day of Shawmut’s application rejection. In addition, cross-sectional analysis reveals an inverse relationship between national banks’ cumulative abnormal returns (CARs) and a measure of fair lending. Journal: Journal of Real Estate Research Pages: 57-69 Issue: 1 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090811 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090811 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:1:p:57-69 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090812_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Phillips Author-X-Name-First: Robert Author-X-Name-Last: Phillips Author-Name: Anthony Yezer Author-X-Name-First: Anthony Author-X-Name-Last: Yezer Title: Self-Selection and Tests for Bias and Risk in Mortgage Lending: Can You Price the Mortgage If You Don’t Know the Process? Abstract: There is increasing interest in understanding the determinants of mortgage rejection by lenders and default by borrowers. Although many researchers have proposed simple single-equation models of rejection and default, we argue that far more complex econometric specifications are needed. This paper focuses attention on problems of sample selection in the process creating a sample of applicants for conventional mortgages. We illustrate that corrections for sample selection bias may have a substantial effect on estimation results and hence should not be ignored in studies of mortgage rejection or default. Journal: Journal of Real Estate Research Pages: 87-102 Issue: 1 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090812 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090812 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:1:p:87-102 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090813_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Title: Application of Reverse Regression to Boston Federal Reserve Data Refutes Claims of Discrimination Abstract: The topic of mortgage discrimination has received renewed interest since publication of the Boston Federal Reserve Bank study based on 1990 Home Mortgage Disclosure Act data. That study used traditional direct logistic regression to assess the influence of race on the probability of mortgage loan denial and reported the parameter estimate of race to be positive and significantly different from zero across several model specifications, thereby supporting contentions of discriminatory behavior. This paper develops an alternate approach, reverse regression, a method often used in the measurement of gender discrimination in labor markets. After discussion of theoretical issues regarding model choice, results of a reverse regression on the Boston Federal Reverse Bank study dataset are reported. Contrary to results using direct methods, reverse regression does not support contentions of mortgage discrimination in the Boston mortgage market. Rather, the lower overall qualifications of minority applicants are likely to account for disparities in application outcomes. Journal: Journal of Real Estate Research Pages: 1-12 Issue: 1 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090813 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090813 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:1:p:1-12 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090814_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Fred Phillips-Patrick Author-X-Name-First: Fred Author-X-Name-Last: Phillips-Patrick Author-Name: Clifford Rossi Author-X-Name-First: Clifford Author-X-Name-Last: Rossi Title: Statistical Evidence of Mortgage Redlining? A Cautionary Tale Abstract: Statistical analyses of mortgage redlining at the neighborhood level have fueled the debate over the existence of racial redlining in mortgage lending, both “proving” and “disproving” that redlining exists, depending upon the type of model used. In this paper, we compare results of different statistical models using data for the Washington, DC metropolitan area to determine their usefulness in providing statistical evidence on this issue. After demonstrating the sensitivity of single-equation models to specification error, we estimate a simultaneous equations model of mortgage credit flows. This model makes it possible to analyze differences in the supply and demand for mortgage credit by the racial composition of the community. We conclude that most, if not all, statistical evidence of racial redlining based on aggregate loan data is at best inconclusive, and more likely, misleading. Journal: Journal of Real Estate Research Pages: 13-23 Issue: 1 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090814 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090814 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:1:p:13-23 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090815_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jim Berkovec Author-X-Name-First: Jim Author-X-Name-Last: Berkovec Author-Name: Peter Zorn Author-X-Name-First: Peter Author-X-Name-Last: Zorn Title: How Complete is HMDA?: HMDA Coverage of Freddie Mac Purchases Abstract: The Home Mortgage Disclosure Act (HMDA) mandates the reporting of mortgage loan applications. Nearly all studies of mortgage lending patterns done in recent years rely on the data collected under HMDA. However, not all mortgages are reported under HMDA. Understanding the relationship between HMDA coverage and neighborhood characteristics is particularly important because neighborhood rates of applications and loan originations from HMDA are used by many analysts to measure neighborhood lending activity. If HMDA coverage rates vary systematically with neighborhood characteristics, then studies that use these neighborhood characteristics to explain lending activity will yield biased results.This paper presents the results of an analysis that attempts to estimate the fraction of mortgage activity that is reported under HMDA, and examines how HMDA coverage rates vary with the racial and income characteristics of the neighborhood. The basic idea for this analysis is simple; identify a group of loans from an independent (non-HMDA) source and count the fraction of those loans that appear in the HMDA data. Our independent source for loans is the loans purchased by Freddie Mac during 1992 and 1993; counts of these loans is compared with counts of loans reported as sold to Freddie Mac in the 1992 and 1993 HMDA datasets. The major finding of the analysis is that the HMDA dataset for 1992 is estimated to contain only around 70% of the total mortgage loans, and the coverage rate only improves to 75% in 1993, despite the increased reporting requirements for 1993. Both the 1992 and 1993 HMDA files exhibit substantial variability in coverage across census tracts and lenders, but the direction of bias is consistent. Measured HMDA coverage rates are higher in lower income census tracts, relative to higher income tracts. Journal: Journal of Real Estate Research Pages: 39-55 Issue: 1 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090815 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090815 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:1:p:39-55 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090816_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald Epley Author-X-Name-First: Donald Author-X-Name-Last: Epley Author-Name: Kartono Liano Author-X-Name-First: Kartono Author-X-Name-Last: Liano Author-Name: Richard Haney Author-X-Name-First: Richard Author-X-Name-Last: Haney Title: Borrower Risk Signaling Using Loan-to-Value Ratios Abstract: This paper evaluates the signaling capability of the borrower's selected loan-to-value ratio, and finds the equity proportion of housing capital to be a good indicator of the loan's riskiness. It also compares residential mortgage bundles among the commonly used statistical models of multiple discriminant analysis, probit and logit. Classification accuracy and significance are contrasted among the bundles using loan-to-value ratios of 80%, 90% and 95%. The results show major differences in significance and sign changes among loan-to-value ratio levels and the choice of model. All models were highly significant, but classified different variables with substantial differences in the significance levels. Journal: Journal of Real Estate Research Pages: 71-86 Issue: 1 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090816 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090816 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:1:p:71-86 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090817_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tom Geurts Author-X-Name-First: Tom Author-X-Name-Last: Geurts Author-Name: Austin Jaffe Author-X-Name-First: Austin Author-X-Name-Last: Jaffe Title: Risk and Real Estate Investment: An International Perspective Abstract: The literature regarding portfolio analysis for institutional real estate investors has until now largely been concerned with benefits associated with naïve diversification strategies. In this paper, we discuss the prospects that institutional characteristics suggest for risk reduction in internationally diversified portfolios. The risk/return relationship of each country is affected by its own unique institutional environment and therefore there are potential benefits for investors. We argue that, given the significant differences in the institutional framework across countries, there are likely impacts on returns and that this fact deserves the attention of institutional investors. Journal: Journal of Real Estate Research Pages: 117-130 Issue: 2 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090817 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090817 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:2:p:117-130 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090818_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Piet Eichholtz Author-X-Name-First: Piet Author-X-Name-Last: Eichholtz Title: The Stability of the Covariances of International Property Share Returns Abstract: This paper looks at the covariance structure of international property share returns. Portfolio models, which are used to generate efficient international asset allocations, require estimates of a covariance structure of asset returns as input. Usually, the realized structure is used as a proxy, but that is only valid if this structure is stable. We test for this stability. We find covariances of international property share returns to be unstable, while correlations are stable between some time-periods, and unstable between others. The results cast some doubts on the use of standard portfolio models for the allocation of international real estate portfolios. Journal: Journal of Real Estate Research Pages: 149-158 Issue: 2 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090818 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090818 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:2:p:149-158 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090819_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jacco Hakfoort Author-X-Name-First: Jacco Author-X-Name-Last: Hakfoort Author-Name: Robert Lie Author-X-Name-First: Robert Author-X-Name-Last: Lie Title: Office Space per Worker: Evidence from Four European Markets Abstract: Most analyses of future office demand rely on employment forecasts, taking office space per worker as given. This study analyses the determinants of office space per worker. After listing a number of hypotheses, an economic explanation is developed. Office space per worker is perceived as a function of rent, expected growth of the firm and uncertainty of this growth, the lease period, substitution possibilities on the market and search and adjustment costs. Survey data from European office markets are analyzed vis à vis the hypotheses. Journal: Journal of Real Estate Research Pages: 183-196 Issue: 2 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090819 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090819 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:2:p:183-196 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090820_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Elaine Worzala Author-X-Name-First: Elaine Author-X-Name-Last: Worzala Author-Name: Alexandra Bernasek Author-X-Name-First: Alexandra Author-X-Name-Last: Bernasek Title: European Economic Integration and Commercial Real Estate Markets: An Analysis of Trends in Market Determinants Abstract: Economic theory predicts economic integration in the European Community (EC) will result in single markets for individual goods, services and factors of production. The specific characteristics of commercial real estate make it unlikely that a single market will result. However, even without a single market, theory predicts that markets for similar real estate (commercial office, industrial and retail) will converge as a result of economic integration. This paper examines several market determinants to see if we can find evidence of the predicted convergence. Looking at data from 1983 to 1994 we find evidence of some convergence but the extent is small and major institutional differences within the countries remain. Implications are that barriers to the efficient flow of investment funds into real estate remain and distinct markets will continue to characterize real estate within the EC. Journal: Journal of Real Estate Research Pages: 159-181 Issue: 2 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090820 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090820 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:2:p:159-181 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090821_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Graeme Newell Author-X-Name-First: Graeme Author-X-Name-Last: Newell Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Assessing Risk for International Real Estate Investments Abstract: Overseas real estate investment has increased considerably in recent years. The assessment of risk for these investments, especially for real estate, has thus become very important. This study assesses the performance of real estate, stocks and bonds in the U.S., Canada, the United Kingdom, Australia, and New Zealand over the period 1985-93. The results indicate that the degree of appraisal-smoothing and intertemporal correlation in each of the five international real estate series is significant, resulting in the need to increase the real estate risk estimates by 34% to 47%. To account for currency risk over this nine-year period, currency-adjusted returns and risk were also estimated for investors from each of these five countries. All risk profiles increased significantly for international investors when adjusting for currency risk. However, additional portfolio diversification was achieved using real estate for international investors. Journal: Journal of Real Estate Research Pages: 103-115 Issue: 2 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090821 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090821 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:2:p:103-115 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090822_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dirk De Wit Author-X-Name-First: Dirk Author-X-Name-Last: De Wit Title: Real Estate Portfolio Management Practices of Pension Funds and Insurance Companies in the Netherlands: A Survey Abstract: Pension funds and insurance companies in the Netherlands allocate, on average, over 15% to equity real estate. This suggests that they hold different beliefs and/or apply different decision rules than their U.S. counterparts, who typically have allocated only about 4% of their wealth to real estate. A personal survey was conducted to test whether the findings of similar (mail) surveys on U.S. real estate portfolio management practices also hold for Dutch institutions. Unlike the Americans, for example, the Dutch are found to not systematically adjust for risk and to invest in real estate because of its inflation-hedging capacities. Journal: Journal of Real Estate Research Pages: 131-148 Issue: 2 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090822 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090822 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:2:p:131-148 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090823_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alan Ziobrowski Author-X-Name-First: Alan Author-X-Name-Last: Ziobrowski Author-Name: Harry McAlum Author-X-Name-First: Harry Author-X-Name-Last: McAlum Author-Name: Brigitte Ziobrowski Author-X-Name-First: Brigitte Author-X-Name-Last: Ziobrowski Title: Taxes and Foreign Real Estate Investment Abstract: In recent years studies examining international mixed-asset portfolios have failed to uncover any significant benefits from foreignreal estate. These papers have concentrated their focus on foreign exchange rate risk as “the problem” with respect to foreign investments and therefore they sought solutions from traditional hedging tools such as leverage, options, forward contracts and even currency swaps. This study considers differences among countries in national income tax rates as a plausible explanation for the interest in foreign real estate investment. Hypothetically, it may be possible for investors to move a portion of their wealth to a foreign country and take advantage of lower marginal tax rates. After-tax returns from mixed-asset portfolios consisting of (1) domestic financial assets only, (2) domestic financial assets plus foreign financial assets, and (3) domestic financial assets, foreign financial assets and foreign real estate are evaluated. The findings indicate that there are no significant after-tax benefits for foreign investors from investment in U.S. real estate. Journal: Journal of Real Estate Research Pages: 197-213 Issue: 2 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090823 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090823 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:2:p:197-213 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090824_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stanley Smith Author-X-Name-First: Stanley Author-X-Name-Last: Smith Author-Name: Larry Woodward Author-X-Name-First: Larry Author-X-Name-Last: Woodward Title: The Effect of the Tax Reform Act of 1986 and Regional Economies on Apartment Values Abstract: The theoretical effects of the Tax Reform Act of 1986 on commercial real estate have been widely written about; however, little empirical work has been done that actually measures the hypothesized effects. We find that, after controlling for general national economic conditions and regional effects, the effect of the Tax Act of 1986 was negatively related to apartment values. The magnitude of the effect was a function of the local vacancy rates and economic growth where those regions with strong economic growth and low vacancy rates were not affected, while regions with slow economic growth and high vacancy rates were strongly affected. Journal: Journal of Real Estate Research Pages: 259-275 Issue: 3 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090824 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090824 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:3:p:259-275 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090825_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jesse Abraham Author-X-Name-First: Jesse Author-X-Name-Last: Abraham Title: On the Use of a Cash-Flow Time-Series to Measure Property Performance Abstract: Modern portfolio theory is increasingly being used to guide real estate portfolio decisions. However, to obtain meaningful results from complex mathematical techniques, the input data must meet at least two conditions: property values must be measured accurately, and the process by which property valuations change over time must be known. Neither of these conditions are satisfied by data currently available.This paper closely examines how value is measured and reported for commercial property. Commonly used time-series from NREI, NCREIF and ACLI are found wanting. An index of value using the popular “repeat sales” method is derived using data from Freddie Mac's multifamily portfolio.The focus of this paper is on developing an alternative measure of property performance based on property net operating income. Two cash flow indices are constructed from publicly available data and evaluated. It is recommended that the methodology developed here be used to create cash flow indices that can supplement or replace existing value indices in property analysis. The cash flow indices have much to offer researchers applying option-based models to real estate. Journal: Journal of Real Estate Research Pages: 291-308 Issue: 3 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090825 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090825 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:3:p:291-308 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090826_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: G. Donald Jud Author-X-Name-First: G. Donald Author-X-Name-Last: Jud Author-Name: John D. Benjamin Author-X-Name-First: John D. Author-X-Name-Last: Benjamin Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Title: What Do We Know about Apartments and Their Markets? Abstract: This paper examines major themes in apartment market research. The intent is to provide an overview of academic studies of the apartment market and to outline directions for future research. Journal: Journal of Real Estate Research Pages: 243-257 Issue: 3 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090826 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090826 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:3:p:243-257 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090827_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Youguo Liang Author-X-Name-First: Youguo Author-X-Name-Last: Liang Author-Name: Arjun Chatrath Author-X-Name-First: Arjun Author-X-Name-Last: Chatrath Author-Name: Willard McIntosh Author-X-Name-First: Willard Author-X-Name-Last: McIntosh Title: Apartment REITs and Apartment Real Estate Abstract: This study employs a “hedged” apartment REIT index to track the performance of apartment real estate and to assess the performance of apartments in efficient mixed-asset portfolios consisting of stocks, bonds and real estate. The hedged apartment index reflects the returns of apartment REITs after the effects of equity REITs and the stock market are removed from the apartment REIT returns. It is demonstrated that the hedged apartment REIT index captures a substantial amount of the volatility unique to apartment real estate. Furthermore, the hedged apartment REIT index does not suffer from the appraisal-smoothing problem and the apparent seasonality of appraisal-based indices, such as the Russell-NCREIF apartment index. Therefore, it would appear that the hedged apartment REIT index can be employed as a proxy for apartment real estate in portfolio allocation decisions. This study provides evidence that apartment real estate should be a candidate for some efficient mixed-asset portfolios. Journal: Journal of Real Estate Research Pages: 277-289 Issue: 3 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090827 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090827 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:3:p:277-289 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090828_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eric Belsky Author-X-Name-First: Eric Author-X-Name-Last: Belsky Author-Name: John Goodman Author-X-Name-First: John Author-X-Name-Last: Goodman Title: Explaining the Vacancy Rate-Rent Paradox of the 1980s Abstract: Theory and most empirical evidence point to a negative relationship between vacancy rates for rental housing and changes in real rent. This paper highlights and explains the absence of the expected relationship in the national data on vacancies and rents, especially during the 1980s, when rents soared despite high and rising vacancy rates. We argue that this unexpected pattern resulted from several factors: an increase in the natural vacancy rate, changes in the rent-setting behavior of landlords, changes in housing search of tenants, measurement of nominal and real rent in the CPI, and distortions of the vacancy rate because of high levels of new construction. Some of these influences are quantifiable, but others are not. About 30% of the unexpected gain in rents in the 1980s can be explained by those factors that are quantifiable. Implications are drawn for the relationship of rents to vacancy rates during the 1990s. Journal: Journal of Real Estate Research Pages: 309-323 Issue: 3 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090828 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090828 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:3:p:309-323 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090829_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kenneth Rosen Author-X-Name-First: Kenneth Author-X-Name-Last: Rosen Title: The Economics of the Apartment Market in the 1990s Abstract: This paper examines fundamental and investment demand for rental apartments in the 1990s. Demographic and economic trends fuel the demand for rental housing. While rental demand in the U.S. as a whole will be somewhat weak in the 1990s, demand will be strong for areas with high in-migration, due to the younger age characteristics of movers, and the high costs of homeownership in many regions. Apartments represent one of the few real estate product classes in which demand will outpace supply in the 1990s. This impending supply-demand imbalance will result in substantial increases in real rents and investment values in select apartment markets across the country. This report proceeds to describe some of the major financial, economic and demographic conditions that will create attractive investment opportunities for institutional-grade apartment investments in the 1990s. Journal: Journal of Real Estate Research Pages: 215-241 Issue: 3 Volume: 11 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090829 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090829 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:11:y:1996:i:3:p:215-241 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090830_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Title: Mass Transportation, Apartment Rent and Property Values Abstract: Rent plays a vital role in property valuation because any positive or negative influence on rent will in turn affect a property's value. This paper examines the effect of mass transportation on apartment rent. Specifically, this study investigates the impact on rent and value for residential income properties located in close proximity to Washington, D.C. Metrorail stations. After reviewing the empirical research which has focused on the effect of mass transportation availability on property values, this paper examines the benefits on apartment rent of Washington, D.C. apartment buildings from location near Metrorail stations. Our empirical results show that distance from a metro station has an adverse effect on apartment rent, i.e., each one-tenth mile increase in distance from the station results in a decrease in rent per apartment unit of about 2.50%. This analysis should be of interest to a host of domestic and international market participants including academics who study real estate markets, tax assessors who determine market value, appraisers who make market-derived rent adjustments, and property managers who set apartment rents. Journal: Journal of Real Estate Research Pages: 1-8 Issue: 1 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090830 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090830 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:1:p:1-8 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090831_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: François Des Rosiers Author-X-Name-First: François Author-X-Name-Last: Des Rosiers Author-Name: Marius Thériault Author-X-Name-First: Marius Author-X-Name-Last: Thériault Title: Rental Amenities and the Stability of Hedonic Prices: A Comparative Analysis of Five Market Segments Abstract: The current paper applies the hedonic approach to five rental submarkets in the Quebec region, namely Quebec City, Vanier, Ste-Foy, Beauport and Charlesbourg. The databank consists of information obtained from property owners via a yearly survey; some 32,000 rental units and nearly 3,300 buildings are included in the study. Data provide detailed information on building and apartment size, age, location, services provided, quality of premises and type of occupants; vacancy rates can also be derived from the bank. In addition, resorting to a regional geographic information system permits integration of neighborhood effects into the analysis. Findings suggest that significant differences in implicit prices do exist across market segments. However, while consistent results are obtained for major rent determinants, collinearity clearly emerges with respect to some rental attributes. Using a regression-based paired comparison approach, it is possible to identify stable hedonic prices for main rental services; the coefficients thus obtained are then forced back as constraints into the service-adjusted model, thereby improving its overall consistency and practicability. Journal: Journal of Real Estate Research Pages: 17-36 Issue: 1 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090831 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090831 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:1:p:17-36 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090832_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kee Kim Author-X-Name-First: Kee Author-X-Name-Last: Kim Author-Name: Walt Nelson Author-X-Name-First: Walt Author-X-Name-Last: Nelson Title: Assessing the Rental Value of Residential Properties: An Abductive Learning Networks Approach Abstract: This paper attempts to estimate rental value of residential properties using Abductive Learning Networks (ALN), an artificial intelligence technique. The results indicate that the ALN model provides an accurate estimation of rents with only seven input variables, while other multivariate statistical techniques do not. The ALN model automatically selects the best network structure, node types and coefficients, and therefore it simplifies the maintenance of the model. Once the final model is synthesized, the ALN model becomes very compact, rapidly executable and cost-effective. Journal: Journal of Real Estate Research Pages: 63-77 Issue: 1 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090832 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090832 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:1:p:63-77 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090833_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Springer Author-X-Name-First: Thomas Author-X-Name-Last: Springer Author-Name: Neil Waller Author-X-Name-First: Neil Author-X-Name-Last: Waller Title: Maintenance of Residential Rental Property: An Empirical Analysis Abstract: The maintenance costs of 137 residential rental properties in northwestern South Carolina are analyzed. The results show that maintenance cost per square foot increases with property age, tenant turnover, certain amenities, and for higher-rent properties. Compared to other property types, apartments exhibit higher maintenance costs per square foot with larger complexes showing lower per square foot maintenance costs than smaller complexes. This cost economy suggests added value to rental housing for larger complexes. Owners of multiple properties are found to pay higher maintenance costs. Finally, there is no observed relationship between absentee ownership and the level of property maintenance. Journal: Journal of Real Estate Research Pages: 89-99 Issue: 1 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090833 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090833 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:1:p:89-99 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090834_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Paul Asabere Author-X-Name-First: Paul Author-X-Name-Last: Asabere Author-Name: Forrest Huffman Author-X-Name-First: Forrest Author-X-Name-Last: Huffman Title: Thoroughfares and Apartment Values Abstract: While the monocentric urban models were once adequate for predicting the declining rent gradients for North American cities, the advent of a transportation system with major arteries such as turnpikes, thoroughfares and commuter rails has distorted the rent gradient for many cities. In this study we examine the rent (or value) gradient for the City of Philadelphia with special reference to the impact of two major urban thoroughfares on apartment values. We find that apartment values decline by approximately 2.2% and 3.8% per block from the major thoroughfares, while holding distance to the CBD and standard variables constant. As to be expected, distance to the CBD still continues to exert a dominant influence on apartment values in spite of the impacts of the thoroughfares. The findings are consistent with ‘axial growth theory’. Journal: Journal of Real Estate Research Pages: 9-16 Issue: 1 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090834 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090834 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:1:p:9-16 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090835_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Pagliari Author-X-Name-First: Joseph Author-X-Name-Last: Pagliari Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: On Setting Apartment Rental Rates: A Regression-Based Approach Abstract: This study presents a regression-based analysis of apartment rents for a cross-section of properties located in an “edge city” submarket. It attempts to provide a solution for owners and managers of apartments to the thorny problem of setting a property’s rental rate. The approach used in this analysis differs from previous studies in at least three important respects: (1) vacancy is treated as part of the dependent variable, (2) the property-specific rental rate generated by the regression analysis is compared to the property’s actual effective rent, and (3) each property in the submarket is ranked by the difference between its actual effective rent and its characteristic-adjusted effective rent. This is then followed by several observations concerning the advantages and disadvantages of such an analysis in a practical setting. Journal: Journal of Real Estate Research Pages: 37-61 Issue: 1 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090835 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090835 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:1:p:37-61 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090836_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Douglas Bible Author-X-Name-First: Douglas Author-X-Name-Last: Bible Author-Name: Cheng-Ho Hsieh Author-X-Name-First: Cheng-Ho Author-X-Name-Last: Hsieh Title: Applications of Geographic Information Systems for the Analysis of Apartment Rents Abstract: This study is the first to incorporate comprehensive regional factors into the analysis of the variations of apartment rent in a particular metropolitan area. A Geographic Information Systems (GIS) procedure is developed to generate regional variables for the analysis. Results show that not only the individual apartment’s characteristics, but also the regional factors are important in determining apartment rents. Journal: Journal of Real Estate Research Pages: 79-88 Issue: 1 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090836 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090836 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:1:p:79-88 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090837_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin Author-X-Name-First: William Author-X-Name-Last: Hardin Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Title: The Relationship between Foreclosure Status and Apartment Price Abstract: Empirical studies disclose that foreclosed residential properties sell at a discount from the expected market price for non-foreclosed residences. This investigation shows that prior findings on residential properties can be extended to include income-producing properties. In addition, it employs market rent to control for variation in property quality. An analysis of apartment sales in Phoenix, Arizona, demonstrates that foreclosure-status apartments sell at a 22% discount when compared to non-foreclosure apartment sales. The rationale for accepting discounted prices may be atypical seller motivations such as a need to satisfy regulatory capital requirements, to mitigate negative stock price effects, or to protect credit ratings. Journal: Journal of Real Estate Research Pages: 101-109 Issue: 1 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090837 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090837 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:1:p:101-109 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090838_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Larry Wofford Author-X-Name-First: Larry Author-X-Name-Last: Wofford Title: The Publications of the American Real Estate Society: A Decade of Progress Abstract: One of ARES’ initial and central objectives has been the creation and dissemination of knowledge relevant to real estate problem solvers. To achieve this objective and to make the real estate publication market more complete, ARES developed a portfolio of publications. This paper reviews the creation and evolution of The Journal of Real Estate Research, the Journal of Real Estate Literature, the Research Issues in Real Estate monograph series, and The Journal of Real Estate Portfolio Management during ARES’ first ten years. Journal: Journal of Real Estate Research Pages: 137-145 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090838 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090838 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:137-145 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090839_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Elaine Worzala Author-X-Name-First: Elaine Author-X-Name-Last: Worzala Title: ARES and the Formation of the International Real Estate Society Abstract: Since 1991 the American Real Estate Society (ARES) Board has been working with representatives from around the world to establish an umbrella organization—the International Real Estate Society (IRES). The intent of the organization is to link real estate researchers and educators on an international basis. This paper highlights the progress that has been made and the role ARES has played in establishing IRES, as well as the two new regional societies—the European Real Estate Society and the Pacific Rim Real Estate Society. Along with ARES, these organizations were the founding members of the International Real Estate Society. Journal: Journal of Real Estate Research Pages: 167-181 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090839 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090839 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:167-181 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090840_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Eppli Author-X-Name-First: Mark Author-X-Name-Last: Eppli Author-Name: James Shilling Author-X-Name-First: James Author-X-Name-Last: Shilling Title: How Critical Is a Good Location to a Regional Shopping Center? Abstract: The goal of this paper is to empirically measure the consumer utility trade-off between store location (i.e., distance to a shopping center) and retail agglomeration in regional shopping centers. Using the Lakshmanan and Hansen retail expenditure model, our findings reveal that the distance specification is of surprisingly little importance in explaining retail sales. Conversely, agglomeration economies were of significant importance in explaining consumer patronage at regional shopping centers. The implication of these results is that smaller regional shopping centers may be dominated by large super-regional shopping centers with the smaller one or two anchor regional shopping centers unable to compete with the larger, many-anchored super-regional shopping centers. Journal: Journal of Real Estate Research Pages: 459-468 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090840 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090840 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:459-468 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090841_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald Epley Author-X-Name-First: Donald Author-X-Name-Last: Epley Title: The Current Body of Knowledge Paradigms Used in Real Estate Education and Issues in Need of Further Research Abstract: The ARES Body of Knowledge Committee surveyed its members in order to uncover the current state of the art in the practice of the body of knowledge (BOK) and skills that generated a series of conclusions and recommendations. One important conclusion was that the questions and issues surrounding the BOK are too large for one individual or group to address effectively and that ARES should continue to sponsor the BOK committee, BOK presentations at its annual meeting, publication of articles in the Journal of Real Estate Literature, periodic surveys, and coordination with BOK committees of other allied organizations. The BOK needs continual research and discussion before it can evolve into a final paradigm that is acceptable to all users. Journal: Journal of Real Estate Research Pages: 229-236 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090841 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090841 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:229-236 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090842_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: G. Donald Jud Author-X-Name-First: G. Donald Author-X-Name-Last: Jud Title: The Journal of Real Estate Research: A Ten-Year Review Abstract: This paper provides a catalogue of the papers published in The Journal of Real Estate Research during its first ten years of operation, 1986-96. Articles are indexed by volume and number of The Journal, author, title, and subject. Journal: Journal of Real Estate Research Pages: 249-313 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090842 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090842 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:249-313 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090843_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: The Strategic Real Estate Framework: Processes, Linkages, Decisions Abstract: The intention of this work is to provide a contemporary perspective for understanding the real estate markets that can guide the involvement and decisions for all sectors of society's direct and indirect involvements with the real estate process, resources and market participants.Comprehension of the multifaceted, multidimensional, substantial segment of the economy known as real estate is best accomplished through a strategic framework. Because the real estate discipline lacks coherence and concurrence about what is the essence of real estate and what are the operative paradigms for comprehending and making order of the discipline, there is need for a strategic framework that is simultaneously synthesizing, integrating and comprehensive.The concept of the real estate strategy framework both provides the basis for gaining insights into the real estate discipline and also represents a means to connect a strategic approach to real estate with the act of real estate deal-making. By understanding the real estate process, those strategic influences on transactions that follow from the real estate process can be identified. This framework can enhance the quality, reliability and prudence of real estate decisions. By understanding these interdependencies and linkages, more effective decisionmaking concerning real estate interests and the objectives of participants in the real estate markets can be achieved. Journal: Journal of Real Estate Research Pages: 323-346 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090843 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090843 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:323-346 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090844_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Albert Author-X-Name-First: Joseph Author-X-Name-Last: Albert Title: A Retrospective on the Intellectual Environment Surrounding the Establishment of the American Real Estate Society Abstract: The American Real Estate Society was a natural reaction to the lack of inclusion that was symptomatic of the intellectual environment that existed at the time of its inception. ARES was established on a principle of inclusion of all willing and interested parties and has grown to its present dominant state because as a society, it has resolutely adhered to that principle. Journal: Journal of Real Estate Research Pages: 123-127 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090844 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090844 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:123-127 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090845_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Young Author-X-Name-First: Michael Author-X-Name-Last: Young Author-Name: Richard Graff Author-X-Name-First: Richard Author-X-Name-Last: Graff Title: Systematic Behavior in Real Estate Investment Risk: Performance Persistence in NCREIF Returns Abstract: Serial dependence of total annual returns in the NCREIF database is shown to be statistically significant in the first and fourth quartiles of disaggregated data between 1978 and 1994. More precisely, superior performance is generally followed by continued superior performance, and inferior performance is generally followed by continued inferior performance. In contrast, there is virtually no evidence to support serial dependence in the second or third quartiles, whether combined or taken separately. The empirical rejection of serial independence among real estate returns calls into question the conclusions of research based upon models that incorporate the assumption of serial independence. Journal: Journal of Real Estate Research Pages: 369-381 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090845 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090845 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:369-381 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090846_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Scott Below Author-X-Name-First: Scott Author-X-Name-Last: Below Author-Name: Joseph Kiely Author-X-Name-First: Joseph Author-X-Name-Last: Kiely Author-Name: Willard McIntosh Author-X-Name-First: Willard Author-X-Name-Last: McIntosh Title: REIT Pricing Efficiency; Should Investors Still Be Concerned? Abstract: This study examines the impact of the REIT boom on the market micro-structure of REIT common stocks. We analyze NYSE-traded REITs during the pre-boom period (1992) and the post-boom period (1994), and find significant reductions in bid/ask spreads over the period. We also find that the bid/ask spread differential between REITs and non-REITs has been roughly halved between 1991 and 1994. These reductions provide a direct benefit to REIT investors in terms of reduction transaction costs and improved liquidity, and suggest that the level of uncertainty on the part of the REIT specialist has been reduced. Journal: Journal of Real Estate Research Pages: 397-412 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090846 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090846 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:397-412 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090847_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hugh Nourse Author-X-Name-First: Hugh Author-X-Name-Last: Nourse Title: The Promise of ARES: A Past AREUEA President’s Perspective Abstract: The promise of ARES is that it provides a forum in its annual sessions and publications for research and teaching materials on managerial decisionmaking aspects of real estate. It offers an environment at annual meetings for the active participation of all members, and a way of networking on all sorts of issues real estate faculty may be faced with at their own colleges or universities. Journal: Journal of Real Estate Research Pages: 157-161 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090847 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090847 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:157-161 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090848_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Hoyt Author-X-Name-First: Richard Author-X-Name-Last: Hoyt Author-Name: Robert Aalberts Author-X-Name-First: Robert Author-X-Name-Last: Aalberts Title: Appraisers and the Fair Housing Law: Accessibility Requirements for the Disabled Abstract: In 1988 the Fair Housing Act of 1968 was amended to include the “handicapped” as being protected from discrimination in multiunit housing. The three general categories of discriminatory acts are refusal to make or allow reasonable physical modifications to a covered multiunit dwelling, refusal to make reasonable accommodations in rules and practices, and failure to follow certain design and construction standards. The U.S. Department of Housing and Urban Development has issued Fair Housing Accessibililty Guidelines, which provide technical guidance on multiunit dwelling design and construction standards. This study examines these guidelines and the impact the Act may have upon value when discriminatory practices are observed. Journal: Journal of Real Estate Research Pages: 429-445 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090848 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090848 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:429-445 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090849_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Linda Johnson Author-X-Name-First: Linda Author-X-Name-Last: Johnson Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Author-Name: Richard Followill Author-X-Name-First: Richard Author-X-Name-Last: Followill Title: American Real Estate Society Annual Meeting Paper Presentations: The First Decade (1985-94) Abstract: A sense of real estate history and the foundations of the American Real Estate Society (ARES), as found in this analysis of ARES paper presentations, can be very useful in helping to understand the past and the present, as well as to plan future directions for ARES and real estate as an academic discipline. By identifying leading paper presenters, their university affiliations, and by classifying real estate topics over time, this study strengthens the underpinnings of real estate and yields insight to ARES members and leaders necessary for planning organizational growth and development. Journal: Journal of Real Estate Research Pages: 195-207 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090849 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090849 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:195-207 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090850_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Theron Nelson Author-X-Name-First: Theron Author-X-Name-Last: Nelson Title: Ten Years of Leadership of the American Real Estate Society Abstract: From its inception, the American Real Estate society has benefitted from individuals willing to devote the time, energy and resources necessary to create and nurture the new organization. The goals of ARES are to be an open and friendly organization that is proactive and innovative in its ability to identify and meet the needs of its members. The success of the organization is not simply a tribute to its leadership but a tribute to the membership from whom its leaders have been drawn. For the success of ARES to continue, it must have membership heavily involved in the leadership selection process, and willing to serve when called upon. Journal: Journal of Real Estate Research Pages: 147-155 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090850 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090850 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:147-155 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090851_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Leon Shilton Author-X-Name-First: Leon Author-X-Name-Last: Shilton Author-Name: Craig Stanley Author-X-Name-First: Craig Author-X-Name-Last: Stanley Title: Spatial Concentration of Institutional Property Ownership: New Wave Atomistic or Traditional Urban Clustering Abstract: NCREIF investors acquire property in counties that meet socioeconomic filtering criteria. In contrast to atomistic predictions, these investors acquire their apartment buildings, offices, retail facilities, and warehouses in density clusters. These clusters follow a model of a negative exponential demand curve, a model that previously explained the technologically caused density gradient of urban areas. Institutional investors signal their belief that clustering of properties is a value dimension. Journal: Journal of Real Estate Research Pages: 413-428 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090851 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090851 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:413-428 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090852_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald Jud Author-X-Name-First: Donald Author-X-Name-Last: Jud Author-Name: Terry Seaks Author-X-Name-First: Terry Author-X-Name-Last: Seaks Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: Time on the Market: The Impact of Residential Brokerage Abstract: This paper examines the impact of brokers, brokerage firms and marketing strategy on time on the market (TOM) in the residential housing market. Using a duration model methodology, the study finds duration dependence to be positive, suggesting that the probability of sale increases with TOM. Pricing-related marketing strategies are found to strongly influence TOM, but individual agent and firm characteristics are not statistically significant. These results are consistent with an efficient market within a multiple listing service—no group of agents or firms appears to possess special advantages enabling them to sell homes more quickly than their rivals. Journal: Journal of Real Estate Research Pages: 447-458 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090852 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090852 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:447-458 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090853_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Glenn Mueller Author-X-Name-First: Glenn Author-X-Name-Last: Mueller Author-Name: Charles Wurtzebach Author-X-Name-First: Charles Author-X-Name-Last: Wurtzebach Title: The Evolution of the American Real Estate Society Abstract: The American Real Estate Society (ARES) started with the need for real estate academics to increase their applied research and teaching skills and grew rapidly as research practitioners realized the benefits of working with academics in their field. From its humble beginnings, ARES has grown to be the largest organization of real estate researchers in the world and has spawned a number of new real estate societies on a number of continents. The history of the ARES approach to being innovative and inclusive to all real estate thought leaders is chronicled in this article by two authors who met at one of the early pre-ARES meetings and have been both real estate academics and practitioners in their career. Journal: Journal of Real Estate Research Pages: 163-166 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090853 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090853 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:163-166 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090854_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jacques Gordon Author-X-Name-First: Jacques Author-X-Name-Last: Gordon Author-Name: Paige Mosbaugh Author-X-Name-First: Paige Author-X-Name-Last: Mosbaugh Author-Name: Todd Canter Author-X-Name-First: Todd Author-X-Name-Last: Canter Title: Integrating Regional Economic Indicators with the Real Estate Cycle Abstract: Previous literature has followed an evolutionary path in the examination of office market volatility. Where initial models were designed to show the close relationship between economic fundamentals and volatility at the national level, more recent models have focused on metro-level volatility. This study quantifies the volatility associated with metropolitan markets in terms of vacancy rates and identifies those economic factors that underlie this risk. The analysis suggests that movements in vacancy rates are likely to be affected by different factors at different stages of the cycle. In the long run, this analysis shows that the availability of capital had the strongest effect on the volatility of office vacancy rates. In periods that follow excess construction, market-specific, demand-side factors appear to be the dominant influence. Journal: Journal of Real Estate Research Pages: 469-501 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090854 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090854 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:469-501 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090855_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Roy Black Author-X-Name-First: Roy Author-X-Name-Last: Black Author-Name: Neil Carn Author-X-Name-First: Neil Author-X-Name-Last: Carn Author-Name: Julian Diaz Author-X-Name-First: Julian Author-X-Name-Last: Diaz Author-Name: Joseph Rabianski Author-X-Name-First: Joseph Author-X-Name-Last: Rabianski Title: The Role of the American Real Estate Society in Defining and Promulgating the Study of Real Property Abstract: As an applied discipline in the business field, real property is both multi-disciplinary and inter-disciplinary. This article explores the relationship between real property and other academic disciplines and professional fields. While there is no central theorem around which all real property topics cluster, there are several topics critical to understanding and resolving issues. The role of ARES in exploring these topics is discussed and an agenda proposed for ARES to implement in furthering the study of real property. Journal: Journal of Real Estate Research Pages: 183-193 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090855 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090855 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:183-193 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090856_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karl Guntermann Author-X-Name-First: Karl Author-X-Name-Last: Guntermann Author-Name: Linda Johnson Author-X-Name-First: Linda Author-X-Name-Last: Johnson Title: The Members Speak: A Summary of the ARES Membership Survey Report Abstract: Most respondents to the survey indicated a high level of satisfaction with the current activities of ARES, while some members offered suggestions to improve the organization. Much of the data and other comments produced by the survey have been incorporated into various parts of the current Strategic Plan. Journal: Journal of Real Estate Research Pages: 209-228 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090856 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090856 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:209-228 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090857_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: A Vision for ARES in the Twenty-First Century: The Virtual Community of Real Estate Thought Leaders Abstract: In the twenty-first century the American Real Estate Society (ARES) is a virtual community of real estate thought leaders, electronically interconnected and linked through the International Real Estate Society to counterpart organizations on all major continents as well as numerous country-specific societies. ARES growth is attributable to its emphasis on rigorous applied microeconomic decisionmaking and an inclusive, open style. The initiatives of the Strategic Planning Task Force, whose report was enthusiastically endorsed and implemented at the 1996 Lake Tahoe meetings, have led to an expansion of activities and services. Further, the “Great Water” location strategy continues to attract strong meeting participation, which meetings emphasize special tracks for the corporate space user, global portfolio investing, micro property strategies and transactions, property analytic advances, improving cognitive skills to overcome bounded rationality, and learning innovations as well as ethical and aesthetic issues, property rights and quality of life topics. As valuable as the electronic access to critical real estate research resources is, the ARES Annual Meeting continues to be the one must attend gathering for real estate thought leaders throughout the world. Journal: Journal of Real Estate Research Pages: 237-248 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090857 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090857 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:237-248 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090858_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: Introduction Innovative Thought Leadership and the Community of Real Estate Scholars Journal: Journal of Real Estate Research Pages: 315-322 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090858 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090858 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:315-322 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090859_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Making History: An Insider’s View of the Founding and First-Ten-Year Accomplishments of the American Real Estate Society Abstract: This article presents an overview of the numerous innovations of the American Real Estate Society during its first ten years. Many of its accomplishments are unique for an academically based organization. Because of this, the definition of an academic/ professional organization has been changed forever due to the synergistic effects of mixing practicing professionals and applied academicians. Journal: Journal of Real Estate Research Pages: 129-135 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090859 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090859 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:129-135 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090860_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Christopher Manning Author-X-Name-First: Christopher Author-X-Name-Last: Manning Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: Structuring the Corporate Real Property Function for Greater “Bottom Line” Impact Abstract: This study reviews the tasks a corporate real estate (CRE) function should undertake to create more opportunities for a company's real estate-related decisions to increase shareholder wealth. The major obstacles thwarting many corporate real estate executives from gaining the support they have been seeking from senior management, to more fully participate in higher value strategic planning efforts, are synthesized from several recent surveys (Arthur Andersen, 1993; Lambert, Poteete and Waltch, 1995).Following a discussion of what corporate real estate staffs should be doing to contribute more to shareholder wealth, and what usually stands in their way, a proactive strategy is put forth for overcoming these obstacles. Lastly, in light of recent contributions to the literature (Duckworth, 1993; Joroff, Louargand, Lambert, and Becker, 1993; Kimbler and Rutherford, 1993; Lambert et al., 1995; Noha, 1993; Nourse and Roulac, 1993) on how to integrate strategic management of a company's real estate assets with strategic management of its business units and overall corporate strategy, some suggestions are made for (1) how to best organize the CRE function within a company, (2) how to make the best use of outside CRE service providers, and (3) what skills should prove most valuable to corporate real estate executives and their staffs. Journal: Journal of Real Estate Research Pages: 383-396 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090860 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090860 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:383-396 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090861_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jim Clayton Author-X-Name-First: Jim Author-X-Name-Last: Clayton Title: Market Fundamentals, Risk and the Canadian Property Cycle: Implications for Property Valuation and Investment Decisions Abstract: The dramatic decline in commercial property values in recent years has changed popular perception about real estate investment risk. This paper aims to generate new insights into real estate investment risk and its implications for real estate valuation. It shows that the risk premium on unsecuritized commercial real estate varies over time and is strongly related to general economic conditions. A vector autoregressive model developed to forecast real estate returns reveals that time variation in real estate risk is partly predictable, and thus can help us to forecast future movements in commercial property values. The analysis suggests that in periods surrounding major market movements, changes in commercial property prices are driven more by changes in expected (required) returns than by changes in current and expected future property income. Changing expected returns may reflect rational revisions of real estate investment risk, or alternatively investor psychology or sentiment. Journal: Journal of Real Estate Research Pages: 347-367 Issue: 2 Volume: 12 Year: 1996 Month: 1 X-DOI: 10.1080/10835547.1996.12090861 File-URL: http://hdl.handle.net/10.1080/10835547.1996.12090861 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:12:y:1996:i:2:p:347-367 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090862_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sam Hakim Author-X-Name-First: Sam Author-X-Name-Last: Hakim Title: Autonomous and Financial Mortgage Prepayment Abstract: Using individual data from Freddie Mac’s portfolio of conventional mortgages, this paper estimates prepayment probabilities as a function of characteristics pertaining to the borrower, the loan, regional, and economic variables. Distinction is made between induced and autonomous prepayments. Based on the curvature of the underlying termination pattern, nonparametric methods are derived to estimate the prepayment probabilities and to predict a mortgage life under various scenarios. The findings point to a response asymmetry with respect to the level and trend of interest rates. Non-interest effects reveal the significance of the borrower’s characteristics, property age and regional mobility rates on mortgage termination. Journal: Journal of Real Estate Research Pages: 1-16 Issue: 1 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090862 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090862 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090863_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Goolsby Author-X-Name-First: William Author-X-Name-Last: Goolsby Title: Assessment Error in the Valuation of Owner-Occupied Housing Abstract: Assessed values of owner-occupied housing have been analyzed in this study to determine whether there is systematic error in the property valuation process by assessors. Sources of systematic error are identified for three counties in the Puget Sound area of Washington State. A method is developed to correct assessed values for systematic error to provide better estimates of market values. The results of the study may be useful for using assessed values as predictors of market values. Journal: Journal of Real Estate Research Pages: 33-45 Issue: 1 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090863 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090863 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:1:p:33-45 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090864_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Julian Diaz Author-X-Name-First: Julian Author-X-Name-Last: Diaz Title: An Investigation into the Impact of Previous Expert Value Estimates on Appraisal Judgment Abstract: Is appraisal judgment influenced by the previous value estimates of other experts? This paper documents an investigation into this question. The literatures on appraisal smoothing and heuristic anchoring were explored to build a theoretical and empirical base. Research methods involved asking apprentice and expert appraisers, some supplied with the previous value estimate of an anonymous expert, to estimate the value of a vacant tract of industrial land. The strong support expected for the contention that appraisers are influenced by the previous value judgments of anonymous experts was not found. Whereas differences between the groups supplied with the previous value estimate and those who were not were in the direction consistent with anchoring, these results were not statistically significant, suggesting that anchoring may be more subtle than generally believed. Journal: Journal of Real Estate Research Pages: 57-66 Issue: 1 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090864 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090864 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:1:p:57-66 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090865_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Raymond Finance Author-X-Name-First: Raymond Author-X-Name-Last: Finance Author-Name: Thomas Gosnell Author-X-Name-First: Thomas Author-X-Name-Last: Gosnell Author-Name: Andrea Heuson Author-X-Name-First: Andrea Author-X-Name-Last: Heuson Title: Evaluating the Interest-Rate Risk of Adjustable-Rate Mortgage Loans Abstract: This paper evaluates the interest-rate risk inherent in an adjustable-rate mortgage (ARM) with sporadic rate adjustments and possibly binding periodic and life-of-loan rate change constraints. Simulation analysis forecasts ARM cash flows, determines the probability that constraints will hold, and partitions the loan into fixed and variable components. Simulation parameters are then altered to measure the impact of changes in contract terms and market conditions on the interest-rate risk of a typical ARM loan. Interest-rate sensitivity is found to be significantly less than that of fixed-rate loans and remarkably insensitive to changes in loan margins or initial loan rates after the first few years of an ARM’s life. Therefore, it is not surprising that lenders have used these features to lure borrowers to ARMs. Periodic rate change limits and volatility in the underlying index are the only factors that influence the interest-rate risk of an existing ARM in a substantive way. Journal: Journal of Real Estate Research Pages: 77-94 Issue: 1 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090865 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090865 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:1:p:77-94 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090866_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Carroll Author-X-Name-First: Thomas Author-X-Name-Last: Carroll Author-Name: Terrence Clauretie Author-X-Name-First: Terrence Author-X-Name-Last: Clauretie Author-Name: Helen Neill Author-X-Name-First: Helen Author-X-Name-Last: Neill Title: Effect of Foreclosure Status on Residential Selling Price: Comment Abstract: In this comment we examine the conclusion by Forgey, Rutherford and VanBuskirk (1994) “that the foreclosed properties sold at a 23% discount,” using a sample of nearly 2,000 residential property sales from the Las Vagas, Nevada area. We found that when not controlling for location with a set of dummy variables for zip codes, HUD foreclosed properties sold for between 12.18% and 13.96% below a random sample of properties not within one block of foreclosed properties. When controlling for location, using a set of thirty-one dummy variables for zip codes, the foreclosure discount fell to between 8.45% and 9.72%. When controlling for the common characteristics between foreclosed properties and their neighbors, we found foreclosure discounts are very small (between .17% and 2.58%) and no longer statistically significant. We conclude that foreclosure does not provide an opportunity for arbitrage profits, and this study does reinforce the findings of other studies that conclude real estate markets operate efficiently. Journal: Journal of Real Estate Research Pages: 95-102 Issue: 1 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090866 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090866 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:1:p:95-102 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090867_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Buttimer Author-X-Name-First: Richard Author-X-Name-Last: Buttimer Author-Name: Ronald Rutherford Author-X-Name-First: Ronald Author-X-Name-Last: Rutherford Author-Name: Ron President Author-X-Name-First: Ron Author-X-Name-Last: President Title: Industrial Warehouse Rent Determinants in the Dallas/Fort Worth Area Abstract: This paper presents the first empirical analysis of the determinants of pooled variation in industrial warehouse rents. It examines industrial warehouse rents using data for seventeen quarterly periods in the Dallas/Fort Worth metroplex. M/PF Research Inc. provided the data. A random effects model is used to estimate the relationship between market rents for industrial properties and various independent variables. Rent per square foot is positively related to the number of grade high doors, and the annual change in net employment. Rent per square foot is negatively effected by ceiling height, percentage of office space, building age, and the presence of a sprinkler system. The results indicate that rents are significantly impacted by physical characteristics, location and general market conditions. Additionally, there is evidence to suggest that the relationship between physical characteristics and rents is nonlinear. Journal: Journal of Real Estate Research Pages: 47-55 Issue: 1 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090867 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090867 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:1:p:47-55 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090868_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Allen Author-X-Name-First: Marcus Author-X-Name-Last: Allen Author-Name: Ronald Rutherford Author-X-Name-First: Ronald Author-X-Name-Last: Rutherford Author-Name: Thomas Springer Author-X-Name-First: Thomas Author-X-Name-Last: Springer Title: Reexamining the Impact of Employee Relocation Assistance on Housing Prices Abstract: In this paper, we reexamine the issue of whether corporate relocation assistance programs for transferred employees significantly affect sale prices of single-family homes. We estimate a hedonic price equation that includes physical housing characteristics, location factors, occupancy status, and type of seller for a sample of 2,441 transactions. Seller types include (a) transferred employees who were given direct relocation assistance, (b) transferred employees who were not given direct relocation assistance, and (c) sellers who were not facing an employment transfer. After controlling for vacancy and tenant occupancy, we find that houses sold by transferred employees who receive direct relocation assistance exhibit no significant price differential, but that houses sold by transferred employees who do not receive direct relocation assistance sell at a discount of approximately 3%. Journal: Journal of Real Estate Research Pages: 67-75 Issue: 1 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090868 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090868 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:1:p:67-75 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090869_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ling He Author-X-Name-First: Ling Author-X-Name-Last: He Author-Name: F Neil Myer Author-X-Name-First: F Author-X-Name-Last: Neil Myer Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: The Sensitivity of Bank Stocks to Mortgage Portfolio Composition Abstract: Previous studies have found that bank stock returns are very sensitive to changes in real estate returns in general. But how the composition and quality of bank real estate portfolios affect the sensitivity of bank stocks to real estate returns has not been rigorously examined. The purpose of this study is to empirically examine this important question.The results indicate that commercial mortgages contribute the most to the sensitivity of bank stock returns. Farmland loans have a negative impact on bank real estate return sensitivity. Thus, farmland loans could play a diversification role in terms of reducing the sensitivity of banks to real estate returns, if used appropriately. Journal: Journal of Real Estate Research Pages: 17-31 Issue: 1 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090869 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090869 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:1:p:17-31 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090870_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Phillips Author-X-Name-First: Richard Author-X-Name-Last: Phillips Author-Name: Eric Rosenblatt Author-X-Name-First: Eric Author-X-Name-Last: Rosenblatt Title: The Legal Environment and the Choice of Default Resolution Alternatives: An Empirical Analysis Abstract: In addition to standard foreclosure, three other methods of resolution for mortgage defaults are available: bankruptcy protection, surrender of deed to the lender, and pre-foreclosure sale. This paper develops a model that specifies the choice of resolution method as a function of the state-specific legal environment and local area economic conditions. A large national data set is used to estimate a multinomial logit choice model for the 1987 to 1991 period. The results indicate that the choice of default resolution alternative is sensitive to the legal environment. The results imply that selected legal reforms will tend to improve the efficiency of the default resolution process. Journal: Journal of Real Estate Research Pages: 145-154 Issue: 2 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090870 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090870 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:2:p:145-154 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090871_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: T.L Yang Author-X-Name-First: T.L Author-X-Name-Last: Yang Author-Name: Joseph Trefzger Author-X-Name-First: Joseph Author-X-Name-Last: Trefzger Author-Name: Lawrence Sherman Author-X-Name-First: Lawrence Author-X-Name-Last: Sherman Title: A Microeconomic Study of Commercial Real Estate Brokerage Firms Abstract: While residential brokerage has been widely studied, the operating characteristics of income property brokerage firms have received little attention in the literature. In this paper, we analyze results from a survey of income property brokers to measure profitability, scale effects, and expenditures at the firm level. We find that while scale economies exist for expenses, net income per producer falls as firms grow; the optimally sized firm is comparatively small. Although inconsistencies with results from recent residential brokerage studies may relate to the survey period, they may also support a view that residential and income brokerage firms are structurally different. Journal: Journal of Real Estate Research Pages: 177-194 Issue: 2 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090871 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090871 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:2:p:177-194 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090872_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hans Isakson Author-X-Name-First: Hans Author-X-Name-Last: Isakson Title: An Empirical Analysis of the Determinants of the Value of Vacant Land Abstract: This study extends the literature that investigates the use of buyer and seller characteristics in traditional hedonic price equation regressions. This study adds to the existing literature on the relationship between parcel size and price, coined plattage by Colwell and Sirmans (1980). The results reveal statistically significant buyer and seller effects. Also, the results confirm the existence of the plattage effect and reveal a statistically significant change in the plattage effect over time. The findings of this study should prove useful to those interested in the behavior of land markets on an urban fringe. Journal: Journal of Real Estate Research Pages: 103-114 Issue: 2 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090872 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090872 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:2:p:103-114 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090873_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Linda Johnson Author-X-Name-First: Linda Author-X-Name-Last: Johnson Author-Name: Arnold Redman Author-X-Name-First: Arnold Author-X-Name-Last: Redman Author-Name: John Tanner Author-X-Name-First: John Author-X-Name-Last: Tanner Title: Utilization and Application of Business Computing Systems in Corporate Real Estate Abstract: This study reports on the utilization of business computing systems by corporate real estate executives. A survey was undertaken to examine four issues: types of property data collected, MIS report generation, hardware/software usage, and decision models and experts employed. NACORE members were surveyed and reported extensive usage of well-known business computing systems (e.g., transaction processing and management information systems), while newer systems (e.g., decision support and expert systems) are just beginning to be introduced into corporate real estate. Empirical analysis revealed differences among industries in the types of reports and property financial data that are maintained. Journal: Journal of Real Estate Research Pages: 211-230 Issue: 2 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090873 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090873 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:2:p:211-230 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090874_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: M Collins Author-X-Name-First: M Author-X-Name-Last: Collins Author-Name: Van Lai Author-X-Name-First: Van Author-X-Name-Last: Lai Author-Name: James McNulty Author-X-Name-First: James Author-X-Name-Last: McNulty Title: Thrift Viability and Traditional Mortgage Lending: A Simultaneous Equations Analysis of the Risk-Return Trade-Off Abstract: A number of studies have argued that the thrift industry is not viable as it is presently structured and regulated because mortgage yields are inadequate to cover interest and operating costs. This hypothesis suggests that observed profitability is primarily the result of the tendency of the industry to “ride” the yield curve by borrowing short and lending long. To evaluate this argument, we construct a simultaneous-equations model of thrift risk (maturity gap positions) and return (net interest margin). We find support for the notion that the industry could not be reasonably profitable if it did not take on significant interest-rate risk. For instance, a zero gap position produces a return on assets of only 19 basis points and a return on equity of only 4%. We also estimate the amount of interest-rate risk the industry can employ to increase returns on equity and assets. Our estimates show that over 50% of thrift profits earned during this period are the result of negative gap positions and interest-rate speculation. As earlier research shows, changes in regulations affecting thrift asset and liability choices can be counterproductive. Journal: Journal of Real Estate Research Pages: 155-175 Issue: 2 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090874 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090874 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:2:p:155-175 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090875_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Petros Sivitanides Author-X-Name-First: Petros Author-X-Name-Last: Sivitanides Title: The Rent Adjustment Process and the Structural Vacancy Rate in the Commercial Real Estate Market Abstract: Existing studies of the office-rent adjustment process employ empirical model specifications that assume an intertemporally constant structural vacancy rate. Such specifications, however, contradict prevailing theoretical definitions of the latter which point towards its intertemporal variability. Against this background, this study extends the traditional rent adjustment specification to account for an intertemporally variable structural vacancy rate. The empirical results suggest that the extended model may be more appropriate than the traditional one in explaining office rent changes during the period 1980-1988. They also suggest that the structural vacancy rate may indeed vary both through time and across markets. Journal: Journal of Real Estate Research Pages: 195-209 Issue: 2 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090875 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090875 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:2:p:195-209 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090876_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Barry Ziering Author-X-Name-First: Barry Author-X-Name-Last: Ziering Author-Name: Elaine Worzala Author-X-Name-First: Elaine Author-X-Name-Last: Worzala Title: The Real Estate Research Interests of the Plan Sponsor Community: Survey Results Abstract: This paper presents the findings from a survey of plan sponsors on future research directions in real estate. The Pension Real Estate Association (PREA) and the National Council of Real Estate Investment Fiduciaries (NCREIF) sponsored the survey in fall 1992. Among other things, results indicate a need for further research into the The Role of Real Estate in a Mixed-Asset Portfolio and Real Estate Cycles and Their Predictability. When analyzed by size and type of fund, the largest funds (government) tend to be interested in performance issues, whereas smaller funds are interested in how much real estate and appropriate investment vehicles. Journal: Journal of Real Estate Research Pages: 115-143 Issue: 2 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090876 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090876 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:2:p:115-143 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090877_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Author-Name: K Chau Author-X-Name-First: K Author-X-Name-Last: Chau Author-Name: L Li Author-X-Name-First: L Author-X-Name-Last: Li Title: Past and Future Sources of Real Estate Returns in Hong Kong Abstract: Historical commercial real estate returns are attributed to three fundamental factors: initial current yield, growth in net operating income, and changes in going-in versus going-out capitalization rates (i.e., pricing movements). Separating returns into these three factors appears to provide more insightful information than the traditionally reported income and appreciation returns. Using this three-factor model, historical real returns and inflation pass-through rates are estimated for each major type of real estate (residential A/B/C, residential D/E, office, retail, industrial). Journal: Journal of Real Estate Research Pages: 251-271 Issue: 3 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090877 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090877 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:3:p:251-271 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090878_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: K Chau Author-X-Name-First: K Author-X-Name-Last: Chau Title: Political Uncertainty and the Real Estate Risk Premiums in Hong Kong Abstract: This study investigates the effects of political uncertainty associated with the 1997 repossession of Hong Kong by China on the real estate market. Such effect is reflected in the change in the real estate risk premiums. A model is derived to estimate the trend of real estate risk premium for each subsector of the real estate market from observable market data. The results suggest that there was a discrete jump in the risk premiums when the 1997 issue was revealed to the public in 1983, indicating investor concern about the post-1997 future of Hong Kong. The increase in the risk premium is much more obvious in nonresidential real estate than in the residential sector. This is probably due to its dual nature (an investment good as well as a good for self-consumption) and the effects of rent control, which only applies to the residential units. However there is also very strong evidence that investor confidence has been increasing recently, thus leading to a decline in the implied post-1997 risk premium, although the increasing confidence is still not sufficient to bring the risk premium back to pre-1983 levels. If the concern about the repossession of Hong Kong by China turns out to be unnecessary after 1997, a re-valuation of the risk premium will take place. This will bring the risk premium level back to the pre-1983 level, assuming no other significant changes have taken place. Other things being equal, such revaluation will result in a one-time discrete increase in property prices. This is in contrast to the common view that investors have already discounted the 1997 Hong Kong/China issue completely. Journal: Journal of Real Estate Research Pages: 297-315 Issue: 3 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090878 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090878 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:3:p:297-315 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090879_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ling He Author-X-Name-First: Ling Author-X-Name-Last: He Author-Name: F Neil Myer Author-X-Name-First: F Author-X-Name-Last: Neil Myer Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: The Wealth Effects of Domestic vs International Joint Ventures: The Case of Real Estate Abstract: This study examines the wealth effect of international versus domestic real estate joint ventures on the U.S. participating firm’s shareholders. This is done using traditional event study methodology for real estate joint venture announcements. The results suggest that domestic real estate joint ventures generally result in a significant increase in the firm’s value, while international real estate joint ventures usually have a much less significant to nonsignificant wealth impact. This may be due to the immovability of real properties in foreign countries and the large amount of initial investment in real estate that increase both political and economic risks for international real estate joint ventures. This study also finds that hotel joint ventures generally have a weaker wealth effect than non-hotel real estate joint ventures. Journal: Journal of Real Estate Research Pages: 349-358 Issue: 3 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090879 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090879 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:3:p:349-358 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090880_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Earl Benson Author-X-Name-First: Earl Author-X-Name-Last: Benson Author-Name: Julia Hansen Author-X-Name-First: Julia Author-X-Name-Last: Hansen Author-Name: Arthur Schwartz Author-X-Name-First: Arthur Author-X-Name-Last: Schwartz Author-Name: Gregory Smersh Author-X-Name-First: Gregory Author-X-Name-Last: Smersh Title: The Influence of Canadian Investment on U.S. Residential Property Values Abstract: This study is an examination of the impact of foreign investors on an American residential real estate market. Point Roberts, Washington, a real estate market that is dominated by Canadians, is the focus of the analysis. Utilizing a ten-year database of home sales, the empirical analysis suggests that the Canadian/U.S. dollar exchange rate and market conditions in nearby Vancouver, British Columbia, strongly influence Point Roberts residential property price levels. A rising Canadian dollar seems to motivate increased demand for Point Roberts property by Canadian investors, for example. The sensitivity of real estate prices to exchange-rate changes appears to be a three-to-six-month lagged function. In general, it appears that a higher Canadian dollar will increase the Canadian demand for Point Roberts real estate which, in turn, leads to higher transaction prices. In addition, transaction prices in Point Roberts are slightly more volatile than are prices in the Vancouver market. Journal: Journal of Real Estate Research Pages: 231-249 Issue: 3 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090880 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090880 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:3:p:231-249 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090881_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Pagliari Author-X-Name-First: Joseph Author-X-Name-Last: Pagliari Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Author-Name: Todd Canter Author-X-Name-First: Todd Author-X-Name-Last: Canter Author-Name: Frederich SSR Author-X-Name-First: Frederich Author-X-Name-Last: SSR Title: A Fundamental Comparison of International Real Estate Returns Abstract: This study analyzes commercial real estate returns in Australia, Canada, the United Kingdom and the United States over the period 1985-95, from the perspective of a U.S. investor. Because national indices can consist of differing property mixes, this study separately analyzes the office, retail and warehouse sectors. Moreover, these analyses also convert total returns into their fundamental components: initial yield, growth in income and shifts in capitalization rates. The paths of currency-adjusted income and asset values and, therefore, capitalization rates are also presented. Generally speaking, the fundamental components of retail returns across the four countries exhibit greater divergence than the office and warehouse sectors. It is interesting that the U.S. property sectors showed the worst performance, while the Australian retail and the British office and warehouse sectors were the best performers (both before and after currency adjustments). Additionally, the currency-adjusted Australian returns were adversely effected by exchange rate movements, while the British returns were positively effected. Lastly, the correlation of the quarterly percentage change in income was generally lower and less statistically significant than the correlation patterns observed among the other components of return. This might suggest that more idiosyncratic risk can be found in the real estate space markets (as proxied by income changes) than in the real estate capital markets (as proxied by the pricing of the income—that is, capitalization rates), which appear to be more globally influenced. Journal: Journal of Real Estate Research Pages: 317-347 Issue: 3 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090881 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090881 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:3:p:317-347 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090882_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chao-i Academic Author-X-Name-First: Chao-i Author-X-Name-Last: Academic Title: A Note on Corporate Overseas Investment Decision Priorities of Taiwanese Direct Real Estate Investors Abstract: Data generated from a situationally adapted analytical hierarchical process (AHP) questionnaire focusing on two politically confrontational countries (the People’s Republic of China and the Republic of China on Taiwan), provides a revealing assessment of the decisionmaking priorities for three types of direct foreign investment, namely wholly foreign-owned subsidiaries (WFSs), equity joint ventures (EJVs) and contractual joint ventures (CJVs). Cross-case comparison shows distinctly different priorities among the three types for the two countries, and that country selection entails more caution than does the subsequent selection of city. Whereas political environment factors are of only marginal importance for domestic decisions, they are of primary consideration in overseas investment decisions. Journal: Journal of Real Estate Research Pages: 359-368 Issue: 3 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090882 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090882 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:3:p:359-368 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090883_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kiwoong Cheong Author-X-Name-First: Kiwoong Author-X-Name-Last: Cheong Author-Name: Chi Kim Author-X-Name-First: Chi Author-X-Name-Last: Kim Title: Corporate Real Estate Holdings and the Value of the Firm in Korea Abstract: This study investigates the relationship between changes in real estate prices and the value of firms. The main hypothesis is that changes in the value of firms caused by expectations of increasing real estate prices will be smaller in magnitude than these in the value of their real estate holdings since there will be a loss in the value of the firm occasioned by the perception of future growth opportunities forgone. The secondary hypothesis is that the loss in value caused by growth opportunities forgone will be proportional to the amount of debt financing used.The findings using a yearly cross-sectional test during 1987-91 indicate that the proportion of a firm’s real estate holdings to its total assets had no significant effect upon the return-on-investment in its stocks. However, the higher the debt ratio of the firm, the lower the coefficient of the real estate holdings, implying that the value loss of the growth opportunities forgone becomes larger as the firm uses more debt. Also these results are not observed in size analysis. Accordingly, a debt effect is regarded to be clearer than a size effect in the impact upon stock returns of the real estate holdings. Journal: Journal of Real Estate Research Pages: 273-295 Issue: 3 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090883 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090883 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:3:p:273-295 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090884_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: F Neil Myer Author-X-Name-First: F Author-X-Name-Last: Neil Myer Author-Name: Mukesh Chaudhry Author-X-Name-First: Mukesh Author-X-Name-Last: Chaudhry Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Stationarity and Co-Integration in Systems with Three National Real Estate Indices Abstract: This study examines the stochastic properties of the commercial real estate wealth indices for three countries (the U.S., Canada and the U.K.) and for several property types (aggregate, office, retail, and industrial). Each of the indices is tested for a unit root and all series are found to be nonstationary. Furthermore, all indices also indicate the presence of both drift and trend. The results are strongest when the indices are tested in real and exchange rate-adjusted form. Application of Johansen’s model indicates that the system for the three countries shows evidence of co-integration for the aggregate, retail, office, and industrial properties. Again, the evidence is the strongest when the indices are tested in real and exchange rate-adjusted form. Hence, it is conceivable that inflationary expectations may be the factor that provides the common linkage between commercial real estate across national boundaries. Journal: Journal of Real Estate Research Pages: 369-381 Issue: 3 Volume: 13 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090884 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090884 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:13:y:1997:i:3:p:369-381 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090885_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Roy Black Author-X-Name-First: Roy Author-X-Name-Last: Black Author-Name: Julian Diaz Author-X-Name-First: Julian Author-X-Name-Last: Diaz Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Title: Examination of the Effect of Buyer Agency on the Distribution of Closing Costs Abstract: This article investigates the effect of agency on the distribution between buyer and seller of cash charges paid at closing. An analysis of covariance (ANCOVA) model is developed to control for the concomitant effects of financing choice and compensating changes in nominal price on buyer’s closing costs and seller’s closing costs. The findings, based upon Atlanta area data from the 1989-1991 period, reveal that brokers operating under an explicit, exclusive-agency contract with the buyer do affect negotiated outcomes. Average buyer’s closing costs are found to have been reduced by 31% and average seller’s closing costs to have increased by 10% when a buyer’s broker was involved in a transaction. This study also examines the buyer’s broker effect on upper- and lower-price-bracket homes. Journal: Journal of Real Estate Research Pages: 43-54 Issue: 1 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090885 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090885 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:1:p:43-54 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090886_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Arnold Redman Author-X-Name-First: Arnold Author-X-Name-Last: Redman Author-Name: Herman Manakyan Author-X-Name-First: Herman Author-X-Name-Last: Manakyan Author-Name: Kartono Liano Author-X-Name-First: Kartono Author-X-Name-Last: Liano Title: Real Estate Investment Trusts and Calendar Anomalies Abstract: There have been numerous studies in the finance literature on the existence of calendar anomalies in common stocks and a few studies of individual anomalies in the markets for real estate investment trusts. This study provides a comprehensive examination of the existence of four calendar anomalies for REITs and common stocks from 1986 through 1993. The results show the existence of the January effect, the turn-of-the-month effect, the day-of-the-week effect, and the pre-holiday effect in REITs and an equally weighted index of stocks. REIT returns tend to be higher in January, on Friday, on turn-of-the-month trading days, and on pre-holiday trading days. Journal: Journal of Real Estate Research Pages: 19-28 Issue: 1 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090886 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090886 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:1:p:19-28 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090887_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Vickie Bajtelsmit Author-X-Name-First: Vickie Author-X-Name-Last: Bajtelsmit Author-Name: Elaine Worzala Author-X-Name-First: Elaine Author-X-Name-Last: Worzala Title: Adversarial Brokerage in Residential Real Estate Transactions: The Impact of Separate Buyer Representation Abstract: Although substantial research effort has been directed to the examination of optimal search and pricing behavior under traditional brokerage arrangements, market outcomes under conditions of undisclosed subagency and buyer representation have not been fully explored. This study applies the legal and economic theory of agency to real estate markets with cooperating brokers. The existence of cooperating brokers acting as subagents of the seller with the buyer’s full knowledge does not change the buyer’s and seller’s net payoffs relative to the single-agent case. However, when the buyer mistakenly believes that the cooperating broker/subagent is acting as his agent in negotiations, there may be informational gains that result in a higher selling price and a higher payoff to the seller at the expense of the buyer. The analysis indicates that buyer brokers may be a potential solution to this agency problem. When both parties to a real estate transaction have separate representation, their net payoffs are shown to be higher and the sales price lower than under traditional brokerage arrangements. The result is dependent on several factors, including: market conditions, relative bargaining power of the parties, method of broker compensation, and disclosure of the status of the buyer broker. Journal: Journal of Real Estate Research Pages: 65-75 Issue: 1 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090887 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090887 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:1:p:65-75 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090888_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John McMurray Author-X-Name-First: John Author-X-Name-Last: McMurray Author-Name: Thomas Thomson Author-X-Name-First: Thomas Author-X-Name-Last: Thomson Title: Determinants of the Closing Probability of Residential Mortgage Applications Abstract: After allowing applicants to “lock” the interest rate, mortgage originators are concerned with protecting themselves from adverse outcomes due to interest-rate changes. One may expect applicants would strive to close applications when rates rose, while letting themselves fall out when rates decline. Our results show that applicant response to interest-rate changes and volatility are modest. The most important predictor of closing probability is the length of the lock period, with shorter locks being more likely to close. Applications for single-family are more likely to close than are those for multiunit dwellings. Applications for owner-occupied properties are more likely to close than are those for investment properties. Applicant characteristics such as loan affordability, education and age have a small influence on closing rate. Gender has an effect for some loan programs, and marital status appears to be irrelevant. Discount points affect refinance mortgages more than purchase mortgages. Conventional applications are more likely to close than FHA and VA, and applications for refinance, in general, are less likely to close. Results are mixed for ARM and fifteen-year applications, as well as for whether it was the original application, or a relock. Journal: Journal of Real Estate Research Pages: 55-64 Issue: 1 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090888 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090888 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:1:p:55-64 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090889_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Corgel Author-X-Name-First: John Author-X-Name-Last: Corgel Title: Property-by-Property Valuation of Publicly Traded Real Estate Firms Abstract: Because the assets held by publicly traded real estate companies are infrequently traded, their values must be estimated to determine the relationship between share prices and net asset values for investment purposes. Alternative modeling approaches may be followed to accomplish these valuations, including income-based and transaction-based models. The real estate values of publicly traded firms are estimated in this study using a hedonic pricing model that combines the market’s valuation of the fundamental characteristics of the assets with the specific characteristics of each asset being valued. After converting asset values to estimates of net asset values, the net asset values are compared to the market valuations of firms’ equity claims. Valuations for two Hotel REITs provide information about market premiums commonly attributable to liquidity and REIT management. Journal: Journal of Real Estate Research Pages: 77-90 Issue: 1 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090889 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090889 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:1:p:77-90 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090890_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Simons Author-X-Name-First: Robert Author-X-Name-Last: Simons Author-Name: William Levin Author-X-Name-First: William Author-X-Name-Last: Levin Author-Name: Arthur Sementelli Author-X-Name-First: Arthur Author-X-Name-Last: Sementelli Title: The Effect of Underground Storage Tanks on Residential Property Values in Cuyahoga County, Ohio Abstract: This study considers the effect of underground storage tanks on residential sales price. These effects are tested with a hedonic pricing model for all 1992 residential sales in Cuyahoga County, Ohio. Three types of tanks were tested: non-leaking tanks registered with the State of Ohio, leaking tanks that are currently not registered, and registered leakers. Results show that close proximity (same block or within 300 feet) to registered, non-leaking tanks and to unregistered leakers did not significantly affect sales price. However, proximity to a leaking, registered tank demonstrated a reduction in price of over 17%. Journal: Journal of Real Estate Research Pages: 29-42 Issue: 1 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090890 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090890 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:1:p:29-42 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090891_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karl Guntermann Author-X-Name-First: Karl Author-X-Name-Last: Guntermann Title: Residential Land Prices Prior to Development Abstract: This paper tests various hypotheses related to expectations and the value of undeveloped land. Evidence is found to support the hypothesis by Capozza and Helsley (1989) that the price of land in rapidly growing cities reflects a significant premium based upon expectations about future growth. There is also evidence that this premium varies from less than 40% of land value during down times to over 70% during boom times. Additional hypotheses tested related to development expectations for smaller geographic areas within the market. Land values reflect forecasts of employment up to five or six years into the future for nine square mile planning areas. The level of residential development activity from two to three miles around individual parcels is also capitalized into value. Much of the value of urban land may be explained by the growth rate of the metropolitan area and micro-geographic factors related to individual parcels. Journal: Journal of Real Estate Research Pages: 1-17 Issue: 1 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090891 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090891 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:1:p:1-17 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090892_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gerald Brown Author-X-Name-First: Gerald Author-X-Name-Last: Brown Author-Name: K Chau Author-X-Name-First: K Author-X-Name-Last: Chau Title: Excess Returns in the Hong Kong Commercial Real Estate Market Abstract: This study examines the existence of excess returns of the office, retail and industrial real estate sectors in Hong Kong using time series of both valuations and transaction prices. The analysis covers the period from 1980 to 1995. If valuations are an accurate reflection of transaction prices then excess returns, if they exist, should be detected in both series. Our findings confirm that excess returns can be detected in both valuation and transaction-based series. They are not, however, persistent although there appear to be greater opportunities for earning excess returns in the office sector. Journal: Journal of Real Estate Research Pages: 91-105 Issue: 2 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090892 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090892 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:2:p:91-105 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090893_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dirk De Wit Author-X-Name-First: Dirk Author-X-Name-Last: De Wit Title: Real Estate Diversification Benefits Abstract: Diversification benefits are shown to vary inversely with the correlation between asset returns. The present study estimates average correlation coefficients between real-estate returns from property-specific data of an internationally diversified real estate fund in the Netherlands. It is found that diversification benefits within the United States are much larger than on the European Continent. The low correlation found between U.S. real estate returns implies that portfolios of small numbers of U.S. properties would require large return premia. Also, the study helps to explain why financial intermediaries exist in the real estate industry and when investors should consider employing them. Journal: Journal of Real Estate Research Pages: 117-135 Issue: 2 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090893 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090893 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:2:p:117-135 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090894_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhong-guo Zhou Author-X-Name-First: Zhong-guo Author-X-Name-Last: Zhou Title: Forecasting Sales and Price for Existing Single-Family Homes: A VAR Model with Error Correction Abstract: In this paper we forecast demand for existing single-family housing in the United States. We first find that sales volume (sales) and median sales price (price) have unit roots. We then find that sales and price are cointegrated. We develop a vector autoregressive (VAR) model with error correction to further examine the causality between sales and price. We find that there exists a bidirectional causality relationship between sales and price. Price affects sales significantly and sales affects price weakly. With the VAR model we then forecast sales and price for existing single-family housing during the period 1991 to 1994 by using a recursive method. We find that our predictions for sales and price fit the actual data well. Journal: Journal of Real Estate Research Pages: 155-167 Issue: 2 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090894 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090894 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:2:p:155-167 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090895_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald Epley Author-X-Name-First: Donald Author-X-Name-Last: Epley Title: A Note on the Optimal Selection and Weighting of Comparable Properties Abstract: This paper reexamines the recommendation by Vandell (1991), Gau, Lai and Wang (1992, 1994) and Green (1994) for the use of the minimum variance and coefficient of variation criteria in the optimum selection of comparables. These authors underemphasize the typical valuation scenario that involves extremely small samples. The analyst must rank the few available comparable properties and select the “best” to carry the most weight in the final estimate of value. Rank transformation regression is suggested as one approach that can be used to extract the buying trend. The commonly taught paired-sale analysis will remain as the industry tool until more accurate estimates of value are developed with small samples. Journal: Journal of Real Estate Research Pages: 175-182 Issue: 2 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090895 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090895 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:2:p:175-182 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090896_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Fred Forgey Author-X-Name-First: Fred Author-X-Name-Last: Forgey Author-Name: Walter Mullendore Author-X-Name-First: Walter Author-X-Name-Last: Mullendore Author-Name: Ronald Rutherford Author-X-Name-First: Ronald Author-X-Name-Last: Rutherford Title: Market Structure in the Residential Real Estate Brokerage Market Abstract: This study provides empirical evidence regarding brokerage firm concentration in a local market multiple listing service setting over the years 1992-1995. To evaluate the level of brokerage firm concentration in this market, Gini Coefficients, Herfindahl-Hirschman Indices and Concentration Ratios for each year of the study period are calculated. Our results indicate that for firms responsible for listing properties, firm concentration has not varied substantially over the four-year study period. However, for those firms that were responsible for actually selling properties, firm concentration has decreased over the study period. This finding tends to indicate that the MLS now provides greater exposure to a wide variety of sales firms, therefore leading to a higher level of competition with a lower level of concentration for selling firms in this local market. Journal: Journal of Real Estate Research Pages: 107-115 Issue: 2 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090896 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090896 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:2:p:107-115 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090897_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: G Sirmans Author-X-Name-First: G Author-X-Name-Last: Sirmans Author-Name: Philip Swicegood Author-X-Name-First: Philip Author-X-Name-Last: Swicegood Title: Determinants of Real Estate Licensee Income Abstract: This paper examines the factors that influence the income of real estate licensees. An empirical human capital earnings model is developed from a 1995 survey of Florida real estate brokers and salespeople. In seeking to explain earnings of real estate licensees, this study expands from previous studies by measuring several additional human capital components.A number of factors are seen to positively affect licensee income. These include (a) number of hours worked, (b) experience, (c) franchise affiliation, (d) being an owner/ manager, (e) working in a metropolitan area, (f) level of job satisfaction, and (g) having errors and omissions insurance. Variables that have a negative effect on income include (a) being a female, (b) selling primarily residential properties, (c) age of licensee, (d) image perception, and (e) working weekends.Segmenting the data by income into thirds and comparing the means of the variables for the high- and low-income groups, several variable means are significantly different. The high income group has significantly higher means for these variables: (a) hourly income, (b) number of hours worked, (c) working full-time, (d) working on the weekend, (e) utilizing correspondence to satisfy continuing educational requirements, (f) work experience, (g) membership in clubs/professional organizations, (h) holding a broker’s license, (i) length of current affiliation, (j) being a manager/owner, (k) holding professional designations, and (l) belonging to the state’s Realtor association. The low-income group has a significantly higher variable mean for participation in residential sales. Journal: Journal of Real Estate Research Pages: 137-153 Issue: 2 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090897 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090897 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:2:p:137-153 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090898_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Colwell Author-X-Name-First: Peter Author-X-Name-Last: Colwell Author-Name: M Ebrahim Author-X-Name-First: M Author-X-Name-Last: Ebrahim Title: A Note on the Optimal Design of an Office Building Abstract: This study examines the economics of the optimal footprint area, atrium area and height of an office building. We extend the work of Doiron, Shilling and Sirmans (1992) by incorporating realistic revenue and cost functions and reverting to the sufficient conditions of optimality. Journal: Journal of Real Estate Research Pages: 169-174 Issue: 2 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090898 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090898 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:2:p:169-174 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090899_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Eppli Author-X-Name-First: Mark Author-X-Name-Last: Eppli Author-Name: Steven Laposa Author-X-Name-First: Steven Author-X-Name-Last: Laposa Title: A Descriptive Analysis of the Retail Real Estate Markets at the Metropolitan Level Abstract: Gross Leasable Area (GLA) per capita is a commonly used measure to compare the retail market potential across different retail real estate markets. This study uses GLA per capita to assess the supply of the retail space across fifty-eight metropolitan areas in the United States. After a detailed descriptive analysis of the supply of retail space, we estimate GLA per capita for each metropolitan area using a modified version of the stock adjustment model. Initial findings indicate that the retail construction boom of the 1980s was not a boom at all and that GLA per capita can be predicted using a multi-factor model. Journal: Journal of Real Estate Research Pages: 321-338 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090899 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090899 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:321-338 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090900_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: G Sirmans Author-X-Name-First: G Author-X-Name-Last: Sirmans Author-Name: Emily Zietz Author-X-Name-First: Emily Author-X-Name-Last: Zietz Title: Security Measures and the Apartment Market Abstract: This study examines the effect of security measures on apartment rent and occupancy. Three variables representing various security measures are estimated in a simultaneous model of rent and occupancy. Providing 24-hour security has a significant positive effect on both rent and occupancy. Having a manager living on site or a manned front desk/restricted entry does not significantly affect rent. All three variables, however, have a significant positive effect on occupancy. It would appear that, although landlords cannot extract higher rents for some security measures, all three measures included in this study act to increase occupancy. Journal: Journal of Real Estate Research Pages: 347-358 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090900 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090900 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:347-358 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090901_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bruce Weber Author-X-Name-First: Bruce Author-X-Name-Last: Weber Title: The Valuation of Contaminated Land Abstract: This study presents a Monte Carlo-based method for explicitly accounting for uncertainty in the valuation of contaminated property. Environmental risk is being quantified by the scientific methods described in this work. Financial risk is also quantifiable by these techniques. A 1993 Supreme Court case known as Daubert has changed the admission requirements for scientific evidence by expert witnesses. Hoyt (1997) notes that it is “imperative that real estate appraisers who testify be sure that their scientific evidence will stand up to the scrutiny of Daubert or their testimony may be rejected.” A scientific method of quantifying the unique financial risk of this type of asset is used for the valuation of contaminated land. It has been noted that the insurance industry uses a similar technique in order to calculate premiums for providing insurance for contaminated sites, providing market acceptance as a Daubert factor for admissibility. Journal: Journal of Real Estate Research Pages: 379-398 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090901 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090901 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:379-398 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090902_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Graff Author-X-Name-First: Richard Author-X-Name-Last: Graff Author-Name: Adrian Harrington Author-X-Name-First: Adrian Author-X-Name-Last: Harrington Author-Name: Michael Young Author-X-Name-First: Michael Author-X-Name-Last: Young Title: The Shape of Australian Real Estate Return Distributions and Comparisons to the United States Abstract: Investment risk models with infinite variance provide a better description of distributions of individual property returns in the Property Council of Australia database from 1985 to 1996 than normally distributed risk models. The shape of the distribution of Australian property returns is virtually indistinguishable from the shape of United States property returns in the NCREIF Property Index for the years 1980 to 1992. Australian real estate investment risk is heteroscedastic, like its U.S. counterpart, but the characteristic exponent of the investment risk function is constant across time and property type. It follows that portfolio management and asset diversification techniques that rely upon finitevariance statistics are as ineffectual for the Australian real estate market as they have been found to be for the United States. Journal: Journal of Real Estate Research Pages: 291-308 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090902 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090902 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:291-308 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090903_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Earl Benson Author-X-Name-First: Earl Author-X-Name-Last: Benson Author-Name: Arthur Schwartz Author-X-Name-First: Arthur Author-X-Name-Last: Schwartz Title: Vertical Equity in the Taxation of Single-Family Homes Abstract: Vertical equity in ad valorem real property taxation is the concept that all properties within a taxing jurisdiction are assessed in equal proportion to their fair market value. This study examines the assessment of single-family homes in Bellingham, Washington, utilizing a database of 1,118 home sales in the southern half of Bellingham that sold during the time period January 1990 through June 1994. The results of several empirical tests suggest the presence of regressive vertical inequity. It appears that higher market value homes are assessed at a lower proportion of their value (sales price) than less expensive homes. These results suggest that property taxation at the local level magnifies the regressivity of Washington State's already highly regressive state tax system. Why does this apparent regressive vertical inequity exist? The authors offer several possibilities including the propensity of wealthy homeowners to challenge property tax assessments, the difficulty of valuing the amenities inside an upper-end home, the heterogeneity of the upper-end home market coupled with a small number of transactions, and the lack of ample staff and other resources at the County Assessor's office. Journal: Journal of Real Estate Research Pages: 215-231 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090903 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090903 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:215-231 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090904_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chris Manning Author-X-Name-First: Chris Author-X-Name-Last: Manning Author-Name: Mauricio Rodriguez Author-X-Name-First: Mauricio Author-X-Name-Last: Rodriguez Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: Which Corporate Real Estate Management Functions Should be Outsourced? Abstract: Recently there has been much interest in outsourcing corporate real estate management functions. We explain why firms should consider outsourcing and identify both positive benefits and possible negative consequences of outsourcing. Further, we utilize concepts from the neoclassical theory of the firm, supported by the literature on corporate real estate outsourcing, to shed some light on how much and which corporate real estate management functions should be outsourced. Functions associated with “taskmasters,” “controllers,” and “dealmakers” are more likely to be outsourced successfully. “Intrepreneur” and “business strategist” management functions are more likely to be carried out more effectively by internal managers. Outsourcing the appropriate real estate management functions, consistent with each company’s individual needs, should enhance shareholder wealth. Journal: Journal of Real Estate Research Pages: 259-274 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090904 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090904 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:259-274 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090905_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Martina Bers Author-X-Name-First: Martina Author-X-Name-Last: Bers Author-Name: Thomas Springer Author-X-Name-First: Thomas Author-X-Name-Last: Springer Title: Economies-of-Scale for Real Estate Investment Trusts Abstract: Using the translog cost function to estimate economies-of-scale for a sample of Real Estate Investment Trusts for the years 1992-1994, we find significant evidence that economies-of-scale exist for REITs for all years examined. The results show that measurement of scale economies is sensitive to the model used for the measurement. Individual characteristics of the REIT, such as type of management and degree of leverage, affect the magnitude of the scale economy. Additional variables accounting for propertytype diversification and geographic influences have little additional impact on the measured scale economies. Finally, the measured economies-of-scale for REITs vary considerably over time. Journal: Journal of Real Estate Research Pages: 275-291 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090905 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090905 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:275-291 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090906_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: R King Author-X-Name-First: R Author-X-Name-Last: King Title: Industrial Employment Densities Abstract: This study examines the results of a long-running study of floorspace-to-employment ratios in U.K. industrial property. The objectives of the research were to identify the densities generated by a range of industrial building type and to gain a picture of how those densities move over time, in particular with relation to economic cycles. The research was empirical, taking a telephone survey of a quota sample delineated by size and location. The findings show clusters of densities by five different building types and postulates that the number of employees in employment is the main influence upon density. Journal: Journal of Real Estate Research Pages: 309-319 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090906 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090906 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:309-319 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090907_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Allen Author-X-Name-First: Marcus Author-X-Name-Last: Allen Title: Measuring the Effects of “Adults Only” Age Restrictions on Condominium Prices Abstract: Current U.S. housing policy prohibits discrimination in the sale or rental of housing or in the provision of brokerage services on the basis of race, color, religion, sex, national origin, disability, or familial status. Since 1988, an exception to this policy has permitted owners and operators of buildings and facilities that were intended to be operated as housing for older persons to discriminate against younger residents, including families with children and pregnant women, without violating the nation’s fair housing laws. This exception was clarified by the Housing for Older Persons Act of 1995 which precisely defines the type of facility that qualifies as housing for older persons. The purpose of this study is to consider whether such restrictions have a measurable effect on housing prices. Based upon data from condominium transactions in southeast Florida, the results presented here suggest that age restrictions have a positive price effect, holding other determinants of condominium prices constant. Journal: Journal of Real Estate Research Pages: 339-346 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090907 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090907 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:339-346 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090908_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Barry Dennis Author-X-Name-First: Barry Author-X-Name-Last: Dennis Author-Name: Chionglong Kuo Author-X-Name-First: Chionglong Author-X-Name-Last: Kuo Author-Name: Tyler Yang Author-X-Name-First: Tyler Author-X-Name-Last: Yang Title: Rationales of Mortgage Insurance Premium Structures Abstract: This study examines the rationales for the design of mortgage insurance premium structures. The actuarially sound premium prices of several widely used structures are formally derived. Two types of cross-subsidization are identified in different structures: (1) subsidization across termination years and (2) extra-subsidization of defaulters by nondefaulters. Because these two types of subsidization exist to different degree among the structures, a borrower may self-select into certain structures to maximize (minimize) the benefits (losses) of cross-subsidies. Adverse selection arises when the borrower’s characteristics cannot be completely observed by the insurer. The actuarially sound premium prices should be adjusted for such adverse selection behaviors. Numerical examples are provided to illustrate such adjustments. Journal: Journal of Real Estate Research Pages: 359-378 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090908 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090908 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:359-378 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090909_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Baen Author-X-Name-First: John Author-X-Name-Last: Baen Title: The Growing Importance and Value Implications of Recreational Hunting Leases to Agricultural Land Investors Abstract: This study considers the evolution and explosive growth of recreational hunting leases in America. The traditional European practice of leasing rural lands for the exclusive rights of tenants to hunt and fish is now an important revenue source for American agricultural land investors/owners. Hunting lease income can enhance value to the point that recreation becomes the highest and best use of rural land for both the market and income approaches to valuation. This study offers new perspectives for valuing the income component from recreational leases as a percentage of market value and proposes a hunting lease index for landowners and tenants to consider. Journal: Journal of Real Estate Research Pages: 399-414 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090909 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090909 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:399-414 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090910_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Graff Author-X-Name-First: Richard Author-X-Name-Last: Graff Author-Name: Michael Young Author-X-Name-First: Michael Author-X-Name-Last: Young Title: Serial Persistence in Equity REIT Returns Abstract: Annual and monthly REIT returns display statistically significant serial persistence, although the two types of persistence behavior are qualitatively different. By contrast, quarterly REIT returns do not display serial persistence. This strongly suggests that linear multifactor market models cannot describe REIT investment behavior. Annual REIT returns fail to reflect corresponding persistence behavior in underlying real estate returns precisely when the REITs are large enough to attract institutional investor interest. Institutional investors move in and out of large-capitalization REITs in ways that negatively impact investment returns. Journal: Journal of Real Estate Research Pages: 183-214 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090910 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090910 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:183-214 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090911_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ronald Kaiser Author-X-Name-First: Ronald Author-X-Name-Last: Kaiser Title: The Long Cycle in Real Estate Abstract: The experience of the 1985-1993 boom/bust in real estate has left industry players nervous about when it might happen again. This study examines the possible causes and the periodicity of such major real estate cycles. A search of the literature for return evidence from this century suggests that there was only one other period of negative total returns for national real estate—the late 1920s and early 1930s. The evidence suggests that both periods of negative returns were caused by excessive levels of new construction, induced by an unusual rise in NOI, which in turn was the result of an inflation spike in the general level of prices. Evidence from even earlier periods suggests a periodicity for such real estate boom/busts of some fifty to sixty years. Perhaps the caution of today's Federal Reserve Board about containing inflation means that we will not likely see another boom/bust period for real estate during the remainder of our careers. Journal: Journal of Real Estate Research Pages: 233-257 Issue: 3 Volume: 14 Year: 1997 Month: 1 X-DOI: 10.1080/10835547.1997.12090911 File-URL: http://hdl.handle.net/10.1080/10835547.1997.12090911 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:14:y:1997:i:3:p:233-257 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090912_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: George Lentz Author-X-Name-First: George Author-X-Name-Last: Lentz Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Title: Residential Appraisal and the Lending Process: A Survey of Issues Abstract: This article surveys mainly academic literature for issues concerning the use of appraisals in the residential lending process. The development of appraisal methodologies is reviewed, and the strengths and weaknesses of various appraisal techniques are assessed. Issues relating to the use of neighborhood characteristics in appraisals for lending purposes are also explored. Finally, institutional incentives that give rise to biased and self-serving appraisals and possible solutions to these incentive problems are examined. Journal: Journal of Real Estate Research Pages: 11-39 Issue: 1 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090912 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090912 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:1:p:11-39 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090913_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Knight Author-X-Name-First: John Author-X-Name-Last: Knight Author-Name: C Sirmans Author-X-Name-First: C Author-X-Name-Last: Sirmans Author-Name: Geoffrey Turnbull Author-X-Name-First: Geoffrey Author-X-Name-Last: Turnbull Title: List Price Information in Residential Appraisal and Underwriting Abstract: This article examines the usefulness of listing prices as leading indicators of house values and as predictors of the direction of housing markets. With Multiple Listing Service data from a large metropolitan area, we create two price indexes, using first listing price and then selling price as the dependent variable in the hedonic regressions. The market is then geographically and categorically segmented, and Granger causality tests are performed to analyze the leading aspect of list prices in the list price-sales price relationship. We find that different segments of the market perform quite differently over the time period of our study, suggesting that for data-based appraisal purposes care is needed in determining the manner and level of aggregation. We also find, however, that market list prices continue to convey important information about subsequent selling prices in most market segments Journal: Journal of Real Estate Research Pages: 59-76 Issue: 1 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090913 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090913 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:1:p:59-76 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090914_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kelley Pace Author-X-Name-First: Kelley Author-X-Name-Last: Pace Title: Total Grid Estimation Abstract: This article provides a matrix representation of the adjustment grid estimator. From this representation, one can invoke the Gauss-Markov theorem to examine the efficiency of ordinary least squares (OLS) and the grid estimator that uses OLS estimates of the adjustments (the “plug-in” grid method). In addition, this matrix representation suggests a generalized least squares version of the grid method, labeled herein as the total grid estimator. Based on the empirical experiments, the total grid estimator outperformed the plug-in grid estimator, which in turn outperformed OLS. Journal: Journal of Real Estate Research Pages: 101-114 Issue: 1 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090914 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090914 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:1:p:101-114 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090915_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jim Clayton Author-X-Name-First: Jim Author-X-Name-Last: Clayton Title: Further Evidence on Real Estate Market Efficiency Abstract: This article investigates the extent to which condominium apartment prices in Vancouver, British Columbia are set in an efficient asset market. The empirical results provide strong evidence against market efficiency. A number of instruments, including lagged annual returns and a measure of the deviation of price from fundamental or intrinsic value, to some extent predict future returns. This suggests that a sharp run-up in house prices is due in part to irrational expectations, and thus signals a future correction as prices ultimately reflect market fundamentals. These findings have important implications for appraisals and the mortgage underwriting process. In a booming market, property may be overvalued and hence market value appraisals may exceed intrinsic or fundamental values. Given the inevitability of a market correction in the near term, a potentially useful complement to the standard valuation process would be an assessment of the likelihood of a market correction. Journal: Journal of Real Estate Research Pages: 41-57 Issue: 1 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090915 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090915 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:1:p:41-57 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090916_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kelley Pace Author-X-Name-First: Kelley Author-X-Name-Last: Pace Title: Appraisal Using Generalized Additive Models Abstract: Many of the results from real estate empirical studies depend upon using a correct functional form for their validity. Unfortunately, common parametric statistical tools cannot easily control for the possibility of misspecification. Recently, semiparametric estimators such as generalized additive models (GAMs) have arisen which can automatically control for additive (in price) or multiplicative (in ln(price)) nonlinear relations among the independent and dependent variables. As the paper shows, GAMs can empirically outperform naive parametric and polynomial models in exsample predictive behavior. Moreover, GAMs have well-developed statistical properties and can suggest useful transformations in parametric settings. Journal: Journal of Real Estate Research Pages: 77-99 Issue: 1 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090916 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090916 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:1:p:77-99 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090917_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Bryant Author-X-Name-First: James Author-X-Name-Last: Bryant Author-Name: Donald Epley Author-X-Name-First: Donald Author-X-Name-Last: Epley Title: Cancerphobia: Electomagnetic Fields and Their Impact in Residential Loan Values Abstract: This article examines the issue of cancerphobia or public fear that has been used in recent court cases as the basis for damages to residential and loan value. Special attention is given to methodology used by the appraiser to estimate the damages from electromagnetic fields and the residential property adjacent to the lines. All commonly used research tools suffer from measurement bias from the difficulty of statistical specification. Matched pair analysis will remain as the predominate tool of choice as it accurately reflects the public’s opinion of value. The appraiser will need to be more careful to extract an accurate time adjustment to make older comparable sales useable in the current market. All users of comparable sales for property that is stigmatized will need to devote more resources to collection and sharing. Journal: Journal of Real Estate Research Pages: 115-129 Issue: 1 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090917 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090917 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:1:p:115-129 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090918_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Austin Kelly Author-X-Name-First: Austin Author-X-Name-Last: Kelly Title: Capitalization of Above Market Financing: Condos and Co-ops Abstract: Prices and characteristics were collected for two similar, adjacent buildings. One building, a co-op, has a master mortgage with a prepayment lock-out, while the other building, a condo, has no master mortgage. They provide a natural experiment to isolate the capitalization of financing terms. The research provides the clearest demonstration to date of the impact of financing terms on sales price. The value of the prepayment lock-out is estimated, using a stochastic simulation, as a function of the level of interest rates, rate volatility and time remaining on the lock-out provision. Prices for co-op units are found to fluctuate with the value of the prepayment lock-out. The value of the lock-out is overcapitalized in the price of co-op units. Co-op status reduces the value of apartments by about 9%. Journal: Journal of Real Estate Research Pages: 163-175 Issue: 2 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090918 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090918 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:2:p:163-175 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090919_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Title: Empirical Investigation into the Limitations of the Normative Paired Sales Adjustment Method Abstract: This study investigates the normative paired sales adjustment method employed by appraisers in the sales comparison approach. It finds that the method fails to account for the diminishing marginal price effects of property attributes. The study develops an empirical model to test the marginal price effects of view and lot-size amenities. The finding is that the empirical data confirm land economic theory and identify a need to study and develop improved methods for estimating adjustments to comparable sales. Journal: Journal of Real Estate Research Pages: 191-203 Issue: 2 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090919 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090919 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:2:p:191-203 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090920_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Su Han Author-X-Name-First: Su Author-X-Name-Last: Han Author-Name: Shin-Hering Chu Author-X-Name-First: Shin-Hering Author-X-Name-Last: Chu Author-Name: George Lentz Author-X-Name-First: George Author-X-Name-Last: Lentz Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Title: Intra-Project Externality and Layout Variables in Residential Condominium Appraisals Abstract: This study examines the impact of intra-project externalities and layout variables on the selling prices of 897 condominium units in the cities of Irvine and Santa Ana in Orange County, California. It documents that, at a micro-level, proximity to intra-project externalities such as greenspace, swimming pools, recreational areas, traffic noise, and the like, and project layout variables representing the location of individual condominium units within multiunit structures, have significant effects on the property values of units within a condominium project. The results indicate that, when cost is not prohibitive, both appraisers and underwriters should take intra-project externalities and layout variables into consideration when estimating property values or underwriting residential mortgages for condominium properties. Journal: Journal of Real Estate Research Pages: 131-145 Issue: 2 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090920 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:2:p:131-145 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090921_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Simons Author-X-Name-First: Robert Author-X-Name-Last: Simons Author-Name: Roberto Quercia Author-X-Name-First: Roberto Author-X-Name-Last: Quercia Author-Name: Ivan Levin Author-X-Name-First: Ivan Author-X-Name-Last: Levin Title: The Value Impact of New Residential Construction and Neighborhood Disinvestment on Residential Sales Price Abstract: The topic of neighborhood redevelopment is central to residential appraisal and the lending process. We examine both the effect of neighborhood upgrading and decline, captured by subsidized new residential construction and sustained property tax delinquency respectively, on the sales price of one-to-two family homes. The research uses a two stage hedonic price model of 12,100 individual residential sales in Cleveland, Ohio during 1992-94. Results show a significant positive effect of $670 on the sales price of existing housing for each new unit built in a one-to-two block area. A decrease in sales price of $778 is associated with a 1% increase in the tax delinquency rate. The spatial variability of these effects is also explored. Journal: Journal of Real Estate Research Pages: 147-161 Issue: 2 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090921 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090921 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:2:p:147-161 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090922_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hans Isakson Author-X-Name-First: Hans Author-X-Name-Last: Isakson Title: The Review of Real Estate Appraisals Using Multiple Regression Analysis Abstract: A technique is presented that enables review appraisers to test the work of other appraisers. The technique is based upon the simple assumption that the covariance between the adjusted selling price of comparable properties and the property characteristics for which adjustments are properly made is near zero for a given subject property. In a test of the underlying theory of the technique using pooled appraisal reports, the theory is supported. Also, another set of appraisals is pooled to demonstrate how the technique can identify the presence of improper adjustments. Finally, applications and limitations of the technique are discussed. Journal: Journal of Real Estate Research Pages: 177-190 Issue: 2 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090922 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090922 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:2:p:177-190 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090923_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Spence Author-X-Name-First: Mark Author-X-Name-Last: Spence Author-Name: James Thorson Author-X-Name-First: James Author-X-Name-Last: Thorson Title: The Effect of Expertise on the Quality of Appraisal Services Abstract: This article examines the quality of appraisals as a function of expertise. In particular, we compare novices (beginning real estate students) to experts (practicing certified and/or designated appraisers) on three performance criteria. First, we examine differences in the values that these two groups attach to various property features. Second, we investigate the variation between their final market value estimates. The last task studied is whether appraisers can reliably provide a range about their market value that includes the actual sale price of the property. The results are based on a controlled experiment involving seventy-two novices and sixty-nine experts, where each participant was asked to determine a fair market value of a single-family home. Findings indicate that experienced appraisers do in fact exhibit less variation in their valuation of property characteristics, hence there is greater agreement in their market value estimates than is the case with novices. However, more experienced decision-makers tend to be overconfident in their ability: they are less likely to specify a range that includes the sale price than are novices. Journal: Journal of Real Estate Research Pages: 205-215 Issue: 2 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090923 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090923 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:2:p:205-215 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090924_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: Cris de la Torre Author-X-Name-First: Cris Author-X-Name-Last: de la Torre Author-Name: Jim Musumeci Author-X-Name-First: Jim Author-X-Name-Last: Musumeci Title: Rationales for Real Estate Leasing versus Owning Abstract: In this article, rationales for the widespread existence of commercial real estate leasing are examined. Given the tendency of tenants to abuse property to their own advantage, there must be powerful incentives on the other side to encourage landlords and property managers to participate in the widespread practice of leasing. We suggest that common leasing practices are the consequence of many rationales, including the ability of the landlord to solve free-rider problems in maintaining property desirability and informational asymmetries that exist between landlords and tenants. Journal: Journal of Real Estate Research Pages: 223-238 Issue: 3 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090924 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090924 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:3:p:223-238 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090925_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gerald Buetow Author-X-Name-First: Gerald Author-X-Name-Last: Buetow Author-Name: Joseph Albert Author-X-Name-First: Joseph Author-X-Name-Last: Albert Title: The Pricing of Embedded Options in Real Estate Lease Contracts Abstract: Leases and rental agreements often have options attached or embedded in them. These options sometimes depend on a number of economic variables such as the Consumer Price Index (CPI), a real estate index and/or the value of real estate underlying the agreement. The evaluation of these options often involves the solution or approximation to a partial differential equation (PDE). This study analyzes the appropriate PDEs which model the situation where the lessee is granted an option to either purchase the property or to renew the lease at a price (rent) indexed to the CPI or some other readily measured economic variable. The PDEs that result from the usual contingent claim asset-pricing framework are derived and numerically solved using the finite difference method with absorbing boundaries. The value of an embedded option to renew a five year lease on class A office space in each of the twenty-five markets for which the National Real Estate Index reports quarterly rental data is estimated. An evaluation of the model’s “Greeks” confirm that the model conforms to financial intuition which provides support for the accuracy of the estimates. Journal: Journal of Real Estate Research Pages: 253-266 Issue: 3 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090925 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090925 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:3:p:253-266 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090926_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Gerbich Author-X-Name-First: Marcus Author-X-Name-Last: Gerbich Title: Shopping Center Rentals: An Empirical Analysis of the Retail Tenant Mix Abstract: This article concentrates on the economic importance of the retail tenant mixture within shopping centers, and provides empirical evidence of the influence of tenant type on base rentals. The sample examined comprises 293 New Zealand shopping center leases. The results indicate that for some generic types of retail tenant (but not all), the type is an important determinant of shopping center base rents. It is also found that base rents decrease in size and increase with center turnover. Occupancy costs are tentatively found to be a negative determinant of base rents. These results are generally supportive of the recent shopping center space allocation theories of Brueckner (1993) and Eppli and Shilling (1993). The article also has several implications for the analysis of evidence in the rent review process. Journal: Journal of Real Estate Research Pages: 283-296 Issue: 3 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090926 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090926 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:3:p:283-296 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090927_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randall Guttery Author-X-Name-First: Randall Author-X-Name-Last: Guttery Author-Name: C Sirmans Author-X-Name-First: C Author-X-Name-Last: Sirmans Title: Aggregation Bias in Price Indices for Multi-Family Rental Properties Abstract: This article examines aggregation bias in price index construction. Specifically, we test whether changes in values of 2- to 4-unit, multi-family rental housing properties vary systematically in the same market across property size. Moreover, we examine the time trend differences across locations within a geographic region for various sized multiplex properties, as well as investigate how size should be measured. Results suggest that absolute price changes are significantly different across property size, as determined by living area, and that the time trend does not differ across locations within a geographic region. Further research using this methodology is recommended for other property types. Journal: Journal of Real Estate Research Pages: 309-326 Issue: 3 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090927 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090927 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:3:p:309-326 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090928_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Leon Shilton Author-X-Name-First: Leon Author-X-Name-Last: Shilton Title: Patterns of Office Employment Cycles Abstract: Based upon an the analysis of quarterly office employment and total employment changes from 1975 through 1994, this research concludes that for a majority of the fifty metropolitan areas, office employment cycles are converging towards seven year cycles. However, many of the patterns are emerging and for one-third of the cities, the office employment changes are a random walk. While changes in office employment and total employment are correlated, neither series lags nor leads the other. Office employment grew faster than total employment, but office employment changes were more volatile. Journal: Journal of Real Estate Research Pages: 339-354 Issue: 3 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090928 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090928 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:3:p:339-354 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090929_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Colwell Author-X-Name-First: Peter Author-X-Name-Last: Colwell Author-Name: Henry Munneke Author-X-Name-First: Henry Author-X-Name-Last: Munneke Title: Percentage Leases and the Advantages of Regional Malls Abstract: The differences in the ownership structures of downtown retail districts and shopping centers may give rise to varying space allocations and rental contracts found in these markets. This article specifically examines the value-enhancing aspects of percentage leases and explores the mechanisms of tenant mix, risk sharing and rent discrimination through which this value is created. The use of percentage leases may lead to superior returns by allowing a rent structure that approaches perfect price discrimination. Risk sharing through the use of percentage leases may also create value for the property owner and lead to lower rents for tenants. Journal: Journal of Real Estate Research Pages: 239-252 Issue: 3 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090929 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090929 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:3:p:239-252 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090930_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: Eric Maribojoc Author-X-Name-First: Eric Author-X-Name-Last: Maribojoc Title: Expense and Rent Strategies in Real Estate Management Abstract: A model of the real estate market is developed where the rent-vacancy trade-off also embeds selections on expenses. High expenses and rents or low expenses and rents are explicit strategies, positioning properties along an efficient isoprofit frontier. Instead of a rent-vacancy trade-off, the operator can select either gross or net rent, or some combination as an offset for vacancy. This macrostructure is more in keeping with observed real estate markets, where some managers focus on net operating income, and others on effective gross income. Empirical results for apartments in Portland, Oregon supports the hypothesis that expenses and rents are positively correlated. An aggressive expense-increasing strategy pays off in higher rents, though in not all cases is net operating income positive. There are two implications. First, incentives in management create strategies to maximize gross as opposed to net income. Second, rent-vacancy trade-offs that use gross income may misstate the adjustment toward equilibrium. Journal: Journal of Real Estate Research Pages: 267-282 Issue: 3 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090930 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090930 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:3:p:267-282 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090931_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: Donald Jud Author-X-Name-First: Donald Author-X-Name-Last: Jud Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: The Supply Adjustment Process in Retail Space Markets Abstract: Previous research has reported that the real estate market for retail space is slow to adjust, however, comparatively little research has investigated the supply of retail space for individual metropolitan markets. This study presents our findings by metropolitan statistical area (MSA) of the mean retail space supply lag, the short- and long-run retail space supply elasticities with respect to retail sales and the response of retail space supply to interest rate changes. The considerable variation in mean retail space supply lags and supply elasticities for our sample of fifty-six major MSAs has important implications for investors, developers and others who hold financial stakes in the supply of retail space. Journal: Journal of Real Estate Research Pages: 297-308 Issue: 3 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090931 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090931 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:3:p:297-308 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090932_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Bond Author-X-Name-First: Michael Author-X-Name-Last: Bond Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Title: Real Estate Returns and Inflation: An Added Variable Approach Abstract: This study analyses the inflation hedging effectiveness of residential real estate over the 1969-94 period. The results indicate that residential real estate is a significant hedge against both expected and unexpected inflation. These results indicate that since financial assets are not good inflation hedges in periods of high unexpected inflation, including real estate in a portfolio should decrease the variance of the portfolio returns. These results were made possible by the use of the Added Variable Regression Method (AVRM), a measure which has yet to be employed in this context. There are nine variables included in the AVRM framework which are also found to have significant explanatory power relative to residential real estate returns. Journal: Journal of Real Estate Research Pages: 327-338 Issue: 3 Volume: 15 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090932 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090932 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:15:y:1998:i:3:p:327-338 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090933_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Youguo Liang Author-X-Name-First: Youguo Author-X-Name-Last: Liang Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Arjun Chatrath Author-X-Name-First: Arjun Author-X-Name-Last: Chatrath Title: Are REIT Returns Hedgeable? Abstract: This study examines the ability of existing futures contracts to hedge the returns on real estate investment trusts (REITs). The results from various hedging strategies suggest that existing futures contracts do not provide the means to effectively hedge REIT returns. REITs could remain unhedgeable until futures contracts written specifically on REITs are developed. Journal: Journal of Real Estate Research Pages: 87-98 Issue: 1 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090933 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090933 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:1:p:87-98 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090934_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Miceli Author-X-Name-First: Thomas Author-X-Name-Last: Miceli Author-Name: C Sirmans Author-X-Name-First: C Author-X-Name-Last: Sirmans Author-Name: Denise Stake Author-X-Name-First: Denise Author-X-Name-Last: Stake Title: Optimal Competition and Allocation of Space in Shopping Centers Abstract: This article explains why a profit-maximizing developer may include multiple, competing outlets in a shopping center. While competing outlets presumably dissipate potential profits, thereby lowering aggregate rents that the developer can extract, the presence of shopping externalities causes the developer to be interested not just in individual store profits, but also in the traffic they generate throughout the center. And since competition among identical stores increases traffic, it can create an offsetting advantage that favors multiple outlets. The article provides a theoretical analysis of this problem and illustrates its implications for tenant mix by applying the theory to the problem of filling a vacant store. The paper concludes by explicitly relating the analysis to Brueckner’s (1993) model of the optimal allocation of space in shopping centers. Journal: Journal of Real Estate Research Pages: 113-126 Issue: 1 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090934 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090934 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:1:p:113-126 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090935_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Dotzour Author-X-Name-First: Mark Author-X-Name-Last: Dotzour Author-Name: Everard Moorhead Author-X-Name-First: Everard Author-X-Name-Last: Moorhead Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: The Impact of Auctions on Residential Sales Prices in New Zealand Abstract: The use of an auction to sell residential real estate in the United States is often associated with distressed sales such as foreclosure, bankruptcy or estate settlement. In other areas of the world, auctions are more commonly used and viewed as a viable, preferred method of selling a house. This article uses hedonic pricing methodology to compare the sale prices of houses in Christchurch, New Zealand sold at auction with those sold by private treaty. The results indicate that in some cases auctions can result in premium sale prices. In none of the cases studied did auctions result in lower prices than private-treaty sales. Journal: Journal of Real Estate Research Pages: 57-72 Issue: 1 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090935 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090935 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:1:p:57-72 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090936_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robin Howarth Author-X-Name-First: Robin Author-X-Name-Last: Howarth Author-Name: Emil Malizia Author-X-Name-First: Emil Author-X-Name-Last: Malizia Title: Office Market Analysis: Improving Best-Practice Techniques Abstract: This article focuses on ways to improve market analysis for proposed office projects, taking time and data limitations into account. The discussion moves sequentially through the three primary components of systematic, logical market analysis: the market overview, the market study and the marketability study. Key suggestions cover: (1) discussing megatrends affecting office user preferences and product design; (2) estimating long-term attractiveness of the office location and site; (3) forecasting balance or imbalance between future demand and supply of office space at the metropolitan level; (4) segmenting and differentiating supply and demand at the submarket level for the purpose of assigning market capture rates; and (5) conducting sensitivity analysis of the key variables affecting project net operating income. Journal: Journal of Real Estate Research Pages: 15-34 Issue: 1 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090936 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090936 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:1:p:15-34 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090937_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jack Rubens Author-X-Name-First: Jack Author-X-Name-Last: Rubens Author-Name: David Louton Author-X-Name-First: David Author-X-Name-Last: Louton Author-Name: Elizabeth Yobaccio Author-X-Name-First: Elizabeth Author-X-Name-Last: Yobaccio Title: Measuring the Significance of Diversification Gains Abstract: This article investigates whether investing in alternative investment media provides statistically significant increases in portfolio performance. Employing methodology introduced by Kandel and Stambaugh (1987) and Gibbons, Ross and Shanken (1989), we measure the statistical significance of diversification gains for portfolios containing real and financial domestic assets, as well as international debt and equity issues. The NCREIF real estate series is further examined using the Geltner (1993) adjustment to the risk measure. In the 1978-93 sample period, neither international assets nor unadjusted real estate ever result in statistically significant increases in portfolio performance. When the Geltner adjustment is made, the allocation to real estate is substantially reduced in the expanded portfolio and also fails to result in a statistically significant increase in portfolio performance. These results may help to resolve the paradox between current portfolio allocations to real estate in practice and those suggested in the literature. Journal: Journal of Real Estate Research Pages: 73-86 Issue: 1 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090937 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090937 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:1:p:73-86 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090938_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: Donald Jud Author-X-Name-First: Donald Author-X-Name-Last: Jud Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: A Simultaneous Model and Empirical Test of the Demand and Supply of Retail Space Abstract: Much of the burgeoning distress of the 1990s in the United States retail space markets reflects a mismatch in the amount and location of retail space demand and supply. Understanding the demand and supply for retail space is critically important to academics, professionals and others associated with owning, operating and financing retail space. Using data from nineteen major metropolitan statistical areas (MSAs) for the period 1986-95, this article develops a simultaneous model of retail space demand and supply which includes the influence of vacancy rate. The model and results provide evidence about how demand and supply for retail space respond to changes in retail sales, rental prices, land-use regulation and land availability, and the cost of capital. The results show inelastic price elasticities of demand and supply for retail space. Journal: Journal of Real Estate Research Pages: 1-14 Issue: 1 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090938 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090938 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:1:p:1-14 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090939_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Clapp Author-X-Name-First: John Author-X-Name-Last: Clapp Author-Name: Mauricio Rodriguez Author-X-Name-First: Mauricio Author-X-Name-Last: Rodriguez Title: Using a GIS for Real Estate Market Analysis: The Problem of Spatially Aggregated Data Abstract: Many databases used for real estate market analysis are not available at the address level. For example, information on employment and unemployment may be available only for labor market areas; and Census data is typically tabulated for blocks or higher levels of spatial aggregation. A Geographic Information System (GIS) associates these spatially aggregated data with the geographical center of the area. This poses special problems when we use a GIS to evaluate linkages between supply and demand. This article presents some solutions to this problem; methods that are relatively easy to implement on a GIS are emphasized. A GIS can be used to calculate a theoretical average travel distance to the population in the geographical area. We propose ways to determine when these theoretical distances are inadequate approximations; and we provide alternatives for these situations. Journal: Journal of Real Estate Research Pages: 35-56 Issue: 1 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090939 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090939 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:1:p:35-56 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090940_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Deborah Ford Author-X-Name-First: Deborah Author-X-Name-Last: Ford Author-Name: Hung-Gay Fung Author-X-Name-First: Hung-Gay Author-X-Name-Last: Fung Author-Name: Daniel Gerlowski Author-X-Name-First: Daniel Author-X-Name-Last: Gerlowski Title: Factors Affecting Foreign Investor Choice in Types of U.S. Real Estate Abstract: Using transaction level data, we present the first analysis of the way that foreign investors choose among different types of United States real estate. Our findings, based on the conditional logit model analysis for the 1980-91 period are consistent with the hypothesis that foreign investors behave in a traditional profit maximizing, risk minimizing fashion. In choosing among investments in four major categories (apartment, office, retail and industrial) foreign investor choice is most sensitive to changes in capitalization rates, market activity and current rent levels. Journal: Journal of Real Estate Research Pages: 99-112 Issue: 1 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090940 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090940 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:1:p:99-112 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090941_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carlo Bagnoli Author-X-Name-First: Carlo Author-X-Name-Last: Bagnoli Author-Name: Halbert Smith Author-X-Name-First: Halbert Author-X-Name-Last: Smith Title: The Theory of Fuzz Logic and its Application to Real Estate Valuation Abstract: Fuzzy logic is based on the central idea that in fuzzy sets each element in the set can assume a value from 0 to 1, not just 0 or 1, as in classic set theory. Thus, qualitative characteristics and numerically scaled measures can exhibit gradations in the extent to which they belong to the relevant sets for evaluation. This degree of membership of each element is a measure of the element’s “belonging” to the set, and thus of the precision with which it explains the phenomenon being evaluated. Fuzzy sets can be combined to produce meaningful conclusions, and inferences can be made, given a specified fuzzy input function. The article demonstrates the application of fuzzy logic to an income-producing property, with a resulting fuzzy set output. Journal: Journal of Real Estate Research Pages: 169-200 Issue: 2 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090941 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090941 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:2:p:169-200 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090942_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Henry Munneke Author-X-Name-First: Henry Author-X-Name-Last: Munneke Author-Name: Joseph Trefzger Author-X-Name-First: Joseph Author-X-Name-Last: Trefzger Title: Nonlinear Effects in Easement Valuation Abstract: Rules of thumb have been developed to assist appraisers in dealing with the uncertainties that abound when easement values must be estimated. An economic analysis of one popular rule-of-thumb technique, based on a fixed percentage of the value of a hypothetical fee simple interest in the affected land, reveals that such methodology could not generally be expected to yield meaningful results. If a rule of thumb were to be employed, its use would be more supportable if the underlying assumptions reflected the nonlinear structure of land values. Journal: Journal of Real Estate Research Pages: 219-228 Issue: 2 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090942 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090942 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:2:p:219-228 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090943_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yiuman Tse Author-X-Name-First: Yiuman Author-X-Name-Last: Tse Author-Name: Emily Zietz Author-X-Name-First: Emily Author-X-Name-Last: Zietz Author-Name: Gaylon Greer Author-X-Name-First: Gaylon Author-X-Name-Last: Greer Title: Anticipating Change in Development Activity Levels Abstract: This study demonstrates how cointegration analysis of privately-owned housing within disparate areas of the United States can aid developers in anticipating changes in the level of market activity. The study analyzes change in the number of housing units within four geographic regions: the Northeast, the Midwest, the South and the West. Whereas most studies of regional variation in real estate activity have focused on short-run analysis, this research extends the examination to consider the impact of exogenous variables over a longer time frame. The study uses Citibase data from 1959 through 1995. Results indicate that the four regions move together in the long run and are driven by one common factor, but that change in the South and the West lead those in the other two regions. Results have widespread policy implications for residential and commercial developers nationwide, because change within the dominant areas may serve as indicators of developing change elsewhere. Journal: Journal of Real Estate Research Pages: 159-168 Issue: 2 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090943 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090943 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:2:p:159-168 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090944_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Colwell Author-X-Name-First: Peter Author-X-Name-Last: Colwell Author-Name: Tim Scheu Author-X-Name-First: Tim Author-X-Name-Last: Scheu Title: Public Land Use Constraints: Lot and House Configuration Abstract: The public sector constrains the size and shape of lots and buildings via zoning ordinances and subdivision regulations. Zoning ordinances utilize setback requirements, open space ratios, minimum lot area and floor-to-area ratios. Subdivision regulations utilize street and sidewalk spacing requirments. This article provides a framework in which one can analyze the precise impact of these control devices. The choice of developers who face these controls is discussed in terms of a rule of thumb and in terms of a model of profit maximization. Journal: Journal of Real Estate Research Pages: 201-218 Issue: 2 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090944 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090944 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:2:p:201-218 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090945_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniel Gat Author-X-Name-First: Daniel Author-X-Name-Last: Gat Title: Urban Focal Points and Design Quality Influence Rents: The Case of the Tel Aviv Office Market Abstract: Israel is steadily shifting towards a services-heavy economy. The city of Tel Aviv, which specializes in commercial, business and financial services, is the country’s office-space capital. This study aims to reveal the factors influencing rent levels within Tel Aviv’s expanding office market. The research confirms that important contributors are access to any of three major urban foci and the quality of building design. Lesser contributors are building height and floor area. Age of building and area-wide density of manufacturing are detractors of value. Density of services was originally intended to stand in for face-to-face facilitation. However, its estimation power is disappointing when compared to foci access. Journal: Journal of Real Estate Research Pages: 229-248 Issue: 2 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090945 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090945 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:2:p:229-248 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090946_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Author-Name: Robert Fok Author-X-Name-First: Robert Author-X-Name-Last: Fok Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Author-Name: Harold Elder Author-X-Name-First: Harold Author-X-Name-Last: Elder Title: Measuring the Efficiency of Residential Real Estate Brokerage Firms Abstract: This article measures overall, allocative, technical, pure technical and scale efficiency levels for a sample of residential real estate brokerage firms using data envelopment analysis, a linear-programming technique. The results suggest that real estate brokerage firms operate inefficiently. Inefficiencies are primarily a function of suboptimal input allocations and the failure to operate at constant returns to scale rather than from poor input utilization. Regression analysis is employed to determine which firm and/or market characteristics affect efficiency levels. The results show that increasing firm size increases efficiency while choosing to franchise, adding an additional multiple listing service and increasing operating leverage decreases firm performance. Journal: Journal of Real Estate Research Pages: 139-158 Issue: 2 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090946 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090946 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:2:p:139-158 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090947_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Trefzger Author-X-Name-First: Joseph Author-X-Name-Last: Trefzger Author-Name: Henry Munneke Author-X-Name-First: Henry Author-X-Name-Last: Munneke Title: Valuing Easements: A Simple Bargaining Framework Abstract: The literature’s guidance on appraising easement values is limited, such as the sometimes unworkable advice to locate appropriate comparables. A simple economic analysis involving applications of bargaining theory (splitting a cooperative surplus) and game theory (anticipating other parties’ actions) might provide a viable alternative means of analysis in some easement situations. Journal: Journal of Real Estate Research Pages: 127-138 Issue: 2 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090947 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:2:p:127-138 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090948_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Oppenheimer Author-X-Name-First: Peter Author-X-Name-Last: Oppenheimer Author-Name: Terry Grissom Author-X-Name-First: Terry Author-X-Name-Last: Grissom Title: Frequency Space Correlation between REITs and Capital Market Indices Abstract: Several studies have examined real estate investment trust (REIT) co-movement with stocks or bonds using traditional time domain based methods, such as linear regression or correlation. Results of these studies have produced inconsistent statistical model parameters. The erratic behavior of the models may have resulted from the different time periods in the studies, the REITs included in a study or the market indices. Another factor contributing to the variation of the models comes from the compression of cyclical information over a study’s time period by time domain based techniques. Cross-spectral analysis provides a frequency space method of examining the coherency (i.e., frequency space correlation) between two time series across all frequencies. This article contains an examination of the coherency between REITs and stock market indices and REITs and U.S. Treasury debt indices for the period 1989-95. Results of the coherency spectra show significant co-movement between REITs and stock market indices, while debt instruments show very few frequencies with significant coherency. Furthermore, phase spectra provide evidence of contemporaneous movement between REITs and stock indices at all frequencies. Journal: Journal of Real Estate Research Pages: 291-310 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090948 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090948 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:291-310 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090949_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ling He Author-X-Name-First: Ling Author-X-Name-Last: He Title: Cointegration and Price Discovery between Equity and Mortgage REITs Abstract: This study analyzes the relationship between equity and mortgage real estate investment trust (REIT) stock prices by performing cointegration tests and causality tests, and estimating an error correction model. Evidence is found that a stable long-run linear relationship exists based on their common reactions to changes in market returns, interest rates and other additional factors. Geweke causality test results indicate a causal relationship running from EREIT stock prices to MREIT stock prices. This may reflect the quicker response of equity REIT stock prices to changes in some fundamentals, including real estate returns. In addition, the results suggest overall linear dependence (total linear causality) and instantaneous linear feedback between changes in EREIT and MREIT stock prices. The results of the error correction model not only indicate a significant increase in the explanatory power of the model compared with the vector autoregression model but also reveals how the price discovery processes in REIT security markets maintain the long-run equilibrium. Journal: Journal of Real Estate Research Pages: 327-338 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090949 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090949 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:327-338 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090950_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Su Han Author-X-Name-First: Su Author-X-Name-Last: Han Author-Name: Wai Kin Author-X-Name-First: Wai Author-X-Name-Last: Kin Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Title: Institutional Investment in REITs: Evidence and Implications Abstract: It has been documented that institutional investors did not participate actively in the real estate investment trust (REIT) stock market prior to 1990 and that the percentage of institutional holdings of a REIT stock is positively correlated with the performance of the REIT stock. This article documents a reversal in trend in institutional investors’ preference for investing in REIT stocks and in other stocks. The study shows that prior to 1990, institutional investors invested more of their funds in other stocks than in REITs, whereas after 1990 they invest more of their funds in REITs than in other stocks in the market. The strategies of institutional investors investing in REITs are also analyzed. The findings of the study have implications for the agency and corporate control issues prevailing in the REIT stock market. Journal: Journal of Real Estate Research Pages: 357-374 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090950 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090950 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:357-374 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090951_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chinmoy Ghosh Author-X-Name-First: Chinmoy Author-X-Name-Last: Ghosh Author-Name: Randall Guttery Author-X-Name-First: Randall Author-X-Name-Last: Guttery Author-Name: C Sirmans Author-X-Name-First: C Author-X-Name-Last: Sirmans Title: Contagion and REIT Stock Prices Abstract: This article investigates the contagious movement of real estate investment trust (REIT) stock prices in response to real estate news related to financial institutions’ real estate portfolios. The basic hypothesis is that because real estate assets are traded infrequently, the market has incomplete information about their true value; thus, REIT stock prices react negatively to announcements of poorly performing real estate portfolios of financial institutions. Consistent with the hypothesis, significantly negative reactions to these announcements are found for a portfolio of sixty-nine REITs during the real estate crisis of 1989-91. Journal: Journal of Real Estate Research Pages: 389-400 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090951 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090951 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:389-400 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090952_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Swint Friday Author-X-Name-First: Swint Author-X-Name-Last: Friday Author-Name: Stacy Sirmans Author-X-Name-First: Stacy Author-X-Name-Last: Sirmans Title: Board of Director Monitoring and Firm Value in REITs Abstract: This article examines the influence of board of director composition and characteristics on real estate investment trust (REIT) shareholder wealth as measured by firm market-to-book ratios. Results show that increased outside director representation on the board leads to increased market-to-book ratios up to a point. However, as outside representation becomes too large, the market discounts REIT shares. In addition, a positive relationship is observed between REIT market-to-book ratios and the dollar values of director ownership, providing support for alignment benefits associated with increased director stock ownership. Journal: Journal of Real Estate Research Pages: 411-428 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090952 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090952 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:411-428 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090953_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Youguo Liang Author-X-Name-First: Youguo Author-X-Name-Last: Liang Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Title: Introduction Journal: Journal of Real Estate Research Pages: 249-250 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090953 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090953 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:249-250 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090954_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Su-Jane Chen Author-X-Name-First: Su-Jane Author-X-Name-Last: Chen Author-Name: Chengho Hsieh Author-X-Name-First: Chengho Author-X-Name-Last: Hsieh Author-Name: Timothy Vines Author-X-Name-First: Timothy Author-X-Name-Last: Vines Author-Name: Shur-Nuaan Chiou Author-X-Name-First: Shur-Nuaan Author-X-Name-Last: Chiou Title: Macroeconomic Variables, Firm-Specific Variables and Returns to REITs Abstract: This study investigates the cross-sectional variation in equity real estate investment trusts (EREITs) returns. A pooled cross-sectional, time-series approach is used as an alternative to the two-step Fama-MacBeth regression. With pooling, more powerful tests can be obtained from the limited sample of EREITs available. Beta does not explain return variation. Size is the sole consistent factor explaining prices. None of the variables of Chen, Roll and Ross (1986) is significant when size and book-to-market variables are included in the model. Only the unanticipated change in term structure is significant in versions of the model that exclude firm-specific variables. Journal: Journal of Real Estate Research Pages: 269-278 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090954 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090954 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:269-278 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090955_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Arjun Chatrath Author-X-Name-First: Arjun Author-X-Name-Last: Chatrath Author-Name: Youguo Liang Author-X-Name-First: Youguo Author-X-Name-Last: Liang Title: REITs and Inflation: A Long-Run Perspective Abstract: We examine whether REITs provide an inflation hedge in the long run. We also investigate whether the apparent lack of a positive relationship between general prices and REIT returns in prior studies arises from the impact that stock market movements have on REITs. As in most prior research, regression analysis provides no evidence that REIT returns are positively related to temporary or permanent components of inflation measures. We rule out the possibility that a stock market-induced proxy effect is the cause for the apparent lack of relationship between REITs and inflation. On the other hand, we find some evidence that REITs provide a long-run inflation hedge. Johansen (1988) tests for cointegration isolate cointegrating vectors between alternate REIT indices and the CPI over the 1972-95 interval. However, the more standard residual-based cointegration techniques failed to provide similar evidence. Journal: Journal of Real Estate Research Pages: 311-326 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090955 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090955 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:311-326 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090956_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Roger Shelor Author-X-Name-First: Roger Author-X-Name-Last: Shelor Author-Name: Dwight Anderson Author-X-Name-First: Dwight Author-X-Name-Last: Anderson Title: The Financial Performance of REITs Following Initial Public Offerings Abstract: This study examines changes in operating performance among real estate investment trusts following an initial public offering (IPO). The purpose is to determine whether there is an enhancement in the value of the underlying asset that is related to the IPO. We separately analyze equity, mortgage and diversified REITs. We also compare the operating performance of recent IPOs to those of earlier years to address the impact of the 1993 Revenue Reconciliation Act on institutional investors’ demand for REIT stock. Unlike previous analyses of industrial firms, REITs were found to have significant increases in Return on Assets and selected measures of financial performance. The post-IPO cumulative stock price decline and recovery is illustrated. Journal: Journal of Real Estate Research Pages: 375-388 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090956 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090956 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:375-388 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090957_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin Author-X-Name-First: William Author-X-Name-Last: Hardin Title: Executive Compensation in EREITs: EREIT Size is but One Determinant Abstract: Prior research of senior executive compensation in real estate investment trusts (REITs) has found REIT size as the sole statistically significant determinant of compensation. This research finds that size is only one of several determinants of equity REITs (EREIT) senior executive compensation. In addition to size as measured by EREIT market value, the designation of the EREIT as a retail EREIT, the percentage of stock owned by the senior executive, the dollar amount of dividends paid to the senior executive and the number of years since an EREIT’s initial public offering were found to be significant factors impacting senior executive compensation. The results also contrast with the general executive compensation literature that shows proxies for size as the primary determinants of executive compensation. This research indicates the need for industry specific compensation models to account for variation in executive compensation. Journal: Journal of Real Estate Research Pages: 401-410 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090957 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090957 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:401-410 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090958_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Edward Nelling Author-X-Name-First: Edward Author-X-Name-Last: Nelling Author-Name: Joseph Gyourko Author-X-Name-First: Joseph Author-X-Name-Last: Gyourko Title: The Predictability of Equity REIT Returns Abstract: This study examines the predictability of monthly returns on equity real estate investment trusts (EREITs) over the period 1975-95 and compares it with that for small-and mid-cap firms. Using the time series approach of Jegadeesh (1990), evidence is found that monthly EREIT returns are predictable based on past performance. However, the predictability is not substantial enough to cover typical transactions costs, so that there is no evidence of unexploited arbitrage opportunities.The magnitude of EREIT predictability also is examined over different time periods, with the greatest amount found in the most recent data since 1992, which marks the emergence of the new wave of EREITs. Finally, persistence in individual REIT return performance is examined using a nonparametric technique. Limited evidence of persistence in performance is found, with retail-oriented REITs tending to exhibit the most persistence. Journal: Journal of Real Estate Research Pages: 251-268 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090958 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090958 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:251-268 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090959_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hsien-hsing Liao Author-X-Name-First: Hsien-hsing Author-X-Name-Last: Liao Author-Name: Jianping Mei Author-X-Name-First: Jianping Author-X-Name-Last: Mei Title: Risk Characteristics of Real Estate Related Securities—An Extension of Liu and Mei (1992) Abstract: This study extends from Liu and Mei (1992) by further investigation of assets, real estate related securities, which includes both equity and mortgage real estate investment trusts (REITs), the stocks of builder- and owner-companies, and mortgage-backed securities (MBSs). There are five major findings. First, expected excess returns of real estate related securities are more predictable than the expected excess returns of value-weighted stocks and bonds. Second, right market timing is important to investors since evidence shows that the risk premiums of real estate related securities vary substantially over time. Third, real estate market conditions significantly influence bonds and MBSs. Fourth, MBSs are more similar to bonds than mortgage REITs. In addition, returns on mortgage REITs resemble both stocks and bonds. Finally, real estate stocks have a very high sensitivity toward stock market portfolio. This suggests that real estate stocks are not good instruments to help diversify stock market risk. Journal: Journal of Real Estate Research Pages: 279-290 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090959 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090959 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:279-290 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090960_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Colin Lizieri Author-X-Name-First: Colin Author-X-Name-Last: Lizieri Author-Name: Steven Satchell Author-X-Name-First: Steven Author-X-Name-Last: Satchell Author-Name: Elaine Worzala Author-X-Name-First: Elaine Author-X-Name-Last: Worzala Author-Name: Roberto Dacco' Author-X-Name-First: Roberto Author-X-Name-Last: Dacco' Title: Real Interest Regimes and Real Estate Performance: A Comparison of U.K. and U.S. Markets Abstract: Linear models of market performance may be misspecified if the market is subdivided into distinct regimes exhibiting different behavior. Price movements in the United States real estate investment trusts and United Kingdom property companies markets are explored using a threshold autoregressive (TAR) model with regimes defined by the real rate of interest. In both U.S. and U.K. markets, distinctive behavior emerges, with the TAR model offering better predictive power than a more conventional linear autoregressive model. The research points to the possibility of developing trading rules to exploit the systematically different behavior across regimes. Journal: Journal of Real Estate Research Pages: 339-356 Issue: 3 Volume: 16 Year: 1998 Month: 1 X-DOI: 10.1080/10835547.1998.12090960 File-URL: http://hdl.handle.net/10.1080/10835547.1998.12090960 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:16:y:1998:i:3:p:339-356 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090961_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Gallagher Author-X-Name-First: Mark Author-X-Name-Last: Gallagher Author-Name: Antony Wood Author-X-Name-First: Antony Author-X-Name-Last: Wood Title: Fear of Overbuilding in the Office Sector: How Real is the Risk and Can We Predict It? Abstract: After a prolonged hiatus following the boom of the 1980s, the pace of office construction has begun to increase, raising the specter of overbuilding in several metropolitan areas (MSAs). Research has shown that commercial property markets are prone to overbuilding, however, there is a dearth of research on construction cycles at the MSA level. This article examines three techniques that can be used to examine the probability of overbuilding within the office sector. Based on quarterly data from 1977-1997, this research concludes that both base employment and the Space Market Index provide the most practical methods for assessing the risk of overbuilding. There is considerable variation across MSAs in terms of the risk of overbuilding. This has important implications for real estate investors from a tactical asset allocation viewpoint. Journal: Journal of Real Estate Research Pages: 3-32 Issue: 1 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090961 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090961 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:1:p:3-32 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090962_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Author-Name: Gregory Chun Author-X-Name-First: Gregory Author-X-Name-Last: Chun Title: Third Party Originators and Mortgage Prepayment Risk: An Agency Problem? Abstract: We focus on an agency problem encountered by mortgage lenders and investors in mortgage-backed securities when the underlying collateral is originated by third parties. Third parties, such as mortgage brokers, have economic incentives to encourage borrowers to refinance and, accordingly, their actions may affect asset values. We sketch the principal-agent problem and examine two sets of data. Results support the argument: loans originated by third parties are significantly more likely to prepay after controlling for other known determinants of termination risk. Moreover, third party loans are about three times as sensitive to refinancing incentives, compared to retail loans. Journal: Journal of Real Estate Research Pages: 55-70 Issue: 1 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090962 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090962 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:1:p:55-70 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090963_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Vinod Chandrashekaran Author-X-Name-First: Vinod Author-X-Name-Last: Chandrashekaran Title: Time-Series Properties and Diversification Benefits of REIT Returns Abstract: This study examines the potential of real estate investment trusts (REITs) to improve the investment opportunity set available to investors in the United States in an ex ante (i.e., asset allocation) context. The findings show that conditioning on lagged REIT returns offers investors an improved method to predict volatilities and correlations of REITs with other asset classes. The ex ante benefits of the diversification of REITs are related to ex post performance using a dynamic asset allocation exercise with ex ante information. These portfolios, on average, involve substantial allocation to REITs and achieve mean-variance tradeoffs close to those attained by fixed-weight unconditional mean-variance efficient portfolios. Journal: Journal of Real Estate Research Pages: 91-112 Issue: 1 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090963 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090963 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:1:p:91-112 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090964_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin Author-X-Name-First: William Author-X-Name-Last: Hardin Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Title: Equity REIT Property Acquisitions: Do Apartment REITs Pay a Premium? Abstract: Negotiation theory and implied agency costs provide the foundation for the research hypothesis that equity real estate investment trusts (EREITs) may have paid premiums when making real property acquisitions during the 1990s REIT boom. Using a simultaneous equations model and data from the Atlanta, Phoenix and Seattle apartment markets, this research finds that apartment EREITs have paid above market prices for property acquisitions. In Atlanta, a 26.1% premium was evident; in Phoenix, a 27.5% premium was evident; while in Seattle, a premium was not evident. At the property level, the returns to EREITs and private sector or non-securitized investors may differ substantially. Journal: Journal of Real Estate Research Pages: 113-126 Issue: 1 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090964 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090964 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:1:p:113-126 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090965_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Glenn Mueller Author-X-Name-First: Glenn Author-X-Name-Last: Mueller Title: Introduction Journal: Journal of Real Estate Research Pages: 1-1 Issue: 1 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090965 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090965 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:1:p:1-1 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090966_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Graff Author-X-Name-First: Richard Author-X-Name-Last: Graff Author-Name: Michael Young Author-X-Name-First: Michael Author-X-Name-Last: Young Title: The Magnitude of Random Appraisal Error in Commercial Real Estate Valuation Abstract: Analysis of more than seven hundred pairs of simultaneous independent appraisals of institutional-grade commercial properties shows that the standard deviation of the random component of appraisal error is approximately 2%. Random appraisal error appears constant across both time and the institutional-grade investment universe, except during infrequent periods of real estate market gridlock. Most appraisal error is deterministic in nature, even though it usually appears random in routine cross-sectional analysis. Such appraisal error can be constrained and reduced by investment management control systems. Journal: Journal of Real Estate Research Pages: 33-54 Issue: 1 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090966 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090966 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:1:p:33-54 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090967_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Swint Friday Author-X-Name-First: Swint Author-X-Name-Last: Friday Author-Name: Stacy Sirmans Author-X-Name-First: Stacy Author-X-Name-Last: Sirmans Author-Name: Mitchell Conover Author-X-Name-First: Mitchell Author-X-Name-Last: Conover Title: Ownership Structure and the Value of the Firm: The Case of REITs Abstract: This article examines the relation between ownership structure and firm value as proxied by market-to-book ratios for real estate investment trusts (REITs) over the period 1980 to 1994. Piecewise regression analysis reveals a nonlinear relationship between REIT market-to-book ratios and ownership structure. Low levels of inside ownership are associated with increased market-to-book ratios for equity REITs. However, as inside block ownership rises above 5%, equity REIT market-to-book ratios decline. The opposite result is true for hybrid and mortgage REITs. Similarly, higher levels of outside blockholdings have a negative impact on both equity and hybrid and mortgage market-to-book ratios. Journal: Journal of Real Estate Research Pages: 71-90 Issue: 1 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090967 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090967 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:1:p:71-90 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090968_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Glenn Mueller Author-X-Name-First: Glenn Author-X-Name-Last: Mueller Title: Introduction Journal: Journal of Real Estate Research Pages: 1-1 Issue: 2 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090968 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090968 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:2:p:1-1 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090969_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bob Thompson Author-X-Name-First: Bob Author-X-Name-Last: Thompson Author-Name: Sotiris Tsolacos Author-X-Name-First: Sotiris Author-X-Name-Last: Tsolacos Title: Rent Adjustments and Forecasts in the Industrial Market Abstract: This study estimates models of industrial rents at the national level in Great Britain. James Lan Wooten and CB Hillier Parker rent indices are used to model changes in real rents. These changes are positively related to changes in real GDP and inversely affected by absorption, as measured by King Sturge & Co. Additionally, changes in rents convey information not captured by GDP and absorption. The lagged effects of the variables differ for each index, attributable to the construction methodologies followed. Dynamic forecasts for both models show a small overprediction in 1996 and 1997. Ex ante forecasts suggest that both will show positive real growth throughout 1998 and 1999. Journal: Journal of Real Estate Research Pages: 151-167 Issue: 2 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090969 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090969 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:2:p:151-167 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090970_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gordon Brown Author-X-Name-First: Gordon Author-X-Name-Last: Brown Title: Design and Value: Spatial Form and the Economic Failure of a Mall Abstract: Real estate analysts have not had the tools to identify the functional problems of real estate because they have not focused on configuration. Space syntax is a way to represent, describe and evaluate spatial configurations or patterns created through building and urban design. Space syntax was used to systematically describe the configuration of a failed luxury shopping mall. Shape recognition techniques transform the plan into a mathematical network that can be analyzed. Network node parameters can be related to more traditional measures like occupancy and revenues by location. Thus revealed, the underlying spatial structure of the failed mall is compared to that of a similar but successful mall and its functional deficiencies identified. Journal: Journal of Real Estate Research Pages: 189-225 Issue: 2 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090970 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090970 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:2:p:189-225 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090971_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bob Thompson Author-X-Name-First: Bob Author-X-Name-Last: Thompson Author-Name: Michael Hills Author-X-Name-First: Michael Author-X-Name-Last: Hills Title: Wired Up for Extra Value Abstract: The demand for Internet connectivity in office buildings opens up opportunities for landlords to provide added-value services to their tenants. This article seeks to explore the hypothesis that the provision of high bandwidth telecommunications to a building increases its value relative to buildings without this facility. The article builds upon research undertaken into existing use of the Internet over the past two years as evidence of demand for facilities and explores the likely impact of the provision of connectivity on different types of office. The connected building is defined and issues affecting its valuation analyzed. Finally, a hypothetical business model is constructed for a large multilet building to demonstrate the likely income stream and timing that would be applicable. Journal: Journal of Real Estate Research Pages: 245-255 Issue: 2 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090971 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090971 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:2:p:245-255 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090972_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Janet Tandy Author-X-Name-First: Janet Author-X-Name-Last: Tandy Author-Name: Leon Shilton Author-X-Name-First: Leon Author-X-Name-Last: Shilton Title: Risk Assessment Steeplechase: Hurdles to Becoming a Target Market Abstract: Framed in a quadrant model, the data sources that analysts use to predict the performance of core property types for the major metropolitan areas in the United States are reviewed. The hypothesis is that forecasters rely on information from the economic base, the property inventory and financial performance quadrants to generate forecasts. For each core property type, analysts are rather homogeneous in grouping metropolitan areas from best to worst. However, the property type determines what sets of economic, social, inventory and market information are used. The only consistent forecast factor used across all property types appears to be economic growth. Journal: Journal of Real Estate Research Pages: 127-150 Issue: 2 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090972 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090972 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:2:p:127-150 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090973_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Leon Shilton Author-X-Name-First: Leon Author-X-Name-Last: Shilton Author-Name: Craig Stanley Author-X-Name-First: Craig Author-X-Name-Last: Stanley Title: The Survival and Birth of Firms Abstract: Using a modified form of the location quotient, a “growth quotient,” this study traces the survival and growth for the headquarters of publicly listed firms in the United States. At the county level, the spatial concentrations of headquarters listed in 1997 are correlated with the spatial concentrations of corporate headquarters that survived from 1986 though 1996. Counties that house the headquarters of many different survival firms continue to spawn new headquarters. Counties with headquarters of survival firms in only one or two industries tend to maintain and spawn firms in only those industries. These conclusions support the Porter thesis that firms will spatially cluster for competitive advantage. Journal: Journal of Real Estate Research Pages: 169-187 Issue: 2 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090973 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090973 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:2:p:169-187 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090974_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ronald Spahr Author-X-Name-First: Ronald Author-X-Name-Last: Spahr Author-Name: Mark Sunderman Author-X-Name-First: Mark Author-X-Name-Last: Sunderman Title: Valuation of Property Surrounding a Resort Community Abstract: This article uses hedonic modeling for valuation of real estate located near Jackson, Wyoming and agricultural property throughout the remainder of Wyoming. The attributes of the hedonic model used to value resort properties are compared with attributes of the model used to value agricultural properties. It is observed that attributes affecting the value of resort property are significantly different from attributes affecting the value of agricultural property. Resort properties, even though classified as agricultural, derive their values from scenic amenities, existence of streams, vegetation and relative location. Alternatively, agricultural lands throughout the remainder of Wyoming derive value from a combination of productive and nonproductive attributes. Journal: Journal of Real Estate Research Pages: 227-243 Issue: 2 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090974 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090974 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:2:p:227-243 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090975_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Wolfgang Schaefers Author-X-Name-First: Wolfgang Author-X-Name-Last: Schaefers Title: Corporate Real Estate Management: Evidence from German Companies Abstract: Based on a conceptual framework of factors representing and influencing corporate real estate management, this study is the first to be performed on the topic in Germany. The research shows that, despite their significant value and associated costs, real estate assets are at present seriously undermanaged by the vast majority of German companies. It seems that the international “bandwagon” toward active real estate management has not yet reached German firms. However, in some companies the function is evolving into a recognized management activity that requires a more formal and systematic approach. Journal: Journal of Real Estate Research Pages: 301-320 Issue: 3 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090975 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090975 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:3:p:301-320 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090976_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Leon Shilton Author-X-Name-First: Leon Author-X-Name-Last: Shilton Author-Name: Craig Stanley Author-X-Name-First: Craig Author-X-Name-Last: Stanley Title: Spatial Patterns of Headquarters Abstract: This study of the spatial concentration of the headquarters of exchange-listed companies suggests that the relevancy of the “efficiency parameter” of agglomeration theory still holds in explaining the location of headquarters, especially when the production function is reinterpreted as a productivity function. The sample of 5189 headquarters exceeds previous studies of Fortune 500 firms. Across industries, a high degree of clustering is found: 40% of the nation’s headquarters were found in twenty counties. Cluster analysis suggests grouping patterns for headquarters; discriminant analysis confirms the uniqueness of these spatial clustering patterns across 229 urban counties. For certain industries, the clustering occurs within small areas. The headquarters of these spatially-correlated groups of firms—money and media, gas and electric, business services, and machining technology—were mapped at the county and zipcode level for counties within major metropolitan areas. The spatial density patterns take on traditional urban forms: core, ring and wedge. Journal: Journal of Real Estate Research Pages: 341-364 Issue: 3 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090976 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090976 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:3:p:341-364 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090977_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: Real Estate Value Chain Connections: Tangible and Transparent Abstract: Real estate plays a fundamental connecting role in the value chain. This research addresses the application of the value chain concept to how real estate facilitates the connection of inputs to the value creation process to deliver goods and services to consumers. This research provides the critical linkages in the vocabulary of strategic management. Once identified, the critical real estate value chain connections can lead to insights resulting in superior decision making. In settings emphasizing transparency, the place and space of origin and destination become more important. While a predominant amount of commerce is conducted in tangible contexts, the hypercompetitive conditions of such commerce and the proliferating substitutes for the environments in which such commerce may occur places ever more priority on the role of real estate value chain connections. Journal: Journal of Real Estate Research Pages: 387-404 Issue: 3 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090977 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090977 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:3:p:387-404 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090978_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chris Manning Author-X-Name-First: Chris Author-X-Name-Last: Manning Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: Corporate Real Estate Research within the Academy Abstract: This study discusses the uniqueness and importance of corporate real estate (CRE) asset management and distinguishes it from third party real estate investment management. A decline in CRE research within the academy from 1995 through 1998 is documented and contrasted with the increasing research activity and interest in this area since 1995 by both consultants and trade associations. Reasons to account for this mismatch are canvassed from within the academy and offered herein. Finally, important questions about the future direction of CRE research are posed. Journal: Journal of Real Estate Research Pages: 265-279 Issue: 3 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090978 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090978 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:3:p:265-279 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090979_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Author-Name: Chris Manning Author-X-Name-First: Chris Author-X-Name-Last: Manning Title: Introduction: Corporate Real Estate Research Thought Leadership Journal: Journal of Real Estate Research Pages: 259-263 Issue: 3 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090979 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090979 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:3:p:259-263 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090980_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Neil Carn Author-X-Name-First: Neil Author-X-Name-Last: Carn Author-Name: Roy Black Author-X-Name-First: Roy Author-X-Name-Last: Black Author-Name: Joseph Rabianski Author-X-Name-First: Joseph Author-X-Name-Last: Rabianski Title: Operational and Organizational Issues Facing Corporate Real Estate Executives and Managers Abstract: This article examines three major categories of issues facing corporate real estate executives in the future, as determined by a Delphi process survey conducted by the authors. We present areas of agreement and disagreement among the corporate executives surveyed, and distill the results of the Delphi survey and other major studies on the future of corporate real estate into a research agenda for further inquiry. Journal: Journal of Real Estate Research Pages: 281-299 Issue: 3 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090980 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090980 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:3:p:281-299 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090981_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chris Manning Author-X-Name-First: Chris Author-X-Name-Last: Manning Author-Name: Mauricio Rodriguez Author-X-Name-First: Mauricio Author-X-Name-Last: Rodriguez Author-Name: Chinmoy Ghosh Author-X-Name-First: Chinmoy Author-X-Name-Last: Ghosh Title: Devising a Corporate Facility Location Strategy to Maximize Shareholder Wealth Abstract: Location decisions should consider all related impacts upon a firm’s shareholder wealth. Overall, firm cost savings available at alternative locations need to be carefully examined in addition to a location’s impact on corporate sales revenues. This article reviews relevant literature, discusses recent location decision considerations for several companies and empirically tests a model seeking to measure the impact corporate relocation decisions have upon shareholder wealth. In addition, a classification and listing of corporate location considerations is put forth to supplement the anecdotal illustrations discussed herein. Together these represent a “primer” for professionals and executives involved in corporate facility location decisions. Journal: Journal of Real Estate Research Pages: 321-340 Issue: 3 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090981 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090981 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:3:p:321-340 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090982_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Martha O’Mara Author-X-Name-First: Martha Author-X-Name-Last: O’Mara Title: Strategic Drivers of Location Decisions for Information-Age Companies Abstract: The location decision-making process of forty companies with high quality “information-age” jobs is examined. A typology of location decisions is presented based on the magnitude of the relocation and the impact on the workforce. The strategic business drivers of the location decisions are identified and examined. Overall, economic development incentives are less important than the “ease of living” and labor market support found in the community. High quality infrastructure is critical. Future trends and their implications for corporate real estate strategy and economic development priorities are suggested. Journal: Journal of Real Estate Research Pages: 365-386 Issue: 3 Volume: 17 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090982 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090982 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:17:y:1999:i:3:p:365-386 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090983_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Glenn Mueller Author-X-Name-First: Glenn Author-X-Name-Last: Mueller Author-Name: Stephen Pyhrr Author-X-Name-First: Stephen Author-X-Name-Last: Pyhrr Author-Name: Waldo Born Author-X-Name-First: Waldo Author-X-Name-Last: Born Title: Introduction Journal: Journal of Real Estate Research Pages: 3-5 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090983 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090983 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:3-5 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090984_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yoon Dokko Author-X-Name-First: Yoon Author-X-Name-Last: Dokko Author-Name: Robert Edelstein Author-X-Name-First: Robert Author-X-Name-Last: Edelstein Author-Name: Allan Lacayo Author-X-Name-First: Allan Author-X-Name-Last: Lacayo Author-Name: Daniel Lee Author-X-Name-First: Daniel Author-X-Name-Last: Lee Title: Real Estate Income and Value Cycles: A Model of Market Dynamics Abstract: We develop a theoretical real estate cycles model linking economic fundamentals to real estate income and value. We estimate and test an econometric model specification, based on the theoretical model, using MSA level data for twenty office markets in the United States. Our major conclusion is that cities that exhibit seemingly different cyclical office market behavior may be statistically characterized by our three-parameter econometric specification. The parameters are MSA-specific amplitude, through the CAP rate, cycle duration (peak-to-peak), via the rate of partial adjustments to changing expectations about stabilized NOI and the market trend. Journal: Journal of Real Estate Research Pages: 69-96 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090984 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090984 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:69-96 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090985_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Glenn Mueller Author-X-Name-First: Glenn Author-X-Name-Last: Mueller Title: Real Estate Rental Growth Rates at Different Points in the Physical Market Cycle Abstract: Real estate markets go through both physical cycles (demand and supply) that affect rental growth rates and financial cycles (capital flows to real estate) that affect property Prices (Mueller, 1995). This study develops a rental growth rate hypothesis based on a market’s position in the physical (demand-supply) market cycle. Using data from fifty-four office and industrial markets in the United States over a thirty-year period, an aggregated national average rental growth rate was calculated for each point in the cycle. An ANOVA test for differences of means found that the national average rental growth rates at each point in the cycle were statistically different. The results show local demand and supply, which interact to affect occupancy, are major determinants in rental growth rates. This research should help investors move from using a single rental growth rate for multiple year forecasts, to using yearly cycle driven rental growth rate estimates in their discounted cash flow projections. Journal: Journal of Real Estate Research Pages: 131-150 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090985 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090985 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:131-150 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090986_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Pyhrr Author-X-Name-First: Stephen Author-X-Name-Last: Pyhrr Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Author-Name: Waldo Born Author-X-Name-First: Waldo Author-X-Name-Last: Born Title: Real Estate Cycles and Their Strategic Implications for Investors and Portfolio Managers in the Global Economy Abstract: This study synthesizes relevant research and commentary on real estate cycles in a micro-decision-making context and discusses their strategic implications for investors and portfolio managers. It begins with an extensive review of the macro-economic, micro-economic and practitioner literature on cycles, with special emphasis given to the emerging topic of global real estate cycles.The second major section of the study presents the basic theory of cycles, examines the nature and dynamics of real estate cycles, identifies the many different types of interdependent cycles that affect real estate performance and presents strategies for dealing with multiple interrelated cycles. Understanding the complex and dynamic macro-to-micro cycle relationships is believed to be the foundation for understanding real property performance in a specific market, submarket and site-specific location. Successful cycle strategies that achieve above-market returns over the long run are dependent on this understanding, good market timing and a degree of contrarianism.Eight cycle models are presented in the third major section of the study. Each presents an analytical definition of cycles, seeks to measure cyclical impacts on key investment variables in an ex ante framework and provides insight into some aspect of investment timing or other property/portfolio decisions. The final major topics addressed are the key strategic and decision implications for investors and portfolio managers, and a proposed cycles research agenda for the future. Journal: Journal of Real Estate Research Pages: 7-68 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090986 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090986 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:7-68 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090987_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Terry Grissom Author-X-Name-First: Terry Author-X-Name-Last: Grissom Author-Name: James DeLisle Author-X-Name-First: James Author-X-Name-Last: DeLisle Title: A Multiple Index Analysis of Real Estate Cycles and Structural Change Abstract: This article explores real estate cycles and structural change at an overall industry level, focusing on three key questions. First, are real estate cycle stages distinct and observable? Second, can the cycle stages be modeled using variables and relationships that hold for extended periods? Third, can the impact of exogenous shocks that cause structural changes in the market be monitored and modeled? The results of the research are generally positive, suggesting that indeed the variables and relationships that distinguish various real estate cycle stages can be isolated, and are sufficiently stable to help model cyclical changes. Furthermore, the research suggests it is possible to track key exogenous shocks that trigger structural changes that affect cycle models. Journal: Journal of Real Estate Research Pages: 97-130 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090987 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090987 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:97-130 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090988_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kicki Björklund Author-X-Name-First: Kicki Author-X-Name-Last: Björklund Author-Name: Bo Söderberg Author-X-Name-First: Bo Author-X-Name-Last: Söderberg Title: Property Cycles, Speculative Bubbles and the Gross Income Multiplier Abstract: We address in this study the question of whether significant price increases occurring during the up-phase of the property cycle can be explained by a speculative bubble. The findings indicate that the Swedish market for income real estate may have been partly driven by a speculative bubble during the 1980’s. The conclusion is based on an analysis of panel data where the state of the property cycle is mirrored by the value of the Gross Income Multiplier. Journal: Journal of Real Estate Research Pages: 151-174 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090988 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090988 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:151-174 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090989_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Luis Mejia Author-X-Name-First: Luis Author-X-Name-Last: Mejia Title: Availability of Credit and Loan Default: A Look at the Commercial Mortgage Supply Cycle Abstract: This study uses a structural equation approach to assess the presence of a credit supply effect in the commercial mortgage market and the lenders’ ability to incorporate expectations about this effect into their lending policies. A credit supply effect is defined as the effect of mortgage supply on the level of loan defaults. The empirical analysis shows two important results. First, changes in loan defaults appear to be preceded by changes in commercial mortgage supply with a lag of approximately four to five years. Second, lenders tend to behave myopically, failing to incorporate expectations about the credit supply effect into their lending policies. Additionally, a simulation suggests that adequate timing of the mortgage supply cycle is crucial in limiting the incidence of mortgage default. Journal: Journal of Real Estate Research Pages: 175-196 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090989 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090989 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:175-196 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090990_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven Laposa Author-X-Name-First: Steven Author-X-Name-Last: Laposa Author-Name: Stephen Pyhrr Author-X-Name-First: Stephen Author-X-Name-Last: Pyhrr Title: Foreword Journal: Journal of Real Estate Research Pages: 1-2 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090990 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090990 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:1-2 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090991_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sotiris Tsolacos Author-X-Name-First: Sotiris Author-X-Name-Last: Tsolacos Title: Retail Building Cycles: Evidence from Great Britain Abstract: This study examines the cyclical pattern of retail property development in Great Britain. It develops and estimates an econometric model of the volume of new development starts for retail buildings. Within the theoretical framework proposed, a dynamic specification based on changes in real retail rents and total consumer spending appears to adequately capture the cyclical variation in retail development. Changes in the values of these variables induce new retail construction within two years and an Almon polynomial lag scheme best describes the dynamic distribution of their lagged effects. Investment market influences on retail building development at the national level are not established in this study. There is also some indication of a changing economic relationship between new retail development and retail rents after mid-1995, but this can only be confirmed by appropriate tests when additional observations become available. Journal: Journal of Real Estate Research Pages: 197-218 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090991 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090991 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:197-218 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090992_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tony McGough Author-X-Name-First: Tony Author-X-Name-Last: McGough Author-Name: Sotiris Tsolacos Author-X-Name-First: Sotiris Author-X-Name-Last: Tsolacos Title: Interactions within the Office Market Cycle in Great Britain Abstract: This article adopts an unrestricted vector autoregressive framework methodology to examine the cyclical activity of office property development in Great Britain. The empirical analysis provides supporting evidence for the significant influence of office rents on the rate of new office construction. Service sector output has a small impact on office development, whereas the results do not establish a relationship with employment and interest rates. The significance of rents is attributed to the tenure characteristics of the market and the important role of developers and property investors in initiating office projects in Great Britain. A period of up to three years appears to be the optimum period between the time that rental signals are generated and the time that buildings are put in place, as a response to those signals. Journal: Journal of Real Estate Research Pages: 219-232 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090992 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090992 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:219-232 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090993_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Max Kummerow Author-X-Name-First: Max Author-X-Name-Last: Kummerow Title: A System Dynamics Model of Cyclical Office Oversupply Abstract: This article explores office market system dynamics through a simple simulation model. Model lag and adjustment parameters similar to real office markets generate explosive cycles. Simulations show that deviations from equilibrium can be reduced by changing the information structure of the system. System dynamics, principle/agent conflicts, a prisoners’ dilemma game, faulty information (poor forecasting, market research and valuation techniques), regulatory institutions, and differing equilibria in office space and financial markets all contribute to allocative inefficiency. Thinking of office markets as a “managed feedback control system” may be a useful representation of the oversupply problem. Leverage points for system improvement may be a municipal “queue” to address agency and prisoner’s dilemma problems, improved forecasting techniques and more reliance on forecasting. Journal: Journal of Real Estate Research Pages: 233-256 Issue: 1 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090993 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090993 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:1:p:233-256 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090994_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Author-Name: Donald Epley Author-X-Name-First: Donald Author-X-Name-Last: Epley Title: Structural Analysis of U.S. Appraiser Income Abstract: This study represents the first investigation of appraiser income at the national level. It is especially timely because it addresses the value of Appraisal Institute designations in a post-FIRREA world, in addition to investigating the impact of gender on appraiser income. The study employs a worker-productivity, human-capital model and finds that appraiser income is positively and significantly impacted by the amount of work effort expended, the level of appraisal experience, and the formal education and professional training attained by an appraiser. Appraisal Institute designations are found to have a significant and positive impact on income, even in a post-FIRREA world of required appraiser licensing and certification. Gender does not appear to impact appraiser income. However, questions do arise regarding the status of female (and minority) appraisers. Journal: Journal of Real Estate Research Pages: 377-393 Issue: 2 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090994 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090994 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:2:p:377-393 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090995_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Patrick Wilson Author-X-Name-First: Patrick Author-X-Name-Last: Wilson Author-Name: John Okunev Author-X-Name-First: John Author-X-Name-Last: Okunev Title: Long-Term Dependencies and Long Run Non-Periodic Co-Cycles: Real Estate and Stock Markets Abstract: The literature is not clear on whether there are co-dependencies domestically across real estate and stock markets, nor whether there are international co-dependencies for these asset classes, despite the importance of this question for portfolio diversification strategies. In this article, we use a non-linear technique to search for co-dependence over the long term. We find no evidence to suggest long co-memories between stock and property markets in the United States and the United Kingdom, but some evidence of this in Australia. In an international context, if we take whole of sample period data, we find no evidence of long co-memory effects, however if we sample on either side of the 1987 market correction we find evidence of long co-memory. Journal: Journal of Real Estate Research Pages: 257-278 Issue: 2 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090995 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090995 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:2:p:257-278 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090996_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Barkham Author-X-Name-First: Richard Author-X-Name-Last: Barkham Author-Name: Charles Ward Author-X-Name-First: Charles Author-X-Name-Last: Ward Title: Investor Sentiment and Noise Traders: Discount to Net Asset Value in Listed Property Companies in the U.K. Abstract: There are parallels between the operation of closed-end funds and in the United Kingdom property companies. In both types of corporations, the market capitalization is commonly less than the net asset value (NAV) of the assets owned by the firms. This article investigates the relationship between the NAV of U.K. property companies and their market capitalizations. We first examine the hypothesis that discounts are the result of agency costs, contingent capital gains tax liability and a number of other firm specific factors. We then examine the hypothesis that discounts result from the interaction of noise traders and rational investors. The evidence suggests that both hypotheses have utility in explaining property company discounts. Journal: Journal of Real Estate Research Pages: 291-312 Issue: 2 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090996 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090996 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:2:p:291-312 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090997_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mukesh Chaudhry Author-X-Name-First: Mukesh Author-X-Name-Last: Chaudhry Author-Name: Rohan Christie-David Author-X-Name-First: Rohan Author-X-Name-Last: Christie-David Author-Name: William Sackley Author-X-Name-First: William Author-X-Name-Last: Sackley Title: Long-Term Structural Price Relationships in Real Estate Markets Abstract: This study investigates the long-run stochastic properties of real estate assets by geographical breakdown. We also study their linkages with financial assets. The initial tests find that almost all property types exhibit the presence of nonstationarity. Thus, cointegrated methodologies are used. Structural breakpoints identified in the literature are used as a guide to divide the data into two windows, 1983-1989 and 1990-1996. The results show that real estate in the different regions exhibit a closer relationship with each other in the second period, compared with the first. Also, strong linkages between real estate regions and financial assets are noted in the second period. The South is the only region to exhibit segmentation in both periods. Overall, the information derived from our analysis sheds light on linkages among real estate assets and between real estate and financial assets and also provides a framework for creating diversified portfolios. Journal: Journal of Real Estate Research Pages: 335-354 Issue: 2 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090997 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090997 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:2:p:335-354 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090998_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Cooper Author-X-Name-First: Michael Author-X-Name-Last: Cooper Author-Name: David Downs Author-X-Name-First: David Author-X-Name-Last: Downs Author-Name: Gary Patterson Author-X-Name-First: Gary Author-X-Name-Last: Patterson Title: Real Estate Securities and a Filter-based, Short-term Trading Strategy Abstract: Anecdotal evidence provides overwhelming support to the belief that sophisticated real estate investors profit by timing long-run real estate cycles. This article examines the investment performance benefits that sophisticated investors may derive from short-run cycles in real estate, specifically, through the publicly traded real estate markets. Using a simple strategy that filters out noise in real estate investment trust (REIT) price reversals, this study shows that a contrarian strategy is many times more profitable than the associated execution costs. Furthermore, the study demonstrates that the REIT market has been sufficiently liquid to execute this trading strategy. This last point is directly related to the filter strategy since only REITs with large price movements satisfy the hypothetical investor's selection criteria. Journal: Journal of Real Estate Research Pages: 313-333 Issue: 2 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090998 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090998 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:2:p:313-333 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12090999_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Anderson Author-X-Name-First: Richard Author-X-Name-Last: Anderson Author-Name: James VanderHoff Author-X-Name-First: James Author-X-Name-Last: VanderHoff Title: Mortgage Default Rates and Borrower Race Abstract: We estimate a mortgage default model with national data on conventional mortgages that were current from 1986 to 1992. Our analysis confirms the results of previous analyses of Federal Housing Authority mortgages: Black households have higher marginal default rates, controlling for differences in borrower and property characteristics. Further, we do not find that Black borrowers have significantly more home equity. These results do not provide evidence of racial discrimination in mortgage lending and suggest that differences in default costs or transaction costs may explain differences in default rates. Journal: Journal of Real Estate Research Pages: 279-289 Issue: 2 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12090999 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12090999 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:2:p:279-289 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091000_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Gyourko Author-X-Name-First: Joseph Author-X-Name-Last: Gyourko Author-Name: Todd Sinai Author-X-Name-First: Todd Author-X-Name-Last: Sinai Title: The REIT Vehicle: Its Value Today and in the Future Abstract: The real estate investment trust (REIT) structure has come under increasing scrutiny given the problems the structure poses for firms wishing to retain earnings in depressed real estate equity and debt markets. We estimate the net benefits of the structure to be no more than 2%-5% of industry equity market capitalization, although the benefits are larger for firms with lower payout ratios. In addition, the value of the format doubles as the share of tax exempt/deferred investment in REITs increases to 40%, the fraction obtaining in the broader equity market. Educating this investor clientele on the benefits of the REIT structure is an important goal for REIT management. Journal: Journal of Real Estate Research Pages: 355-375 Issue: 2 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091000 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091000 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:2:p:355-375 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091001_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Author-Name: Paul Gallimore Author-X-Name-First: Paul Author-X-Name-Last: Gallimore Title: Client Feedback and the Role of the Appraiser Abstract: Appraisers routinely work at solving ill-structured valuation problems where the normative performance criterion is an objective judgement of market value as of the valuation date. This study, theoretically grounded in the lens model of perceptual theory, investigates the effect of client feedback on appraisers’ perceptions of their role in the loan underwriting process. It investigates the extent of cognitive departure from the normative role toward perception of being a validator of pending sale prices. An instrument is devised to measure environmental perception feedback, coercive feedback and positive reinforcement of the normative performance criterion. Client feedback is found to have a significant effect on appraisers’ role perceptions and on appraisers’ perceptions of the of the lender-client's performance criterion. Appraisers who receive a great deal of environmental perception feedback and coercive feedback are more likely to view themselves as price validators, whereas appraisers exposed to positive reinforcement of the normative performance criterion are more likely view themselves as providers of objective opinions of market value. Journal: Journal of Real Estate Research Pages: 415-431 Issue: 3 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091001 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091001 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:3:p:415-431 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091002_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ping Cheng Author-X-Name-First: Ping Author-X-Name-Last: Cheng Author-Name: Alan Ziobrowski Author-X-Name-First: Alan Author-X-Name-Last: Ziobrowski Author-Name: Royce Caines Author-X-Name-First: Royce Author-X-Name-Last: Caines Author-Name: Brigitte Ziobrowski Author-X-Name-First: Brigitte Author-X-Name-Last: Ziobrowski Title: Uncertainty and Foreign Real Estate Investment Abstract: Published research has offered little evidence in support of foreign real estate investment. Most of the literature suggests that foreign real estate yields investors in mixed-asset portfolios no tangible benefits in terms of diversification gains. However all these studies were done on the basis of point estimates where they solve for a single unique optimum portfolio composition. Thus, earlier research has left the impression that foreign real estate is “never” optimal. Here we use a bootstrap simulation to introduce uncertainty into the analysis. Our results suggest that although foreign real estate is not likely to provide investors with significant diversification benefits, substantial amounts of foreign real estate can potentially be optimal. Journal: Journal of Real Estate Research Pages: 463-479 Issue: 3 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091002 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091002 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:3:p:463-479 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091003_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Kalbro Author-X-Name-First: Thomas Author-X-Name-Last: Kalbro Author-Name: Hans Lind Author-X-Name-First: Hans Author-X-Name-Last: Lind Title: Valuing Easements: Some Experimental Evidence Abstract: Trefzger and Munneke (1998) present a theoretical model, where the surplus that an easement gives rise to will be split equally between the parties. We provide experimental evidence from Sweden indicating that the split of the surplus depends on the context and what is judged to be reasonable principles of a fair distribution. The dominant estates got a significantly higher share of the surplus because they could start the bargaining with a bid that only included compensation for cost, whereas the servient estate could not find any principle that would give them the whole surplus. After these initial asymmetric bids, the parties usually met halfway. Journal: Journal of Real Estate Research Pages: 491-501 Issue: 3 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091003 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091003 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:3:p:491-501 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091004_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Brasington Author-X-Name-First: David Author-X-Name-Last: Brasington Title: Which Measures of School Quality Does the Housing Market Value? Abstract: This study explores which measures of public school quality the housing market values. Both a traditional hedonic house price estimation and a hedonic corrected for spatial autocorrelation are used. Proficiency tests, expenditure per pupil and the pupil/teacher ratio are consistently capitalized into housing prices. Teacher salary and student attendance rates are also valued, but these results are sensitive to the estimation technique employed. Value-added measures, the graduation rate, teacher experience levels and teacher education levels are not consistently positively related to housing prices, so researchers should probably avoid using them as public education quality measures. Journal: Journal of Real Estate Research Pages: 395-413 Issue: 3 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091004 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091004 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:3:p:395-413 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091005_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Earl Benson Author-X-Name-First: Earl Author-X-Name-Last: Benson Author-Name: Julia Hansen Author-X-Name-First: Julia Author-X-Name-Last: Hansen Author-Name: Arthur Schwartz Author-X-Name-First: Arthur Author-X-Name-Last: Schwartz Author-Name: Greg Smersh Author-X-Name-First: Greg Author-X-Name-Last: Smersh Title: Canadian/U.S. Exchange Rates and Nonresident Investors: Their Influence on Residential Property Values Abstract: Factors external to a home's characteristics may influence the sales price. This analysis focuses on Bellingham, Washington, because of several influences including the Canadian economy and nonresidents. First estimated is a constant-quality Bellingham housing price index, which is used as the dependent variable in a reduced-form model of market price to estimate the impact of the exchange rate. The analysis (1984-94) suggests that a 10% rise in the exchange rate leads to a 7.7% rise in Bellingham home prices. Additionally, in 1990, non-county buyers paid 4% to 6% more than county residents and non-county sellers received 6% to 8% less. Journal: Journal of Real Estate Research Pages: 433-461 Issue: 3 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091005 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091005 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:3:p:433-461 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091006_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald Jud Author-X-Name-First: Donald Author-X-Name-Last: Jud Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: A Model of Real Estate Sales as a Career Choice Abstract: This article develops a model of the probability that individuals choose careers in real estate sales. The model is estimated using Census data. Females are found to be significantly more likely than males to enter the field. For males, the probability of entering the field grows with schooling up through four years of college, and declines thereafter. For females, the probability falls with increased schooling beyond high school. Real estate sales is a career that is more appealing to both males and females with more labor market experience. For females, the probability of choosing a real estate career rises at a decreasing rate with experience. For males, the probability grows at an increasing rate. Both females and males are very responsive in their career choice decisions to changes in real earnings. The supply price elasticity, evaluated at the mean, is estimated to be+3.18 for males and +2.76 for females. Journal: Journal of Real Estate Research Pages: 481-490 Issue: 3 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091006 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091006 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:3:p:481-490 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091007_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Timothy Viezer Author-X-Name-First: Timothy Author-X-Name-Last: Viezer Title: Econometric Integration of Real Estate's Space and Capital Markets Abstract: This study presents the Real Estate Econometric Forecast Model (REEFM), a pooled recursive system that integrates real estate's space and capital markets. The REEFM is empirically estimated using data from fifty-one metropolitan office markets over the years 1985-96. The core of the REEFM consists of six stochastic equations for each property type. These six equations predict occupancy, real rents, capitalization rates, market value per square foot, net change in stock and real construction costs. The model also produces synthetic investment return series called Implied Market Returns that can be used to guide investment acquisition activity and assess the representativeness of other investment returns. Journal: Journal of Real Estate Research Pages: 503-519 Issue: 3 Volume: 18 Year: 1999 Month: 1 X-DOI: 10.1080/10835547.1999.12091007 File-URL: http://hdl.handle.net/10.1080/10835547.1999.12091007 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:18:y:1999:i:3:p:503-519 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091008_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Young Author-X-Name-First: Michael Author-X-Name-Last: Young Title: REIT Property-Type Sector Integration Abstract: This article is the winner of the Best Research Paper presented by a practicing real estate professional (sponsored by the American Real Estate Society Foundation) presented at the 1999 American Real Estate Society Annual Meeting.Equity real estate investment trust (REITs) grouped by property-type sectors have become more integrated over the 1989 to 1998 period as evidenced by increasing correlation over time. Specifically, six pairs of equity REITs grouped as having predominantly apartment, industrial, office and retail properties in their portfolios were examined for correlations of rolling sixty-month returns. Property-type-specific equity REIT portfolios showed a similar trend in rolling sixty-month return correlations, but at generally lower levels than randomly-generated property-type-neutral portfolios. When correlations of property-type-specific portfolios differed statistically from property-type-neutral sample portfolios, the average monthly return differences were not found to be statistically significant. Journal: Journal of Real Estate Research Pages: 3-22 Issue: 1 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091008 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091008 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:1:p:3-22 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091009_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Simon Stevenson Author-X-Name-First: Simon Author-X-Name-Last: Stevenson Title: International Real Estate Diversification: Empirical Tests using Hedged Indices Abstract: This article is the winner of the International Real Estate Investment/Portfolio Management manuscript prize (sponsored by Jones Lang LaSalle) presented at the 1999 American Real Estate Society Annual Meeting.This study examines the potential diversification opportunities arising from the extension of real estate portfolios into an international environment. Using data for ten countries, the article compares the diversification benefits obtained from both real estate securities and hedged indices. The hedged indices are constructed in line with the methodology proposed by Giliberto (1993) and are examined as a potential alternative proxy for the direct market. The results indicate that while benefits do arise from international diversification, the results tend to be statistically significant only when local returns are used and no constraints are imposed on the optimal portfolios. In addition, there are concerns over the reliability of the mean return and correlation coefficients obtained using the hedged indices. Journal: Journal of Real Estate Research Pages: 105-132 Issue: 1 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091009 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091009 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:1:p:105-132 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091010_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bartley Danielsen Author-X-Name-First: Bartley Author-X-Name-Last: Danielsen Author-Name: David Harrison Author-X-Name-First: David Author-X-Name-Last: Harrison Title: The Impact of Potential Private Information on REIT Liquidity Abstract: This article is the winner of the Real Estate Investment Trusts manuscript prize (sponsored by the National Association of Real Estate Investment Trusts) presented at the 1999 American Real Estate Society Annual Meeting.This article examines how, and to what degree, the potential for private information affects the liquidity of the market for real estate investment trusts (REITs). Consistent with the previous literature, we find that REITs trading on organized specialist exchanges are more liquid than those trading in the over-the-counter market. In addition, an examination of REIT market liquidity across individual firm portfolio holdings reveals REITs with more focused investment strategies are easier to value and more liquid than their diversified counterparts. Finally, our results also indicate liquidity improves as the percentage of the firm's investment portfolio held as direct property (i.e., equity) investments rises. This finding is consistent with the belief that financial assets are informationally opaque and, therefore, uniquely difficult to value. Journal: Journal of Real Estate Research Pages: 49-72 Issue: 1 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091010 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091010 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:1:p:49-72 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091011_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chengri Ding Author-X-Name-First: Chengri Author-X-Name-Last: Ding Author-Name: Robert Simons Author-X-Name-First: Robert Author-X-Name-Last: Simons Author-Name: Esmail Baku Author-X-Name-First: Esmail Author-X-Name-Last: Baku Title: The Effect of Residential Investment on Nearby Property Values: Evidence from Cleveland, Ohio Abstract: This article is the winner of the Real Estate Valuation manuscript prize (sponsored by the Appraisal Institute) presented at the 1999 American Real Estate Society Annual Meeting.This study analyzes the effect of both new and rehabilitation residential investment on nearby property values in Cleveland, Ohio. The methodology used is hedonic price regression with spatial lagged variables that are generated applying geographic information systems. There are four major findings. First, the effect of investment on property values is geographically limited. Second, new investment has a greater impact on nearby property values than rehabilitation. Third, there is evidence that new construction and rehabilitation have a significantly positive impact in low-income areas, as well as predominantly non-minority neighborhoods. Finally and most importantly, the research suggests that small-scale investment has no impact on nearby property values. Thus, investment policy, which promotes and encourages investments that are not sufficiently large, may not be able to improve tax bases and enhance neighborhoods. We also found that results could be misleading if spatial lagged variables are inappropriately measured. Journal: Journal of Real Estate Research Pages: 23-48 Issue: 1 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091011 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091011 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:1:p:23-48 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091012_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Thode Author-X-Name-First: Stephen Author-X-Name-Last: Thode Title: CMOs, Duration Risk and a New Mortgage Abstract: This article is the winner of the Real Estate Finance manuscript prize (sponsored by the Fannie Mae Foundation) presented at the 1999 American Real Estate Society Annual Meeting.This article presents an alternative mortgage that retains the fixed-rate feature of a fixed-rate mortgage (FRM), but accelerates the principal amortization when interest rates rise, exposing the buyer to less duration risk in a rising interest rate environment. This mortgage, labeled the adjustable amortization mortgage (AAM), is shown to have lessened interest rate risk for the buyer as well as lower default risk, suggesting that it should be priced higher (at a lower rate of interest) than the typical FRM. It is also shown that mortgage-backed securities collateralized by an AAM have much less price volatility than mortgage-backed securities backed by FRMs. Journal: Journal of Real Estate Research Pages: 73-104 Issue: 1 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091012 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091012 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:1:p:73-104 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091013_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Sunderman Author-X-Name-First: Mark Author-X-Name-Last: Sunderman Author-Name: Ronald Spahr Author-X-Name-First: Ronald Author-X-Name-Last: Spahr Author-Name: John Birch Author-X-Name-First: John Author-X-Name-Last: Birch Author-Name: Russell Oster Author-X-Name-First: Russell Author-X-Name-Last: Oster Title: Impact of Ranch and Market Factors on an Index of Agricultural Holding Period Returns Abstract: This article is the winner of the Agricultural Real Estate Investment manuscript prize (sponsored by Hancock Agricultural Investment) presented at the 1999 American Real Estate Society Annual Meeting.This study develops nominal and real holding period return indices for operating ranches. The indices contain two components, monthly ranch operating profit and capital appreciation. A regression model that determines the effect of various attributes on total market value is used to estimate capital appreciation, and a second model determines operating profit. The two different ranch data series are compared with United States Long Term Government Bonds, the S&P 500 Index and Small Capitalization Stocks. Both ranch indices show very low correlation with the S&P 500 Index and very low or negative betas. Further, both ranch series have excess actual nominal and real returns when compared to expected returns determined from the Capital Asset Pricing Model. Journal: Journal of Real Estate Research Pages: 209-234 Issue: 2 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091013 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091013 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:2:p:209-234 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091014_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Thompson Author-X-Name-First: Robert Author-X-Name-Last: Thompson Author-Name: Sotiris Tsolacos Author-X-Name-First: Sotiris Author-X-Name-Last: Tsolacos Title: Projections in the Industrial Property Market using a Simultaneous Equation System Abstract: This article is the winner of the Industrial Real Estate manuscript prize (sponsored by the Society of Industrial and Office REALTORs) presented at the 1999 American Real Estate Society Annual Meeting.A three-equation simultaneous system is used to model the industrial property market in Great Britain. Strong relationships are found between new industrial building supply and both real rents and construction costs, and between rents, industrial floorspace availability and the gross domestic product. The performance of ex post simulations of new building supply, rents and floorspace availability are satisfactory with the exception of rent simulations post 1993. The central forecast of the model indicates a quiet market until 2001 (lower level of new supply, constant levels of real rents and increasing availability of industrial space) but a more active market in 2002 and 2003. This study suggests that simultaneous equation models can prove useful alternative tools in analyzing the industrial property market and generating forecasts both at the aggregate and more localized level of analysis. Journal: Journal of Real Estate Research Pages: 165-188 Issue: 2 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091014 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091014 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:2:p:165-188 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091015_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Author-Name: Harold Elder Author-X-Name-First: Harold Author-X-Name-Last: Elder Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Title: The Residential Real Estate Brokerage Industry: An Overview of Past Performance and Future Prospects Abstract: This article is the winner of the Real Estate/Brokerage Agency manuscript prize (sponsored by the Center for the Study of Real Estate Brokerage and Markets at Cleveland State University) presented at the 1999 American Real Estate Society Annual Meeting.This study examines the developments in the residential real estate brokerage market over the last decade. In particular, the study focuses on how technological and structural changes in the market have impacted firm revenues, costs and profitability. The analysis is conducted using four national data sets provided by the National Association of Realtors. The results reveal that brokerage performance begins suffering with the recession of 1990, which triggered a period of consolidations and failures that show no sign of letting up. Further, the results suggest that firm size is a significant factor in determining performance. Small firms suffer due to their inability to take advantage of economies of scale, while large firms incurred significant costs attempting to maintain and/or increase market share. Journal: Journal of Real Estate Research Pages: 189-208 Issue: 2 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091015 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091015 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:2:p:189-208 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091016_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Gallagher Author-X-Name-First: Mark Author-X-Name-Last: Gallagher Author-Name: Asieh Mansour Author-X-Name-First: Asieh Author-X-Name-Last: Mansour Title: An Analysis of Hotel Real Estate Market Dynamics Abstract: This article is the winner of the Real Estate Investment/Portfolio Management manuscript prize (sponsored by The RREEF Funds) presented at the 1999 American Real Estate Society Annual Meeting.After providing a conceptual analysis of national hotel cycles, metro level hotel market dynamics are examined using various measures of supply and demand volatility, and historical revenue per available room (REVPAR) performance. Cluster analysis is used to provide a more rigorous classification of hotel markets in relatively homogeneous groups. A clustering algorithm is applied to REVPAR growth across fifty-eight metro areas. Using discriminant analysis, each cluster is then linked to various economic characteristics. Five hotel market clusters are identified with differences in various employment location quotients, employment SIC categories and employment growth largely determining the cluster groupings. This analysis can be used to improve hotel portfolio diversification strategies for both real estate investment trusts and direct-side equity investors. Journal: Journal of Real Estate Research Pages: 133-164 Issue: 2 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091016 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091016 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:2:p:133-164 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091017_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Earl D. Benson Author-X-Name-First: Earl D. Author-X-Name-Last: Benson Author-Name: Arthur L. Schwartz Author-X-Name-First: Arthur L. Author-X-Name-Last: Schwartz Title: An Examination of Vertical Equity Over Two Reassessment Cycles Abstract: This article examines vertical equity in the assessment of single-family homes over two assessment cycles in Bellingham, Washington. The two assessment periods, which are four years apart, followed two differing property appreciation periods. The 1992 reassessment followed an explosion in home values, while the 1996 reassessment came after more moderate price appreciation. The assessed value/market value ratio is the basic tool of this study with actual sales prices assumed to be market value. Utilizing a database of 721 home sales from January, 1990 to December, 1992, this study's empirical analysis suggests regressive vertical inequity in 1992. This situation appears to have changed in 1996. Results from a second database consisting of 835 home sales from January, 1994 through December, 1996, suggest a substantial reduction in vertical inequity. Overall, it appears that the County Assessor's office addressed the previous problem with positive results for the average property taxpayer of Whatcom County. Journal: Journal of Real Estate Research Pages: 255-274 Issue: 3 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091017 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091017 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:3:p:255-274 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091018_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: The Capitalization of Seller Paid Concessions Abstract: Using a hedonic pricing model, we analyze the capitalization of total seller paid discount points and closing costs into the price of a house. We hypothesize that sellers are concerned about the sales price net of total seller paid concessions (SPNC), rather than the exact terms of the transaction. Since the SPNC is easily ascertained in the negotiation process, we further hypothesize that total seller paid concessions (TSPC) are fully capitalized into the sales price. To test this hypothesis, sales price is regressed on a set of control variables including TSPC. In this framework, TSPC will be positive and not significantly different from one if concessions are fully capitalized. The empirical results provide support for the capitalization hypothesis. Negotiation strategies and study limitations follow from the empirical results. Journal: Journal of Real Estate Research Pages: 287-300 Issue: 3 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091018 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091018 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:3:p:287-300 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091019_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brent Smith Author-X-Name-First: Brent Author-X-Name-Last: Smith Title: Applying Models for Vertical Inequity in the Property Tax to a Non-Market Value State Abstract: The objective is to contribute to the discussion on property tax inequity by employing the methodologies developed to test for vertical inequity in a tax system that currently does not rely on some form of market value in the assessment process. There is strong evidence that the property tax and the “True Tax Value” assessment procedure employed in Indiana contains progressive vertical inequities rather than regressive inequities as is typically perceived. This is unique, as previous findings tend to support the notion that the property tax is regressive. It provides potentially pertinent information in light of the ongoing discussion surrounding the restructuring of Indiana's property tax assessment and property tax debates elsewhere. Journal: Journal of Real Estate Research Pages: 321-344 Issue: 3 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091019 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091019 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:3:p:321-344 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091020_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Author-Name: Jimmy Senteza Author-X-Name-First: Jimmy Author-X-Name-Last: Senteza Title: Hedonic Estimates of Regional Constant Quality House Prices Abstract: It is has been shown that regional housing price indexes reported by the National Association of Realtors (NAR) misstate price change over time due to failure to control for variation in housing quality. However, the erroneous assumption that implicit housing characteristic prices are invariant across regions of the United States may also bias regional constant quality hedonic price indexes. This study shows that housing characteristic prices derived from NAR data do vary significantly by region. It then compares regional price indexes, which do and do not control for regional variation in housing characteristic prices, to demonstrate the biasing effect. Journal: Journal of Real Estate Research Pages: 235-253 Issue: 3 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091020 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091020 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:3:p:235-253 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091021_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Crain Author-X-Name-First: John Author-X-Name-Last: Crain Author-Name: Mike Cudd Author-X-Name-First: Mike Author-X-Name-Last: Cudd Author-Name: Christopher Brown Author-X-Name-First: Christopher Author-X-Name-Last: Brown Title: The Impact of the Revenue Reconciliation Act of 1993 on the Pricing Structure of Equity REITs Abstract: Tax legislation included in the Revenue Reconciliation Act of 1993 made large-scale investments in equity real estate investment trusts (REITs) more desirable to institutional investors. Other studies have observed an increased level of institutional ownership in REITs during the timeframe following passage of the act. Based on an analysis of equity REITs before and after passage of the Act, the present study finds that its passage coincided with a significant change in the role of unsystematic risk in the pricing of equity REITs. Journal: Journal of Real Estate Research Pages: 275-286 Issue: 3 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091021 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091021 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:3:p:275-286 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091022_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stanley Smith Author-X-Name-First: Stanley Author-X-Name-Last: Smith Author-Name: Larry Woodward Author-X-Name-First: Larry Author-X-Name-Last: Woodward Author-Name: Craig Schulman Author-X-Name-First: Craig Author-X-Name-Last: Schulman Title: The Effect of the Tax Reform Act of 1986 and Overbuilt Markets on Commercial Office Property Values Abstract: This is the first empirical study to test the impact of the Tax Reform Act of 1986 on office property values and the impact of regional economic conditions. The results for the period 1983-1988 indicate that it had a significant negative effect on values in all four regions and the highest loss was in the South. The significantly higher losses in the South and the West are supportive of the argument that the effect of tax or regulatory changes on real estate will vary across regions based on vacancy rates and economic growth. Journal: Journal of Real Estate Research Pages: 301-320 Issue: 3 Volume: 19 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091022 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091022 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:19:y:2000:i:3:p:301-320 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091023_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: G Sirmans Author-X-Name-First: G Author-X-Name-Last: Sirmans Author-Name: Philip Swicegood Author-X-Name-First: Philip Author-X-Name-Last: Swicegood Title: Determining Real Estate Licensee Income Abstract: This article examines the determinants of real estate licensee income using a 1997 survey of Texas real estate licensees. The factors having a positive effect on licensee income include: (1) number of hours worked; (2) work experience; (3) being a male; (4) using computer technology; (5) being involved in more transactions; (6) holding professional designations; (7) being associated with a larger firm; and (8) having access to personal assistants. Variables that negatively affect income include: (1) age; (2) selling primarily residential properties; and (3) having more affiliations. The results of this study, combined with previous studies, indicates that the high-earning real estate licensee is a younger male with more experience who: (1) works more hours; (2) has job satisfaction; (3) holds professional designations; (4) has access to personal assistants; and (5) utilizes a personal computer. Journal: Journal of Real Estate Research Pages: 189-204 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091023 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091023 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:189-204 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091024_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jerry Haag Author-X-Name-First: Jerry Author-X-Name-Last: Haag Author-Name: Ronald Rutherford Author-X-Name-First: Ronald Author-X-Name-Last: Rutherford Author-Name: Thomas Thomson Author-X-Name-First: Thomas Author-X-Name-Last: Thomson Title: Real Estate Agent Remarks: Help or Hype? Abstract: This article groups the remarks of a multiple listing service listing into common themes and then uses a hedonic pricing model to determine whether such comments are priced in a meaningful way. The comments provide information on the motivation of the seller, location of the property and physical improvements or defects. Most of the comments analyzed are statistically significant. Negative comments are associated with lower sales prices suggesting the helpful nature of comments. Some of the positive comments, however, including “new paint” and “good location” are also associated with lower sales prices suggesting that some comments may be better classified as hype. Journal: Journal of Real Estate Research Pages: 205-216 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091024 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091024 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:205-216 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091025_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Micelli Author-X-Name-First: Thomas Author-X-Name-Last: Micelli Author-Name: Katherine Pancak Author-X-Name-First: Katherine Author-X-Name-Last: Pancak Author-Name: C Sirmans Author-X-Name-First: C Author-X-Name-Last: Sirmans Title: Restructuring Agency Relationships in the Real Estate Brokerage Industry: An Economic Analysis Abstract: Recent state legislative reforms of real estate agency relationships suggest that traditional agency law and practice are not meeting the needs of the parties involved in a residential real estate purchase and sales transaction. In this article, we argue that this is due, at least in part, to the bundling of information and representation services provided by brokers. This bundling results in a tradeoff between the benefits to buyers and sellers in sharing information prior to a match, and the cost to the parties individually of revealing information during bargaining. We conclude that, from an economic perspective, effective agency reform must solve this basic conflict, perhaps by unbundling the matching and representation functions. Journal: Journal of Real Estate Research Pages: 31-48 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091025 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091025 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:31-48 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091026_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Title: Pricing, Exposure and Residential Listing Strategies Abstract: Sellers of houses signal their motivation or willingness to sell through price and contractual provisions in their listing agreements. A pricing strategy is for motivated sellers to set their listing prices at or below estimated market values as determined by the quality and other characteristics of the house. An exposure strategy is to set a listing price above estimated market value, and increase advertising and broker activity in order to generate more favorable offers. Pricing and exposure are competing strategies and may be revealed in listing contracts through the inclusion of a buyer-broker provision.Empirical results for the Washington, D.C. area indicate that brokers concentrate their time on sellers following the pricing strategy as opposed to those who follow the exposure strategy. There is a tradeoff between price and exposure. The results demonstrate a positive relationship between increasing listing price and using buyer brokerage. Journal: Journal of Real Estate Research Pages: 61-74 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091026 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091026 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:61-74 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091027_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Author-Name: Danielle Lewis Author-X-Name-First: Danielle Author-X-Name-Last: Lewis Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Title: X-Inefficiencies in the Residential Real Estate Market: A Stochastic Frontier Approach Abstract: This article examines the productive efficiency levels present in the market for residential real estate brokerage services by employing the stochastic frontier approach. At the time this study was conducted (Anderson, Zumpano, Elder and Fok, 1998) that examined productive efficiency in this sector employed data envelopment analysis. This current article addresses potential statistical limitations of Data Envelopment Analysis and uses an alternative statistical tool, the stochastic frontier approach, to estimate X-efficiencies.This technique overcomes many of the statistical limitations of DEA and provides additional productive efficiency estimates. The results suggest that residential real estate brokerage firms are relatively efficient, in contrast to the earlier study that found significant inefficiencies present in this market. Firms could only reduce their average total costs by 12% given firm outputs and input prices. Additionally, the firms were divided into three size categories to examine the impact of firm size on efficiency. The results indicate that small firms are the most efficient group. Hence, there seems to be a tradeoff between scale efficiency and productive efficiency. Journal: Journal of Real Estate Research Pages: 93-104 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091027 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091027 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:93-104 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091028_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: George Izzo Author-X-Name-First: George Author-X-Name-Last: Izzo Title: Cognitive Moral Development and Real Estate Practitioners Abstract: In recent years, researchers in many organizational disciplines have begun to approach the study of ethics from a cognitive theoretical framework. This study has investigated the ethical reasoning of real estate practitioners using Kohlberg's cognitive moral development (CMD) approach, a potent theoretical concept with a considerable research literature. Using standardized measures of CMD on groups of Realtors® and controlling for level of education, the results of this study show that real estate practitioners compare favorably with other professional and societal groups. Further, when entered independently CMD was a significant indicator, along with education and experience, of success in real estate. Journal: Journal of Real Estate Research Pages: 119-142 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091028 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091028 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:119-142 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091029_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: An Inquiry into the Professional Self Image of Real Estate Agents Abstract: How people believe others perceive them often, at least partially, determines their behavior. This study analyzes how real estate agents, salespeople as well as brokers, perceive the opinions that various external groups they serve have of them. In addition, how real estate agents view each other, how they view themselves and how they might improve their professional image, are also examined. Journal: Journal of Real Estate Research Pages: 153-178 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091029 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091029 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:153-178 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091030_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hans Isakson Author-X-Name-First: Hans Author-X-Name-Last: Isakson Author-Name: Michael Spencer Author-X-Name-First: Michael Author-X-Name-Last: Spencer Title: Total Quality Management and Residential Real Estate Agency Issues Abstract: This study explores the implications of applying Total Quality Management (TQM) principles to residential real estate brokerage, specifically the need for customer focus. Deming's (1986) TQM system of fourteen points is reduced to four distinct subsystems. The most critical of these is the need for customer focus. Several approaches to agency in residential real estate brokerage are presented, with an examination of the ease with which customer focus can be obtained within each approach. The main finding is that customer focus can be achieved easier with the agency specialization approach. Journal: Journal of Real Estate Research Pages: 179-188 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091030 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091030 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:179-188 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091031_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Vicky Seiler Author-X-Name-First: Vicky Author-X-Name-Last: Seiler Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Author-Name: Thomas Whipple Author-X-Name-First: Thomas Author-X-Name-Last: Whipple Title: Assessment of Real Estate Brokerage Service Quality with a Practicing Professional's Instrument Abstract: This study explores factors that affect service quality for a large residential real estate brokerage firm in a diverse midwestern city. It examines the extent to which overall service quality influences homebuyers to recommend the brokerage firm and to use the firm for future transactions. A Linear Structural Relations model is fit to data using the firm's service quality instrument. Results indicate statistically significant relationships between both agent characteristics and the tangible aspects of the firm and three measures of overall service quality. Implications for the real estate industry are discussed and suggestions for improvement and future research are provided. Journal: Journal of Real Estate Research Pages: 105-118 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091031 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091031 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:105-118 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091032_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: The Education of Real Estate Salespeople and the Value of the Firm Abstract: In order to protect the public, most states require salespeople and brokers to meet specific licensing requirements, typically in the form of classroom instruction and/or successful completion of an examination. Frequently, however, many real estate brokers require their sales staff to undertake education that exceeds these minimum requirements. In this study, we provide a theoretical framework that shows how optimally-timed, firm provided education that exceeds legal minimums can increase staff productivity, reduce litigation risks and perhaps raise and/or maximize the expected value of the firm. Journal: Journal of Real Estate Research Pages: 143-152 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091032 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091032 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:143-152 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091033_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: G Jud Author-X-Name-First: G Author-X-Name-Last: Jud Author-Name: G Sirmans Author-X-Name-First: G Author-X-Name-Last: Sirmans Title: Real Estate Brokerage and the Housing Market: An Annotated Bibliography Abstract: A number of facets of real estate brokerage have been examined over time in theoretical and empirical articles appearing in the literature. This article summarizes brokerage research and suggests avenues for future inquiry. In attempting to organize brokerage research, the research is classified into eight broad topical areas: (1) brokerage firm characteristics; (2) broker commissions; (3) time on the market; (4) broker compensation; (5) the effects of brokerage on house prices; (6) regulation of the brokerage industry; (7) legal liability; and (8) international comparisons. In each area, we point out the major focus of the research by summarizing important findings. Journal: Journal of Real Estate Research Pages: 217-278 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091033 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091033 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:217-278 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091034_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: G Jud Author-X-Name-First: G Author-X-Name-Last: Jud Author-Name: G Sirmans Author-X-Name-First: G Author-X-Name-Last: Sirmans Title: What Do We Know About Real Estate Brokerage? Abstract: Many facets of real estate brokerage have been examined in studies appearing in the literature over the last several years. This review attempts to organize the research around six questions concerning the brokerage industry: (1) What is the nature of the market for brokerage services and how does it influence the individual firm; (2) What factors determine broker and agent compensation; (3) How does brokerage participation influence time on the market and price; (4) Is the brokerage market efficient and equitable; (5) Must brokerage firms assume greater liability; and (6) How do brokerage markets vary internationally. In examining each question, the review points out the major focus of the research and summarizes important findings. Its purpose is to identify key issues facing the brokerage industry and suggest avenues for future study. Journal: Journal of Real Estate Research Pages: 5-30 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091034 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091034 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:5-30 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091035_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Timothy Jares Author-X-Name-First: Timothy Author-X-Name-Last: Jares Author-Name: James Larsen Author-X-Name-First: James Author-X-Name-Last: Larsen Author-Name: Thomas Zorn Author-X-Name-First: Thomas Author-X-Name-Last: Zorn Title: An Optimal Incentive System For Real Estate Agents Abstract: This article presents an alternative system for selling real estate. It overcomes the well-known deficiencies of the percentage commission system. In our system, the agent purchases the property from the seller and simultaneously receives a put option. The put option gives the agent the right to put the property back to the original owner. It is shown that this system has many of the desirable properties of a dealer system, while avoiding some of the problems that are inherent in that system. Journal: Journal of Real Estate Research Pages: 49-60 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091035 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091035 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:49-60 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091036_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Edward Baryla Author-X-Name-First: Edward Author-X-Name-Last: Baryla Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Author-Name: Harold Elder Author-X-Name-First: Harold Author-X-Name-Last: Elder Title: An Investigation of Buyer Search in the Residential Real Estate Market Under Different Market Conditions Abstract: The purpose of this research is to examine buyer search under different market conditions. We conduct a survival regression analysis of survey data generated by the National Association of Realtors for 1988, 1991 and 1993. We find, in all instances, that economic conditions are the dominant factor influencing search duration. Some evidence does indicate, however, that search is influenced by interest rates. Additionally, the evidence suggests that the probability of finding a home increases for broker-assisted search, while this is not the case for self-conducted search. Journal: Journal of Real Estate Research Pages: 75-92 Issue: 1-2 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091036 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091036 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:1-2:p:75-92 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091037_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin III Author-X-Name-First: William Author-X-Name-Last: Hardin III Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Title: Micro-Market Determinants of Neighborhood Center Rental Rates Abstract: This investigation expands the limited empirical research on retail rental rates by investigating the determinants of neighborhood shopping center rents. Evidence supports primary trade area and property specific characteristics as the primary determinants of neighborhood center vacancy and rental rates. A positive aggregation effect created by higher order shopping opportunities is also found. Community centers and malls generate positive marginal effects on neighborhood center rental rates. However, the marginal effects diminish greatly after two-tenths mile for community centers and one-half mile for malls. Micro-market factors are important determinants of rental rates and by implication property performance. Journal: Journal of Real Estate Research Pages: 299-322 Issue: 3 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091037 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091037 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:3:p:299-322 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091038_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gerald Brown Author-X-Name-First: Gerald Author-X-Name-Last: Brown Title: Duration and Risk Abstract: Duration has long been used as a means of managing the risk of bond portfolios. It has also been extended to the analysis of equities. Although it is often been compared with the half-life of an asset, it is more correct to consider duration as the approximate percentage change in price for each 1% change in yield. Given this view, it will be seen that the volatility of an asset and its duration are closely related.This article uses the duration of a conventional valuation model to estimate the ex ante volatility and total risk of the commercial property market in the United Kingdom. The approach has potential value in estimating the risk of a new property where historic time series information is either limited on not available. Journal: Journal of Real Estate Research Pages: 337-356 Issue: 3 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091038 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091038 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:3:p:337-356 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091039_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Allen Author-X-Name-First: Marcus Author-X-Name-Last: Allen Author-Name: Judith Swisher Author-X-Name-First: Judith Author-X-Name-Last: Swisher Title: An Analysis of the Price Formation Process at a HUD Auction Abstract: This study considers whether auctioned properties sell for different prices than they would bring through private negotiation. After reviewing the procedural aspects of the Department of Housing and Urban Development auctions, we compare the observed prices of properties sold at one such auction with predicted market values based on assessment ratios for the region to detect any discount or premium. We also consider whether the order of sale of the auctioned properties affects observed prices. We find that sample properties sell at a significant discount relative to predicted market values and that prices tend to increase as the auction proceeds, holding quality of the properties constant. Journal: Journal of Real Estate Research Pages: 279-298 Issue: 3 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091039 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091039 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:3:p:279-298 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091040_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Knight Author-X-Name-First: John Author-X-Name-Last: Knight Author-Name: Thomas Miceli Author-X-Name-First: Thomas Author-X-Name-Last: Miceli Author-Name: C Sirmans Author-X-Name-First: C Author-X-Name-Last: Sirmans Title: Repair Expenses, Selling Contracts and House Prices Abstract: This article examines the impact of repair expenses on the selling price of a house. Using data that include the actual dollar amount of repairs stipulated in the settlement statement, we investigate the frequency and extent to which the performance of major repairs is part of the sales contract. We find that most homes are restored to a “normally maintained” state each time the home changes hands, and that the cost of bringing the home to this condition is included as part of the house selling price. This implies that it may be unnecessary to measure maintenance levels when using transaction data to study components of house price or to construct house price indexes. Journal: Journal of Real Estate Research Pages: 323-336 Issue: 3 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091040 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091040 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:3:p:323-336 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091041_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Barrett Slade Author-X-Name-First: Barrett Author-X-Name-Last: Slade Title: Office Rent Determinants During Market Decline and Recovery Abstract: This article empirically examines office rent determinants in distinct periods of a market cycle. The study uses a dataset of office properties located in a large metropolitan area and spanning a six-year period. During this period, office rents experienced a significant decline and recovery. A time-varying parameter rent index identifies three distinct periods of the cycle: decline, trough and recovery. Tests of structural change conclude that market participants value the determinants of office rents differently during the periods. A microexamination of each rent determinant over the periods of the market cycle provides a greater understanding of how rents vary over time and the factors that influence them. Journal: Journal of Real Estate Research Pages: 357-380 Issue: 3 Volume: 20 Year: 2000 Month: 1 X-DOI: 10.1080/10835547.2000.12091041 File-URL: http://hdl.handle.net/10.1080/10835547.2000.12091041 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:20:y:2000:i:3:p:357-380 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091042_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andrew Schlauch Author-X-Name-First: Andrew Author-X-Name-Last: Schlauch Author-Name: Steven Laposa Author-X-Name-First: Steven Author-X-Name-Last: Laposa Title: E-tailing and Internet-related Real Estate Cost Savings: A Comparative Analysis of E-tailers and Retailers Abstract: This article is the winner of the Real Estate and the Internet manuscript prize (sponsored by PricewaterhouseCoopers) presented at the 2000 American Real Estate Society Annual Meeting.This article explores differences in the corporate real estate strategies of traditional retailers and those of electronic retailers, or e-tailers. The primary issue addressed is whether e-tailing companies realize benefits of their non-retail, online operations, specifically in the form of lower real estate-related expense ratios when compared to traditional brick-and-mortar retailers.The study reveals three trends. First, the majority of retailers studied continue to focus their corporate real estate strategies in the retail space world. However, some companies are incorporating their online operations into their real estate strategies and are beginning to see lower real estate-related costs as a result. Second, there are differences among e-tailers in their real estate strategies as well as some indication of differences in the real estate-related costs associated with the strategy chosen. Third, e-tailers are not realizing real estate-related cost savings over their retailing competitors. Journal: Journal of Real Estate Research Pages: 43-54 Issue: 1-2 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091042 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091042 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:1-2:p:43-54 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091043_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Asieh Mansour Author-X-Name-First: Asieh Author-X-Name-Last: Mansour Author-Name: Marvin Christensen Author-X-Name-First: Marvin Author-X-Name-Last: Christensen Title: An Alternative Determinant of Warehouse Space Demand: A Case Study Abstract: This article is the winner of the Best Research Paper Presented by a Practicing Real Estate Professional manuscript prize (sponsored by the American Real Estate Society Foundation) presented at the 2000 American Real Estate Society Annual Meeting.A unique approach is used to assess the demand for warehouse space. Typically, demand for warehouse space has been modeled using population or employment measures. Unlike previous work, warehouse inventory, rather than employment, is used to model space demand. Warehouse inventory is proxied by data on freight shipments. Detailed information on the location and freight activity of manufacturing plants and distribution centers across the United States, Dallas, Los Angeles, and Seattle is used. Warehouse employment is then compared to freight shipments in determining demand for warehouse space. Preliminary results are mixed and the sample size of the metro areas examined should be increased in future work. Journal: Journal of Real Estate Research Pages: 77-88 Issue: 1-2 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091043 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091043 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:1-2:p:77-88 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091044_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Edward Pierzak Author-X-Name-First: Edward Author-X-Name-Last: Pierzak Title: Payment Choice in REIT Property Acquisitions Abstract: This article is the winner of the Real Estate Investment Trusts manuscript prize (sponsored by the National Association of Real Estate Investment Trusts) presented at the 2000 American Real Estate Society Annual Meeting.This study examines payment choice in equity real estate investment trust (REIT) property acquisitions. Particular attention is paid to the tax-advantaged medium of exchange available to some REITs (i.e., operating partnership units). The tax argument that is often cited as an underlying rationale for hypotheses relating bidder gains, payment method and acquisitions is empirically tested via the relationship between sales price differentials and the method of payment. The payment signaling hypothesis and other competing medium of exchange hypotheses are also empirically tested using a data set generously provided by the National Association of Real Estate Investment Trusts. Journal: Journal of Real Estate Research Pages: 105-140 Issue: 1-2 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091044 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091044 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:1-2:p:105-140 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091045_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Harrison Author-X-Name-First: David Author-X-Name-Last: Harrison Author-Name: Greg T. Smersh Author-X-Name-First: Greg Author-X-Name-Last: T. Smersh Author-Name: Arthur Schwartz Author-X-Name-First: Arthur Author-X-Name-Last: Schwartz Title: Environmental Determinants of Housing Prices: The Impact of Flood Zone Status Abstract: This article is the winner of the Real Estate Valuation manuscript prize (sponsored by The Appraisal Institute) presented at the 2000 American Real Estate Society Annual Meeting.This study examines the valuation of homes located within 100year flood plains. Utilizing a database of 29,887 property transactions in Alachua County, Florida, the results of this investigation suggest that comparable characteristic homes located within a flood zone sell, on average, for less than homes located outside flood zones. Interestingly, the price differential is less than the present value of future flood insurance premiums. In addition, the price differential is shown to have increased since passage of the National Flood Insurance Reform Act of 1994. Finally, it appears that property tax assessors have slightly overassessed properties located in flood zones relative to those in other areas. The large database and the lengthy period of analysis (1980-1997) are much broader than that of previous research efforts. Journal: Journal of Real Estate Research Pages: 3-20 Issue: 1-2 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091045 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091045 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:1-2:p:3-20 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091046_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Coleman Author-X-Name-First: Mark Author-X-Name-Last: Coleman Author-Name: Ralph Gentile Author-X-Name-First: Ralph Author-X-Name-Last: Gentile Title: Exploring the Dynamics of Building Supply: A Duration Model of the Development Cycle Abstract: This article is the winner of the Real Estate Development manuscript prize (sponsored by the Urban Land Institute) presented at the 2000 American Real Estate Society Annual Meeting.A noticeable omission in the existing body of applied real estate research is the lack of empirical analysis of the commercial development process. We address this shortcoming by utilizing a large panel database of individual building projects that in principle allows us to follow individual projects through various stages of their development life cycle. We begin by examining the basic distributional and time series characteristics of the development cycle, and then examine how these results vary by stage of construction, property sector and geography. We then estimate unconditional transition probabilities and finally, present preliminary results from a formal, nonparametric duration model. Journal: Journal of Real Estate Research Pages: 21-42 Issue: 1-2 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091046 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091046 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:1-2:p:21-42 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091047_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Simon Stevenson Author-X-Name-First: Simon Author-X-Name-Last: Stevenson Title: Bayes-Stein Estimatorsand International Real Estate Asset Allocation Abstract: This article is the winner of the International Real Estate Investment/Portfolio Management manuscript prize (sponsored by LaSalle Investment Management) presented at the 2000 American Real Estate Society Annual Meeting.This article re-examines the issue of international diversification in real estate securities and attempts to address the problem of estimation error in the inputted parameters through the use of alternative techniques. The results see an increased stability in calculated portfolio allocations in comparison to the classical mean-variance tangency approach, and see significant improvements in out-of-sample performance. In addition, the minimum variance portfolio significantly outperforms a naive equally-weighted strategy. These results are also largely consistent when transaction costs are incorporated into the analysis. Journal: Journal of Real Estate Research Pages: 89-104 Issue: 1-2 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091047 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091047 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:1-2:p:89-104 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091048_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bob Thompson Author-X-Name-First: Bob Author-X-Name-Last: Thompson Author-Name: Sotiris Tsolacos Author-X-Name-First: Sotiris Author-X-Name-Last: Tsolacos Title: Industrial Land Values-A Guide to Future Markets? Abstract: This article is the winner of the Industrial Real Estate manuscript prize (sponsored by the Society of Industrial and Office REALTORs) presented at the 2000 American Real Estate Society Annual Meeting.The study provides empirical evidence of industrial land prices as a factor explaining variations in industrial rents in local markets. Evidence is obtained from the estimation of a regression model of rents in six markets in the United Kingdom using King Sturge data. The conclusion is that industrial land values have a distinct, although not uniform, effect on industrial rents from that of economic variables and past rents. This effect was documented in four of the six markets examined. Therefore, appraisers, developers and investors can use land values as an indicator of the direction of rents in local markets. However, effective monitoring of land value trends requires the deployment of more resources to improve the existing data. Journal: Journal of Real Estate Research Pages: 55-76 Issue: 1-2 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091048 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091048 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:1-2:p:55-76 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091049_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brent Ambrose Author-X-Name-First: Brent Author-X-Name-Last: Ambrose Author-Name: Peter Linneman Author-X-Name-First: Peter Author-X-Name-Last: Linneman Title: REIT Organizational Structure and Operating Characteristics Abstract: As a corporate organizational form, real estate investment trusts (REITs) fall into two competing property management structures: internally advised and externally advised. This study tests the hypothesis that, due to their superior ability to resolve conflicts of interests between REIT management and shareholders, internally-advised REITs will dominate the externally-advised REITs. We also test the hypothesis that larger REITs will come to dominate the market and find support for this hypothesis. The results confirm that externally-advised REITs are responding to market pressure to conform to the performance standards set by newer, internally-advised REITs. Journal: Journal of Real Estate Research Pages: 141-162 Issue: 3 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091049 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091049 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:3:p:141-162 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091050_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Su Chan Author-X-Name-First: Su Author-X-Name-Last: Chan Author-Name: Mark Stohs Author-X-Name-First: Mark Author-X-Name-Last: Stohs Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Title: Are Real Estate IPOs a Different Species? Evidence from Hong Kong IPOs Abstract: It is well documented that in the United States, real estate investment trust (REIT) initial public offerings (IPOs) have an abnormally low initial-day return when compared to that of industrial firm IPOs. Researchers suspect that the abnormal return pattern of REIT IPOs is caused by their unique real estate holdings. Examination of 399 IPOs issued in Hong Kong during the 1986-1997 period reveals strong evidence that suggests that underlying real estate holdings cannot be the sole reason for the observed low initial-day return of REIT IPOs. This investigation indicates that there is a need to re-think the current explanations for the abnormal performance of REIT IPOs. Journal: Journal of Real Estate Research Pages: 201-220 Issue: 3 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091050 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091050 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:3:p:201-220 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091051_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Abdullah Yavas Author-X-Name-First: Abdullah Author-X-Name-Last: Yavas Title: Impossibility of a Competitive Equilibrium in the Real Estate Brokerage Industry Abstract: This note shows that the presence of fixed costs (e.g., licence fees, fees for local, state and national realtor associations, continuing education expenses, some of the office expenses, etc.) in the real estate brokerage industry makes it impossible to have competitive commission rates as the equilibrium outcome. In fact, the only pure strategy Nash equilibrium involves monopoly commission rates. This outcome compels alternative equilibrium explanations for the industry and for the future research on brokerage. Journal: Journal of Real Estate Research Pages: 187-200 Issue: 3 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091051 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091051 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:3:p:187-200 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091052_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gregory Chun Author-X-Name-First: Gregory Author-X-Name-Last: Chun Author-Name: Mark Eppli Author-X-Name-First: Mark Author-X-Name-Last: Eppli Author-Name: James Shilling Author-X-Name-First: James Author-X-Name-Last: Shilling Title: A Simulation Analysis of the Relationship between Retail Sales and Shopping Center Rents Abstract: This article examines the variation in rents per square foot among regional shopping centers in the United States in response to variation in retail sales per square foot. The analysis breaks new ground by treating base and percentage rents as endogenous functions of retail sales. The analysis further distinguishes between de facto, if not de jure, fixed and percentage leases, and between new versus existing leases. Simulation results suggest that shopping center rents can easily increase in the short-run as retail sales decrease, or they can easily decrease as retail sales increase. In addition, the results suggest that shopping center rents per square foot generally react more aggressively to an increase in retail sales per square foot over time than to a decrease in retail sales per square foot, all else equal. Journal: Journal of Real Estate Research Pages: 163-186 Issue: 3 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091052 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091052 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:3:p:163-186 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091053_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joachim Zietz Author-X-Name-First: Joachim Author-X-Name-Last: Zietz Author-Name: Bobby Newsome Author-X-Name-First: Bobby Author-X-Name-Last: Newsome Title: A Note on Buyer's Agent Commission and Sale Price Abstract: The article examines whether and to what extent the level of a buyer's agent commission will affect the sale price of a house. The estimation results suggest that a higher commission rate leads to a higher sale price, although only for lower-priced houses. It is suggested that, at least for this market segment, there may be a principal-agent problem: buyer's agents do not act in the best interest of their clients because of the institutional structure of sales commissions. Journal: Journal of Real Estate Research Pages: 245-254 Issue: 3 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091053 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091053 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:3:p:245-254 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091054_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald Epley Author-X-Name-First: Donald Author-X-Name-Last: Epley Title: U.S. Real Estate Agent Income and Commercial/Investment Activities Abstract: This article uses canonical correlation analysis to investigate the income characteristics of active real estate agents in the United States who elected to participate in commercial and investment transactions. The model is unique in that it included activity areas to determine the specialties where agents generated the income and the type of clients who paid for the service. Future studies should consider the multiple dependent variable approach with activity areas to capture the relationship between income and the type of work involved. Journal: Journal of Real Estate Research Pages: 221-244 Issue: 3 Volume: 21 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091054 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091054 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:21:y:2001:i:3:p:221-244 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091055_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Virginia Gibson Author-X-Name-First: Virginia Author-X-Name-Last: Gibson Author-Name: Colin Lizieri Author-X-Name-First: Colin Author-X-Name-Last: Lizieri Title: Friction and Inertia: Business Change, Corporate Real Estate Portfolios and the U.K. Office Market Abstract: It has been asserted that business reorganization and new working practices are transforming the nature of demand for business space. Downsizing, delayering, business process re-engineering and associated initiatives alter the amount, type and location of space required by firms. The literature has neglected the impact of real estate market structures on the ability of organizations to implement these new organizational forms or contemporary working practices successfully. Drawing from research in the United Kingdom, the article demonstrates that, while new working practices are widespread, their impact on the corporate real estate portfolio is less dramatic than often supposed. In part, this is attributed to inflexibility in market structures, which constrains the supply of appropriate space. Journal: Journal of Real Estate Research Pages: 59-80 Issue: 1-2 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091055 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091055 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:59-80 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091056_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Virginia Gibson Author-X-Name-First: Virginia Author-X-Name-Last: Gibson Author-Name: Richard Barkham Author-X-Name-First: Richard Author-X-Name-Last: Barkham Title: Corporate Real Estate Management in the Retail Sector: Investigation of Current Strategy and Structure Abstract: Retail organizations are often cited as being at the forefront of corporate real estate management. This research found that the retail sector is characterized by diversity both in terms of the degree to which organizations are vertically integrated and in terms of the range of modes of retailing they engage in. This in turn led to diverse real estate portfolios. However, regardless of this diversity, the over riding strategy was focused on supporting the core activity. This study provides a snapshot of current practice however it also uncovers the need for a greater understanding of the diversity in practice. Journal: Journal of Real Estate Research Pages: 107-128 Issue: 1-2 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091056 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091056 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:107-128 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091057_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ron Fryrear Author-X-Name-First: Ron Author-X-Name-Last: Fryrear Author-Name: Ed Prill Author-X-Name-First: Ed Author-X-Name-Last: Prill Author-Name: Elaine Worzala Author-X-Name-First: Elaine Author-X-Name-Last: Worzala Title: The Use of Geographic Information Systems by Corporate Real Estate Executives Abstract: There are many obvious applications for a Geographic Information System (GIS) within real estate but how widely this tool is used, particularly for corporate real estate, is unknown. The results from a survey focusing on how corporate real estate executives use GIS is reported. Results indicate that GIS is not used extensively nor is it likely to be adopted in the near future. Of those that use GIS, retail was the predominant industry; demographic data was analyzed and site selection was the most common use of this technology. Those that did use GIS report that it is important or very important to their overall mission. Journal: Journal of Real Estate Research Pages: 153-164 Issue: 1-2 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091057 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091057 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:153-164 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091058_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Arjun Chatrath Author-X-Name-First: Arjun Author-X-Name-Last: Chatrath Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Real Asset Ownership and the Risk and Return to Stockholders Abstract: Many corporations own a significant amount of real assets and this includes real estate. However, the effect of real asset ownership on the risk and return for a firm's stockholders is unknown. This study attempts to ascertain the effect, if any, of corporate real asset ownership on the risk and return to stockholders. Using data from 1985 through 1994, the results indicate a lack of diversification benefits associated with holding real assets. Journal: Journal of Real Estate Research Pages: 199-212 Issue: 1-2 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091058 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091058 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:199-212 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091059_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brown Gordon Author-X-Name-First: Brown Author-X-Name-Last: Gordon Title: Choosing a Company's Building Design: Models for Strategic Design Decisions Abstract: Improving the linkage between real estate strategy and building design can help competitive business strategy. Differentiating building design from product design is important. Problems in making design choices derive from received paradigmatic knowledge that misrepresents the design decision processes. Architectural selection problems are explained with reference to design decision processes and dilemmas of testing the design. Because comparison is the underlying method of evaluation, the design competition is discussed as a model to evaluate the design of a company's proposed high profile buildings in relation to corporate strategy. The Appendix describes the process and the recent and past history of competitions. Journal: Journal of Real Estate Research Pages: 81-106 Issue: 1-2 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091059 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091059 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:81-106 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091060_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Graff Author-X-Name-First: Richard Author-X-Name-Last: Graff Title: Off-Balance-Sheet Corporate Finance with Synthetic Leases: Shortcomings and How to Avoid Them with Synthetic Debt Abstract: Synthetic leases provide corporations with off-balance-sheet finance for acquisition of tangible assets. The financings are less efficient for financial planning purposes than conventional on-balance-sheet debt. The inefficiencies can be avoided by replacing synthetic leases with synthetic debt. Synthetic debt finance transforms lease obligations into the investment equivalent of senior corporate debt. The distinguishing features of synthetic debt are: (1) synthetic debt represents a fixed-rate off-balance-sheet fixed-income obligation with the same default risk as on-balance-sheet debt; and (2) in default synthetic debt provides the financier with immediate recourse against the obligor comparable or superior in recovery protection to conventional senior debt. Journal: Journal of Real Estate Research Pages: 213-242 Issue: 1-2 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091060 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091060 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:213-242 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091061_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chris Manning Author-X-Name-First: Chris Author-X-Name-Last: Manning Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: Lessons from the Past and Future Directions for Corporate Real Estate Research Abstract: This study seeks to answer several questions about corporate real estate research. The first, Where should corporate real estate research be focused in the future? is addressed by a proposed alternative corporate real estate research framework that differs from what has been followed in the past. A second question that follows from the first is then addressed: Given such an alternative research framework, what types of corporate real estate issues merit research consideration? Finally, a third closely related question is then examined: Which research methodologies, databases and statistical tools are likely to prove useful to academic researchers seeking promotion and tenure, as well as corporate executives and others interested in better understanding the impacts of corporate real estate decisions? Journal: Journal of Real Estate Research Pages: 7-58 Issue: 1-2 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091061 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091061 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:7-58 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091062_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: Corporate Property Strategy is Integral to Corporate Business Strategy Abstract: Corporate property in the past has been concerned to much with the facility and insufficiently concerned with the relationship of that facility to the larger real estate markets and to corporate business strategy. Researchers concerning corporate strategic management have too seldom been sensitive to—let alone aware of—the significance of the properties in which corporations operate as a means to connect those corporations to their markets for resources and customers. As a consequence, the corporate real estate function generally and the research concerning the corporate real estate function have tended to be marginalized and disconnected from the concerns and priorities of corporations senior management and board of directors.Through several information-concentrated exhibits, the powerful intersecting relationship of corporate real estate strategy, place and space contributions, and sources of competitive advantage are summarized, to demonstrate the positive implications of the strategic management of corporate real estate. Journal: Journal of Real Estate Research Pages: 129-152 Issue: 1-2 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091062 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091062 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:129-152 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091063_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Rabianski Author-X-Name-First: Joseph Author-X-Name-Last: Rabianski Author-Name: James DeLisle Author-X-Name-First: James Author-X-Name-Last: DeLisle Author-Name: Neil Carn Author-X-Name-First: Neil Author-X-Name-Last: Carn Title: Corporate Real Estate Site Selection: A Community-Specific Information Framework Abstract: A key decision corporations must make is site selection. Such decisions have been receiving increasing attention, as companies begin to appreciate how site location can affect the bottom line and future prospects for a firm. The article presents the major factors and individual items that should enter such decisions. Finally, the article concludes with a typology of community-specific studies that are generated to support site selection decisions. These studies are presented from two perspectives: that of the company making the location decision and that of the community determining what package to present to existing and potential companies. Journal: Journal of Real Estate Research Pages: 165-198 Issue: 1-2 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091063 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091063 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:1-2:p:165-198 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091064_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Malpezzi Author-X-Name-First: Stephen Author-X-Name-Last: Malpezzi Author-Name: James Shilling Author-X-Name-First: James Author-X-Name-Last: Shilling Author-Name: Yu-Yun Jessie Yang Author-X-Name-First: Yu-Yun Author-X-Name-Last: Jessie Yang Title: The Stock of Private Real Estate Capital in U.S. Metropolitan Areas Abstract: The stock of private real estate capital is estimated for each of 242 MSAs, annually, for 1982 through 1994. Three series are computed: (1) total private real estate capital (residential and nonresidential); (2) private single-family residential capital; and (3) private income property capital (multifamily housing plus nonresidential real estate, or (1) less (2)). The determinants of each series are modeled, and the results are used to predict the value of the capital stock for a larger set of 295 MSAs. Journal: Journal of Real Estate Research Pages: 243-270 Issue: 3 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091064 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091064 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:3:p:243-270 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091065_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Author-Name: Sean Salter Author-X-Name-First: Sean Author-X-Name-Last: Salter Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Title: Exterior Insulation and Finish Systems: The Effect on Residential Housing Prices and Marketing Time Abstract: Recently, the use of artificial stucco (formally known as Exterior Insulation and Finish Systems, or EIFS) on residential real estate properties has been a topic of much debate. This article discusses the issues surrounding EIFS use. Hypotheses are developed and tested regarding the impact of EIFS on property value and marketing time. The results indicate that the market is not discounting EIFS clad homes, but that the presence of EIFS significantly extends a property's marketing time. These findings are consistent with the theoretical framework and are compatible with inefficient local real estate markets. Journal: Journal of Real Estate Research Pages: 289-312 Issue: 3 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091065 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091065 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:3:p:289-312 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091066_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Author-Name: David Macpherson Author-X-Name-First: David Author-X-Name-Last: Macpherson Title: Affinity Programs and the Real Estate Brokerage Industry Abstract: This study surveys active real estate brokers on their involvement in affinity programs and referral/relocation networks. Some survey results regarding affinity involvement are: (1) 13% of respondents reported affinity affiliations, 75% reported no affiliations and 12% indicated plans to become involved within the next year; (2) affinity relationships were most often with membership organizations, corporations and professional organizations; and (3) the primary affinity benefits were commission reductions, special mortgage packages and discounted closing services. An empirical income model shows that affinity affiliation has a positive effect on broker income. Probit models show that: (1) participation in affinity arrangements is more likely for larger firms and national franchises; and (2) large firms are more likely to participate in a larger number of affinity relationships. Journal: Journal of Real Estate Research Pages: 337-352 Issue: 3 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091066 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091066 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:3:p:337-352 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091067_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Jackson Author-X-Name-First: Thomas Author-X-Name-Last: Jackson Title: Environment Risk Perceptions of Commercial and Industrial Real Estate Lenders Abstract: This study analyzes the risk perceptions of commercial and industrial mortgage lenders related to environmental contamination. Two research questions are addressed. The first is whether perceived risks vary with a property's remediation/cleanup status. The second is whether market conditions have an intervening effect on environmental risk. An analysis of national lender survey data found significant differences in perceived risk before, during and after cleanup, with most lenders unwilling to make a loan before cleanup and a majority willing to lend at typical rates and terms after cleanup. The study also found that strong market demand significantly reduces environmental risk while weak demand increases these risks. Journal: Journal of Real Estate Research Pages: 271-288 Issue: 3 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091067 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091067 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:3:p:271-288 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091068_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nghiep Nguyen Author-X-Name-First: Nghiep Author-X-Name-Last: Nguyen Author-Name: Al Cripps Author-X-Name-First: Al Author-X-Name-Last: Cripps Title: Predicting Housing Value: A Comparison of Multiple Regression Analysis and Artificial Neural Networks Abstract: This article compares the predictive performance of artificial neural networks (ANN) and multiple regression analysis (MRA) for single family housing sales. Multiple comparisons are made between the two data models in which the data sample size, the functional specification and the temporal prediction are varied. ANN performs better than MRA when a moderate to large data sample size is used. For the application, this moderate to large data sample size varied from 13% to 39% of the total data sample (506 to 1,506 observations out of 3,906 total observations). The results give a plausible explanation why previous papers have obtained varied results when comparing MRA and ANN predictive performance for housing values. Journal: Journal of Real Estate Research Pages: 313-336 Issue: 3 Volume: 22 Year: 2001 Month: 1 X-DOI: 10.1080/10835547.2001.12091068 File-URL: http://hdl.handle.net/10.1080/10835547.2001.12091068 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:22:y:2001:i:3:p:313-336 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091069_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jud G. Donald Author-X-Name-First: Jud Author-X-Name-Last: G. Donald Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: The Dynamics of Metropolitan Housing Prices Abstract: This article is the winner of the Innovative Thinking “Thinking Out of the Box” manuscript prize (sponsored by the Homer Hoyt Advanced Studies Institute) presented at the 2001 American Real Estate Society Annual Meeting.This study examines the dynamics of real housing price appreciation in 130 metropolitan areas across the United States. The study finds that real housing price appreciation is strongly influenced by the growth of population and real changes in income, construction costs and interest rates. The study also finds that stock market appreciation imparts a strong current and lagged wealth effect on housing prices. Housing appreciation rates also are found to vary across areas because of location-specific fixed-effects; these fixed effects represent the residuals of housing price appreciation attributable to location. The magnitudes of the fixed-effects in particular cities are positively correlated with restrictive growth management policies and limitations on land availability. Journal: Journal of Real Estate Research Pages: 29-46 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091069 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091069 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:29-46 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091070_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Witold Witkiewicz Author-X-Name-First: Witold Author-X-Name-Last: Witkiewicz Title: The Use of the HP-filter in Constructing Real Estate Cycle Indicators Abstract: The growing body of research focusing on real estate as an individual asset class puts the real estate cycle in the very center of strategic investment decisions and implications thereof. This article investigates if the non-structural definition of the cycle as defined by the Hodrick-Prescott (HP) filter can be used to construct indicators of the Swedish real estate cycle. The methodology of the HP-filter, which is to separate a time-series into a trend component and a growth component, is often used in analysis of aggregate economic growth (i.e., GDP). The article also evaluates the indicative characteristics of the indicator. Journal: Journal of Real Estate Research Pages: 65-88 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091070 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091070 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:65-88 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091071_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bruce Gordon Author-X-Name-First: Bruce Author-X-Name-Last: Gordon Author-Name: Sean Salter Author-X-Name-First: Sean Author-X-Name-Last: Salter Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Title: Difficult to Show Properties and Utility Maximizing Brokers Abstract: This article is the winner of the Real Estate and the Internet manuscript prize (sponsored by PricewaterhouseCoopers) presented at the American Real Estate Society Annual Meeting.Brokers have long believed that difficult to show properties sell at lower prices and take longer to sell. Where difficult to show properties are defined as those properties that present extraordinary difficulties for a broker in arranging or showing the listing to a particular buyer. Buyers' recent access to online real estate applications may make the cost of avoiding these properties prohibitive to brokers. Employing a hedonic pricing model and duration modeling techniques, this study finds that property price and marketing time are not significantly affected for these properties. The results suggest that brokers possess limited market power. Journal: Journal of Real Estate Research Pages: 111-128 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091071 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091071 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:111-128 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091072_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: François Des Rosiers Author-X-Name-First: François Author-X-Name-Last: Des Rosiers Author-Name: Marius Thériault Author-X-Name-First: Marius Author-X-Name-Last: Thériault Author-Name: Yan Kestens Author-X-Name-First: Yan Author-X-Name-Last: Kestens Author-Name: Paul Villeneuve Author-X-Name-First: Paul Author-X-Name-Last: Villeneuve Title: Landscaping and House Values: An Empirical Investigation Abstract: This article is the winner of the Real Estate Valuation manuscript prize (sponsored by The Appraisal Institute) presented at the 2001 American Real Estate Society Annual Meeting.This hedonic study investigates the effect of landscaping on house values, based on a detailed field survey of 760 single-family homes sold between 1993 and 2000 on the territory of the Quebec Urban Community. Environmental information includes thirty-one landscaping attributes of both houses and their immediate environment. By and large, a positive tree cover differential between the property and its immediate neighborhood, provided it is not excessive, translates into a higher house value. Findings also suggest that the positive price impact of a good tree cover in the visible surroundings is all the more enhanced in areas with a high proportion of retired persons. Finally, a high percentage of lawn cover as well as features such as flower arrangements, rock plants, the presence of a hedge, etc. all command a substantial market premium. Journal: Journal of Real Estate Research Pages: 139-162 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091072 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091072 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:139-162 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091073_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Jackson Author-X-Name-First: Thomas Author-X-Name-Last: Jackson Title: Environmental Contamination and Industrial Real Estate Prices Abstract: This article is the winner of the Industrial Real Estate manuscript prize (sponsored by Society of Industrial and Office REALTORS) presented at the American Real Estate Society Annual Meeting.This article examines the effects of environmental contamination on the sales prices of industrial properties. Two general questions are addressed. The first is the extent to which sales prices may be impacted by contamination. The second is whether sales price effects due to contamination persist subsequent to the remediation of previously contaminated industrial properties. Using data on industrial property sales in Southern California, this study estimates sales price models that address these two questions. The results show that there are statistically significant impacts on property values in the period before and during remediation, but that these effects dissipate subsequent to cleanup. Journal: Journal of Real Estate Research Pages: 179-200 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091073 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091073 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:179-200 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091074_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Harrison Author-X-Name-First: David Author-X-Name-Last: Harrison Author-Name: Thomas Noordewier Author-X-Name-First: Thomas Author-X-Name-Last: Noordewier Author-Name: K. Ramagopal Author-X-Name-First: K. Author-X-Name-Last: Ramagopal Title: Mortgage Terminations: The Role of Conditional Volatility Abstract: This article is the winner of the Real Estate Finance manuscript prize (sponsored by Fannie Mae Foundation) presented at the 2001 American Real Estate Society Annual Meeting.Studies of mortgage termination decisions typically rely on a competing risks framework comparing defaults and prepayments. While useful tools have been developed to approximate the values of these competing default and prepayment options, the available metrics do not adequately account for the role of the conditional volatility of interest rates and housing prices in option valuation. Using a sample of 1,428 mortgage loan payment histories, this study finds that exponential GARCH estimates of the conditional volatility of housing prices and interest rates influence mortgage termination decisions in a predictable manner. Specifically, increased housing price volatility is shown to enhance default option values, while increased interest rate volatility is shown to enhance prepayment option values. Therefore, it would appear that conditional volatility represents a more refined input into the competing risks option framework. Journal: Journal of Real Estate Research Pages: 89-110 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091074 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091074 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:89-110 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091075_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Young Author-X-Name-First: Michael Author-X-Name-Last: Young Author-Name: Susan Annis Author-X-Name-First: Susan Author-X-Name-Last: Annis Title: Real Estate Performance Attribution: Pure Theory Meets Messy Reality Abstract: This article is the winner of The Best Research Paper Presented by a Practicing Real Estate Professional manuscript prize [sponsored by the American Real Estate Society Foundation (ARESF)] presented at the 2001 American Real Estate Society Annual Meeting.The popularity of performance attribution in the publicly-traded equities arena may soon spill over to real estate markets. With that in mind, this study analyzes the practical and statistical problems that may arise when real estate managers apply this technique to their portfolios. The study involves three data sets: a portfolio of publicly-traded REITs, a single-client separate account and a multi-client private REIT. The findings indicate that there is no clear distinction between stock selection and sector allocation in any of the data sets (i.e., the portfolio impact of the manager's sector allocation and asset selection decisions are, on average, indistinguishable). Also, for the publicly-traded REIT portfolio (the only data set with sufficient sample size), the monthly returns attributed to stock selection versus sector allocation do not display significant serial persistence (i.e., the manager cannot consistently attribute the portfolio returns to either the stock selection or sector allocation decision). Journal: Journal of Real Estate Research Pages: 3-28 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091075 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091075 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:3-28 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091076_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Simon Stevenson Author-X-Name-First: Simon Author-X-Name-Last: Stevenson Title: Momentum Effects and Mean Reversion in Real Estate Securities Abstract: This article is the winner of the International Real Estate Investment/Portfolio Management manuscript prize (sponsored by LaSalle Investment Management) presented at the American Real Estate Society Annual Meeting.This article tests for the presence of both price continuation and price reversals in international real estate securities. The results reveal evidence of performance persistence in international markets over short and medium term horizons, however the evidence on price reversals is less compelling. The empirical analysis tests for mean reversion using Variance Ratio and Augmented Dickey-Fuller tests. In neither case is there consistent evidence of mean reversion in international real estate securities. The portfolio switching tests do reveal some evidence of performance reversals. However, while under-performing markets do outperform over longer horizons, they do not do so at statistically significant levels. Journal: Journal of Real Estate Research Pages: 47-64 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091076 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091076 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:47-64 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091077_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Bond Author-X-Name-First: Michael Author-X-Name-Last: Bond Author-Name: Vicky Seiler Author-X-Name-First: Vicky Author-X-Name-Last: Seiler Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Title: Residential Real Estate Prices: A Room with a View Abstract: This article is the winner of the Real Estate Broker/Agency manuscript prize (sponsored by the Center for the Study of Real Estate Brokerage/Agency at Cleveland State University) presented at the 2001 American Real Estate Society Annual Meeting.This study examines the effect that a view of Lake Erie has on the value of a home. Unlike previous studies, the current investigation is able to successfully control for view. That is, because of the unique building codes of lakefront homes in this sample, homes analyzed either do or do not have a view. Moreover, transaction-based home prices are used which is an improvement over previous studies that rely on appraisal-based data. The results indicate that square footage and lot size also significantly affect a home's value. More importantly, having this very desirable view adds $256,544.72 (an 89.9% premium) to the value of the home. Journal: Journal of Real Estate Research Pages: 129-138 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091077 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091077 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:129-138 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091078_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin Author-X-Name-First: William Author-X-Name-Last: Hardin Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Author-Name: Jon Carr Author-X-Name-First: Jon Author-X-Name-Last: Carr Title: An Empirical Analysis of Community Center Rents Abstract: This article is the winner of the Retail Real Estate manuscript prize (sponsored by the International Council of Shopping Centers) presented at the 2001 American Real Estate Society Annual Meeting.This study empirically models the determinants of community center rent. It employs a two-stage model that estimates center vacancy in the first stage and then includes predicted vacancy in a second stage demand model investigating endogenous and exogenous determinants of community center rent. The data includes information on maximum and minimum square foot rent for 118 community centers in Atlanta, Georgia. Maximum community center rent is highly correlated with a center's predicted vacancy rate and location within the Atlanta area. Additionally, rent at both maximum and minimum levels is influenced by trade area purchasing power, property age and to a lesser extent by proximity to a regional mall, center design and neighborhood factors. Journal: Journal of Real Estate Research Pages: 163-178 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091078 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091078 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:163-178 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091079_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Aalberts Author-X-Name-First: Robert Author-X-Name-Last: Aalberts Title: Can Tenants in Privately Owned Apartments Be Drug Tested? Abstract: This article is the winner of the Apartments manuscript prize [sponsored by the National Multi Housing Council (NMHC)] presented at the 2001 American Real Estate Society Annual Meeting.Drug use is a serious problem in many apartment complexes where innocent tenants are victimized by violent crime, robberies and burglaries perpetuated by drug dealers and users. Recently the popular press has been reporting that apartment owners are requiring prospective and existing tenants to submit to drug tests. This article addresses the legalities of drug testing tenants under federal law in privately owned apartment. Federal statutes that may offer tenants legal recourse against landlords include the Fair Housing Act Amendments of 1988, the Rehabilitation Act of 1974, Section 504, and the Civil Rights Act of 1866. Journal: Journal of Real Estate Research Pages: 201-214 Issue: 1-2 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091079 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091079 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:1-2:p:201-214 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091080_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniel Quan Author-X-Name-First: Daniel Author-X-Name-Last: Quan Author-Name: Chang Xuan Author-X-Name-First: Chang Author-X-Name-Last: Xuan Title: Pricing Limited Partnerships in the Secondary Market Abstract: This study investigates the pattern of prices for multiple partnerships sold in the secondary market. In the model, the partnership buyer prefers to purchase the units sequentially since sellers have varying desires to sell. The benefit of a sequential purchase strategy is partially offset by rational sellers who demand higher prices in earlier sales since the possibility of future sales reduces the sellers' eagerness to sell in earlier rounds. If this strategic component is sufficiently large, a pattern of decreasing prices should be observed. Using a panel dataset comprised of 52,679 transactions from eighteen real estate limited partnerships, and after controlling for performance characteristics, the study finds that prices decrease over time, thus indicating a significant strategic component in this market. Journal: Journal of Real Estate Research Pages: 215-234 Issue: 3 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091080 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091080 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:3:p:215-234 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091081_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Charles Leung Author-X-Name-First: Charles Author-X-Name-Last: Leung Author-Name: Garion Lau Author-X-Name-First: Garion Author-X-Name-Last: Lau Author-Name: Youngman Leong Author-X-Name-First: Youngman Author-X-Name-Last: Leong Title: Testing Alternative Theories of the Property Price-Trading Volume Correlation Abstract: This article examines the correlation between the real housing price and trading volume. Contrary to the predictions of standard rational expectation models, a robust positive correlation between the two variables is identified. While no clear lead-lag relationship is found in the raw data, which is more consistent with the downpayment effect model, the medium-run component of the trading volume tends to lead (and Granger cause) the corresponding component of the property price, which is more consistent with the search theoretic model. An explanation for this difference in behavior is suggested and several future research directions are provided. Journal: Journal of Real Estate Research Pages: 253-264 Issue: 3 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091081 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091081 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:3:p:253-264 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091082_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: François Rosiers Author-X-Name-First: François Author-X-Name-Last: Rosiers Title: Power Lines, Visual Encumbrance and House Values: A Microspatial Approach to Impact Measurement Abstract: This research looks at the impact of high-voltage transmission lines (HVTL) on surrounding property values, using a microspatial approach. It is based on a sample of 507 single-family houses sold over the 1991-96 period in the City of Brossard, in the Greater Montreal area, Canada. Findings suggest that although severe visual encumbrance due to a direct view on a pylon or conductors does exert a significantly negative impact on property prices with depreciations ranging from 5% to well in excess of 20%, being adjacent to the easement will not necessarily cause a house to depreciate and may even increase its value in similar proportions where proximity advantages exceed drawbacks. Journal: Journal of Real Estate Research Pages: 275-302 Issue: 3 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091082 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091082 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:3:p:275-302 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091083_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brian Maris Author-X-Name-First: Brian Author-X-Name-Last: Maris Author-Name: William Segal Author-X-Name-First: William Author-X-Name-Last: Segal Title: Analysis of Yield Spreads on Commercial Mortgage-Backed Securities Abstract: Yield spreads on commercial mortgage-backed securities (CMBS) are defined as the difference between the yield on CMBS and the yield on comparable-maturity Treasuries. CMBS yield spreads declined dramatically from 1992 until 1997, then increased in 1998 and 1999. The relationship between CMBS yield spreads and other variables is estimated in an effort to explain recent trends. Results identify several variables that are related to yield spreads on both fixed-rate and variable-rate CMBS. However, even after controlling for other observable factors, the yield spread on CMBS still declined from 1992 until 1997, then increased each of the next two years. Possible explanations for this phenomenon are explored. Journal: Journal of Real Estate Research Pages: 235-252 Issue: 3 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091083 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091083 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:3:p:235-252 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091084_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randall Guttery Author-X-Name-First: Randall Author-X-Name-Last: Guttery Title: The Effects of Subdivision Design on Housing Values: The Case of Alleyways Abstract: Subdivision design likely impacts residential housing values. This study examines the sale prices of houses located in subdivisions utilizing rear-entry alleyways in the Greater Dallas-Fort Worth-Denton metroplex. Regression analysis on a sample of 1,672 home sales, some of which are located on alleyways, reveals statistically significant impacts. Consequently, developers, appraisers, New Urbanists and other real estate participants should consider subdivision design when estimating value for residential dwellings. Journal: Journal of Real Estate Research Pages: 265-274 Issue: 3 Volume: 23 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091084 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091084 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:23:y:2002:i:3:p:265-274 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091085_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carl Gwin Author-X-Name-First: Carl Author-X-Name-Last: Gwin Author-Name: Seow-Eng Ong Author-X-Name-First: Seow-Eng Author-X-Name-Last: Ong Author-Name: Carol Gwin Author-X-Name-First: Carol Author-X-Name-Last: Gwin Title: Seller versus Broker: Timing of Promotion Abstract: Sellers and brokers may differ in preferred timing of costly promotion. Sellers with holding costs are anxious to sell. Sellers with showing costs want a slower approach. The findings indicate that a standard listing contract where the broker chooses promotion timing can be efficient if sellers have no significant holding or showing costs. The efficient listing contract provisions are delineated for duration and fee structure for sellers who have holding and/or showing costs. Journal: Journal of Real Estate Research Pages: 27-46 Issue: 1 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091085 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091085 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:1:p:27-46 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091086_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Terrence Clauretie Author-X-Name-First: Terrence Author-X-Name-Last: Clauretie Author-Name: Melvin Jameson Author-X-Name-First: Melvin Author-X-Name-Last: Jameson Title: The Effect of Tax Laws and the Cost of Capital on the Size of Newly Constructed Strip Shopping Centers Abstract: While the impact of tax policy and other economic variables on the total amount of construction has been widely studied, this article proposes that these variables also affect the size distribution of the properties constructed. The basic intuition is that there is a lower bound to the economically feasible size of a project due to economies of scale in construction. Events favorable to construction, such as lower interest rates and more favorable tax treatment, relax this lower bound permitting the construction of smaller properties. This proposition is tested using data on newly constructed neighborhood shopping centers in Clark County, Nevada from 1971 to 1999. Journal: Journal of Real Estate Research Pages: 79-96 Issue: 1 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091086 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091086 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:1:p:79-96 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091087_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Clapp Author-X-Name-First: John Author-X-Name-Last: Clapp Author-Name: Carmelo Giaccotto Author-X-Name-First: Carmelo Author-X-Name-Last: Giaccotto Title: Evaluating House Price Forecasts Abstract: This study uses an autoregressive process to model a city-wide house price index. The model is used to produce one-quarter ahead forecasts for individual properties. We propose that managers use a battery of tests to compare prediction errors (PEs); in particular, their empirical distribution reveals important information.Transaction data from Dade County, Florida is used. PEs from two forecasting models, hedonic and repeat sales, show some departure from desirable properties of forecasts. Also, both show some informational inefficiency, but the hedonic is more efficient than the repeat. Nonparametric smoothing shows that the hedonic method dominates the repeat over an important range of PEs; thus, many risk-averse managers might prefer a forecast based on the hedonic method. Journal: Journal of Real Estate Research Pages: 1-26 Issue: 1 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091087 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091087 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:1:p:1-26 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091088_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alan Ziobrowski Author-X-Name-First: Alan Author-X-Name-Last: Ziobrowski Author-Name: Harry McAlum Author-X-Name-First: Harry Author-X-Name-Last: McAlum Title: The Real Estate Portfolio of the United States House of Representatives Abstract: This study examines the real estate investments of members of the United States House of Representatives from 1985 to 1995 with a focus on agency theory. The real estate holdings are characterized in terms of the number of properties owned, the reported value of the properties, property types, the property locations and transactions. Representatives are found to hold more real estate when compared to those of other investors in the United States with similar levels of income. Representatives also seem to time the market better, presumably because they understand more about the implications of the changes in tax laws they enacted. Thus, the Tax Reform Act of 1986 caused House members to reduce their real estate holdings much faster than other U.S. investors. This lower level of real estate investment may also have reduced the economic linkages between Representatives and their constituents, which might affect their incentive to fight for the interests of their constituents. Journal: Journal of Real Estate Research Pages: 97-116 Issue: 1 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091088 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091088 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:1:p:97-116 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091089_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Raimond Maurer Author-X-Name-First: Raimond Author-X-Name-Last: Maurer Author-Name: Steffen Sebastian Author-X-Name-First: Steffen Author-X-Name-Last: Sebastian Title: Inflation Risk Analysis of European Real Estate Securities Abstract: The focus of this article is the analysis of the inflation risk of European real estate securities. Following both a causal and a final understanding of risk, the analysis is twofold. First, to examine the causal influence of inflation on short- and long-term asset returns, different regression approaches are employed based on the methodology of Fama and Schwert (1977). Hedging capacities against expected inflation are found only for German open-end funds. Secondly, different shortfall risk measures are used to study whether an investment in European real estate securities protects against a negative real return at the end of a given investment period. Journal: Journal of Real Estate Research Pages: 47-78 Issue: 1 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091089 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091089 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:1:p:47-78 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091090_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hans Isakson Author-X-Name-First: Hans Author-X-Name-Last: Isakson Title: The Linear Algebra of the Sales Comparison Approach Abstract: This study presents the sales comparison approach to value as a system of linear algebra equations. The difference between appraiser and academician views of this system of equations is shown to pivot on the one-price assumption. The need of appraisers to subjectively derive adjustment factors is shown to be an artifact of the common practice of appraisers to assume multiple indicated values. The use of multiple regression analysis and other statistical techniques by academicians is shown to be possible only given the one-price assumption. Suggestions are presented for the improvement of both views. Journal: Journal of Real Estate Research Pages: 117-128 Issue: 2 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091090 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091090 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:2:p:117-128 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091091_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Allen Author-X-Name-First: Marcus Author-X-Name-Last: Allen Author-Name: William Dare Author-X-Name-First: William Author-X-Name-Last: Dare Title: Identifying Determinants of Horizontal Property Tax Inequity: Evidence from Florida Abstract: In the property tax literature, an ad valorem property tax is considered equitable if all properties in the taxing jurisdiction are subject to the same effective tax rate. That is, all properties, regardless of value or type, should be taxed at the same percentage of their market value. Because market value is a theoretical construct and not directly observable, errors in estimating market value may result in systematic inequity, with some properties taxed at higher effective rates than others. This study extends previous research on property tax inequity by examining potential determinants of errors in the property valuation process for a sample of single-family homes in Palm Beach County, Florida. The results indicate that assessment difficulty (as measured by the variation around the mean assessment to transaction price ratio) is positively related to lot size, living area, age of the home and the percentage of minority residents in the neighborhood and is negatively related to market activity levels, resident income levels, whether the property is the permanent residence of its owner, and whether the property has a swimming pool. The generality of these results is limited by the use of transaction price as a proxy for unobservable market value. Journal: Journal of Real Estate Research Pages: 153-164 Issue: 2 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091091 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091091 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:2:p:153-164 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091092_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Claude Besner Author-X-Name-First: Claude Author-X-Name-Last: Besner Title: A Spatial Autoregressive Specification with a Comparable Sales Weighting Scheme Abstract: This research incorporates a Spatial Autoregressive Variable with Similarity components (SARS) within a traditional hedonic model. The behavior of economic agents and the spatial dependence price structure are linked to the real estate appraisal paradigm. The SARS variable's similarity components generate anisotropies that deform concentric circles of spatial dependence so as to designate the influence exerted by “comparables.” The incorporation of similarity components improves the predictive capacity and reduces the spatial dependence among residuals in the SAR model. The research determines for the Montreal Urban Community the underlying distance parameters of spatial dependence as well as anisotropic factors specific to price interdependence for two single-family house archetypes: the condominium and the individual house. Journal: Journal of Real Estate Research Pages: 193-212 Issue: 2 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091092 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091092 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:2:p:193-212 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091093_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: M Collins Author-X-Name-First: M Author-X-Name-Last: Collins Author-Name: Keith Harvey Author-X-Name-First: Keith Author-X-Name-Last: Harvey Author-Name: Peter Nigro Author-X-Name-First: Peter Author-X-Name-Last: Nigro Title: The Influence of Bureau Scores, Customized Scores and Judgmental Review on the Bank Underwriting Decision-Making Process Abstract: In recent years commercial banks have moved toward automated forms of underwriting. This study employs unique bank loan-level data from a scoring lender to determine whether automated underwriting exhibits a potential “disparate impact” across income strata. The findings indicate that strict application of this custom scoring model leads to higher denial rates for low- to moderate-income borrowers when compared with both a naïe judgmental system and a bureau scoring approach. These results suggest that financial regulators should focus more resources on the evaluation and study of customized scoring models. Journal: Journal of Real Estate Research Pages: 129-152 Issue: 2 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091093 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091093 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:2:p:129-152 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091094_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joachim Zietz Author-X-Name-First: Joachim Author-X-Name-Last: Zietz Author-Name: Bobby Newsome Author-X-Name-First: Bobby Author-X-Name-Last: Newsome Title: Agency Representation and the Sale Price of Houses Abstract: Multiple Listing Service data are employed to examine how the type of agency representation influences the sale price of a residential property. The results differ by property size. The type of agency representation is relevant only for some segments of the market, mainly smaller- to medium-sized properties. For a certain range of property sizes, buyers who engage a buyer's agent pay on average 2% less. However, an above average buyer's agent commission can more than cancel this price effect. Buyers that engage a buyer's agent that comes from the same firm as the listing agent never pay more for a house. Journal: Journal of Real Estate Research Pages: 165-192 Issue: 2 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091094 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091094 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:2:p:165-192 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091095_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karen Gibler Author-X-Name-First: Karen Author-X-Name-Last: Gibler Author-Name: Roy Black Author-X-Name-First: Roy Author-X-Name-Last: Black Author-Name: Kimberly Moon Author-X-Name-First: Kimberly Author-X-Name-Last: Moon Title: Time, Place, Space, Technology and Corporate Real Estate Strategy Abstract: Few corporations take a strategic approach to managing real estate. This survey finds that corporate real estate managers and service providers in Australia, Hong Kong, the United Kingdom and the United States continue to fulfill a traditional transactional role within their organizations. Real estate is not cooperating with other parts of the organization to provide their companies with flexibility that could increase competitiveness. While the use of technology is growing, real estate managers remain uncertain about its role in their future. Corporate real estate managers believe that to be effective in the future they will need strategic planning skills and business knowledge. Journal: Journal of Real Estate Research Pages: 235-262 Issue: 3 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091095 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091095 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:3:p:235-262 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091096_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Kleiman Author-X-Name-First: Robert Author-X-Name-Last: Kleiman Author-Name: James Payne Author-X-Name-First: James Author-X-Name-Last: Payne Author-Name: Anandi Sahu Author-X-Name-First: Anandi Author-X-Name-Last: Sahu Title: Random Walks and Market Efficiency: Evidence from International Real Estate Markets Abstract: This study performs tests of the random walk hypothesis for international commercial real estate markets utilizing stock market indices of real estate share prices for three geographical regions: Europe, Asia and North America. The augmented Dickey-Fuller and Phillips-Perron unit root tests and Cochrane variance ratio test find that each of these markets (as well as associated broader stock markets) exhibits random walk behavior. Moreover, a non-parametric runs test provides support for weak-form market efficiency in the real estate markets. In addition, Johansen-Juselius co-integration analysis reveals that all three markets appear co-integrated and share a common long-run stochastic trend. Results of co-integration analyses and vector error correction models suggest that diversification benefits through international real estate securities can only be achieved in the short run. Journal: Journal of Real Estate Research Pages: 279-298 Issue: 3 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091096 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091096 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:3:p:279-298 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091097_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karl Guntermann Author-X-Name-First: Karl Author-X-Name-Last: Guntermann Author-Name: Seongman Moon Author-X-Name-First: Seongman Author-X-Name-Last: Moon Title: Age Restriction and Property Values Abstract: This study finds evidence of an age restriction premium that is maintained over time and across varying market conditions. Prior research has demonstrated that the reduced uncertainty associated with private covenants and deed restrictions can be capitalized into value. Age-restricted subdivisions provide a measure of certainty that future property owners must meet the same threshold age requirement satisfied by current owners. The evidence presented here is that this enhanced certainty is capitalized into property values, independent of the structural characteristics of individual units or subdivision amenities. Proposed federal regulations for age-restricted projects created uncertainty for several years in lower priced subdivisions that might not have met the new minimum quality standards. However, there is no evidence that this uncertainty impacted house prices. Journal: Journal of Real Estate Research Pages: 263-278 Issue: 3 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091097 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091097 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:3:p:263-278 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091098_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Author-Name: Michael Marschoun Author-X-Name-First: Michael Author-X-Name-Last: Marschoun Author-Name: Clark Maxam Author-X-Name-First: Clark Author-X-Name-Last: Maxam Title: Improving Parametric Mortgage Prepayment Models with Non-parametric Kernel Regression Abstract: Developing a good prepayment model is a central task in the valuation of mortgages and mortgage-backed securities but conventional parametric models often have bad out-of-sample predictive ability. A likely explanation is the highly non-linear nature of the prepayment function. Non-parametric techniques are much better at detecting non-linearity and multivariate interaction. This article discusses how non-parametric kernel regression may be applied to loan level event histories to produce a better parametric model. By utilizing a parsimonious specification, a model can be produced that practitioners can use in valuation routines based on Monte Carlo interest rate simulation. Journal: Journal of Real Estate Research Pages: 299-328 Issue: 3 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091098 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091098 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:3:p:299-328 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091099_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Anthony Gu Author-X-Name-First: Anthony Author-X-Name-Last: Gu Title: The Predictability of House Prices Abstract: The level and direction of autocorrelation in house price movements differ across areas and change over time. This finding reconciles the conflicting reports in the literature. When quarterly house price indices exhibit negative autocorrelation, autocorrelation shows a positive connection to volatility and a negative connection to rate of return. Autocorrelation between longer time periods is mainly positive; it exhibits a negative relationship with volatility and a positive relationship with rate of return. Volatile house price indices tend to have lower rates of return. It would be possible to obtain excess returns by following a trading strategy based on the estimated autocorrelation. Journal: Journal of Real Estate Research Pages: 213-234 Issue: 3 Volume: 24 Year: 2002 Month: 1 X-DOI: 10.1080/10835547.2002.12091099 File-URL: http://hdl.handle.net/10.1080/10835547.2002.12091099 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:24:y:2002:i:3:p:213-234 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091100_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Author-Name: H Weeks Author-X-Name-First: H Author-X-Name-Last: Weeks Author-Name: Bradley Hobbs Author-X-Name-First: Bradley Author-X-Name-Last: Hobbs Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Nursing Home Quality, Chain Affiliation, Profit Status and Performance Abstract: This article is the winner of the Seniors Housing category (sponsored by the National Investment Council for Seniors Housing) awarded at the 2002 American Real Estate Society Annual Meeting.This study uses Florida nursing home data to examine several issues about the efficiency of nursing homes. Chain affiliation is examined as is profit status. For the first time quality of care is also included, due to the uniqueness of the data which contains quality scores. Without controlling for quality, for-profit firms and chain affiliated firms are shown to be slightly more efficient than their independent and non-profit counterparts. However, chain affiliated firms scored lower on quality than independents and for-profit firms scored lower on quality than non-profit firms. When controlling for quality, the profit status of the firm and room utilization rates are positively related to efficiency. However, in the presence of the quality control variable, there is not evidence to suggest that chain affiliation impacts efficiency. Journal: Journal of Real Estate Research Pages: 43-60 Issue: 1 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091100 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091100 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:1:p:43-60 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091101_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Frew Author-X-Name-First: James Author-X-Name-Last: Frew Author-Name: G Jud Author-X-Name-First: G Author-X-Name-Last: Jud Title: Estimating the Value of Apartment Buildings Abstract: This article is the winner of the Apartments manuscript prize (sponsored by the National Multi Housing Council) presented at the 2002 American Real Estate Society Annual Meeting.This article applies hedonic modeling techniques to estimate the value of a sample of apartment properties sold in the greater Portland, Oregon area. An equation for value as a function of location, amenities and capitalization rate is derived. This model explains about 95% of the variation in apartment property prices. Property values decline with increasing distance from the city center. Moreover, values are shown to rise less than proportionally to increases in project size and numbers of units and decline with project age, but the marginal effect of project aging is small. Journal: Journal of Real Estate Research Pages: 77-86 Issue: 1 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091101 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091101 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:1:p:77-86 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091102_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Colin Lizieri Author-X-Name-First: Colin Author-X-Name-Last: Lizieri Author-Name: Patrick McAllister Author-X-Name-First: Patrick Author-X-Name-Last: McAllister Author-Name: Charles Ward Author-X-Name-First: Charles Author-X-Name-Last: Ward Title: Continental Shift? An Analysis of Convergence Trends in European Real Estate Equities Abstract: This article is the winner of the International Real Estate Investment/Portfolio Management category (sponsored by LaSalle Investment Management) presented at the 2002 American Real Estate Society Annual Meeting.This study investigates the effects of European monetary integration on the behavior of stock returns in European real estate companies from the perspective of a dollar-denominated investor. A range of statistical tests is applied to assess changes in segmentation, co-movement and causality. The results suggest that, relative to the wider equity markets, the dispersion of performance is higher, correlations are lower and a common contemporaneous factor has much lower explanatory power whilst lead-lag relationships are stronger. Less and slower integration is attributed to the relatively small size of the real estate securities market and the local nature of many real estate companies' portfolios. Journal: Journal of Real Estate Research Pages: 1-22 Issue: 1 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091102 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091102 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:1:p:1-22 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091103_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Lipscomb Author-X-Name-First: Joseph Author-X-Name-Last: Lipscomb Author-Name: John Harvey Author-X-Name-First: John Author-X-Name-Last: Harvey Author-Name: Harold Hunt Author-X-Name-First: Harold Author-X-Name-Last: Hunt Title: Exchange-Rate Risk Mitigation with Price-Level-Adjusting Mortgages: The Case of the Mexican UDI Abstract: This article is the winner of the Real Estate Finance manuscript prize (sponsored by the Fannie Mae Foundation) presented at the 2002 American Real Estate Society Annual Meeting.In 1995, Mexico introduced a price-level-adjusting unit of account called the Unidad de Inversion (UDI). Loans denominated in UDIs maintain their purchasing power and provide a real rate of return in pesos. This study examines the real rate of return earned by dollar investors in UDI mortgages and the extent to which the inflation-adjusting aspect of the UDI mitigates losses from currency devaluations. Exchange-rate patterns relative to purchasing power parity are also examined to find investment strategies that increase the real-dollar rate of return on investments in Mexico’s UDI mortgages. Journal: Journal of Real Estate Research Pages: 23-42 Issue: 1 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091103 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091103 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:1:p:23-42 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091104_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Greg Smersh Author-X-Name-First: Greg Author-X-Name-Last: Smersh Author-Name: Marc Smith Author-X-Name-First: Marc Author-X-Name-Last: Smith Author-Name: Arthur Schwartz Jr. Author-X-Name-First: Arthur Author-X-Name-Last: Schwartz Jr. Title: Factors Affecting Residential Property Development Patterns Abstract: This article is the winner of the Real Estate Development manuscript prize (sponsored by the Urban Land Institute) presented at the 2002 American Real Estate Society Annual Meeting.This study uses a disaggregated data set, county property appraiser data, to track the number of new single-family housing units built in each section (square mile) of Alachua County, Florida by the year built over a twenty-year period. It explores the role of transportation, large-scale development, employment nodes, existing patterns of development and regulation on the spatial pattern of development. The results of the model suggest that the variables tested are important determinants of the growth pattern in Alachua County, but that much of the growth pattern is not explained by the explanatory variables employed in the model. Journal: Journal of Real Estate Research Pages: 61-76 Issue: 1 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091104 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091104 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:1:p:61-76 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091105_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Author-Name: Richard McLemore Author-X-Name-First: Richard Author-X-Name-Last: McLemore Author-Name: Philip Conner Author-X-Name-First: Philip Author-X-Name-Last: Conner Author-Name: Youguo Liang Author-X-Name-First: Youguo Author-X-Name-Last: Liang Title: Portfolio Implications of Apartment Investing Abstract: This study examines the portfolio implications of apartment investing. In particular, it concentrates on the sector's relative stability, liquidity and current market outlook. Support is found for many of the advantages attributed to apartments relative to other property types. The apartment sector has historically offered high risk-adjusted returns and a relatively low correlation with other property sectors. These features, combined with the attractive demographics and stable space market fundamentals, suggest that the current environment should be favorable for apartment investing. However, the popularity of the sector, aggressive rent growth assumptions and potential limitations on future immigration provide sources of performance risk. Journal: Journal of Real Estate Research Pages: 113-132 Issue: 2 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091105 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:2:p:113-132 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091106_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin III Author-X-Name-First: William Author-X-Name-Last: Hardin III Author-Name: Ping Cheng Author-X-Name-First: Ping Author-X-Name-Last: Cheng Title: Apartment Security: A Note on Gated Access and Rental Rates Abstract: The effect of gated access restrictions on garden apartment rents is empirically evaluated. Garden apartment rents are positively related to the presence of gated access constraints, although the combination of in-unit alarms with gated access is rent neutral. One-bedroom and two-bedroom units garner higher rents with the presence of gated access constraints. The research extends prior research on high-rise units indicating that 24-hour security positively impacts occupancy and gross rental income. Given that the study uses data from only one market, additional research for other cities and regions is warranted. Journal: Journal of Real Estate Research Pages: 145-158 Issue: 2 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091106 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091106 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:2:p:145-158 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091107_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Allen Author-X-Name-First: Marcus Author-X-Name-Last: Allen Title: Measuring Vertical Property Tax Inequity in Multifamily Property Markets Abstract: Vertical equity in property tax systems refers to the assessment of all properties in a taxing jurisdiction at the same proportion of their market values. This study considers alternative methods for measuring vertical inequity in multi-family property markets using sample data. The results indicate that vertical inequities do exist in this sample, with lower valued properties being assessed at a higher proportion of market value than higher valued properties. This study suggests that owners of properties in lower value ranges in this market should carefully monitor the assessment process to minimize their property tax expense. Journal: Journal of Real Estate Research Pages: 171-184 Issue: 2 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091107 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091107 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:2:p:171-184 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091108_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Frank Nothaft Author-X-Name-First: Frank Author-X-Name-Last: Nothaft Author-Name: James Freund Author-X-Name-First: James Author-X-Name-Last: Freund Title: The Evolution of Securitization in Multifamily Mortgage Markets and Its Effect on Lending Rates Abstract: Loan purchase and securitization by Freddie Mac, Fannie Mae and private-label commercial mortgage-backed securities (CMBS) grew rapidly during the 1990s and accounted for more than one-half of the net growth in multifamily debt over the decade. By facilitating the integration of the multifamily mortgage market into the broader capital markets, securitization helped to create new sources of credit as some traditional portfolio investors—savings institutions and life insurers—reduced their share of loan holdings. A model of commercial mortgage rates at life insurers, expressed relative to a comparable-term Treasury yield, was estimated over a twenty-two-year period. The parameter estimates supported an optionbased pricing model of rate determination; proxies for CMBS activity showed no significant effect. Journal: Journal of Real Estate Research Pages: 91-112 Issue: 2 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091108 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091108 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:2:p:91-112 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091109_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald Bleich Author-X-Name-First: Donald Author-X-Name-Last: Bleich Title: The Reaction of Multifamily Capitalization Rates to Natural Disasters Abstract: This study analyzes the effect of the Northridge Earthquake on capitalization rates in the multifamily building market in Los Angeles, California. The results indicate that the Northridge Earthquake had a negative impact and overall capitalization rates rose. This negative effect, however, was not uniform over the entire Los Angeles area. During the first year the impact was correlated with distance to the epicenter and proximity to areas with high concentrations of damage. This negative effect, however, proved to be a temporary phenomenon. By the third year after the earthquake, the negative effects of the earthquake were not significant. Journal: Journal of Real Estate Research Pages: 133-144 Issue: 2 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091109 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:2:p:133-144 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091110_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Berry Author-X-Name-First: James Author-X-Name-Last: Berry Author-Name: Stanley McGreal Author-X-Name-First: Stanley Author-X-Name-Last: McGreal Author-Name: Simon Stevenson Author-X-Name-First: Simon Author-X-Name-Last: Stevenson Author-Name: James Young Author-X-Name-First: James Author-X-Name-Last: Young Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Estimation of Apartment Submarkets in Dublin, Ireland Abstract: This study compares apartment submarkets within a major European city. The price behavior of the Dublin, Ireland apartment market is tested using hedonic models and aggregate and disaggregate data. The results strongly indicate that the modeling of apartment markets at the disaggregate level does result in significant improvements in comparison to estimations undertaken at an aggregate level. This particular apartment market is especially interesting, due to the introduction of fiscal incentives. To fully understand the Dublin apartment market requires an appreciation of the role played by tax breaks for owner-occupiers and investors in urban renewal locations. The results show that different submarkets responded differently. Journal: Journal of Real Estate Research Pages: 159-170 Issue: 2 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091110 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091110 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:2:p:159-170 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091111_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Emily Zietz Author-X-Name-First: Emily Author-X-Name-Last: Zietz Title: Multifamily Housing: A Review of Theory and Evidence Abstract: The growing importance of multifamily housing as a viable choice of residence is evidenced by the number of empirical and theoretical studies in the real estate literature. Researchers have investigated the role of this sector of the real estate market for decades. This survey article examines more than one hundred studies and categorizes them into five groups: economic and market efficiency issues; property valuation and appraisal issues; regulatory, zoning and clustering of multifamily complexes; costs, returns and rental income issues; and demand, vacancy and occupancy issues. This study seeks to provide a concise, categorical presentation of findings on issues related to the environment and performance of multifamily housing. Journal: Journal of Real Estate Research Pages: 185-244 Issue: 2 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091111 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091111 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:2:p:185-244 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091112_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eric Clapham Author-X-Name-First: Eric Author-X-Name-Last: Clapham Title: A Note on Embedded Lease Options Abstract: Buetow and Albert (1998) discuss options embedded in lease contracts. They present a pricing framework, calibrate it using data from the National Real Estate Index and apply it using a numerical method known as the finite difference method with absorbing boundaries. This note extends the analysis. Analytic solutions are presented and some of the findings are discussed. The framework developed by Grenadier is used to compare indexed renewal options for different lease lengths. Journal: Journal of Real Estate Research Pages: 347-360 Issue: 3 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091112 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091112 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:3:p:347-360 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091113_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Qiang Fu Author-X-Name-First: Qiang Author-X-Name-Last: Fu Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Author-Name: Kerry Vandell Author-X-Name-First: Kerry Author-X-Name-Last: Vandell Title: Commercial Mortgage Prepayments Under Heterogeneous Prepayment Penalty Structures Abstract: Much of the literature on pricing commercial mortgages and commercial mortgage-backed securities has assumed homogeneity in prepayment penalty structure. This study provides evidence that such an assumption is inappropriate and examines the effect of penalty structures observed in actual contracts. After conducting preliminary simulations, hazard models estimated from data on 1,165 multifamily mortgage loans are presented to show how empirical prepayment rates vary with alternative penalty structures. While yield maintenance and lockout provisions are relatively more effective than fixed or step down structures in reducing or postponing prepayment, none completely eliminates the risk. The empirical results generally confirm the theoretical findings of Kelly and Slawson (2001). Journal: Journal of Real Estate Research Pages: 245-276 Issue: 3 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091113 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091113 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:3:p:245-276 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091114_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tien Sing Author-X-Name-First: Tien Author-X-Name-Last: Sing Title: Dynamics of Private Industrial Space Demand in Singapore Abstract: This study empirically examines the dynamics of the private industrial market in Singapore using a Vector Error Correction Model (VECM), which is derived based on the theoretical framework of an extended accelerator investment model. The GDP in manufacturing sector (LMGDP) and the composite leading indicator (LCLI) were two unrestricted long-run forcing variables included in the VECM for the industrial space demand. In the generalized forecast error variance decomposition analysis, one-standard deviation shocks to the manufacturing GDP (LMGDP) was found to account for an average 67.10% of the variances of the private industrial space demand (LPRD). It was also found that the most volatile impulse responses from the industrial demand variance were inflicted by one-standard error shocks on the ecm and the manufacturing GDP terms. Journal: Journal of Real Estate Research Pages: 301-324 Issue: 3 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091114 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091114 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:3:p:301-324 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091115_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Birch Author-X-Name-First: John Author-X-Name-Last: Birch Author-Name: Mark Sunderman Author-X-Name-First: Mark Author-X-Name-Last: Sunderman Title: Estimating Price Paths for Residential Real Estate Abstract: Several approaches have been used to estimate and adjust for price movements in residential real estate; however, weaknesses remain in current systems. This study incorporates a different way of measuring temporal price patterns. The method involves a time series model, an approach not previously employed when estimating real estate price movements. The finding indicate that the proposed technique is likely more accurate than current procedures. The method also represents a significant adaptation of standard time series models. For the task at hand, the new model is arguably preferable to the more standard versions. Journal: Journal of Real Estate Research Pages: 277-300 Issue: 3 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091115 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091115 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:3:p:277-300 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091116_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peijie Wang Author-X-Name-First: Peijie Author-X-Name-Last: Wang Title: A Frequency Domain Analysis of Common Cycles in Property and Related Sectors Abstract: This study examines cycles and common cycles in property and related sectors in the frequency domain. The findings indicate that property shares common cycles with a number of economic sectors and, in particular, with those sectors that are the user markets of property, and lags behind in business cycle phases. Property has large coherence at most frequencies with most economic sectors, but seems to have large discrepancy with them in the cycles at the annual frequency. The property market swings more severely than the economy as a whole. However, fluctuations in the property market are considered moderate relative to those in the housing market. Journal: Journal of Real Estate Research Pages: 325-346 Issue: 3 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091116 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091116 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:3:p:325-346 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091117_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karen Gibler Author-X-Name-First: Karen Author-X-Name-Last: Gibler Title: Aging Subsidized Housing Residents: A Growing Problem in U.S. Cities Abstract: Many low-income elderly live in subsidized housing in central cities. These aging tenants need adaptive physical structures and supportive services in order to age in place, but lack the resources to pay for them. The responses to the AHEAD Wave 2 survey are used to compare the housing conditions of elderly subsidized housing residents with unsubsidized tenants. Results indicate subsidized tenants have greater health and physical limitations. They are likely to have physically appropriate housing, but unlikely to have access to supportive services that would allow them to age in place, creating a problem policymakers must address. Journal: Journal of Real Estate Research Pages: 395-420 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091117 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091117 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:395-420 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091118_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Simons Author-X-Name-First: Robert Author-X-Name-Last: Simons Author-Name: A Magner Author-X-Name-First: A Author-X-Name-Last: Magner Author-Name: Esmail Baku Author-X-Name-First: Esmail Author-X-Name-Last: Baku Title: Do Housing Rehabs Pay Their Way? A National Case Study Abstract: This research focuses on if housing rehabilitation by community development corporations pays its own way. The recent experience of ten local housing organizations in the Neighborhood Reinvestment Corporation network is examined. These organizations assist homeowners in rehabbing existing units and acquire, rehab and transfer units to new occupants. The findings indicate that rehabbed housing units provide substantial benefits to the local economy. The rehabbed units return $0.55, on average, for every local government dollar invested. In addition, economic benefits such as increased property values and tax base, and construction jobs and permanent jobs were created and sustained. Journal: Journal of Real Estate Research Pages: 431-462 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091118 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091118 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:431-462 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091119_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Keith Harvey Author-X-Name-First: Keith Author-X-Name-Last: Harvey Author-Name: Peter Nigro Author-X-Name-First: Peter Author-X-Name-Last: Nigro Title: How Do Predatory Lending Laws Influence Mortgage Lending in Urban Areas? A Tale of Two Cities Abstract: This paper examines the effects of predatory lending laws in the cities of Chicago and Philadelphia. The level of mortgage activity in each of the cities is compared during the pre- and post-legislative periods relative to other parts of the state to assess the impact of localized legislation. In Chicago, where the predatory lending law focused on banks, a subprime origination in the city was found to be more likely to be made by a non-bank after the passage of the law. In Philadelphia, however, where the predatory legislation was aimed at all financial service providers, a decline was observed in the likelihood of a subprime loan being originated in the city during the post-legislation period, with the minority and low-income market segments experiencing the largest reduction. Journal: Journal of Real Estate Research Pages: 479-508 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091119 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091119 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:479-508 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091120_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Bond Author-X-Name-First: Michael Author-X-Name-Last: Bond Author-Name: Vicky Seiler Author-X-Name-First: Vicky Author-X-Name-Last: Seiler Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Title: The Effects of Multicultural Diversity in Real Estate Brokerage Abstract: This study examines the changing diversity of home buyers and the steps brokerage firms are taking to adapt to these changes. The results reveal that larger firms are experiencing a greater increase in customer diversity. This can be partly explained by their efforts to target diverse groups through sponsored seminars and hiring minority sales professionals. A survey of minority home buyers reveals that minorities have owned fewer homes, earn less and are younger than their non-minority counterparts. Race and income were found to significantly explain reports of greater difficulty on the road to home ownership. Journal: Journal of Real Estate Research Pages: 529-542 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091120 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091120 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:529-542 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091121_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Pnina Plaut Author-X-Name-First: Pnina Author-X-Name-Last: Plaut Author-Name: Steven Plaut Author-X-Name-First: Steven Author-X-Name-Last: Plaut Title: The Inversion of the Land Gradient in the Inner City of Haifa, Israel Abstract: While suburbanization and decentralization are familiar concepts in urban economics, there is a possibility that land gradients will not simply flatten over time, but actually invert themselves. This would mean that the traditional CBD or downtown ceases to act as the pinnacle or nucleus of the land/housing pricing function within the metropolitan area. Such a possibility has been noted in the theoretical literature and has been demonstrated empirically in a few cases. Such an urban “inversion” is shown to have occurred in Haifa, Israel. Beginning in the 1960s, the stock of privately-owned cars grew in Israel at one of the most rapid rates ever seen in any industrial country, with relatively little growth in transportation infrastructure. Journal: Journal of Real Estate Research Pages: 557-576 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091121 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091121 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:557-576 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091122_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tammie Simmons-Mosley Author-X-Name-First: Tammie Author-X-Name-Last: Simmons-Mosley Title: Interdependence Effects of Housing Abandonment and Renovation Abstract: This study uses a methodology for analyzing the interdependence effects of abandonment and renovation for profit-maximizing landlords. After using a Prisoners' Dilemma game of abandonment to establish the existence of the interdependence phenomenon between internal rates of return, a Stackelberg framework is employed to model the interdependence effects of abandonment and renovation. The Stackelberg model appropriately defines the timing payoffs of the landlords' operational decisions. This model shows that as long as one landlord does not abandon, the optimal decision for the other landlord is to renovate their property. Journal: Journal of Real Estate Research Pages: 421-430 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091122 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091122 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:421-430 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091123_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: L Iwarere Author-X-Name-First: L Author-X-Name-Last: Iwarere Author-Name: John Williams Author-X-Name-First: John Author-X-Name-Last: Williams Title: The Effect of Income, Ethnicity/Race and Institutional Factors on Mortgage Borrower Behavior Abstract: Studies examining mortgage choice behavior generally assume a frictionless mortgage market in which borrower decisions are influenced only by economic variables. This study explores the interface between demographic and institutional factors inherent in mortgage market logistics and the information flow that affects borrower behavior. The efficiency of these processes is particularly important when studying inner city real estate markets, since these markets are disproportionately represented by low income and minority households. The effect of institutional factors was examined by conducting a survey of borrower behavior in metropolitan Washington, DC. The secondary data findings indicate that ethnicity/race and income are jointly sensitive to borrower decision, confirming the clientele effect. The primary data findings also indicate that institutional factors influence mortgage choice. Similarly, borrowers are influenced by the channel chosen to evaluate market information. However, income was not found to be a significant determinant of borrower behavior. Journal: Journal of Real Estate Research Pages: 509-528 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091123 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091123 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:509-528 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091124_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John McMurray Author-X-Name-First: John Author-X-Name-Last: McMurray Author-Name: Thomas Thomson Author-X-Name-First: Thomas Author-X-Name-Last: Thomson Title: The Influence of Race in Residential Mortgage Closings Abstract: This study examines how applicants identified as Asian, Black or Hispanic differ in mortgage closing outcomes compared to the remaining applicants. First, the findings show that minority applicants are somewhat less likely to close a loan for purchase, but equally likely to close a loan for refinance. A more important question this study addresses is whether minority borrowers have less efficient closing outcomes. The findings show no statistical difference between minority and non-minority applicants. This indicates that originators do not demonstrate a “taste for discrimination” by basing their loan approval for minorities on whether the loan can be profitably sold. Journal: Journal of Real Estate Research Pages: 543-556 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091124 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091124 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:543-556 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091125_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Peiser Author-X-Name-First: Richard Author-X-Name-Last: Peiser Author-Name: Jiaqi Xiong Author-X-Name-First: Jiaqi Author-X-Name-Last: Xiong Title: Crime and Town Centers: Are Downtowns More Dangerous Than Suburban Shopping Nodes? Abstract: The perception of high crime rates in downtowns has hindered the revitalization of downtown shopping districts and adjacent residential areas. This paper presents a better methodology for measuring crime in commercial shopping districts, replacing the conventional method of quoting crimes per 100,000 residences with a measure that more accurately reflects one's chance for being a crime victim. This new measurement is used to address the question of whether the downtown shopping districts of Los Angeles and San Diego are as dangerous as two of their most competitive suburban shopping areas—Santa Monica and Fashion Valley. The findings indicate that actual crime rates in both downtown Los Angeles and downtown San Diego are in fact lower that those of their suburban counterparts. Journal: Journal of Real Estate Research Pages: 577-606 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091125 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091125 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:577-606 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091126_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Roulac Author-X-Name-First: Stephen Author-X-Name-Last: Roulac Title: Strategic Significance of the Inner City to the Property Discipline Abstract: Central to strategies for and involvement in the inner city real estate market is their ability to attract people. A central part of the overall metropolis of a place, the inner city is the mechanism that mediates the larger top-down global concerns and the more intimate, personal concerns of day-to-day life. Places compete with one another for people, business and capital. Ultimately, the inner city is the magnet that shapes and informs decisions concerning urban form, as manifested by a particular typology of spatial patterns, in which a household chooses to live, and that influences that household's quality of life. Journal: Journal of Real Estate Research Pages: 365-394 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091126 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091126 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:365-394 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091127_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Emil Malizia Author-X-Name-First: Emil Author-X-Name-Last: Malizia Title: Structuring Urban Redevelopment Projects: Moving Participants Up the Learning Curve Abstract: Urban redevelopment projects implemented through public-private partnerships are the preferred way to revitalize inner-city areas. As the numbers of participants increase and deal structures become more complex, participants need more detailed knowledge of one another's motivations and behaviors to achieve feasible redevelopment projects. This research describes the expectations and behaviors of private sources of debt and equity, especially their financial return requirements, and the actions public participants can take to reduce project risks. With this knowledge, lead public and private participants should be able to forge economically viable projects that generate greater public benefits while reducing the risks of urban redevelopment. Journal: Journal of Real Estate Research Pages: 463-478 Issue: 4 Volume: 25 Year: 2003 Month: 1 X-DOI: 10.1080/10835547.2003.12091127 File-URL: http://hdl.handle.net/10.1080/10835547.2003.12091127 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:25:y:2003:i:4:p:463-478 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091128_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Carl Gwin Author-X-Name-First: Carl Author-X-Name-Last: Gwin Title: International Comparisons of Real Estate E-nformation on the Internet Abstract: How much information should brokers supply on a website? The Internet allows brokers to reduce the cost of providing information to potential buyers. However, brokers may risk disintermediation if they provide too much information. This paper presents a model of a broker's choice of how much information to provide on a website. The model considers buyers' tradeoffs between hiring a broker and gathering information on their own. It then investigates why real estate brokers in different countries provide different amounts of information on websites. Tests reveal that information provided on broker websites depends on the search cost of prospective buyers. Journal: Journal of Real Estate Research Pages: 1-24 Issue: 1 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091128 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091128 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:1:p:1-24 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091129_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Donald Epley Author-X-Name-First: Donald Author-X-Name-Last: Epley Title: New Ranking of Decision-Making Subject Areas for Corporate Real Estate Executives Abstract: This study is among the first to uncover specific concepts and skills critical to the general corporate real estate executive. The research targeted a broad range of U.S. and international corporate real estate executives in positions to know the requirements for their assignment. The results rank the three most important current subject areas critical to corporate real estate decision making as real estate market interpretation, general tools of analysis as opposed to specific tools and relationships with other personnel and the public. An additional area, lease analysis, was also found to be a part of the required concepts and skills. Journal: Journal of Real Estate Research Pages: 43-68 Issue: 1 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091129 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091129 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:1:p:43-68 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091130_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ming-Long Lee Author-X-Name-First: Ming-Long Author-X-Name-Last: Lee Author-Name: Kevin Chiang Author-X-Name-First: Kevin Author-X-Name-Last: Chiang Title: Substitutability between Equity REITs and Mortgage REITs Abstract: This study extends Seck's (1996) approach to investigate the degree of substitutability between equity real estate investment trusts (EREITs) and mortgage real estate investment trusts (MREITs). The variance ratio test and the variance decomposition of forecast errors yield results indicating the existence of informational commonality between EREITs and MREITs. The findings indicate that the two types of REITs are substitutable. A direct implication is that investors who believe they have superior forecasting ability will be indifferent to invest in either type of REIT. Another implication is that REITs can be treated as a single asset class in constructing a diversified multi-asset portfolio. Journal: Journal of Real Estate Research Pages: 95-114 Issue: 1 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091130 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:1:p:95-114 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091131_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kevin Chiang Author-X-Name-First: Kevin Author-X-Name-Last: Chiang Author-Name: Ming-Long Lee Author-X-Name-First: Ming-Long Author-X-Name-Last: Lee Author-Name: Craig Wisen Author-X-Name-First: Craig Author-X-Name-Last: Wisen Title: Another Look at the Asymmetric REIT-Beta Puzzle Abstract: The diversification benefit provided by real estate investment trusts (REITs) is of great importance to investors, practitioners and academics. This benefit critically relies on the correlation properties between REIT returns and the factors used to explain REIT returns. Recent studies have documented an asymmetry of the market-beta of equity REITs based on high and low GDP growth states as well as in positive and negative monthly market excess returns. The asymmetry has been labeled a puzzle because attempts to explain the asymmetry have failed and because it persists after controlling for a number of known effects. This study helps to resolve this puzzle by including the Fama-French (1993) book-to-market factor into a model that controls for size and market returns. Journal: Journal of Real Estate Research Pages: 25-42 Issue: 1 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091131 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091131 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:1:p:25-42 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091132_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Crystal Lin Author-X-Name-First: Crystal Author-X-Name-Last: Lin Author-Name: Kenneth Yung Author-X-Name-First: Kenneth Author-X-Name-Last: Yung Title: Real Estate Mutual Funds: Performance and Persistence Abstract: This study analyses the performance of real estate mutual funds for 1993 through 2001 period. The results indicate that real estate mutual funds do not provide positive abnormal performance on average. Fund performance to a large extent is determined by the performance of the real estate sector as a whole. Impacts of risk factors such as size, book-to-market ratio and market momentum become immaterial when the real estate market index is also included in the evaluation model. The results also show that fund performance persists in the short term. In addition, risk-adjusted real estate fund returns are affected by fund size, but unrelated to expense ratio, management tenure and turnover. Journal: Journal of Real Estate Research Pages: 69-94 Issue: 1 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091132 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091132 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:1:p:69-94 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091133_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karen Gibler Author-X-Name-First: Karen Author-X-Name-Last: Gibler Author-Name: Roy Black Author-X-Name-First: Roy Author-X-Name-Last: Black Title: Agency Risks in Outsourcing Corporate Real Estate Functions Abstract: Firms outsource business functions to focus on core competencies and cut operating expenses. However, companies must consider agency costs in determining the optimal staffing/ outsourcing balance. Analysis of the views of corporate real estate managers and real estate service providers indicate that although they share a common vision of the role of corporate real estate, providers focus more on traditional real estate tasks than on corporate business strategy. The optimum balance of staffing/outsourcing may consist of a corporate real estate staff that understands the overall corporate strategy and devotes its resources to strategic planning, program development, contracting and monitoring outsourced tasks. Journal: Journal of Real Estate Research Pages: 137-160 Issue: 2 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091133 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091133 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:2:p:137-160 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091134_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mukesh Chaudhry Author-X-Name-First: Mukesh Author-X-Name-Last: Chaudhry Author-Name: Suneel Maheshwari Author-X-Name-First: Suneel Author-X-Name-Last: Maheshwari Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: REITs and Idiosyncratic Risk Abstract: This study examines various determinants of idiosyncratic risk from the perspective of un-diversified REIT investors, managers holding options, other option holders, and arbitrageurs. Since real estate investment trusts (REITs) enjoy a unique organizational structure and tax status, the relevant determinants derived from the two-stage regression model are different from other industrial firms. Results suggest that efficiency, liquidity and earnings variability are the important determinants of idiosyncratic risk, whereas size and capital do not. Journal: Journal of Real Estate Research Pages: 207-222 Issue: 2 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091134 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091134 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:2:p:207-222 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091135_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Oded Palmon Author-X-Name-First: Oded Author-X-Name-Last: Palmon Author-Name: Barton Smith Author-X-Name-First: Barton Author-X-Name-Last: Smith Author-Name: Ben Sopranzetti Author-X-Name-First: Ben Author-X-Name-Last: Sopranzetti Title: Clustering in Real Estate Prices: Determinants and Consequences Abstract: This study examines the determinants and consequences of price clustering. Real estate list and transaction prices exhibit two price-ending characteristics: even (000-ending) and just-below-even (900-ending). The use of even-ending prices is negatively related to the precision of the price estimates and the cost of rounding. However, the tendency to use just-below-even-ending prices is related to the cost of rounding and to listing agency characteristics. The transaction price and the number of days on market are associated with list price clustering and with listing agency characteristics. Most properties are listed at just-below-even-ending prices, but those listed at even-ending prices sell faster and at a higher price. Finally, better transaction outcomes are positively associated with the number of area-properties listed by the seller's real-estate agency. Journal: Journal of Real Estate Research Pages: 115-136 Issue: 2 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091135 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091135 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:2:p:115-136 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091136_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Martin Hoesli Author-X-Name-First: Martin Author-X-Name-Last: Hoesli Author-Name: Jon Lekander Author-X-Name-First: Jon Author-X-Name-Last: Lekander Author-Name: Witold Witkiewicz Author-X-Name-First: Witold Author-X-Name-Last: Witkiewicz Title: International Evidence on Real Estate as a Portfolio Diversifier Abstract: This paper provides an international comparison of the benefits of including real estate assets in mixed-asset portfolios. Real estate returns are desmoothed using a variant of the Geltner (1993) approach, and Bayes-Stein estimators are used to increase the stability of portfolio weight estimations. Both unhedged and hedged analyses are conducted. Real estate is found to be an effective portfolio diversifier, and even more so when both domestic and international real estate assets are considered. The optimal allocation to real estate is 15% to 25%, and remains stable when the level of the standard deviation of real estate is altered. Real estate allocation between domestic and nondomestic assets, however, varies substantially across countries, depending on whether returns are hedged or not.This article is the winner of the International Real Estate Investment/Portfolio Management Manuscript Prize (sponsored by LaSalle Investment Management) presented at the 2003 American Real Estate Society Annual Meeting. Journal: Journal of Real Estate Research Pages: 161-206 Issue: 2 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091136 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091136 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:2:p:161-206 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091137_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Title: The Structure of a Retail Lease Abstract: This paper develops an option-theoretic model of a retail lease. The standard retail lease contains provisions for a security deposit, a base rent, and a percentage rent or a sharing between landlord and tenant of rent revenue above a preset sales threshold or break point level. The findings show that the tradeoff between the security deposit and base rent provisions is independent of percentage rent. The function of the security deposit and percentage rent is to sort separate tails of the distribution of tenants and landlords. Low-quality tenants are charged higher security deposits or are sorted from other tenants by their inability to pay them. High-quality tenants use percentage rent provisions as a method of distinguishing between landlords. Landlords who maintain capital expenditures and who have financial staying power are more likely to collect percentage rent. Journal: Journal of Real Estate Research Pages: 223-236 Issue: 2 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091137 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091137 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:2:p:223-236 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091138_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ronald Rutherford Author-X-Name-First: Ronald Author-X-Name-Last: Rutherford Author-Name: Thomas Springer Author-X-Name-First: Thomas Author-X-Name-Last: Springer Author-Name: Abdullah Yavas Author-X-Name-First: Abdullah Author-X-Name-Last: Yavas Title: The Impact of Contract Type on Broker Performance: Submarket Effects Abstract: Rutherford, Springer and Yavas (2001) develop and empirically test a model that analyzes the effect the type of listing contract, either exclusive agency (EA) or exclusive right to sell (ERTS), has on the performance of the agent/broker. This paper extends the work of Rutherford et al. and looks at differences between housing submarkets delineated by price. The results show a selling price discount associated with both broker-effected and owner-effected sales for lower-priced houses with EA contracts. For higher-priced houses, there is no price advantage to an EA-listing if the broker achieves the sale, but if the owner sells the house, there is a modest price premium associated with the sale. The primary implication of the results is that owners of lower-priced houses should be wary of alternative listing arrangements, namely EA contracts. Journal: Journal of Real Estate Research Pages: 277-298 Issue: 3 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091138 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091138 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:3:p:277-298 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091139_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Terrence Clauretie Author-X-Name-First: Terrence Author-X-Name-Last: Clauretie Author-Name: William Kuhn Author-X-Name-First: William Author-X-Name-Last: Kuhn Author-Name: Keith Schwer Author-X-Name-First: Keith Author-X-Name-Last: Schwer Title: Residential Properties Taken Under Eminent Domain: Do Government Appraisers Track Market Values? Abstract: Local governments often use powers of eminent domain to take residential properties for public use. In such cases, the local government will use their appraisers to calculate an offer on the property. If the government's goal is to avoid costly (use of administrative resources) litigation it may have an incentive to over-appraise the properties. Such over-valuation would transfer the cost to taxpayers. This study compares the appraised value of sixty properties taken through eminent domain in Clark County, Nevada to comparable properties sold in free market transactions. The findings indicate a 17% over-appraisal of the properties taken by eminent domain. The findings also indicate that a government may use simple rules for appraising the properties, whereas the market employs more complex rules. Journal: Journal of Real Estate Research Pages: 317-328 Issue: 3 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091139 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091139 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:3:p:317-328 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091140_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Natalya Delcoure Author-X-Name-First: Natalya Author-X-Name-Last: Delcoure Author-Name: Ross Dickens Author-X-Name-First: Ross Author-X-Name-Last: Dickens Title: REIT and REOC Systematic Risk Sensitivity Abstract: Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs) seem to have different systematic risk levels even though both invest almost exclusively in real estate-related assets. The findings indicate that business risk is negatively related to systematic risk, as measured by beta, for REITs, while betas are positively related to agency costs for REOCs. The two groups' betas also show differing sensitivity to real estate property type and regional location. REITs' systematic risk is also sensitive to financial leverage and financing form. Journal: Journal of Real Estate Research Pages: 237-254 Issue: 3 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091140 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091140 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:3:p:237-254 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091141_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karl Guntermann Author-X-Name-First: Karl Author-X-Name-Last: Guntermann Author-Name: Gareth Thomas Author-X-Name-First: Gareth Author-X-Name-Last: Thomas Title: Loss of Age-Restricted Status and Property Values: Youngtown Arizona Abstract: This study finds evidence of a large premium in Youngtown Arizona house prices that persisted over time and could be attributed to the town's age-restricted status. Age restrictions may act as a signal that the community provides facilities and services that meet the needs of the senior population and the assurance that those facilities and services will be available in the future. This assurance reduces uncertainty for future owners and it is the reduced uncertainty that is capitalized into house prices. The loss of the age restriction resulted in the elimination of the premium over approximately twelve to eighteen months. Journal: Journal of Real Estate Research Pages: 255-276 Issue: 3 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091141 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091141 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:3:p:255-276 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091142_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randall Guttery Author-X-Name-First: Randall Author-X-Name-Last: Guttery Author-Name: Stephen Poe Author-X-Name-First: Stephen Author-X-Name-Last: Poe Author-Name: C. Sirmans Author-X-Name-First: C. Author-X-Name-Last: Sirmans Title: An Empirical Investigation of Federal Wetlands Regulation and Flood Delineation: Implications for Residential Property Owners Abstract: Since the early 1970s, the federal government has undertaken extensive efforts to stem the loss of wetlands by regulating the use of land. This paper investigates the extent to which residential property owners are affected by federal wetlands regulation, by presenting an empirical investigation of such economic consequences. Results suggest that because of the Supreme Court's holding in United States v. Riverside Bayview Homes, Inc., sale prices of properties located in a wetlands area were discounted nearly 8%, even after controlling for some sample properties being flood delineated. Journal: Journal of Real Estate Research Pages: 299-316 Issue: 3 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091142 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091142 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:3:p:299-316 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091143_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark Sunderman Author-X-Name-First: Mark Author-X-Name-Last: Sunderman Author-Name: Ronald Spahr Author-X-Name-First: Ronald Author-X-Name-Last: Spahr Author-Name: Samuel Runyan Author-X-Name-First: Samuel Author-X-Name-Last: Runyan Title: A Relationship of Trust: Are State “School Trust Lands” Being Prudently Managed for the Beneficiary? Abstract: Every state entering the Union in the United States since 1803 received land grants from the federal government for the support of their public schools. Inherent in this federal grant is the fiduciary duty to prudently and effectively manage trust assets for the beneficiary, their school systems. This paper addresses the question of whether managers of trust lands are meeting their fiduciary responsibilities of “maximum economic benefit” for their beneficiaries. Realized market value-based economic returns from grazing lease revenues and capital appreciation for all twenty-three counties in Wyoming are compared with returns that may have been generated from alternative investment policy alternatives. Market values and capital appreciation for school trust lands in Wyoming are estimated from hedonic models formulated from ranch sales data and grazing revenue data. Journal: Journal of Real Estate Research Pages: 345-370 Issue: 4 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091143 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091143 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:4:p:345-370 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091144_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hans Isakson Author-X-Name-First: Hans Author-X-Name-Last: Isakson Title: Analysis of the Effects of Large Lot Zoning Abstract: This study extends a test for the presence of binding zoning, originally developed to be applied across many adjacent jurisdictions, so that it can be applied within a single jurisdiction. This study also demonstrates how to carry out this test in the presence of spatially correlated OLS residuals by using a mixed effects model whose coefficients are estimated using the maximum likelihood technique. The study examines twenty years of land sales data from a Midwestern county containing two adjacent cities surrounded by rural areas. A thirty-five-acre acre, minimum lot size in the rural area is found to be binding; while a 9,000 square foot minimum lot size in the cities is found to be not binding.This article is the winner of the Real Estate Market Analysis Manuscript Prize (sponsored by Torto Wheaton Research) present at the 2003 American Real Estate Society Annual Meeting. Journal: Journal of Real Estate Research Pages: 397-416 Issue: 4 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091144 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091144 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:4:p:397-416 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091145_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Ooi Author-X-Name-First: Joseph Author-X-Name-Last: Ooi Author-Name: Kim-Hiang Liow Author-X-Name-First: Kim-Hiang Author-X-Name-Last: Liow Title: Risk-Adjusted Performance of Real Estate Stocks: Evidence from Developing Markets Abstract: This paper examines the performance of real estate stocks listed in seven developing markets in East Asia between 1992 and 2002. Using panel regressions, the goal is to identify determinants of the risk-adjusted returns of real estate securities traded in these markets. The empirical evidence suggests that size, book-to-market value, capital structure and market diversification have significant influence on the performance of real estate securities. Asset structure and development exposure, however, do not appear to have any significant effect on the returns behavior, while dividend yield has limited influence. As expected, interest rates and market condition have significant impact on the returns of real estate stocks. The Asian Financial Crisis also has an adverse impact on stocks' performance. Journal: Journal of Real Estate Research Pages: 371-396 Issue: 4 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091145 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091145 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:4:p:371-396 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091146_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: Donald Jud Author-X-Name-First: Donald Author-X-Name-Last: Jud Title: Why Do Households Concentrate Their Wealth in Housing? Abstract: An apparent paradox in household wealth accumulation in the United States is the relatively small holding of financial assets and the large holding of housing wealth. To explain the high concentration of household wealth in housing, this paper estimates the marginal propensity to consume from housing and from financial assets. A higher marginal propensity to consume from housing rather than from financial assets would lead households to concentrate their wealth in real estate. For aggregate U.S. quarterly data from 1952:1 to 2002:2, the marginal propensity to consume from housing is higher than that from financial wealth. These conditions provide a rationale for the concentration of household assets in housing. Journal: Journal of Real Estate Research Pages: 329-344 Issue: 4 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091146 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091146 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:4:p:329-344 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091147_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ron Donohue Author-X-Name-First: Ron Author-X-Name-Last: Donohue Author-Name: Patric Hendershott Author-X-Name-First: Patric Author-X-Name-Last: Hendershott Title: Fund Flows and Commercial Real Estate Investment: Evidence from the Commercial Mortgage Market Abstract: This paper addresses the issue of the impact of fund flows on real investment. In the classical world, fund flows affect investment by changing the cost of funds or through the weighted average cost of capital. In a less perfect world, fund flows can directly alter investment though a rationing mechanism, where even presumably profitable investment is choked off.This paper examines the commercial mortgage market over the last quarter century. The findings indicate an effect of constrained flows on investment in the early 1990s, but an independent impact of higher flows to the commercial mortgage market in the middle 1980s is not found. Journal: Journal of Real Estate Research Pages: 417-442 Issue: 4 Volume: 26 Year: 2004 Month: 1 X-DOI: 10.1080/10835547.2004.12091147 File-URL: http://hdl.handle.net/10.1080/10835547.2004.12091147 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:26:y:2004:i:4:p:417-442 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091148_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Valente Author-X-Name-First: James Author-X-Name-Last: Valente Author-Name: ShanShan Wu Author-X-Name-First: ShanShan Author-X-Name-Last: Wu Author-Name: Alan Gelfand Author-X-Name-First: Alan Author-X-Name-Last: Gelfand Author-Name: C. F. Sirmans Author-X-Name-First: C. F. Author-X-Name-Last: Sirmans Title: Apartment Rent Prediction Using Spatial Modeling Abstract: This paper provides a new model to explain local variation in apartment rents by introducing the notion of a spatial process. This model differs from those in the literature by explicitly specifying spatial association between pairs of locations as a function of distance between them. Data on apartment rents for the eight markets are used to illustrate the spatial model. Results indicate significant prediction improvement over traditional hedonic rent models that only include indicator variables to capture spatial effects. Journal: Journal of Real Estate Research Pages: 105-136 Issue: 1 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091148 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091148 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:1:p:105-136 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091149_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Wheaton Author-X-Name-First: William Author-X-Name-Last: Wheaton Title: Resort Real Estate: Does Supply Prevent Appreciation? Abstract: This paper examines the behavior of ski resort property in a major New England market over the last 25 years. A constructed property price series reveals that nominal prices are quite volatile and only slightly higher today than in 1980. These fluctuations and trends are investigated with a time series VAR model. The findings indicate that (1) natural snowfall is crucial to business; (2) regional annual business is central to individual resort demand and hence price appreciation; and (3) resort supply responds so elastically to any movement in prices, that it effectively curtails any long-term property appreciation. Impulse responses reveal that positive demand shocks fail to generate any long-term (real) price appreciation because of excessive new development. This behavior could be typical of many other ski resorts. Journal: Journal of Real Estate Research Pages: 1-16 Issue: 1 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091149 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091149 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:1:p:1-16 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091150_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lennart Berg Author-X-Name-First: Lennart Author-X-Name-Last: Berg Title: Price Indexes for Multi-Dwelling Properties in Sweden Abstract: The econometric test in this paper indicates that standard property and municipality attributes are important determinants of sales prices for multi-dwelling and commercial buildings (MDCBs) in Sweden. Spatial econometric techniques were used to determine that spatial specified regressions improved the models' explanatory power. The constant quality price for a model estimated with OLS is roughly one percentage point higher than for a model controlling for spatial autocorrelation. When the constant quality price trend is estimated on a yearly basis, there are hardly any differences between the estimated parameters, notwithstanding if all MDCBs are in the sample or if the sample is split into submarkets. However, estimating models with a quarterly constant quality price trend to some extent shows different price trends for the three submarkets. Journal: Journal of Real Estate Research Pages: 47-82 Issue: 1 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091150 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091150 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:1:p:47-82 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091151_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephanie Vanderford Author-X-Name-First: Stephanie Author-X-Name-Last: Vanderford Author-Name: Yoko Mimura Author-X-Name-First: Yoko Author-X-Name-Last: Mimura Author-Name: Anne Sweaney Author-X-Name-First: Anne Author-X-Name-Last: Sweaney Title: A Hedonic Price Comparison of Manufactured and Site-Built Homes in the Non-MSA U.S. Abstract: This study used the hedonic price technique to focus on a housing characteristic that has been studied infrequently: whether a home is site-built or manufactured. Two hedonic price regression models were used to determine the predictive power of construction type on home price. The first, which controlled for factors found to relate to home prices in previous research, showed a significant difference between the prices of the two types of homes. The second, which also included other variables through a stepwise regression, found that the type of construction had more predictive power than any other explanatory variable in the model. Journal: Journal of Real Estate Research Pages: 83-104 Issue: 1 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091151 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:1:p:83-104 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091152_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gary Cornia Author-X-Name-First: Gary Author-X-Name-Last: Cornia Author-Name: Barrett Slade Author-X-Name-First: Barrett Author-X-Name-Last: Slade Title: Property Taxation of Multifamily Housing: An Empirical Analysis of Vertical and Horizontal Equity Abstract: This paper analyzes the uniformity of the property appraisal outcome for multifamily apartment complexes in Phoenix, Arizona. Specifically, it investigates vertical and horizontal equity and equity across assessment methods. Apartment transactions and assessed valuations are examined over a five-year period (1998-2002). Once possible bias in model specification is accounted for, no evidence of vertical inequity in the sample is found. However, there is modest evidence of horizontal inequity: the results suggest that complex size and geographic location are more difficult for the assessor to value uniformly. There is also inequity between small and large properties, as represented by two different valuation methods. Thus, the findings indicate that the income approach is superior to the sales comparison approach for valuing multifamily properties for tax purposes. Journal: Journal of Real Estate Research Pages: 17-46 Issue: 1 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091152 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091152 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:1:p:17-46 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091153_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Bertin Author-X-Name-First: William Author-X-Name-Last: Bertin Author-Name: Paul Kofman Author-X-Name-First: Paul Author-X-Name-Last: Kofman Author-Name: David Michayluk Author-X-Name-First: David Author-X-Name-Last: Michayluk Author-Name: Laurie Prather Author-X-Name-First: Laurie Author-X-Name-Last: Prather Title: Intraday REIT Liquidity Abstract: This study measures and analyzes the liquidity differences between Real Estate Investment Trusts (REITs) and other common stocks. The intraday variations documented in this study have implications for the appropriate timing of trades to minimize transaction costs and the substitutability of investments if illiquidity is priced. The findings reveal intraday patterns indicating lower liquidity for REITs than for common stocks when the liquidity measure is friction-based. In contrast, activity measures exhibit higher liquidity levels for REITs than for common stocks but this difference is only statistically significant at the beginning of the trading day. The findings also indicate that the ability to trade without influencing prices is 15%-25% greater for non-REITS compared to REITs, and the price of immediacy is 7% higher for REITs. Journal: Journal of Real Estate Research Pages: 155-176 Issue: 2 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091153 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091153 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:2:p:155-176 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091154_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Simons Author-X-Name-First: Robert Author-X-Name-Last: Simons Author-Name: Kimberly Winson-Geideman Author-X-Name-First: Kimberly Author-X-Name-Last: Winson-Geideman Title: Determining Market Perceptions on Contamination of Residential Property Buyers Using Contingent Valuation Surveys Abstract: This study reports the results of contingent valuation (CV) studies conducted in eight states in the United States. Over 1,100 telephone interviews examined valuation effects on residential properties impacted by Leaking Underground Storage Tanks (LUST). Negative discounts for marginal bidders with affected ground water were quite consistent, varying from −25% to −33%. ANOVA established that bidding patterns from six of the seven states were statistically similar while male bidders, those over 40 years of age and those with no high school degree were more likely to bid; those with higher incomes and those bidding on certain, rather than suspected contamination, were less likely to bid. Contingent valuation results benchmark reasonably close to but higher than revealed preference outcomes for residential LUST sites in Ohio. Journal: Journal of Real Estate Research Pages: 193-220 Issue: 2 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091154 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091154 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:2:p:193-220 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091155_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Layson Author-X-Name-First: Stephen Author-X-Name-Last: Layson Title: The Estimation of Consumer Surplus Benefits from a City Owned Multipurpose Coliseum Complex Abstract: Coliseums can create consumer surplus benefits by providing types of entertainment to local residents that would otherwise not be available to them. This paper estimates consumer surplus for a major city owned entertainment/convention facility, the Greensboro Coliseum Complex (GCC). A novel aspect of this paper is that it estimates the distribution of consumer surplus across households of different income levels, as well as aggregate consumer surplus. It is estimated that aggregate consumer surplus from the GCC in 1999 exceeded the public subsidy for this complex, but a disproportionate amount of the consumer surplus benefits go to higher income households. Journal: Journal of Real Estate Research Pages: 221-236 Issue: 2 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091155 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091155 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:2:p:221-236 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091156_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Ling Author-X-Name-First: David Author-X-Name-Last: Ling Title: A Random Walk Down Main Street: Can Experts Predict Returns on Commercial Real Estate? Abstract: This study examines the ability of experts, specifically institutional owners and managers, to predict commercial real estate return performance in major metropolitan markets and on various property types. The findings indicate that the consensus opinions on investment conditions contained in Real Estate Research Corporation's quarterly Real Estate Investment Survey are useful in forecasting subsequent return performance. In fact, the findings document that RERC's surveys are backward looking. The implications of these findings for investors are discussed. Journal: Journal of Real Estate Research Pages: 137-154 Issue: 2 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091156 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091156 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:2:p:137-154 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091157_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Seow Ong Author-X-Name-First: Seow Author-X-Name-Last: Ong Author-Name: Kenneth Lusht Author-X-Name-First: Kenneth Author-X-Name-Last: Lusht Author-Name: Chee Mak Author-X-Name-First: Chee Author-X-Name-Last: Mak Title: Factors Influencing Auction Outcomes: Bidder Turnout, Auction Houses and Market Conditions Abstract: This study provides new evidence on the outcomes of auctions of residential real estate, focusing on the effects of bidder turnout, pricing, market conditions and auction houses. The analysis of properties offered for sale by auction in Singapore from 1995 to 2000 shows that several variables are significant in explaining why an auction results in a sale. These variables include the state of the market, the timing of the auction (year), the number of bidders and the auction house. The findings indicate that the probability of a sale is higher for distress sales, for more homogenous properties and for those located in the central region. A sensitivity analysis is provided of how market conditions and the choice of auction house influence the probability of a sale. Journal: Journal of Real Estate Research Pages: 177-192 Issue: 2 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091157 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091157 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:2:p:177-192 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091158_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: François Rosiers Author-X-Name-First: François Author-X-Name-Last: Rosiers Author-Name: Marius Thériault Author-X-Name-First: Marius Author-X-Name-Last: Thériault Author-Name: Laurent Ménétrier Author-X-Name-First: Laurent Author-X-Name-Last: Ménétrier Title: Spatial Versus Non-Spatial Determinants of Shopping Center Rents: Modeling Location and Neighborhood-Related Factors Abstract: This study is an attempt to model the economic trade-off between spatial and non-spatial determinants of shopping center rents while assessing the role of neighborhood and location attributes in the rent setting process. For that purpose, two space-related indices, namely the Economic Potential Index (EPI) and the Center Attraction Index (CAI), are designed based on a major origin-destination phone survey and on financial data obtained for eight major shopping centers in Quebec City, Canada. The database, which is processed through a regional GIS, includes 1,007 retail units, representing some 4.4 million square feet of gross leasable area. While findings confirm that the EPI act as a significant determinant of shopping center rents, they also bring out the complexity of the relationships between endogenous and exogenous rent determinants. Journal: Journal of Real Estate Research Pages: 293-320 Issue: 3 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091158 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091158 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:3:p:293-320 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091159_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karl Guntermann Author-X-Name-First: Karl Author-X-Name-Last: Guntermann Author-Name: Gareth Thomas Author-X-Name-First: Gareth Author-X-Name-Last: Thomas Title: Parcel Size, Location and Commercial Land Values Abstract: The concept of a peak in value or a “100% location’” is so well established in real estate that there is no reference to the term in recent real estate principles and appraisal texts. However, the land value section in appraisals of a regional shopping center did not apply the concept when adjusting comparables for location, which resulted in a substantial underestimation of site value. A regression model that included a distance variable to control for location produced a value estimate that was more than double the values in the appraisals. The empirical results illustrate that the subject site represented a distinct peak in land value as well as reemphasizing the importance of making careful location adjustments in situations where there is a distinct peak in land value. Journal: Journal of Real Estate Research Pages: 343-354 Issue: 3 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091159 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091159 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:3:p:343-354 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091160_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Charles Carter Author-X-Name-First: Charles Author-X-Name-Last: Carter Author-Name: Kerry Vandell Author-X-Name-First: Kerry Author-X-Name-Last: Vandell Title: Store Location in Shopping Centers: Theory and Estimates Abstract: This paper develops a formal theory of store location within shopping centers based on bid rent theory. The bid rent model is fully specified and solved with the objective function of profit maximization in the presence of comparative, multipurpose and impulse shopping behavior. Several hypotheses result about the optimal relationships between store types, sizes, rents, sales, and distances from the mall center. The hypotheses are tested and confirmed using data from a sample of 689 leases in eight regional and super-regional shopping centers, suggesting that a bid rent explanation is consistent with observed location patterns in malls. Journal: Journal of Real Estate Research Pages: 237-266 Issue: 3 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091160 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091160 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:3:p:237-266 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091161_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Olgun Sahin Author-X-Name-First: Olgun Author-X-Name-Last: Sahin Title: The Performance of Acquisitions in the Real Estate Investment Trust Industry Abstract: This study examines the performance of acquisitions in the Real Estate Investment Trust (REIT) industry around the acquisition announcement and in the long-run. The results suggest that the acquiring REITs experience statistically significant negative abnormal returns while the target REITs earn statistically significant positive abnormal returns during the three-day period around the announcement. The long-run performance of the acquiring REITs is analyzed using size benchmark portfolios with the buy-and-hold, cumulative average and mean calendar time abnormal returns, as well as the Fama-French Three Factor Model. None of the other methods detect significant abnormal returns in the long-run with the exception of the buy-and-hold abnormal return. Further analysis shows that the long-run positive buy-and-hold abnormal return is consistent with an unexpected decline in cost of equity after acquisitions. Journal: Journal of Real Estate Research Pages: 321-342 Issue: 3 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091161 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091161 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:3:p:321-342 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091162_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Evans Author-X-Name-First: Richard Author-X-Name-Last: Evans Author-Name: Phillip Kolbe Author-X-Name-First: Phillip Author-X-Name-Last: Kolbe Title: Homeowners' Repeat-Sale Gains, Dual Agency and Repeated Use of the Same Agent Abstract: Previous studies of dual agency, where one agent serves both buyer and seller in a transaction, use hedonic models. Repeat-sale methods can test for the price effect of accepting dual agency. Dual agency does not show convincing effects on expected gain, which would occur if there was a systematic bias, or on heteroscedasticity, which would occur if there are large effects that are rare. Earlier researchers could not test for the effect of an owner picking a listing agent who was the earlier selling agent. Consistently positive mean abnormal price gains come from this choice, as well as significant heteroscedasticity. Journal: Journal of Real Estate Research Pages: 267-292 Issue: 3 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091162 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091162 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:3:p:267-292 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091163_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bulent Uyar Author-X-Name-First: Bulent Author-X-Name-Last: Uyar Author-Name: Kenneth Brown Author-X-Name-First: Kenneth Author-X-Name-Last: Brown Title: Impact of Local Public Services and Taxes on Dwelling Choice Within a Single Taxing Jurisdiction: A Discrete Choice Model Abstract: Discrete choice models of household location assume local public finance variables remain the same within a given taxing jurisdiction. Thus far, no such model has tested the validity of this assumption. This study employs McFadden’s (1978, 2001) discrete choice model to test or the significance of dwelling-specific local taxes and public services on household location decisions within a single taxing jurisdiction. The findings indicate that such variables are significant determinants of location decisions even within a single taxing jurisdiction, and should not be assumed away. Failure to include such variables in a model may, thereore, result in biased statistical results. Journal: Journal of Real Estate Research Pages: 427-444 Issue: 4 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091163 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091163 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:4:p:427-444 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091164_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Boris Portnov Author-X-Name-First: Boris Author-X-Name-Last: Portnov Author-Name: Yakov Odish Author-X-Name-First: Yakov Author-X-Name-Last: Odish Author-Name: Larissa Fleishman Author-X-Name-First: Larissa Author-X-Name-Last: Fleishman Title: Factors Affecting Housing Modifications and Housing Pricing: A Case Study of Four Residential Neighborhoods in Haifa, Israel Abstract: The relationships among three groups of variables— environmental conditions in residential neighborhoods, post-occupancy housing changes and modifications (HCMs), and the market values of residential properties—are investigated. While traditional hedonic modeling assumes the existence of direct links between environmental factors and property values, this paper suggests that such links are indirect and work through the investment decisions of homeowners, who choose to invest (or not to invest) in the maintenance and/or expansion of their properties. To verify this assumption, HCMs accumulated in our residential neighborhoods in Haifa, Israel are analyzed. The findings indicate a fairly strong association between environmental factors, building characteristics, rehabilitation activity and property values in these neighborhoods. The paper suggests an extra benefit or improving the environment, due to the dynamic process that may cause further investment. Journal: Journal of Real Estate Research Pages: 371-408 Issue: 4 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091164 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091164 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:4:p:371-408 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091165_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jeffrey Fisher Author-X-Name-First: Jeffrey Author-X-Name-Last: Fisher Author-Name: Brent Smith Author-X-Name-First: Brent Author-X-Name-Last: Smith Author-Name: Jerrold Stern Author-X-Name-First: Jerrold Author-X-Name-Last: Stern Author-Name: R. Webb Author-X-Name-First: R. Author-X-Name-Last: Webb Title: Analysis of Economic Depreciation or Multi-Family Property Abstract: This paper uses a hedonic pricing model and National Council of Real Estate Investment Fiduciaries data to estimate economic depreciation or multi-family real estate. The findings indicate that investment grade multi-family housing depreciates approximately 2.7% per year in real terms based on total property value. This implies a depreciation rate or just the building of about 3.25% per year. With 2% inflation, this suggests a nominal depreciation rate of about 5.25% per year. Converted into a straight-line depreciation rate that has the same present value, this suggests a depreciable life of 30.5 years—as compared to 27.5 years allowed under the current tax laws. Thus, these laws are slightly favorable to multi-family properties by providing a tax depreciation rate that exceeds economic depreciation, which is in part due to inflation that has been less than expected during the past decade. Journal: Journal of Real Estate Research Pages: 355-370 Issue: 4 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091165 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091165 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:4:p:355-370 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091166_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: Jud Donald Author-X-Name-First: Jud Author-X-Name-Last: Donald Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: Technology and Real Estate Brokerage Firm Financial Perormance Abstract: This study investigates the impact of Internet usage on the financial perormance of residential real estate brokerage firms using a database of over 1,700 observations. Factor loadings and a factor score or Internet usage are developed. The results show that Internet use is positively related to revenue and net income, and negatively related to net margin. In a second stage analysis, Internet use is ound to be positively associated with franchise affiliation, affiliation with a referral/relocation network and firm size, while negatively related to firm age, single-office firms and location in the West and South (relative to the Northeast). Journal: Journal of Real Estate Research Pages: 409-426 Issue: 4 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091166 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091166 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:4:p:409-426 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091167_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Patric Hendershott Author-X-Name-First: Patric Author-X-Name-Last: Hendershott Author-Name: Bryan MacGregor Author-X-Name-First: Bryan Author-X-Name-Last: MacGregor Title: Investor Rationality: An Analysis of NCREIF Commercial Property Data Abstract: National Council of Real Estate Fiduciaries multiple listing service level cash flows and panels of capitalization rates or industrial, office and retail properties over the last two decades are examined in this study. Real NOI 5-year future growth is shown to be negatively related to deviations of current real NOI from trend. Given this trend reversion in real cash flows, investor rationality requires that income multipliers be low (capitalization rates be high) when real cash flows are above trend and visa versa. In the panel estimates, the opposite is seen to be the case. Whether this is due to questionable data or irrational behavior is uncertain. Journal: Journal of Real Estate Research Pages: 445-476 Issue: 4 Volume: 27 Year: 2005 Month: 1 X-DOI: 10.1080/10835547.2005.12091167 File-URL: http://hdl.handle.net/10.1080/10835547.2005.12091167 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:27:y:2005:i:4:p:445-476 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091168_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Simons Author-X-Name-First: Robert Author-X-Name-Last: Simons Author-Name: Jesse Saginor Author-X-Name-First: Jesse Author-X-Name-Last: Saginor Title: A Meta - Analysis of the Effect of Environmental Contamination and Positive Amenities on Residential Real Estate Values Abstract: This paper addresses the effects of environmental contamination and positive amenities on proximate residential real estate property values in the United States. Contamination sources include leaking underground storage tanks, superfund sites, landfills, water and air pollution, power lines, pipeline ruptures, nuclear power plants, animal feedlots and several other urban nuisance uses. The study summarizes a literature review of 75 peer-reviewed journal articles and selected case studies, and generates a data set of about 290 observations that contain information about each study's loss (the dependent variable), with the independent variables being distance from the source, type of contamination, urban or rural environment, geographic region, market conditions and several other variables. Ordinary least squares is used to determine the effect of the contamination variables on reduction in property value. Broad contamination types, amenities, selected economic regions, distance from the source, information, research method and several other variables are statistically significant. Journal: Journal of Real Estate Research Pages: 71-104 Issue: 1 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091168 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091168 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:1:p:71-104 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091169_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Brau Author-X-Name-First: James Author-X-Name-Last: Brau Author-Name: Andrew Holmes Author-X-Name-First: Andrew Author-X-Name-Last: Holmes Title: Why Do REITs Repurchase Stock? Extricating the Effect of Managerial Signaling in Open Market Share Repurchase Announcements Abstract: This paper explores the effect of stock repurchase announcements on equity returns for publicly traded real estate investment trusts (REITs). In addition to providing analysis of the corporate decision to repurchase shares, the study of share repurchases in the context of REITs provides a novel opportunity to disentangle the impact of competing theories for the abnormal returns observed around repurchase announcements. Prior literature advances six hypotheses to explain the stock price reaction associated with repurchases. Given that the theories all predict the same stock price reaction, existing studies are unable to disentangle the competing hypotheses. The intent of this research is to extricate the signaling hypothesis from the competing explanations to determine whether the managerial signaling hypothesis is a credible explanation for the abnormal returns observed around share repurchase announcements. After controlling for relevant economic variables, we provide evidence for the efficacy of the managerial signaling hypothesis. Journal: Journal of Real Estate Research Pages: 1-24 Issue: 1 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091169 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091169 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:1:p:1-24 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091170_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: Donald Jud Author-X-Name-First: Donald Author-X-Name-Last: Jud Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: Franchising in Residential Brokerage Abstract: This paper explores the profitability of real estate franchises. The database for the study consists of observations from the National Association of Realtors®' 2001 survey of real estate brokerage firms. Franchises are found to generate additional revenue for franchisees. However, net margins defined as the difference between revenues received and expenses paid (including franchise royalties) are lower for firms with franchises. The findings indicate that franchisors appear to extract the excess rents from the franchisee. Journal: Journal of Real Estate Research Pages: 61-70 Issue: 1 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091170 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091170 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:1:p:61-70 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091171_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Seow Ong Author-X-Name-First: Seow Author-X-Name-Last: Ong Title: Price Discovery in Real Estate Auctions: The Story of Unsuccessful Attempts Abstract: Little is known of the effects of the auction mechanism in relation to post-auction market sales. This empirical study of unsuccessful auctions shows that approximately half of these properties were eventually sold via private negotiations, at higher prices relative to last bids. The probability of a subsequent post-auction transaction is significantly higher for apartments and terrace houses and when auction turnout is high; and lower in the absence of any bid and in some years. In addition, downward revisions to the opening bid improve the probability of subsequent sale. Prices of subsequent re-auctioned and privately negotiated sales decline with time to sale, consistent with the search process explanation. Journal: Journal of Real Estate Research Pages: 39-60 Issue: 1 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091171 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091171 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:1:p:39-60 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091172_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Terrence Clauretie Author-X-Name-First: Terrence Author-X-Name-Last: Clauretie Author-Name: Marvin Wolverton Author-X-Name-First: Marvin Author-X-Name-Last: Wolverton Title: Leave Vacant or Rent: The Optimal Decision for Absentee Home Sellers Abstract: Home-sellers may not occupy their property when listed for sale. While previous research has analyzed the effect of a vacancy on the sales price of residential properties, no research to date has quantified the economic benefits and costs of renting vis-a-vis leaving a property vacant while listed for sale. Renting a property will produce revenue but perhaps at the cost of a lower sale price and/or longer time on the market. This paper employs data on 55,202 homes sold in the Las Vegas, Nevada area to determine if renting a property increases or decreases the wealth position of home sellers. The results of an empirical test of the model are used to quantify the wealth effect. The findings indicate that renting the property produces a significant reduction in the home seller's wealth position. Journal: Journal of Real Estate Research Pages: 25-38 Issue: 1 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091172 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091172 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:1:p:25-38 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091173_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stacy Sirmans Author-X-Name-First: Stacy Author-X-Name-Last: Sirmans Author-Name: Swint Friday Author-X-Name-First: Swint Author-X-Name-Last: Friday Author-Name: Russell Price Author-X-Name-First: Russell Author-X-Name-Last: Price Title: Do Management Changes Matter? An Empirical Investigation of REIT Performance Abstract: Management’s (board of directors or executive officers) contribution to a firm is difficult to directly observe, although stock return performance can be a source of information. This study addresses this issue by extending the work of McIntosh, Rogers, Sirmans and Liang (1994) by analyzing management changes within REITs from 1984 to 2002. The findings indicate a significant relationship between negative performance and a management change from a period three months prior to the change in management. Logit and probit analysis are used to determine whether negative firm performance (measured by its relationship to market returns) can predict the likelihood of a management change. No predictive ability is found.This paper received the award for the best paper on Real Estate Investment Trusts [sponsored by the National Association of Real Estate Investment Trusts (NAREIT)] presented at the 2004 ARES Annual Meeting. Journal: Journal of Real Estate Research Pages: 131-148 Issue: 2 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091173 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091173 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:2:p:131-148 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091174_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin Author-X-Name-First: William Author-X-Name-Last: Hardin Author-Name: Jon Carr Author-X-Name-First: Jon Author-X-Name-Last: Carr Title: Disaggregating Neighborhood and Community Center Property Types Abstract: Existing retail theory postulates a hierarchical space market with larger centers having greater drawing capacity and greater agglomeration benefits. In this study, rent determinants for two tiers of the proscribed hierarchical model are compared and the existence of retail center property type differences in rent determinants is evaluated. Property-specific data, competing center data and trade area data for 370 neighborhood and community centers derived from a census of retail centers for a single large MSA are used. Results indicate that community and neighborhood centers can be differentiated into distinct retail property types. The results also show that the presence of lower income households in a center’s primary trade area has a pronounced negative impact on community center rents.This paper received the award for the best paper on Retail Real Estate (sponsored by the International Council of Shopping Centers) presented at the 2004 ARES Annual Meeting. Journal: Journal of Real Estate Research Pages: 167-192 Issue: 2 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091174 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091174 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:2:p:167-192 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091175_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mikkel Svenstrup Author-X-Name-First: Mikkel Author-X-Name-Last: Svenstrup Author-Name: Søren Willemann Author-X-Name-First: Søren Author-X-Name-Last: Willemann Title: Reforming Housing Finance: Perspectives from Denmark Abstract: This paper investigates the effect of adding a distinct feature of the Danish mortgage market to the market in the United States. This feature, a buyback option, enables mortgagors to buy back their share of the mortgage-backed security at market price. Extending a standard referenced pricing model, the findings indicate that the introduction of the buyback option reduces the credit spread required by the financial intermediary by 23%, potentially reducing the contingent liability of the U.S. government. Furthermore, the buyback option protects households against the risk of being locked in after an increase in interest rates. This could be of particular benefit to low-to-middle income households.This paper received the award for the best paper on Real Estate Finance (sponsored by the Fannie Mae Foundation) presented at the 2004 ARES Annual Meeting. Journal: Journal of Real Estate Research Pages: 105-130 Issue: 2 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091175 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091175 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:2:p:105-130 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091176_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhu Di Author-X-Name-First: Zhu Author-X-Name-Last: Di Author-Name: Xiaodong Liu Author-X-Name-First: Xiaodong Author-X-Name-Last: Liu Title: The Effects of Housing Push Factors and Rent Expectations on Household Formation of Young Adults Abstract: Following a group of young adults aged 25-34 living with their parents in the American Housing Survey (AHS) data from 1985 through 1995, this paper investigates the effect of overcrowding and neighborhood satisfaction on household formation after controlling for local rental levels and their changes over time. Most of these except for local rent levels have not been tested before in models and hence this study enriches the knowledge on household formation and its consequent potential demand for rental and ownership housing units. Journal: Journal of Real Estate Research Pages: 149-166 Issue: 2 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091176 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091176 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:2:p:149-166 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091177_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Anthony Pennington-Cross Author-X-Name-First: Anthony Author-X-Name-Last: Pennington-Cross Title: The Value of Foreclosed Property Abstract: This paper examines the expected price appreciation of distressed property and compares it to the prevailing metropolitan area appreciation rate. Whether due to individual property or local area heterogeneity in appreciation, the results show that foreclosed property appreciates less than the area average appreciation rate. The magnitude of the deviation is sensitive to loan characteristics, legal restrictions, housing market conditions and marketing time. Journal: Journal of Real Estate Research Pages: 193-214 Issue: 2 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091177 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091177 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:2:p:193-214 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091178_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Danny Ben-Shahar Author-X-Name-First: Danny Author-X-Name-Last: Ben-Shahar Title: Screening Mortgage Default Risk: A Unified Theoretical Framework Abstract: This study developed a unified framework for theoretically analyzing a set of mortgage attributes that screens borrower types according to their unobservable default risk. In the presence of asymmetric information, a self-selection process is attained, where lower default risk type borrowers choose a mortgage loan with constant over graduated payment, constant over price-level-adjusted payment, adjustable over fixed rate, low over high loan-to-value ratio, and short over long maturity. The study thus examines, among others, various mortgage attributes, which have never previously been considered in the context of mortgage default under asymmetric information. Accordingly, the theoretical predictions produce further grounds for empirical research on mortgage default. Journal: Journal of Real Estate Research Pages: 215-240 Issue: 3 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091178 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091178 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:3:p:215-240 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091179_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Charles Leung Author-X-Name-First: Charles Author-X-Name-Last: Leung Author-Name: N-K. Chen Author-X-Name-First: N-K. Author-X-Name-Last: Chen Title: Intrinsic Cycles of Land Price: A Simple Model Abstract: The cyclicality and volatility of property prices have been extensively documented. Many explanations have been proposed. This paper builds a simple dynamic general equilibrium model in which these often cited channels are assumed away. Instead, the role of intertemporal elasticity of substitution is highlighted. In this model, the land price can exhibit price cycles. Moreover, the land price always fluctuates more than the aggregate output. The welfare of different cohorts depends crucially on the land price at the period they were born. The implications of these results are discussed. Journal: Journal of Real Estate Research Pages: 293-320 Issue: 3 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091179 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091179 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:3:p:293-320 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091180_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Downs Author-X-Name-First: David Author-X-Name-Last: Downs Author-Name: Nuray Güner Author-X-Name-First: Nuray Author-X-Name-Last: Güner Title: On the Quality of FFO Forecasts Abstract: This paper is the first attempt to provide an objective assessment of the quality of real estate funds from operations (FFO) forecasts. The work, which looks past the more primitive question concerning the appropriate measure for real estate earnings, quantifies and tests the quality of real estate investment trust (REIT) FFO forecasts relative to the net income forecasts of several comparison groups. The results show the high quality of REIT forecasts are remarkably robust and are not driven by the level of analyst attention. Investors in a post-Enron and Sarbanes-Oxley era may find the implications for high quality forecasts of real estate earning to be an appealing investment concept. Journal: Journal of Real Estate Research Pages: 257-274 Issue: 3 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091180 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091180 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:3:p:257-274 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091181_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Fathali Firoozi Author-X-Name-First: Fathali Author-X-Name-Last: Firoozi Author-Name: Daniel Hollas Author-X-Name-First: Daniel Author-X-Name-Last: Hollas Author-Name: Ronald Rutherford Author-X-Name-First: Ronald Author-X-Name-Last: Rutherford Author-Name: Thomas Thomson Author-X-Name-First: Thomas Author-X-Name-Last: Thomson Title: Property Assessments and Information Asymmetry in Residential Real Estate Abstract: This paper presents a game theoretic model of property tax assessment that allows a tax appraiser to either choose a high or a low assessment. The owner either accepts or challenges this assessment. A “fixed effects” regression model is used to evaluate the differences in the assessed values of a sample of houses from Bexar County, Texas during 2000 and 2001. Where the owner of the house is identified as a state licensed property tax consultant, the assessed value, after adjusting for size, age, and other economic characteristics, ranged from a statistically robust 2.5% to 6.2% lower than neighboring houses. Journal: Journal of Real Estate Research Pages: 275-292 Issue: 3 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091181 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091181 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:3:p:275-292 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091182_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eric Higgins Author-X-Name-First: Eric Author-X-Name-Last: Higgins Author-Name: Richard Ott Author-X-Name-First: Richard Author-X-Name-Last: Ott Author-Name: Robert Van Ness Author-X-Name-First: Robert Author-X-Name-Last: Van Ness Title: The Information Content of the 1999 Announcement of Funds from Operations Changes for Real Estate Investment Trusts Abstract: This study examines the market response to the 1999 announcement of a change in accounting for Funds from Operations (FFO) for Real Estate Investment Trusts (REITs). This change provides an increase in transparency in the accounting statements of REITs regarding the calculation of FFO. An analysis of this announcement finds that shareholder wealth increases but the significance of that increase is questionable. Additionally, an analysis of the adverse selection component of the bid-ask spread finds weak evidence to support the conjecture that the amount of information asymmetry in REIT prices declines after the announcement of the FFO accounting change. Journal: Journal of Real Estate Research Pages: 241-256 Issue: 3 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091182 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091182 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:3:p:241-256 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091183_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Geltner Author-X-Name-First: David Author-X-Name-Last: Geltner Author-Name: David Ling Author-X-Name-First: David Author-X-Name-Last: Ling Title: Considerations in the Design and Construction of Investment Real Estate Research Indices Abstract: This paper surveys some of the major technical issues in the design and construction of real estate research indices, both appraisal-based and transactions-based. The paper considers property sampling issues, differences between transaction prices, market values, and appraised values, the trade-off between random measurement error and temporal lag bias, optimal reporting and property revaluation frequencies, and the uses and limitations of modern statistical techniques. Although one of the conclusions of the analysis is that most research questions are best addressed with transactions-based, rather than appraisal-based, indices in the United States, the paper suggests how appraisal-based indices can still be useful for some research purposes. Journal: Journal of Real Estate Research Pages: 411-444 Issue: 4 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091183 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091183 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:4:p:411-444 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091184_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Philippe Cyrenne Author-X-Name-First: Philippe Author-X-Name-Last: Cyrenne Author-Name: Robert Fenton Author-X-Name-First: Robert Author-X-Name-Last: Fenton Author-Name: Joseph Warbanski Author-X-Name-First: Joseph Author-X-Name-Last: Warbanski Title: Historic Buildings and Rehabilitation Expenditures: A Panel Data Approach Abstract: Using a panel data set, a hedonic model is estimated to determine the characteristics of buildings that have influenced the market value assessments of a set of historic and non-historically designated buildings. Holding constant the characteristics of buildings, the findings indicate higher assessed values for some classes of historic buildings. Furthermore, using a two-stage Heckman sample selection model, the findings show that the expenditures on renovations contribute significantly to the change in assessed values of buildings, although less than might be expected. These and other results may be helpful in the design of cost effective rehabilitation strategies for historic preservation. Journal: Journal of Real Estate Research Pages: 349-380 Issue: 4 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091184 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091184 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:4:p:349-380 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091185_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Shilling Author-X-Name-First: James Author-X-Name-Last: Shilling Author-Name: Kerry Vandell Author-X-Name-First: Kerry Author-X-Name-Last: Vandell Author-Name: Ruslan Koesman Author-X-Name-First: Ruslan Author-X-Name-Last: Koesman Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Title: How Tax Credits Have Affected the Rehabilitation of the Boston Office Market Abstract: This paper is concerned with the extent to which rehabilitation tax credits affect the conditional probability of commercial real estate rehabilitation. The analysis suggests that rehabilitation tax credits have been a significant determinant of the conditional probability of rehabilitation in the Boston office market. A significant portion of rehabilitation tax credit investment is investment that would have been invested elsewhere, about 60% to 65% in certain periods, but rising to as high as 90% in other periods. The findings indicate that the rehabilitation tax credit has a significant and substantial influence on the conditional probability of rehabilitation. The findings also reveal that the greatest amount of slippage, not too surprisingly, generally occurs when the tax credit is low and when the gain from rehabilitation before the tax credit is high. Journal: Journal of Real Estate Research Pages: 321-348 Issue: 4 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091185 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091185 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:4:p:321-348 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091186_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Fayez Elayan Author-X-Name-First: Fayez Author-X-Name-Last: Elayan Author-Name: Thomas Meyer Author-X-Name-First: Thomas Author-X-Name-Last: Meyer Author-Name: Jingyu Li Author-X-Name-First: Jingyu Author-X-Name-Last: Li Title: Evidence from Tax-Exempt Firms on Motives for Participating in Sale-Leaseback Agreements Abstract: Previous research finds evidence that tax factors motivate the participants in leasing transactions. Tax-arbitrage arguments predict that leasing participants gain when the lessor's tax rate exceeds that of the lessee. This research employs a sample of effectively tax-exempt Real Estate Investment Trust (REIT) lessors to explore alternative leasing motives. Changes in REIT qualification rules are examined to develop an Agency-Cost and competing Income-Retention Hypothesis for lessors. The rules and changes suggest that REIT management has the incentive, motive, and opportunity to make real estate investments quickly. The evidence developed is consistent with agency costs arising from the possibility that they may overpay for properties. Journal: Journal of Real Estate Research Pages: 381-410 Issue: 4 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091186 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091186 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:4:p:381-410 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091187_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Anna-Liisa Lindholm Author-X-Name-First: Anna-Liisa Author-X-Name-Last: Lindholm Author-Name: Karen Gibler Author-X-Name-First: Karen Author-X-Name-Last: Gibler Author-Name: Kari Leväinen Author-X-Name-First: Kari Author-X-Name-Last: Leväinen Title: Modeling the Value-Adding Attributes of Real Estate to the Wealth Maximization of the Firm Abstract: Firms develop strategies to help them achieve their primary goal of maximizing the wealth of the shareholders. These strategies should define the supporting role corporate real estate management plays; however, current theory and practice do not adequately identify the direct and indirect methods by which corporate real estate management (CREM) adds value to the firm. This paper develops a model of how real estate adds value to the firm to help fill this void. This model can be then used to develop more precise and complete metrics to measure the value real estate adds to the firm. Journal: Journal of Real Estate Research Pages: 445-476 Issue: 4 Volume: 28 Year: 2006 Month: 1 X-DOI: 10.1080/10835547.2006.12091187 File-URL: http://hdl.handle.net/10.1080/10835547.2006.12091187 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:28:y:2006:i:4:p:445-476 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091188_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jorge Chica-Olmo Author-X-Name-First: Jorge Author-X-Name-Last: Chica-Olmo Title: Prediction of Housing Location Price by a Multivariate Spatial Method: Cokriging Abstract: Cokriging is a multivariate spatial method to estimate spatial correlated variables. This method allows spatial estimations to be made and interpolated maps of house price to be created. These maps are interesting for appraisers, real estate companies, and bureaus because they provide an overview of location prices. Kriging uses one variable of interest (house price) to make estimates at unsampled locations, and cokriging uses the variable of interest and auxiliary correlated variables. In this paper, housing location price is estimated using kriging methods, isotopic data cokriging, and heterotopic data cokriging methods. The results of these methods are then compared. Journal: Journal of Real Estate Research Pages: 91-114 Issue: 1 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091188 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091188 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:1:p:91-114 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091189_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kenneth Daniels Author-X-Name-First: Kenneth Author-X-Name-Last: Daniels Author-Name: Richard Phillips Author-X-Name-First: Richard Author-X-Name-Last: Phillips Title: The Valuation Impact of Financial Advisors: An Empirical Analysis of REIT Mergers and Acquisitions Abstract: This paper analyzes the effect of financial advisor-monitors on the valuation of real estate investment trust (REIT) mergers. Advisor choice determinants and the effect of advisors on transaction value are examined using a sample of REIT mergers for the 1981 to 2001 period. A two-stage target firm pricing model is estimated: the first stage (logit) estimates the probability of advisor use and the second stage analyzes the effect of advisors on target firm valuation. The results indicate that financial advisor monitoring, possibly by reducing information asymmetries, has significant positive effects on the value of REIT acquisitions. Journal: Journal of Real Estate Research Pages: 57-74 Issue: 1 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091189 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091189 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:1:p:57-74 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091190_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Wheaton Author-X-Name-First: William Author-X-Name-Last: Wheaton Author-Name: William Simonton Author-X-Name-First: William Author-X-Name-Last: Simonton Title: The Secular and Cyclic Behavior of “True” Construction Costs Abstract: Current construction cost indices typically are derived by applying national weights to local costs for materials and labor. In this study, construction cost indices are developed that are based on actual contractor tenders for projects. As such, they incorporate full variation in factor proportions, as well as factor costs, contractor overhead, and profit. Cost indices are produced for two product types, office and multi-family residential, in six different MSAs using F.W. Dodge project cost data from 1967 through the first half of 2004. Standard “hedonic” analysis is applied to control for variation in project scale and features to extract the true time trends in costs for each market. The findings indicated that real construction costs generally have fallen slightly over the last 35 years. In addition, no correlation is found between costs and building activity. Causal (IV) analysis implies that the construction industry is elastically supplied to local real estate markets, with any “excess” profits going to land and developer entrepreneurship. This is consistent with the traditional “urban land economics” literature. Journal: Journal of Real Estate Research Pages: 1-26 Issue: 1 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091190 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091190 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:1:p:1-26 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091191_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kenneth Johnson Author-X-Name-First: Kenneth Author-X-Name-Last: Johnson Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Title: Listing Specialization and Residential Real Estate Licensee Income Abstract: Earlier research has found that specialization by real estate agents creates economies of scope for real estate firms. So far, however, no research has addressed this issue at the agent level. The question this research seeks to answer is whether specialization in one side of the real estate transaction increases agent income. The most important finding is that specialization has an asymmetric impact on earnings. Specializing in listings positively enhances agent income. In contrast, specialization on the selling side has an adverse affect on agent income. The implications of these findings for the consumer and real estate industry are also examined. Journal: Journal of Real Estate Research Pages: 75-90 Issue: 1 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091191 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091191 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:1:p:75-90 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091192_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Ooi Author-X-Name-First: Joseph Author-X-Name-Last: Ooi Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Author-Name: Dingding Zhou Author-X-Name-First: Dingding Author-X-Name-Last: Zhou Title: Extrapolation Theory and the Pricing of REIT Stocks Abstract: This paper is the winner of the best paper on Real Estate Investment Trusts award (sponsored by the National Association of Real Estate Investment Trusts (NAREIT)] presented at the 2005 American Real Estate Society Annual Meeting.This study evaluates the investment prospects of value stocks in the real estate investment trust (REIT) market. Value stocks are defined as those that carry low prices relative to their earnings, dividends, book assets, or other measures of fundamental value. The empirical results show that from 1990 onwards, value REITs provide superior returns without exposing investors to higher risks. The evidence is consistent with the extrapolation theory, which attributes the mispricing to investors over extrapolating past corporate results into the future. Interestingly, the findings reveal that such extrapolation is asymmetric in the REIT market. While value REITs are underpriced in accordance with the extrapolation theory, no evidence is found that growth REITs are overpriced. The value anomaly also exhibited several temporal traits. Firstly, the value premium varies over time. Secondly, the magnitude of the premium is inversely associated with the market performance. Finally, the value anomaly is not evident in the pricing of REITs in the 1980s. Journal: Journal of Real Estate Research Pages: 27-56 Issue: 1 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091192 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091192 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:1:p:27-56 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091193_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michel Baroni Author-X-Name-First: Michel Author-X-Name-Last: Baroni Author-Name: Fabrice Barthélémy Author-X-Name-First: Fabrice Author-X-Name-Last: Barthélémy Author-Name: Mahdi Mokrane Author-X-Name-First: Mahdi Author-X-Name-Last: Mokrane Title: A PCA Factor Repeat Sales Index for Apartment Prices in Paris Abstract: This paper addresses the issue of building a repeat sales index based on explanatory factors. An earlier paper (Baroni, Barthélémy, and Mokrane, 2004), built a factorial index based on a selected linear function of economic and financial variables. Here, a more general and robust model based on Principal Components Analysis (PCA) is developed and applied to the Paris residential market over the 1973-2001 period. The PCA index for Paris is estimated and its characteristics and robustness are analyzed depending on estimation period, choice of observations, periodicity and reversibility. It is then compared to a standard repeat sales index (WRS), which was estimated using the same data, and the resulting indices are quite similar except in very particular market circumstances. Finally, contrary to the WRS index, the findings indicate that the PCA index can be efficiently used to forecast apartment prices. Journal: Journal of Real Estate Research Pages: 137-158 Issue: 2 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091193 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091193 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:2:p:137-158 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091194_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Highfield Author-X-Name-First: Michael Author-X-Name-Last: Highfield Author-Name: Kenneth Roskelley Author-X-Name-First: Kenneth Author-X-Name-Last: Roskelley Author-Name: Fang Zhao Author-X-Name-First: Fang Author-X-Name-Last: Zhao Title: The Determinants of the Debt Maturity Decision for Real Estate Investment Trusts Abstract: This research uses the maturity of incremental bond issues and the weighted-average maturity of all outstanding debt and tests various theories from the corporate debt maturity literature to discover if real estate investment trust (REIT) debt maturity is influenced by liquidity risk, asymmetric information, personal taxes, and agency problems. The findings reveal that there is little to no evidence for the liquidity and asymmetric information hypotheses; however, there is evidence that personal taxes influence the maturity of REIT incremental debt issues, and agency problems play a role in determining the incremental and average debt maturity of REITs. Journal: Journal of Real Estate Research Pages: 173-200 Issue: 2 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091194 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091194 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:2:p:173-200 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091195_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gregory Adams Author-X-Name-First: Gregory Author-X-Name-Last: Adams Author-Name: James Brau Author-X-Name-First: James Author-X-Name-Last: Brau Author-Name: Andrew Holmes Author-X-Name-First: Andrew Author-X-Name-Last: Holmes Title: REIT Stock Repurchases: Completion Rates, Long-Run Returns, and the Straddle Hypothesis Abstract: This study of real estate investment trusts (REITs) analyzes three possible explanations for the stock price reaction to a repurchase announcement and the subsequent repurchase behavior of managers under each hypothesis. Two of the hypotheses, the signaling hypothesis and the exchange option hypothesis, are established in the existing literature; the third hypothesis is a modification of the exchange option hypothesis. The exchange option hypothesis is extended to allow for additional flexibility in management decisions. This extended exchange option hypothesis is termed the “straddle” hypothesis because it provides management with both a call and put option. The empirical analyses show the straddle hypothesis is a more robust explanation of changes in shares outstanding in the post-announcement period than the alternative explanations. Journal: Journal of Real Estate Research Pages: 115-136 Issue: 2 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091195 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091195 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:2:p:115-136 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091196_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Musil Author-X-Name-First: Thomas Author-X-Name-Last: Musil Title: What Development Regulatory Variables Say-or Don't Say-About A Municipality Abstract: Little is known about how regulatory development variables reflect and define a community. This paper explores the correlation of development regulatory variables with broader community measures in 68 municipalities in the Twin Cities area of Minnesota. Coefficients of determination, correlation coefficients, principal component analysis, and factor analysis were used to compare development regulatory data with broader municipal measures. The hypothesis tested is overarching: that a municipality's development regulations and processes correlate to general measures of community composition. The strongest and only significant correlations found were in the municipal use of tax increment financing and commercial/industrial property values, non-residential construction activity, population, and multi-family building permit activity. Journal: Journal of Real Estate Research Pages: 159-172 Issue: 2 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091196 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091196 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:2:p:159-172 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091197_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Beth Wilson Author-X-Name-First: Beth Author-X-Name-Last: Wilson Author-Name: James Frew Author-X-Name-First: James Author-X-Name-Last: Frew Title: Apartment Rents and Locations in Portland, Oregon: 1992-2002 Abstract: This research examines changes in the apartment-rent gradient of Portland, Oregon from 1992 to 2002. The findings indicate that increased population growth has caused real increases in apartment rents across the metropolitan area. The largest increases have occurred closer to the city center and at the beltway. The fixed supply of land coupled with increasing population has resulted in a wealth transfer from renters to landlords. Major freeway intersections, which ten years before were just evolving into new urban sub-centers, now have a statistically significant impact on land values within a six-mile radius of the intersection. Journal: Journal of Real Estate Research Pages: 201-218 Issue: 2 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091197 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091197 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:2:p:201-218 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091198_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Benjamin Author-X-Name-First: John Author-X-Name-Last: Benjamin Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: William Hardin Author-X-Name-First: William Author-X-Name-Last: Hardin Title: Institutional - Grade Properties: Performance and Ownership Abstract: Quality commercial properties differ in operating performance not only on physical characteristics but in type of ownership, management, and control. For 1996-2001 data on Atlanta apartments, a primary market for multiple types of investors, there is varying operating performance by ownership. Larger-scale owners and local property managers earn higher effective rents. Journal: Journal of Real Estate Research Pages: 219-240 Issue: 3 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091198 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091198 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:3:p:219-240 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091199_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Helen Bao Author-X-Name-First: Helen Author-X-Name-Last: Bao Author-Name: Alan Wan Author-X-Name-First: Alan Author-X-Name-Last: Wan Title: Improved Estimators of Hedonic Housing Price Models Abstract: In hedonic housing price modeling, real estate researchers and practitioners are often not completely ignorant about the parameters to be estimated. Experience and expertise usually provide them with tacit understanding of the likely values of the true parameters. Under this scenario, the subjective knowledge about the parameter value can be incorporated as non-sample information in the hedonic price model. This paper considers a class of Generalized Stein Variance Double k-class (GSVKK) estimators, which allows real estate practitioners to introduce potentially useful information about the parameter values into the estimation of hedonic pricing models. Data from the Hong Kong real estate market are used to investigate the estimators’ performance empirically. Compared with the traditional Ordinary Lease Squares approach, the GSVKK estimators have smaller predictive mean squared errors and lead to more precise parameter estimates. Some results on the theoretical properties of the GSVKK estimators are also presented. Journal: Journal of Real Estate Research Pages: 267-302 Issue: 3 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091199 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091199 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:3:p:267-302 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091200_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Liv Osland Author-X-Name-First: Liv Author-X-Name-Last: Osland Author-Name: Inge Thorsen Author-X-Name-First: Inge Author-X-Name-Last: Thorsen Author-Name: Jens Gitlesen Author-X-Name-First: Jens Author-X-Name-Last: Gitlesen Title: Housing Price Gradients in a Region with One Dominating Center Abstract: This paper primarily focuses on predicting housing price gradients in a Norwegian region with one dominating center. Spatial separation is represented by a function of the traveling distance from the city center in a traditional hedonic regression equation. Several functions are tested, and some alternatives provide a satisfying goodness-of-fit, consistent coefficient estimates, and intuitively reasonable predictions of housing price gradients. Still, not all commonly used functions are recommended. The findings also indicate that the strength of spatial autocorrelation is reduced when the hedonic function is properly specified. Journal: Journal of Real Estate Research Pages: 321-346 Issue: 3 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091200 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091200 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:3:p:321-346 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091201_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Kilpatrick Author-X-Name-First: John Author-X-Name-Last: Kilpatrick Author-Name: Ronald Throupe Author-X-Name-First: Ronald Author-X-Name-Last: Throupe Author-Name: John Carruthers Author-X-Name-First: John Author-X-Name-Last: Carruthers Author-Name: Andrew Krause Author-X-Name-First: Andrew Author-X-Name-Last: Krause Title: The Impact of Transit Corridors on Residential Property Values Abstract: Most of the literature on transit corridors, such as superhighways and tunnels, focuses on the positive externality of transit access (e.g., interstate access, transit station) and fails to isolate the negative externality of the corridor itself. This empirical study examines two situations: one with both access benefits and negatives, and another without the access benefit. The findings reveal that proximity to the transit corridor alone without direct access conveys a negative impact on nearby housing values. Journal: Journal of Real Estate Research Pages: 303-320 Issue: 3 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091201 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091201 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:3:p:303-320 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091202_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andre Gao Author-X-Name-First: Andre Author-X-Name-Last: Gao Author-Name: George Wang Author-X-Name-First: George Author-X-Name-Last: Wang Title: Multiple Transactions Model: A Panel Data Approach to Estimate Housing Market Indices Abstract: In this paper, a multiple transactions model with a panel data approach is used to estimate housing market indices. The multiple transactions model keeps the same features of the repeat transactions index model (i.e., tracking the price appreciation of same houses). However, the multiple transactions model overcomes the shortcomings of the repeat transactions model by avoiding the correlated error terms. The indicative empirical analysis on a small sample of actual house transaction data demonstrates that the proposed multiple transactions model is superior to the repeat transactions model in terms of index variance, robustness of estimate, index revision volatility, and out-of-sample prediction of individual house prices. Journal: Journal of Real Estate Research Pages: 241-266 Issue: 3 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091202 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091202 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:3:p:241-266 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091203_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yan Chang Author-X-Name-First: Yan Author-X-Name-Last: Chang Author-Name: Frank Nothaft Author-X-Name-First: Frank Author-X-Name-Last: Nothaft Title: Demystifying the Refi-Share Mystery Abstract: The refinance shares reported by Freddie Mac's Primary Mortgage Market Survey (PMMS), the Mortgage Bankers Association (MBA), the Home Mortgage Disclosure Act (HMDA), and the National Mortgage News (NMN) have differed by up to 21 percentage points between 1990 and 2005. If a lender's refinance share varies with loan volume, then weighting by origination volume could explain the observed discrepancies. Based on HMDA data for 2000 (a low refinance year) and 2003 (a refinance boom), lender size was positively related to refinance share, after controlling for institution type, cultural affinity, and location. HMDA provides the best national measure of refinance share, and weighting by lender volume explains most of the difference among the four measures. Journal: Journal of Real Estate Research Pages: 511-546 Issue: 4 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091203 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091203 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:4:p:511-546 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091204_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Introduction Journal: Journal of Real Estate Research Pages: 347-350 Issue: 4 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091204 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091204 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:4:p:347-350 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091205_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chau Do Author-X-Name-First: Chau Author-X-Name-Last: Do Author-Name: Irina Paley Author-X-Name-First: Irina Author-X-Name-Last: Paley Title: Explaining the Growth of Higher-Priced Loans in HMDA: A Decomposition Approach Abstract: The period 2004-2005 showed a significant increase in Home Mortgage Disclosure Act (HMDA) rate spread reporting. Following the Oaxaca (1973), Blinder (1973), and Fairlie (2005) decomposition techniques, this study identifies the fraction of the increase due to the flattening of the yield curve. Even after controlling for changes in borrower risk characteristics, the findings reveal that during 2004-2006, the flattening of the yield curve explains a significant amount of the increase in rate spread reportable loans. This is the case for both prime and subprime originations. Journal: Journal of Real Estate Research Pages: 441-478 Issue: 4 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091205 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091205 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:4:p:441-478 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091206_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Avery Author-X-Name-First: Robert Author-X-Name-Last: Avery Author-Name: Kenneth Brevoort Author-X-Name-First: Kenneth Author-X-Name-Last: Brevoort Author-Name: Glenn Canner Author-X-Name-First: Glenn Author-X-Name-Last: Canner Title: Opportunities and Issues in Using HMDA Data Abstract: Since 1975, the Home Mortgage Disclosure Act (HMDA) has required most mortgage lending institutions to disclose to the public information about the home loans they originate or purchase during a calendar year. In using these data, however, researchers need to be aware of a number of issues and potential problems that characterize HMDA. This article provides a comprehensive enumeration of these issues, focusing on practical problems that can potentially influence choices researchers make in using the data or in interpreting the findings. The article also includes an illustrative example of how the data that is reported in HMDA can be used to gain a better understanding of trends and practices in the home mortgage market. Journal: Journal of Real Estate Research Pages: 351-380 Issue: 4 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091206 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091206 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:4:p:351-380 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091207_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Patricia McCoy Author-X-Name-First: Patricia Author-X-Name-Last: McCoy Title: The Home Mortgage Disclosure Act: A Synopsis and Recent Legislative History Abstract: This article describes the provisions of the federal Home Mortgage Disclosure Act (HMDA), tracing its legal evolution since 1989, when Congress expanded HMDA to require reporting of home mortgage lending by ethnicity and race. HMDA requires most lenders to report the demographic makeup and geographic distribution of home mortgages to the federal government. The 1989 amendments and later developments transformed HMDA from a law exclusively concerned with geographic disinvestment to one concerned with lending disparities by ethnicity and race. In the process, HMDA evolved from an obscure reporting statute to a flashpoint for debates over lending discrimination and subprime lending. Journal: Journal of Real Estate Research Pages: 381-398 Issue: 4 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091207 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091207 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:4:p:381-398 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091208_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marsha Courchane Author-X-Name-First: Marsha Author-X-Name-Last: Courchane Title: The Pricing of Home Mortgage Loans to Minority Borrowers: How Much of the APR Differential Can We Explain? Abstract: The public releases of the 2004 and 2005 HMDA data have engendered a lively debate over the pricing of mortgage credit and its implications regarding the treatment of minority mortgage borrowers. This research uses aggregated proprietary data provided by lenders and an endogenous switching regression model to estimate the probability of taking out a subprime mortgage, and annual percentage rate (APR) conditional on getting either a subprime or prime mortgage. The findings reveal that up to 90% of the African American APR gap, and 85% of the Hispanic APR gap, is attributable to observable differences in underwriting, costing, and market factors that appropriately explain mortgage pricing differentials. Although any potential discrimination is problematic and should be addressed, the analysis suggests that little of the aggregate differences in APRs paid by minority and non-minority borrowers are appropriately attributed to differential treatment. Journal: Journal of Real Estate Research Pages: 399-440 Issue: 4 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091208 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091208 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:4:p:399-440 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091209_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Title: Economic Factors Affecting Home Mortgage Disclosure Act Reporting Abstract: The release of the 2004-2005 Home Mortgage Disclosure Act data raised a number of questions given the increase in the number and percentage of higher-priced home mortgage loans and continued differentials across demographic groups. This paper assesses three possible explanations for the observed increase in 2005 over 2004: (1) changes in lender business practices; (2) changes in the risk profile of borrowers; and (3) changes in the yield curve environment. Results suggest that after controlling for the mix of loan types, credit risk factors, and the yield curve, there was no statistically significant increase in reportable volume for loans originated directly by lenders during 2005, though indirect, wholesale originations did significantly increase. The findings also reveal that the market price of risk increased by about 15 basis points in 2005 versus 2004, implying that mortgage costs increased for all borrowers on a risk-adjusted basis. Journal: Journal of Real Estate Research Pages: 479-510 Issue: 4 Volume: 29 Year: 2007 Month: 1 X-DOI: 10.1080/10835547.2007.12091209 File-URL: http://hdl.handle.net/10.1080/10835547.2007.12091209 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:29:y:2007:i:4:p:479-510 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091210_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chinmoy Ghosh Author-X-Name-First: Chinmoy Author-X-Name-Last: Ghosh Author-Name: John Harding Author-X-Name-First: John Author-X-Name-Last: Harding Author-Name: Özcan Sezer Author-X-Name-First: Özcan Author-X-Name-Last: Sezer Author-Name: C.F. Sirmans Author-X-Name-First: C.F. Author-X-Name-Last: Sirmans Title: The Role of Executive Stock Options in REIT Repurchases Abstract: This paper examines the relationship between managerial stock option holdings and the decision to announce a repurchase of the firm’s common stock. Managerial stock option holdings should reinforce the traditional undervaluation, free cash flow, and capital structure motives for repurchases by helping to align the objectives of management and shareholders. Data from the Real Estate Investment Trust (REIT) industry during the peak period of repurchase activity (1997-1999) are used to estimate a logit model of the decision to announce a repurchase program. After controlling for the standard motivations discussed in the literature, the findings reveal that managerial option holdings are positively related to the likelihood of a repurchase announcement. Journal: Journal of Real Estate Research Pages: 27-44 Issue: 1 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091210 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091210 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:1:p:27-44 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091211_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Miles Author-X-Name-First: William Author-X-Name-Last: Miles Title: Volatility Clustering in U.S. Home Prices Abstract: Generalized autoregressive conditional heteroscedasticity (GARCH) effects imply the probability of large losses is greater than standard mean-variance analysis suggests. Accurately capturing GARCH for housing markets is vital for portfolio management. Previous investigations of GARCH in housing have focused on narrow regions or aggregated effects of GARCH across markets, imposing one nationwide effect. This paper tests fifty state housing markets for GARCH, and develops individual GARCH models for those states, allowing for different effects in each. Results indicate there are GARCH effects in over half the states, and the signs and magnitudes vary widely, highlighting the importance of estimating separate GARCH models for each market. Journal: Journal of Real Estate Research Pages: 73-90 Issue: 1 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091211 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091211 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:1:p:73-90 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091212_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Wheaton Author-X-Name-First: William Author-X-Name-Last: Wheaton Author-Name: Gleb Nechayev Author-X-Name-First: Gleb Author-X-Name-Last: Nechayev Title: The 1998-2005 Housing “Bubble” and the Current “Correction”: What’s Different This Time? Abstract: This paper examines the inflation in housing prices between 1998 and 2005 and investigates whether this run-up in prices can be ‘‘explained’’ by increases in demand fundamentals such as population, income growth, and the decline in interest rates over this period. Time series models are estimated for 59 MSA markets and price changes from 1998 to 2005 are dynamically forecast using actual economic fundamentals to drive the models. In all 59 markets, the growth in fundamentals from 1998 to 2005 forecasts price growth that is far below that which actually occurred. An examination of the 2005 forecast errors reveals they are greater in larger MSAs, in MSAs where second home and speculative buying was prevalent, and in MSAs where indicators suggest the sub-prime mortgage market was most active. These latter factors are unique to the recent housing market and hence make it difficult to asses if and how far housing prices will “correct” after 2005. Journal: Journal of Real Estate Research Pages: 1-26 Issue: 1 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091212 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091212 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:1:p:1-26 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091213_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nalini Prasad Author-X-Name-First: Nalini Author-X-Name-Last: Prasad Author-Name: Anthony Richards Author-X-Name-First: Anthony Author-X-Name-Last: Richards Title: Improving Median Housing Price Indexes through Stratification Abstract: There is a trade-off between how easy a housing price series is to construct and the extent to which it adjusts for changes in the mix of dwellings sold. Median house price measures are easily calculated, frequently used by industry bodies, and quoted in the media. However, such measures provide poor estimates of short-term changes in prices because they reflect changes in the composition of transactions, as well as changes in demand and supply conditions. This study uses a database of 3.5 million transactions in the six largest Australian cities to demonstrate that compositional shifts between higher- and lower-priced parts of cities can account for much of the noise in median price measures. Accordingly, a simple method of adjusting for compositional change through stratification is proposed. The measure differs from those commonly used internationally, as neighborhoods or small geographic regions are grouped according to the long-term average price level of dwellings in those regions. The measure of price growth produced improves substantially upon a median and is very highly correlated with regression-based measures. Journal: Journal of Real Estate Research Pages: 45-72 Issue: 1 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091213 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091213 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:1:p:45-72 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091214_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kam Chan Author-X-Name-First: Kam Author-X-Name-Last: Chan Author-Name: William Hardin Author-X-Name-First: William Author-X-Name-Last: Hardin Author-Name: Kartono Liano Author-X-Name-First: Kartono Author-X-Name-Last: Liano Author-Name: Zheng Yu Author-X-Name-First: Zheng Author-X-Name-Last: Yu Title: The Internationalization of Real Estate Research Abstract: The contributions of international researchers and institutions to real estate literature for the 1990 to 2006 period are assessed. Both the Asia-Pacific and European regions increase their influence on the top tier of real estate literature. The North American region, while still the dominant source of real estate research, sees its weighted share of publications in the top tier of academic real estate journals decline. Universities from Singapore, Hong Kong, Australia, the United Kingdom, Sweden, and the Netherlands are leaders in their respective regions. Individual researchers domiciled outside of North America are also gaining influence, but few individuals rank high when compared to North American authors. It is anticipated that these trends will continue given the global growth in real estate as an asset class, the importance of real estate investment in countries posting substantial economic growth, and the allocation of resources and human capital within these growing regions to real estate research. Journal: Journal of Real Estate Research Pages: 91-124 Issue: 1 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091214 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091214 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:1:p:91-124 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091215_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Paul Asabere Author-X-Name-First: Paul Author-X-Name-Last: Asabere Author-Name: Forrest Huffman Author-X-Name-First: Forrest Author-X-Name-Last: Huffman Title: FHA/VA Financing and Price Discounts Abstract: This study examines the effects of FHA and VA mortgage financing on home prices. Using a database of nearly 9,000 homes sales in the San Antonio, Texas area, hedonic analyses reveal that both types of government-backed financing are associated with reductions in selling prices. The results may imply a cost shifting behavior on the part of buyers and an implicit subsidy on the part of sellers. The regressions show that the price discounts for FHA underwriting are about 4% (3.81% to 4.14%) relative to conventional financing. VA discounts, as expected, are smaller, ranging from about 2% to 3.46%. Given the prior literature, the results are likely a result of the fact that FHA and VA homebuyers are able to shift some costs to sellers. Journal: Journal of Real Estate Research Pages: 191-206 Issue: 2 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091215 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091215 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:2:p:191-206 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091216_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Julian Diaz Author-X-Name-First: Julian Author-X-Name-Last: Diaz Author-Name: Andrew Hansz Author-X-Name-First: Andrew Author-X-Name-Last: Hansz Author-Name: Matthew Cypher Author-X-Name-First: Matthew Author-X-Name-Last: Cypher Author-Name: Darren Hayunga Author-X-Name-First: Darren Author-X-Name-Last: Hayunga Title: Conservation Status and Residential Transaction Prices: Initial Evidence from Dallas, Texas Abstract: The traditional mechanisms of private covenants and public restrictions may not meet the needs of residential property owners who want to preserve a certain neighborhood style. Privately initiated and publicly enforced conservation district regulations can preserve desirable neighborhood characteristics and signal to buyers that neighborhood conformity will likely persist. This study examined residential transaction prices in Dallas, Texas and finds premiums associated with residential properties within and buffering conservation district locations. These results are robust to the spatial autocorrelation common in residential transaction prices. Journal: Journal of Real Estate Research Pages: 225-248 Issue: 2 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091216 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091216 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:2:p:225-248 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091217_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jim Clayton Author-X-Name-First: Jim Author-X-Name-Last: Clayton Author-Name: Greg MacKinnon Author-X-Name-First: Greg Author-X-Name-Last: MacKinnon Author-Name: Liang Peng Author-X-Name-First: Liang Author-X-Name-Last: Peng Title: Time Variation of Liquidity in the Private Real Estate Market: An Empirical Investigation Abstract: This paper characterizes the behavior of and evaluates competing explanations for time variation in private real estate market liquidity. In the first, sellers base their estimates of value on observations of signals from the market. The second incorporates the option value of waiting or the opportunity cost of not transacting into seller’s optimal valuation strategy. In the third, we allow for the possibility of investors who are not fully rational in the sense that they trade on market sentiment and we link market-wide liquidity to investor sentiment. In this model, measures of aggregate liquidity act as an indicator of the relative presence (or absence) of sentiment-based traders in the market and therefore the divergence of asset price from fundamental value. Empirical findings are generally consistent with models of optimal valuation with rational updating and provide support for the opportunity cost approach. Journal: Journal of Real Estate Research Pages: 125-160 Issue: 2 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091217 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091217 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:2:p:125-160 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091218_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Danny Ben-Shahar Author-X-Name-First: Danny Author-X-Name-Last: Ben-Shahar Title: Default, Credit Scoring, and Loan-to-Value: A Theoretical Analysis of Competitive and Non-Competitive Mortgage Markets Abstract: This study shows that when borrowers’ default probability on the mortgage loan is unobservable to the lender, the latter can screen borrowers by their combined choice of loan-to-value (LTV) ratio and interest rate. It further demonstrates that when borrowers signal their default risk by acquiring a credit score, then a combined separating signaling and screening equilibrium is attained. If the signaling cost is sufficiently small, the combined signaling and screening equilibrium dominates the screening-only equilibrium under both competitive and non-competitive market frameworks. However, while, under the competitive setting, borrowers benefit from constituting a credit scoring signaling system, the prospective gain is shifted to lenders under imperfect competition. Finally, under both competitive and non-competitive combined signaling and screening equilibria, the study reveals that high and low risk borrowers, while acquiring distinct credit scores (and therefore paying different interest rates) might realize higher, lower, or identical LTV ratios. Hence, any empirical test of the relation between LTV ratio and default risk must incorporate the interrelation among the LTV ratio, credit score, and interest rate. Journal: Journal of Real Estate Research Pages: 161-190 Issue: 2 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091218 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091218 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:2:p:161-190 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091219_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brent Smith Author-X-Name-First: Brent Author-X-Name-Last: Smith Title: Intrajurisdictional Segmentation of Property Tax Burdens: Neighborhood Inequities Across an Urban Sphere Abstract: The results from this study extend the academic literature on vertical inequities in real property taxation by analyzing within jurisdictional variations in the property tax burden on residents of Chicago, Illinois. A two-stage model with an instrumental variable identifies tax burden variations between neighborhoods in a single metropolitan tax jurisdiction. A second model incorporates neighborhood and property characteristics in an examination of variations in the ratio of property tax to market value. The findings are vitally important to policymakers interested in funding urban redevelopment programs targeting wealth building through real estate ownership in low-income neighborhoods. The evidence is equally important to analysts concerned with market segmentation and the implications of property tax variations on real estate markets. Journal: Journal of Real Estate Research Pages: 207-224 Issue: 2 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091219 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091219 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:2:p:207-224 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091220_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dirk Brounen Author-X-Name-First: Dirk Author-X-Name-Last: Brounen Author-Name: Mathijs van Dijk Author-X-Name-First: Mathijs Author-X-Name-Last: van Dijk Author-Name: Piet Eichholtz Author-X-Name-First: Piet Author-X-Name-Last: Eichholtz Title: Corporate Real Estate and Corporate Takeovers: International Evidence Abstract: This study investigates whether corporate real estate ownership is a trigger for takeovers. The empirical analysis is based on a sample covering 225 takeovers in France, Germany, the Netherlands, and the United Kingdom between 1992 and 2003. Using a multivariate probit model that controls for various financial firm characteristics, the findings show that the role of corporate real estate in takeovers depends on the nature of the takeover, the industry, the period, and the country. The presence of corporate real estate is a significantly positive predictor for takeovers within the same industry. Companies that have been taken over appear to have been reducing their real estate holdings prior to the takeover, which would suggest a financial distress situation. Journal: Journal of Real Estate Research Pages: 293-314 Issue: 3 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091220 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091220 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:3:p:293-314 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091221_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Su Chan Author-X-Name-First: Su Author-X-Name-Last: Chan Author-Name: Fang Fang Author-X-Name-First: Fang Author-X-Name-Last: Fang Author-Name: Jing Yang Author-X-Name-First: Jing Author-X-Name-Last: Yang Title: Presales, Financing Constraints, and Developers' Production Decisions Abstract: This study explores the impacts a presale contract has on a developer’s pricing and production decisions in a gametheoretical framework. In an environment where developers have full capital market access, the findings reveal that both developers and buyers are indifferent between a presale and a spot sale method. However, in an environment with financing constraints, both developers and buyers are better off when a presale method is used. This is because the presale method solves the financing constraint by injecting equity into the development and, hence, reducing financing costs. This model prediction seems to describe well the real world situations seen in some of the property markets in Asia that have nascent financial systems. Journal: Journal of Real Estate Research Pages: 345-376 Issue: 3 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091221 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091221 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:3:p:345-376 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091222_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Doina Chichernea Author-X-Name-First: Doina Author-X-Name-Last: Chichernea Author-Name: Norm Miller Author-X-Name-First: Norm Author-X-Name-Last: Miller Author-Name: Jeff Fisher Author-X-Name-First: Jeff Author-X-Name-Last: Fisher Author-Name: Michael Sklarz Author-X-Name-First: Michael Author-X-Name-Last: Sklarz Author-Name: Bob White Author-X-Name-First: Bob Author-X-Name-Last: White Title: A Cross-Sectional Analysis of Cap Rates by MSA Abstract: There are a number of global factors driving capital markets and required rates of return that help to explain observed capitalization rates or “cap rates” over time, but little is known about the factors driving the geographical cross-sectional variation of these cap rates. This paper uses data from Real Capital Analytics for multifamily properties to explore several models that combine the expected influences from housing demand growth, supply constraints, liquidity risk and the interaction of these. The findings reveal a very strong and robust relation between supply constraints and cap rates, as well as evidence of capital flowing from larger markets to smaller markets in recent years. There is also weak but generally supportive evidence of influences from expected growth rates, liquidity, and other risk factors. Journal: Journal of Real Estate Research Pages: 249-292 Issue: 3 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091222 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091222 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:3:p:249-292 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091223_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lei Ding Author-X-Name-First: Lei Author-X-Name-Last: Ding Author-Name: Roberto Quercia Author-X-Name-First: Roberto Author-X-Name-Last: Quercia Author-Name: Janneke Ratcliffe Author-X-Name-First: Janneke Author-X-Name-Last: Ratcliffe Title: Post-purchase Counseling and Default Resolutions among Low- and Moderate- Income Borrowers Abstract: The rise of delinquencies and foreclosures in a softening housing market calls for systematic studies of default behavior and efforts to minimize the default risks. Using a sample of residential mortgages made to low- to moderate-income borrowers, this paper empirically examines the impact of a proactive postpurchase counseling service on moderately delinquent mortgages. It demonstrates that well-timed, situation-appropriate counseling, even over the phone, effectively increases the curing probability of delinquent borrowers. The findings hold even after accounting for unobserved heterogeneity among borrowers and the endogeneity problem. Many other factors, such as home equity, local economic conditions, and borrower and loan characteristics, also impact the transition of delinquencies. Journal: Journal of Real Estate Research Pages: 315-344 Issue: 3 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091223 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091223 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:3:p:315-344 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091224_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven Carter Author-X-Name-First: Steven Author-X-Name-Last: Carter Title: Court-Ordered Busing and Housing Prices: The Case of Pasadena and San Marino Abstract: In 1970, the Federal District Court ordered that no school in the Pasadena School District would be allowed to open with a “majority minority population.” To comply with this order, Pasadena began busing many of its minority students to other within-district schools with smaller minority populations. This article will examine the effect of this integration policy on housing prices, using home sales data gathered from within the Pasadena and San Marino Unified School Districts (busing was not implemented in the latter district). The results indicate that the busing policy does not have a significant effect on the house prices. Journal: Journal of Real Estate Research Pages: 377-394 Issue: 3 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091224 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091224 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:3:p:377-394 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091225_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jian Guan Author-X-Name-First: Jian Author-X-Name-Last: Guan Author-Name: Jozef Zurada Author-X-Name-First: Jozef Author-X-Name-Last: Zurada Author-Name: Alan Levitan Author-X-Name-First: Alan Author-X-Name-Last: Levitan Title: An Adaptive Neuro-Fuzzy Inference System Based Approach to Real Estate Property Assessment Abstract: This paper describes a first effort to design and implement an adaptive neuro-fuzzy inference system-based approach to estimate prices for residential properties. The data set consists of historic sales of houses in a market in the Midwest region of the United States and it contains parameters describing typical residential property features and the actual sale price. The study explores the use of fuzzy inference systems to assess real estate property values and the use of neural networks in creating and fine-tuning the fuzzy rules used in the fuzzy inference system. The results are compared with those obtained using a traditional multiple regression model. The paper also describes possible future research in this area. Journal: Journal of Real Estate Research Pages: 395-422 Issue: 4 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091225 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091225 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:4:p:395-422 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091226_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tsong-Yue Lai Author-X-Name-First: Tsong-Yue Author-X-Name-Last: Lai Author-Name: Kerry Vandell Author-X-Name-First: Kerry Author-X-Name-Last: Vandell Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Author-Name: Gerd Welke Author-X-Name-First: Gerd Author-X-Name-Last: Welke Title: Estimating Property Values by Replication: An Alternative to the Traditional Grid and Regression Methods Abstract: This paper proposes and develops a replication method for estimating property values, in which optimal weights of comparable property attributes that best duplicate the subject property are determined. In a setting where the number of comparables is large compared to the number of attributes, replication weakly outperforms traditional general least squares regression by making use of potential correlations in the error structure. A similar result obtains in comparison to the grid method, which may suffer from subjective price adjustment factors. The replication method suggests using a large sample regression analysis to obtain the functional form of the error variance-covariance, and then replicating the subject with a smaller, attribute-close set of comparable properties. Journal: Journal of Real Estate Research Pages: 441-460 Issue: 4 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091226 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091226 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:4:p:441-460 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091227_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mats Wilhelmsson Author-X-Name-First: Mats Author-X-Name-Last: Wilhelmsson Title: Evidence of Buyer Bargaining Power in the Stockholm Residential Real Estate Market Abstract: This study investigates whether uninformed buyers pay higher prices for single-family houses than do other buyers and tests whether the bargaining power increases with information. Data on real estate prices and attributes is examined, as well as household characteristics and buying process from Stockholm. The results suggest that uninformed buyers pay a higher price than informed buyers do. Bargaining power is not found to be weaker for a first-time buyer but it is weaker if the household has participated in several biddings and lost. Repeated bidding-and-losing households are more willing to increase their reservation price and pay a higher overall price compared to other households. Journal: Journal of Real Estate Research Pages: 475-500 Issue: 4 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091227 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091227 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:4:p:475-500 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091228_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Title: Intra-firm Real Estate Brokerage Compensation Choices and Agent Performance Abstract: This paper seeks to empirically determine whether more skilled and productive real estate salespeople, identified as full-payout or 100% commission agents, have a discernable, systematic effect on property selling price and its marketing time. Two types of agents, 100%ers and split-commission agents, are identified and controlled for in hedonic pricing and duration models in order to examine the relationship between incentives and agent performance. The results reveal that 100% agents sell their listed properties faster and at premiums. This paper may also help explain the contradictory findings of earlier research. Journal: Journal of Real Estate Research Pages: 423-440 Issue: 4 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091228 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091228 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:4:p:423-440 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091229_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Vicky Seiler Author-X-Name-First: Vicky Author-X-Name-Last: Seiler Author-Name: Stefan Traub Author-X-Name-First: Stefan Author-X-Name-Last: Traub Author-Name: David Harrison Author-X-Name-First: David Author-X-Name-Last: Harrison Title: Regret Aversion and False Reference Points in Residential Real Estate Abstract: This study empirically exams the combination of regret aversion and false reference points in a residential real estate context. Survey respondents were put in a hypothetical situation, where they had purchased an investment property several years ago. Hindsight knowledge about a foregone all time high was introduced. As hypothesized, respondents on average expressed higher regret if they had actively failed to sell at the all time high (commission scenario) than if they had simply been unaware of the potential gain (omission scenario). Women were found to be more susceptible to regret aversion and false reference points than men. Journal: Journal of Real Estate Research Pages: 461-474 Issue: 4 Volume: 30 Year: 2008 Month: 1 X-DOI: 10.1080/10835547.2008.12091229 File-URL: http://hdl.handle.net/10.1080/10835547.2008.12091229 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:30:y:2008:i:4:p:461-474 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091230_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091230 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091230 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091231_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Arnaud Simon Author-X-Name-First: Arnaud Author-X-Name-Last: Simon Title: Quantifying the Reversibility Phenomenon for the Repeat-Sales Index Abstract: The reversibility phenomenon in the repeat-sales index (RSI) is a serious obstacle for derivatives products. This article provides a solution for this problem, using an informational reformulation of the RSI framework. A theoretical formula (simple, easy to interpret, and easy to handle) is presented. For the derivatives, the technique has strong implications for the choice of underlying index and contract settlement. Even if reversibility of the RSI is probably higher compared with the hedonic approach, this index remains a challenger because of the predictability and quantifiability of its revisions. Journal: Journal of Real Estate Research Pages: 27-62 Issue: 1 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091231 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091231 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:1:p:27-62 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091232_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Allen Author-X-Name-First: Marcus Author-X-Name-Last: Allen Author-Name: William Dare Author-X-Name-First: William Author-X-Name-Last: Dare Title: Changes in Property Tax Progressivity for Florida Homeowners after the “Save Our Homes Amendment” Abstract: The “Save Our Homes Amendment” (SOHA) to Florida’s constitution limits annual increases in the taxable value of a homestead property to 3% or the rate of inflation (whichever is less) as long as the property is owned by the same owner. The amount of property value protected from taxation throughout the state by this amendment has grown to over $246 billion (13.9% of total property value) since the amendment’s implementation in 1995. This study tests whether the protection has accrued disproportionately over time among homestead property owners, the very group of people the amendment was intended to protect. The results suggest that the amendment has reduced the degree of progressivity in the state’s property tax system such that the owners of lower value home properties are shouldering an increasing proportion of the property tax burden relative to the owners of higher value homestead properties. The differential impacts of the SOHA across value ranges of homestead properties are likely attributable to differential appreciation and ownership transfers for higher and lower value homestead properties throughout the state. Journal: Journal of Real Estate Research Pages: 81-92 Issue: 1 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091232 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091232 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:1:p:81-92 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091233_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven Shultz Author-X-Name-First: Steven Author-X-Name-Last: Shultz Author-Name: Nicholas Schmitz Author-X-Name-First: Nicholas Author-X-Name-Last: Schmitz Title: Augmenting Housing Sales Data to Improve Hedonic Estimates of Golf Course Frontage Abstract: Hedonic price modeling quantified the impact of golf course frontage on single-family housing prices at 20 different golf courses across the Midwestern city of Omaha, Nebraska. Geographic information system analyses tripled a sample of golf frontage sales, which allowed courses to be valued by detailed access and ownership types, and for 15 individual courses. Private non-equity courses had the greatest impact on adjacent housing prices (28%), followed by public courses (15%), municipal courses (9%), and private-equity courses (5%). However, a wide range of price impacts across individual courses was noted, which indicates the benefits of conducting course-specific analyses. Journal: Journal of Real Estate Research Pages: 63-80 Issue: 1 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091233 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091233 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:1:p:63-80 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091234_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2008 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxxi Issue: 1 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091234 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091234 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:1:p:bmi-bmxxi Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091235_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven Shultz Author-X-Name-First: Steven Author-X-Name-Last: Shultz Author-Name: Nicholas Schmitz Author-X-Name-First: Nicholas Author-X-Name-Last: Schmitz Title: Augmenting Housing Sales Data to Improve Hedonic Estimates of Golf Course Frontage Abstract: Hedonic price modeling quantified the impact of golf course frontage on single-family housing prices at 20 different golf courses across the Midwestern city of Omaha, Nebraska. Geographic information system analyses tripled a sample of golf frontage sales, which allowed courses to be valued by detailed access and ownership types, and for 15 individual courses. Private non-equity courses had the greatest impact on adjacent housing prices (28%), followed by public courses (15%), municipal courses (9%), and private-equity courses (5%). However, a wide range of price impacts across individual courses was noted, which indicates the benefits of conducting course-specific analyses. Journal: Journal of Real Estate Research Pages: 63-80 Issue: 1 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091235 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091235 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:1:p:63-80 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091236_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jinliang Li Author-X-Name-First: Jinliang Author-X-Name-Last: Li Author-Name: Robert Mooradian Author-X-Name-First: Robert Author-X-Name-Last: Mooradian Author-Name: Shiawee Yang Author-X-Name-First: Shiawee Author-X-Name-Last: Yang Title: The Information Content of the NCREIF Index Abstract: This paper examines the dynamic behavior of the National Council of Real Estate Investment Fiduciaries (NCREIF) index. NCREIF total return and appreciation indexes are smooth and exhibit strong autocorrelation and autoregressive heteroscedasticity. We test the information transmission from the NAREIT index to the NCREIF index. In our VAR analysis, the NAREIT index returns Granger cause the returns of the NCREIF indexes. In our ARCH information transmission analysis, the NCREIF indexes are observed to incorporate information spillover from the NAREIT indexes in both the mean and variance of the index returns. The ARCH dynamics between the NCREIF and NAREIT indexes suggest a nonlinear relation between the two indexes. Journal: Journal of Real Estate Research Pages: 93-116 Issue: 1 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091236 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091236 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:1:p:93-116 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091237_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus Allen Author-X-Name-First: Marcus Author-X-Name-Last: Allen Author-Name: William Dare Author-X-Name-First: William Author-X-Name-Last: Dare Title: Changes in Property Tax Progressivity for Florida Home owners after the "Save Our Homes Amendment" Abstract: The "Save Our Homes Amendment" (SOHA) to Florida's constitution limits annual increases in the taxable value of a homestead property to 3% or the rate of inflation (whichever is less) as long as the property is owned by the same owner. The amount of property value protected from taxation throughout the state by this amendment has grown to over $246 billion (13.9% of total property value) since the amendment's implementation in 1995. This study tests whether the protection has accrued disproportionately over time among homestead property owners, the very group of people the amendment was intended to protect. The results suggest that the amendment has reduced the degree of progressivity in the state's property tax system such that the owners of lower value home properties are shouldering an increasing proportion of the property tax burden relative to the owners of higher value homestead properties. The differential impacts of the SOHA across value ranges of homestead properties are likely attributable to differential appreciation and ownership transfers for higher and lower value homestead properties throughout the state. Journal: Journal of Real Estate Research Pages: 81-92 Issue: 1 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091237 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091237 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:1:p:81-92 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091238_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Stanton Author-X-Name-First: Richard Author-X-Name-Last: Stanton Author-Name: Nancy Wallace Author-X-Name-First: Nancy Author-X-Name-Last: Wallace Title: An Empirical Test of a Contingent Claims Lease Valuation Model Abstract: Despite the importance of leases in the U.S. economy, and the existence of several theoretical lease pricing models, there has been little systematic attempt to estimate these models. This paper proposes a simple no-arbitrage based lease pricing model, and estimates it using a large proprietary data set of leases on several property types. We also define a new measure, the Option-Adjusted Lease Spread, or OALS (analogous to an option's implied volatility, or a mortgage-backed security's Option-Adjusted Spread), that allows us to compare leases with different maturities and contract terms on a consistent basis. We find sizeable pricing errors that cannot be explained using interest rates, lease maturity, or information on the options embedded in the contracts. This suggests either that there are significant mispricings in the market for real estate leases, or that lease terms depend heavily on unobservable, property-specific characteristics. Journal: Journal of Real Estate Research Pages: 1-26 Issue: 1 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091238 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091238 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:1:p:1-26 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091239_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stanley McGreal Author-X-Name-First: Stanley Author-X-Name-Last: McGreal Author-Name: Alastair Adair Author-X-Name-First: Alastair Author-X-Name-Last: Adair Author-Name: Louise Brown Author-X-Name-First: Louise Author-X-Name-Last: Brown Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Pricing and Time on the Market for Residential Properties in a Major U.K. City Abstract: The pricing and length of time to sell single-family residential properties is a function of the interaction between buyer and seller behavior. This study estimates value effects in relation to the time on the market for residential properties within the Belfast (U.K.) metropolitan area. Three distinctive characteristics of the market are highlighted. First, the majority of sales are at a premium to the list price. Second, different factors influence time-on-the-market for premium and discount sales. Third, the marketing period is examined for three events: listing to sales agreement, sales agreement to completion, and listing to completion. Journal: Journal of Real Estate Research Pages: 209-234 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091239 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091239 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:209-234 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091240_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ronald Spahr Author-X-Name-First: Ronald Author-X-Name-Last: Spahr Author-Name: Mark Sunderman Author-X-Name-First: Mark Author-X-Name-Last: Sunderman Title: A Model for Federal Public Land Surface Rights Management Abstract: The U.S. Forest Service and the U.S. Bureau of Land Management (BLM) control large tracts of federal public lands. Management goals for these tracts are described as “multipleuse.” Some of the lands are forested, mountainous, contain wildlife or possess other scenic and recreational attributes and warrant the multiple-use designation; however, a significant portion, especially that under BLM control, contains little scenic, recreation or wildlife value, thus offering little multiple-use potential and non-pecuniary value. Inherent in the management of all federal lands is a defacto fiduciary responsibility to prudently and efficiently manage these assets. We develop a framework that measures present values of both quantitative and qualitative economic benefits and costs of federal public lands to assist managers and policy makers in determining future management policy. By applying this framework, federal public land policymakers may be aided in fulfilling their fiduciary responsibilities. Journal: Journal of Real Estate Research Pages: 119-146 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091240 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091240 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:119-146 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091241_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: François Des Rosiers Author-X-Name-First: François Author-X-Name-Last: Des Rosiers Author-Name: Marius Thériault Author-X-Name-First: Marius Author-X-Name-Last: Thériault Author-Name: Catherine Lavoie Author-X-Name-First: Catherine Author-X-Name-Last: Lavoie Title: Retail Concentration and Shopping Center Rents-A Comparison of Two Cities Abstract: This study aims primarily at testing whether, and to what extent, retail concentration within regional and super-regional shopping centers affect rent levels, as well as the differential impact it may exert for various goods categories and sub-categories and in different urban contexts. In this paper, 1,499 leases distributed among eleven regional and super-regional shopping centers in Montreal and Quebec City, Canada, and negotiated over the 2000-2003 period are considered. Unit base rents (base rent per sq. ft.) are regressed on a series of descriptors that include percentage rent rate, retail unit size (GLA), lease duration, shopping center age, as well as 31 retail categories while the Herfindahl index is used as a measure of intra-category retail concentration. Findings suggest that while, overall, intracategory retail concentration affects base rent negatively, the magnitude and, eventually, direction of the impact varies depending on the nature of the activity and the market dynamics that prevail for the category considered. Journal: Journal of Real Estate Research Pages: 165-208 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091241 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091241 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:165-208 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091242_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Title: The Pricing of Mortgages by Brokers: An Agency Problem? Abstract: Mortgage brokers have grown in importance in the home mortgage origination process in recent years, suggesting they provide a valuable service matching borrowers and lenders, although their involvement has also been linked to the recent surge in mortgage defaults and foreclosures. As in other markets dominated by brokers, agents’ incentives are often poorly aligned with those with whom they do business, in this case both the lenders who bear the risks once the loan is originated and the consumer who assumes liability for the debt and contract terms. This paper describes the institutional arrangements under which mortgage brokers operate and empirically test whether loans originated by mortgage brokers are lower in cost than those that would be available directly from retail lenders. The results suggest that loans originated by brokers cost borrowers about 20 basis points more, on average, than retail loans and that this premium is higher for lower income and lower credit score borrowers. Journal: Journal of Real Estate Research Pages: 235-264 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091242 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091242 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:235-264 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091243_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ronald Spahr Author-X-Name-First: Ronald Author-X-Name-Last: Spahr Author-Name: Mark Sunderman Author-X-Name-First: Mark Author-X-Name-Last: Sunderman Title: A Model for Federal Public Land Surface Rights Management Abstract: The U.S. Forest Service and the U.S. Bureau of Land Management (BLM) control large tracts of federal public lands. Management goals for these tracts are described as "multiple-use." Some of the lands are forested, mountainous, contain wildlife or possess other scenic and recreational attributes and warrant the multiple-use designation; however, a significant portion, especially that under BLM control, contains little scenic, recreation or wildlife value, thus offering little multiple-use potential and non-pecuniary value. Inherent in the management of all federal lands is a defacto fiduciary responsibility to prudently and efficiently manage these assets. We develop a framework that measures present values of both quantitative and qualitative economic benefits and costs of federal public lands to assist managers and policy makers in determining future management policy. By applying this framework, federal public land policymakers may be aided in fulfilling their fiduciary responsibilities. Journal: Journal of Real Estate Research Pages: 119-146 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091243 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091243 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:119-146 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091244_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2008 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxix Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091244 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091244 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:bmi-bmxix Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091245_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven Peterson Author-X-Name-First: Steven Author-X-Name-Last: Peterson Author-Name: Albert Flanagan Author-X-Name-First: Albert Author-X-Name-Last: Flanagan Title: Neural Network Hedonic Pricing Models in Mass Real Estate Appraisal Abstract: Using a large sample of 46,467 residential properties spanning 1999–2005, we demonstrate using matched pairs that, relative to linear hedonic pricing models, artificial neural networks (ANN) generate significantly lower dollar pricing errors, have greater pricing precision out-of-sample, and extrapolate better from more volatile pricing environments. While a single layer ANN is functionally equivalent to OLS, multiple layered ANNs are capable of modeling complex nonlinearities. Moreover, because parameter estimation in ANN does not depend on the rank of the regressor matrix, ANN is better suited to hedonic models that typically utilize large numbers of dummy variables. Journal: Journal of Real Estate Research Pages: 147-164 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091245 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091245 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:147-164 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091246_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Dedication Journal: Journal of Real Estate Research Pages: 117-118 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091246 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091246 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:117-118 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091247_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091247 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091247 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091248_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stanley McGreal Author-X-Name-First: Stanley Author-X-Name-Last: McGreal Author-Name: Alastair Adair Author-X-Name-First: Alastair Author-X-Name-Last: Adair Author-Name: Louise Brown Author-X-Name-First: Louise Author-X-Name-Last: Brown Author-Name: James Webb Author-X-Name-First: James Author-X-Name-Last: Webb Title: Pricing and Time on the Market for Residential Properties in a Major U.K. City Abstract: The pricing and length of time to sell single-family residential properties is a function of the interaction between buyer and seller behavior. This study estimates value effects in relation to the time on the market for residential properties within the Belfast (U.K.) metropolitan area. Three distinctive characteristics of the market are highlighted. First, the majority of sales are at a premium to the list price. Second, different factors influence time-on-the-market for premium and discount sales. Third, the marketing period is examined for three events: listing to sales agreement, sales agreement to completion, and listing to completion. Journal: Journal of Real Estate Research Pages: 209-234 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091248 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091248 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:209-234 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091249_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Title: The Pricing of Mortgages by Brokers: An Agency Problem? Abstract: Mortgage brokers have grown in importance in the home mortgage origination process in recent years, suggesting they provide a valuable service matching borrowers and lenders, although their involvement has also been linked to the recent surge in mortgage defaults and foreclosures. As in other markets dominated by brokers, agents' incentives are often poorly aligned with those with whom they do business, in this case both the lenders who bear the risks once the loan is originated and the consumer who assumes liability for the debt and contract terms. This paper describes the institutional arrangements under which mortgage brokers operate and empirically test whether loans originated by mortgage brokers are lower in cost than those that would be available directly from retail lenders. The results suggest that loans originated by brokers cost borrowers about 20 basis points more, on average, than retail loans and that this premium is higher for lower income and lower credit score borrowers. Journal: Journal of Real Estate Research Pages: 235-264 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091249 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091249 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:235-264 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091250_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: François Des Rosiers Author-X-Name-First: François Author-X-Name-Last: Des Rosiers Author-Name: Marius Thériault Author-X-Name-First: Marius Author-X-Name-Last: Thériault Author-Name: Catherine Lavoie Author-X-Name-First: Catherine Author-X-Name-Last: Lavoie Title: Retail Concentration and Shopping Center Rents—A Comparison of Two Cities Abstract: This study aims primarily at testing whether, and to what extent, retail concentration within regional and super-regional shopping centers affect rent levels, as well as the differential impact it may exert for various goods categories and sub-categories and in different urban contexts. In this paper, 1,499 leases distributed among eleven regional and super-regional shopping centers in Montreal and Quebec City, Canada, and negotiated over the 2000–2003 period are considered. Unit base rents (base rent per sq. ft.) are regressed on a series of descriptors that include percentage rent rate, retail unit size (GLA), lease duration, shopping center age, as well as 31 retail categories while the Herfindahl index is used as a measure of intra-category retail concentration. Findings suggest that while, overall, intra-category retail concentration affects base rent negatively, the magnitude and, eventually, direction of the impact varies depending on the nature of the activity and the market dynamics that prevail for the category considered. Journal: Journal of Real Estate Research Pages: 165-208 Issue: 2 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091250 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091250 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:2:p:165-208 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091251_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jonathan Wiley Author-X-Name-First: Jonathan Author-X-Name-Last: Wiley Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Title: Agency Disclosure in the Real Estate Transaction and the Impact of Related State Policies Abstract: Although agency disclosure is required by every state, recent national surveys of home buyers and sellers indicate that disclosure varies significantly across the United States. This study seeks to determine the causes of these disparities by examining states' educational standards, disclosure forms, regulatory environments, and buyer characteristics. The results identify several variables that have a deterministic impact on the probability of disclosure and suggest corrective actions and policies that states can implement to improve the effectiveness of agency disclosure in the real estate transaction. Journal: Journal of Real Estate Research Pages: 265-283 Issue: 3 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091251 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091251 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:3:p:265-283 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091252_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2009 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxix Issue: 3 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091252 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091252 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:3:p:bmi-bmxix Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091253_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 3 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091253 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091253 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:3:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091254_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Miles Author-X-Name-First: William Author-X-Name-Last: Miles Title: Housing Investment and the U.S. Economy: How Have the Relationships Changed? Abstract: Previous research has found that housing investment has a disproportionate role in the U.S. business cycle. This paper demonstrates that the relationship between housing and the rest of the economy has changed since financial deregulation and innovation in the early1980s. In particular, residential investment increases both consumption, as well as non-residential investment palpably more than in years past. Additionally, in the pre-deregulation years, non-residential investment appeared to crowd out housing activity. However, the results indicate that this effect is smaller in the present era than before the early 1980s, in all likelihood due to the switch from thrift-based financing of home mortgages to the current system in which secondary mortgage markets play a predominant role. Journal: Journal of Real Estate Research Pages: 329-350 Issue: 3 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091254 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091254 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:3:p:329-350 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091255_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Youngme Seo Author-X-Name-First: Youngme Author-X-Name-Last: Seo Author-Name: Robert Simons Author-X-Name-First: Robert Author-X-Name-Last: Simons Title: The Effect of School Quality on Residential Sales Price Abstract: This study seeks to find the extent to which various measures of public school quality are capitalized into house prices after the No Child Left Behind Act (2001). Individual residential sales in Cuyahoga County, Ohio for 2000 and 2005 are analyzed as to the effect of school quality using regression analysis with a spatial error model. Results show that while all school quality measures tested have some explanatory power, school district ratings and performance index, which are comprehensive measures of school quality, are the most appropriate measures and are readily capitalized into housing prices. Journal: Journal of Real Estate Research Pages: 307-328 Issue: 3 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091255 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091255 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:3:p:307-328 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091256_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin III Author-X-Name-First: William Author-X-Name-Last: Hardin III Author-Name: Matthew Hill Author-X-Name-First: Matthew Author-X-Name-Last: Hill Author-Name: James Hopper Author-X-Name-First: James Author-X-Name-Last: Hopper Title: Ownership Structure, Property Performance, Multifamily Properties, and REITs Abstract: This research extends literature that empirically evaluates the impact of ownership and management structure on property level performance. The results show that multifamily properties owned and managed by real estate investment trusts (REITs) generate higher effective rents at the property level than non-REIT-owned properties. After controlling for positive operating scale and brand effects, REIT property level performance is better than non-REIT property level performance in the market studied. The REIT structure represents diversified scale operators with property management skills. The results imply that the structure of property ownership can impact property performance. Journal: Journal of Real Estate Research Pages: 285-306 Issue: 3 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091256 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091256 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:3:p:285-306 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091257_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Danny Ben-Shahar Author-X-Name-First: Danny Author-X-Name-Last: Ben-Shahar Author-Name: Yoram Margalioth Author-X-Name-First: Yoram Author-X-Name-Last: Margalioth Author-Name: Eyal Sulganik Author-X-Name-First: Eyal Author-X-Name-Last: Sulganik Title: The Straight-Line Depreciation is Wanted, Dead or Alive Abstract: We propose a simple axiomatic system that any depreciation method—complying with the core of the accounting of depreciation—must obey. We show that, while none of the prevalent depreciation methods (e.g., straight-line) ex ante conforms to these principles, the accredited proportional depreciation method not only maintains the axiomatic system, but also, for a plausible family of depreciation methods, is the unique method that complies with the axiomatic system. We further propose two consistency requirements of a depreciation method—partition consistency and dynamic consistency—and show that, in contrast to the commonly used methods, the proportional depreciation method is the only one to always sustain both. Our analysis may provide further resolution to the arguable evidence on the dominance of Funds From Operations over net income in measuring performance in the real estate industry. Journal: Journal of Real Estate Research Pages: 351-370 Issue: 3 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091257 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091257 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:3:p:351-370 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091258_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Su Han Chan Author-X-Name-First: Su Han Author-X-Name-Last: Chan Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Author-Name: Jing Yang Author-X-Name-First: Jing Author-X-Name-Last: Yang Title: IPO Pricing Strategies with Deadweight and Search Costs Abstract: The model in this paper provides a complementary explanation to the well-known IPO pricing puzzle. The model allows the investor to make a decision on whether and when information should be gathered, and allows a purchase decision based on the information. With this investor's decision-making process in mind, firms price their IPOs to maximize their payoffs by trying to avoid an IPO failure and by assessing the investor's possible post-search outcomes. While the model provides implications to the general IPO puzzle, the results seem particularly relevant for explaining the pricing of REIT IPOs, MLP IPOs, and mutual fund IPOs. The model may also help explain why IPO underpricing levels change over time and suggests that underpricing levels might vary across industries. Journal: Journal of Real Estate Research Pages: 481-542 Issue: 4 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091258 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091258 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:4:p:481-542 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091259_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Boris Portnov Author-X-Name-First: Boris Author-X-Name-Last: Portnov Author-Name: Bella Genkin Author-X-Name-First: Bella Author-X-Name-Last: Genkin Author-Name: Boaz Barzilay Author-X-Name-First: Boaz Author-X-Name-Last: Barzilay Title: Investigating the Effect of Train Proximity on Apartment Prices: Haifa, Israel as a Case Study Abstract: The present study investigates the effect of urban rail on the market prices of residential properties, considering train proximity as both a source of improved access and a local disamenity. For the analysis, 926 housing sales in the city of Haifa, Israel were used. The analysis indicates a relatively narrow buffer zone near train tracks (about 50–100-meters wide) that "absorbs" about 13% of price decline. Beyond this zone, apartment prices rise to their "peaks" at approximately 100–150 meters from the train tracks, and then decline by an average of 0.7% for each additional 100-meter increase in the train line distance. Journal: Journal of Real Estate Research Pages: 371-396 Issue: 4 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091259 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091259 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:4:p:371-396 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091260_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sean Salter Author-X-Name-First: Sean Author-X-Name-Last: Salter Author-Name: Ernest King Author-X-Name-First: Ernest Author-X-Name-Last: King Title: Price Adjustment and Liquidity in a Residential Real Estate Market with an Accelerated Information Cascade Abstract: We examine the effect of an unannounced information event, Hurricane Katrina, on the liquidity of the residential real estate market in an area proximately located to the Mississippi Gulf Coast. Using 2SLS and Weibull techniques applied to a unique MLS data set, we test changes in liquidity in a submarkets framework. Results suggest Katrina created submarket effects with respect to the listing and sales periods of our sample and market liquidity was directly influenced by this event. We suggest that this effect was tied to information flow as owners of heavily damaged properties sought new housing in a nearby area. Journal: Journal of Real Estate Research Pages: 421-454 Issue: 4 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091260 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091260 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:4:p:421-454 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091261_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Rogers Author-X-Name-First: William Author-X-Name-Last: Rogers Author-Name: William Winter Author-X-Name-First: William Author-X-Name-Last: Winter Title: The Impact of Foreclosures on Neighboring Housing Sales Abstract: Housing foreclosures likely have little neighborhood impact if there are few foreclosures in a neighborhood and the foreclosed housing can resell quickly. However, when there are many foreclosures along with a sluggish housing market, foreclosures can lead to neighborhood destabilization, which should cause house prices to further fall. This paper measures the impact of foreclosures on housing sales using a unique dataset from St. Louis County, Missouri. Results show an expected decline in the sales price of neighboring sales but the marginal impact of foreclosures seems to decline with an increase in the number of foreclosures. These results are robust to a variety of neighborhood control variables and spatial econometric techniques. Journal: Journal of Real Estate Research Pages: 455-480 Issue: 4 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091261 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091261 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:4:p:455-480 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091262_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin III Author-X-Name-First: William Author-X-Name-Last: Hardin III Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Author-Name: Zhonghua Wu Author-X-Name-First: Zhonghua Author-X-Name-Last: Wu Title: Brokerage Intermediation in the Commercial Property Market Abstract: This study is one of the first to investigate brokerage intermediation effects in the income-producing commercial property market. Employing multifamily sales data from the Atlanta and Phoenix markets under alternative brokerage specifications, little evidence to support the existence of systematic, differential transaction pricing outcomes due to the presence of brokers is found. The results suggest that the existence of brokerage intermediation effects is likely minimal in commercial markets that are relatively transparent, that have participants who are knowledgeable, and where value and price are typically determined based on a property's income-generating capacity. Journal: Journal of Real Estate Research Pages: 397-420 Issue: 4 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091262 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091262 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:4:p:397-420 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091263_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2009 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxxi Issue: 4 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091263 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091263 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:4:p:bmi-bmxxi Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091264_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 31 Year: 2009 Month: 1 X-DOI: 10.1080/10835547.2009.12091264 File-URL: http://hdl.handle.net/10.1080/10835547.2009.12091264 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:31:y:2009:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091265_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Author-Name: Eric Rosenblatt Author-X-Name-First: Eric Author-X-Name-Last: Rosenblatt Author-Name: Vincent Yao Author-X-Name-First: Vincent Author-X-Name-Last: Yao Title: Home Equity Extraction by Homeowners: 2000–2006 Abstract: We develop a unique paired loan dataset containing information on multiple conventional conforming mortgage loans to examine home equity extraction decisions over the 2000–2006 period. The main question addressed is how much households borrow when refinancing their current mortgage debt in cash-out transactions and what factors affect that decision. We also provide estimates of the marginal effect of certain borrower characteristics. Results contribute both to the literature on refinancing behavior and the role of house price appreciation in providing funds that may be used for consumer spending or other purposes. Journal: Journal of Real Estate Research Pages: 23-46 Issue: 1 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091265 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091265 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:1:p:23-46 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091266_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Song Shi Author-X-Name-First: Song Author-X-Name-Last: Shi Author-Name: Martin Young Author-X-Name-First: Martin Author-X-Name-Last: Young Author-Name: Bob Hargreaves Author-X-Name-First: Bob Author-X-Name-Last: Hargreaves Title: House Price–Volume Dynamics: Evidence from 12 Cities in New Zealand Abstract: Using a selected New Zealand urban area data set for the period 1994–2004, we examine price and volume dynamics using various house price indexing approaches. Applying the Granger causality test based on a vector error correction model (VECM), where seasonality is considered in the model by using seasonal dummy variables, we find that sale price and trading volume are cointegrated. Causality is caused by a long-run relationship rather than short-run dynamics between price and volume. The direction of causality for large cities is from volume to price. The results support the theory of frictional search models for housing markets in general. Journal: Journal of Real Estate Research Pages: 75-100 Issue: 1 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091266 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091266 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:1:p:75-100 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091267_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091267 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091267 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091268_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Deniz Igan Author-X-Name-First: Deniz Author-X-Name-Last: Igan Author-Name: Marcelo Pinheiro Author-X-Name-First: Marcelo Author-X-Name-Last: Pinheiro Title: Exposure to Real Estate in Bank Portfolios Abstract: We implement a three-step procedure to assess the extent of exposure to real estate in commercial banks. First, we investigate the determinants of delinquency on real estate loans. We find the changes in interest rates and income to be the major determinants of aggregate delinquency rate. In the second step, we adopt a stress testing approach to calculate the potential impact on banks' position of any adverse changes in these determinants. These calculations suggest that a 1.3 percentage point increase in mortgage interest rate leads to a 20% decrease in a typical bank's distance to default. Finally, we look at the cross-sectional differences to identify the most vulnerable banks. Banks with rapid loan growth along with high cost-income ratio appear to be the most likely to experience a deterioration in their soundness. Journal: Journal of Real Estate Research Pages: 47-74 Issue: 1 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091268 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091268 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:1:p:47-74 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091269_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2009 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxxi Issue: 1 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091269 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091269 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:1:p:bmi-bmxxi Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091270_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sofia Dermisi Author-X-Name-First: Sofia Author-X-Name-Last: Dermisi Author-Name: John McDonald Author-X-Name-First: John Author-X-Name-Last: McDonald Title: Selling Prices/Sq. Ft. of Office Buildings in Down town Chicago—How Much Is It Worth to Be an Old But Class A Building? Abstract: This paper examines office building sales in downtown Chicago for the period 1996 to 2007. Our analysis provides a conventional OLS approach and an exploration of spatial dependence. We find some evidence of spatial lag and spatial autocorrelation in our dataset but the results are similar to the OLS approach. The results indicate that high occupancy is a statistically significant factor only for Class B properties, suggesting that a low occupancy rate is a negative sign for these buildings of lower quality. Class A property receives a 44% price/sq. ft. boost due to the premium classification. This increase becomes more pronounced (90%) for floor plate efficient, neoclassical/revival façade and/or famous Class A properties built before 1972 when the comparison is with Class B properties of the same age. Journal: Journal of Real Estate Research Pages: 1-22 Issue: 1 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091270 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091270 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:1:p:1-22 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091271_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brent Ambrose Author-X-Name-First: Brent Author-X-Name-Last: Ambrose Author-Name: Xun Bian Author-X-Name-First: Xun Author-X-Name-Last: Bian Title: Stock Market Information and REIT Earnings Management Abstract: This paper investigates the interaction between stock price movement and REIT earnings management. We examine whether information generated from stock price volatility influences managers' incentives to engage in earnings management. Consistent with the efficient markets hypothesis, we find that suspected earnings-management firms do not appear to be more mispriced than others. In addition, using idiosyncratic volatility as a measure of private information embedded in stock price, we find that negative real earnings management, which allows REITs to circumvent the mandatory dividend payout requirement, is associated with greater information embedded in REIT stock prices. The result implies that information contained in stock price volatility motivates REIT managers to more actively avoid regulatory costs. Journal: Journal of Real Estate Research Pages: 101-138 Issue: 1 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091271 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091271 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:1:p:101-138 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091272_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Christopher Anderson Author-X-Name-First: Christopher Author-X-Name-Last: Anderson Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Title: Home Price Sensitivity to Capital Market Factors: Analysis of ZIP Code Data Abstract: To what extent do capital market factors affect home prices? This paper examines quarterly changes in median sales prices for homes across more than 3,000 U.S. ZIP Codes in 203 metropolitan areas from 2001 to 2006 to investigate home price sensitivity to returns on U.S. stocks and bonds. The findings reveal that home-price changes are positively related to returns on stocks and bonds, on average. They also show that home prices in higher priced ZIP Codes have greater exposure to capital market risk factors, consistent with higher levels of wealth and capital market participation, on average, among owners of higher priced homes. Journal: Journal of Real Estate Research Pages: 161-186 Issue: 2 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091272 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091272 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:2:p:161-186 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091273_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kevin Chiang Author-X-Name-First: Kevin Author-X-Name-Last: Chiang Title: On the Comovement of REIT Prices Abstract: This study examines the comovement of equity real estate investment trust (REIT) prices in both the vintage (1980–1991) and the new (1992–2004) REIT eras. The results indicate that the comovement of equity REIT prices within the same property type has strengthened during the new REIT era. The results also indicate that, all else being equal, a high institutional participation, a low insider ownership, and a large market capitalization are associated with a high within-property-type price synchronicity. The evidence is consistent with two notions: (1) that increasing participation by institutional investors in the new REIT era facilitates the pricing of property-type common information on firm-level prices, and (2) that REITs' information openness to institutional investing plays a role in this strengthened pricing relationship. Journal: Journal of Real Estate Research Pages: 187-200 Issue: 2 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091273 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091273 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:2:p:187-200 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091274_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Author-Name: Vincent Yao Author-X-Name-First: Vincent Author-X-Name-Last: Yao Title: Ownership Restriction and Housing Values: Evidence from the American Housing Survey Abstract: Amendments to the Fair Lending Act have exempted an age restriction on ownership from fair housing prohibitions. This paper studies the economic impact of such ownership restriction on housing values. Using American Housing Survey data, we find that there is a significant premium attached to the restrictive covenant when other factors are controlled. In particular, we find that imposing age restriction on ownership increases the housing values by anywhere from 10.5% to 12.7%. At the average house value, this is equivalent to a dollar amount between $14,642 and $17,399. The estimates are robust to different specifications in hedonic equations. Journal: Journal of Real Estate Research Pages: 201-220 Issue: 2 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091274 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091274 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:2:p:201-220 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091275_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2009 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxviii Issue: 2 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091275 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091275 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:2:p:bmi-bmxviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091276_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steven Bourassa Author-X-Name-First: Steven Author-X-Name-Last: Bourassa Author-Name: Eva Cantoni Author-X-Name-First: Eva Author-X-Name-Last: Cantoni Author-Name: Martin Hoesli Author-X-Name-First: Martin Author-X-Name-Last: Hoesli Title: Predicting House Prices with Spatial Dependence: A Comparison of Alternative Methods Abstract: This paper compares alternative methods for taking spatial dependence into account in house price prediction. We select hedonic methods that have been reported in the literature to perform relatively well in terms of ex-sample prediction accuracy. Because differences in performance may be due to differences in data, we compare the methods using a single data set. The estimation methods include simple OLS, a two-stage process incorporating nearest neighbors' residuals in the second stage, geostatistical, and trend surface models. These models take into account submarkets by adding dummy variables or by estimating separate equations for each submarket. Based on data for approximately 13,000 transactions from Louisville, Kentucky, we conclude that a geostatistical model with disaggregated submarket variables performs best. Journal: Journal of Real Estate Research Pages: 139-160 Issue: 2 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091276 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091276 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:2:p:139-160 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091277_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: C. Sirmans Author-X-Name-First: C. Author-X-Name-Last: Sirmans Author-Name: Barrett Slade Author-X-Name-First: Barrett Author-X-Name-Last: Slade Title: Sale-Leaseback Transactions: Price Premiums and Market Efficiency Abstract: Sale-leaseback transactions are ubiquitous in real estate markets in the United States with annual volume estimated to be greater than $7 billion. However, there is no evidence concerning the price impact of such transactional arrangements. Using a data set of sale-leaseback transactions, this study examines the price impact on commercial property transactions across seven markets. The findings reveal that transactions structured as sale-leasebacks occur at significantly higher prices than market transactions. In addition, after accounting for income differentials, buyers and sellers are appropriately pricing the transactions resulting in no undue advantage to either party, that is, the expected price premium is accounted for in the sale-leaseback prices. Journal: Journal of Real Estate Research Pages: 221-242 Issue: 2 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091277 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091277 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:2:p:221-242 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091278_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 2 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091278 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091278 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091279_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Richard Ready Author-X-Name-First: Richard Author-X-Name-Last: Ready Title: Do Landfills Always Depress Nearby Property Values? Abstract: All available hedonic pricing estimates of the impact of landfills on nearby property values are assembled, including original estimates for three landfills in Pennsylvania. A meta-analysis shows landfills that accept high volumes of waste (500 tons per day or more) decrease adjacent residential property values by 13.7%, on average. This impact diminishes with distance at a gradient of 5.9% per mile. Lower-volume landfills decrease adjacent property values by 2.7%, on average, with a gradient of 1.3% per mile. While essentially all high-volume landfills negatively impact nearby property values, 20%–26% of low-volume landfills do not impact nearby property values. Journal: Journal of Real Estate Research Pages: 321-340 Issue: 3 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091279 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091279 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:3:p:321-340 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091280_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lei Ding Author-X-Name-First: Lei Author-X-Name-Last: Ding Author-Name: Roberto Quercia Author-X-Name-First: Roberto Author-X-Name-Last: Quercia Author-Name: Janneke Ratcliffe Author-X-Name-First: Janneke Author-X-Name-Last: Ratcliffe Title: Neighborhood Subprime Lending and the Performance of Community Reinvestment Mortgages Abstract: This study analyzes the spillover effect of the spatial concentration of subprime lending on the performance of recently originated community reinvestment mortgages targeting low- to moderate-income borrowers. The level of subprime lending in a census tract is found to be a significant predictor of the default and prepayment probability of the community reinvestment loans in the same neighborhoods. The results suggest that the concentration of subprime lending and the resulting clusters of foreclosed properties reduce neighborhood property values and increase price volatility. The lowered property values and the increased volatility increase the default probability of borrowers holding any loan product, including community reinvestment mortgages. This study provides new evidence concerning the negative impacts of the concentration of subprime lending in certain neighborhoods. Journal: Journal of Real Estate Research Pages: 341-376 Issue: 3 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091280 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091280 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:3:p:341-376 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091281_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gary Pivo Author-X-Name-First: Gary Author-X-Name-Last: Pivo Author-Name: Jeffrey Fisher Author-X-Name-First: Jeffrey Author-X-Name-Last: Fisher Title: Income, Value, and Returns in Socially Responsible Office Properties Abstract: "Responsible property investing" seeks to address social and environmental issues while achieving acceptable financial returns. It includes strategies such as investing in properties that are ENERGY STAR labeled, close to transit, and located in redevelopment areas. This study examines the financial performance of these types of properties. With few exceptions, over the past 10 years they had net operating incomes, market values, price appreciation, and total returns that were higher or the same as conventional properties, with lower cap rates. The findings reveal that responsible property investing can be practiced without diluting returns and can potentially yield higher profits for developers and investors. Journal: Journal of Real Estate Research Pages: 243-270 Issue: 3 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091281 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091281 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:3:p:243-270 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091282_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Liv Osland Author-X-Name-First: Liv Author-X-Name-Last: Osland Title: An Application of Spatial Econometrics in Relation to Hedonic House Price Modeling Abstract: This paper applies spatial econometrics in relation to hedonic house price modeling. Some basic spatial model alternatives are used for a battery of relevant tests. Geographically-weighted regression, semiparametric analysis, and the mixed spatial Durbin model are also applied. The purpose is to detect missing spatial variables, misspecified functional form, and spatial heterogeneity in estimated parameters. Such misspecifications have been shown to give spurious results in relation to some frequently used directional based tests. Significant model improvement is achieved, so the paper should be of general interest as an example of practical econometric modeling within the field. Journal: Journal of Real Estate Research Pages: 289-320 Issue: 3 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091282 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091282 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:3:p:289-320 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091283_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2010 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 3 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091283 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091283 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:3:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091284_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 3 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091284 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091284 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:3:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091285_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bennie Waller Author-X-Name-First: Bennie Author-X-Name-Last: Waller Author-Name: Ray Brastow Author-X-Name-First: Ray Author-X-Name-Last: Brastow Author-Name: Ken Johnson Author-X-Name-First: Ken Author-X-Name-Last: Johnson Title: Listing Contract Length and Time on Market Abstract: Miceli (1989), in a search for the optimal time to allow a broker to market property, posits that the principal (seller) may use the length of the listing contract to motivate the agent (listing broker) to better align incentives. Expanding slightly on Miceli, this work predicts that longer time allotted the broker to market residential property will decrease broker effort, resulting in lower search intensity and eventually a longer marketing span for property, ceteris paribus. This prediction is borne out across three empirical modeling methodologies commonly used in time-on-market studies. Journal: Journal of Real Estate Research Pages: 271-288 Issue: 3 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091285 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:3:p:271-288 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091286_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Pnina Plaut Author-X-Name-First: Pnina Author-X-Name-Last: Plaut Author-Name: Steven Plaut Author-X-Name-First: Steven Author-X-Name-Last: Plaut Title: Decisions to Renovate and to Move Abstract: Housing renovation is the main alternative means of housing supply besides construction of new housing. Relatively little is known about the factors that affect decisions by households about whether to renovate and which sort of renovations to undertake. These questions are explored empirically. Separate analyses are conducted of the decision to undertake "major structural renovations" as opposed to other sorts (such as remodeling the kitchen or bathroom), and also of the decision to conduct renovations that add to the living space of the housing unit. Financial, household and geographic factors affecting this decision are analyzed econometrically. Journal: Journal of Real Estate Research Pages: 461-484 Issue: 4 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091286 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091286 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:4:p:461-484 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091287_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Farmer Author-X-Name-First: Michael Author-X-Name-Last: Farmer Author-Name: Clifford Lipscomb Author-X-Name-First: Clifford Author-X-Name-Last: Lipscomb Title: Using Quantile Regression in Hedonic Analysis to Reveal Submarket Competition Abstract: In this paper, we use quantile regression analysis to explore the role submarket competition plays in setting housing prices in those price ranges where different submarkets occupy homes of similar price. We find evidence of direct competition between submarkets with different preferences for at least some homes in a single neighborhood. By examining hedonic parameter instability at different housing price levels, we uncover not only latent diversity among homeowners but direct competition between them, which calls into question policy and market conclusions drawn from standard hedonic price models, especially large sample hedonic studies. Journal: Journal of Real Estate Research Pages: 435-460 Issue: 4 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091287 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091287 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:4:p:435-460 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091288_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniel Hagen Author-X-Name-First: Daniel Author-X-Name-Last: Hagen Author-Name: Julia Hansen Author-X-Name-First: Julia Author-X-Name-Last: Hansen Title: Rental Housing and the Natural Vacancy Rate Abstract: This study uses 1989–2005 data for the Seattle metropolitan area to test the natural vacancy rate hypothesis for rental housing markets using a new methodology. Findings support the existence of a natural vacancy rate for apartments that varies over time, and in some cases across apartment submarkets. Results show a decline in the natural vacancy rate in the time period following the introduction and growth of the Web. Results also show significant differences in natural vacancy rates for different geographic subareas. No significant differences in the natural vacancy rate are found for different apartment types. Journal: Journal of Real Estate Research Pages: 413-434 Issue: 4 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091288 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091288 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:4:p:413-434 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091289_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091289 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091289 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091290_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Title: Contract Incentives and Effort Abstract: In a prevailing employment contract the agent receives a proportional split of commissions. Alternatively, the agent receives a contract paying 100% of revenue above a fixed payment to the firm. In this contract the firm has a prior payment position, similar to a landlord or lender. The coexistence of these equity-only and debt-equity type contracts allows testing incentives for productivity and effort for real estate licensees in the United States. Hourly wages and productivity are increasing in the agent's split, up to and including 100%. Effort as measured by hours worked are positively affected by the split. The contract incentives motivate productivity and induce effort without requiring monitoring. Journal: Journal of Real Estate Research Pages: 397-412 Issue: 4 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091290 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091290 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:4:p:397-412 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091291_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2010 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 4 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091291 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091291 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:4:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091292_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yu Zhou Author-X-Name-First: Yu Author-X-Name-Last: Zhou Author-Name: Donald Haurin Author-X-Name-First: Donald Author-X-Name-Last: Haurin Title: On the Determinants of House Value Volatility Abstract: Few studies have analyzed the determinants of house value volatility at the level of individual houses. This paper uses two panels of the American Housing Survey covering 1974 to 2003 to test four hypotheses related to the determinants of house value volatility. The findings are that (1) house values at both ends of the quality distribution have greater variance than those with average quality levels, (2) the more atypical a house is, the greater the variance of house value, (3) the more highly "land leveraged" a house is, the greater the variance of its value, and (4) house values of minority households have greater variance than those of whites. Journal: Journal of Real Estate Research Pages: 377-396 Issue: 4 Volume: 32 Year: 2010 Month: 1 X-DOI: 10.1080/10835547.2010.12091292 File-URL: http://hdl.handle.net/10.1080/10835547.2010.12091292 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:32:y:2010:i:4:p:377-396 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091293_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2010 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 1 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091293 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091293 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091294_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Velma Zahirovic-Herbert Author-X-Name-First: Velma Author-X-Name-Last: Zahirovic-Herbert Author-Name: Swarn Chatterjee Author-X-Name-First: Swarn Author-X-Name-Last: Chatterjee Title: What is the Value of a Name? Conspicuous Consumption and House Prices Abstract: This is the first study to lend empirical support to anecdotal media reports that indicate that real property buyers pay price premiums based on property names. Using a standard hedonic price model, we explore the price effects of property names that include the terms "country" and "country club" within a neighborhood. Buyers assign a premium of 4.2% for the term "country" and an additional 5.1% for the term "country club" in the property name. Wealthier buyers tend to be the leaders in paying this price premium, although buyers are less willing to pay these premiums during recessionary times. Journal: Journal of Real Estate Research Pages: 105-126 Issue: 1 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091294 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091294 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:1:p:105-126 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091295_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091295 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091295 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091296_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sherwood Clements Author-X-Name-First: Sherwood Author-X-Name-Last: Clements Author-Name: Alan Ziobrowski Author-X-Name-First: Alan Author-X-Name-Last: Ziobrowski Author-Name: Mark Holder Author-X-Name-First: Mark Author-X-Name-Last: Holder Title: Lumber Futures and Timberland Investment Abstract: Using 20 years of data, we derive a pricing model for timberland market values. We examine the relationship between lumber futures, capitalization rates, anticipated inflation, anticipated construction, and timberland value. Using an ordinary least squares regression model and Johansen's (1988) cointegration technique, we find that timberland market values have a longrun significant positive equilibrium relationship with lumber futures and building permits. Capitalization rates have a significant negative relationship as expected. In the short run, unanticipated shocks in the independent variables provide a permanent change in timberland market values. Journal: Journal of Real Estate Research Pages: 49-72 Issue: 1 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091296 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091296 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:1:p:49-72 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091297_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly Winson-Geideman Author-X-Name-First: Kimberly Author-X-Name-Last: Winson-Geideman Author-Name: Dawn Jourdan Author-X-Name-First: Dawn Author-X-Name-Last: Jourdan Author-Name: Shan Gao Author-X-Name-First: Shan Author-X-Name-Last: Gao Title: The Impact of Age on the Value of Historic Homes in a Nationally Recognized Historic District Abstract: This article is the winner of the 2009 Real Estate Valuation category (sponsored by the Appraisal Institute) presented at the American Real Estate Society 25th Annual Meeting in Monterey, California.This paper uses hedonic modeling to test the effects of age, both actual and effective, on the value of historic properties within a nationally recognized historic district. Findings show that there is a critical point where the value of historic properties is affected by actual age and the depreciation schedule turns upward. Effective age is used to develop a variant of Tobin's Q, which provides evidence that inter-district price differentials often attributed to historic designation are at least partially a function of investment differentials between districts. Journal: Journal of Real Estate Research Pages: 25-48 Issue: 1 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091297 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091297 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:1:p:25-48 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091298_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Paul Anglin Author-X-Name-First: Paul Author-X-Name-Last: Anglin Author-Name: Robert Edelstein Author-X-Name-First: Robert Author-X-Name-Last: Edelstein Author-Name: Yanmin Gao Author-X-Name-First: Yanmin Author-X-Name-Last: Gao Author-Name: Desmond Tsang Author-X-Name-First: Desmond Author-X-Name-Last: Tsang Title: How Does Corporate Governance Affect the Quality of Investor Information? The Curious Case of REITs Abstract: Recent research suggests that the unique legal and organizational structure of Real Estate Investment Trusts (REITs), relative to other types of corporations, may vitiate the need for and the effectiveness of internal corporate governance. Our results indicate that information asymmetry, as measured by the percentage bid-ask spreads demanded by the market, is reduced by appropriately structured REIT governance. Using data from the 2003 to 2006 period, we find that increasing the financial incentives for board members reduces asymmetric information, and that the combination of experienced board members and independent audit committees with financial expertise diminishes asymmetric information. Journal: Journal of Real Estate Research Pages: 1-24 Issue: 1 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091298 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091298 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:1:p:1-24 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091299_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Elias Oikarinen Author-X-Name-First: Elias Author-X-Name-Last: Oikarinen Author-Name: Martin Hoesli Author-X-Name-First: Martin Author-X-Name-Last: Hoesli Author-Name: Camilo Serrano Author-X-Name-First: Camilo Author-X-Name-Last: Serrano Title: The Long - Run Dynamics between Direct and Securitized Real Estate Abstract: This study presents evidence of cointegration between securitized (NAREIT) and direct (NCREIF) real estate total return indices. Since the two real estate indices are cointegrated with one another but not with the stock market, real estate investment trusts (REITs) and direct real estate are likely to have similar long-term diversification benefits in a stock portfolio. Only direct real estate is found to currently adjust towards the cointegrating relation, with NAREIT returns leading NCREIF returns. However, the results show evidence of the predictability of NAREIT returns during the 1980s. Additionally, a large and long-lasting deviation from the long-run relation between NAREIT and NCREIF is identified at the beginning of the "new REIT era." Journal: Journal of Real Estate Research Pages: 73-104 Issue: 1 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091299 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091299 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:1:p:73-104 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091300_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stephen Pyhrr Author-X-Name-First: Stephen Author-X-Name-Last: Pyhrr Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Larry Wofford Author-X-Name-First: Larry Author-X-Name-Last: Wofford Title: Influencing Real Estate Thought and Decision Making Through Research and Education: The Past, Present, and Future of ARES Abstract: This article chronicles the past, present, and future of the American Real Estate Society (ARES). The primary mission of ARES is to be the leading real estate research and education organization globally that influences real estate thought leadership and decision making. To accomplish this mission, the entrepreneurial leadership of ARES developed six real estate journals, a special topics monograph series, an extensive newsletter, and an Annual Meeting that now features over 200 research paper presentations, 18 panel sessions, a Doctoral Seminar, and an all-day "Critical Issues Seminar" that is jointly organized and sponsored by major industry trade associations. ARES has over 1,400 members and is managed by an all-volunteer team of 15 officers, 20 directors, 25 appointed position holders, 3 international board representatives, and 14 committees. It is financially supported by regular member dues, industry contributions for premium memberships and journal underwriting, and a Foundation that has over eighty "fellows" that contribute annually to support various special ARES activities. The organization has been instrumental in originating and developing seven other regional real estate "sister" societies throughout the world, a job opportunity website for members and students, and an Education Tract that focuses on the development of best practices in real estate education throughout academia and industry. Excellence in research, education, and ARES service is recognized annually through many awards and prizes announced at its Annual Meeting. Journal: Journal of Real Estate Research Pages: 127-178 Issue: 2 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091300 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091300 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:2:p:127-178 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091301_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jose Montero Author-X-Name-First: Jose Author-X-Name-Last: Montero Author-Name: Beatriz Larraz Author-X-Name-First: Beatriz Author-X-Name-Last: Larraz Title: Interpolation Methods for Geographical Data: Housing and Commercial Establishment Markets Abstract: The estimation of commercial property prices in a touristic city can be explored through spatial interpolation methods, but in the presence of small sample sizes, auxiliary stochastic processes that are correlated with the prices of commercial establishments are needed. The aim of this paper is to compare the various estimates of commercial establishment prices in Toledo (Spain) provided by methods based on inverse distance weighting, 2-D shape functions for triangles, kriging, and cokriging (the housing prices being the auxiliary stochastic process). The results indicate that kriging improves the classical interpolation methods and that cokriging has a clear advantage over kriging. Journal: Journal of Real Estate Research Pages: 233-244 Issue: 2 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091301 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091301 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:2:p:233-244 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091302_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2010 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 2 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091302 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091302 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091303_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nasser Daneshvary Author-X-Name-First: Nasser Author-X-Name-Last: Daneshvary Author-Name: Terrence Clauretie Author-X-Name-First: Terrence Author-X-Name-Last: Clauretie Author-Name: Ahmad Kader Author-X-Name-First: Ahmad Author-X-Name-Last: Kader Title: Short-Term Own-Price and Spillover Effects of Distressed Residential Properties: The Case of a Housing Crash Abstract: Most previous empirical studies of price spillover effects of foreclosure on no-default transactions are based on data from a stable housing-market period. This study uses transactions for 2008 from a housing market with a relatively large number of real estate owned (REO) sales/foreclosures. The overall results indicate that: (1) REO and in the process of foreclosure properties have the same spillover effects, but short sales do not produce a spillover effect; (2) models that control for the overall market trend produce smaller spillover effects; (3) the marginal effect of an REO is 1%; (4) the cumulative effects of multiple distressed neighbors can be as severe as 8%; and (5) excluding transactions of homes that were sold under distress from the sample increases the estimated marginal spillover effect to about 2% and the cumulative effects to about 21%. Journal: Journal of Real Estate Research Pages: 179-208 Issue: 2 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091303 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091303 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:2:p:179-208 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091304_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Griffith Author-X-Name-First: John Author-X-Name-Last: Griffith Author-Name: Mohammad Najand Author-X-Name-First: Mohammad Author-X-Name-Last: Najand Author-Name: H. Shelton Weeks Author-X-Name-First: H. Shelton Author-X-Name-Last: Weeks Title: What Influences the Changes in REIT CEO Compensation? Evidence from Panel Data Abstract: This study examines what influences the changes in REIT CEO compensation using the following performance measures: average three-year total returns to shareholders, market value added, Tobin's q, and change in funds from operations. The impact of managerial power on the change in compensation is also examined. The empirical evidence indicates that firm performance and size do not influence the change in CEO salary, while risk, tenure, title, ownership, and age have significant impacts. Bonuses are not influenced by risk, size, or CEO power; however, they are influenced by performance. Option awards are affected by performance and CEO power. Journal: Journal of Real Estate Research Pages: 209-232 Issue: 2 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091304 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091304 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:2:p:209-232 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091305_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lei Ding Author-X-Name-First: Lei Author-X-Name-Last: Ding Author-Name: Roberto Quercia Author-X-Name-First: Roberto Author-X-Name-Last: Quercia Author-Name: Wei Li Author-X-Name-First: Wei Author-X-Name-Last: Li Author-Name: Janneke Ratcliffe Author-X-Name-First: Janneke Author-X-Name-Last: Ratcliffe Title: Risky Borrowers or Risky Mortgages Disaggregating Effects Using Propensity Score Models Abstract: This paper examines the relative risk of subprime mortgages and community reinvestment loans originated through the Community Advantage Program (CAP). A sample of comparable borrowers with similar risk characteristics is constructed using the propensity score matching method but holding two different loan products. The findings reveal that the sample of community reinvestment loans has a lower default risk than subprime loans, very likely because they are not originated by brokers and lack risky features such as adjustable rates and prepayment penalties. Results suggest that similar borrowers holding more sustainable products exhibit significantly lower default risks. Journal: Journal of Real Estate Research Pages: 245-278 Issue: 2 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091305 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091305 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:2:p:245-278 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091306_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 2 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091306 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091306 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091307_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ben Hoen Author-X-Name-First: Ben Author-X-Name-Last: Hoen Author-Name: Ryan Wiser Author-X-Name-First: Ryan Author-X-Name-Last: Wiser Author-Name: Peter Cappers Author-X-Name-First: Peter Author-X-Name-Last: Cappers Author-Name: Mark Thayer Author-X-Name-First: Mark Author-X-Name-Last: Thayer Author-Name: Gautam Sethi Author-X-Name-First: Gautam Author-X-Name-Last: Sethi Title: Wind Energy Facilities and Residential Properties: The Effect of Proximity and View on Sales Prices Abstract: This paper received a manuscript prize award for the best research paper on Sustainable Real Estate (sponsored by the NAIOP Research Foundation) presented at the 2010 ARES Annual Meeting.Increasing numbers of communities are considering wind power developments. One concern within these communities is that proximate property values may be adversely affected, yet there has been little research on the subject. The present research investigates roughly 7,500 sales of single-family homes surrounding 24 existing wind facilities in the United States. Across four different hedonic models, and a variety of robustness tests, the results are consistent: neither the view of the wind facilities nor the distance of the home to those facilities is found to have a statistically significant effect on sales prices, yet further research is warranted. Journal: Journal of Real Estate Research Pages: 279-316 Issue: 3 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091307 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091307 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:3:p:279-316 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091308_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Danny Ben-Shahar Author-X-Name-First: Danny Author-X-Name-Last: Ben-Shahar Author-Name: Eyal Sulganik Author-X-Name-First: Eyal Author-X-Name-Last: Sulganik Author-Name: Desmond Tsang Author-X-Name-First: Desmond Author-X-Name-Last: Tsang Title: Funds from Operations versus Net Income: Examiningthe Dividend Relevance of REIT Performance Measures Abstract: This study compares Funds From Operations (FFO) and net income by examining how well these two performance measures explain the dividend policy of Real Estate Investment Trusts (REITs) beyond operating cash flows. The findings reveal that while the non-cash component that is common to both FFO and net income is significantly associated with the level of dividends distributed by REITs, the additional non-cash component in net income but not in FFO has no association with dividends. The findings also show that the non-cash component in net income becomes significantly associated with dividends only when measurement errors in depreciation are low (i.e., reporting quality in depreciation is high). By suggesting that the inclusion of depreciation distorts the dividend-relevance of REIT net income, this paper provides further support to the dominance of FFO over net income for financial reporting in the REIT industry. Journal: Journal of Real Estate Research Pages: 415-442 Issue: 3 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091308 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091308 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:3:p:415-442 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091309_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Changha Jin Author-X-Name-First: Changha Author-X-Name-Last: Jin Author-Name: Alan Ziobrowski Author-X-Name-First: Alan Author-X-Name-Last: Ziobrowski Title: Using Value-at-Risk to Estimate Downside Residential Market Risk Abstract: Conditional Value-at-Risk (VaR) is currently used by the banking industry to measure market risk as it relates to equity risk, currency risk, interest rate risk, and commodity risk. This paper examines the downside market risk in residential housing using various conditional volatility models. Although there is controversy surrounding the use of VaR as a risk management tool, these concerns are explored through various modeling scenarios. Furthermore, an alternative portfolio is constructed minimizing VaR exposure as a portfolio constraint. The findings reveal that the conditional volatility models are especially useful when the current downside residential market risk is time-period dependent because the traditional risk measure based on a longer time series is less influenced by short-term extremes. Journal: Journal of Real Estate Research Pages: 389-414 Issue: 3 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091309 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091309 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:3:p:389-414 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091310_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Woo-Jin Shin Author-X-Name-First: Woo-Jin Author-X-Name-Last: Shin Author-Name: Jesse Saginor Author-X-Name-First: Jesse Author-X-Name-Last: Saginor Author-Name: Shannon Van Zandt Author-X-Name-First: Shannon Author-X-Name-Last: Van Zandt Title: Evaluating Subdivision Characteristics on Single-Family Housing Value Using Hierarchical Linear Modeling Abstract: This research quantifies the financial effects of value creation concepts in relation to housing values in a single-family residential development using hierarchical linear modeling (HLM). As a result, value creation concepts such as sense of arrival, greenway connectivity, and the median length of a culde-sac have positive effects on single-family housing values while the number of accessible entrances and the median length of block variables have negative effects on single-family housing values. These results indicate that higher values in a subdivision may result from smaller blocks, interconnected greenways, and a single entrance that provides a sense of arrival. Journal: Journal of Real Estate Research Pages: 317-348 Issue: 3 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091310 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091310 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:3:p:317-348 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091311_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jozef Zurada Author-X-Name-First: Jozef Author-X-Name-Last: Zurada Author-Name: Alan Levitan Author-X-Name-First: Alan Author-X-Name-Last: Levitan Author-Name: Jian Guan Author-X-Name-First: Jian Author-X-Name-Last: Guan Title: A Comparison of Regression and Artificial Intelligence Methods in a Mass Appraisal Context Abstract: This paper describes a comparative study where several regression and artificial intelligence (AI)-based methods are used to assess properties in Louisville, Kentucky. Four regressionbased methods [traditional multiple regression analysis (MRA), and three non-traditional regression-based methods, Support Vector Machines using sequential minimal optimization regression (SVM-SMO), additive regression, and M5P trees], and three AI-based methods [neural networks (NNs), radial basis function neural network (RBFNN), and memory-based reasoning (MBR)] are applied and compared under various simulation scenarios. The results indicate that non-traditional regressionbased methods perform better in all simulation scenarios, especially with homogeneous data sets. AI-based methods perform well with less homogeneous data sets under some simulation scenarios. Journal: Journal of Real Estate Research Pages: 349-388 Issue: 3 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091311 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091311 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:3:p:349-388 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091312_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2011 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 3 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091312 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091312 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:3:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091313_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 3 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091313 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091313 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:3:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091314_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ping Cheng Author-X-Name-First: Ping Author-X-Name-Last: Cheng Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Title: Heterogeneous Information and Appraisal Smoothing Abstract: This study examines the heterogeneous appraiser behavior and its implication on traditional appraisal smoothing theory. The findings demonstrate that the partial adjustment model is consistent with the traditional appraisal smoothing argument only when all appraisers choose the same smoothing technique. However, if appraiser behavior is heterogeneous and exhibits cross-sectional variation due to the difference in their access to, and interpretation of information, the model actually leads to a mixed outcome: The variance of the transaction-based returns can be higher or lower than the variance of comparable-based return depending on the degree of such heterogeneity. Contrary to what the traditional appraisal smoothing theory would predict, appraisal-based indices may not suffer any "smoothing" bias. These findings suggest that the traditional appraisal smoothing theory, which fails to consider the heterogeneity of appraiser behaviors, exaggerates the effect of appraisal smoothing. Journal: Journal of Real Estate Research Pages: 443-470 Issue: 4 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091314 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091314 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:4:p:443-470 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091315_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Hardin, III Author-X-Name-First: William Author-X-Name-Last: Hardin, III Author-Name: Matthew Hill Author-X-Name-First: Matthew Author-X-Name-Last: Hill Title: Credit Line Availability and Utilization in REITs Abstract: Analysis of real estate investment trust (REIT) credit line availability and use under normal conditions and during the recent financial crisis are provided. Descriptive statistics indicate REIT credit lines represent an important component of capital structure. Credit line availability and utilization increased substantially over the sample period. REITs also maintain precautionary liquidity via credit lines rather than holding cash during the sample period. Multivariate results indicate that credit line availability is directly associated with cash flow uncertainty, dividend distributions, acquisitions, and capital market access and is inversely linked to the market-to-book ratio. Credit line use is unrelated to cash flow volatility and dividends, but is correlated with operating cash flow, acquisitions, and capital market access. Despite finding that line availability is influenced by dividend payments, REITs do not systematically use lines to pay dividends, implying that dividends are paid from operating cash flows. Journal: Journal of Real Estate Research Pages: 507-530 Issue: 4 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091315 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091315 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:4:p:507-530 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091316_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091316 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091316 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091317_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Juan Cabrera Author-X-Name-First: Juan Author-X-Name-Last: Cabrera Author-Name: Tao Wang Author-X-Name-First: Tao Author-X-Name-Last: Wang Author-Name: Jian Yang Author-X-Name-First: Jian Author-X-Name-Last: Yang Title: Linear and Nonlinear Predictablity of International Securitized Real Estate Returns: A Reality Check Abstract: This paper examines the short-horizon return predictability of the ten largest international securitized real estate markets, paying special attention to possible nonlinearity-in-mean as well as nonlinearity-in-variance predictability. Although international securitized real estate returns are generally not predictable based on commonly-used statistical criteria, there is much evidence for the predictability based on economic criteria (i.e., direction of price changes and trading rule profitability), which is more often due to nonlinearity-in-mean. The forecast combinations for various models appear to improve the forecasting performance, while the allowance of data-snooping bias using White's reality check substantially mitigates spurious out-of-sample forecasting performance and weakens otherwise overwhelmingly strong predictability. Overall, there is robust evidence for the predictability in many international securitized real estate markets. Journal: Journal of Real Estate Research Pages: 565-594 Issue: 4 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091317 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091317 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:4:p:565-594 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091318_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ralf Hohenstatt Author-X-Name-First: Ralf Author-X-Name-Last: Hohenstatt Author-Name: Manuel Käsbauer Author-X-Name-First: Manuel Author-X-Name-Last: Käsbauer Author-Name: Wolfgang Schäfers Author-X-Name-First: Wolfgang Author-X-Name-Last: Schäfers Title: "Geco" and its Potential for Real Estate Research: Evidence from the U.S. Housing Market Abstract: Google econometrics (Geco) is a powerful tool for research based on individuals rational. Following the seminal work of Ginsberg et al. (2009), this is another paper based on search query data from Google Insights for Search (I4S). Information on the home buying process is embedded in existing literature on the price-volume relationship in the housing market. The main findings are: I4S subcategories yield inferences about prices and transactions in the near future. While the "Real Estate Agency" subcategory serves as a very robust indicator of transaction volume, "Home Financing" provides interesting insights into the corresponding financing decisions. Therefore, this study seeks to improve the informational efficiency of a relatively imperfect market and is addressed to policymakers as well as real estate professionals. Journal: Journal of Real Estate Research Pages: 471-506 Issue: 4 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091318 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091318 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:4:p:471-506 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091319_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2011 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 4 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091319 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091319 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:4:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091320_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Justin Benefield Author-X-Name-First: Justin Author-X-Name-Last: Benefield Author-Name: Mark Pyles Author-X-Name-First: Mark Author-X-Name-Last: Pyles Author-Name: Anne Gleason Author-X-Name-First: Anne Author-X-Name-Last: Gleason Title: Sale Price, Marketing Time, and Limited Service Listings: The Influence of Home Value and Market Conditions Abstract: Local markets for real estate brokerage services typically exhibit fairly strict pricing. Increased popularity of limited service brokerages provides an opportunity to study any loss in utility by sellers using these firms. Anecdotal evidence suggests that sellers experience a decreased selling price or an increased marketing time when utilizing limited service brokers, but there has been little prior empirical work. This study finds that limited service listings sell for significantly more and spend significantly less time on the market than traditional listings. The price and marketing time impacts vary by home value and local market conditions. Journal: Journal of Real Estate Research Pages: 531-564 Issue: 4 Volume: 33 Year: 2011 Month: 1 X-DOI: 10.1080/10835547.2011.12091320 File-URL: http://hdl.handle.net/10.1080/10835547.2011.12091320 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:33:y:2011:i:4:p:531-564 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091321_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy Dumm Author-X-Name-First: Randy Author-X-Name-Last: Dumm Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Author-Name: Greg Smersh Author-X-Name-First: Greg Author-X-Name-Last: Smersh Title: Building Code, Wind Contours, and House Prices Abstract: A hedonic pricing model estimates the effect on house prices of the stricter 2002 Florida Building Code for three geographical areas with varying degrees of risk exposure in the Jacksonville, Florida area. Results show that houses built under the new, stricter code sold for an average premium of 12.33% relative to houses built under the less-strict code. Results also show that new-code properties in the riskiest Windborne Debris Region sold for about 4.7% more than houses built under the older, less strict code. The interior zones show that houses built under the stricter code sold for greater premiums. The post-catastrophe variables show that the two consecutive seasons of devastating hurricanes in 2004 and 2005 had an effect on buyer behavior and generally increased the building code premium. Journal: Journal of Real Estate Research Pages: 73-98 Issue: 1 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091321 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091321 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:1:p:73-98 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091322_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: 2011 AMERICAN REAL ESTATE SOCIETY JOURNAL MANUSCRIPT PRIZE WINNERS Journal: Journal of Real Estate Research Pages: bmi-bmvii Issue: 1 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091322 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091322 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:1:p:bmi-bmvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091323_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mark An Author-X-Name-First: Mark Author-X-Name-Last: An Author-Name: Zhikun Qi Author-X-Name-First: Zhikun Author-X-Name-Last: Qi Title: Competing Risks Models using Mortgage Duration Data under the ProportionalHazards Assumption Abstract: This paper demonstrates two important results related to the estimation of a competing risks model under the proportional hazards assumption with grouped duration data, a model that has become the canonical model for the termination of mortgages with prepayment and default as two competing risks. First, the model with non-parametric baseline hazards is unidentifiable with only grouped mortgage duration data. Therefore, assumption on the functional form of the baseline hazard is necessary for any meaningful inference. Second, under some parametric assumptions such as piece-wise constant baseline hazards, the sample likelihood function has an explicit analytical form. Therefore, there is no need for the approximation formula widely adopted in the previous literature. Both Monte Carlo simulations and actual mortgage data are used to demonstrate the adverse impact of the approximation. Journal: Journal of Real Estate Research Pages: 1-26 Issue: 1 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091323 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091323 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:1:p:1-26 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091324_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Don MacDonald Author-X-Name-First: Don Author-X-Name-Last: MacDonald Author-Name: Kimberly Winson-Geideman Author-X-Name-First: Kimberly Author-X-Name-Last: Winson-Geideman Title: Residential Mortgage Selection, Inflation Uncertainty, and Real Payment Tilt Abstract: This study addresses prime and subprime residential mortgage selection in an inflationary environment. Using data from the Mortgage Bankers Association on the proportion of variable rate mortgages closed for the 1994 through 2007 period, the findings show that higher anticipated inflation held with certainty increases the proportion of adjustable-rate mortgage (ARM) originations, while greater inflation uncertainty in the sense of a Diamond-Stiglitz (1974) mean-preserving spread decreases it. Further, the percentage of subprime ARM originations is significantly decreased with greater inflation uncertainty while the impact on prime ARM originations is statistically insignificant. These results are consistent with the hypothesis that prime borrowers hold a valuable exchange option that subprime borrowers do not (i.e., the opportunity to refinance into an alternative mortgage product, if necessary). Journal: Journal of Real Estate Research Pages: 51-72 Issue: 1 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091324 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091324 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:1:p:51-72 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091325_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alexander Reichardt Author-X-Name-First: Alexander Author-X-Name-Last: Reichardt Author-Name: Franz Fuerst Author-X-Name-First: Franz Author-X-Name-Last: Fuerst Author-Name: Nico Rottke Author-X-Name-First: Nico Author-X-Name-Last: Rottke Author-Name: Joachim Zietz Author-X-Name-First: Joachim Author-X-Name-Last: Zietz Title: Sustainable Building Certification and the Rent Premium: A Panel Data Approach Abstract: This paper investigates whether obtaining sustainable building certification entails a rental premium for commercial office buildings and tracks its development over time. To this aim, both a difference-in-differences and a fixed-effects model approach are applied to a large panel dataset of office buildings in the United States in the 2000–2010 period. The results indicate a significant rental premium for both ENERGY STAR and LEED certified buildings. Controlling for confounding factors, this premium is shown to have increased steadily from 2006 to 2008, followed by a moderate decline in the subsequent periods. The results also show a significant positive relationship between ENERGY STAR labeling and building occupancy rates. Journal: Journal of Real Estate Research Pages: 99-126 Issue: 1 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091325 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091325 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:1:p:99-126 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091326_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091326 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091326 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091327_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ramya Aroul Author-X-Name-First: Ramya Author-X-Name-Last: Aroul Author-Name: J. Andrew Hansz Author-X-Name-First: J. Andrew Author-X-Name-Last: Hansz Title: The Value of "Green:" Evidence from the First Mandatory Residential Green Building Program Abstract: There has been recent interest in green building and development practices and research. Resulting from growing environmental awareness and concerns, mandatory residential green building programs have been implemented nationally at the municipal level and Texas has passed legislation to create a statewide program. However, the impact of greenness on residential property values has not been rigorously evaluated. This study examines residential transaction prices in two cities and finds a statistically significant premium associated with "green" properties. Additionally, there is evidence of a larger premium associated with green properties located in Frisco, Texas, which has the nation's first mandatory residential green building program. Journal: Journal of Real Estate Research Pages: 27-50 Issue: 1 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091327 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091327 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:1:p:27-50 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091328_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 2 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091328 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091328 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091329_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jonathan Wiley Author-X-Name-First: Jonathan Author-X-Name-Last: Wiley Author-Name: David Wyman Author-X-Name-First: David Author-X-Name-Last: Wyman Title: Key Factors Affecting Valuation for Senior Apartments Abstract: The value of senior apartments is estimated relative to traditional apartments in 34 markets in the United States. In some markets, senior apartments transact at higher prices than predicted; in others, at a discount. Market differences in the valuation of senior apartments are examined. Several attributes are found to have a significant impact and become capitalized into differential values for senior apartments including the supply of apartments per senior resident, housing prices, market size, education, and life expectancy. Other variables appear to have no effect, including rent and income, suggesting that the price impact is symmetrical for senior and traditional apartments. Journal: Journal of Real Estate Research Pages: 183-210 Issue: 2 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091329 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091329 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:2:p:183-210 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091330_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gema Fernández-Avilés Author-X-Name-First: Gema Author-X-Name-Last: Fernández-Avilés Author-Name: Román Mínguez, Author-X-Name-First: Román Author-X-Name-Last: Mínguez, Author-Name: José-María Montero Author-X-Name-First: José-María Author-X-Name-Last: Montero Title: Geostatistical Air Pollution Indexes in Spatial Hedonic Models: The Case of Madrid, Spain Abstract: Recent work has shown how spatial econometrics can be applied to a housing-value hedonic equation that includes air pollution variables. This paper develops a Spatial Durbin Model that incorporates an Air Pollution Index, instead of one or two pollution variables, and considers spatial and non-spatial endogeneity jointly. Exogenous and endogenous possibilities are considered for the index. The empirical analysis focuses on a European city, Madrid. A massive database was constructed for the analysis in 2009 that includes almost 12,000 dwellings. Journal: Journal of Real Estate Research Pages: 243-274 Issue: 2 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091330 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091330 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:2:p:243-274 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091331_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nafeesa Yunus Author-X-Name-First: Nafeesa Author-X-Name-Last: Yunus Title: Modeling Relationships among Securitized Property Markets, Stock Markets, and Macroeconomics Variables Abstract: This paper investigates the dynamic interactions among securitized property markets, stock markets, and key macroeconomic factors for ten developed nations throughout North America, Europe, Australia, and Asia. The results indicate that each property market is co-integrated with its respective stock market and with key macroeconomic factors in the long run and is also influenced by the overall economy in the short run. Further analysis reveals that, for the overwhelming majority of countries involved, shocks to the stock market, GDP, money supply, and inflation induce a positive response in property returns, while shocks to long-term interest rates induce a negative response, although the extent of the responses differ across countries/regions. Journal: Journal of Real Estate Research Pages: 127-156 Issue: 2 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091331 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091331 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:2:p:127-156 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091332_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Author-Name: Vaneesha Boney Author-X-Name-First: Vaneesha Author-X-Name-Last: Boney Author-Name: Hany Guirguis Author-X-Name-First: Hany Author-X-Name-Last: Guirguis Title: The Impact of Switching Regimes and Monetary Shocks: An Empirical Analysis of REITs Abstract: This paper demonstrates that the effects of unanticipated monetary policy changes (shocks) on real estate investment trust (REIT) returns are asymmetric between the high- and low-variance regimes. A Markov regime-switching model with error correction terms is used to quantify the impact of monetary shocks on seven specialized REIT indices in a sample of daily returns from 1997 to 2008. The relationship between monetary shocks and REIT returns is negative, but this relationship is significant primarily during periods of high variance. Furthermore, monetary shocks have about twice as much effect on REITs as they do on the S&P 500 Index during high-variance regimes. This asymmetric response can be attributed to the Federal Reserve's recession avoidance tactics, downward price rigidity, and the external financing premium. REITs are an important and independent test case for research into the impact of monetary shocks. Journal: Journal of Real Estate Research Pages: 157-182 Issue: 2 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091332 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091332 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:2:p:157-182 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091333_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Poornima Madhavan Author-X-Name-First: Poornima Author-X-Name-Last: Madhavan Author-Name: Molly Liechty Author-X-Name-First: Molly Author-X-Name-Last: Liechty Title: Toward an Understanding of Real Estate Homebuyer Internet Search behavior: An Application of Ocular Tracking Technology Abstract: This paper examines the eye movements of homebuyers searching for homes for sale on the Internet. Total dwell time (how long a person looks at the photo), fixation duration (time spent at each focal point), and saccade amplitude (average distance between focal points) significantly explain someone's opinion of the home and its value. The sections that are viewed first are the photo of the home, the quantitative description section, distantly followed by the real estate agent remarks section. Finally, charm pricing, the marketing technique where agents list properties at slightly less than round numbers, works in opposition to its intended effect. Given that homebuyers dwell significantly longer on the first home they view, and since charm pricing typically causes a property to appear towards the end of a search when sorted by price from low to high, we question the wisdom of using a charm pricing marketing strategy. Journal: Journal of Real Estate Research Pages: 211-242 Issue: 2 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091333 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091333 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:2:p:211-242 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091334_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 2 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091334 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091334 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091335_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hongwei Wang Author-X-Name-First: Hongwei Author-X-Name-Last: Wang Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Title: What is Unique about Chinese Real Estate Markets? Abstract: The political environment, legal system, and culture of China differ from that of most mature economies in the western world. Consequently, Chinese real estate markets should behave differently from the markets of the mature economies such as the United States and the United Kingdom. The rapid growth of the real estate markets (both in quantity and property appreciation rates) in Chinese communities during the past two decades provides us a great laboratory to examine some important issues that cannot be analyzed using data from mature economies. Journal: Journal of Real Estate Research Pages: 275-290 Issue: 3 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091335 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091335 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:3:p:275-290 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091336_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Songtao Wang Author-X-Name-First: Songtao Author-X-Name-Last: Wang Author-Name: Su Han Chan Author-X-Name-First: Su Han Author-X-Name-Last: Chan Author-Name: Bohua Xu Author-X-Name-First: Bohua Author-X-Name-Last: Xu Title: The Estimation and Determinants of the Price Elasticity of Housing Supply: Evidence from China Abstract: This paper provides a first look at estimates of the price elasticity of the housing supply in China at both the national and city levels. Using a panel dataset consisting of 35 cities in China from 1998 to 2009, the findings show that the implied national price elasticity of housing supply is between 2.8 and 5.6. The city-level analysis reveals that geographic, economic as well as regulatory factors are significant determinants of the variation in the observed price elasticity of housing supply. The study of a different regulatory and economic environment contributes to the growing literature on supply elasticity and helps explain the seemingly wide variation in supply elasticities observed across cities and countries. Journal: Journal of Real Estate Research Pages: 311-344 Issue: 3 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091336 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091336 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:3:p:311-344 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091337_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Weidong Qu Author-X-Name-First: Weidong Author-X-Name-Last: Qu Author-Name: Xiaolong Liu Author-X-Name-First: Xiaolong Author-X-Name-Last: Liu Title: Assessing the Performance of Chinese Land Lease Auctions: Evidence from Beijing Abstract: This paper investigates the pricing impact of the Chinese land lease auction method when compared to non-auction methods. Using land lease transactions in Beijing from 2003 to 2010, we show that, after controlling for land characteristics, the selling mechanism matters and that the auction method yields a higher land lease transaction price than non-auction selling mechanisms. More importantly, bidder type significantly affects the auction premium. This evidence seems to indicate that the results of an auction might be predictable from the bidder composition of the auction. Journal: Journal of Real Estate Research Pages: 291-310 Issue: 3 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091337 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091337 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:3:p:291-310 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091338_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kim Hiang Liow Author-X-Name-First: Kim Hiang Author-X-Name-Last: Liow Author-Name: Graeme Newell Author-X-Name-First: Graeme Author-X-Name-Last: Newell Title: Investment Dynamics of the Greater China Securitized Real Estate Markets Abstract: This paper focuses on securitized real estate markets. It investigates simultaneously the effects of volatility spillover and conditional correlation on the cross-market relationships among three real estate securities markets, Mainland China, Hong Kong, and Taiwan in Greater China (GC), as well as their international links with the securitized real estate markets in the United States over 1995–2009. Overall, the results indicate that the three GC markets are integrated among themselves, as well as with the U.S. markets. The conditional correlations between the GC markets have outweighed their conditional correlations with the U.S. market, indicating closer integration between the GC markets due to geographical proximity and closer economic links. Moreover, higher levels of volatility spillovers and correlations are detected across all markets during the 2007 global financial crisis period. Finally, the orthogonalized real estate results indicate that unsecuritized real estate could behave differently from real estate securities in volatility interdependence and correlation relationship across the four economies. Journal: Journal of Real Estate Research Pages: 399-428 Issue: 3 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091338 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091338 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:3:p:399-428 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091339_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ming-Chi Chen Author-X-Name-First: Ming-Chi Author-X-Name-Last: Chen Author-Name: Chin-Oh Chang Author-X-Name-First: Chin-Oh Author-X-Name-Last: Chang Author-Name: Chih-Yuan Yang Author-X-Name-First: Chih-Yuan Author-X-Name-Last: Yang Author-Name: Bor-Ming Hsieh Author-X-Name-First: Bor-Ming Author-X-Name-Last: Hsieh Title: Investment Demand and Housing Prices in an Emerging Economy Abstract: This paper hypothesizes that the increase in money supply induced by rapid economic growth leads to strong investment demand in the Taiwanese housing market. A threshold model is used to confirm money supply as the key threshold variable. When the growth rate of money supply is below the model's estimated threshold value, household number, income, and user cost of housing capital are significant variables. It appears that service demand and housing supply are essential in creating the linear movement of housing prices. However, when the growth rate of money supply exceeds the threshold value, stock prices and the inflation rate become important. These findings suggest that non-linear movement of housing prices is primarily driven by investment demand. Journal: Journal of Real Estate Research Pages: 345-374 Issue: 3 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091339 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091339 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:3:p:345-374 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091340_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 3 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091340 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091340 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:3:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091341_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 3 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091341 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091341 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:3:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091342_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eddie Hui Author-X-Name-First: Eddie Author-X-Name-Last: Hui Author-Name: Joe Wong Author-X-Name-First: Joe Author-X-Name-Last: Wong Author-Name: K.T. Wong Author-X-Name-First: K.T. Author-X-Name-Last: Wong Title: Marketing Time and Pricing Strategies Abstract: This study examines how overpricing of properties (in terms of above-market price), along with various housing attributes, influence their time-on-market (TOM). The results with the full sample show that only dummy variables depicting years 2003–2005 and flats located in Kowloon significantly affect TOM. In the sub-period analyses, however, factors such as the above-market price, sale price, a flat's tenure status, general property price trend, and changes in unemployment rate have significant impacts on TOM, yet their respective impacts change over time. Specifically, the effectiveness of overpricing in optimizing sellers' returns and TOM depends on economic conditions as well as on the availability of other alternatives on the housing market. Journal: Journal of Real Estate Research Pages: 375-398 Issue: 3 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091342 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091342 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:3:p:375-398 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091343_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: J. Andrew Hansz Author-X-Name-First: J. Andrew Author-X-Name-Last: Hansz Author-Name: Darren Hayunga Author-X-Name-First: Darren Author-X-Name-Last: Hayunga Title: Club Good Influence on Residential Transaction Prices Abstract: We examine residential real estate transactions in a market where an additional property right to a club good may have an influence on prices. We find that for single-family property, the market capitalizes approximately 50% of the full value of the extra property right. For condominiums, the amount reduces to approximately 25%. While these amounts are positive, they clearly are significantly lower than full value. Journal: Journal of Real Estate Research Pages: 549-576 Issue: 4 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091343 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091343 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:4:p:549-576 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091344_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Heather Richardson Author-X-Name-First: Heather Author-X-Name-Last: Richardson Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Title: Further Assessment of the Efficiency Effects of Internet Use in Home Search Abstract: This paper examines Internet usage and the effect on buyer search efficiency using a two-stage Heckman procedure. Results indicate that as Internet usage increased, search duration increased, which differs from earlier research that found that the Internet had no significant effect on search duration, even though it increased search intensity. This study finds that the Internet increased buyer search intensity when market conditions were favorable for buyers. If the only effect of online search is an increase in search duration without a commensurate increase in benefits to buyers, the Internet may slow the market clearing process and increase seller holding costs. Journal: Journal of Real Estate Research Pages: 515-548 Issue: 4 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091344 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091344 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:4:p:515-548 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091345_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Arjun Chatrath Author-X-Name-First: Arjun Author-X-Name-Last: Chatrath Author-Name: Rohan Christian-David Author-X-Name-First: Rohan Author-X-Name-Last: Christian-David Author-Name: Sanjay Ramchander Author-X-Name-First: Sanjay Author-X-Name-Last: Ramchander Title: Public Information, REIT Responses, Size, Leverage, and Focus Abstract: We evaluate real estate investment trust (REIT) responses to the release of REIT-specific and macroeconomic news over two periods with differing economic climates. More specifically, using high-frequency data, we track the response function over a period of 60 minutes following each announcement. Tests show REIT-specific information to have larger, and in many instances opposite, effects to that of macroeconomic news. REITs also tend to be more sensitive to public information when the economy experiences a downturn. REIT size, leverage, and focus also play an important mediating role between REIT trading activity and public information. Journal: Journal of Real Estate Research Pages: 463-514 Issue: 4 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091345 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091345 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:4:p:463-514 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091346_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James Shilling Author-X-Name-First: James Author-X-Name-Last: Shilling Author-Name: Charles Wurtzebach Author-X-Name-First: Charles Author-X-Name-Last: Wurtzebach Title: Is Value - Added and Opportunistic Real Estate Investing Beneficial? If So, Why? Abstract: There has been a great deal of interest in whether value-added and opportunistic real estate investing has resulted in appropriate risk-adjusted returns. In this paper, data from the National Council of Real Estate Investment Fiduciaries (NCREIF) property database are examined to bring new evidence to bear on the subject. Using these data, ex post returns are calculated for all sold properties. Then groups are formed based on these returns. A series of discriminant functions are then estimated to relate membership in these groups over time to value-added and opportunistic indicator variables (i.e., risk exposures) and market conditions. Results demonstrate that while value-added and opportunistic private equity real estate investments have higher returns than core investments, their superior returns are driven primarily by market conditions and the use of cheap debt rather than by risk exposure. Journal: Journal of Real Estate Research Pages: 429-462 Issue: 4 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091346 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091346 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:4:p:429-462 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091347_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091347 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091347 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091348_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 4 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091348 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091348 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:4:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091349_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eric Belasco Author-X-Name-First: Eric Author-X-Name-Last: Belasco Author-Name: Michael Farmer Author-X-Name-First: Michael Author-X-Name-Last: Farmer Author-Name: Clifford Lipscomb Author-X-Name-First: Clifford Author-X-Name-Last: Lipscomb Title: Using a Finite Mixture Model of Heterogeneous Households to Delineate Housing Submarkets Abstract: We use a finite mixture model to identify latent submarkets from household demographics that estimates a separate hedonic regression equation for each submarket. The method is a relatively robust empirical tool to extract submarkets from demographic information with far less effort than suspected. This method draws from latent class models to group observations in a straightforward data-driven manner. Additionally, the unique information about each submarket is easily derived and summarized. Results are also shown to more convincingly sort submarkets than a prior study in the same area that used more comprehensive data. Journal: Journal of Real Estate Research Pages: 577-594 Issue: 4 Volume: 34 Year: 2012 Month: 1 X-DOI: 10.1080/10835547.2012.12091349 File-URL: http://hdl.handle.net/10.1080/10835547.2012.12091349 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:34:y:2012:i:4:p:577-594 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091350_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hua Sun Author-X-Name-First: Hua Author-X-Name-Last: Sun Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Title: Hyperbolic Discounting, Reference Dependence, and its Implications for the Housing Market Abstract: The influential work of Genesove and Mayer (2001) uses loss aversion theory to explain several puzzling behaviors in the housing market. In this paper, we present an alternative theory, which does not require an asymmetric value function to observe the same “loss aversion” behavior. Specifically, this paper presents a model in which a reference-dependent home seller has a symmetric value function, but faces an inter-temporal decision problem. Furthermore, the framework of the model also helps explain the positive price-volume relationship and price dispersion effect, two observations that are well-documented in the housing market. Journal: Journal of Real Estate Research Pages: 1-24 Issue: 1 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091350 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091350 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:1:p:1-24 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091351_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Paul Anglin Author-X-Name-First: Paul Author-X-Name-Last: Anglin Author-Name: Robin Wiebe Author-X-Name-First: Robin Author-X-Name-Last: Wiebe Title: Pricing in an Illiquid Real Estate Market Abstract: Using a repeat sales data set, this paper examines whether a single small seller can influence the selling price of their house. We find that this influence exists and, since the estimated magnitude of the effect is larger than expected, we verify the estimate using several supplementary tests. Journal: Journal of Real Estate Research Pages: 83-102 Issue: 1 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091351 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091351 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:1:p:83-102 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091352_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tony Shun-Te Yuo Author-X-Name-First: Tony Shun-Te Author-X-Name-Last: Yuo Author-Name: Colin Lizieri Author-X-Name-First: Colin Author-X-Name-Last: Lizieri Title: Tenant Placement Strategies within Multi-Level Large-Scale Shopping Centers Abstract: This paper argues that tenant placement strategies for large-scale multi-unit shopping centers differ depending on the number of floor levels. Two core strategies are identified: dispersion and departmentalization. There exists a trade-off between three income effects: basic footfall effects, spillover effects, and an effective floor area effect, which varies by the number of floor levels. Departmentalization is favored for centers with more than four floors. Greater spatial complexity also points to a higher degree of departmentalization. Optimal placement strategies are determined by the physical features of the center as a whole, and not by the features of individual levels. Journal: Journal of Real Estate Research Pages: 25-52 Issue: 1 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091352 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091352 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:1:p:25-52 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091353_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 1 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091353 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091353 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091354_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nicolai Striewe Author-X-Name-First: Nicolai Author-X-Name-Last: Striewe Author-Name: Nico Rottke Author-X-Name-First: Nico Author-X-Name-Last: Rottke Author-Name: Joachim Zietz Author-X-Name-First: Joachim Author-X-Name-Last: Zietz Title: Corporate Governance and the Leverage of REITs: The Impact of the Advisor Structure Abstract: This paper examines the impact of the advisor structure on the leverage of 265 real estate investment trusts (REITs) in the United States. The study employs panel data for the period 1994 to 2010. Externally advised REITs tend to choose lower leverage, a result that differs from that of Capozza and Seguin (2000) for the old REIT era (1985-1992). We find no evidence for an agency problem related to the choice of leverage for more recent data. The lower leverage makes economic sense since externally-advised REITs bear higher costs of debt than their internally-advised counterparts. Journal: Journal of Real Estate Research Pages: 103-120 Issue: 1 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091354 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091354 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:1:p:103-120 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091355_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091355 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091355 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091356_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: John Gallo Author-X-Name-First: John Author-X-Name-Last: Gallo Author-Name: Larry Lockwood Author-X-Name-First: Larry Author-X-Name-Last: Lockwood Author-Name: Ying Zhang Author-X-Name-First: Ying Author-X-Name-Last: Zhang Title: Structuring global Property Portfolios: A Cointegration Approach Abstract: We create globally diversified real estate portfolios using cointegration methods over 1992-2009. Cointegration is robust to intertemporal correlation instability, identifies markets that share common factors and long-term trends, and identifies leading markets that do not respond to deviations from equilibrium within each cointegrated region. Our cointegrationinspired model portfolios outperform the mean-variance optimized portfolio by 575-725 basis points annually. Differences in performance remain significant over separate time periods, and after controlling for various risk factors. Collectively, the results help clarify property portfolio selection and allocation policy vital for institutional investors and global real estate portfolio managers. Journal: Journal of Real Estate Research Pages: 53-82 Issue: 1 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091356 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091356 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:1:p:53-82 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091357_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: A. Beamonte Author-X-Name-First: A. Author-X-Name-Last: Beamonte Author-Name: P. Gargallo Author-X-Name-First: P. Author-X-Name-Last: Gargallo Author-Name: M.J. Salvador Author-X-Name-First: M.J. Author-X-Name-Last: Salvador Title: Retrospective Analysis of the Dwelling Price by Means of STAR Models with Neighborhood Effects Abstract: The need of retrospective predictions arises in situations such as litigations, inheritances or fiscal purposes to provide the fair market value of a dwelling of given characteristics and specific location. In this paper, a Bayesian method to carry out this retrospective analysis is proposed by using a Spatio-Temporal Autoregressive (STAR) model with neighborhood effects and heteroscedastic errors. Moreover, the developed methodology allows the construction of a retrospective price index that shows the evolution of the dwelling price level in a specific geographical area. The methodology is illustrated with an application to the real estate market in the Spanish city of Zaragoza. Journal: Journal of Real Estate Research Pages: 173-198 Issue: 2 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091357 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091357 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:2:p:173-198 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091358_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Raymond Brastow Author-X-Name-First: Raymond Author-X-Name-Last: Brastow Author-Name: Bennie Waller Author-X-Name-First: Bennie Author-X-Name-Last: Waller Title: Dual Agency Representation: Incentive Conflicts or Efficiencies? Abstract: This study is the first to examine dual agency sales over the listing contract between seller and listing agent. We test hypotheses about the timing of dual agency and its effects on sales price and time on market. Probit results indicate that dual agency sales are more likely to occur near the beginning or the end of a listing contract. Three stage least squares results demonstrate that dual agency affects sales price in both periods and that dual agency sales have shorter marketing times. Results support the conclusion that dual agency sales result from both incentives and informational efficiencies. Journal: Journal of Real Estate Research Pages: 199-222 Issue: 2 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091358 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091358 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:2:p:199-222 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091359_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: R. Jared Delisle Author-X-Name-First: R. Jared Author-X-Name-Last: Delisle Author-Name: S. McKay Price Author-X-Name-First: S. McKay Author-X-Name-Last: Price Author-Name: C.F. Sirmans Author-X-Name-First: C.F. Author-X-Name-Last: Sirmans Title: Pricing of Volatility Risk in REITs Abstract: We examine the pricing of volatility risk in the cross-section of equity real estate investment trust (REIT) stock returns over the 1996 to 2010 period. We consider both aggregate (systematic) volatility and firm-specific (idiosyncratic) volatility. In contrast to the negative and significant price of systematic volatility risk for non-REIT equities, we find that systematic volatility is not priced in REIT returns. Idiosyncratic volatility, estimated using the Fama and French (1993) three-factor model, is negatively priced in the cross-section and is largely independent of non-REIT idiosyncratic volatility. Within the total volatility risk profile, idiosyncratic volatility dominates aggregate volatility in REIT pricing. Journal: Journal of Real Estate Research Pages: 223-248 Issue: 2 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091359 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091359 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:2:p:223-248 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091360_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ogonna Nneji Author-X-Name-First: Ogonna Author-X-Name-Last: Nneji Author-Name: Chris Brooks Author-X-Name-First: Chris Author-X-Name-Last: Brooks Author-Name: Charles Ward Author-X-Name-First: Charles Author-X-Name-Last: Ward Title: Intrinsic and Rational Speculative Bubbles in the U.S. Housing Market: 1960-2011 Abstract: This paper examines the dynamics of the residential property market in the United States between 1960 and 2011. Given the cyclicality and apparent overvaluation of the market over this period, we determine whether deviations of real estate prices from their fundamentals were caused by the existence of two genres of bubbles: intrinsic bubbles and rational speculative bubbles. We find evidence of an intrinsic bubble in the market pre-2000, implying that overreaction to changes in rents contributed to the overvaluation of real estate prices. However, using a regime-switching model, we find evidence of periodically collapsing rational bubbles in the post-2000 market. Journal: Journal of Real Estate Research Pages: 121-152 Issue: 2 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091360 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091360 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:2:p:121-152 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091361_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kimberly Goodwin Author-X-Name-First: Kimberly Author-X-Name-Last: Goodwin Title: Discounting and Underpricing of REIT Seasoned Equity Offers Abstract: For seasoned equity offerings, the discounting of the offer price from the closing price on the previous day is influenced by the level of asymmetric information surrounding the firm and the offering, as well as compensation to investors willing to purchase new shares. Discounting is important for the offering firm because it represents money left on the table, and this is the first paper to examine the degree of discounting and its determinants for real estate investment trusts (REITs). Studying the discounting of REIT seasoned equity offers from 1994 to 2006, this paper provides support for both the placement cost and value uncertainty hypotheses of discounting. When new REIT shares are more difficult to place with investors and there is less consensus about the valuation of REIT shares, investors will require greater discounting of the offer price. Journal: Journal of Real Estate Research Pages: 153-172 Issue: 2 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091361 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091361 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:2:p:153-172 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091362_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 2 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091362 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091362 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091363_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 2 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091363 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091363 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091364_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: M. Babajide Wintoki Author-X-Name-First: M. Babajide Author-X-Name-Last: Wintoki Title: Forecasting Residential Real Estate Price Changes from Online Search Activity Abstract: The intention of buying a home is revealed by many potential home buyers when they turn to the Internet to search for their future residence. This paper examines the extent to which future cross-sectional differences in home price changes are predicted by online search intensity in prior periods. Our findings are economically meaningful and suggest that abnormal search intensity for real estate in a particular city can help predict the city's future abnormal housing price change. On average, cities associated with abnormally high real estate search intensity consistently outperform cities with abnormally low real estate search volume by as much as 8.5% over a two-year period. Journal: Journal of Real Estate Research Pages: 283-312 Issue: 3 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091364 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091364 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:3:p:283-312 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091365_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Emilia Peni Author-X-Name-First: Emilia Author-X-Name-Last: Peni Author-Name: Stanley Smith Author-X-Name-First: Stanley Author-X-Name-Last: Smith Author-Name: Sami Vähämaa Author-X-Name-First: Sami Author-X-Name-Last: Vähämaa Title: Bank Corporate Governance and Real Estate Lending During the Financial Crisis Abstract: This paper examines the effects of bank corporate governance on real estate lending and loan losses during the recent financial crisis. The results indicate that banks with stronger corporate governance mechanisms had higher profitability during the period 2006-2009. Our findings on the effects of corporate governance on real estate lending performance are mixed and depend on the definition of the crisis period. Although banks with stronger governance practices had a lower amount of real estate loan losses during 2006-2008, our results also show that these banks experienced significantly larger losses in 2009. Journal: Journal of Real Estate Research Pages: 313-344 Issue: 3 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091365 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091365 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:3:p:313-344 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091366_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alan Tidwell Author-X-Name-First: Alan Author-X-Name-Last: Tidwell Author-Name: Alan Ziobrowski Author-X-Name-First: Alan Author-X-Name-Last: Ziobrowski Author-Name: Paul Gallimore Author-X-Name-First: Paul Author-X-Name-Last: Gallimore Author-Name: SeungHan Ro Author-X-Name-First: SeungHan Author-X-Name-Last: Ro Title: The Information Content of REIT Credit Rating Actions and Transparency Abstract: We examine the short-run and long-run price reaction of equity real estate investment trust (REIT) shares following credit rating actions, testing the transparency of the REIT structure. Generally, the economic effect on the stock price is subdued for both upgrades and downgrades compared to prior literature examining the broader U.S. equity market. An examination of trading volume revealed a significant increase in trading in reaction to downgrade credit rating changes, with a more subdued response to upgrades. The findings support the notion that REITs are more publicly forthcoming about the expectation of positive news in comparison to negative news. Journal: Journal of Real Estate Research Pages: 365-392 Issue: 3 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091366 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091366 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:3:p:365-392 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091367_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 3 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091367 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091367 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:3:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091368_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 3 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091368 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091368 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:3:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091369_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Crocker Liu Author-X-Name-First: Crocker Author-X-Name-Last: Liu Author-Name: Peng Liu Author-X-Name-First: Peng Author-X-Name-Last: Liu Title: Is What's Bad for the Goose (Tenant), Bad for the Gander (Landlord)? A Retail Real Estate Perspective Abstract: We explore the economic dependence and financial market feedback effects among firms with economic linkages, notably landlord-tenant when shocks occur to the system. In particular, we examine 157 major tenant bankruptcy announcements of retail real estate firms over the 2000 to 2010 period. The contracting mechanism associated with retail leases provides several unique features such as percentage rents and co-tenancy clauses that are absent in other type of leases. We find that in a good economy, a tenant bankruptcy has a less negative or more positive effect on a landlord's stock return, which is consistent with the growth option hypothesis. We also find that landlords who have properties located in markets with a highly diversified economic base are more likely to exercise the growth option given a tenant departure and thus realize higher stock returns. Journal: Journal of Real Estate Research Pages: 249-282 Issue: 3 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091369 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091369 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:3:p:249-282 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091370_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bruce Gordon Author-X-Name-First: Bruce Author-X-Name-Last: Gordon Author-Name: Daniel Winkler Author-X-Name-First: Daniel Author-X-Name-Last: Winkler Author-Name: Doug Barrett Author-X-Name-First: Doug Author-X-Name-Last: Barrett Author-Name: Leonard Zumpano Author-X-Name-First: Leonard Author-X-Name-Last: Zumpano Title: The Effect of Elevation and Corner Location on Oceanfront Condominium Value Abstract: Although previous research indicates that condominium unit location within a development has an effect on its value, no research has examined oceanfront condominium units and the unique influences to which they are exposed. This study analyzes data from condominium sales along the Gulf Coast of Alabama using hedonic pricing models that account for the externalities associated with their location. The findings indicate that the positive externalities associated with upper-floor and corner units have a positive and substantial effect on value. Corner units offer even greater positive externalities and sell at a premium to interior units, primarily due to their more panoramic view. Failure to account for both the positive and negative externalities specific to resort type properties could result in serious misspecification when applying hedonic modeling to these property types. Journal: Journal of Real Estate Research Pages: 345-364 Issue: 3 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091370 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091370 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:3:p:345-364 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091371_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Andrew Collins Author-X-Name-First: Andrew Author-X-Name-Last: Collins Author-Name: Nina Fefferman Author-X-Name-First: Nina Author-X-Name-Last: Fefferman Title: Strategic Mortgage Default in the Context of a Social Network: An Epidemiological Approach Abstract: A serious and imminent threat to a recovery of the global recession comes in the form of a burgeoning financial contagion known as strategic mortgage default. We theorize that the advocacy of strategic default can be likened to a disease, and as such, we employ a methodology from the field of epidemiology to measure how quickly this disease can spread throughout a society. We find that in our current fragile market, advice by influential mavens for underwater homeowners to exercise their put option could result in a flood of strategic defaults causing a contagious downward spiral of residential real estate prices. Asymmetrically, when mavens recommend that homeowners not default, their ability to save a failing market is far more limited. Journal: Journal of Real Estate Research Pages: 445-476 Issue: 4 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091371 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091371 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:4:p:445-476 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091372_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sinan Gokkaya Author-X-Name-First: Sinan Author-X-Name-Last: Gokkaya Author-Name: Matthew Hill Author-X-Name-First: Matthew Author-X-Name-Last: Hill Author-Name: G. Wayne Kelly Author-X-Name-First: G. Wayne Author-X-Name-Last: Kelly Title: On The Direct Costs of REIT SEOs Abstract: This study examines the determinants of direct costs for real estate investment trust (REIT) seasoned equity offerings. These costs are not related to information asymmetries, unlike non- REIT firms. Gross spreads vary inversely with stock liquidity, price, and industry activity. Concerning REIT-specific heterogeneity, gross spreads are generally insensitive to property type and operating partnership structure. Still, the findings suggest managers can influence costs as higher fees are directly related to the use of underwriting syndicates and more reputable investment banks. Finally, a test for differences in direct costs across REIT and comparable industrials shows significantly lower direct issuance costs for REITs. Journal: Journal of Real Estate Research Pages: 407-444 Issue: 4 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091372 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091372 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:4:p:407-444 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091373_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Backmatter Journal: Journal of Real Estate Research Pages: bmi-bmxix Issue: 4 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091373 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091373 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:4:p:bmi-bmxix Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091374_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Author-Name: Jing Yang Author-X-Name-First: Jing Author-X-Name-Last: Yang Title: Taking the Lie Out of Liar Loans: The Effect of Reduced Documentation on the Performance and Pricing of Alt-A and Subprime Mortgages Abstract: We present a simple theoretical model of adverse selection when lenders allow reduced documentation. The model shows how reduced documentation attracts both riskier borrowers and larger size loans. We then empirically test implications of the model using stated income loans originated during the recent housing market run-up and collapse. After estimating the extent to which these loans have higher default rates than do fully documented loans, we develop a measure for the extent of income overstatement, providing results for both the Alt-A and subprime market segments. We also estimate that the incremental risk in these mortgages was priced at less than ten basis points. Journal: Journal of Real Estate Research Pages: 507-554 Issue: 4 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091374 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091374 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:4:p:507-554 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091375_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert Edelstein Author-X-Name-First: Robert Author-X-Name-Last: Edelstein Author-Name: Konstantin Magin Author-X-Name-First: Konstantin Author-X-Name-Last: Magin Title: The Equity Risk Premium for Securitized Real Estate: The Case for U.S. Real Estate Investment Trusts Abstract: This paper examines an important topic about the performance of securitized real estate by estimating the expected equity risk premium for U.S. real estate investment trusts (REITs). By employing a novel methodology, explicitly incorporating REIT shareholders taxation for capital gains and ordinary income, the analysis demonstrates that the expected after-tax risk premiums for REITs generate and are consistent with a reasonable coefficient of relative risk aversion. This finding is contrary to much of the literature about the risk premium. We demonstrate that for a range of plausible stochastic tax burdens, the coefficient of relative risk aversion for REIT shareholders is likely to fall within the interval of 4.3–6.3, values significantly lower than those previously reported for real estate and other asset markets. Journal: Journal of Real Estate Research Pages: 393-406 Issue: 4 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091375 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091375 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:4:p:393-406 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091376_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: William Hardin III Author-X-Name-First: William Author-X-Name-Last: Hardin III Author-Name: Zhonghua Wu Author-X-Name-First: Zhonghua Author-X-Name-Last: Wu Title: Price, Place, People, and Local Experience Abstract: With property characteristics unobserved or difficult to measure, there are returns to evaluation, due diligence, and performance. Buyers can invest in observable human capital signals including location and experience that lower search costs. Buyers with local experience have lower search costs, a higher probability of closing and can earn a purchase discount from the acquisition of human capital developed from repeatedly transacting in a specific real estate market. For 1,793 apartment transactions in Atlanta over the 1995 to 2007 period, a very small focused group of local, experienced buyers receives acquisition discounts. The comparison is with non-locals and locals with two or fewer purchases. Inexperienced locals receive no or little discount and match non-local results. Non-locals do not pay a premium when compared to the typical buyer. Journal: Journal of Real Estate Research Pages: 477-506 Issue: 4 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091376 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091376 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:4:p:477-506 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091377_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Frontmatter Journal: Journal of Real Estate Research Pages: fmi-bmviii Issue: 4 Volume: 35 Year: 2013 Month: 1 X-DOI: 10.1080/10835547.2013.12091377 File-URL: http://hdl.handle.net/10.1080/10835547.2013.12091377 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:35:y:2013:i:4:p:fmi-bmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091378_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091378 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091378 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091379_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxix Issue: 1 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091379 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091379 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:1:p:bmi-bmxix Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091380_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Miles Author-X-Name-First: William Author-X-Name-Last: Miles Title: The Housing Bubble: How Much Blame Does the Fed Really Deserve? Abstract: Two recent empirical papers have blamed the Fed for the latest boom and bust in housing. Neither study includes long-term interest rates, which are more affected by global factors than the federal funds rate (FFR). In this paper, I include both the mortgage rate and the FFR as determinants of housing variables. The results indicate the long-term rate has independent and sometimes greater predictive power for housing than the FFR, especially in recent years. Finally, I demonstrate that the mortgage rate does not simply proxy for monetary policy—the impact of the FFR on long-term rates has also fallen over time. Journal: Journal of Real Estate Research Pages: 41-58 Issue: 1 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091380 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091380 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:1:p:41-58 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091381_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yu-Hsi Chou Author-X-Name-First: Yu-Hsi Author-X-Name-Last: Chou Author-Name: Yi-Chi Chen Author-X-Name-First: Yi-Chi Author-X-Name-Last: Chen Title: Is the Response of REIT Returns to Monetary Policy Asymmetric? Abstract: In this paper, we investigate whether monetary policy has asymmetric effects on U.S. equity REIT returns by using Markov-switching models. We adopt a number of measures of monetary policy. We find substantial regime switching in the response to a monetary policy action that corresponds to “boom” and “bust” regimes. In particular, we find strong evidence that policy actions taken during boom markets have larger effects on REIT returns than those taken during bust markets. This result is in contrast to the empirical evidence of asymmetry related to output and stock returns. Journal: Journal of Real Estate Research Pages: 109-136 Issue: 1 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091381 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091381 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:1:p:109-136 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091382_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ronald Spahr Author-X-Name-First: Ronald Author-X-Name-Last: Spahr Author-Name: Mark Sunderman Author-X-Name-First: Mark Author-X-Name-Last: Sunderman Title: The U.S. Housing Finance Debacle, Measures to Assure its Non-recurrence, and Reform of the Housing GSEs Abstract: We provide another perspective regarding Fannie Mae's and Freddie Mac's impact on the recent financial crisis. We conclude that the crisis and the GSEs being placed into conservancy were primarily caused by the proliferation of below prime mortgages, which led to their sustaining significantly higher default losses. We posit that the GSEs have unfairly served as scapegoats, whereas the crisis was largely caused by the proliferation of private label subprime mortgage instruments and by the U.S. Congress implementing social policies thru the GSEs without adequate default risk provisions. Our recommendations provide guidelines that may reduce the likelihood of a future similar crisis. Journal: Journal of Real Estate Research Pages: 59-86 Issue: 1 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091382 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091382 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:1:p:59-86 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091383_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: N. Kundan Kishor Author-X-Name-First: N. Kundan Author-X-Name-Last: Kishor Author-Name: Swati Kumari Author-X-Name-First: Swati Author-X-Name-Last: Kumari Title: Consumption-Wealth Ratio and Expected Housing Return Abstract: In this paper, we estimate expected return on housing by exploiting information from the variations in the consumptionwealth ratio. We combine a present-value model of consumption with an unobserved component model to express the excess consumption-assets ratio (consumption in excess of labor income) as a linear function of unobserved return on housing assets, financial assets, and consumption growth. We apply a Kalman filter to extract expected housing asset returns from the history of realized returns and excess consumption growth. Our results suggest that filtered housing returns do a significantly better job in predicting realized housing returns than other popular predictors. Journal: Journal of Real Estate Research Pages: 87-108 Issue: 1 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091383 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091383 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:1:p:87-108 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091384_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yongqiang Chu Author-X-Name-First: Yongqiang Author-X-Name-Last: Chu Author-Name: Timothy Riddiough Author-X-Name-First: Timothy Author-X-Name-Last: Riddiough Title: Percentage Rents and Stand-Alone Property: Share Contracting as a Barrier to Entry Abstract: Share (percentage rent) lease contracts have not been explained in the case of stand-alone property. To do so we develop a model of a local trade area with an incumbent retail tenant that makes non-contractable specific investment at the time of initial contracting and a monopolist landlord that controls the timing of follow-on entry. We show that a two-part share contract is optimal, in which a positive fraction of sales revenues is passed from the retail tenant to the landlord. The standard percentage rent contract is, however, dominated by an enhanced contract that includes a lump-sum payment made by the landlord to the incumbent tenant at the time of competitive entry. The welfaremaximizing contract is also analyzed and policy implications are discussed. Journal: Journal of Real Estate Research Pages: 1-40 Issue: 1 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091384 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091384 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:1:p:1-40 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091385_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Frontmatter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 2 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091385 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091385 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091386_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 2 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091386 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091386 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091387_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ralf Hohenstatt Author-X-Name-First: Ralf Author-X-Name-Last: Hohenstatt Author-Name: Manuel Kaesbauer Author-X-Name-First: Manuel Author-X-Name-Last: Kaesbauer Title: GECO's Weather Forecast for the U.K. Housing Market: To What Extent Can We Rely on Google Econometrics? Abstract: This study follows the stream of research identifying sentiment trends by using online search query data. The potential of the Google data series for the U.K. housing market on a disaggregated level is analyzed in a panel VAR framework. Our findings confirm research based on U.S. samples that Google subcategories, especially “Real Estate Agency,” serve as an indicator of transaction volume. Our main contribution is the detection of contrary dynamics within the Google “Home Financing” subcategory, which to date yields empirically mixed evidence (Hohenstatt, Kaesbauer, and Schaefers, 2011). Sensitivity analysis yields that transaction volume responds twice as sensitively as house prices due to a standard deviation increase of the stress indicator. Most importantly, the derived stress indicator of housing market (un-)soundness works at least as well as in downturns, as opposed to “Real Estate Agency,” which is primarily a suitable indicator during upturns. Journal: Journal of Real Estate Research Pages: 253-282 Issue: 2 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091387 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091387 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:2:p:253-282 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091388_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jeffrey Stokes Author-X-Name-First: Jeffrey Author-X-Name-Last: Stokes Author-Name: Arthur Cox Author-X-Name-First: Arthur Author-X-Name-Last: Cox Title: The Speculative Value of Farm Real Estate Abstract: Farm real estate in the Midwest has increased in value at rates not seen since the 1970s. The combination of low interest rates, an increase in the demand for grains, and lower stocks has all pushed prices higher for commodities grown on farmland. A question that naturally arises is whether or not there is speculation in farm real estate and if so, to what extent speculation has contributed to the increase in farmland values? In this paper, we develop a valuation model for farmland. Current conditions indicate there may be a modest speculative component, but higher corn prices would be necessary for speculation to be significant. Journal: Journal of Real Estate Research Pages: 169-186 Issue: 2 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091388 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091388 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:2:p:169-186 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091389_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bartley Danielsen Author-X-Name-First: Bartley Author-X-Name-Last: Danielsen Author-Name: David Harrison Author-X-Name-First: David Author-X-Name-Last: Harrison Author-Name: Robert Van Ness Author-X-Name-First: Robert Author-X-Name-Last: Van Ness Author-Name: Richard Warr Author-X-Name-First: Richard Author-X-Name-Last: Warr Title: Liquidity, Accounting Transparency, and the Cost of Capital: Evidence from Real Estate Investment Trusts Abstract: We investigate the influence financial transparency, organizational complexity, and the cost of capital exert over financial market liquidity. Given regulatory distribution requirements, real estate investment trusts (REITs) are forced to frequently raise capital in the public markets. As a result, they have strong incentives to transparently communicate their financial condition to the marketplace. Within this context, we find strong evidence that firms choosing to “over-invest” in financial transparency are rewarded with enhanced liquidity, as measured by lower bid-ask spreads. These effects are more pronounced for riskier firms and those with greater growth options (i.e., those with the most to gain from transparency). Journal: Journal of Real Estate Research Pages: 221-252 Issue: 2 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091389 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091389 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:2:p:221-252 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091390_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Changha Jin Author-X-Name-First: Changha Author-X-Name-Last: Jin Author-Name: Gökçe Soydemir Author-X-Name-First: Gökçe Author-X-Name-Last: Soydemir Author-Name: Alan Tidwell Author-X-Name-First: Alan Author-X-Name-Last: Tidwell Title: The U.S. Housing Market and the Pricing of Risk: Fundamental Analysis and Market Sentiment Abstract: We explore the pricing patterns of the residential real estate market in the United States in the context of the recent housing bubble and subsequent deflation. We examine 10 consolidated metropolitan statistical areas and calculate excess residential market return per risk. Then, using an error correction model, we regress excess residential market return per risk on fundamental market risk factors from a range of demand- and supply-side variables together with a non-fundamental-based sentiment variable. Our long-run findings reveal that non-fundamental-based (irrational) consumer sentiment is a significant exogenous variable in the pricing pattern of U.S. residential real estate. Journal: Journal of Real Estate Research Pages: 187-220 Issue: 2 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091390 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091390 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:2:p:187-220 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091391_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jan deRoos Author-X-Name-First: Jan Author-X-Name-Last: deRoos Author-Name: Crocker Liu Author-X-Name-First: Crocker Author-X-Name-Last: Liu Author-Name: Daniel Quan Author-X-Name-First: Daniel Author-X-Name-Last: Quan Author-Name: Andrey Ukhov Author-X-Name-First: Andrey Author-X-Name-Last: Ukhov Title: The Dynamics of Credit Spreads in Hotel Mortgages and Signaling Implications Abstract: We use a vector autoregression framework to investigate loan pricing in a market with short-term leases (hotels) relative to longer-term leases (office properties), studying how news on the economy and capital markets are incorporated into the relative pricing of risk. We examine the impact of economic variables on the incremental risk premium and establish its informational content. Relative loan prices reflect systematic risk: an improvement in the general economy, an increase in forward looking corporate profitability, an increase in capital availability, and an increase in industry demand forecast a decline in the risk premium differential. We then examine how loan pricing adjusts to expected delinquencies. The spreads themselves contain important economic information and can help forecast delinquencies. Lenders are forward-looking in the pricing of risk and appear to set interest rates in anticipation of future delinquencies. Journal: Journal of Real Estate Research Pages: 137-168 Issue: 2 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091391 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091391 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:2:p:137-168 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091392_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zhilan Feng Author-X-Name-First: Zhilan Author-X-Name-Last: Feng Author-Name: S. McKay Price Author-X-Name-First: S. McKay Author-X-Name-Last: Price Author-Name: C.F. Sirmans Author-X-Name-First: C.F. Author-X-Name-Last: Sirmans Title: The Relation between Momentum and Drift: Industry-Level Evidence from Equity Real Estate Investment Trusts (REITS) Abstract: We examine the industry-level relation between the two dominant asset pricing anomalies: the continuation of past price movements (momentum) and the incomplete reaction to earnings news (post-earnings-announcement drift). With the former having long been established in real estate investment trust (REIT) returns, and the latter having only recently been documented, we show that the two returns phenomena are highly related in both the cross-section and time series of industry-level returns, and the relation is negative. Additionally, the payoff to a REIT drift strategy largely dominates the payoff to a REIT momentum strategy in terms of greater economic magnitude and statistical significance. Journal: Journal of Real Estate Research Pages: 383-408 Issue: 3 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091392 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091392 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:3:p:383-408 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091393_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 3 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091393 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091393 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:3:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091394_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sheridan Titman Author-X-Name-First: Sheridan Author-X-Name-Last: Titman Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Author-Name: Jing Yang Author-X-Name-First: Jing Author-X-Name-Last: Yang Title: The Dynamics of Housing Prices Abstract: We analyze the prices of owner-occupied housing in 97 metropolitan areas between 1980 and 2011. Our tests indicate that price changes exhibit positive serial correlation at the one year intervals, with subsequent reversals of price changes over longer intervals. Consistent with our simple model, regional differences in observed price patterns reflect differences in the serial correlation of the demand shocks, as well as the elasticity of supply responses. Journal: Journal of Real Estate Research Pages: 283-318 Issue: 3 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091394 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091394 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:3:p:283-318 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091395_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 3 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091395 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091395 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:3:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091396_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jonathan Wiley Author-X-Name-First: Jonathan Author-X-Name-Last: Wiley Author-Name: Yu Liu Author-X-Name-First: Yu Author-X-Name-Last: Liu Author-Name: Dongshin Kim Author-X-Name-First: Dongshin Author-X-Name-Last: Kim Author-Name: Thomas Springer Author-X-Name-First: Thomas Author-X-Name-Last: Springer Title: The Commercial Office Market and the Markup for Full Service Leases Abstract: Because landlords assume all of the operating expense risk, rents for gross leases exceed those for net leases. The markup for gross leases varies between properties and across markets. A matching procedure is applied to measure the services markup as the percentage difference between the actual rent on a gross lease relative to the actual rent on a net lease in an office building with similar characteristics. Using a set of 3,548 office gross lease observations in six major U.S. office markets, we estimate the determinants of the gross rent markup and find statistically significant evidence supporting the posited effects. Journal: Journal of Real Estate Research Pages: 319-340 Issue: 3 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091396 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091396 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:3:p:319-340 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091397_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Wyman Author-X-Name-First: David Author-X-Name-Last: Wyman Author-Name: Norman Hutchison Author-X-Name-First: Norman Author-X-Name-Last: Hutchison Author-Name: Piyush Tiwari Author-X-Name-First: Piyush Author-X-Name-Last: Tiwari Title: Testing the Waters: A Spatial Econometric Pricing Model of Different Waterfront Views Abstract: This study contrasts the pricing of waterfront view amenities in a South Carolina lakefront community between the bubble and the post-bubble phases of the real estate cycle. Testing for spatial autocorrelation reveals the asymmetrical operation of spatial processes between the two periods. We find that empirical results for quality of view, view aspect orientation, and origin of buyer are affected by the recent recession. Specifically, prices for non-premium view properties suffer disproportionately. These results are confirmed by the construction of a spatial error model that provides an improved fit compared to a standard OLS spatial model. Journal: Journal of Real Estate Research Pages: 363-382 Issue: 3 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091397 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091397 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:3:p:363-382 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091398_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Seiler Author-X-Name-First: Michael Author-X-Name-Last: Seiler Author-Name: Eric Walden Author-X-Name-First: Eric Author-X-Name-Last: Walden Title: Lender Characteristics and the Neurological Reasons for Strategic Mortgage Default Abstract: In this study, we use functional magnetic resonance imaging (fMRI) to understand how homeowners process non-financial information when considering strategic mortgage default. We find that borrowers initially attempt to inhibit their knee-jerk reaction to retaliate against a lender who has engaged in egregious lending practices when compared to a financially conservative lender. Moreover, when defaults are rare, borrowers are less likely to default because violating the social norm results in feelings of disgust. Finally, when a lender refuses a loan modification, the borrower is found to seek retribution. Interestingly, granting even a modest loan modification removes the desire of homeowners to seek retribution towards their lender no matter what their impression of the lender may be. The results carry a number of policy implications. Journal: Journal of Real Estate Research Pages: 341-362 Issue: 3 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091398 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091398 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:3:p:341-362 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091399_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Su Han Chan Author-X-Name-First: Su Han Author-X-Name-Last: Chan Author-Name: Fang Fang Author-X-Name-First: Fang Author-X-Name-Last: Fang Author-Name: Jing Yang Author-X-Name-First: Jing Author-X-Name-Last: Yang Title: Presales, Leverage Decisions, and Risk Shifting Abstract: We set up a game-theoretic model for a market where the presale method (to sell a property before its completion) can be used together with construction loans and mortgages as a developer's financing tool for project developments. This model captures the interactions and dynamics among four players (developer, buyer, mortgage lender, and construction loan lender) involved in the presale market. We find that the use of the presale method together with an increase in leverage (by using construction loan or mortgage) have risk-shifting effects to other players in the market. In our model setup, the developer is the one who benefits if the mortgage lender and construction loan lender do not adjust their interest rates based on the developer's presale strategy. Journal: Journal of Real Estate Research Pages: 475-510 Issue: 4 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091399 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091399 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:4:p:475-510 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091400_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Brandon Cline Author-X-Name-First: Brandon Author-X-Name-Last: Cline Author-Name: Xudong Fu Author-X-Name-First: Xudong Author-X-Name-Last: Fu Author-Name: Thomas Springer Author-X-Name-First: Thomas Author-X-Name-Last: Springer Author-Name: Tian Tang Author-X-Name-First: Tian Author-X-Name-Last: Tang Title: Insider Trading in REITs: Evidence from Informed Stock Option Exercise Around Seasoned Equity Offerings Abstract: By merging real estate investment trust (REIT) seasoned equity offering (SEO) data with executive option exercise data, we investigate insider trading implications around REIT SEOs. Event study results show persistent negative abnormal returns for long-term SEO aftermarket performance. After isolating ‘‘strategic’’ option exercises of REIT insiders around the SEO, we assess whether REIT insiders can benefit from asymmetric information. We find enhanced exercise activity around the SEO consistent with REIT executives acting on insider information that the REIT is overvalued at the SEO. However, when exercise activity is linked to long-term performance, the results show that REIT insiders are not especially skilled in identifying which SEOs will underperform. Journal: Journal of Real Estate Research Pages: 511-540 Issue: 4 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091400 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091400 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:4:p:511-540 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091401_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: Prashant Das Author-X-Name-First: Prashant Author-X-Name-Last: Das Author-Name: Jonathan Wiley Author-X-Name-First: Jonathan Author-X-Name-Last: Wiley Title: Houses and Apartments: Similar Assets, Different Financials Abstract: The demand for investment for any asset including houses and apartments depends on a relative yield-price ratio. In an equilibrium structure, the yield-price ratio is shown to depend explicitly on interest rates, capital gains, and the loan-to-value ratio. We examine U.S. quarterly data for the 1986 to 2010 period. We find that starts on houses are highly sensitive to interest rates and capital gains, while those for apartments are not. Apartments are sensitive to equity availability. While similar assets, houses and apartments respond differently to each of these financial variables. Journal: Journal of Real Estate Research Pages: 409-434 Issue: 4 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091401 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091401 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:4:p:409-434 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091402_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091402 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091402 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091403_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 4 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091403 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091403 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:4:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091404_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sotiris Tsolacos Author-X-Name-First: Sotiris Author-X-Name-Last: Tsolacos Author-Name: Chris Brooks Author-X-Name-First: Chris Author-X-Name-Last: Brooks Author-Name: Ogonna Nneji Author-X-Name-First: Ogonna Author-X-Name-Last: Nneji Title: On the Predictive Content of Leading Indicators: The Case of U.S. Real Estate Markets Abstract: In this paper, we employ a probit model and a Markov-switching model using information from the Conference Board Leading Indicator and other predictor variables to forecast the signs of future rental growth in four key U.S. commercial rent series. We find that both approaches have considerable power and can be used to predict changes in the direction of commercial rents up to two years ahead, exhibiting strong improvements over a näive model, especially for the warehouse and apartment sectors. We find that while the Markov-switching model appears to be more successful, it lags behind actual turnarounds in market outcomes, whereas the probit is able to detect whether rental growth will be positive or negative several quarters ahead. Journal: Journal of Real Estate Research Pages: 541-573 Issue: 4 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091404 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091404 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:4:p:541-573 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091405_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tobias Dippold Author-X-Name-First: Tobias Author-X-Name-Last: Dippold Author-Name: Jan Mutl Author-X-Name-First: Jan Author-X-Name-Last: Mutl Author-Name: Joachim Zietz Author-X-Name-First: Joachim Author-X-Name-Last: Zietz Title: Opting for a Green Certificate: The Impact of Local Attitudes and Economic Conditions Abstract: In this paper, we examine the impact of economic conditions and local attitudes on investors’ decisions to opt for a green building certificate. The results indicate that green building certification is not only responsive to economic conditions but also to the attitudes of the local population. Areas with well-educated people and a political preference for the Democratic Party significantly and positively influence the decision to certify buildings. Higher education levels and Democratic partisanship are associated with the environmental orientation of the population. Hence, in these locations, the population's environmental concerns may play a key role. Journal: Journal of Real Estate Research Pages: 435-474 Issue: 4 Volume: 36 Year: 2014 Month: 1 X-DOI: 10.1080/10835547.2014.12091405 File-URL: http://hdl.handle.net/10.1080/10835547.2014.12091405 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:36:y:2014:i:4:p:435-474 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091406_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ping Cheng Author-X-Name-First: Ping Author-X-Name-Last: Cheng Author-Name: Xin He Author-X-Name-First: Xin Author-X-Name-Last: He Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Title: Market Risk Factor and the Weighted Repeat Sales Method Abstract: In this paper, we identify a critical issue in the weighted repeat sales (WRS) method—the omission of market risk in the weight estimation model specified by Case and Shiller (1989). We demonstrate that the omission of market risk is conceptually unjustified. We propose a modified WRS model that is empirically supported, but also contributes to the broad discussion on the holding period dependence of real estate risk. We also show that the Case-Shiller weighting method is likely to be mis-specified in nine of the ten cities where the Case- Shiller metro indices are “tradable” with housing options and futures contracts listed on the Chicago Mercantile Exchange. Using a large sample of repeat sales from the Washington DC area, the original repeat sales method of Bailey, Muth, and Nourse (1963) and the Case-Shiller method are compared against the modified WRS. The results indicate that market risk plays an important role in the index estimation. Journal: Journal of Real Estate Research Pages: 1-22 Issue: 1 Volume: 37 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12091406 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091406 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:1:p:1-22 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091407_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Song Shi Author-X-Name-First: Song Author-X-Name-Last: Shi Title: The Improved Net Rate Analysis Abstract: In this paper, I propose an improved net rate methodology to use the assessed land values to proxy the land contribution in real estate appraisals. The assumption in the method is that neighborhood effects are capitalized into uniform land assessments. Compared to the traditional sales comparison approach, the method has potential to extend the selection of comparable properties. Simulations based on the theoretical and empirical data suggest the method benefits greatly from compensating for assessment errors. Since more sales can be incorporated into the proposed method, it is contended the appraisal result will be more objective and accurate. In practice, the method provides an attractive solution for property valuations in areas where there are limited sales. Journal: Journal of Real Estate Research Pages: 117-150 Issue: 1 Volume: 37 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12091407 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091407 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:1:p:117-150 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091408_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Craig A. Depken Author-X-Name-First: Craig A. Author-X-Name-Last: Depken Author-Name: Harris Hollans Author-X-Name-First: Harris Author-X-Name-Last: Hollans Author-Name: Steve Swidler Author-X-Name-First: Steve Author-X-Name-Last: Swidler Title: A Low-Cost Methodology for Correcting the Distressed Sales Bias in a Downward Spiraling Housing Market Abstract: We examine the impact of distressed sales on single-family house prices during a housing market collapse. The innovation here is a methodology to create a proxy for distressed sales when such sales are not identified in the data but are commonplace in the market. We apply our methodology to publicly available data from Las Vegas, Nevada. We find that, during the market collapse in that city, the price impact from REO transactions was greater than other distressed sales, but the difference narrowed over time. Moreover, not identifying distressed sales lowers the measured price impact of REO sales. Journal: Journal of Real Estate Research Pages: 151-172 Issue: 1 Volume: 37 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12091408 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091408 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:1:p:151-172 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091409_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sinan Gokkaya Author-X-Name-First: Sinan Author-X-Name-Last: Gokkaya Author-Name: Michael J. Highfield Author-X-Name-First: Michael J. Author-X-Name-Last: Highfield Author-Name: Kenneth Roskelley Author-X-Name-First: Kenneth Author-X-Name-Last: Roskelley Author-Name: Dennis F. Steele Author-X-Name-First: Dennis F. Author-X-Name-Last: Steele Title: An Examination of Primary and Secondary Market Returns in Equity REIT IPOs Abstract: We examine primary and secondary market returns for real estate investment trust (REIT) initial public offerings (IPOs). Consistent with theories regarding compensation for information production during the roadshow, we find offer-to-open returns are directly related to partial adjustment and are significantly lower for REITs holding assets in a single property type. Matching REIT IPOs to comparable non-REIT IPOs, we also find evidence consistent with demand uncertainty. Specifically, after controlling for issue and firm characteristics, REITs post significantly lower secondary market returns despite similar primary market returns. This indicates that demand uncertainty resolves more quickly for REITs, possibly due to higher relative transparency. Journal: Journal of Real Estate Research Pages: 23-64 Issue: 1 Volume: 37 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12091409 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091409 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:1:p:23-64 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091410_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Linda Allen Author-X-Name-First: Linda Author-X-Name-Last: Allen Author-Name: Stavros Peristiani Author-X-Name-First: Stavros Author-X-Name-Last: Peristiani Author-Name: Yi Tang Author-X-Name-First: Yi Author-X-Name-Last: Tang Title: Bank Delays in the Resolution of Delinquent Mortgages: The Problem of Limbo Loans Abstract: Limbo loans are delinquent mortgage loans that have not progressed to resolution. We utilize a unique legal database for Florida and find no support for resolution delays from bottlenecks or bank capital constraints. Instead, the impairment of property rights can be used to help explain both the likelihood and longevity of delay. We find that the presence of the Mortgage Electronic Registration System (MERS) in both assignment and foreclosures significantly increases both the likelihood and severity of the time spent in limbo, such that a 10% increase in the presence of MERS adds around 11.5 months to the total time spent in limbo. Journal: Journal of Real Estate Research Pages: 65-116 Issue: 1 Volume: 37 Year: 2015 Month: 1 X-DOI: 10.1080/10835547.2015.12091410 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091410 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:1:p:65-116 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091411_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kevin C.H. Chiang Author-X-Name-First: Kevin C.H. Author-X-Name-Last: Chiang Title: What Drives REIT Prices? The Time-Varying Informational Content of Dividend Yields Abstract: In this study, I investigate the informational content in the dividend yields of equity real estate investment trusts (REITs). The findings show that during the vintage REIT era, 1980–1992, expected aggregate REIT dividend growth is forecastable from aggregate REIT dividend yields at both short and long horizons. This empirical predictive relation is negative, which is consistent with the usual prediction of the dividend pricing model. In contrast, over the new REIT era, 1993–2011, there is a positive predictive relation from dividend yields to aggregate REIT returns. Meanwhile, REIT dividend yield cedes its role in predicting aggregate REIT dividend growth. Journal: Journal of Real Estate Research Pages: 173-190 Issue: 2 Volume: 37 Year: 2015 Month: 4 X-DOI: 10.1080/10835547.2015.12091411 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091411 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:2:p:173-190 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091412_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: Do as I Say, Not as I Do: The Role of Advice versus Actions in the Decision to Strategically Default Abstract: In this study, I examine relative private signal strength and find that offered advice is significantly more influential in changing strategic mortgage default proclivity than is observed actions. Moreover, these private signals are more reflective of financial herding than they are of an information cascade. From a policy perspective, herds are easier to reverse than are cascades making more effective policies aimed at curbing the incidence of strategic mortgage default. Interestingly, an informationally equivalent change in private signal strength across actions and advice alters strategic default willingness, but not the moral stance of borrowers, which demonstrates the complexity of this life-altering financially and emotionally impactful decision. Journal: Journal of Real Estate Research Pages: 191-216 Issue: 2 Volume: 37 Year: 2015 Month: 4 X-DOI: 10.1080/10835547.2015.12091412 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091412 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:2:p:191-216 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091413_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Author-Name: Eric Fruits Author-X-Name-First: Eric Author-X-Name-Last: Fruits Title: Perceived Environmental Risk, Media, and Residential Sales Prices Abstract: We investigate the relationship of homebuyer risk perception and sales prices over different development stages of an environmental hazard (underground natural gas transmission pipeline) characterized by no sensory impact on homes, no accidents, and a relatively low actual risk of fatal explosions. We also investigate the moderating effect of media coverage of unrelated fatal pipeline explosions on this relationship. Using a hedonic pricing model, we find that (1) media coverage moderates the relationship of pipeline proximity (perceived risk) and sales prices in the pipeline construction phase and (2) higher perceived risk reduces sales prices once the pipeline is in operation. Journal: Journal of Real Estate Research Pages: 217-244 Issue: 2 Volume: 37 Year: 2015 Month: 4 X-DOI: 10.1080/10835547.2015.12091413 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091413 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:2:p:217-244 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091414_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael Stein Author-X-Name-First: Michael Author-X-Name-Last: Stein Author-Name: Daniel Piazolo Author-X-Name-First: Daniel Author-X-Name-Last: Piazolo Author-Name: Stoyan V. Stoyanov Author-X-Name-First: Stoyan V. Author-X-Name-Last: Stoyanov Title: Tail Parameters of Stable Distributions Using One Million Observations of Real Estate Returns from Five Continents Abstract: This study focuses on global real estate return distributions. For our analysis, we employ the class of stable distributions that has become prominent in the real estate literature. We add to the literature by undertaking a global-scale analysis for the first time. By using data since the early 1990s, we show that there is considerable variation in the tail weights of return distributions, both between countries as well as among sectors within the countries. It is important to note that the tail parameters vary over time as well. Our results strengthen the notion of non-constant tail parameters in stable distributions that followed earlier findings of constant tail parameters. In addition, our results provide evidence that it is merely the time horizon that causes variation in parameters, than purely methodological differences. Journal: Journal of Real Estate Research Pages: 245-280 Issue: 2 Volume: 37 Year: 2015 Month: 4 X-DOI: 10.1080/10835547.2015.12091414 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091414 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:2:p:245-280 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091415_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karl L. Guntermann Author-X-Name-First: Karl L. Author-X-Name-Last: Guntermann Author-Name: Alex R. Horenstein Author-X-Name-First: Alex R. Author-X-Name-Last: Horenstein Author-Name: Federico Nardari Author-X-Name-First: Federico Author-X-Name-Last: Nardari Author-Name: Gareth Thomas Author-X-Name-First: Gareth Author-X-Name-Last: Thomas Title: Parcel Size and Land Value: A Comparison of Approaches Abstract: The analysis presented here uses simulated and real data sets to investigate the relative merits of parametric, semi-parametric and Bayesian methods in testing for the co-existence of plottage and plattage and in identifying the inflection point. Using artificial datasets generated with spatial correlation, inflection points at alternative locations over the range of sample sizes, different sample sizes and varying the relative quantities of small versus large parcels, we find that the Bayesian approach method generally dominates the semi-parametric one. In turn, these two methods strictly dominate the parametric one. Journal: Journal of Real Estate Research Pages: 281-320 Issue: 2 Volume: 37 Year: 2015 Month: 4 X-DOI: 10.1080/10835547.2015.12091415 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091415 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:2:p:281-320 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091421_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert A. Simons Author-X-Name-First: Robert A. Author-X-Name-Last: Simons Author-Name: Youngme Seo Author-X-Name-First: Youngme Author-X-Name-Last: Seo Author-Name: Paul Rosenfeld Author-X-Name-First: Paul Author-X-Name-Last: Rosenfeld Title: Modeling the Effects of Refinery Emissions on Residential Property Values Abstract: We examined the effects of refinery air pollution on house prices near Houston, Texas. The affected area was identified through AERMOD air modeling of past releases of sulfur dioxide, a proxy for respiratory risk. A total of 3,964 residential MLS sales from 2006 to 2011 were used to populate an OLS model, a spatial model, and a spatial model with an additional endogenous variable. The findings indicate that air pollution has a significant negative 6%–8% loss on house prices. For one year, the negative effect is shown to generally diminish with distance up to about two miles from the refinery. Journal: Journal of Real Estate Research Pages: 321-342 Issue: 3 Volume: 37 Year: 2015 Month: 7 X-DOI: 10.1080/10835547.2015.12091421 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091421 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:3:p:321-342 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091422_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Marcus T. Allen Author-X-Name-First: Marcus T. Author-X-Name-Last: Allen Author-Name: Anjelita Cadena Author-X-Name-First: Anjelita Author-X-Name-Last: Cadena Author-Name: Jessica Rutherford Author-X-Name-First: Jessica Author-X-Name-Last: Rutherford Author-Name: Ronald C. Rutherford Author-X-Name-First: Ronald C. Author-X-Name-Last: Rutherford Title: Effects of Real Estate Brokers' Marketing Strategies: Public Open Houses, Broker Open Houses, MLS Virtual Tours, and MLS Photographs Abstract: The existence of the real estate brokerage industry is generally attributed to high transaction costs in real estate markets. Brokers are typically expected to market sellers' properties, assist in contract negotiations, and coordinate the post-contract tasks necessary to close transactions. Presumably, brokers can perform these duties at lower cost than sellers. In addition to cost efficiencies, brokers may also impact market outcomes. Numerous researchers have investigated whether or not the use of brokers as well as various broker actions, broker characteristics, and broker/seller legal relationships affect market outcomes in the form of price and/or, time-on-the-market effects. We extend this line of research by considering price, time-on- market, and probability of sale effects in relation to four specific broker strategies: public open houses, broker open houses, MLS virtual tours, and MLS photographs. The results indicate positive relationships between these strategies and house prices and mixed relationships between these strategies and probability of sale and time-on-market. Journal: Journal of Real Estate Research Pages: 343-369 Issue: 3 Volume: 37 Year: 2015 Month: 7 X-DOI: 10.1080/10835547.2015.12091422 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091422 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:3:p:343-369 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091423_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: María Arrazola Author-X-Name-First: María Author-X-Name-Last: Arrazola Author-Name: José de Hevia Author-X-Name-First: José Author-X-Name-Last: de Hevia Author-Name: Desiderio Romero-Jordán Author-X-Name-First: Desiderio Author-X-Name-Last: Romero-Jordán Author-Name: José Félix Sanz-Sanz Author-X-Name-First: José Félix Author-X-Name-Last: Sanz-Sanz Title: Long-run Supply and Demand Elasticities in the Spanish Housing Market Abstract: In this paper, we analyze housing supply and demand in Spain. Using data for 1975 to 2009, reduced form and structural models are estimated. The results show that faced with situations of disequilibrium, prices adjust more rapidly than stocks. Similarly, they demonstrate that demand shows low sensitivity to variations in prices and real interest rates. By contrast, it is highly sensitive to demographic changes and the evolution of the labor market. The evidence confirms that permanent income has greater weight than prices as a determinant of demand. On the contrary, supply is highly sensitive to variations in prices and interest rates. Journal: Journal of Real Estate Research Pages: 371-404 Issue: 3 Volume: 37 Year: 2015 Month: 7 X-DOI: 10.1080/10835547.2015.12091423 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091423 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:3:p:371-404 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091424_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Evgeny L. Radetskiy Author-X-Name-First: Evgeny L. Author-X-Name-Last: Radetskiy Author-Name: Ronald W. Spahr Author-X-Name-First: Ronald W. Author-X-Name-Last: Spahr Author-Name: Mark A. Sunderman Author-X-Name-First: Mark A. Author-X-Name-Last: Sunderman Title: Gated Community Premiums and Amenity Differentials in Residential Subdivisions Abstract: We use hedonic models to examine price differences between single-family homes in gated communities and a matched sample in non-gated communities in Shelby County, Tennessee. Controlling for idiosyncratic attributes, we find that homes in gated communities carry significant price premiums relative to similar homes in non-gated communities. Price premiums are highest for medium-size gated communities. Premiums were also evident in higher priced gated communities before 2008 but vanished after the financial crisis. Gated communities offer homeowners additional attributes but usually have higher infrastructure and service costs. Thus price premiums result from net gated community benefits. Journal: Journal of Real Estate Research Pages: 405-438 Issue: 3 Volume: 37 Year: 2015 Month: 7 X-DOI: 10.1080/10835547.2015.12091424 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091424 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:3:p:405-438 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091425_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andrew J. Collins Author-X-Name-First: Andrew J. Author-X-Name-Last: Collins Author-Name: David M. Harrison Author-X-Name-First: David M. Author-X-Name-Last: Harrison Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: Mortgage Modification and the Decision to Strategically Default: A Game Theoretic Approach Abstract: While numerous and varied opinions abound, there remains much confusion as to why relatively few mortgages are modified at a time when the demand to modify is historically high. To better understand this complex issue, we build a game theoretic model to quantify a number of economic incentives and costs surrounding critical dimensions of the lender's decision to modify a loan and the borrower's decision to strategically default in an attempt to encourage such a modification. We mathematically demonstrate that it is rarely economically rational for lenders to modify loans. For the borrower, we find that their negative equity position, growth rate in home prices, and the probability the lender will exercise its legal right to recourse represent the top three strategic default determinants. Journal: Journal of Real Estate Research Pages: 439-470 Issue: 3 Volume: 37 Year: 2015 Month: 7 X-DOI: 10.1080/10835547.2015.12091425 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091425 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:3:p:439-470 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091426_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Patric H. Hendershott Author-X-Name-First: Patric H. Author-X-Name-Last: Hendershott Author-Name: Jin Man Lee Author-X-Name-First: Jin Man Author-X-Name-Last: Lee Author-Name: James D. Shilling Author-X-Name-First: James D. Author-X-Name-Last: Shilling Title: The 2005 – 2011 Housing Boom and Bust: Impacts on Housing Turn over and Implications for the Recovery Abstract: The recent unprecedented house price boom and Great Recession have had unusual and unusually large effects on housing turnover. Nominal house prices plummeted and unemployment surged, causing housing turnover to plunge. We present an econometric model of the determinants of housing turnover for Chicago, Illinois. We use a unique database for 33 submarkets (PUMAs) of Cook County collected by the DePaul Institute for Housing Studies to measure the mortgage position of homeowners. We combine these mortgage data with PUMA data on demographic and economic variables and estimate a housing turnover relation. This relation is then used to simulate how the economic recovery affects housing turnover. The results are generalized to twelve U.S. metropolitan areas that have homeowner equity positions similar to regions in Cook County in late 2012. Journal: Journal of Real Estate Research Pages: 471-498 Issue: 4 Volume: 37 Year: 2015 Month: 10 X-DOI: 10.1080/10835547.2015.12091426 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091426 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:4:p:471-498 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091427_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Scott Below Author-X-Name-First: Scott Author-X-Name-Last: Below Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Hilla Skiba Author-X-Name-First: Hilla Author-X-Name-Last: Skiba Title: Land Erosion and Coastal Home Values Abstract: We examine the extent to which coastal land erosion is capitalized into the value of waterfront residential properties in an area in the United States where continuous land erosion has been identified and well-documented. Our results suggest that the rate of land erosion negatively affects coastal residential property values. However, the negative effect of land erosion on transaction prices is only evident when the ratio of the property's distance from the shore to the rate of erosion is sufficiently low. Moreover, we provide evidence that nonlocal buyers pay a premium for properties, which is correlated with levels of income, education, and housing prices at their origin. Journal: Journal of Real Estate Research Pages: 499-536 Issue: 4 Volume: 37 Year: 2015 Month: 10 X-DOI: 10.1080/10835547.2015.12091427 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091427 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:4:p:499-536 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091428_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniel T. Winkler Author-X-Name-First: Daniel T. Author-X-Name-Last: Winkler Author-Name: Bruce L. Gordon Author-X-Name-First: Bruce L. Author-X-Name-Last: Gordon Title: Seller - Paid Concessions from 2004 to 2012: Implications for House Selling Price and Days on the Market Abstract: In this paper, we examine the extent to which seller-paid concessions (SPCs) are capitalized into foreclosed and non- foreclosed housing selling prices and days on the market (DOM) from 2004:Q1–2012:Q1. The findings suggest that SPCs are fully capitalized into the net selling price of non-foreclosed properties but a 6.7%–15.0% price premium occurs for foreclosed property prices. Non-foreclosed transactions with SPCs have up to 19.5% longer DOM during this time period. The effect of SPCs on price and DOM vary before and after the housing debacle, supporting other studies finding that economic conditions influence price premiums and discounts through changes in underlying explanatory variables. Journal: Journal of Real Estate Research Pages: 537-562 Issue: 4 Volume: 37 Year: 2015 Month: 10 X-DOI: 10.1080/10835547.2015.12091428 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091428 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:4:p:537-562 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091429_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Spenser Robinson Author-X-Name-First: Spenser Author-X-Name-Last: Robinson Author-Name: Alan Reichert Author-X-Name-First: Alan Author-X-Name-Last: Reichert Title: A Commercial Real Estate Matching Method for Return Estimations Abstract: In this paper, we apply hedonic regression to estimate the grid adjustment factors for a national sample of commercial office properties. We demonstrate the viability of hedonic grid regression in commercial real estate. Several robustness tests are employed to test the reliability of the empirical results. We find that the hedonic approach yields slightly more accurate and stable prediction results than a basic matching model without hedonic adjustments. Journal: Journal of Real Estate Research Pages: 563-596 Issue: 4 Volume: 37 Year: 2015 Month: 10 X-DOI: 10.1080/10835547.2015.12091429 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091429 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:4:p:563-596 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091430_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ping Cheng Author-X-Name-First: Ping Author-X-Name-Last: Cheng Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Author-Name: Michael J . Seiler Author-X-Name-First: Michael J . Author-X-Name-Last: Seiler Title: The Benefit of Search in Housing Markets Abstract: Unlike in an efficient market where buyers and sellers are mere price-takers, participants in the real estate market are able to influence ultimate transaction prices through individual search efforts. Such benefit can offset the negative price trend of a declining market and compound the positive price trend of a growing market, suggesting an asymmetric effect of the price and time-on-the-market (TOM) relation. In other words, search mitigates the downside risk and magnifies the upside potential for the seller, which is an important advantage for real estate investors. In this study, we uncover the asymmetric price–TOM relation, and demonstrate the value of search using empirical data from the residential real estate market. Based on a large sample of home sales in the Virginia Beach–Norfolk, Virginia metropolitan area during an extended period of time, our findings clearly reveal an asymmetric search effect on price: longer TOM is strongly correlated with higher selling prices, but more interestingly, even in a declining market, the effect of the search (or the impact of TOM) on price is still positive, albeit smaller, suggesting the benefit of search is more than enough to potentially offset a negative market impact. Journal: Journal of Real Estate Research Pages: 597-622 Issue: 4 Volume: 37 Year: 2015 Month: 10 X-DOI: 10.1080/10835547.2015.12091430 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091430 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:4:p:597-622 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091431_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxix Issue: 4 Volume: 37 Year: 2015 Month: 10 X-DOI: 10.1080/10835547.2015.12091431 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091431 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:4:p:bmi-bmxix Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091432_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 37 Year: 2015 Month: 10 X-DOI: 10.1080/10835547.2015.12091432 File-URL: http://hdl.handle.net/10.1080/10835547.2015.12091432 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:37:y:2015:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091433_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 1 Volume: 38 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12091433 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091433 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091434_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 38 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12091434 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091434 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091435_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy E. Dumm Author-X-Name-First: Randy E. Author-X-Name-Last: Dumm Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Author-Name: Greg T. Smersh Author-X-Name-First: Greg T. Author-X-Name-Last: Smersh Title: Price Variation in Waterfront Properties Over the Economic Cycle Abstract: Using sales data from the Tampa Bay, Florida housing market for the 2000–2012 period, we examine price performance across the boom, bust, and post-bust phases of the most recent real estate cycle by comparing waterfront properties to non-waterfront properties and by comparing specific waterfront types. Waterfront properties enjoyed a 7.2% price premium over non-waterfront properties but this premium was higher in the latter part of the boom stage of the cycle and for the post-bust part of the cycle (2011 and 2012). When evaluating the performance of specific waterfront types, properties on the bay, canal, lake, or river provided price protection through the real estate cycle while the price performance of on-pond properties in some years was more closely aligned with non-waterfront properties. Journal: Journal of Real Estate Research Pages: 1-26 Issue: 1 Volume: 38 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12091435 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091435 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:1:p:1-26 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091436_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Elizabeth Devos Author-X-Name-First: Elizabeth Author-X-Name-Last: Devos Author-Name: Erik Devos Author-X-Name-First: Erik Author-X-Name-Last: Devos Author-Name: Seow Eng Ong Author-X-Name-First: Seow Eng Author-X-Name-Last: Ong Author-Name: Andrew C. Spieler Author-X-Name-First: Andrew C. Author-X-Name-Last: Spieler Title: Who Follows REITs? Abstract: In this paper, we provide evidence that investment bank analysts active in underwriting services at full-service and syndicate banks are the primary issuers of real estate investment trusts' (REITs') recommendations. Analysts at brokerage houses and independent research houses rarely issue REIT recommendations, which suggests that underwriting activities drive issue recommendations for REITs. We also find these recommendations are optimistic after Regulation FD. Non-REIT recommendations differ in the type of issuer and the level of optimism. These systematic differences do not diminish over time. Additional analysis finds book runners of a REIT SEO are more optimistic but that reputational concerns may curb some of the optimism. Journal: Journal of Real Estate Research Pages: 129-164 Issue: 1 Volume: 38 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12091436 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091436 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:1:p:129-164 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091437_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: François Des Rosiers Author-X-Name-First: François Author-X-Name-Last: Des Rosiers Author-Name: Marius Thériault Author-X-Name-First: Marius Author-X-Name-Last: Thériault Author-Name: Jean Dubé Author-X-Name-First: Jean Author-X-Name-Last: Dubé Title: Chain Affiliation, Store Prestige, and Shopping Center Rents Abstract: In this study, we examine whether, and to what extent, chain affiliation within regional and super-regional shopping centers affects store rent levels. The rent impact of chain affiliation is assessed in interaction with store prestige. Our database includes 1,367 retail leases in the 2000–2003 period for 11 regional and super-regional shopping centers in Montreal and Quebec City, Canada. The findings suggest that, when compared with independent and local chain-affiliated stores selling low-end goods, middle and high-end goods chain stores operating at upper levels of affiliation are charged a rent premium. Such a profit-sharing scheme between major, high-end chain stores and mall owners, it is argued, will occur under a regulatory environment that limits the local supply of top retail space. Journal: Journal of Real Estate Research Pages: 27-58 Issue: 1 Volume: 38 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12091437 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091437 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:1:p:27-58 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091438_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Paul J. Seguin Author-X-Name-First: Paul J. Author-X-Name-Last: Seguin Title: The Relative Value of Public Non - Listed REITs Abstract: In this paper, I evaluate equity claims to publicly registered, non-listed real estate investment trusts (REITs). Although market-determined equity prices for public non-listed REITs (PNLRs) are unavailable, I demonstrate that such equity claims are worth between 23% and 80% less than equity claims to identical underlying assets organized as listed REITs. Sources for losses include illiquidity, high transactions costs and sub-optimal capital, and organizational structures. An alleged advantage of PNLRs—higher current income—is unsustainable: REITs frequently reduce levels of promised returns to equity holders, only achieving these lower levels by issuing additional capital. Journal: Journal of Real Estate Research Pages: 59-92 Issue: 1 Volume: 38 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12091438 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091438 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:1:p:59-92 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091439_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Karl L. Guntermann Author-X-Name-First: Karl L. Author-X-Name-Last: Guntermann Author-Name: Crocker Liu Author-X-Name-First: Crocker Author-X-Name-Last: Liu Author-Name: Adam D. Nowak Author-X-Name-First: Adam D. Author-X-Name-Last: Nowak Title: Price Indexes for Short Horizons, Thin Markets or Smaller Cities Abstract: We propose a modification to the repeat sales procedure that incorporates pricing information from houses in close proximity that have sold only once. This nearest neighbor framework allows for both idiosyncratic property-specific effects and for common location effects in constructing sale pairs. The distinguishing feature of our model is that a significant percentage of discarded (non-repeat sale) observations are utilized. Like the repeat sales approach, the availability of housing attributes is not required to implement our model, in contrast to other hybrid models. The only additional calculation required is pairwise distances, which are used in lieu of property attributes in hybrid models. Our resulting model is not only parsimonious but also produces relatively tighter pricing interval estimates. A key advantage of our approach is that it can be used to obtain price estimates in thin markets and smaller cities that have relatively fewer transactions. Journal: Journal of Real Estate Research Pages: 93-128 Issue: 1 Volume: 38 Year: 2016 Month: 1 X-DOI: 10.1080/10835547.2016.12091439 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091439 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:1:p:93-128 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091446_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kanupriya Katyal Author-X-Name-First: Kanupriya Author-X-Name-Last: Katyal Author-Name: Jagrook Dawra Author-X-Name-First: Jagrook Author-X-Name-Last: Dawra Title: Capturing Heterogeneity in Preference for a Real Estate Offering Using a Hierarchical Bayesian Regression Model Abstract: Consumers have dissimilar preferences. Real estate researchers have acknowledged that needs and wants differ among consumers. Creation of different real estate offerings with different attributes and the creation of various communication messages are consequences of this heterogeneity. Our study helps both the real estate developer and the real estate marketer (or broker). We capture consumer heterogeneity using the hierarchical Bayesian regression model. We explain how Bayesian regression can be used to study both observed and unobserved consumer heterogeneity in preference. We also examine heterogeneity at the individual level. We study the elite Indian real estate consumers' preferences for the internal and external features of an apartment. Journal: Journal of Real Estate Research Pages: 291-320 Issue: 2 Volume: 38 Year: 2016 Month: 4 X-DOI: 10.1080/10835547.2016.12091446 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091446 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:2:p:291-320 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091442_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gianluca Marcato Author-X-Name-First: Gianluca Author-X-Name-Last: Marcato Author-Name: Anupam Nanda Author-X-Name-First: Anupam Author-X-Name-Last: Nanda Title: Information Content and Forecasting Ability of Sentiment Indicators: Case of Real Estate Market Abstract: We evaluate a number of real estate sentiment indices to ascertain current and forward-looking information content that may be useful for forecasting demand and supply activities. Analyzing the dynamic relationships within a vector autoregression (VAR) framework and using quarterly U.S. data over 1988–2010, we test the efficacy of several sentiment measures by comparing them with other coincident economic indicators. Overall, our analysis suggests that the sentiment in real estate conveys valuable information that can help predict changes in real estate returns. These findings have important implications for investment decisions, from consumers' as well as institutional investors' perspectives. Journal: Journal of Real Estate Research Pages: 165-204 Issue: 2 Volume: 38 Year: 2016 Month: 4 X-DOI: 10.1080/10835547.2016.12091442 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091442 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:2:p:165-204 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091441_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 2 Volume: 38 Year: 2016 Month: 4 X-DOI: 10.1080/10835547.2016.12091441 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091441 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091443_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ünsal Özdilek Author-X-Name-First: Ünsal Author-X-Name-Last: Özdilek Title: Property Price Separation between Land and Building Components Abstract: Observed sales prices are direct references for the market value of properties, but they do not provide information about the separate values of land and building. There are different theories and methods, each one being limited in practice. In this paper, I present the troublesome issue of price separation and propose a practical alternative, using detailed data from Montreal, Canada. The empirical results support the separability thesis in practice for the cases of residential properties. Journal: Journal of Real Estate Research Pages: 205-228 Issue: 2 Volume: 38 Year: 2016 Month: 4 X-DOI: 10.1080/10835547.2016.12091443 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091443 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:2:p:205-228 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091440_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 2 Volume: 38 Year: 2016 Month: 4 X-DOI: 10.1080/10835547.2016.12091440 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091440 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091445_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ali Termos Author-X-Name-First: Ali Author-X-Name-Last: Termos Author-Name: Mohsen Saad Author-X-Name-First: Mohsen Author-X-Name-Last: Saad Title: Do Mortgage Loans Respond Perversely to Monetary Policy? Abstract: We investigate the response of loan growth to monetary policy shocks while controlling for loan securitization. Our major finding is that while commercial and industrial (C&I) loans and consumer loans respond to monetary policy asymmetrically according to theoretical predictions, mortgage loans show a reverse asymmetric response. In other words, while other loans are more responsive to contractionary than to expansionary shifts in monetary policy of the same magnitude, mortgage loans tend to respond inversely. Contrary to the bank lending channel predictions, expansionary monetary policy increases mortgage loan growth more than contractionary monetary policy of the same magnitude reduces this growth. We find that this reverse asymmetric response of mortgage loans is mainly driven by the securitization of these loans. Further, we show that this result is most pronounced for single-family home mortgages. Journal: Journal of Real Estate Research Pages: 251-290 Issue: 2 Volume: 38 Year: 2016 Month: 4 X-DOI: 10.1080/10835547.2016.12091445 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091445 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:2:p:251-290 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091444_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Florent Buisson Author-X-Name-First: Florent Author-X-Name-Last: Buisson Title: Prospect Theory and Loss Aversion in the Housing Market Abstract: A stylized fact of the housing market is the strong positive correlation between prices and trading volume. Loss aversion from the sellers is one of the most often suggested explanations for this phenomenon, through an increase in sellers' reservation value. In this paper, I demonstrate that on the contrary, the effect of loss aversion is to decrease the reservation value, not to increase it. I suggest alternative behavioral explanations for the observed stylized fact. Journal: Journal of Real Estate Research Pages: 229-250 Issue: 2 Volume: 38 Year: 2016 Month: 4 X-DOI: 10.1080/10835547.2016.12091444 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091444 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:2:p:229-250 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091447_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yuming Li Author-X-Name-First: Yuming Author-X-Name-Last: Li Title: Time Variation of Expected Returns on REITs: Implications for Market Integration and the Financial Crisis Abstract: In this study, I use a conditional covariance-based three-factor pricing model and a real estate investment trust (REIT) index-enhanced four-factor model to examine the time variation of expected returns on REITs over the 1972–2013 period. Although expected returns on equity REITs are highly correlated with their own volatility, the covariances of returns on REITs with the stock market premium, small stock premium, and value premium subsume the role of the volatility of REITs in explaining expected returns on REITs. The conditional betas of REITs associated with the stock market premium and the value premium, along with the conditional correlation between the two premiums, are more important than the volatility of the stock market or other factors in explaining the time variation of expected returns on REITs, especially during the recent financial crisis. Tests of asset pricing restrictions add further evidence on the integration of the real estate market with the general stock market. Journal: Journal of Real Estate Research Pages: 321-358 Issue: 3 Volume: 38 Year: 2016 Month: 7 X-DOI: 10.1080/10835547.2016.12091447 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091447 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:3:p:321-358 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091448_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Neil Crosby Author-X-Name-First: Neil Author-X-Name-Last: Crosby Author-Name: Steven Devaney Author-X-Name-First: Steven Author-X-Name-Last: Devaney Author-Name: Anupam Nanda Author-X-Name-First: Anupam Author-X-Name-Last: Nanda Title: Which Factors Drive Rental Depreciation Rates for Office and Industrial Properties? Abstract: As new buildings are constructed in response to changes in technology or user requirements, the value of the existing stock will decline in relative terms. This is termed economic depreciation and it may be influenced by the age and quality of buildings, amount and timing of expenditure, and wider market and economic conditions. In this paper, we examine why individual assets experience different depreciation rates, applying panel regression techniques to 375 office and industrial assets in the United Kingdom. The results suggest that rental value depreciation rates reduce as buildings get older, while a composite measure of age and quality provides more explanation of depreciation than age alone. Furthermore, economic and local real estate market conditions are significant in explaining how depreciation rates change over time. Journal: Journal of Real Estate Research Pages: 359-392 Issue: 3 Volume: 38 Year: 2016 Month: 7 X-DOI: 10.1080/10835547.2016.12091448 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091448 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:3:p:359-392 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091449_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Boris A. Portnov Author-X-Name-First: Boris A. Author-X-Name-Last: Portnov Author-Name: Charles Ingene Author-X-Name-First: Charles Author-X-Name-Last: Ingene Author-Name: Sagi Akron Author-X-Name-First: Sagi Author-X-Name-Last: Akron Title: Long-Term Natural Cycle Momentum and Housing Price Changes in Israel, 1995–2013 Abstract: Measures of price momentum, typically a moving average of previous price changes, are known to improve the predictive power of empirical price models. We introduce polynomially-smoothed price-trend derivatives as a refined momentum measure and apply them to a database of 216 consecutive months of Israeli housing prices. Over the entire housing price cycle and for phases characterized by prices that increase or decrease at an accelerating or decelerating rate, our models perform better than models with only economic fundamentals or those that add a moving average of past prices. We also show that some predictor variables that are significant over the entire housing cycle are not key predictors in all four phases; moreover, momentum is a key explanatory variable in some but not all phases of the housing price cycle. Journal: Journal of Real Estate Research Pages: 393-422 Issue: 3 Volume: 38 Year: 2016 Month: 7 X-DOI: 10.1080/10835547.2016.12091449 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091449 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:3:p:393-422 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091450_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Spenser Robinson Author-X-Name-First: Spenser Author-X-Name-Last: Robinson Author-Name: Robert Simons Author-X-Name-First: Robert Author-X-Name-Last: Simons Author-Name: Eunkyu Lee Author-X-Name-First: Eunkyu Author-X-Name-Last: Lee Author-Name: Andrew Kern Author-X-Name-First: Andrew Author-X-Name-Last: Kern Title: Demand for Green Buildings: Office Tenants' Stated Willingness-to-Pay for Green Features Abstract: In this study, we analyze the demand for green office building features among office tenants in the United States. An online survey of a random sample of office tenants in 17 major U.S. markets is employed. Respondents provided their perspective on green buildings and their willingness-to-pay (WTP) for green features. They have the highest WTP for improved indoor air quality and access to natural light. The results show that public firms, along with those in the energy and information technology industries are most likely to pay for green-labeled buildings. Regional and demographic preferences are shown in both WTP and attribute ranking. The findings provide implications for policymakers and property developers in terms of which green building features are considered to be most important for green building practices, and how demand for green features potentially differs across regions. Journal: Journal of Real Estate Research Pages: 423-452 Issue: 3 Volume: 38 Year: 2016 Month: 7 X-DOI: 10.1080/10835547.2016.12091450 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091450 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:3:p:423-452 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091451_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Author-Name: Eric Walden Author-X-Name-First: Eric Author-X-Name-Last: Walden Title: Using Neurological Evidence to Differentiate between Informational and Social Herding among Strategic Mortgage Defaulters Abstract: Great debate is being waged between whether strategic mortgage defaulters follow a herd for social reasons or mimic others' behavior for informational gain. Using functional magnetic resonance imaging (fMRI), the latest neurological technology allowing for observation of brain activity during strategic mortgage default decision-making, we find that when defaulters learn of peer default behavior, they acknowledge the social component of the decision, but feel freer to make their own decisions. Alternatively, when observing the behavior of a maven (real estate expert), borrowers still consider the social aspect of the decision (although to a lesser extent), but ultimately follow the maven who presumably possesses a greater information set. Alarmingly, borrowers only significantly follow the herd when mavens advocate strategic default, not when they recommend against it. Journal: Journal of Real Estate Research Pages: 453-472 Issue: 3 Volume: 38 Year: 2016 Month: 7 X-DOI: 10.1080/10835547.2016.12091451 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091451 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:3:p:453-472 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091452_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxv Issue: 3 Volume: 38 Year: 2016 Month: 7 X-DOI: 10.1080/10835547.2016.12091452 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091452 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:3:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091453_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-bmviii Issue: 3 Volume: 38 Year: 2016 Month: 7 X-DOI: 10.1080/10835547.2016.12091453 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091453 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:3:p:fmi-bmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091454_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ben Hoen Author-X-Name-First: Ben Author-X-Name-Last: Hoen Author-Name: Carol Atkinson-Palombo Author-X-Name-First: Carol Author-X-Name-Last: Atkinson-Palombo Title: Wind Turbines, Amenities and Disamenitites: Astudy of Home Value Impacts in Densely Populated Massachusetts Abstract: In this study, we investigate the effect of planned or operating wind turbines on urban home values. Previous studies, which largely produced non-significant findings, focused on rural settings. We analyzed more than 122,000 home sales, between 1998 and 2012, that occurred near 41 turbines in densely populated Massachusetts communities. Although we found the effects from various negative features (such as electricity transmission lines) and positive features (such as open space) generally accorded with previous studies, we found no net effects due to turbines in these communities. We also found no unique impact on the rate of home sales near wind turbines. Journal: Journal of Real Estate Research Pages: 473-504 Issue: 4 Volume: 38 Year: 2016 Month: 10 X-DOI: 10.1080/10835547.2016.12091454 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091454 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:4:p:473-504 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091455_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Qianqian Cao Author-X-Name-First: Qianqian Author-X-Name-Last: Cao Author-Name: Shimeng Liu Author-X-Name-First: Shimeng Author-X-Name-Last: Liu Title: The Impact of State Foreclosure and Bankruptcy Laws on Higher-Risk Lending: Evidence from FHA and Subprime Mortgage Originations Abstract: State foreclosure and bankruptcy laws govern the rights of mortgage lenders and borrowers during foreclosure and bankruptcy proceedings and thereby affect lenders' exposure to credit risk. In this paper, we examine the impact of these laws on the types of mortgages originated. The empirical identification is based on state-level variations in foreclosure and bankruptcy laws and a border estimation strategy. We find that higher-risk loans (FHA and subprime loans) are more likely to be originated in states with lender-friendly foreclosure laws. Also, higher-risk loans are less likely to be originated in states with a more generous bankruptcy homestead exemption. In addition, our results are consistent with the idea that FHA and subprime loans share a similar clientele and are close substitutes. These results are robust without the ordering assumption among conventional prime, FHA, and subprime loans. Journal: Journal of Real Estate Research Pages: 505-538 Issue: 4 Volume: 38 Year: 2016 Month: 10 X-DOI: 10.1080/10835547.2016.12091455 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091455 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:4:p:505-538 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091456_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Heng An Author-X-Name-First: Heng Author-X-Name-Last: An Author-Name: Qun Wu Author-X-Name-First: Qun Author-X-Name-Last: Wu Author-Name: Ting Zhang Author-X-Name-First: Ting Author-X-Name-Last: Zhang Title: REIT Liquidity Management and Institutional Investors Abstract: We examine how institutional investors influence the liquidity choice between cash versus bank credit lines of real estate investment trusts (REITs). While cash offers REIT managers unconditional control rights, credit lines subject managers to bank monitoring. We find that REITs use more bank credit lines relative to cash under the oversight of institutional investors, especially independent and long-term institutions. These findings suggest that institutional investors attenuate the REIT managers' propensity to keep excessive cash relative to credit lines. Moreover, institutional investors delegate more agency monitoring to banks when their holding REITs are more risky and have more severe agency problems. Journal: Journal of Real Estate Research Pages: 539-568 Issue: 4 Volume: 38 Year: 2016 Month: 10 X-DOI: 10.1080/10835547.2016.12091456 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091456 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:4:p:539-568 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091457_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Pat McAllister Author-X-Name-First: Pat Author-X-Name-Last: McAllister Author-Name: Anupam Nanda Author-X-Name-First: Anupam Author-X-Name-Last: Nanda Title: Do Foreign Buyers Compress Office Real Estate Cap Rates? Abstract: We investigate the relation between the activity of foreign investors and capitalization rates in major European office markets. We provide a comprehensive analysis of the determinants of European office market capitalization rates. Using DTZ's Investment Transaction Database and data on a range of local sector-specific and macroeconomic variables across 28 key European cities over 1999—2013, we test several empirical hypotheses including potential endogenous determination of office capitalization rates and the level of foreign investment. A two-stage modeling exercise reveals that there is significant negative effect of foreign investment on office market capitalization rates. The results are robust across several model specifications and samples. Journal: Journal of Real Estate Research Pages: 569-594 Issue: 4 Volume: 38 Year: 2016 Month: 10 X-DOI: 10.1080/10835547.2016.12091457 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091457 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:4:p:569-594 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091458_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Simon Stevenson Author-X-Name-First: Simon Author-X-Name-Last: Stevenson Title: Macroeconomic and Financial Determinants of Comovement across Global Real Estate Security Markets Abstract: While there is a large literature on both diversification and contagion issues across global listed real estate markets, there is only a limited amount of research on the drivers of correlation dynamics. Using both local and U.S. dollar denominated returns, I model conditional correlations across listed real estate sectors and also with the global stock market. The empirical results show that financial factors, such as the relation with the respective equity market, volatility, the relative size of the real estate sector, and trading turnover all play an important role in the degree of comovement present. Furthermore, the results highlight the importance of macroeconomic variables in the relations observed. The results also highlight key differences when considering the correlation dynamics across listed real estate markets or with the global stock market. Journal: Journal of Real Estate Research Pages: 595-624 Issue: 4 Volume: 38 Year: 2016 Month: 10 X-DOI: 10.1080/10835547.2016.12091458 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091458 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:4:p:595-624 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091459_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 4 Volume: 38 Year: 2016 Month: 10 X-DOI: 10.1080/10835547.2016.12091459 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091459 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:4:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091460_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Journal of Real Estate Research Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 38 Year: 2016 Month: 10 X-DOI: 10.1080/10835547.2016.12091460 File-URL: http://hdl.handle.net/10.1080/10835547.2016.12091460 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:38:y:2016:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091461_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Braun Author-X-Name-First: Thomas Author-X-Name-Last: Braun Author-Name: Marcelo Cajias Author-X-Name-First: Marcelo Author-X-Name-Last: Cajias Author-Name: Ralf Hohenstatt Author-X-Name-First: Ralf Author-X-Name-Last: Hohenstatt Title: Societal Influence on Diffusion of Green Buildings: A Count Regression Approach Abstract: In this paper, we analyze 61 core-based statistical areas of Leadership in Energy and Environmental Design (LEED) registration that occurred between 2005 and 2010, alongside the impact of societal green sentiment and government policymaking in support of the diffusion of green buildings, based on owner types. Our Green Sentiment Index, based on online search activities, reflects societal environmental awareness in various regions of the United States over time. Using Google Trends data and a count regression approach, we identify a significant positive influence of both green sentiment and green policies on the registration of LEED properties. The findings suggest that increased green sentiment softens governmental policy and procurement, as well as corporate investment decisions. This approach can aid corporate actors and policymakers to meet both social demand and political objectives for increasing the prevalence of green buildings. Journal: Journal of Real Estate Research Pages: 1-38 Issue: 1 Volume: 39 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12091461 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091461 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:1:p:1-38 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091462_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kim Hiang Liow Author-X-Name-First: Kim Hiang Author-X-Name-Last: Liow Author-Name: Qing Ye Author-X-Name-First: Qing Author-X-Name-Last: Ye Title: Switching Regime Beta Analysis of Global Financial Crisis: Evidence from International Public Real Estate Markets Abstract: We examine whether the recent subprime/global financial crisis caused some significant changes in the excess return distribution and volatility spillover, as well as the link between them and the world market for a select group of international public real estate markets from January 6, 2000 to June 25, 2015. Employing univariate and multivariate switching regime beta models, our results suggest that the public real estate markets examined responded significantly to the financial crisis with a significant increase in the volatility parameter compared to normal period. Moreover, the linkages of the public real estate markets with the two world market indices have been altered differently by the financial crisis, and are enhanced in the post-crisis period for the European region. In contrast, the three major Asian public real estate markets display reduced risk spillover effect in the low volatility state from the world market in recent years. Our findings offer important and yet different implications for investors in their pursuit for portfolio diversification and policymakers in contagion management in the Asian and European public real estate and stock markets after a recent major financial crisis. Journal: Journal of Real Estate Research Pages: 127-164 Issue: 1 Volume: 39 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12091462 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091462 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:1:p:127-164 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091463_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jeffrey P. Cohen Author-X-Name-First: Jeffrey P. Author-X-Name-Last: Cohen Author-Name: Michael J . Fedele Author-X-Name-First: Michael J . Author-X-Name-Last: Fedele Title: Connecticut's Land Value Taxation Public Act: Who Would Bear the Burden? Abstract: Land value taxation or split-rate taxation (SRT) in Connecticut is close to reality with Public Act 15–184. We simulate short-run tax burdens for property owners in two Connecticut cities when moving from a uniform property tax to SRT. We examine whether higher valued property owners face higher tax increases when moving to SRT. A major contribution is our examination of horizontal equity with revenue-neutral SRT in a city's sub-sections, which this Connecticut legislation allows. We find the shift in tax burden among property classes is unique to individual neighborhoods. This highlights the importance of considering city sub-sections for implementing SRT. Journal: Journal of Real Estate Research Pages: 39-64 Issue: 1 Volume: 39 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12091463 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091463 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:1:p:39-64 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091464_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Pawan Jain Author-X-Name-First: Pawan Author-X-Name-Last: Jain Author-Name: Mark Sunderman Author-X-Name-First: Mark Author-X-Name-Last: Sunderman Author-Name: K. Janean Westby-Gibson Author-X-Name-First: K. Janean Author-X-Name-Last: Westby-Gibson Title: REITs and Market Microstructure: A Comprehensive Analysis of Market Quality Abstract: In this study, we analyze the market quality differences, in terms of liquidity and volatility, between real estate investment trusts (REITs) and non-REIT common stocks. The recent financial crisis has significantly influenced the market quality for REITs. Our findings reveal intraday patterns indicating a lower liquidity, higher volatility, and greater price impact for REITs than non-REITs for the pre-crisis period. These relations reverse during the post-crisis period with REITs becoming more liquid, less volatile, and cheaper to trade than non-REITs. Further, we document that post-crisis trading interest in REITs has increased significantly as reflected by increased volume, number of trades, and number of quotes. Journal: Journal of Real Estate Research Pages: 65-98 Issue: 1 Volume: 39 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12091464 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091464 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:1:p:65-98 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091465_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thomas Davidoff Author-X-Name-First: Thomas Author-X-Name-Last: Davidoff Author-Name: Gerd M. Welke Author-X-Name-First: Gerd M. Author-X-Name-Last: Welke Title: The Role of Appreciation and Borrower Characteristics in Reverse Mortgage Terminations Abstract: The Federal Housing Administration (FHA) insures Home Equity Conversion Mortgage (HECM) lenders against shortfalls between loan balances and collateral value. Because borrowers may defer repayment until they move out of their homes or die, the FHA loses money on HECM loans when borrowers remain in their homes for a long time or prices fall. We show that there is an economically large and positive correlation between reverse mortgage terminations and home price appreciation. Consistent with intuition derived from a simple life-cycle model, we find the relation between appreciation and termination weakens with borrower age, and appears to weaken with borrower wealth. Journal: Journal of Real Estate Research Pages: 99-126 Issue: 1 Volume: 39 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12091465 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091465 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:1:p:99-126 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091466_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 1 Volume: 39 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12091466 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091466 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091467_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 39 Year: 2017 Month: 1 X-DOI: 10.1080/10835547.2017.12091467 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091467 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091468_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ping Cheng Author-X-Name-First: Ping Author-X-Name-Last: Cheng Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Title: Characteristics of Long-run Return and Risk: A Unified Performance Metric Abstract: It is well documented in the literature that long-run asset prices do not follow a random walk, thus their returns are not independent and identically distributed (i.i.d.) over time. But how can this notion—long-run returns and volatilities being horizon dependent—be incorporated into formal pricing models? In this paper, we develop a unified risk-adjusted return metric that is applicable to both private assets and public securities. Since such metric is based on a pair of empirically determined return and risk characteristic lines that depict the horizon impact on return and volatility, our performance metric is rooted in empirical evidence rather than assumptions. The results suggest that long-run asset performance cannot be adequately measured by single-period return and volatility. Rather, prudent long-run investment decisions must include careful consideration of the anticipated holding period and a proper understanding of the long-run return and risk characteristics. Journal: Journal of Real Estate Research Pages: 165-188 Issue: 2 Volume: 39 Year: 2017 Month: 4 X-DOI: 10.1080/10835547.2017.12091468 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091468 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:2:p:165-188 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091469_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Herman Donner Author-X-Name-First: Herman Author-X-Name-Last: Donner Title: Foreclosures, Returns, and Buyer Intentions Abstract: Using data from Stockholm, Sweden, I examine whether foreclosed properties are sold at a discount. This institutional setting differs from the United States and studies of real estate owned properties. The findings show that properties experience an eight times higher turnover subsequent to a foreclosure compared with the general market, indicating that professional buyers are taking advantage of a discount. That a substantial fraction of buyers are found to have bought more than one foreclosed property provides further support towards such a pattern. Holding period returns prior and subsequent to a foreclosure also supports a price discount. Journal: Journal of Real Estate Research Pages: 189-214 Issue: 2 Volume: 39 Year: 2017 Month: 4 X-DOI: 10.1080/10835547.2017.12091469 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091469 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:2:p:189-214 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091470_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Siu Kei Wong Author-X-Name-First: Siu Kei Author-X-Name-Last: Wong Author-Name: Ka Shing Cheung Author-X-Name-First: Ka Shing Author-X-Name-Last: Cheung Title: Renewing a Lease at a Discount or Premium? Abstract: Occupancy discount is a long-accepted doctrine in literature. Search theory supports such a proposition, but the empirical evidence is mixed. In this study, we revisit this dilemma and put forward an alternative argument that a landlord may exploit tenants who have made non-redeployable investments and charge them an occupancy premium. Based on data of high-end commercial properties where quality information is symmetric, the findings confirm that the magnitude of discounts/premiums hinges on the tradeoff between asset specificity and search. We also demonstrate that instrumental variables estimation is a better approach to correcting endogeneity bias in lease renewal decisions. Journal: Journal of Real Estate Research Pages: 215-234 Issue: 2 Volume: 39 Year: 2017 Month: 4 X-DOI: 10.1080/10835547.2017.12091470 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091470 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:2:p:215-234 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091471_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Stanislav Mamonov Author-X-Name-First: Stanislav Author-X-Name-Last: Mamonov Author-Name: Raquel Benbunan-Fich Author-X-Name-First: Raquel Author-X-Name-Last: Benbunan-Fich Title: What Can We Learn from Past Mistakes? Lessons from Data Mining the Fannie Mae Mortgage Portfolio Abstract: Fannie Mae has been widely criticized for its role in the recent financial crisis, yet no detailed analysis of the systematic patterns of the mortgage defaults that occurred has been published. To address this knowledge gap, we perform data mining on the Fannie Mae mortgage portfolio of the fourth quarter of 2007, which includes 340,537 mortgages with a total principal value of $69.8 billion. This portfolio had the highest delinquency rate in the agency's history: 19.4% versus the historical average of 1.7%. We find that although a number of information variables that were available at the time of mortgage acquisition are correlated with the subsequent delinquencies, building an accurate model proves challenging. Identification of the majority of delinquencies in the historical data comes at a cost of low precision. Journal: Journal of Real Estate Research Pages: 235-262 Issue: 2 Volume: 39 Year: 2017 Month: 4 X-DOI: 10.1080/10835547.2017.12091471 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091471 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:2:p:235-262 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091472_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Alexandre Skiba Author-X-Name-First: Alexandre Author-X-Name-Last: Skiba Author-Name: Ken H. Johnson Author-X-Name-First: Ken H. Author-X-Name-Last: Johnson Title: Housing Ownership Decision Making in the Framework of Household Portfolio Choice Abstract: While it is well documented that homeowners have greater total wealth than renters, it is not clear that homeownership causes this wealth differential. We consider the buy versus rent decision in the framework of household portfolio choice. This allows us to determine whether owning a home increases the utility of households by improving the performance of their portfolio compared with households that rent. We determine that while renting is superior to ownership in isolation, homeownership as a part of the household portfolio often improves wealth creation on a risk-adjusted basis. Our findings suggest significant policy changes that currently favor levered homeownership strategies for households with minimal wealth. Journal: Journal of Real Estate Research Pages: 263-289 Issue: 2 Volume: 39 Year: 2017 Month: 4 X-DOI: 10.1080/10835547.2017.12091472 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091472 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:2:p:263-289 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091473_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 2 Volume: 39 Year: 2017 Month: 4 X-DOI: 10.1080/10835547.2017.12091473 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091474_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmv Issue: 2 Volume: 39 Year: 2017 Month: 4 X-DOI: 10.1080/10835547.2017.12091474 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091474 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:2:p:fmi-fmv Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091475_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David M. Blau Author-X-Name-First: David M. Author-X-Name-Last: Blau Author-Name: Donald R. Haurin Author-X-Name-First: Donald R. Author-X-Name-Last: Haurin Title: The Effect of the Price of Housing on Child and Young Adult Achievement Abstract: Unprecedented swings in the real price of owner-occupied housing may have affected child development. We merge longitudinal data on child and young adult outcomes with information on local house prices and market rents, and analyze both the short- and long-term effects of the price of housing experienced during childhood. The results indicate that the price of owner-occupied housing has a small negative effect on children's mathematical achievement, but no consistent impact on reading achievement, behavior problems, or a child's body mass index. A higher average price of housing experienced during childhood has a negative effect on the wage rate of young adults, consistent with the negative effect on childhood mathematical achievement. Journal: Journal of Real Estate Research Pages: 289-318 Issue: 3 Volume: 39 Year: 2017 Month: 7 X-DOI: 10.1080/10835547.2017.12091475 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091475 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:3:p:289-318 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091476_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Maarten van der Spek Author-X-Name-First: Maarten Author-X-Name-Last: van der Spek Title: Fee Structures in Private Equity Real Estate Abstract: Although fees in real estate are important for investors and fund managers, they have received little attention in the finance literature. In this paper, I examine fee structures for private equity real estate funds from an investor's perspective. Fee structures, as proposed by fund managers in placing documents, are used to calibrate the total fee load. The average total fee load for closed-end funds equals 2.7%, which is substantially lower than for private equity funds. Through regression and simulation, I show that core and value-add funds charge significantly lower performance fees compared with opportunistic funds, although there is no difference in management fees. Moreover, larger funds charge significantly less management fees. Investors can substantially reduce fees by controlling the amount of leverage and avoiding commitment fees and catch-ups. Journal: Journal of Real Estate Research Pages: 319-348 Issue: 3 Volume: 39 Year: 2017 Month: 7 X-DOI: 10.1080/10835547.2017.12091476 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091476 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:3:p:319-348 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091477_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: A Search for the Genetic Contributors to Strategic Mortgage Default: The Catechol-O-Methyltransferase (COMT) Gene Abstract: This study is the first in real estate to identify a specific genetic marker with a significantly greater association for individuals who are more likely to strategically default on their underwater mortgage. The catechol-O-methyltransferase (COMT) gene produces an enzyme that regulates dopamine levels (among many other chemicals) in the prefrontal cortex of the brain. I find that borrowers who have one or two of the “A” alleles (or more formally, the “methionine” allele) are significantly more likely to strategically default than those who possess the “G” (or “valine”) allele. I find no significant association for the DRD4 7-repeater or the 5-HTTLPR markers. My hope is that future researchers will build upon this seminal study to better understand whether borrower strategic defaults are more a function of nature or nurture. Reconciling this difference has tremendous policy implications. Journal: Journal of Real Estate Research Pages: 349-372 Issue: 3 Volume: 39 Year: 2017 Month: 7 X-DOI: 10.1080/10835547.2017.12091477 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091477 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:3:p:349-372 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091478_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter F. Colwell Author-X-Name-First: Peter F. Author-X-Name-Last: Colwell Author-Name: Jim L. Sanders Author-X-Name-First: Jim L. Author-X-Name-Last: Sanders Title: Electric Transmission Lines and Farmland Value Abstract: We examine the impact of high voltage overhead electrical transmission lines on the value of agricultural land in Wisconsin and Illinois. Guiding principles are developed. Views of appraisers are considered, along with institutional details of transmission line easements. A literature review reveals how principles have been ignored in the past. A new hedonic model is developed. The estimated impact of the transmission line easements is both statistically significant and substantially larger than has previously been contemplated. It is essentially the same in Wisconsin and Illinois. Consistency across two states suggests that the results are robust. Journal: Journal of Real Estate Research Pages: 373-400 Issue: 3 Volume: 39 Year: 2017 Month: 7 X-DOI: 10.1080/10835547.2017.12091478 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091478 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:3:p:373-400 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091479_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William G. Hardin Author-X-Name-First: William G. Author-X-Name-Last: Hardin Author-Name: Gregory L. Nagel Author-X-Name-First: Gregory L. Author-X-Name-Last: Nagel Author-Name: Kenneth D. Roskelley Author-X-Name-First: Kenneth D. Author-X-Name-Last: Roskelley Author-Name: Philip A. Seagraves Author-X-Name-First: Philip A. Author-X-Name-Last: Seagraves Title: Institutional Monitoring, Motivated Investors, and Firm Performance Abstract: We examine the impact of institutional investors on REIT performance. The mere presence of institutional investors does not positively affect firm operations and value. However, the presence of motivated institutional investors does. The results show that firms with shares held by motivated institutional investors have higher future values, improved future funds from operations, retention of these funds, better cash management, reduced regression to the mean following superior performance, and fewer agency problems. The results also suggest that existing measures of institutional monitoring used in the literature may not fully capture effects related to institutional investment. Journal: Journal of Real Estate Research Pages: 401-440 Issue: 3 Volume: 39 Year: 2017 Month: 7 X-DOI: 10.1080/10835547.2017.12091479 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091479 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:3:p:401-440 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091480_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 3 Volume: 39 Year: 2017 Month: 7 X-DOI: 10.1080/10835547.2017.12091480 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091480 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:3:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091481_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 3 Volume: 39 Year: 2017 Month: 7 X-DOI: 10.1080/10835547.2017.12091481 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091481 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:3:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091482_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Robert H. Edelstein Author-X-Name-First: Robert H. Author-X-Name-Last: Edelstein Author-Name: Konstantin Magin Author-X-Name-First: Konstantin Author-X-Name-Last: Magin Title: Using the CCAPM with Stochastic Taxation and Money Supply to Examine U.S. REITs Pricing Bubbles Abstract: We examine three issues relating to U.S. real estate investment trust (REIT) pricing. First, using a modified capital consumption asset pricing model (CCAPM) with stochastic taxation and money supply, we compute the fundamental values for REITs for our sample period, 1972–2013. Second, for publicly traded equity REITs, we define a bubble to be the difference between the actual stock market price and the fundamental value derived from our theoretical model. U.S. REITs have, among other corporate structural features, special rules governing dividend distributions and corporate taxation that make them an especially attractive and preferred vehicle for testing for the presence of pricing bubbles. Our findings suggest that during our sample period, U.S. REITs experienced many price bubbles, some of which were quite large. Third, our results imply that monetary policy, in the short run, plays a role in the formation of these pricing bubbles. Journal: Journal of Real Estate Research Pages: 441-466 Issue: 4 Volume: 39 Year: 2017 Month: 10 X-DOI: 10.1080/10835547.2017.12091482 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091482 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:4:p:441-466 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091483_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Spenser Robinson Author-X-Name-First: Spenser Author-X-Name-Last: Robinson Author-Name: Robert Simons Author-X-Name-First: Robert Author-X-Name-Last: Simons Author-Name: Eunkyu Lee Author-X-Name-First: Eunkyu Author-X-Name-Last: Lee Title: Which Green Office Building Features Do Tenants Pay For? A Study of Observed Rental Effects Abstract: We use lease-level analysis to report on the effect of the presence of 15 green sustainable building features on office rents in an effort to unpack the independent impact of the bundle of attributes contained in green labels such as LEED. The results show that LEED conveys to the market the presence of attributes like superior air, efficient systems, and recycling. However, the research also demonstrates significant independent rental premiums for features such as access to natural light, efficient HVAC, water conservation, public transit, an electric car charging station, and access to services even with the presence of green labels. ENERGY STAR is found to have a premium independent of the green building attributes, but not in concert with them. We show a current market hierarchy of preferred green or sustainable building attributes. The results provide guidance for academic research, building developers, and decision makers contemplating green feature upgrades. Journal: Journal of Real Estate Research Pages: 467-492 Issue: 4 Volume: 39 Year: 2017 Month: 10 X-DOI: 10.1080/10835547.2017.12091483 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091483 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:4:p:467-492 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091484_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Christophe André Author-X-Name-First: Christophe Author-X-Name-Last: André Author-Name: Lumengo Bonga-Bonga Author-X-Name-First: Lumengo Author-X-Name-Last: Bonga-Bonga Author-Name: Rangan Gupta Author-X-Name-First: Rangan Author-X-Name-Last: Gupta Author-Name: John W. Muteba Mwamba Author-X-Name-First: John W. Author-X-Name-Last: Muteba Mwamba Title: Economic Policy Uncertainty, U.S. Real Housing Returns and Their Volatility: A Nonparametric Approach Abstract: We analyze whether a news-based measure of economic policy uncertainty (EPU) helps predict movements in real housing returns. We find evidence of structural breaks and nonlinearity in the relation between real housing returns and EPU. We find that EPU affects both real housing returns and their volatility. This result still holds when controlling for macroeconomic and financial determinants of housing prices, suggesting that EPU has a direct impact on the housing market and not only an indirect effect through its influence on the wider economy and financial markets. Large uncertainty shocks generate disproportionate falls in housing returns, implying significant tail risks for investors in property or related securities in periods of high uncertainty. In addition, we find that taking EPU into account improves forecasts of both the level and volatility of real housing returns, in-sample as well as out-of-sample. Hence, information on EPU is useful, not only for predicting future returns on housing-related investments, but also for assessing related risks. Journal: Journal of Real Estate Research Pages: 493-514 Issue: 4 Volume: 39 Year: 2017 Month: 10 X-DOI: 10.1080/10835547.2017.12091484 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091484 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:4:p:493-514 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091485_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ping Cheng Author-X-Name-First: Ping Author-X-Name-Last: Cheng Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Title: Optimal Portfolio Selection: The Role of Illiquidity and Investment Horizon Abstract: Modern portfolio theory (MPT) is a single-period model developed for the efficient securities market, in which asset prices are implicitly assumed to follow a random walk. It is widely agreed that real estate does not fit into the efficient market paradigm; however, mixed-asset portfolio analysis continues to rely on MPT. In this paper, we propose an alternative model that extends the MPT to accommodate multi-period utility maximization, as well as the unique characteristics of real estate such as liquidity risk, horizon-dependence of real estate returns, and high transaction costs. The model is easily implemented. Using real world data, it demonstrates the optimal allocation to real estate in the mixed-asset portfolio is quite in line with the reality of institutional portfolios. Journal: Journal of Real Estate Research Pages: 515-536 Issue: 4 Volume: 39 Year: 2017 Month: 10 X-DOI: 10.1080/10835547.2017.12091485 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091485 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:4:p:515-536 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091486_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ko Wang Author-X-Name-First: Ko Author-X-Name-Last: Wang Author-Name: Jing Yang Author-X-Name-First: Jing Author-X-Name-Last: Yang Title: Will a Fixed-Rate Commission Contract Continue to Prevail? Abstract: The fixed-rate full-service brokerage contract has been the dominant selling method in the residential property market despite arguments that it might result in social inefficiency and instability in the brokerage industry. We believe that the reasons for its dominance are the use of the Multiple Listing Service and the difficulty in monitoring agents' efforts. We develop an equilibrium commission rate model and analyze the conditions under which it can be used to replace the traditional fixed-rate contract. With an increase in online services providing property listing and transaction information, it is possible that brokerage services can be flexible in the future. Journal: Journal of Real Estate Research Pages: 537-566 Issue: 4 Volume: 39 Year: 2017 Month: 10 X-DOI: 10.1080/10835547.2017.12091486 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091486 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:4:p:537-566 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091487_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 4 Volume: 39 Year: 2017 Month: 10 X-DOI: 10.1080/10835547.2017.12091487 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091487 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:4:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091488_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 39 Year: 2017 Month: 10 X-DOI: 10.1080/10835547.2017.12091488 File-URL: http://hdl.handle.net/10.1080/10835547.2017.12091488 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:39:y:2017:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091489_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Shohei Nakamura Author-X-Name-First: Shohei Author-X-Name-Last: Nakamura Author-Name: Richard Peiser Author-X-Name-First: Richard Author-X-Name-Last: Peiser Author-Name: Raymond Torto Author-X-Name-First: Raymond Author-X-Name-Last: Torto Title: Are There Investment Premiums for Mixed-Use Properties? Abstract: We investigate whether properties in mixed-use developments have overall better financial performance than single-use properties. We select four cases that represent recent mixed-use developments in the United States, and compare key financial indicators for properties within and outside a half-mile radius from the project boundaries. Using data from the National Council of Real Estate Investment Fiduciaries, our panel regression analysis shows that office and retail properties within the mixed-use geographies have 37% and 48% higher market values respectively than those outside. Total returns are also higher for office (67%) and retail (63%) within the radius. By contrast, we find no clear return premium for being located close to the mixed-use geographies for apartments. Our findings are mixed and probably support the developer and financier biases against the complexity of engaging in mixed-use projects. Journal: Journal of Real Estate Research Pages: 1-40 Issue: 1 Volume: 40 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12091489 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091489 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:1:p:1-40 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091490_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Wyman Author-X-Name-First: David Author-X-Name-Last: Wyman Author-Name: Chris Mothorpe Author-X-Name-First: Chris Author-X-Name-Last: Mothorpe Title: The Pricing of Power Lines: A Geospatial Approach to Measuring Residential Property Values Abstract: The valuation of power lines is a complex phenomenon. Using a sample of 5,455 vacant lots sold in Pickens County, South Carolina, we uncover substantive pricing discounts of 44.9% for properties adjacent to power lines, and a pricing discount of 17.9% for non-adjacent vacant properties up to 1,000 feet away from the power lines. Applying four different geospatial approaches—buffer zones, straight line distance, viewshed analysis, and tower visibility—we find that high-voltage transmission line (HVTL) pricing models should account for both proximity and visibility to reflect location-specific variations in pricing. Journal: Journal of Real Estate Research Pages: 121-154 Issue: 1 Volume: 40 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12091490 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091490 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:1:p:121-154 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091491_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randy E. Dumm Author-X-Name-First: Randy E. Author-X-Name-Last: Dumm Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Author-Name: Greg T. Smersh Author-X-Name-First: Greg T. Author-X-Name-Last: Smersh Title: Sinkholes and Residential Property Prices: Presence, Proximity, and Density Abstract: Spatial amenities, along with structural characteristics, affect residential property values. Although the bundle of structural characteristics is typically the primary value determinant, studies have shown that externalities and risk factors can adversely affect property values. We use residential property sales data from 2010 to 2014 and sinkhole data from “sinkhole alley” in Florida to examine the effect of sinkhole presence, proximity, and density on the sale price of residential real estate. Using a spatial error regression model, the results show that sinkhole proximity and sinkhole exposure (density) create a negative externality and both have a significant negative effect on house prices. While the results show a negative effect of having a sinkhole on the property, those results are not statistically significant. Journal: Journal of Real Estate Research Pages: 41-68 Issue: 1 Volume: 40 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12091491 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091491 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:1:p:41-68 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091492_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Wonseok Seo Author-X-Name-First: Wonseok Author-X-Name-Last: Seo Title: Does Neighborhood Condition Create a Discount Effect on House List Prices? Evidence from Physical Disorder Abstract: The purpose of this study is to investigate the discount impact of the neighborhood condition on the difference between house list and final selling prices. I use a multiple regression model with d-statistics methodology to estimate the discount impact. The results show that real estate agents systematically overestimate house prices in areas affected by physical disorder. The real estate agents lack the data and methods to arrive at reliable price estimates, and the neighborhood condition provides explanatory power for a large portion of the difference between sales price and list price, supporting the assumption that neighborhood disorder is associated with declining sales prices. Journal: Journal of Real Estate Research Pages: 69-88 Issue: 1 Volume: 40 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12091492 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091492 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:1:p:69-88 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091493_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gaetano Lisi Author-X-Name-First: Gaetano Author-X-Name-Last: Lisi Author-Name: Mauro Iacobini Author-X-Name-First: Mauro Author-X-Name-Last: Iacobini Title: Estimating Adjustment Factors for the Sales Comparison Approach in the Presence of Heterogeneous Housing and Thin Markets Abstract: The two most recommended methods for estimating adjustment factors in the sales comparison approach are multiple regression analysis and paired data analysis. Both methods, however, can rarely be applied to particular types of real estate markets, such as the Italian real estate market, which are characterized by heterogeneous housing and a small number of housing sales (thin markets). Our proposed approach exploits the basic idea of the analytic hierarchy process and provides a potential alternative to the two most recommended methods in estimating adjustment factors in such markets. Indeed, the approach proves to be very useful when the number of main characteristics affecting house prices is almost equal to the number of housing sales. Journal: Journal of Real Estate Research Pages: 89-120 Issue: 1 Volume: 40 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12091493 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091493 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:1:p:89-120 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091494_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 1 Volume: 40 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12091494 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091494 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091495_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 40 Year: 2018 Month: 1 X-DOI: 10.1080/10835547.2018.12091495 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091495 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091496_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Herman Donner Author-X-Name-First: Herman Author-X-Name-Last: Donner Author-Name: Fredrik Kopsch Author-X-Name-First: Fredrik Author-X-Name-Last: Kopsch Title: Housing Tenure and Informational Asymmetries Abstract: The paradigm shift of focus from rental apartments to owner-occupied units on the Swedish property market has led to a substantial number of rental apartments being converted to cooperative apartments. Such conversions are typically done at prices below market value. This provides strong financial incentives for tenants involved in such a conversion to use their informational advantage regarding the financial management of a cooperative, compared to less informed neighbors and buyers on the general market. This setting also provides a reliable way of estimating the persistence and effects of such an informational asymmetry through nearly 200,000 apartment transactions in Stockholm, Sweden, during the period of 2005 through mid-2014. We find that insiders take advantage of an informational asymmetry as newly formed cooperatives set monthly fees artificially low to increase the probability of a conversion as well as apartment values. However, market participants seem to discount this informational asymmetry as recently converted apartments sell at lower prices. Journal: Journal of Real Estate Research Pages: 155-178 Issue: 2 Volume: 40 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12091496 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091496 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:2:p:155-178 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091497_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Norm Miller Author-X-Name-First: Norm Author-X-Name-Last: Miller Author-Name: Vivek Sah Author-X-Name-First: Vivek Author-X-Name-Last: Sah Author-Name: Michael Sklarz Author-X-Name-First: Michael Author-X-Name-Last: Sklarz Title: Estimating Property Condition Effect on Residential Property Value: Evidence from U.S. Home Sales Data Abstract: Property condition has a significant influence on property value, yet is not a widely used variable in pricing models. Using approximately 322,433 residential sales from over 1,300 different U.S. counties over 2012–2015, we find that price spreads for quality differences tend to be lower when market conditions are strong. However, when market conditions weaken, the price changes are relatively larger on the highest quality property condition segment. Lastly, we find that the marginal benefit of including property condition when age is known is worthwhile if the subject property is unusual for the neighborhood. Based on these results, valuation models might be improved slightly with additional information on property condition, especially if a property is in much better or worse condition than is typical for the comparable sales in the neighborhood. Journal: Journal of Real Estate Research Pages: 179-198 Issue: 2 Volume: 40 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12091497 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091497 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:2:p:179-198 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091498_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Raymond T. Brastow Author-X-Name-First: Raymond T. Author-X-Name-Last: Brastow Author-Name: Bennie D. Waller Author-X-Name-First: Bennie D. Author-X-Name-Last: Waller Author-Name: Scott A. Wentland Author-X-Name-First: Scott A. Author-X-Name-Last: Wentland Title: Temporally Dynamic Externalities and Real Estate Liquidity Abstract: In this paper, we reexamine a known disamenity to glean new insights into neighborhood spillovers. Employing a survival analysis and a difference-in-difference framework, we find that registered sex offenders have a large adverse impact on nearby home liquidity on average; and, this effect is largely driven by “surprises” of their moving in or out during the marketing period of nearby homes. However, for homes near offenders who reside nearby through the entire marketing period, sellers tend to steeply discount the initial list price and may actually sell their homes more quickly. These cases ultimately lead to lower sale prices for nearby properties on average, while the sale price effects are nosier for the surprise or temporally dynamic cases, providing initial evidence that more dynamic externalities manifest primarily in the liquidity of nearby homes. Journal: Journal of Real Estate Research Pages: 199-240 Issue: 2 Volume: 40 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12091498 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091498 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:2:p:199-240 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091499_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kevin C.H. Chiang Author-X-Name-First: Kevin C.H. Author-X-Name-Last: Chiang Author-Name: Rocki-Lee DeWitt Author-X-Name-First: Rocki-Lee Author-X-Name-Last: DeWitt Author-Name: David Folkman Author-X-Name-First: David Author-X-Name-Last: Folkman Author-Name: Long Jiao Author-X-Name-First: Long Author-X-Name-Last: Jiao Title: REIT Governance, Entrepreneurial Control, and Corporate Value Abstract: Real estate investment trusts (REITs) exhibit a wide variety of ownership structures but most are entrepreneurially controlled by founders or families. We investigate the relation between REIT ownership/control and REIT valuation. Using proxy data from 1994 through 2007, our analysis shows that, consistent with the incentive alignment prediction of agency theory, founder/family REITs, on average, have a higher valuation than non-founder/non-family REITs. This result is driven by first-generation family and lone-founder REITs. Our results are also consistent with the entrenchment prediction of agency theory: limits on private benefits of control could lead to higher REIT valuation when founders/families do not occupy both board chairman and CEO positions. Journal: Journal of Real Estate Research Pages: 241-266 Issue: 2 Volume: 40 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12091499 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091499 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:2:p:241-266 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091500_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Rui-hui Xu Author-X-Name-First: Rui-hui Author-X-Name-Last: Xu Author-Name: Rose Neng Lai Author-X-Name-First: Rose Neng Author-X-Name-Last: Lai Title: Optimism-driven Decisions of Real Estate Developers under Demand Uncertainty Abstract: We develop a set of theoretical models to show how differences in real estate developers' optimism about market demand affects construction and sales decisions. The model is a variation of asymmetric Cournot duopoly where developers choose levels of output conditioned on their rivals' output and their own levels of optimism in a stochastic environment. Our results show that optimistic developers construct more housing and hold more inventory when facing higher demand uncertainty. Developers' overconfidence creates value in terms of optimal profit and market share. We also discuss how updating beliefs over multi-periods could turn a pessimistic developer to an optimistic one, and vice versa. The paper thus provides some behavioral insights into puzzling phenomena such as overconfidence, overbuilding, construction timing, and inventory holding. Journal: Journal of Real Estate Research Pages: 267-308 Issue: 2 Volume: 40 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12091500 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091500 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:2:p:267-308 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091501_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 2 Volume: 40 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12091501 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091501 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:2:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091502_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 2 Volume: 40 Year: 2018 Month: 4 X-DOI: 10.1080/10835547.2018.12091502 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091502 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091503_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dimitrios Papastamos Author-X-Name-First: Dimitrios Author-X-Name-Last: Papastamos Author-Name: George Matysiak Author-X-Name-First: George Author-X-Name-Last: Matysiak Author-Name: Simon Stevenson Author-X-Name-First: Simon Author-X-Name-Last: Stevenson Title: A Comparative Analysis of the Accuracy and Uncertainty in Real Estate and Macroeconomic Forecasts Abstract: The importance of forecasts of the macroeconomy is assessed in the context of forecasts of the real estate market in the United Kingdom. We compare and contrast the accuracy and uncertainty in forecasts of rents, and capital and total returns with those for a variety of macroeconomic series. The results show that in general forecasters tend to be marginally more accurate in the case of macroeconomic series than with rents and substantially so in the case of capital and total returns. However, once account is taken of the heightened volatility of the underlying series forecasts, rents do perform comparably. Across all of the series, forecasts tend to be smoothed with forecaster's under-estimating performance during economic booms and vice versa in recessions. We find that rental forecasts in particular are affected by economic uncertainty, as measured by disagreement across the macro-forecasters. Increased uncertainty leads to increased dispersion in the rental forecasts and a reduction in forecast accuracy. Journal: Journal of Real Estate Research Pages: 309-346 Issue: 3 Volume: 40 Year: 2018 Month: 7 X-DOI: 10.1080/10835547.2018.12091503 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091503 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:3:p:309-346 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091504_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: Man Cho Author-X-Name-First: Man Author-X-Name-Last: Cho Author-Name: Inho Song Author-X-Name-First: Inho Author-X-Name-Last: Song Title: House Rent - Price Ratios : An International Comparison Abstract: Tenants have liquidity constraints that limit volatility in nominal rents, leading houses to become bond-like. The incidence of shocks on rental yields is near zero. For 1980–2014 in Germany and Japan, houses are bond-like, with tenants bearing less than 5% of asset-price shocks. In the United States and United Kingdom, houses are inflation-linked bonds earning real yields of 4%, with tenants bearing 20% of shocks. In Korea, a capital market leads tenants to bear all price shocks. Only there is the rental yield perfectly negatively correlated with capital gains, a requirement for the user cost of housing. Journal: Journal of Real Estate Research Pages: 347-374 Issue: 3 Volume: 40 Year: 2018 Month: 7 X-DOI: 10.1080/10835547.2018.12091504 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091504 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:3:p:347-374 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091505_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Joseph Awoamim Yacim Author-X-Name-First: Joseph Awoamim Author-X-Name-Last: Yacim Author-Name: Douw Gert Brand Boshoff Author-X-Name-First: Douw Gert Brand Author-X-Name-Last: Boshoff Title: Impact of Artificial Neural Networks Training Algorithms on Accurate Prediction of Property Values Abstract: This study extended the use of artificial neural networks (ANNs) training algorithms in mass appraisal. The goal was to verify the comparative performance of ANNs with linear, semi-log, and log-log models. The methods were applied to a dataset of 3,232 single-family dwellings sold in Cape Town, South Africa. The results reveal that the semi-log model and the Levenberg-Marquardt trained artificial neural networks (LMANNs) performed best in their respective categories. The best performing models were tested in terms of prediction accuracy within the 10% and 20% of the assessed values, performance, and reliability ranking, and explicit explainability ranking order. The LMANNs outperform the semi-log model in the first two tests, but fail the explainability ranking order test. The results demonstrate the semi-log model as the most preferred technique due to its simplicity, consistency, transparency, locational advantage, and ease of application within the mass appraisal environment. The black box nature of the ANNs inhibits the production of sufficiently transparent estimates that appraisers could use to explain the process in legal proceedings. Journal: Journal of Real Estate Research Pages: 375-418 Issue: 3 Volume: 40 Year: 2018 Month: 7 X-DOI: 10.1080/10835547.2018.12091505 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091505 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:3:p:375-418 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091506_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xun Bian Author-X-Name-First: Xun Author-X-Name-Last: Bian Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Title: Bargaining, Mortgage Financing, and Housing Prices Abstract: Bargaining and mortgage financing have been extensively studied. However, they have only been studied separately. This paper is the first to embed financing into a bargaining model. First, we show that financing creates new ground for trading. In contrast to conventional wisdom, our model shows a buyer does not have to value a property more than its seller for a mutually beneficial trade to exist, and transaction prices are not bounded by the buyer's and seller's valuations. Second, our results show that when financing is omitted in a bargaining model, the total gain from trade is incorrectly defined, and price is thus miscalculated. Third, our model can be used to analyze many commonly used financing arrangements in real estate, such as an assumable loan, seller financing, and seller-paid closing costs. Journal: Journal of Real Estate Research Pages: 419-452 Issue: 3 Volume: 40 Year: 2018 Month: 7 X-DOI: 10.1080/10835547.2018.12091506 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091506 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:3:p:419-452 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091507_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Author-Name: Yanan Zhang Author-X-Name-First: Yanan Author-X-Name-Last: Zhang Title: Adverse Selection in the Home Equity Line of Credit Market Abstract: Securitization has been widely assigned blame for contributing to the recent mortgage market meltdown and ensuing financial crisis. In this paper, we employ the Office of the Comptroller of the Currency (OCC) Home Equity database to develop estimates of default and prepayment probabilities for home equity lines of credit (HELOCs) originated during 2004–2008 and tracked through 2014. The results show that securitized HELOCs bear both higher default and prepayment risk compared to loans held in lender portfolios, consistent with adverse selection in the securitization process. Spreads on securitized HELOCs are higher as well, consistent with a “lemons spread.” The results are robust across multiple specifications, including models that address the endogenous decision to securitize, and support adoption of the credit risk retention rule for asset-backed securities. Journal: Journal of Real Estate Research Pages: 453-474 Issue: 3 Volume: 40 Year: 2018 Month: 7 X-DOI: 10.1080/10835547.2018.12091507 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091507 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:3:p:453-474 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091508_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxv Issue: 3 Volume: 40 Year: 2018 Month: 7 X-DOI: 10.1080/10835547.2018.12091508 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091508 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:3:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091509_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmvii Issue: 3 Volume: 40 Year: 2018 Month: 7 X-DOI: 10.1080/10835547.2018.12091509 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091509 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:3:p:fmi-fmvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091510_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nathan Mauck Author-X-Name-First: Nathan Author-X-Name-Last: Mauck Author-Name: S. McKay Price Author-X-Name-First: S. McKay Author-X-Name-Last: Price Title: Corporate Governance and International Investment: Evidence from Real Estate Holdings Abstract: The foreign direct investment (FDI) literature documents that higher quality governance, at both the national level and the firm level, is associated with a greater likelihood to invest abroad and to take larger stakes when investing abroad. We examine a unique set of international real estate holdings and corporate governance data to evaluate the comparability of real estate investment to FDI more broadly. Our results at both the national and firm levels indicate that real estate transactions differ fundamentally from other types of FDI. Specifically, property nation corporate governance, real estate firm headquarter nation corporate governance, and firm governance are negatively associated with the propensity to invest across borders. Further, firm governance is negatively related to the stake acquired in foreign property investment. The firm-level results appear to be driven largely by non-U.S. firms. Overall, these results are counter to the more general FDI literature. Journal: Journal of Real Estate Research Pages: 475-522 Issue: 4 Volume: 40 Year: 2018 Month: 10 X-DOI: 10.1080/10835547.2018.12091510 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091510 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:4:p:475-522 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091511_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xin He Author-X-Name-First: Xin Author-X-Name-Last: He Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Title: Volatility and Liquidity in the Real Estate Market Abstract: Empirical evidence suggests that when the market becomes increasingly volatile, trading activities may be depressed or even halted. We develop a simple model to formally study the relation between market volatility and asset liquidity in the real estate market. We show that, for both cases of systemic and idiosyncratic volatility, an increase in market volatility negatively affects asset liquidity when information is asymmetric between the market participants. The results complement those of Krainer (2001) and extend those of Deng, Gabriel, Nishimura, and Zheng (2012). Indirect tests of the theory are provided by applying it to explain some empirical findings in the brokerage literature, and a strategy for directly testing the theory is outlined. Journal: Journal of Real Estate Research Pages: 523-550 Issue: 4 Volume: 40 Year: 2018 Month: 10 X-DOI: 10.1080/10835547.2018.12091511 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091511 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:4:p:523-550 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091512_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jessica M. Rutherford Author-X-Name-First: Jessica M. Author-X-Name-Last: Rutherford Author-Name: Ronald C. Rutherford Author-X-Name-First: Ronald C. Author-X-Name-Last: Rutherford Author-Name: Thomas M. Springer Author-X-Name-First: Thomas M. Author-X-Name-Last: Springer Author-Name: Joseph E. Mohr Author-X-Name-First: Joseph E. Author-X-Name-Last: Mohr Title: Limited Service Brokerage: Positive Broker Intermediation? Abstract: Recent research on limited service brokerage finds positive broker intermediation effects evidenced by price increases ranging from 2% to 6%. Time-on-market effects of limited service contracts range from an increase of 20% to a reduction of 14%. One article indicates the results suggesting positive broker intermediation effects are contrary to expectations. After controlling for builder-owned properties and the type of listing contract, we find no evidence of positive broker intermediation associated with limited service listings. Houses listed using an exclusive-right-to-sell and limited service contract experience negative price effects with no impact on time-on-market. A repeat sales sample provides additional evidence supporting either a negative or zero intermediation effect for limited service listings. Journal: Journal of Real Estate Research Pages: 551-596 Issue: 4 Volume: 40 Year: 2018 Month: 10 X-DOI: 10.1080/10835547.2018.12091512 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091512 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:4:p:551-596 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091513_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Author-Name: Philip Seagraves Author-X-Name-First: Philip Author-X-Name-Last: Seagraves Title: The Impact of Investor Sentiment on Commercial Real Estate Market Liquidity Abstract: This study investigates investor sentiment as an explanation for the variation in real estate market liquidity by accounting for liquidity regimes, different liquidity measures, and investor heterogeneity. Using Markov-switching regression and focusing on the U.S. office market, we find that investor sentiment has a significantly positive impact on the activity dimension of liquidity (turnover), which is larger in times of high market liquidity. On the other hand, sentiment has a significantly negative impact on the depth dimension of liquidity (price impact), which is larger in times of low market liquidity. The impact of sentiment on market liquidity also varies by investor type. Journal: Journal of Real Estate Research Pages: 597-628 Issue: 4 Volume: 40 Year: 2018 Month: 10 X-DOI: 10.1080/10835547.2018.12091513 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091513 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:4:p:597-628 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091514_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Michael LaCour-Little Author-X-Name-First: Michael Author-X-Name-Last: LaCour-Little Author-Name: Kimberly F. Luchtenberg Author-X-Name-First: Kimberly F. Author-X-Name-Last: Luchtenberg Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: When Junior Lien Zombie Loans Rise from the Dead: An Examination of Cure Rates Abstract: Junior lien mortgage debt proliferated during the housing market run up as borrowers used piggyback loans to buy homes or extract home equity. Defaulted second liens now trade in the distressed debt market at large discounts. In this paper, we examine the previously understudied second lien cure rate topic and find that the size and status of the associated senior mortgage are important cure rate predictors as are other borrower debt usage characteristics revealed in credit bureau data that includes borrowers' household debt. Results should be of interest to distressed debt investors, lenders, and policymakers alike. Journal: Journal of Real Estate Research Pages: 629-658 Issue: 4 Volume: 40 Year: 2018 Month: 10 X-DOI: 10.1080/10835547.2018.12091514 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091514 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:4:p:629-658 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091515_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 4 Volume: 40 Year: 2018 Month: 10 X-DOI: 10.1080/10835547.2018.12091515 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091515 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:4:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091516_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 40 Year: 2018 Month: 10 X-DOI: 10.1080/10835547.2018.12091516 File-URL: http://hdl.handle.net/10.1080/10835547.2018.12091516 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:40:y:2018:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091517_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Justin D. Benefield Author-X-Name-First: Justin D. Author-X-Name-Last: Benefield Author-Name: C. Stace Sirmans Author-X-Name-First: C. Stace Author-X-Name-Last: Sirmans Author-Name: G. Stacy Sirmans Author-X-Name-First: G. Stacy Author-X-Name-Last: Sirmans Title: Observable Agent Effort and Limits to Innovation in Residential Real Estate Abstract: Although agent effort is essential and a given in the residential brokerage market, it is difficult to observe and quantify. We estimate a simultaneous systems model using virtual tours as a proxy for observable agent effort. By studying a period during which a visible technological innovation (virtual tour) was introduced to the market, we are able to show relationships between agent effort, price, and time-on-market. Using the introduction to the market of visual tours to proxy agent effort, we find a positive effect on listing price, selling price, and time-on-market, with no significant effect on the commission rate. The effect is greater for lower-priced homes (3% positive effect) than for higher-priced homes (1.60% positive effect) and the effect is greater for larger brokerage firms versus smaller firms. A return to the agent possibly lower than the prospective cost of the innovation suggests agency costs at the transaction level that might limit innovation in the industry. Journal: Journal of Real Estate Research Pages: 1-36 Issue: 1 Volume: 41 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12091517 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091517 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:1:p:1-36 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091518_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jessica Shui Author-X-Name-First: Jessica Author-X-Name-Last: Shui Author-Name: Shriya Murthy Author-X-Name-First: Shriya Author-X-Name-Last: Murthy Title: Under What Circumstances do First-time Homebuyers Overpay? — An Empirical Analysis Using Mortgage and Appraisal Data Abstract: We study whether first-time homebuyers overpay for their homes and whether the magnitude of the overpayment varies with the diligence of appraisers involved. We present a robust result that first-time homebuyers sort into smaller and cheaper houses, but that once observed and unobserved house characteristics are controlled for, they pay a premium compared to their more experienced counterparts. Our analysis additionally suggests that certain appraisals and appraisers might be able to mitigate this overpayment by inducing downward renegotiation. This research is among the first to contribute both theoretically and empirically to the literature on first-time homebuyers' sales transactions. Journal: Journal of Real Estate Research Pages: 107-146 Issue: 1 Volume: 41 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12091518 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091518 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:1:p:107-146 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091519_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Patrick S. Smith Author-X-Name-First: Patrick S. Author-X-Name-Last: Smith Author-Name: Velma Zahirovic-Herbert Author-X-Name-First: Velma Author-X-Name-Last: Zahirovic-Herbert Author-Name: Karen M. Gibler Author-X-Name-First: Karen M. Author-X-Name-Last: Gibler Title: Building Social Capital at the Expense of Principals: Evidence from Residential Real Estate Agent Trading Networks Abstract: Principal-agent problems are common in industries, such as real estate, that employ agents. According to social capital theory, an agent's incentive to maximize revenue working with other agents on multiple transactions may be a disincentive when negotiating to capture a price surplus in individual transactions. We find that when two agents who have worked together represent clients in a single-family house transaction, the property sells for a lower price. This suggests that agents maximize their income over time by building a network of cooperating agents. The effect persists throughout the market cycle. Journal: Journal of Real Estate Research Pages: 147-182 Issue: 1 Volume: 41 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12091519 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091519 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:1:p:147-182 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091520_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kenneth W. Soyeh Author-X-Name-First: Kenneth W. Author-X-Name-Last: Soyeh Author-Name: Jonathan A. Wiley Author-X-Name-First: Jonathan A. Author-X-Name-Last: Wiley Title: Liquidity Management at REITs: Listed & Public Non-traded Abstract: Public non-traded REITs have high equity issuance costs, weak governance mechanisms, finite-life structures, and defined periods when there is access to equity. These conditions affect the precautionary needs, transactional motives, and agency issues associated with liquidity management. Public non-traded REITs have high cash accumulations from equity issuance and maintain significantly higher cash ratios during the offering. When compared to a matched sample of listed REITs, cash ratios are higher for non-traded REITs and bank credit lines are less accessible. Investment growth at public non-traded REITs is found to be extremely sensitive to cash on hand. Journal: Journal of Real Estate Research Pages: 37-74 Issue: 1 Volume: 41 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12091520 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091520 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:1:p:37-74 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091521_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Artie Zillante Author-X-Name-First: Artie Author-X-Name-Last: Zillante Author-Name: Dustin C. Read Author-X-Name-First: Dustin C. Author-X-Name-Last: Read Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: Using Prospect Theory to Better Understand the Impact of Uncertainty on Real Estate Negotiations Abstract: Economic experiments are used to evaluate the impact of uncertainty on negotiations involving the assembly of land for real estate development. Consistent with the tenets of prospect theory, the results suggest landowners act to mitigate risk, as opposed to maximize gain, when the duration of negotiations are undefined and they face disadvantageous fallback positions in the event they do not reach an agreement to sell their properties. The experiments contribute to the study of behavioral economics by offering further evidence of psychological biases that can encourage individuals to act in ways that are inconsistent with neoclassical economic theory. Journal: Journal of Real Estate Research Pages: 75-106 Issue: 1 Volume: 41 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12091521 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091521 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:1:p:75-106 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091522_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxv Issue: 1 Volume: 41 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12091522 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091522 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:1:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091523_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 41 Year: 2019 Month: 1 X-DOI: 10.1080/10835547.2019.12091523 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091523 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091524_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jin Man Lee Author-X-Name-First: Jin Man Author-X-Name-Last: Lee Author-Name: James D. Shilling Author-X-Name-First: James D. Author-X-Name-Last: Shilling Author-Name: Charles Wurtzebach Author-X-Name-First: Charles Author-X-Name-Last: Wurtzebach Title: A New Method to Estimate Risk and Return of Commercial Real Estate Assets from Cash Flows Abstract: We estimate the abnormal performance of real estate assets from cash flows to strengthen the position that open-end core real estate funds earn high (albeit levered) returns. We propose the use of detailed cash flows histories from the date of asset purchase (inception date) to the date of sale (liquidation date) plus the actual sale price, as well as appraised market values during the interim to determine a value for Jensen's alpha and beta for each investment made by an open-end core real estate fund. We examine how these Jensen's alphas are affected by (1) the rate of return from sector leverage, (2) the rate of return from incremental leverage, and (3) the rate of return from excess risk taking, and how the Jensen's alphas we estimate may overstate the “true” deal-level alpha. We offer an explanation that hinges on the observation that institutional investors prefer diversification over concentration of ownership due to their concern with minimizing portfolio risk. Journal: Journal of Real Estate Research Pages: 183-218 Issue: 2 Volume: 41 Year: 2019 Month: 4 X-DOI: 10.1080/10835547.2019.12091524 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091524 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:2:p:183-218 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091525_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zsuzsa R. Huszár Author-X-Name-First: Zsuzsa R. Author-X-Name-Last: Huszár Author-Name: Wei Yu Author-X-Name-First: Wei Author-X-Name-Last: Yu Title: Mortgage Lending Regulatory Arbitrage: A Cross-Sectional Analysis of Nonbank Lenders Abstract: We provide new insights about less regulated nonbank lenders, major originators of risky subprime mortgages prior to 2008. We document significant cross-sectional variations in lending practices and show that nonbank lenders who entered the industry via less-regulated states are associated with riskier loan originations. We also show that states with lower entry barriers have not significantly increased homeownership rates nor reduced poverty rates. Consistent with the traditional banking literature, our findings suggest that while low industry entry barriers encourage more risk taking by new financial institutions, they do not necessarily translate into long-term economic benefits. Journal: Journal of Real Estate Research Pages: 219-248 Issue: 2 Volume: 41 Year: 2019 Month: 4 X-DOI: 10.1080/10835547.2019.12091525 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091525 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:2:p:219-248 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091526_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alexander N. Bogin Author-X-Name-First: Alexander N. Author-X-Name-Last: Bogin Author-Name: William M. Doerner Author-X-Name-First: William M. Author-X-Name-Last: Doerner Title: Property Renovations and Their Impact on House Price Index Construction Abstract: This paper provides the first wide-scale report of property renovation bias in repeat-sales house price indices across a multitude of U.S. geographies. In local markets, omitting information on property improvements can bias index estimates in a predictable manner and can distort valuations by as much as 15% in the central districts of large cities. This systematic variation in bias is partially a function of the disparate concentration of renovation activity with property improvements occurring more frequently in denser areas. The distortionary effect tends to decline outside of downtown areas and becomes negligible in smaller cities. Journal: Journal of Real Estate Research Pages: 249-284 Issue: 2 Volume: 41 Year: 2019 Month: 4 X-DOI: 10.1080/10835547.2019.12091526 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091526 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:2:p:249-284 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091527_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andres Jauregui Author-X-Name-First: Andres Author-X-Name-Last: Jauregui Author-Name: Marcus T. Allen Author-X-Name-First: Marcus T. Author-X-Name-Last: Allen Author-Name: H. Shelton Weeks Author-X-Name-First: H. Shelton Author-X-Name-Last: Weeks Title: A Spatial Analysis of the Impact of Float Distance on the Values of Canal-Front Houses Abstract: We utilize spatial Durbin modeling to measure the impact of distance to open water on the values of canal-front houses in Southwest Florida. Data from 1998 through 2015 are examined to observe how such an impact may vary across different market conditions. The results provide several interesting insights. First, the results confirm that houses with frontage on saltwater canals that afford ocean access are priced higher than (1) houses with no canal frontage and (2) houses on freshwater canals with no ocean access. Second, distance to open water is also a significant price determinant of houses with frontage on saltwater canals. Third, the open water access premium has fluctuated over time, consistent with general economic conditions in this market. Journal: Journal of Real Estate Research Pages: 285-318 Issue: 2 Volume: 41 Year: 2019 Month: 4 X-DOI: 10.1080/10835547.2019.12091527 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091527 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:2:p:285-318 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091528_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kyle P. Koller Author-X-Name-First: Kyle P. Author-X-Name-Last: Koller Author-Name: Anthony Pennington-Cross Author-X-Name-First: Anthony Author-X-Name-Last: Pennington-Cross Title: The Density of Convenience Retail and the Type of Traffic—Commuting, Local and Retail Abstract: We use data from the National Establishment Time Series (NETS) database to examine gas station density in metropolitan areas within the State of Wisconsin over the 2010–2012 period. Our results suggest that while gas station density is affected by overall traffic volume, it is more important to know what type of traffic is passing through the market area. Specifically, after controlling for total volume having more retail increases the density of gas stations in an area. Consistent with gasoline purchases being part of a shopping trip, destination retail (department and home improvement stores) has the largest impact on gasoline station density. The benefits of retail agglomerations are evident. Journal: Journal of Real Estate Research Pages: 319-346 Issue: 2 Volume: 41 Year: 2019 Month: 4 X-DOI: 10.1080/10835547.2019.12091528 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091528 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:2:p:319-346 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091529_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxv Issue: 2 Volume: 41 Year: 2019 Month: 4 X-DOI: 10.1080/10835547.2019.12091529 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091529 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:2:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091530_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 2 Volume: 41 Year: 2019 Month: 4 X-DOI: 10.1080/10835547.2019.12091530 File-URL: http://hdl.handle.net/10.1080/10835547.2019.12091530 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:2:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091531_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Scofield Author-X-Name-First: David Author-X-Name-Last: Scofield Author-Name: Jia Xie Author-X-Name-First: Jia Author-X-Name-Last: Xie Title: The Effect of Dual Brokerage on Commercial Real Estate Prices: Evidence from Office Sales in the U.S. Abstract: Employing a large sample of office sales in the United States, we examine the price distortion associated with dual brokerage, and how the distortion varies with the price of the building, market conditions, types of market participants, and geographic locations. We find that after controlling for observables, dual broker transactions are associated with a 5.83% average discount, on average. The dual broker discount emerges after the onset of the global financial crisis (GFC) and demonstrates significant geographic heterogeneity. Moreover, the discount occurs primarily with expensive properties held in private ownership and sold by small brokers. Our results are robust to endogeneity, unobservables, and model misspecification. Journal: Journal of Real Estate Research Pages: 347-378 Issue: 3 Volume: 41 Year: 2019 Month: 7 X-DOI: 10.22300/0896-5803.41.3.347 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.3.347 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:3:p:347-378 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091532_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bruce L. Gordon Author-X-Name-First: Bruce L. Author-X-Name-Last: Gordon Author-Name: Daniel T. Winkler Author-X-Name-First: Daniel T. Author-X-Name-Last: Winkler Title: New House Premiums, Market Conditions, and the Decision to Purchase a New Versus Existing House Abstract: In this paper, we examine how the new house premium has changed over time. We propose that the new home premium can largely be attributed to the “lemons problem” from Akerlof (1970). Recent research suggests that the growth of the Internet has significantly reduced the lemons problem for many products. Our results suggest that the new house premium is about 5.6% without considering time-on-the-market (TOM) and has been declining. This premium ranges from 14.6% (1998) to −2.8% (2010). The average new house premium is 13.3% considering TOM, and ranges from 22.5% (1998) to 5.0% (2010). A trend analysis reveals that new house premiums have fallen 0.8%–0.9% annually, consistent with the Internet, information sharing, and reputation feedback mechanisms reducing the lemons problem associated with asymmetric information. Journal: Journal of Real Estate Research Pages: 379-410 Issue: 3 Volume: 41 Year: 2019 Month: 7 X-DOI: 10.22300/0896-5803.41.3.379 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.3.379 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:3:p:379-410 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091533_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: El i Beracha Author-X-Name-First: El i Author-X-Name-Last: Beracha Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Title: The Determinants of the Ex Ante Risk Premiumin Commercial Real Estate Abstract: We investigate the determinants of the ex ante risk premium in commercial real estate. Using a 20-year time series and Markov-switching regression, we find that the ex ante risk premium is affected by fundamental and non-fundamental determinants, albeit not symmetrically when risk premiums are increasing and decreasing. In particular, we find that changes in debt capital market conditions have a higher predictive power for changes in the ex ante risk premium when it is increasing, while changes in stock market volatility and commercial real estate market returns have a higher predictive power when the risk premium is on the decline. In addition, changes in commercial real estate sentiment and NAREIT returns can predict changes in the ex ante risk premium; however, the predictive power of these variables varies across property types and risk premium (risk perception) states. Journal: Journal of Real Estate Research Pages: 411-442 Issue: 3 Volume: 41 Year: 2019 Month: 7 X-DOI: 10.22300/0896-5803.41.3.411 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.3.411 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:3:p:411-442 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091534_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Fu Shuen Shie Author-X-Name-First: Fu Shuen Author-X-Name-Last: Shie Title: The Anchoring Effect of Historical Peak to House Price Abstract: Recent research has found significant evidence of a 52-week high affinity effect in the stock market. A stock's historical highest price, in the previous 52 weeks, approximately one year, exhibits an anchoring effect on investor decisions. In this paper, I examine whether the highest past price, over several years, can contribute to predicting returns in the real estate market. I find the 9-year high has a positive relation with the return of house prices, while the 2-year high shows a negative relationship in the U.S. housing market. Additionally, economic variables have differing effects on the behaviors of households when considering prices within the context of the threshold point of the highest price of the previous years. This is the first investigation to highlight the importance of an n-year high in the housing market. Journal: Journal of Real Estate Research Pages: 443-472 Issue: 3 Volume: 41 Year: 2019 Month: 7 X-DOI: 10.22300/0896-5803.41.3.443 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.3.443 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:3:p:443-472 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091535_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kim Hiang Liow Author-X-Name-First: Kim Hiang Author-X-Name-Last: Liow Author-Name: Xiaoxia Zhou Author-X-Name-First: Xiaoxia Author-X-Name-Last: Zhou Author-Name: Qiang Li Author-X-Name-First: Qiang Author-X-Name-Last: Li Author-Name: Yuting Huang Author-X-Name-First: Yuting Author-X-Name-Last: Huang Title: Comovement of Greater China Real Estate Markets: Some Time Scale Evidence Abstract: The novelty of this study is the use of wavelets, which make it possible to assess simultaneously how the Greater China (GC) and international securitized real estate markets comove at various frequencies. From the wavelet analysis, investors can extract the time scale that most interests them. We apply both continuous wavelet coherency modeling and discrete decompositions to unveil the multi-horizon nature of the co-movement relationship. We find that the examined real estate market co-movement is a “multi-scale” phenomenon. The strength of the return linkage increases with scales. The co-movement within and across the three GC markets is unstable and the pattern of the relationship is non-uniform across various time scales. The strongest degree of cross-market connection occurs during the global financial crisis period and at the longest investment horizon of 256–512 days. Moreover, the real estate-stock returns of the three GC economies are less correlated in the long run, implying potential opportunities for both time and scale in GC real estate-stock portfolio diversification activities. Journal: Journal of Real Estate Research Pages: 473-512 Issue: 3 Volume: 41 Year: 2019 Month: 7 X-DOI: 10.22300/0896-5803.41.3.473 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.3.473 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:3:p:473-512 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091536_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxv Issue: 3 Volume: 41 Year: 2019 Month: 7 X-DOI: 10.22300/i0896-5803-41-3-bmi File-URL: http://hdl.handle.net/10.22300/i0896-5803-41-3-bmi File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:3:p:bmi-bmxv Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091537_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: 1-8 Issue: 3 Volume: 41 Year: 2019 Month: 7 X-DOI: 10.22300/i0896-5803-41-3-fmi File-URL: http://hdl.handle.net/10.22300/i0896-5803-41-3-fmi File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:3:p:1-8 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091538_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Zifeng Feng Author-X-Name-First: Zifeng Author-X-Name-Last: Feng Author-Name: William G. Hardin Author-X-Name-First: William G. Author-X-Name-Last: Hardin Title: REIT Operational Efficiency and Shareholder Value Abstract: A real estate investment trust (REIT) is an intermediary that passes its cash flows and income to its shareholders. Hence, the efficiency of a REIT in providing this service should affect shareholder value. Using a sample of U.S. equity REITs from 1995 to 2017, we find a strong positive correlation between REIT value (measured by firm Q, market-to-book equity ratio, and capitalization rate) and lagged operational efficiency measures. The results also show that more efficient REITs are associated with average stock returns that are up to 3.88% higher than less efficient REITs. These results are robust across REIT sectors and common risk factors. Journal: Journal of Real Estate Research Pages: 513-554 Issue: 4 Volume: 41 Year: 2019 Month: 10 X-DOI: 10.22300/0896-5803.41.4.513 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.4.513 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:4:p:513-554 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091539_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Wei Sun Author-X-Name-First: Wei Author-X-Name-Last: Sun Author-Name: Ying Huang Author-X-Name-First: Ying Author-X-Name-Last: Huang Author-Name: Ronald W. Spahr Author-X-Name-First: Ronald W. Author-X-Name-Last: Spahr Author-Name: Mark A. Sunderman Author-X-Name-First: Mark A. Author-X-Name-Last: Sunderman Author-Name: Minxing Sun Author-X-Name-First: Minxing Author-X-Name-Last: Sun Title: Neighborhood Blight Indices, Impacts on Property Values and Blight Resolution Alternatives Abstract: We identify the real and social costs associated with neighborhood blight by creating unique neighborhood blight indices based on average individual property blight scores in Memphis, Tennessee. Both individual property blight scores and neighborhood blight indices negatively impact single-family sale prices and assessed valuations. We validate the data accuracy of a 2016 blight survey, finding that supplemental information collected for each property accurately predicts its assigned blight score. We apply factor analysis, Shapley-Owen decomposition, and hedonic regressions to identify blight drivers that include neighborhood demographic and economic factors associated with both individual property and neighborhood blight. We find that blight scores provide informational value in addition to county assessor and data for each property and census data for each neighborhood. We quantify neighborhood characteristics and demographic factors impacting both individual property and neighborhood blight effects on neighborhood esthetics and property values that helps identify blight resolution alternatives. Journal: Journal of Real Estate Research Pages: 555-604 Issue: 4 Volume: 41 Year: 2019 Month: 10 X-DOI: 10.22300/0896-5803.41.4.555 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.4.555 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:4:p:555-604 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091540_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eli Beracha Author-X-Name-First: Eli Author-X-Name-Last: Beracha Author-Name: Marcel Lang Author-X-Name-First: Marcel Author-X-Name-Last: Lang Author-Name: Jochen Hausler Author-X-Name-First: Jochen Author-X-Name-Last: Hausler Title: On the Relationship between Market Sentiment and Commercial Real Estate Performance—A Textual Analysis Examination Abstract: We examine whether and the extent to which news-based sentiment, captured by textual analysis, can predict the performance of the private commercial real estate market in the United States. Our results show that sentiment reflected in news abstracts of The Wall Street Journal predicts returns of commercial real estate up to four quarters in advance. These findings are statistically significant and persist even when controlling for other related factors. This suggests that news-based sentiment can serve as an early market indicator. We are the first to examine the bidirectional relationship between sentiment, measured by textual analysis, and the performance of the private U.S. commercial real estate market. The findings contribute to the academic literature, and carry practical implications for real estate professionals. Journal: Journal of Real Estate Research Pages: 605-638 Issue: 4 Volume: 41 Year: 2019 Month: 10 X-DOI: 10.22300/0896-5803.41.4.605 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.4.605 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:4:p:605-638 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091541_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: George D. Cashman Author-X-Name-First: George D. Author-X-Name-Last: Cashman Author-Name: David M. Harrison Author-X-Name-First: David M. Author-X-Name-Last: Harrison Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Author-Name: Hainan Sheng Author-X-Name-First: Hainan Author-X-Name-Last: Sheng Title: The Relation between Intrafirm Distances and Information Opacity: Evidence from Stock Market Liquidity Abstract: We examine the relation between both intrafirm geographic and cultural distance (i.e., the distance between a firm's headquarters location and its investment properties) on the underlying firm's stock market liquidity. More specifically, using a sample of 166 publicly traded REITs and listed property companies across the Asia-Pacific region over the 2000–2013 period, we find strong evidence that firms with increased levels of intrafirm (geographic) distance exhibit wider bid-ask spreads, while firms with greater intrafirm cultural dispersion enjoy narrower spreads. We conclude that intrafirm distance is fundamentally related to a firm's financial market (informational) opacity and offers both costs and benefits to market participants. Journal: Journal of Real Estate Research Pages: 639-668 Issue: 4 Volume: 41 Year: 2019 Month: 10 X-DOI: 10.22300/0896-5803.41.4.639 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.4.639 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:4:p:639-668 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091542_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kyoochul Kim Author-X-Name-First: Kyoochul Author-X-Name-Last: Kim Title: The Value of Name in the Housing Market: Evidence from South Korea's New Address System Abstract: In this paper, I examine the existence of a housing market premium placed on names of locations or areas in Seoul, South Korea. In 2014, South Korea changed its method of assigning addresses. That provides a good opportunity for a natural experiment to explore the importance of name value in how property is perceived. Using a difference-in-difference model, I explore the effect of name premium on apartment prices in the Gangnam district in southern Seoul. I find that apartment prices for a prestigious section of Gangnam comparatively declines when their area location is no longer apparent in revised address listings. This would be evidence of conspicuous consumption since the physical structure of the property is unchanged. Journal: Journal of Real Estate Research Pages: 669-692 Issue: 4 Volume: 41 Year: 2019 Month: 10 X-DOI: 10.22300/0896-5803.41.4.669 File-URL: http://hdl.handle.net/10.22300/0896-5803.41.4.669 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:4:p:669-692 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091543_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 4 Volume: 41 Year: 2019 Month: 10 X-DOI: 10.22300/i0896-5803-41-4-bmi File-URL: http://hdl.handle.net/10.22300/i0896-5803-41-4-bmi File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:4:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091544_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 4 Volume: 41 Year: 2019 Month: 10 X-DOI: 10.22300/i0896-5803-41-4-fmi File-URL: http://hdl.handle.net/10.22300/i0896-5803-41-4-fmi File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:41:y:2019:i:4:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091545_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Back Matter Journal: Journal of Real Estate Research Pages: bmi-bmxvii Issue: 1 Volume: 42 Year: 2020 Month: 1 X-DOI: 10.22300/0896-5803-42-1-bm File-URL: http://hdl.handle.net/10.22300/0896-5803-42-1-bm File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:1:p:bmi-bmxvii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091546_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: The Editors Title: Front Matter Journal: Journal of Real Estate Research Pages: fmi-fmviii Issue: 1 Volume: 42 Year: 2020 Month: 1 X-DOI: 10.22300/0896-5803-42-1-fm File-URL: http://hdl.handle.net/10.22300/0896-5803-42-1-fm File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:1:p:fmi-fmviii Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091547_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniel Huerta-Sanchez Author-X-Name-First: Daniel Author-X-Name-Last: Huerta-Sanchez Author-Name: Thanh Ngo Author-X-Name-First: Thanh Author-X-Name-Last: Ngo Author-Name: Mark K. Pyles Author-X-Name-First: Mark K. Author-X-Name-Last: Pyles Title: Equity versus Asset Acquisitions in the REIT Industry Abstract: Real estate investment trust (REIT) acquisitions are recurrent capital allocation decisions that impact the value and operations of the firm. Although REIT equity acquisitions have received considerable attention in the literature, the effects of major asset acquisitions require further scrutiny. We examine the impact of acquisition type on REIT market returns and operating performance. The results suggest no significant differences in market reaction to the form of acquisition. We interpret this as evidence in favor of efficiency in REIT acquisition decisions. However, the results suggest a net positive effect in operating performance of asset acquisitions relative to equity acquisitions, conditioned by firm and deal characteristics. Overall, our results suggest that asset acquisitions are more efficient in the long run. We provide evidence that the type of acquisition is relevant to firm operations. Journal: Journal of Real Estate Research Pages: 1-36 Issue: 1 Volume: 42 Year: 2020 Month: 1 X-DOI: 10.22300/0896-5803.42.1.1 File-URL: http://hdl.handle.net/10.22300/0896-5803.42.1.1 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:1:p:1-36 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091548_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Peter Chinloy Author-X-Name-First: Peter Author-X-Name-Last: Chinloy Author-Name: Man Cho Author-X-Name-First: Man Author-X-Name-Last: Cho Author-Name: Cheng Jiang Author-X-Name-First: Cheng Author-X-Name-Last: Jiang Author-Name: Inho Song Author-X-Name-First: Inho Author-X-Name-Last: Song Title: Housing Returns with Mortgage and Price Shocks Abstract: We examine the sum of the net rent-price ratio plus the expected real capital gains, which is the real return to holding a house. The rent-price ratio depends on expectations about interest rates, inflation, and real house prices. The shock coefficients are their incidences, which are the proportions of risk that occupants bear. Occupants are on the demand side, as tenants or owners. For U.S. houses with quarterly data between 1981 and 2016, these incidences are below 0.15, limiting rent-price volatility. The low-volatility yield forces real capital gains to near zero, leading houses to bond-like returns. Journal: Journal of Real Estate Research Pages: 105-124 Issue: 1 Volume: 42 Year: 2020 Month: 1 X-DOI: 10.22300/0896-5803.42.1.105 File-URL: http://hdl.handle.net/10.22300/0896-5803.42.1.105 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:1:p:105-124 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091549_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yu Liu Author-X-Name-First: Yu Author-X-Name-Last: Liu Author-Name: Jonathan A. Wiley Author-X-Name-First: Jonathan A. Author-X-Name-Last: Wiley Title: Clientele Effects for Corporate Investors in the Industrial Market Abstract: Corporate investors pay significantly higher prices for industrial acquisitions (by an estimated 10%), but sell at market prices that are no different from other investors. The findings implicate informational disadvantages since it is only inexperienced corporations who overpay. Overpayment is more severe for high-quality assets and those sought after by users. Prices are significantly higher when both buyer and seller are corporate investors, indicating different approaches to valuation. Inclusiveness of the control group is an important caveat when measuring clientele effects. Overall, this study contributes to our understanding of investor clientele effects in the market for commercial real estate ownership. Journal: Journal of Real Estate Research Pages: 125-150 Issue: 1 Volume: 42 Year: 2020 Month: 1 X-DOI: 10.22300/0896-5803.42.1.125 File-URL: http://hdl.handle.net/10.22300/0896-5803.42.1.125 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:1:p:125-150 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091550_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ramya Rajajagadeesan Aroul Author-X-Name-First: Ramya Rajajagadeesan Author-X-Name-Last: Aroul Author-Name: J. Andrew Hansz Author-X-Name-First: J. Andrew Author-X-Name-Last: Hansz Author-Name: Mauricio Rodriguez Author-X-Name-First: Mauricio Author-X-Name-Last: Rodriguez Title: Understanding Distressed Residential Transaction Discounts Across Price Segments and Market Conditions Abstract: In the literature, there is a wide range of discounts associated with foreclosures. Comparisons across studies are difficult as they use different methodologies across large areas over different time periods. We employ a consistent methodology across space and time. We find modest discounts, within the range of typical transaction costs, in all but the highest priced market segment. Higher priced segments could explain prior findings of substantial discounts. We find that discounts are time-varying, with discounts increasing with market distress. A one-size-fits-all approach is not appropriate when estimating distressed transaction discounts across large market areas or under changing market conditions. Journal: Journal of Real Estate Research Pages: 151-182 Issue: 1 Volume: 42 Year: 2020 Month: 1 X-DOI: 10.22300/0896-5803.42.1.151 File-URL: http://hdl.handle.net/10.22300/0896-5803.42.1.151 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:1:p:151-182 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_12091551_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hardik A. Marfatia Author-X-Name-First: Hardik A. Author-X-Name-Last: Marfatia Title: Forecasting Interconnections in International Housing Markets: Evidence from the Dynamic Model Averaging Approach Abstract: In this paper, I undertake a novel approach to uncover the forecasting interconnections in the international housing markets. Using a dynamic model averaging framework that allows both the coefficients and the entire forecasting model to dynamically change over time, I uncover the intertwined forecasting relationships in 23 leading international housing markets. The evidence suggests significant forecasting interconnections in these markets. However, no country holds a constant forecasting advantage, including the United States and the United Kingdom, although the U.S. housing market's predictive power has increased over time. Evidence also suggests that allowing the forecasting model to change is more important than allowing the coefficients to change over time. Journal: Journal of Real Estate Research Pages: 37-104 Issue: 1 Volume: 42 Year: 2020 Month: 1 X-DOI: 10.22300/0896-5803.42.1.37 File-URL: http://hdl.handle.net/10.22300/0896-5803.42.1.37 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:1:p:37-104 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1806616_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yosi Borochov Author-X-Name-First: Yosi Author-X-Name-Last: Borochov Author-Name: Boris A. Portnov Author-X-Name-First: Boris A. Author-X-Name-Last: Portnov Author-Name: Nahum Biger Author-X-Name-First: Nahum Author-X-Name-Last: Biger Title: Environmental and Security Risk Factors behind Mortgage Arrears in Israel Abstract: If a mortgage borrower misses three or more payments, the loan moves into the mortgage arrears (MA) category. This study examines MA events in Israel from 2010 to 2016, focusing on the effect of several environmental and security risk factors, including air pollution, proximity to the Lebanon-Syria and Gaza Strip borders, and location outside the 1949 Armistice border (Green Line). The analysis reveals statistically significant associations between MA incidence and most of the environmental variables analyzed. We conjecture that these associations reflect the fact that prolonged exposure to air pollution may elevate morbidity and weaken the ability of borrowers to make regular loan repayments. In addition, security risks may limit the attractiveness of high-risk areas to developers and investors, thus restricting employment opportunities locally available. Air pollution and security risks may also decrease the asset value by lowering housing demand due to out-migration of more affluent residents. The present analysis is a pioneer individual level study that investigates the effect of air pollution and proximity to conflict zones on MA incidence. Journal: Journal of Real Estate Research Pages: 183-205 Issue: 2 Volume: 42 Year: 2020 Month: 9 X-DOI: 10.1080/08965803.2020.1806616 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1806616 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:2:p:183-205 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1810524_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chih-Min Liang Author-X-Name-First: Chih-Min Author-X-Name-Last: Liang Author-Name: Chun-Chang Lee Author-X-Name-First: Chun-Chang Author-X-Name-Last: Lee Author-Name: Jia-Wei Lee Author-X-Name-First: Jia-Wei Author-X-Name-Last: Lee Author-Name: Zheng Yu Author-X-Name-First: Zheng Author-X-Name-Last: Yu Title: The Effects of Government-Announced Soil Liquefaction Potential on Housing Prices in Reported Areas: A Two-Stage Spatial Quantile Regression Analysis Abstract: This study examines the effects of a government announcement of soil liquefaction potential on housing prices in the reported areas, and explores the rate at which these prices changed after the announcement. This investigation utilizes published real estate price registration data from Taipei City, Taiwan covering the period January 1, 2015 to December 31, 2017, and resolves the issue of data heterogeneity by applying nearest-neighbor matching (an aspect of propensity score matching), and employ the difference-in-difference method in conjunction with two-stage spatial quantile regression. The empirical results indicate that although low, moderate, and high housing prices in potential soil liquefaction areas were all negatively affected by the announcement initially, after a period of one and a half years, the negative effect decreased for low housing prices and was no longer significant for moderate and high housing prices. Journal: Journal of Real Estate Research Pages: 206-238 Issue: 2 Volume: 42 Year: 2020 Month: 9 X-DOI: 10.1080/08965803.2020.1810524 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1810524 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:2:p:206-238 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1822130_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Linda Allen Author-X-Name-First: Linda Author-X-Name-Last: Allen Author-Name: Mariya Letdin Author-X-Name-First: Mariya Author-X-Name-Last: Letdin Title: The Cost of Debt for REITs: The Mortgage Puzzle Abstract: Established, low-leverage equity REITs with access to the public debt market rely on both non-recourse mortgages and full recourse bonds/notes as sources of long-term debt. Interest rates on secured, non-recourse debt (mortgages) include a costly strategic default option premium and do not benefit from a firm’s overall financial capacity. We find that use of non-recourse, mortgage debt is more likely for longer-term, smaller borrowings, and during recessionary periods, consistent with REITs valuing financial flexibility in their capital structure. The higher rates for property-level debt suggest a benefit to REITs versus single asset investors in terms of cost of capital. Since REITs also access debt at the corporate level, the spread between long-term non-recourse debt and long-term recourse debt implies a benefit to the REIT structure. Journal: Journal of Real Estate Research Pages: 239-260 Issue: 2 Volume: 42 Year: 2020 Month: 10 X-DOI: 10.1080/08965803.2020.1822130 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1822130 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:2:p:239-260 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1826782_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andy Krause Author-X-Name-First: Andy Author-X-Name-Last: Krause Author-Name: Gideon Aschwanden Author-X-Name-First: Gideon Author-X-Name-Last: Aschwanden Title: To Airbnb? Factors Impacting Short-Term Leasing Preference Abstract: The growth of Airbnb and other short-term rental platforms have presented absentee owners of urban residential properties with a choice of leasing strategy: traditional long-term rental or a short-term approach, known as “Airbnb-ing.” In this paper we identify those situations—location, structure type, and property characteristics—that lead to the highest likelihood of favoring a short-term strategy over a long-term one. Additionally, we test the impacts of hosting policies the results of which suggest that even the right property may need the right owner(s) or strategy to make short-term rental the more profitable approach. Journal: Journal of Real Estate Research Pages: 261-284 Issue: 2 Volume: 42 Year: 2020 Month: 10 X-DOI: 10.1080/08965803.2020.1826782 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1826782 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:2:p:261-284 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1807798_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Hany S. Guirguis Author-X-Name-First: Hany S. Author-X-Name-Last: Guirguis Author-Name: John Trieste Author-X-Name-First: John Author-X-Name-Last: Trieste Title: Measuring the Impact of Monetary Policy on Mortgage Rates Abstract: This study examines the impact of United States monetary policies on domestic mortgage rates, incorporating a holistic set of macroeconomic variables in its analysis. Two obstacles have prevented this integration in the past: the data gap in the federal funds rate during the zero lower bound (ZLB) period; and the utilization of a single equation rather than a system of equations to model the relationship between the mortgage rate and its determinants. First, we establish that the shadow federal funds rate introduced by Wu and Xia (2015) is a valid proxy for monetary policy during the ZLB period, and we use dimensionality reduction to create proxy variables for important macroeconomic measures. Second, we utilize the generalized impulse response approach to measure in level and first difference the impact of monetary policy and the macroeconomic environment on the long-term mortgage rate. Generally, the effect of macroeconomic variables outweighs that of monetary policy. In addition, omitting macroeconomics variables overestimates the impact of monetary policy on the mortgage rate in level and first difference. For example, shocking the first difference (level) of the federal funds rate by one standard deviation overestimates the impulse responses by 15% (51%) and the variance decompositions by 27% (37%). The current research implies that a noticeable increase in the mortgage rate is associated with an economic environment characterized both by tightening monetary policy and strong economic growth. Further, the impact of monetary tightening on the mortgage rate is expected to weaken if secular stagnation continues to prevail. Journal: Journal of Real Estate Research Pages: 285-313 Issue: 2 Volume: 42 Year: 2020 Month: 9 X-DOI: 10.1080/08965803.2020.1807798 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1807798 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:2:p:285-313 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1840899_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Danny Ben-Shahar Author-X-Name-First: Danny Author-X-Name-Last: Ben-Shahar Author-Name: Roni Golan Author-X-Name-First: Roni Author-X-Name-Last: Golan Author-Name: Eyal Sulganik Author-X-Name-First: Eyal Author-X-Name-Last: Sulganik Title: Tax Evasion in the Housing Market: Identification and Exploration Abstract: The real estate market is recognized as a fertile ground for tax violations. Specifically, reporting a price lower than the true transaction price in order to avoid tax payments is a prevalent technique. We propose an empirical method for identifying housing transactions that are suspected of under-reporting. Based on all reported housing transactions in Israel over the period 1998–2015, we conclude that about 8% of the transactions are under-reported, with an average price report of 30% below the projected true price. Also, the likelihood to under-report is positively associated with the total tax liability and positively (negatively) associated with the crime rate in (the socioeconomic level of) the area in which the transaction occurs. Compared to single unit owners, real estate investors are less likely to engage in under-reporting. Our empirical approach may serve tax enforcement authorities in promoting tax collection in the real estate market. Journal: Journal of Real Estate Research Pages: 315-340 Issue: 3 Volume: 42 Year: 2020 Month: 11 X-DOI: 10.1080/08965803.2020.1840899 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1840899 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:3:p:315-340 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1840898_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ping Cheng Author-X-Name-First: Ping Author-X-Name-Last: Cheng Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Title: Price Discovery with Heterogeneous Sellers in Real Estate Abstract: This paper provides a theoretical framework to examine how the differences in seller motivation can potentially affect the distribution of home prices. Heterogeneous seller behavior, strategies, and decisions cause observable transaction prices to be “noisy” in the sense that the observed data may be biased indicators of the underlying property values or market conditions. Such noise makes data interpretation rather challenging for market participants. Compared to the extensive research on property heterogeneity, little effort has been devoted to studying the effect of seller heterogeneity on prices. This paper conducts a formal analysis to quantify the heterogeneous seller motivations and their impact on prices, and allows the inference of unobserved value from observed “noisy” prices. The paper presents a set of closed-form formulae that enable analysts to (a) filter out the noises in observed transaction prices to uncover the true value information (the selling prices by unconstrained sellers), and (b) to infer the price expectation of individually constrained sellers. Journal: Journal of Real Estate Research Pages: 341-364 Issue: 3 Volume: 42 Year: 2020 Month: 11 X-DOI: 10.1080/08965803.2020.1840898 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1840898 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:3:p:341-364 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1840897_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: António Miguel Martins Author-X-Name-First: António Miguel Author-X-Name-Last: Martins Author-Name: Ana Paula Serra Author-X-Name-First: Ana Paula Author-X-Name-Last: Serra Author-Name: Francisco Vitorino Martins Author-X-Name-First: Francisco Author-X-Name-Last: Vitorino Martins Author-Name: Simon Stevenson Author-X-Name-First: Simon Author-X-Name-Last: Stevenson Title: House Price Dynamics and Bank Herding: European Empirical Evidence Abstract: This paper examines house price dynamics, bank herding behavior, and the linkages between them. The analysis presented indicates that prior to the financial crisis, non-fundamental factors played a significant role in several European countries, including the United Kingdom, Spain, Denmark, Sweden, and Ireland. We also provide evidence indicative of herding behavior in the residential mortgage loan market. Finally, Granger causality tests show that non-fundamentally justified price dynamics contributed to the herding displayed by lenders and that this behavior was a response by banks as a group to common information on residential property assets. Journal: Journal of Real Estate Research Pages: 365-396 Issue: 3 Volume: 42 Year: 2020 Month: 11 X-DOI: 10.1080/08965803.2020.1840897 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1840897 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:3:p:365-396 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1829426_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Qin Fan Author-X-Name-First: Qin Author-X-Name-Last: Fan Author-Name: J. Andrew Hansz Author-X-Name-First: J. Andrew Author-X-Name-Last: Hansz Title: The Spatial and Time-Varying Contagion Effect of Foreclosures Abstract: We employ a Cox proportional hazard model to examine the effect of observed mortgage defaults within a neighborhood on homeowners’ strategic default decisions, using multiple datasets from the Fresno-Clovis metropolitan area in California between 2007 and 2012. We show empirical evidence that the contagion effect of foreclosures declines rapidly with distance. The effect declines gradually over time, but it tends to be long-lasting. We include a racial diversity indicator in our study to capture social interactions. We find that the contagion effect attributable to social interactions is stronger in racially diverse neighborhoods. Journal: Journal of Real Estate Research Pages: 397-419 Issue: 3 Volume: 42 Year: 2020 Month: 10 X-DOI: 10.1080/08965803.2020.1829426 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1829426 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:3:p:397-419 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1844476_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Justin D. Benefield Author-X-Name-First: Justin D. Author-X-Name-Last: Benefield Author-Name: Christopher L. Cain Author-X-Name-First: Christopher L. Author-X-Name-Last: Cain Author-Name: Norman Maynard Author-X-Name-First: Norman Author-X-Name-Last: Maynard Title: Solving Old Puzzles with New Tricks: Addressing Endogeneity and Nonlinearity in Time-on-Market Research Abstract: The most commonly used econometric models for time-on-market in housing studies force researchers into a tradeoff between problems of nonlinearity, which may be addressed with a hazard model, and endogeneity, which may be addressed with a two-stage least squares model. This study introduces two modeling approaches—two-stage predictor substitution and two-stage residual inclusion—into the real estate literature. Each approach is able to address both nonlinearity and endogeneity in a single specification. Fit statistics consistently prefer the new methodologies to either two-stage least squares or hazard models of time-on-market. In the current sample, several commonly observed results are changed using the newer, more appropriate models. Some commonly accepted results are reversed, while others are reinforced. In addition to being produced by a more econometrically sound technique, the new results have the added benefit of being almost universally more intuitively appealing than previous results. Journal: Journal of Real Estate Research Pages: 420-438 Issue: 3 Volume: 42 Year: 2020 Month: 11 X-DOI: 10.1080/08965803.2020.1844476 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1844476 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:3:p:420-438 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1844534_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William G. Hardin Author-X-Name-First: William G. Author-X-Name-Last: Hardin Author-Name: Catalina Hurwitz Author-X-Name-First: Catalina Author-X-Name-Last: Hurwitz Author-Name: Ali Parhizgari Author-X-Name-First: Ali Author-X-Name-Last: Parhizgari Title: Do Traditional Real Estate ETFs Increase the Volatility of REITs? Abstract: We examine the impact of the introduction of traditional, non-U.S., real estate exchange traded funds (ETFs) on the realized volatility of real estate ETFs’ component stocks in a global setting. We first estimate the volatilities of the individual constituent stocks and then test for breakpoints and jumps. Analyses are conducted separately across each ETF and its underlying securities and jointly over the securities and their attributes. Under a comprehensive, robust approach that properly pulls the securities and their attributes together and includes new statistical tests that can be applied across the literature, present findings suggest that the initiation of traditional, non-U.S., real estate ETFs across global markets only modestly impacts the attributes of the ETFs’ underlying component securities. The overwhelming consensus derived from studies of non-Real Estate Investment Trust (REIT) stocks that ETF launches impact the volatilities of the underlying securities of the ETF portfolio is not supported for REIT ETFs and their constituent stocks. Journal: Journal of Real Estate Research Pages: 439-475 Issue: 4 Volume: 42 Year: 2020 Month: 10 X-DOI: 10.1080/08965803.2020.1844534 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1844534 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:4:p:439-475 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1845553_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Riëtte Carstens Author-X-Name-First: Riëtte Author-X-Name-Last: Carstens Author-Name: Yiping Fang Author-X-Name-First: Yiping Author-X-Name-Last: Fang Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Title: The Impact of Municipal Water Use Restrictions on the Pricing of Water-Sensitive Features in Single-Family Homes Abstract: We investigate the impact of municipal water restrictions in response to a drought on the pricing of water-sensitive home features by homebuyers. In our empirical investigation, we focus on Cape Town, South Africa, which imposed a series of increasingly tightening restrictions ranging from limiting outdoor water usage at the beginning of 2016 to limiting the total water use per person per day to 50 liters (approximately 13 gallons) at the beginning of 2018. Using spatial autoregression with autoregressive errors (SARAR) and a sample of 16,223 transactions over the period of 2015 to 2018, we find that increasing water restrictions reduce the willingness of homebuyers overall to pay for outdoor water-sensitive features such as swimming pools and higher quality gardens. However, pricing effects differ between homebuyers in the low- and high-price segment. In the low-price segment, the premiums for lot size and number of full bathrooms disappear while homebuyers penalize the presence of half bathrooms as water restrictions increase. However, homebuyers prioritize garden quality, which yields a premium irrespective of water restrictions. In the high-price segment, the premiums for half baths, garden quality and swimming pools disappear while the premiums for a larger lot and more full bathrooms are robust to tightening restrictions. Our findings suggest that municipal water restriction policies have an impact on pricing decisions of homebuyers, which has implications for policymakers and real estate developers in developed and emerging countries. Journal: Journal of Real Estate Research Pages: 476-498 Issue: 4 Volume: 42 Year: 2020 Month: 10 X-DOI: 10.1080/08965803.2020.1845553 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1845553 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:4:p:476-498 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1845562_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Steffen Heinig Author-X-Name-First: Steffen Author-X-Name-Last: Heinig Author-Name: Anupam Nanda Author-X-Name-First: Anupam Author-X-Name-Last: Nanda Author-Name: Sotiris Tsolacos Author-X-Name-First: Sotiris Author-X-Name-Last: Tsolacos Title: Which Sentiment Indicators Matter? Evidence from the European Commercial Real Estate Market Abstract: Measuring sentiment has been at the center of research for many years. While direct sentiment measures are assumed to be more suitable, we examine the construction and U.S. ability of indirect measures in the absence of direct measures in Europe. Driven by the unavailability of direct measures for most of the European countries in our study, we follow the general belief that each imperfect sentiment proxy—at least to a certain extent—contains some pure market sentiment. We present a set of four sentiment indicators relevant to real estate. In order to examine their relative importance, we apply them in a cap rate modeling framework with a sample of both developed and less developed European real estate markets. Forecast evaluations and goodness-of-fit measures reveal that models incorporating our sentiment measures improve upon the standard model specification of cap rates. We further find that sentiment has a stronger impact on economically weaker regions with less developed real estate markets in Europe, suggesting that investors may be relying on sentiment for price discovery in these markets. In addition, the use of a constructed search volume index suggests that markets with less publicly available information may experience a higher degree in searches. Our study highlights an application of online-search-based sentiment measure in those informationally inefficient and less developed markets. Journal: Journal of Real Estate Research Pages: 499-530 Issue: 4 Volume: 42 Year: 2020 Month: 10 X-DOI: 10.1080/08965803.2020.1845562 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1845562 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:4:p:499-530 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1846324_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Chih-Yuan Yang Author-X-Name-First: Chih-Yuan Author-X-Name-Last: Yang Author-Name: Ming-Chi Chen Author-X-Name-First: Ming-Chi Author-X-Name-Last: Chen Author-Name: Chia-Chien Chang Author-X-Name-First: Chia-Chien Author-X-Name-Last: Chang Title: Pricing of Presale Contracts with Macroeconomic Factors and Stochastic Basis Risk Abstract: This study analyzes the stochastic basis risk (presale price minus spot housing price) of presale housing from the viewpoint of forward pricing. We employ the modified Brownian bridge process to deal with the time-varying volatility and price convergence of presale and existing houses. The finding reveals an asymmetric effect of macroeconomic factors on the presale price in different market conditions. Such results might reflect the investors’ behaviors of overreaction and/or over-pessimism. In addition, the influence of macroeconomic variables is greater on the basis price than on the prices of existing houses, especially in a depressed housing market. Our results emphasize the importance of considering basis risk and the influence of macroeconomic factors when pricing presale houses to manage housing risk. Journal: Journal of Real Estate Research Pages: 531-551 Issue: 4 Volume: 42 Year: 2020 Month: 10 X-DOI: 10.1080/08965803.2020.1846324 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1846324 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:4:p:531-551 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1837604_J.xml processed with: repec_from_tfjats.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ming-Chu Chiang Author-X-Name-First: Ming-Chu Author-X-Name-Last: Chiang Author-Name: Tien Foo Sing Author-X-Name-First: Tien Foo Author-X-Name-Last: Sing Author-Name: Long Wang Author-X-Name-First: Long Author-X-Name-Last: Wang Title: Interactions Between Housing Market and Stock Market in the United States: A Markov Switching Approach Abstract: This study uses the Markov switching vector autoregressive model (MSVAR) model to examine dynamic relationships between stock and housing market returns in the United States covering the period from 1987 to 2017. The results show significant regime-dependent auto-correlations in stock and housing returns in both the high volatility and low volatility regimes studied. The feedback effects are stronger in the housing market than the stock market. We observe significant positive cross-market spillovers, consistent with the wealth story. Increases in stock returns in low volatility regimes create positive spillover effects into housing markets; likewise, positive spillovers in the reverse direction from housing market to stock market occur in high volatility regimes. We also find significant negative correlations between lagged stock returns and current housing returns in the high volatility regime, which implies that capital switching occurs as investors move their investments out of the stock market and into the housing market. In this manner, the housing market becomes a hedge against a volatile stock market. Journal: Journal of Real Estate Research Pages: 552-571 Issue: 4 Volume: 42 Year: 2020 Month: 10 X-DOI: 10.1080/08965803.2020.1837604 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1837604 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:42:y:2020:i:4:p:552-571 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1885960_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bakhtear Talukdar Author-X-Name-First: Bakhtear Author-X-Name-Last: Talukdar Author-Name: Kenneth Wemochiga Soyeh Author-X-Name-First: Kenneth Wemochiga Author-X-Name-Last: Soyeh Author-Name: Ali M. Parhizgari Author-X-Name-First: Ali M. Author-X-Name-Last: Parhizgari Title: Insider Ownership, Corporate Diversification, and Firm Value: Evidence from REITs Abstract: We examine the link between REIT insider ownership and property type diversification. Also, we investigate whether property-focused REITs with more insider equity holdings have a higher market value measured by Tobin’s Q. REITs provide an ideal setting to study these relations because of the homogeneity in regulations and assets as compared to other securities. Using data from 2003 to 2015, we document that insider ownership has a statistically significant negative impact on property type focus, that this impact is nonlinear, and increases as the extent of insider ownership increases. Further, our findings indicate that REIT insider ownership, in general, is positively related to Tobin’s Q and that property type diversified REIT firms with greater insider ownership have higher Tobin’s Q. The findings remain qualitatively unchanged even after accounting for time and undertaking robustness checks. Our results are beneficial to investors and portfolio managers in their assessments of future investments in REITs. Journal: Journal of Real Estate Research Pages: 1-20 Issue: 1 Volume: 43 Year: 2021 Month: 1 X-DOI: 10.1080/08965803.2021.1885960 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1885960 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:1:p:1-20 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1882789_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nicholas B. Irwin Author-X-Name-First: Nicholas B. Author-X-Name-Last: Irwin Author-Name: Mitchell R. Livy Author-X-Name-First: Mitchell R. Author-X-Name-Last: Livy Title: Days and Confused: Housing Price and Liquidity Response to New Local Public Schools Abstract: The existing real estate literature extensively documents the relationship between housing prices and school quality and, to a lesser extent, the effects of school quality on market liquidity. However, the capitalization and liquidity effects of new schools with unknown quality has been substantially understudied given the importance of understanding homebuyer responses to the opening of new schools. In this paper, we implement a novel three-stage least squares estimation framework to jointly examine the impact of newly opened elementary schools on housing prices and liquidity in Baltimore County, Maryland. The results provide strong evidence that homebuyers positively value these new schools through increases in prices and liquidity, despite their level of unknown quality, and the results are robust to alternative specifications and explanations. The outcomes of this research suggest future empirical work must address both price and liquidity concerns when determining the impacts of localized policies that shift school boundaries. Journal: Journal of Real Estate Research Pages: 21-46 Issue: 1 Volume: 43 Year: 2021 Month: 1 X-DOI: 10.1080/08965803.2021.1882789 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1882789 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:1:p:21-46 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1889288_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jeffrey A. DiBartolomeo Author-X-Name-First: Jeffrey A. Author-X-Name-Last: DiBartolomeo Author-Name: Vladimir A. Gatchev Author-X-Name-First: Vladimir A. Author-X-Name-Last: Gatchev Author-Name: David M. Harrison Author-X-Name-First: David M. Author-X-Name-Last: Harrison Title: The Liquidity Risk of REITs Abstract: This study examines the liquidity risk of real estate investment trusts (REITs) as measured by their return sensitivity to marketwide liquidity shocks. Due to their unique dividend payout rules and associated high cash payouts, REITs should benefit investors by reducing their reliance on the stock market to satisfy liquidity needs. Using a sample of 440 equity REITs from 1980 through 2015, we find empirical evidence consistent with this paradigm along four key dimensions. First, unlike non-REIT real estate firms, REITs exhibit a negative sensitivity to marketwide liquidity shocks. More specifically, when marketwide liquidity declines, REIT prices tend to increase relative to the broader stock market. Second, our findings are not property type specific, but rather are evident across broad classifications of property type sectors. Third, consistent with the importance of cash flow stability, smaller REITs provide protection against liquidity risk only when their dividend frequency is relatively high. Finally, examining only those firms changing their REIT status within the sample period, we find marketwide liquidity risk is lower when these firms operate as REITs than when they operate as non-REITs. Taken together, these findings provide support for the notion that investors view dividend payouts as a source of enhanced liquidity, and further, that REITs, as a security class with relatively high regulatory mandated payout requirements, provide investors with an important benefit in the form of reduced liquidity risk. Journal: Journal of Real Estate Research Pages: 47-95 Issue: 1 Volume: 43 Year: 2021 Month: 2 X-DOI: 10.1080/08965803.2021.1889288 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1889288 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:1:p:47-95 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1886541_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lei Ding Author-X-Name-First: Lei Author-X-Name-Last: Ding Author-Name: Leonard Nakamura Author-X-Name-First: Leonard Author-X-Name-Last: Nakamura Title: “Don't Know What You Got till It’s Gone”: The Community Reinvestment Act in a Changing Financial Landscape Abstract: This study provides new evidence on the impact of the Community Reinvestment Act (CRA) on mortgage lending by taking advantage of an exogenous policy shock in 2014, which caused significant changes in neighborhoods’ CRA eligibility in the Philadelphia market. The loss of CRA coverage leads to an over 10% decrease in purchase originations by CRA-regulated lenders. While nondepository institutions replace approximately half, but not all, of the decreased lending, their increased market share is accompanied by a greater involvement in riskier and more costly FHA lending. This study demonstrates how different lenders respond to the incentive of CRA credit. Journal: Journal of Real Estate Research Pages: 96-122 Issue: 1 Volume: 43 Year: 2021 Month: 1 X-DOI: 10.1080/08965803.2021.1886541 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1886541 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:1:p:96-122 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1886540_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ole Jakob Sønstebø Author-X-Name-First: Ole Jakob Author-X-Name-Last: Sønstebø Author-Name: Jon Olaf Olaussen Author-X-Name-First: Jon Olaf Author-X-Name-Last: Olaussen Author-Name: Are Oust Author-X-Name-First: Are Author-X-Name-Last: Oust Title: Opening Bid Strategies in English Auctions Abstract: Existing residential homes in Norway are sold by English auctions. This provides an exclusive opportunity to examine opening bid strategies for high-valued objects. Using unique data from surveys and auction journals, we find that the direct price effect of a high opening bid is stronger than the intimidation effect. A higher opening bid is associated with an overall higher price premium in OLS and fixed-effects regressions. Our results have implications for both buyers and sellers in situations where auctions and auction-like sales mechanisms are used, and for policy makers regarding auction process rules and market regulations. Journal: Journal of Real Estate Research Pages: 123-143 Issue: 1 Volume: 43 Year: 2021 Month: 1 X-DOI: 10.1080/08965803.2021.1886540 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1886540 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:1:p:123-143 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1925518_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Paul Calem Author-X-Name-First: Paul Author-X-Name-Last: Calem Author-Name: Julapa Jagtiani Author-X-Name-First: Julapa Author-X-Name-Last: Jagtiani Author-Name: Raman Quinn Maingi Author-X-Name-First: Raman Quinn Author-X-Name-Last: Maingi Title: Redefault Risk in the Aftermath of the Mortgage Crisis: Why Did Modifications Improve More than Self-Cures? Abstract: This paper examines change in the redefault rate of delinquent mortgage borrowers granted a loan modification during the 2008–2011 period, in comparison to similarly situated self-cured borrowers. We document a larger decline in the redefault rate of modified relative to self-cured loans, controlling for differences in their observable characteristics using a propensity score matching process. We attribute the relatively rapid improvement in performance of the modified loans in part to an increasing share of principal-reduction modifications and to increasingly generous interest rate reductions. Even after accounting for these and other factors, we still observe a larger decline in the redefault rate for modifications. This higher success rate for later modification cohorts likely reflects servicer “learning-by-doing.” Overall, our findings are supportive of public policy that encourages mortgage modification, which has proved to be successful in allowing distressed homeowners to keep their homes and reducing losses to lending institutions. Journal: Journal of Real Estate Research Pages: 145-180 Issue: 2 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1925518 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1925518 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:2:p:145-180 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1925498_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tracy M. Turner Author-X-Name-First: Tracy M. Author-X-Name-Last: Turner Author-Name: Youngme Seo Author-X-Name-First: Youngme Author-X-Name-Last: Seo Title: House Prices, Open Space, and Household Characteristics Abstract: The allocation of land to alternative residential uses, including private and public uses, is a fundamental business decision. Given limited research on the topic, the present study fills the need for research on willingness to pay for house and neighborhood attributes inclusive of the value of open or green space. We document diminished private green space and buyer demand for private and public open space. The focus is on the types of open or green space and variation in their capitalization effects over time. Using a richly specified hedonic model that includes house characteristics along with subdivision and neighborhood attributes, we find that both private and public forms of green space increase house prices, especially since 2011. Moreover, there is substitutability between private and open green space, and willingness to pay for open space varies by household characteristics. Journal: Journal of Real Estate Research Pages: 204-225 Issue: 2 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1925498 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1925498 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:2:p:204-225 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1925504_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kenneth Wemochiga Soyeh Author-X-Name-First: Kenneth Wemochiga Author-X-Name-Last: Soyeh Author-Name: Dongshin Kim Author-X-Name-First: Dongshin Author-X-Name-Last: Kim Author-Name: Frank Gyamfi-Yeboah Author-X-Name-First: Frank Author-X-Name-Last: Gyamfi-Yeboah Title: The Role of Debt in REIT Equity Issuance at a Discount to Net Asset Values Abstract: Empirical evidence shows that REIT managers time their equity offerings based on the value of share prices relative to the value of their underlying assets in the property market. Managers’ equity issuance decisions are strongly impacted by net asset value (NAV) premiums. In this paper, we examine the impact of overall leverage and near-term debt maturities on the equity offering behavior of REITs. For a sample of 170 REITs involved in at least one seasoned equity offering from 2001 to 2017, our results indicate that higher leverage and near-term debt maturities have a significant positive impact on a REIT’s decision to issue equity at a discount-to-NAV. Furthermore, we document that REIT managers who issue equity at a discount-to-NAV become less active in property acquisitions. Taken together, our results suggest that the underlying motivation for REIT firms issuing equity below their underlying asset values is to avoid a possible default on debt repayments. Higher leverage constrains a REIT’s ability to time the market in their equity issuance decisions. Journal: Journal of Real Estate Research Pages: 226-247 Issue: 2 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1925504 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1925504 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:2:p:226-247 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1925499_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Author-Name: Riëtte Carstens Author-X-Name-First: Riëtte Author-X-Name-Last: Carstens Title: Buy, Sell or Hold? The Information in Institutional Real Estate Investor Consensus Abstract: We investigate whether the consensus of institutional investors to buy, sell, or hold a particular property type in a particular quarter can improve the information environment in commercial real estate markets. In particular, we analyze the drivers of investor consensus as well as the informative value of buy and sell consensus for future returns. For the period of 1996 to 2018 and for eight sub-property types, we find that private leasing (space market) information predominantly drives the buy and hold consensus, while private asset market information is more important for the sell consensus. Publicly available equity and debt capital market information has the highest explanatory power for the sell and hold consensus. Furthermore, buy and sell consensus has informative value for future returns. The component of buy consensus that is explained by private information has the highest informative value for future returns, particularly in periods of financial crisis and poorly performing real estate markets. On the other hand, the component of sell consensus that is explained by public information has the highest informative value for future returns. Our findings have implications for institutional investors and portfolio managers as they suggest that the survey-based consensus of institutional investors contains valuable information to formulate return expectations, identify trends, and make investment decisions. Journal: Journal of Real Estate Research Pages: 181-203 Issue: 2 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1925499 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1925499 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:2:p:181-203 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1938917_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sangjun Lee Author-X-Name-First: Sangjun Author-X-Name-Last: Lee Author-Name: Alan Tidwell Author-X-Name-First: Alan Author-X-Name-Last: Tidwell Author-Name: Changha Jin Author-X-Name-First: Changha Author-X-Name-Last: Jin Title: Residential Housing Market and Bank Stability: Focusing on OECD and Emerging Asian Countries Abstract: In this study, we examine whether the fluctuation of residential housing prices affects the stability of financial institutions in 31 Organization for Economic Co-operation and Development (OECD) and emerging Asian countries. Utilizing 272,530 unique observations from 1990 to 2017, we explore effects of residential financing on bank stability mostly channeled by housing prices as a collateral effect, and by a type of moral hazard due to asymmetric information between borrowers and lenders. We first apply pooled mean group (PMG) estimators to isolate housing market price deviations from the market’s fundamental equilibrium, and then we conduct analysis using bank stability measures including return on assets (ROA,) and non-performing loan ratios (NPL). Results indicate that price deviation in the housing market from fundamental equilibrium is statistically significant for bank stability measures and persists in OECD countries over longer time horizons compared to emerging Asian countries. The findings also imply that loan growth represents a critical factor determining the level of bank stability while result from individual countries vary according to the relative maturity of their economy, level of interdependency between housing market and banking sector, and regulative environment for residential housing finance. Journal: Journal of Real Estate Research Pages: 248-270 Issue: 2 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1938917 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1938917 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:2:p:248-270 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1985923_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Riëtte Carstens Author-X-Name-First: Riëtte Author-X-Name-Last: Carstens Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Title: Can the Textual Tone in REIT Financial Statements Improve the Information Environment for Commercial Real Estate Investors? An Investigation Abstract: The SEC requires publicly traded REITs to discuss commercial real estate market conditions in their financial statements in order to provide REIT investors with decision-relevant information. We investigate whether the textual tone in REIT financial statements (10-K/10-Q) can be used to predict future commercial real estate returns. In our empirical investigation, we focus on forward-looking tone, i.e., tone that cannot be explained by a REIT’s past performance. We extract textual tone from quarterly REIT financial statements over the period from 2002 to 2017 by using both a generic finance dictionary and a new, REIT-specific dictionary. We then employ a regime-switching methodology to assess the informative value of forward-looking tone for commercial real estate returns in the next quarter. We find that in periods of poorly performing real estate markets the forward-looking tone in REIT financial statements predicts total returns in the next quarter. This effect is driven by capital returns and is most pronounced for apartment and retail. Our findings suggest that the tone in REIT financial statements can help improve the information environment for commercial real estate investors. Journal: Journal of Real Estate Research Pages: 335-354 Issue: 3 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1985923 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1985923 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:3:p:335-354 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1985920_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Abdulrahman Alhassan Author-X-Name-First: Abdulrahman Author-X-Name-Last: Alhassan Author-Name: Mark Anthony Johnson Author-X-Name-First: Mark Anthony Author-X-Name-Last: Johnson Author-Name: Atsuyuki Naka Author-X-Name-First: Atsuyuki Author-X-Name-Last: Naka Title: Examining Cross-border Comovements of REITs Around the World Abstract: We examine the amount of the comovement among real estate investment trusts (REITs) around the world by estimating implied (risk-adjusted) comovements using a factor model approach. Our investigation uses a sample of individual REITs from 21 developed economies from 1990 to 2015 to examine whether cross-border comovements are observable. Our findings provide evidence of comovements after controlling for common risk factors and relevant firm characteristics. Furthermore, we show that the comovements increase over time and are more common for larger and more liquid REITs. The results indicate that country-level factors such as the local market conditions, financial development, domestic exchange rates, credit constraints, and governance significantly affect the amount of comovements. Journal: Journal of Real Estate Research Pages: 290-316 Issue: 3 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1985920 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1985920 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:3:p:290-316 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1985921_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jackson Anderson Author-X-Name-First: Jackson Author-X-Name-Last: Anderson Author-Name: Randy Anderson Author-X-Name-First: Randy Author-X-Name-Last: Anderson Author-Name: Hany S. Guirguis Author-X-Name-First: Hany S. Author-X-Name-Last: Guirguis Author-Name: Spencer Proppe Author-X-Name-First: Spencer Author-X-Name-Last: Proppe Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: Time-Varying Correlations of REITs and Implications for Portfolio Management Abstract: This study uses bivariate dynamic conditional correlations (DCC) to analyze REITs’ relation with stock and bond markets from 1999 to 2018. The results show that the daily DCCs of both Equity REIT and Mortgage REIT returns experienced several structural changes attributed to the state of the economy, levels of leverage, inclusion or exclusion of REITs from the major S&P indices, and REITs getting their own Global Industry Classification Standard (GICS) category. To account for the structural changes, we allow the impact of the macroeconomic driving forces of the DCCs to vary over time. First, we formulate an OLS model using dummy variables regression (DV) to indicate regime membership, using endogenous break-dates. Then, we estimate a Markov regime-switching model (MRS) that allows the impacts of macroeconomic variables to differ during high and low variance regimes. Both complementary regime-sensitive models (DV and MRG) exhibit significant improvement relative to a traditional OLS model. The findings have significant implications for portfolio and risk management. For example, we find that with the new GICS sector, Equity REIT returns decoupled from the Financial Sector and the overall market as measured by the SP 500. These types of correlation shifts can significantly alter optimal portfolio weights whether trying to maximize returns, minimize risk, or achieving the highest risk-adjusted returns. Journal: Journal of Real Estate Research Pages: 317-334 Issue: 3 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1985921 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1985921 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:3:p:317-334 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1985922_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: René-Ojas Woltering Author-X-Name-First: René-Ojas Author-X-Name-Last: Woltering Author-Name: David H. Downs Author-X-Name-First: David H. Author-X-Name-Last: Downs Author-Name: Steffen Sebastian Author-X-Name-First: Steffen Author-X-Name-Last: Sebastian Title: Public versus Private Market Arbitrage: International Evidence for Listed Property Companies Abstract: This paper examines the performance of real estate firms that issue seasoned equity with the stated purpose of investing in private market assets. Prior literature documents that (i) firms, in general, underperform following a season equity offering and (ii) growth firms underperform value firms. We propose a stylized model where firms may arbitrage a public market premium relative to the private market by investing seasoned equity proceeds in the latter market. We hypothesize and test this “public versus private market arbitrage” hypothesis for an international sample of 531 listed property companies spanning 12 countries. Consistent with the predictions of our model, we find that growth firms, those with relatively higher public market values, outperform value firms only under the condition where the stated use of proceeds is for investment purposes as opposed to all other uses, i.e., not investment-related. Our empirical evidence is based on buy-and-hold abnormal returns, time-series portfolio regressions, and firm-level, cross-sectional analysis. Overall, our results are consistent with a value-added strategy of public versus private market arbitrage and highlight the key consideration in the related capital allocation decision. Journal: Journal of Real Estate Research Pages: 355-381 Issue: 3 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1985922 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1985922 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:3:p:355-381 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1942751_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Antoine Giannetti Author-X-Name-First: Antoine Author-X-Name-Last: Giannetti Title: Local Economic Conditions and Repeat-Sale Indices Performance: Evidence from a Moderation Effect Specification Abstract: The paper relates the documented smoothness of housing repeat-sale indices growth to time-varying changes in local economic conditions. Empirically, a metro economic condition index serves as a moderator variable in a dynamic partial equilibrium model that connects price appreciation to innovations in trading volume. The estimated moderation effect substantially dampens the long-run response to shocks in volume. Overall, the empirical findings are consistent with theoretical models that hypothesize that sellers’ reservation prices change counter-cyclically, thus smoothing repeat-sale index price appreciation. Journal: Journal of Real Estate Research Pages: 271-289 Issue: 3 Volume: 43 Year: 2021 Month: 7 X-DOI: 10.1080/08965803.2021.1942751 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1942751 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:3:p:271-289 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2003508_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniel T. Winkler Author-X-Name-First: Daniel T. Author-X-Name-Last: Winkler Author-Name: Clifford A. Lipscomb Author-X-Name-First: Clifford A. Author-X-Name-Last: Lipscomb Author-Name: Bruce L. Gordon Author-X-Name-First: Bruce L. Author-X-Name-Last: Gordon Title: Seller-Required Mortgage Preapprovals and the Homebuying Process Abstract: Mortgage preapprovals have been commonly available for about 20 years. A buyer may benefit from a mortgage preapproval by increasing the likelihood of closing on the loan. A seller with an offer from a preapproved buyer is exposed to less risk of a transaction not closing and perhaps a quicker average time to closing. The findings show that commercial sellers are more likely to require preapprovals, especially for REO transactions. Time until the closing of a sale (TUS) is about 4.2% quicker for transactions with seller-required preapprovals. Time until the signing of a sales contract (TUC) is not less for seller-required preapprovals, but it is 15.3% quicker for REO preapproval sales. The selling price discount for preapproval properties averages 1.7%–3% for non-REOs and 3%–4% for REO properties. Journal: Journal of Real Estate Research Pages: 447-474 Issue: 4 Volume: 43 Year: 2021 Month: 12 X-DOI: 10.1080/08965803.2021.2003508 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2003508 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:4:p:447-474 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2003509_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Uzair Azmat Author-X-Name-First: Uzair Author-X-Name-Last: Azmat Author-Name: Saad Azmat Author-X-Name-First: Saad Author-X-Name-Last: Azmat Author-Name: M. Kabir Hassan Author-X-Name-First: M. Kabir Author-X-Name-Last: Hassan Author-Name: Syed Zahid Ali Author-X-Name-First: Syed Zahid Author-X-Name-Last: Ali Title: Consumer Choice in Residential Mortgage Market: An Islamic Mortgage Contract Abstract: This paper examines the Islamic mortgage contract of Diminishing Musharakah and its impact on consumer welfare, house purchase, and mortgage payments. We build both static and dynamic models to study a homeowner’s decision-making. We pay special attention to expectation formations and simulate the model to analyze both Islamic and Conventional mortgage holders’ responses to changes in income growth, house prices, and interest rates. Estimates of the model, using housing data set of U.S. economy (1990–2018), indicate that Diminishing Musharakah contract holders achieve 2.5 to 4% higher discounted utility under constant and declining learning expectations. The reducing balance feature of the Diminishing Musharakah contract provides relative protection to a consumer from adverse income shocks and high-interest rate environments. Simulation results suggest that under dynamic conditions, the Diminishing Mushrakah provides 3.4% lower mortgage cost per housing unit. It prevents consumers of average and low-risk appetite from relatively riskier housing decisions. We learn that consumer chooses a 2.5% smaller house size under Diminishing Musharakah. The model also examines consumers with vector autoregressive (VAR) based expectations. We find that homeowners with optimistic forecasts may achieve a higher utility in a conventional mortgage. Journal: Journal of Real Estate Research Pages: 475-511 Issue: 4 Volume: 43 Year: 2021 Month: 12 X-DOI: 10.1080/08965803.2021.2003509 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2003509 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:4:p:475-511 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1986349_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Prashant Das Author-X-Name-First: Prashant Author-X-Name-Last: Das Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Title: Investor Sentiment and Prepayment Hazard: The Case of Multifamily MBS Loans Abstract: Rising property prices are one explanation for higher prepayments of commercial mortgages as borrowers refinance to take out equity or sell their assets. However, prices may be driven not only by fundamentals but also investor irrationality. We investigate the informative value of investor sentiment for prepayments of loans underlying commercial mortgage-backed securities (CMBS). We employ Cox Proportional Hazard models to analyze a sample of 10,728 multifamily securitized loans for the period of 2001 to 2015. We find that, controlling for fundamentals, interest rates and loan characteristics, irrational investor sentiment can explain the exercise of the prepayment option by fixed- and floating-rate borrowers in times of increased property prices. The effect of irrational sentiment on prepayment hazard is robust to different sentiment measures as well as originator, geographic, and deal characteristics. Our findings suggest that irrational investor sentiment is a source of information for lenders and CMBS investors interested in predicting prepayments. Journal: Journal of Real Estate Research Pages: 383-401 Issue: 4 Volume: 43 Year: 2021 Month: 12 X-DOI: 10.1080/08965803.2021.1986349 File-URL: http://hdl.handle.net/10.1080/08965803.2021.1986349 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:4:p:383-401 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2003014_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jackson T. Anderson Author-X-Name-First: Jackson T. Author-X-Name-Last: Anderson Author-Name: Kimberly F. Luchtenberg Author-X-Name-First: Kimberly F. Author-X-Name-Last: Luchtenberg Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: Using Asymmetric Dominance to Resolve Toxic Debt: Combining Online and Field Experiments Abstract: This study employs a behavioral technique known as asymmetric dominance used to nudge defaulted borrowers toward a repayment option that is in their best interest (lowest implied APR) while at the same time encouraging greater repayment, resulting in a win-win for both lenders and borrowers. We demonstrate the efficacy of this approach through an online experiment and then through a field experiment of 1st- and 2nd-lien actual defaulted mortgage pools. We address the generalization of asymmetric dominance by documenting success across multiple consumer asset classes – mortgages, auto loans, payday loans, student loans, health care debt and credit card debt. Finally, our results hold across 2-, 3-, and 4-digit monthly repayment amounts. Journal: Journal of Real Estate Research Pages: 402-418 Issue: 4 Volume: 43 Year: 2021 Month: 12 X-DOI: 10.1080/08965803.2021.2003014 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2003014 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:4:p:402-418 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2003507_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiaoying Deng Author-X-Name-First: Xiaoying Author-X-Name-Last: Deng Author-Name: Paul M. Anglin Author-X-Name-First: Paul M. Author-X-Name-Last: Anglin Author-Name: Yanmin Gao Author-X-Name-First: Yanmin Author-X-Name-Last: Gao Author-Name: Hua Sun Author-X-Name-First: Hua Author-X-Name-Last: Sun Title: How Do the CEO Political Leanings Affect REIT Business Decisions? Abstract: Business decisions made by the real estate industry have a profound effect on the well-being of people who live, work, or shop in these buildings. While these decisions may be informed by evidence, the available evidence is often incomplete or imperfect. Therefore, the personal opinions or judgments of senior executives can have an effect. In this paper, we study these effects in two parts: risk-taking and environmental, social, and governance (ESG) activities. Since a person’s political learning is a relatively stable measure, and is associated with preferences for risk and ESG activities, we examine how the political leanings of the CEOs are related to these effects. Using the data from 2003 to 2016, we find that real estate investment trusts with Democratic-leaning CEOs tend to take more risks, as evidenced by higher levels of leverage and more risk in stock prices. We further find that Democratic-leaning CEOs are more broadly engaged in environmentally oriented ESG activities. Journal: Journal of Real Estate Research Pages: 419-446 Issue: 4 Volume: 43 Year: 2021 Month: 12 X-DOI: 10.1080/08965803.2021.2003507 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2003507 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:43:y:2021:i:4:p:419-446 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2008109_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jiajun Lu Author-X-Name-First: Jiajun Author-X-Name-Last: Lu Author-Name: Youngju Lee Author-X-Name-First: Youngju Author-X-Name-Last: Lee Title: Spatial Effects of Air Pollution on the Housing Market: Evidence from South Korea Abstract: This paper examines the spatial relationship between the ambient air pollution level of an apartment and its property value in the housing market of South Korea. Using detailed transaction data for 2015–2018, we construct the air pollution index and estimate a two-stage spatial Durbin error model that controls for both direct and spillover effects. We find that, holding other factors equal, a 1% increase in the air pollution level can, on average, cause a decrease in the value of a local real property by 0.32% ($879). Spatially heterogeneous effects of air pollution on housing prices are investigated, and air pollution is found to have a more significant direct impact on the urban housing market than in rural areas. Moreover, rising air pollution levels in urban centers can raise housing prices in suburban and rural areas, suggesting a strong spillover effect of air pollution and potential migration towards better air quality. The findings in this paper have profound implications for analyzing the spatial impacts of air pollution on housing prices and urban development. Journal: Journal of Real Estate Research Pages: 131-150 Issue: 1 Volume: 44 Year: 2022 Month: 1 X-DOI: 10.1080/08965803.2021.2008109 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2008109 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:1:p:131-150 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2001896_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zifeng Feng Author-X-Name-First: Zifeng Author-X-Name-Last: Feng Author-Name: William G. Hardin Author-X-Name-First: William G. Author-X-Name-Last: Hardin Author-Name: Chongyu Wang Author-X-Name-First: Chongyu Author-X-Name-Last: Wang Title: Rewarding a Long-Term Investment Strategy: REITs Abstract: The initial structure of real estate investment trusts (REITs) was predicated on real estate as a long-hold asset that would benefit from an ownership structure that fosters property portfolios held and managed for the long-term. Using a sample of publicly traded U.S. REITs from 1995 to 2018, we find that REIT performance is positively associated with previous-year property holding period. The results support the original broad policy goals associated with the REIT structure to allow for broad ownership of commercial real estate assets held for the long-term. The results further show that REITs adopting long-term investment and management strategies suggested by the enabling laws allowing the REIT structure are more profitable with better shareholder returns. The benefits related to portfolio construction and management shown in this study are complementary to studies related to property location and other portfolio construction strategies. Our findings are attributed to enhanced operational efficiency, property-level cash flow, and managerial effort. Journal: Journal of Real Estate Research Pages: 56-79 Issue: 1 Volume: 44 Year: 2022 Month: 1 X-DOI: 10.1080/08965803.2021.2001896 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2001896 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:1:p:56-79 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2008609_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Kuang Kuang Deng Author-X-Name-First: Kuang Kuang Author-X-Name-Last: Deng Author-Name: Jie Chen Author-X-Name-First: Jie Author-X-Name-Last: Chen Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Xianling Yang Author-X-Name-First: Xianling Author-X-Name-Last: Yang Title: Differential Selling Strategies Between Investors and Consumers: Evidence from the Chinese Housing Market Abstract: We investigated how real estate selling behaviors and transaction outcomes vary with sellers’ motivations. By exploring a unique dataset of residential sales in Beijing, China, we were able to distinguish between consumer sellers and investor sellers. Consumer sellers engage in chained transactions (i.e., selling one and buying another property in parallel for upsizing their houses through moving to a better location or trading for a larger property). The consumer sellers differ from investor sellers, who sell for cashing out capital gains, in selling strategies due to their liquidity constraints and higher search costs in the chained transactions. Our empirical analyses reveal that, for successful transactions, consumer sellers list and sell their properties at higher prices than investor sellers, all else being equal; however, the price premiums are achieved without longer time on the market due to their strategy of searching more intensively. This article provides additional insights on how real estate sellers’ credit constraints and opportunity costs of searching govern the selling strategies and transaction outcomes of property trading. Journal: Journal of Real Estate Research Pages: 80-105 Issue: 1 Volume: 44 Year: 2022 Month: 1 X-DOI: 10.1080/08965803.2021.2008609 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2008609 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:1:p:80-105 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1840802_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alex van de Minne Author-X-Name-First: Alex Author-X-Name-Last: van de Minne Author-Name: Marc Francke Author-X-Name-First: Marc Author-X-Name-Last: Francke Author-Name: David Geltner Author-X-Name-First: David Author-X-Name-Last: Geltner Title: Forecasting US Commercial Property Price Indexes Using Dynamic Factor Models Abstract: The general purpose of a dynamic factor model (DFM) is to summarize a large number of time series into a few common factors. In this paper we explore several DFMs on 80 granular, non-overlapping commercial property price indexes in the US, quarterly from 2001Q1 to 2017Q2. We examine the nature and the structure of the factors and the index forecasts that can be produced from the DFMs. We consider specifications of one to four common factors. As a major motivation for the use of DFMs is their ability to improve out-of-sample forecasting of systems of numerous related series, we apply the DFM estimated factors in an Autoregressive Distributed Lag (ARDL) model to forecast individual market index returns. We compare for four markets the forecasts to those from a benchmark univariate autoregression. The results show that the DFM & ARDL model predicts the crisis and subsequent recovery really well, whereas the benchmark model typically extrapolates the past price trend. Journal: Journal of Real Estate Research Pages: 29-55 Issue: 1 Volume: 44 Year: 2022 Month: 1 X-DOI: 10.1080/08965803.2020.1840802 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1840802 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:1:p:29-55 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2013613_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jun Duanmu Author-X-Name-First: Jun Author-X-Name-Last: Duanmu Author-Name: Yongjia Li Author-X-Name-First: Yongjia Author-X-Name-Last: Li Author-Name: Meimei Lin Author-X-Name-First: Meimei Author-X-Name-Last: Lin Author-Name: Salman Tahsin Author-X-Name-First: Salman Author-X-Name-Last: Tahsin Title: Natural Disaster Risk and Residential Mortgage Lending Standards Abstract: We study how bank residential mortgage lending standards are affected by risks to the local economy from natural disasters. We find that banks tighten lending standards in disaster-hit counties, suggesting that lenders are more cautious in these locations since environmental disasters can increase the long-term risks to the local economy. Tighter bank lending standards can lower access to mortgage credit and have negative consequences for the housing sector. On the other hand, we do not find any statistically significant change in the lending standards of banks that specialize in subprime loans. Finally, we show that banks tighten lending standards in those disaster-hit counties where there is a high belief about the negative effects of climate change; this indicates that disasters impact lending standards through increasing existing disaster risk awareness among lenders, whereas, lenders do not update their risk assessment in low belief counties. Journal: Journal of Real Estate Research Pages: 106-130 Issue: 1 Volume: 44 Year: 2022 Month: 1 X-DOI: 10.1080/08965803.2021.2013613 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2013613 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:1:p:106-130 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_1833508_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ralph B. Siebert Author-X-Name-First: Ralph B. Author-X-Name-Last: Siebert Title: Heterogeneous Foreclosure Discounts of Homes Abstract: When the foreclosure crisis hit the U.S. housing market, there was little consensus on which homeowners were affected the most by home value impairment. The goal of this study is to flexibly estimate house-specific foreclosure discounts and to explore the merits of heterogeneous foreclosure discounts across market segments. I use a comprehensive dataset that encompasses home transactions from 2000 to 2020 in Florida and Indiana. Summary statistics show that foreclosures are realized across the entire home value and home size distributions. I estimate a structural model that builds on Rosen (1974) and Bajari and Kahn (2005) and estimates a price function using a weighted least least-squares regression approach. The estimation results show that foreclosure discounts in Indiana are higher than in Florida. In Indiana, foreclosed homes lost the most value at the lower part of the house value distribution. Moreover, owners of foreclosed large houses experienced immense value losses, and this applies to every city. In Indiana, houses at the lower part of the house size distribution also suffered from large foreclosure discounts, while Floridian houses lost significantly less value in this market segment. I also found that homes in neighborhoods with higher mortgages, urbanization, median incomes, and education rates realize higher foreclosure discounts. Neighborhoods with smaller Asian, Black, and Hispanic populations experienced higher foreclosure discounts. Journal: Journal of Real Estate Research Pages: 1-28 Issue: 1 Volume: 44 Year: 2022 Month: 1 X-DOI: 10.1080/08965803.2020.1833508 File-URL: http://hdl.handle.net/10.1080/08965803.2020.1833508 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:1:p:1-28 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2011558_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lingxiao Li Author-X-Name-First: Lingxiao Author-X-Name-Last: Li Author-Name: Bing Zhu Author-X-Name-First: Bing Author-X-Name-Last: Zhu Title: Trading and Volatility in Dual Market: Theory and Evidence from Real Estate Abstract: This article investigates the informational role of trading volume and the impact of transaction costs on trading volume and the return dynamics in public and private markets, using real estate as an application. The model extends Kyle (1985) in a framework with two markets associated with asymmetric transaction costs across markets and over time. It derives equilibrium and predicts that at the market downtime, investors’ incentive to trade in the public market increases while that in the private market declines based on a return-cost trade-off, which is when transaction cost in the private market accelerates. Trading volume induces return volatility. The marginal effect of trading volume on price increases monotonically with uncertainty in asset values and transaction costs. An assessment using a simulation method and data on public and private real estate markets in the United States from 1996 to 2014 validates the model’s propositions. We offer two explanations for the increased real estate investment trust (REIT) return volatility during the financial crisis: increased trading volume in the REIT market and a larger marginal impact of volume on price during market downtime. Journal: Journal of Real Estate Research Pages: 151-183 Issue: 2 Volume: 44 Year: 2022 Month: 4 X-DOI: 10.1080/08965803.2021.2011558 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2011558 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:2:p:151-183 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2014632_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Andrew G. Mueller Author-X-Name-First: Andrew G. Author-X-Name-Last: Mueller Author-Name: Lauren Terschan Author-X-Name-First: Lauren Author-X-Name-Last: Terschan Author-Name: Thomas J. PlaHovinsak Author-X-Name-First: Thomas J. Author-X-Name-Last: PlaHovinsak Title: Filtering to Affordable: Does Multifamily Housing Become More Affordable as It Ages? Abstract: Housing affordability and potential sources of affordable housing remain national concerns. Using the 10 largest metropolitan statistical areas (MSAs), this study measures the degree to which a multifamily housing property’s age affects its affordability, hence examining the rate at which a necessary step in the filtering process is taking place. We find that a property’s affordability increases by about 2.7% during the first decade of its existence and by about 0.5–1% every following decade, with some variation across MSAs. While this indicates that filtering could be taking place at a relatively slow rate, we show that this can add up to significant rent savings for a low-income family. Lastly, we conduct two follow-up case studies of affordability in Atlanta and Philadelphia. Journal: Journal of Real Estate Research Pages: 254-286 Issue: 2 Volume: 44 Year: 2022 Month: 4 X-DOI: 10.1080/08965803.2021.2014632 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2014632 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:2:p:254-286 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2014624_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Randall Charles Campbell Author-X-Name-First: Randall Charles Author-X-Name-Last: Campbell Author-Name: Kenneth Deon Roskelley Author-X-Name-First: Kenneth Deon Author-X-Name-Last: Roskelley Title: International Housing Returns around the Financial Crisis: Disentangling Credit Supply and Demand Shocks Abstract: We use the price and quantity of credit to distinguish credit supply shocks from credit demand shocks to examine international housing returns around the financial crisis. We find little evidence to support three popular credit supply explanations for the run-up in international housing prices before the financial crisis. Importantly, we show that common credit supply proxies often represent credit demand shocks because they only capture quantity supplied but ignore price. Furthermore, credit demand shocks are more common than supply shocks in countries that experience a housing reversal. While we do find that credit supply plays a role in the housing run-up, the impact of credit supply shocks on housing prices during the run-up is primarily through negative shocks driving prices down, rather than the positive supply shocks driving them up. Journal: Journal of Real Estate Research Pages: 219-253 Issue: 2 Volume: 44 Year: 2022 Month: 4 X-DOI: 10.1080/08965803.2021.2014624 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2014624 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:2:p:219-253 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2008608_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Siu Kei Wong Author-X-Name-First: Siu Kei Author-X-Name-Last: Wong Author-Name: Kuang Kuang Deng Author-X-Name-First: Kuang Kuang Author-X-Name-Last: Deng Author-Name: Kwong Wing Chau Author-X-Name-First: Kwong Wing Author-X-Name-Last: Chau Title: Do Short-Term Real Estate Investors Outperform the Market? Abstract: Some real estate investors engage in short-term trading in spite of the high transaction costs that this involves. While previous studies have identified various incentives that encourage short-term investors to engage in these practices, there has, to date, been little investigation into the influence of different market conditions over their performance. Based on real estate transaction data from Hong Kong, this study finds that buying and reselling within three months produces, on average, a gross return of 6% above the market. Three economic conditions are shown to be favorable to their performance: 1) comparable transactions are scant; 2) prices are more dispersed; and 3) market prices go down. Further analysis reveals that these short-term investors make a greater profit from purchases than from resales. While it is beyond the scope of this study to pin down the strategy adopted by each investor, the results are consistent with a “search” explanation, according to which, short-term investors behave as if they were arbitrageurs capable of exploiting the valuation spread between buyers and sellers. Journal: Journal of Real Estate Research Pages: 287-309 Issue: 2 Volume: 44 Year: 2022 Month: 4 X-DOI: 10.1080/08965803.2021.2008608 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2008608 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:2:p:287-309 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2011559_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Thanh Nguyen Author-X-Name-First: Thanh Author-X-Name-Last: Nguyen Author-Name: Arsenio Staer Author-X-Name-First: Arsenio Author-X-Name-Last: Staer Author-Name: Jing Yang Author-X-Name-First: Jing Author-X-Name-Last: Yang Title: Initial Public Offerings and Local Housing Markets Abstract: This study explores the link between corporations’ initial public offering (IPO) activities and the housing markets in the MSAs where the IPO firms are headquartered. Using a sample of 4,500 U.S. IPOs occurring from 1990 to 2018, a period covering the tech bubble years and the 2007–2008 financial crisis, we examine the existence and magnitude of the link between IPOs and housing, and related hypotheses including the short-term expectations effects, the wealth effects after the IPO lock-up expiration dates, and the long-term effects. Our results provide strong support to these hypotheses. The effects are stronger during the tech-bubble years. In addition, the results are to some extent driven by IPOs in traffic-congested and/or low-affordability cities, and the effects are generally amplified by local housing supply rigidity and IPO stock performance. We find that the overall impact of IPOs on the housing market is economically significant with the most prominent influence linked to the changes in short-term expectations. Journal: Journal of Real Estate Research Pages: 184-218 Issue: 2 Volume: 44 Year: 2022 Month: 4 X-DOI: 10.1080/08965803.2021.2011559 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2011559 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:2:p:184-218 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2011557_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Tyler K. Jensen Author-X-Name-First: Tyler K. Author-X-Name-Last: Jensen Author-Name: Tracy M. Turner Author-X-Name-First: Tracy M. Author-X-Name-Last: Turner Title: Monetary Policy Shifts, Dividends and REIT Momentum Abstract: Real estate investment trusts (REITs) provide a unique setting to study the impact of aggregate funding on momentum. REITs provide many of the same features of common stocks, but also include a dividend provision mandate, which may mitigate the illiquidity concerns that drive momentum patterns in common stocks. Overall, we found that REIT momentum was associated only with restrictive funding conditions. However, unlike in common stock, this effect can be explained by particularly strong performance of winner REITs during restrictive periods. Furthermore, we found that the strong performance of winner REITs in restrictive states was related to strong dividend performance. These results suggest that the unique income provision feature of REITs generates momentum patterns as aggregate funding availability is diminished. Journal: Journal of Real Estate Research Pages: 311-330 Issue: 3 Volume: 44 Year: 2022 Month: 7 X-DOI: 10.1080/08965803.2021.2011557 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2011557 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:3:p:311-330 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2029280_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Dominik Wagner Author-X-Name-First: Dominik Author-X-Name-Last: Wagner Author-Name: René-Ojas Woltering Author-X-Name-First: René-Ojas Author-X-Name-Last: Woltering Author-Name: David H. Downs Author-X-Name-First: David H. Author-X-Name-Last: Downs Author-Name: Steffen Sebastian Author-X-Name-First: Steffen Author-X-Name-Last: Sebastian Title: The REIT Conversion Puzzle Abstract: Real Estate Investment Trusts (REITs) are a globally recognized form of real estate ownership that offer tax benefits at a corporate level. Despite their clear advantages, however, a significant share of potentially eligible Real Estate Operating Companies (REOCs) do not opt for conversion to a REIT structure. This paper examines 80 REOC-to-REIT conversions across 13 countries. We find REIT conversions are generally driven by the extent of country-specific tax benefits. They are also more likely following prior conversions by other REOCs, and in countries with a larger share of extant REITs. REIT conversions may be motivated by Net Asset Value (NAV) discounts, especially if management’s compensation is highly equity-based. This illustrates the importance of aligning the interests of management and shareholders. On the other hand, relatively restrictive REIT criteria, such as the disclosure and taxation of hidden values during the conversion process, are associated with significantly lower conversion probabilities. Countries that have eased REIT criteria have subsequently seen significantly more conversions. Journal: Journal of Real Estate Research Pages: 399-428 Issue: 3 Volume: 44 Year: 2022 Month: 7 X-DOI: 10.1080/08965803.2022.2029280 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2029280 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:3:p:399-428 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2009621_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jackson T. Anderson Author-X-Name-First: Jackson T. Author-X-Name-Last: Anderson Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Author-Name: David Lucus Author-X-Name-First: David Author-X-Name-Last: Lucus Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Author-Name: Lauren Simon Author-X-Name-First: Lauren Author-X-Name-Last: Simon Title: Using Artificial Intelligence to Identify Strategic Mortgage Default Attitudes Abstract: Previous studies have yielded ambiguous results regarding the impact of income and financial experience on the decision of residential borrowers to strategically default. One explanation for these findings is the presence of an interaction effect between income and financial experience, which was ignored in earlier studies. We hypothesize that borrowers with a greater ability to assess the financial benefits of strategic default, due to a higher financial experience, and overcome the financial consequences of it, due to higher incomes, have fewer negative attitudes towards strategic default. We capture negative attitudes of US homeowners (borrowers) by measuring their anger towards residential borrowers who decided to strategically default. In particular, we (1) ask them to self-report their anger and (2) measure their anger with artificial intelligence (AI)-based emotion recognition software. We find evidence for the hypothesized interaction effect: Borrowers with higher incomes and greater financial experience, particularly regarding value of money, savings, and investments, have fewer negative attitudes towards strategic default. Our results have implications for mortgage lenders. While borrowers with higher incomes and more financial experience are likely to have a lower economic default risk, their strategic default risk may be higher. Journal: Journal of Real Estate Research Pages: 429-445 Issue: 3 Volume: 44 Year: 2022 Month: 7 X-DOI: 10.1080/08965803.2021.2009621 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2009621 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:3:p:429-445 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2026582_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: James A. Stevens Author-X-Name-First: James A. Author-X-Name-Last: Stevens Title: Do Changes in Industry Classification Systems Matter? Evidence from REITs Abstract: The 2016 introduction of a Real Estate sector to the Global Industry Classification Standard (GICS) provides a natural experiment for studying how industry classification systems impact firms. This study uncovers significant abnormal returns of 2.31% and 2.49% for real estate investment trusts (REITs) around two distinct announcements of the classification restructuring. This supports the theory of decreasing asymmetric information occurring with the increase in sector transparency. Cross-sectional regressions show higher abnormal returns for REITs of medium cap size, with lower leverage, and with more institutional ownership (IO). The study also tests for changes in IO levels after the event using 13-F filings. A difference-in-difference estimation reveals a lower count of owners and percent of shares held by IOs in the postreclassification period compared to a matched sample of peer firms. Evidence emerges that refutes the common industry refrain of a rise in REIT IO following the classification restructuring. Journal: Journal of Real Estate Research Pages: 377-398 Issue: 3 Volume: 44 Year: 2022 Month: 1 X-DOI: 10.1080/08965803.2022.2026582 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2026582 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:3:p:377-398 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2011560_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Pin-Te Lin Author-X-Name-First: Pin-Te Author-X-Name-Last: Lin Title: Intertemporal Risk-Return Relationship in Housing Markets Abstract: We empirically investigate the intertemporal risk-return relationship in the U.S. housing market. Consistent with the theoretical predictions in Merton’s (1973) intertemporal capital asset pricing model (ICAPM), the national (regional) housing market displays a significantly positive relationship between its conditional variance (covariance) and capital gains. Results provide empirical support for housing showing that risk-averse agents require higher returns to reward higher risk in an intertemporal framework. Journal: Journal of Real Estate Research Pages: 331-354 Issue: 3 Volume: 44 Year: 2021 Month: 12 X-DOI: 10.1080/08965803.2021.2011560 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2011560 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2021:i:3:p:331-354 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2024678_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Josep Maria Raya Author-X-Name-First: Josep Maria Author-X-Name-Last: Raya Title: Can Social Capital Variables Help to Determine Loan to Value Approved by Banks? Abstract: This paper sheds some light on the effects of social capital variables (social network data, physical appearance, etc.) on loan-to-value (LTV), a crucial variable to evaluate systemic risk. Using a unique database created by merging several sources of data, we show that the introduction of social capital variables are shown to be statistically significantly related to LTV. In particular, Facebook likes in a month and creditworthiness are a negative determinant of LTV while beauty and certain personality traits play a role in borrowers obtaining a higher LTV. We distinguish these effects depending on the LTV variable used: loan-to-appraisal (entirely under the control of lender) and loan-to-transaction (in which the transaction price can also be influenced). As policy implications we found that social capital variables capture information that would otherwise be unobservable using only the traditional variables in the sense that they are related to information lenders may have at lending that the researchers do not observe. Journal: Journal of Real Estate Research Pages: 355-376 Issue: 3 Volume: 44 Year: 2022 Month: 1 X-DOI: 10.1080/08965803.2021.2024678 File-URL: http://hdl.handle.net/10.1080/08965803.2021.2024678 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:3:p:355-376 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2041264_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Pascal Frömel Author-X-Name-First: Pascal Author-X-Name-Last: Frömel Author-Name: Dominik Wagner Author-X-Name-First: Dominik Author-X-Name-Last: Wagner Author-Name: René-Ojas Woltering Author-X-Name-First: René-Ojas Author-X-Name-Last: Woltering Author-Name: David H. Downs Author-X-Name-First: David H. Author-X-Name-Last: Downs Author-Name: Steffen Sebastian Author-X-Name-First: Steffen Author-X-Name-Last: Sebastian Title: Strategic Transactions around REIT Conversions Abstract: This article examines the conversion-related mergers and acquisitions (M&A) activity and post-conversion performance of 80 international Real Estate Operating Companies (REOCs) that adopted Real Estate Investment Trust (REIT) status. In the years prior to the conversion, we document an increased M&A deal activity that is in part driven to fulfill regulatory REIT requirements. We find that REOCs are willing to pay a premium above the market valuation to acquire desired portfolios. Moreover, we document that the REIT status enhances equity inflows, driving increased M&A transaction activities and deal volume. While converted REITs outperform their peers over the long run, we find that a lower (higher) level of restructuring activity is associated with even higher (risk-adjusted) performance. Journal: Journal of Real Estate Research Pages: 473-490 Issue: 4 Volume: 44 Year: 2022 Month: 10 X-DOI: 10.1080/08965803.2022.2041264 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2041264 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:4:p:473-490 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2041263_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Alain Coën Author-X-Name-First: Alain Author-X-Name-Last: Coën Author-Name: Benoit Lefebvre Author-X-Name-First: Benoit Author-X-Name-Last: Lefebvre Author-Name: Arnaud Simon Author-X-Name-First: Arnaud Author-X-Name-Last: Simon Title: Monetary Policies and European Office Markets Dynamics Abstract: The purpose of this paper is to study the consequences of unconventional monetary policies on Europe’s commercial real estate market. To investigate the role of money supply on real estate markets dynamics, we use panel modelling. Our main objective is to analyze the relationships between office price indexes and monetary variables. Our panel analysis focuses on price dynamics across 16 main office markets in Europe between 2009 and 2019. We have constructed for each market a monetary index suitable for commercial real estate. Our robust results, corrected for the presence of errors-in-variables, report that a positive relationship exists between the global money supply and office prices. Moreover, the largest markets seem more affected by the massive injections of liquidity from the central banks, especially those from the European Central Bank (ECB). We highlight significant differences among office markets in Europe. Journal: Journal of Real Estate Research Pages: 553-573 Issue: 4 Volume: 44 Year: 2022 Month: 10 X-DOI: 10.1080/08965803.2022.2041263 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2041263 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:4:p:553-573 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2038902_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Martin Hoesli Author-X-Name-First: Martin Author-X-Name-Last: Hoesli Author-Name: Louis Johner Author-X-Name-First: Louis Author-X-Name-Last: Johner Title: Portfolio Diversification Across U.S. Gateway and Non-Gateway Real Estate Markets Abstract: Using simulation analysis and property-level data for the US, we compare performance metrics for portfolios containing varying proportions of gateway and non-gateway markets. Risk-adjusted performance is found to be similar across types of markets. Gateway markets have higher appreciation and total returns, while non-gateway markets exhibit higher income returns even after accounting for capital expenditures. Downside risk appears to be slightly greater for gateway markets than for non-gateway markets; however, full drawdown and recovery lengths tend to be shorter for gateway markets. Systematic risk is found to be constant across types of markets. We show that discriminating between gateway and non-gateway markets is useful for mixed-asset diversification purposes, with the former type of markets appearing in risky portfolios and the latter in low-risk portfolios. By considering a large spectrum of performance metrics in a realistic investment setting, the results should provide investors with valuable information when allocating funds across gateway and non-gateway markets. The article also provides insights regarding how best to define gateway markets. Journal: Journal of Real Estate Research Pages: 523-552 Issue: 4 Volume: 44 Year: 2022 Month: 10 X-DOI: 10.1080/08965803.2022.2038902 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2038902 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:4:p:523-552 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2033392_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Sebastian Schnejdar Author-X-Name-First: Sebastian Author-X-Name-Last: Schnejdar Author-Name: René-Ojas Woltering Author-X-Name-First: René-Ojas Author-X-Name-Last: Woltering Author-Name: Michael Heinrich Author-X-Name-First: Michael Author-X-Name-Last: Heinrich Author-Name: Steffen Sebastian Author-X-Name-First: Steffen Author-X-Name-Last: Sebastian Title: Fund Closure Risks of Open-End Real Estate Funds Abstract: Over the past decades, numerous open-end real estate funds (OEREFs) in several countries became unable to maintain the liquidity provision and had to suspend the redemption of fund shares. This paper examines OEREF closures in Germany, the world’s largest OEREF market. We find that funds with a larger share of institutional investors had a higher closure probability. This is consistent with the assertion that well-informed investors are able to move more quickly and decisively and therefore trigger additional selling pressure in times of financial turmoil. In contrast, economies of scope appear to prevent closures. In detail, older funds and those sold through physical bank branch networks are less likely to close. Among the factors beyond the control of fund managers are negative spillover-effects resulting from closures of other OEREFs. Journal: Journal of Real Estate Research Pages: 447-472 Issue: 4 Volume: 44 Year: 2022 Month: 10 X-DOI: 10.1080/08965803.2022.2033392 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2033392 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:4:p:447-472 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2033398_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Bryan D. MacGregor Author-X-Name-First: Bryan D. Author-X-Name-Last: MacGregor Author-Name: Rainer Schulz Author-X-Name-First: Rainer Author-X-Name-Last: Schulz Author-Name: Yuan Zhao Author-X-Name-First: Yuan Author-X-Name-Last: Zhao Title: Do the Managers of Global Real Estate Mutual Funds Have Skills? Abstract: We examine the performance of active, global real estate mutual funds (GREMFs), both at sector and individual fund levels. We apply a bootstrap procedure to separate genuine skills from luck. We find no evidence of skills, but find evidence of lack of skills in the bottom 10% of funds. We find that outsourcing has a positive effect on GREMFs but a negative effect on global mutual funds overall. We also find no evidence of skills in timing or in stock selection. Overall, our results suggest that there is no benefit to a U.S. domestic investor from investing in GREMFs. Journal: Journal of Real Estate Research Pages: 491-522 Issue: 4 Volume: 44 Year: 2022 Month: 10 X-DOI: 10.1080/08965803.2022.2033398 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2033398 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:44:y:2022:i:4:p:491-522 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2041272_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Lei Zhang Author-X-Name-First: Lei Author-X-Name-Last: Zhang Author-Name: Tammy Leonard Author-X-Name-First: Tammy Author-X-Name-Last: Leonard Author-Name: John Bitzan Author-X-Name-First: John Author-X-Name-Last: Bitzan Title: Impacts of the COVID-19 Pandemic on House Prices: Heterogeneous Impacts over Time and across the House Price Distribution Abstract: This study examines the impacts of the COVID-19 pandemic on house prices over time for the Fargo-Moorhead-West Fargo MSA of North Dakota and Minnesota. We examine overall trends by estimating an OLS hedonic model and dig deeper into the heterogeneity of price trends across the house price distribution using an unconditional quantile hedonic price model. We find that house prices increased in the MSA by about 2.5 percent during a period when an executive order closing non-essential businesses was in effect and another 1 percent during the period after the executive order expired. Moreover, we find that the price increase occurring during the period when the executive order was in place was concentrated in the lower priced portion of the house price distribution, while the price impact after the executive order expired was more widespread. Combined with data on listings, sales, and average time on market, our results suggest that the price effects during the executive order period were primarily the result of a decrease in housing supply, while the post order price effects reflect a combination of the supply decrease and an increase in housing demand. Journal: Journal of Real Estate Research Pages: 1-22 Issue: 1 Volume: 45 Year: 2023 Month: 1 X-DOI: 10.1080/08965803.2022.2041272 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2041272 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:1:p:1-22 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2060905_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yoontae Jeon Author-X-Name-First: Yoontae Author-X-Name-Last: Jeon Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Author-Name: Youngme Seo Author-X-Name-First: Youngme Author-X-Name-Last: Seo Title: The Impact of Public Information on Housing Market Decisions: Evidence from Third-Party AVMs Abstract: The role of publicly available information in the price discovery of stock and bond markets has been extensively examined, while the study of its role in the residential real estate market has been scant. Supported by a theoretical framework and using a novel dataset from a third-party data provider and Automated Valuation Model (AVM) appraiser, Zillow, we show that public information available at the time of initial listing (as opposed to relying on ex-post realized transaction price) can help explain selling price, time-on-market, as well as the probability of listing price revisions. Journal: Journal of Real Estate Research Pages: 83-110 Issue: 1 Volume: 45 Year: 2023 Month: 1 X-DOI: 10.1080/08965803.2022.2060905 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2060905 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:1:p:83-110 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2066250_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ping Cheng Author-X-Name-First: Ping Author-X-Name-Last: Cheng Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Minrong Zheng Author-X-Name-First: Minrong Author-X-Name-Last: Zheng Title: Neighborhood Heterogeneity: Implication to the Weighted Repeat Sales Method Abstract: Does the degree of neighborhood heterogeneity, in and of itself, contribute to the cross-sectional price variations beyond that attributable to differences in physical characteristics within the neighborhood? This study presents theoretical and empirical investigations to confirm that the degree of property heterogeneity within the neighborhood can explain a significant portion of the cross-sectional price variations. Using the MLS data in south Florida, we conduct a series of regression analyses that yield consistent and robust results indicating that (1) neighborhood heterogeneity, whether structural or demographic, exhibits significant explanatory power to the pricing variations; (2) the market volatility, in contrast, only explains a small portion of the pricing variation, which confirms the finding of Case and Shiller; and (3) market liquidity, though not a neighborhood heterogeneity measure, does have a significant and negative effect on the pricing variation, suggesting that the availability of comparable sales can reduce pricing variation. These findings can potentially lead to an improvement over the widely-used Weighted Repeat Sales (WRS) method for constructing home price indices.   Journal: Journal of Real Estate Research Pages: 111-135 Issue: 1 Volume: 45 Year: 2023 Month: 1 X-DOI: 10.1080/08965803.2022.2066250 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2066250 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:1:p:111-135 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2042947_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Ben Le Author-X-Name-First: Ben Author-X-Name-Last: Le Author-Name: Anthony Pennington-Cross Author-X-Name-First: Anthony Author-X-Name-Last: Pennington-Cross Title: Mortgage Losses: Loss on Sale and Holding Costs Abstract: Mortgage losses have two elements: the financial loss associated with the sale of the property, and costs associated with the time it takes for the default to be processed and to eventually sell the property (holding costs). The results show that both the dollar loss on the sale and the time-related holding costs have substantial variations across space and over time. Most of the losses are associated with the sale of a property, not the holding costs. This variation can, at least in part, be attributed to borrower and loan characteristics and economic conditions. The legal environment (borrower and lender rights) can have strong effects on the length of the holding period (the default timeline) and therefore holding costs, but there is no evidence that it has an impact on the dollar loss associated with the sale of the property. Journal: Journal of Real Estate Research Pages: 23-54 Issue: 1 Volume: 45 Year: 2023 Month: 1 X-DOI: 10.1080/08965803.2022.2042947 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2042947 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:1:p:23-54 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2045053_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William G. Hardin Author-X-Name-First: William G. Author-X-Name-Last: Hardin Author-Name: Mingzhi Hu Author-X-Name-First: Mingzhi Author-X-Name-Last: Hu Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Title: Culture, Wealth, Gender, Real Estate, and Consumption in China: It’s a Boy Abstract: Culture and derivative institutions affect household wealth, consumption, and property rights and ownership. Cultural factors also influence the role children play in determining household consumption and wealth accumulation, including acquisition of real property. The present study extends research on these influences by focusing on cultural norms in China. Chinese cultural norms, including indulgent care of single children, a strong preference for sons, increasing competition in the marriage market, and the importance of homeownership in marriage, suggest that the number, gender, and age of children likely affect a household’s consumption and investment behavior, especially as related to consumption and investment in real property. Using China Family Panel Studies’ (CFPS) longitudinal data, we found that, after controlling for other factors, total wealth (consumption) for households with children was 17.8% (23.5%) more than that of households without children. More interestingly, further results show that households with male children have more wealth accumulation and more expenditure on total consumption, including real estate–related expenditures, with a higher likelihood of owning additional residential real estate when compared to households with no or female children. The positive effect associated with children on household wealth is largely due to increased housing wealth, including the ownership of additional residential units. The pattern of wealth and real estate ownership follows Chinese cultural and social norms. Journal: Journal of Real Estate Research Pages: 55-82 Issue: 1 Volume: 45 Year: 2023 Month: 1 X-DOI: 10.1080/08965803.2022.2045053 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2045053 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:1:p:55-82 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2073856_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Julia Freybote Author-X-Name-First: Julia Author-X-Name-Last: Freybote Title: The Evolution of Green Building Amenities: The Case of EV Charging Stations Abstract: The adoption of electric vehicles (EVs) by consumers has been increasing over the past years. It raises the need for charging stations in locations where EVs can be charged between uses. Office, apartment, and retail properties represent such locations. If tenants are willing to pay a premium for the ability to charge EVs between uses, a sales price premium is expected for buildings with this green building feature. This study uses commercial real estate transaction data to investigate whether the sales price premium for EV charging stations 1) varies across property types, locations, and building sizes, and 2) is distinct from the sales price premium for green building certifications (LEED or EnergyStar). Results suggest that the presence of EV charging stations adds a premium to the sales prices of 1) office, 2) suburban, and 3) medium-sized properties. The premium for EV charging stations exists independently from the premium for LEED or EnergyStar certification. However, charging stations in combination with green building certifications do not add an additional sales price premium. The findings of this study have implications for the decisionmaking of commercial real estate investors and marketing strategy of EV infrastructure service providers. Journal: Journal of Real Estate Research Pages: 228-242 Issue: 2 Volume: 45 Year: 2023 Month: 4 X-DOI: 10.1080/08965803.2022.2073856 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2073856 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:2:p:228-242 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2066249_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Daniel Petrolia Author-X-Name-First: Daniel Author-X-Name-Last: Petrolia Author-Name: Shea Ishee Author-X-Name-First: Shea Author-X-Name-Last: Ishee Author-Name: Seong Yun Author-X-Name-First: Seong Author-X-Name-Last: Yun Author-Name: Reid Cummings Author-X-Name-First: Reid Author-X-Name-Last: Cummings Author-Name: Josh Maples Author-X-Name-First: Josh Author-X-Name-Last: Maples Title: Do Wind Hazard Mitigation Programs Affect Home Sales Values? Abstract: The FORTIFIED Home Program is a voluntary construction and re-roofing program designed to strengthen residential properties to withstand damages from severe weather events. The FORTIFIED designation framework can accommodate sustainable new home construction and existing property retrofitting efforts. Applying a two-state utility framework to Zillow’s ZTRAX and IBHS’s FORTIFIED designation data, we estimate the effect of a FORTIFIED Home designation on residential property values using sales transactions for coastal Alabama from 2011 to 2021. We add to the growing body of literature examining the relationship between eco-friendly construction applications and home prices by deriving the contribution of a FORTIFIED designation to enhanced risk reduction and lowered insurance costs. The results of our full- and nearest-neighbor-matched sample design suggest a likely price premium significance on the order of 2-4% for FORTIFIED homes. Journal: Journal of Real Estate Research Pages: 137-159 Issue: 2 Volume: 45 Year: 2023 Month: 4 X-DOI: 10.1080/08965803.2022.2066249 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2066249 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:2:p:137-159 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2069331_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: David Geltner Author-X-Name-First: David Author-X-Name-Last: Geltner Author-Name: Anil Kumar Author-X-Name-First: Anil Author-X-Name-Last: Kumar Author-Name: Alex M. Van de Minne Author-X-Name-First: Alex M. Author-X-Name-Last: Van de Minne Title: Is There Super-Normal Profit in Real Estate Development?* Abstract: This paper explores the question of whether real estate development (RED) projects systematically present positive net present value (NPV) and therefore, provide super-normal profit. Such projects are the products of a business operation that governs the exercise of the real call option on development that is represented by developable land. We present a framework for considering super-normal profit in the RED industry, and then in light of that framework we examine RED projects produced by publicly-traded equity real estate investment trusts (REITs). We find strong evidence of positive correlation between REITs’ Tobin-Q ratios, indicative of positive NPV, and the ratio of development assets to total assets in the firm, controlling for other factors. The nature of the firm’s Tobin’s-Q metric is such that the implied added firm value is net of land cost and net of overhead and search costs associated with the RED business operation. While our findings do not prove a direction of causality between REITs’ RED activity and positive NPV, the robust positive correlation controlling for other factors raises interesting implications which are discussed in the paper. Journal: Journal of Real Estate Research Pages: 160-187 Issue: 2 Volume: 45 Year: 2023 Month: 4 X-DOI: 10.1080/08965803.2022.2069331 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2069331 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:2:p:160-187 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2101739_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Yanjiang Zhang Author-X-Name-First: Yanjiang Author-X-Name-Last: Zhang Author-Name: Yong Tu Author-X-Name-First: Yong Author-X-Name-Last: Tu Author-Name: Yongheng Deng Author-X-Name-First: Yongheng Author-X-Name-Last: Deng Author-Name: Junzi Zhang Author-X-Name-First: Junzi Author-X-Name-Last: Zhang Title: Behaviors of Flippers, Rental Housing Investors and Owner-Occupiers in the Singapore Private Housing Market Abstract: We classify housing investors into flippers, rental housing investors and owner occupiers. We adopt the Singapore private housing transaction database between 2006 and 2010 to analyze their trading behaviors. The investigation period witnessed a full housing price cycle and had limited policy interventions. By comparing the trading behaviors of the three types of housing investors, we find that flippers can always buy at the highest price discounts and sell at the highest price premiums in housing transactions. Flippers show the highest propensity for trend chasing and act as momentum traders. When the housing market moves from its upward trend to a downward trend, flippers’ price discounts at buying increases, but their likelihood of buying decreases, while flippers’ price premiums at selling decrease, and their likelihood of selling increases. Rental housing investors show slightly higher price discounts at buying or price premiums at selling when trading with owner occupiers. However, they show a lower propensity for trend chasing than owner-occupiers. The findings have policy implications for anti-speculation policy designs. Journal: Journal of Real Estate Research Pages: 243-264 Issue: 2 Volume: 45 Year: 2023 Month: 4 X-DOI: 10.1080/08965803.2022.2101739 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2101739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:2:p:243-264 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2069641_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Albert Alex Zevelev Author-X-Name-First: Albert Alex Author-X-Name-Last: Zevelev Title: Regulating Mortgage Leverage: Fire Sales, Foreclosure Spirals, and Pecuniary Externalities Abstract: This paper introduces a dynamic general equilibrium model to study how the distribution of leverage and foreclosure affect house prices. In the model, exogenous income shocks drive endogenous foreclosure and equilibrium house prices. The model shows how foreclosure sales, through their effect on housing supply, amplify and propagate house price drops. A calibration shows consumption and housing need to be sufficiently complementary to fit the data. Since leverage plays a key role in foreclosure, a regulator can reduce systemic risk by placing a cap on leverage. Counterfactual experiments show that in a world with less leverage, the same economic shock leads to less foreclosure and less severe, shorter busts in house prices. Journal: Journal of Real Estate Research Pages: 188-227 Issue: 2 Volume: 45 Year: 2023 Month: 4 X-DOI: 10.1080/08965803.2022.2069641 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2069641 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:2:p:188-227 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2150114_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: William Cheung Author-X-Name-First: William Author-X-Name-Last: Cheung Author-Name: Lewen Guo Author-X-Name-First: Lewen Author-X-Name-Last: Guo Author-Name: Velma Zahirovic-Herbert Author-X-Name-First: Velma Author-X-Name-Last: Zahirovic-Herbert Author-Name: Yuichiro Kawaguchi Author-X-Name-First: Yuichiro Author-X-Name-Last: Kawaguchi Author-Name: Stephan Unger Author-X-Name-First: Stephan Author-X-Name-Last: Unger Title: Effects of Ordered Position on Stock Liquidity: New Nonlinear Evidence from Japanese REITs Abstract: Wide-ranging research identifies ordered position bias and shows that alphabetical name ordering is advantageous to those at the beginning of an alphabetical listing. This study examines the impact of ordered position on stock liquidity, focusing on the Japanese language’s unique structure, which does not have a strict ordering system. The study documents a nonlinear, two-dimensional ordered position effects of Japanese real estate investment trusts (J-REITs) names on stock liquidity. We also find weak evidence that the length of company names matters to stock liquidity but is of secondary importance and works only through the ordered position effect. Our results cannot be fully explained by the traditional factors of stock liquidity, such as firm size, age, leverage, and volatility. Nor can they be fully explained by the differences in ownership structure or the main bank (or Keiretsu) effect. Given the relative homogeneity of investment and regulatory constraints, our results are unlikely to be driven by cross-sectional heterogeneity of investment styles or payout policy. Our findings are consistent with the notion that investors are subject to cognitive biases. Journal: Journal of Real Estate Research Pages: 360-384 Issue: 3 Volume: 45 Year: 2023 Month: 7 X-DOI: 10.1080/08965803.2022.2150114 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2150114 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:3:p:360-384 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2109654_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Endre J. Reite Author-X-Name-First: Endre J. Author-X-Name-Last: Reite Author-Name: Joakim Blix Prestmo Author-X-Name-First: Joakim Author-X-Name-Last: Blix Prestmo Author-Name: Are Oust Author-X-Name-First: Are Author-X-Name-Last: Oust Title: Loan-to-Value Regulations on Mortgages and the Use and Refinancing of Unsecured Debt Abstract: We study how loan-to-value (LTV) regulations on mortgages can change the use of unsecured debt and mortgage refinancing behaviors for households at or near the regulatory limits imposed. This study focuses on the differences in unsecured debt market participation between Norway and Sweden, where LTV regulations are in effect, and Denmark and earlier studies, where no LTV limits are imposed. We analyze the unsecured debt loan market using data from a repeated household survey from 2019 and 2021 with 4,010 and 3,023 respondents, respectively. We also explore mortgage lending and unsecured debt using a unique micro data set covering 7,385 Norwegian households. Our analysis shows that unsecured debt increases with LTV level but that households’ refinancing behaviors explain the lower increase in unsecured household debt at or near the regulatory limit for LTV on mortgages. We further demonstrate that an increasing number of households cannot refinance unsecured debt with mortgage debt. This lack of ability can lead to a rapid increase in the number of financially vulnerable households. We are the first to demonstrate that changes in different debt sources and refinancing patterns can increase the number of financially vulnerable households when LTV regulations are imposed solely on mortgage debt. Journal: Journal of Real Estate Research Pages: 300-327 Issue: 3 Volume: 45 Year: 2023 Month: 7 X-DOI: 10.1080/08965803.2022.2109654 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2109654 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:3:p:300-327 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2107155_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: George D. Cashman Author-X-Name-First: George D. Author-X-Name-Last: Cashman Author-Name: David M. Harrison Author-X-Name-First: David M. Author-X-Name-Last: Harrison Author-Name: Hainan Sheng Author-X-Name-First: Hainan Author-X-Name-Last: Sheng Title: Does Options Trading Activity Benefit REITs? Abstract: Options trading on Real Estate Investment Trusts (REITs) has grown exponentially over the past two decades. This article investigates whether, and to what extent, higher levels of active options trading activity materially influence REIT financial market performance. Using a sample of 224 equity REITs, over the period 1996 through 2019, we found REITs with higher levels of options trading activity persistently exhibit enhanced valuations and financial market liquidity. We further found the positive impact of options trading activity on REIT value is not driven by the positive association between options trading activity and market liquidity, but rather is primarily attributable to the enhanced informational efficiency induced by options trading. Taken together, these results provide compelling evidence of the potential benefits of options trading for publicly listed REITs. Journal: Journal of Real Estate Research Pages: 265-299 Issue: 3 Volume: 45 Year: 2023 Month: 7 X-DOI: 10.1080/08965803.2022.2107155 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2107155 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:3:p:265-299 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2123592_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eren Cifci Author-X-Name-First: Eren Author-X-Name-Last: Cifci Author-Name: Alan Tidwell Author-X-Name-First: Alan Author-X-Name-Last: Tidwell Author-Name: Sandra Mortal Author-X-Name-First: Sandra Author-X-Name-Last: Mortal Author-Name: Vishal K. Gupta Author-X-Name-First: Vishal K. Author-X-Name-Last: Gupta Title: Is Commercial Real Estate Gendered? Abstract: Gender differences in labor market outcomes are well-documented and are expected to be more pronounced in male-typed domains such as commercial real estate. In this study, we expand the literature examining gender dynamics in the labor market, focusing specifically on gendered parity in commercial real estate brokerage. Employing robust procedures, we find that the unadjusted observed male agent property sales price premium and shorter marketing time are completely absorbed by property and market attributes as male agents list/sell properties with superior property characteristics, specifically larger and higher quality properties, when compared to female agents. The findings suggest that initial gendered differences in sales price and TOM are due to industry-driven agent selection, in which women do not fully participate in the largest and best part of the office market. Despite these findings showing gender performance neutrality, female agents are involved in significantly fewer property transactions than their male counterparts. We find evidence that this unequal labor outcome is associated with a type of affinity bias known as 'homophilic’ behavior, in which buyers and sellers prefer to work with agents of their same gender, resulting in more male agent representation. Journal: Journal of Real Estate Research Pages: 328-359 Issue: 3 Volume: 45 Year: 2023 Month: 7 X-DOI: 10.1080/08965803.2022.2123592 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2123592 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:3:p:328-359 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2150116_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xun Bian Author-X-Name-First: Xun Author-X-Name-Last: Bian Author-Name: Erik Devos Author-X-Name-First: Erik Author-X-Name-Last: Devos Author-Name: Zifeng Feng Author-X-Name-First: Zifeng Author-X-Name-Last: Feng Title: Commercial Real Estate Returns and Innovation Abstract: We investigate the relation between commercial real estate (CRE) returns and regional innovativeness and find that regions with more innovation exhibit higher total returns on commercial property. And, when we investigate the extent to which income return and capital return on commercial properties are related to local innovativeness, we report a positive relation between innovativeness and income return but little to no association between innovativeness and capital return. Our paper also provides some initial evidence suggesting that local innovativeness is related to better future CRE performance. Overall, this paper suggests that the innovativeness of a region is economically and statistically positively related to CRE returns, adding to a budding literature investigating CRE returns and extensive literature researching innovation. Journal: Journal of Real Estate Research Pages: 385-404 Issue: 3 Volume: 45 Year: 2023 Month: 7 X-DOI: 10.1080/08965803.2022.2150116 File-URL: http://hdl.handle.net/10.1080/08965803.2022.2150116 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:3:p:385-404 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2168364_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Mingzhi Hu Author-X-Name-First: Mingzhi Author-X-Name-Last: Hu Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Title: Are Homeowners More Likely to Donate? Abstract: The economic and social benefits of homeownership are well documented in the literature. This article examines whether homeowners are more likely to make charitable donations. Using data from the Panel Study of Income Dynamics (PSID), we found strong evidence that homeowners on average are 8.86 percentage points more likely to make charitable donations than renters, after controlling for a wide range of household demographic and socioeconomic characteristics. The estimated results are robust to endogeneity issues of homeownership, unobservable household characteristics, and functional misspecifications. We provide evidence that tax incentives partially explain our findings. First, homeowners are more likely to donate through itemized deductions since it costs less. Second, high-income homeowners have higher marginal tax rates, which also provide an incentive to donate. Journal: Journal of Real Estate Research Pages: 405-430 Issue: 4 Volume: 45 Year: 2023 Month: 10 X-DOI: 10.1080/08965803.2023.2168364 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2168364 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:4:p:405-430 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2178739_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xiaoling Chu Author-X-Name-First: Xiaoling Author-X-Name-Last: Chu Author-Name: Desmond Tsang Author-X-Name-First: Desmond Author-X-Name-Last: Tsang Author-Name: Siu Kei Wong Author-X-Name-First: Siu Kei Author-X-Name-Last: Wong Title: Geographic Diversification and Real Estate Firm Value: Where Firms Diversify Matter Abstract: This study explores an important determinant of geographic diversification for real estate firms by considering the regional development disparities in their asset locations. We conjecture firms have more access to resources and investment opportunities in regions undergoing development, but they also face stiffer competition for resources at these locations. Moreover, transaction costs vary with regional development. Utilizing the Chinese setting that exhibits significant development differences across regions, we found that the location of geographic diversification significantly impacts firm value. Specifically, our findings show a higher exposure to the developed Chinese cities, as measured by the City Momentum Index (CMI), reduces the benefit of geographic diversification. We further show that the mitigating effect is stronger for the Tier 1 cities, supermomentum cities, and cities that exhibit high price growth in the real estate sector. This means the benefit of geographic diversification comes from variations in industry development and socioeconomic momentum, and is therefore not dependent on only the developed cities. Overall, our study implies high market competition and established institutions in the developed regions in China actually lower diversification benefit. In so doing, we highlight the importance of considering local institutional differences in ascertaining the benefit of geographic diversification for the Chinese real estate industry. Journal: Journal of Real Estate Research Pages: 431-461 Issue: 4 Volume: 45 Year: 2023 Month: 10 X-DOI: 10.1080/08965803.2023.2178739 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2178739 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:4:p:431-461 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2206284_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Julia Braun Author-X-Name-First: Julia Author-X-Name-Last: Braun Title: Taming Housing and Financial Market Instability: The Effect of Heterogeneous Banking Regulations Abstract: As a response to the latest financial crisis, the Basel Committee published the Basel III accords which intensify micro- and introduce macro-prudential instruments to enhance the resilience of the financial market. One crucial aspect that the regulatory reforms do not address is the diversity of the banking sector. We introduce a heterogeneous agent-based model that develops a housing and a capital market to assess the ability of Basel III rules to mitigate mutual feedback effects and dampen instability. Computational experiments reveal that the most stable markets are achieved if the financial market is diversified and consists of different types of financial intermediaries that need to comply with type-specific capital adequacy requirements. The results point out that capital adequacy requirements are, in principle, effective in stabilizing the banking sector. However, the stability of housing and share prices and the solidity of the banking sector can be increased if capital adequacy requirements are aligned to the individual business models of financial intermediaries and their institutional frameworks. These findings advocate in favor of a diversified banking sector and heterogeneous capital adequacy requirements. Journal: Journal of Real Estate Research Pages: 511-544 Issue: 4 Volume: 45 Year: 2023 Month: 10 X-DOI: 10.1080/08965803.2023.2206284 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2206284 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:4:p:511-544 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2196181_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jan Muckenhaupt Author-X-Name-First: Jan Author-X-Name-Last: Muckenhaupt Author-Name: Martin Hoesli Author-X-Name-First: Martin Author-X-Name-Last: Hoesli Author-Name: Bing Zhu Author-X-Name-First: Bing Author-X-Name-Last: Zhu Title: Tenant Industry Sector and European Listed Real Estate Performance Abstract: This paper extends the empirical evidence on the relationship between the performance of public real estate companies (PRECs) and the industrial sector of their tenants. By investigating the performance of a large sample of European real estate firms from 2010 to 2019 and information pertaining to the firms’ tenants, we find that the systematic risk in the tenants’ industry sectors is capitalized in real estate company equity returns. Our results remain robust after correcting for stock beta modifications, tenant sector alpha, tenant anchor effects, and other tenant characteristics. We consider a hypothetical trading strategy that assumes a long position on PRECs whose occupier base is dominated by tenants belonging to riskier sectors, while the trading strategy shortens PRECs whose tenants belong to less risky sectors. The adoption of this strategy yields benchmark-adjusted annual returns of 3.68%. Journal: Journal of Real Estate Research Pages: 485-510 Issue: 4 Volume: 45 Year: 2023 Month: 10 X-DOI: 10.1080/08965803.2023.2196181 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2196181 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:4:p:485-510 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2184910_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Eren Cifci Author-X-Name-First: Eren Author-X-Name-Last: Cifci Author-Name: Alan Tidwell Author-X-Name-First: Alan Author-X-Name-Last: Tidwell Author-Name: J. Sherwood Clements Author-X-Name-First: J. Sherwood Author-X-Name-Last: Clements Author-Name: Andres Jauregui Author-X-Name-First: Andres Author-X-Name-Last: Jauregui Title: Housing Performance and the Electorate Abstract: The electorate is concerned with personal financial and macroeconomic conditions in addition to policy issues and tends to hold the incumbent party accountable when voting. The performance of the United States’ largest asset class, residential real estate, should influence individual voter behavior. According to economic voting theory and the “homevoter” hypothesis, homeowners will be more supportive of policies that are perceived as beneficial to their property value. We investigate this relationship in the US residential real estate market by evaluating the effects of heterogenous county-level housing market performance on voter behavior in national presidential elections and find counties with superior house price performance in the four years preceding an election are more likely to “vote-switch” to the incumbent party. Counties with relatively inferior house price performance in the four years leading up to the election are more likely to switch their vote from the incumbent to the challenging party. The relationship is strongest in the years closest to an election and in counties that rank in the higher quartile of housing price performance. Election outcomes in “swing” counties are particularly vulnerable the local real estate economy. To our knowledge, this is the first study to link heterogeneous local residential real estate performance over a series of national election outcomes. Journal: Journal of Real Estate Research Pages: 462-484 Issue: 4 Volume: 45 Year: 2023 Month: 10 X-DOI: 10.1080/08965803.2023.2184910 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2184910 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:45:y:2023:i:4:p:462-484 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2214467_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jackson T. Anderson Author-X-Name-First: Jackson T. Author-X-Name-Last: Anderson Author-Name: Franz Fuerst Author-X-Name-First: Franz Author-X-Name-Last: Fuerst Author-Name: Richard B. Peiser Author-X-Name-First: Richard B. Author-X-Name-Last: Peiser Author-Name: Michael J. Seiler Author-X-Name-First: Michael J. Author-X-Name-Last: Seiler Title: iBuyer’s Use of PropTech to Make Large-Scale Cash Offers Abstract: The expansion of iBuyer’s use of PropTech to major housing markets raises a series of questions for both buyers and sellers when making instant, all-cash offers. This study uses a sequence of experiments to identify the proper implementation of existing behavioral real estate concepts to improve the iBuying process, a burgeoning area of residential real estate. We find strong evidence of anchoring for all-cash offers in that sellers are nearly twice as likely to transact when they are first presented with the net proceeds offer price (market value minus costs) rather than starting with the higher gross market value offer price. After the sale, seller regret aversion becomes strong when the seller’s house is subsequently sold for 10% or more than the all-cash buyer paid, but regret aversion is mitigated with communication of the improvements made to enhance the selling price. We further find that sellers do not know which all-cash buyer’s Automated Valuation Model (AVM) is the most accurate and are therefore much more influenced by brand awareness than model sophistication. Finally, while the extant literature has examined offer price strategies for home sellers, this is the first investigation of buyer offer price strategies. In stark contrast to selling strategies, pricing strategies do not matter when making an offer to buy. Journal: Journal of Real Estate Research Pages: 114-135 Issue: 1 Volume: 46 Year: 2024 Month: 1 X-DOI: 10.1080/08965803.2023.2214467 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2214467 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:1:p:114-135 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2208896_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Shu Ling Chiang Author-X-Name-First: Shu Ling Author-X-Name-Last: Chiang Author-Name: Ming Shann Tsai Author-X-Name-First: Ming Shann Author-X-Name-Last: Tsai Title: Valuation of Mortgages by Using Lévy Models Abstract: In a mortgage valuation model, the early termination (i.e., prepayment and default) hazard rates and the recovery rate can be specified as multivariate affine functions that include the correlated stochastic state variables. For good capturing of the distributions for state variables, we specify that the state variables follow Lévy models. Accordingly, the early termination hazard rates and the recovery rate also follow Lévy models. Three popular Lévy models, the normal, Variance Gamma (VG), and Negative Inverse Normal (NIG), were used to obtain the closed-form pricing formula for a mortgage. We also conduct numerical applications. Our results reveal the following findings: first, VG model is better than the normal and NIG models in fitting the actual distributions of the interest rate and the housing return rate. Thus, mortgage valuation using a VG model should be better than that using the other two models. Second, the mortgage value estimated by the normal model is the lowest among the three Lévy models. Third, a prepayment hazard rate with a deterministic value (e.g., using the PSA prepayment model) could result in an unreasonable mortgage duration. Fourth, the mortgage convexity calculated by the normal model is higher than that in the other two Lévy models. Our general pricing formula for a mortgage as described in this study can help market participants accurately value mortgages and effectively manage their risks. Journal: Journal of Real Estate Research Pages: 25-54 Issue: 1 Volume: 46 Year: 2024 Month: 1 X-DOI: 10.1080/08965803.2023.2208896 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2208896 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:1:p:25-54 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2206285_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Constant Tra Author-X-Name-First: Constant Author-X-Name-Last: Tra Title: The Value of School Quality during a Pandemic Abstract: The COVID-19 pandemic transformed the everyday life of U.S. families during 2020. This paper examines how the dramatic changes to schooling during the COVID-19 pandemic impacted the capitalization of established good schools into home prices in the Las Vegas urban area. Our findings show evidence that the pandemic changes negatively impacted the capitalization of school compared to the pre-pandemic period. We provide hypotheses tests for the potential mechanisms behind this effect. We find that the estimated pandemic effect was driven by the combination of a strong housing demand and a more elastic housing supply during the pandemic period. We estimate a flexible hedonic specification which accounts for unobserved neighborhood quality using a combination of spatial and temporal neighborhood fixed effects. Our estimates account for the spatial distribution in COVID-19 cases, school peer effects, alternative school choices and changes in the housing demand and supply over the pandemic period. Overall, the results tend to suggest that the changes took place during the COVID-19 pandemic adversely affected homebuyers’ preferences for neighborhood public schools. Journal: Journal of Real Estate Research Pages: 1-24 Issue: 1 Volume: 46 Year: 2024 Month: 1 X-DOI: 10.1080/08965803.2023.2206285 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2206285 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:1:p:1-24 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2209478_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Zifeng Feng Author-X-Name-First: Zifeng Author-X-Name-Last: Feng Title: Household Income Growth and Firm Valuation: Evidence from REITs Abstract: This article investigates the relationship between a firm’s market valuation and the household income growth in its asset locations. Using income tax data from the Internal Revenue Service and individual establishment information of U.S. equity real estate investment trusts (REITs) from 2000 to 2019, the article constructs an aggregated measure of household income growth for each firm based on its asset locations in various metropolitan areas. The paper adopts an identification strategy that links household income shocks to firm valuation. The results indicate that firm-specific household income growth positively affects firm value (measured as firm Q) and shareholder value (measured as market-to-book equity ratio). These findings suggest that local residents’ income is crucial in portfolio construction and operation. Journal: Journal of Real Estate Research Pages: 55-81 Issue: 1 Volume: 46 Year: 2024 Month: 1 X-DOI: 10.1080/08965803.2023.2209478 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2209478 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:1:p:55-81 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2211812_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Nandkumar Nayar Author-X-Name-First: Nandkumar Author-X-Name-Last: Nayar Author-Name: S. McKay Price Author-X-Name-First: S. McKay Author-X-Name-Last: Price Author-Name: Ke Shen Author-X-Name-First: Ke Author-X-Name-Last: Shen Title: Macroeconomic Uncertainty and Predictability of Real Estate Returns: The Impact of Asset Liquidity Abstract: Recent research has shown that macroeconomic uncertainty is a significant factor that is contemporaneously incorporated into asset returns. Therefore, it should not have a role in predicting future returns. At the same time, separate research has demonstrated that illiquidity is related to future returns. We examine the interplay between these two dynamics in a commercial real estate setting, where (il)liquidity is a defining characteristic of the asset class. Empirical tests confirm the absence of return predictability for liquid assets (publicly traded property portfolios). However, we find significant return predictability predicated on ex ante macroeconomic uncertainty when we examine assets that are not as liquid (directly held property portfolios). Our findings are robust to several refinements, including adjustments for delays in the transaction closing process to establish transaction prices in the directly held market, controls for leverage inherent in publicly traded real estate asset returns, and pro-cyclical liquidity variation in private real estate markets. Journal: Journal of Real Estate Research Pages: 82-113 Issue: 1 Volume: 46 Year: 2024 Month: 1 X-DOI: 10.1080/08965803.2023.2211812 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2211812 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:1:p:82-113 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2214469_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Velma Zahirovic-Herbert Author-X-Name-First: Velma Author-X-Name-Last: Zahirovic-Herbert Author-Name: Karen M. Gibler Author-X-Name-First: Karen M. Author-X-Name-Last: Gibler Title: Residential Marketing Duration: Film Studios as Neighborhood Sales Accelerators Abstract: One measure of residential market liquidity is the speed at which houses sell. Most research about listing duration focuses on agent marketing activities, while external neighborhood changes that could influence a house sale are usually only examined in terms of their price impacts. This paper considers how opening a cultural industry facility influences the likelihood of sale and marketing duration for houses in surrounding neighborhoods. We employ a probit model to quantify the effect of opening large film studios in the Atlanta metropolitan area on the probability of sale and a hazard model to explore the influence on marketing duration in nearby neighborhoods. A difference-in-differences approach allows us to compare market results before and after the studio openings. We find that the likelihood of sale increases while marketing duration decreases for houses located within 1.5 mi of a large film studio once it opens. Thus, the film studios exert positive externalities on the surrounding residential neighborhoods. The positive response may be attributable to film industry workers attracted by convenience and industry buzz as well as other house buyers who are excited about being associated with the film industry or believe the presence of the studio generally improves the neighborhood. Journal: Journal of Real Estate Research Pages: 137-158 Issue: 2 Volume: 46 Year: 2024 Month: 4 X-DOI: 10.1080/08965803.2023.2214469 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2214469 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:2:p:137-158 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2254039_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Long Ma Author-X-Name-First: Long Author-X-Name-Last: Ma Author-Name: Ronald W. Spahr Author-X-Name-First: Ronald W. Author-X-Name-Last: Spahr Author-Name: Mark A. Sunderman Author-X-Name-First: Mark A. Author-X-Name-Last: Sunderman Title: Impacts on REIT Stock Capital Structures, Equity Costs, and Market Liquidities of Being Included in ETF Managed Portfolios Abstract: In recent years, especially as compared to mutual funds, exchange traded fund (ETF) markets have grown and advanced significantly compared to other financial asset classes because of relative advantages. We found that inclusion of real estate investment trusts (REITs) in ETF assets under management (AUM) positively impacts REIT capital structure (financial leverage), cost of equity capital, and stock market liquidity. As percentages of REIT outstanding shares included in ETF AUM increased, we found corresponding reductions in financial leverage (both book and market leverage), reduced costs of equity capital, and greater market liquidity. This should be of particular interest to REIT and ETF managers as well as REIT and ETF investors. Partially because regulatory statutes incentivize REITs to rely more heavily on external equity financing, REIT stocks included as ETF AUM showed greater reductions in leverage compared to non-REIT stocks also held as ETF AUM. Our results, including applying difference-in-differences models, were robust with respect to these findings, REIT type, and firm fixed effects. Journal: Journal of Real Estate Research Pages: 189-213 Issue: 2 Volume: 46 Year: 2024 Month: 4 X-DOI: 10.1080/08965803.2023.2254039 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2254039 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:2:p:189-213 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2247293_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Jeffrey Cohen Author-X-Name-First: Jeffrey Author-X-Name-Last: Cohen Author-Name: Cletus Coughlin Author-X-Name-First: Cletus Author-X-Name-Last: Coughlin Author-Name: Daniel Soques Author-X-Name-First: Daniel Author-X-Name-Last: Soques Title: Housing Price Cycle Interdependencies and Comovement: A Markov-Switching Approach Abstract: This paper uses a Markov-switching approach to examine why there is house price cycle comovement across some U.S. metropolitan areas (MSAs) but not others, and which MSAs cluster together for each of these reasons. Past studies have attributed common housing downturns in different regions as possible explanations for comovement. We explore other channels, and find some clusters based on common industry concentration (such as information technology), house price elasticity, as well as a cluster of MSAs that are desirable for retirees (in the sun belt). We find seven clusters of MSAs, where each cluster experiences idiosyncratic house price downturns, plus one distinct national house price cycle. Notably, only the housing downturn associated with the Great Recession spread across all the MSAs in our sample; all other house price downturns remained contained to a single cluster. We also identify MSA economic and geographic characteristics that correlate with housing price cluster membership, which implies comovement due to mobility of residents. In addition, while prior research has found housing and business cycles to be related closely at the national level, we find very different house price comovement and employment comovement across clusters and across MSAs. Journal: Journal of Real Estate Research Pages: 159-188 Issue: 2 Volume: 46 Year: 2024 Month: 4 X-DOI: 10.1080/08965803.2023.2247293 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2247293 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:2:p:159-188 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2254581_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Xun Bian Author-X-Name-First: Xun Author-X-Name-Last: Bian Author-Name: Zifeng Feng Author-X-Name-First: Zifeng Author-X-Name-Last: Feng Author-Name: Zhenguo Lin Author-X-Name-First: Zhenguo Author-X-Name-Last: Lin Author-Name: Yingchun Liu Author-X-Name-First: Yingchun Author-X-Name-Last: Liu Title: Holding Onto the Past: Previous Homes, Post-Move Housing Consumption, and the Great Recession Abstract: We document that households relocated during the 2007-2009 Great Recession and its aftermath were substantially more likely to hold their previous homes for an extended period of time. We identify two contributing factors to this phenomenon. First, falling house prices pushed many homes into the “negative-equity” and “near-negative-equity” territories, and this made it challenging for owners to sell their homes. Second, we also show that falling home values had a more widespread effect that made all homeowners, regardless of their equity positions, more reluctant to sell. Additionally, we find households without mortgages are more likely to hold previous homes. Overall, we show the relationship between the loan-to-value (LTV) ratio and the likelihood of holding is U-shaped. We further examine the impact of holding previous homes on post-move housing tenure and housing consumption choices. We find that holding previous homes is associated with renting for a longer period. For households that bought new homes after relocation, holding previous homes is associated with the new residences that are less expensive and smaller. Our results suggest that, for households that moved during the housing bust, the Great Recession has a long-lasting effect on their housing consumption choices. Journal: Journal of Real Estate Research Pages: 214-244 Issue: 2 Volume: 46 Year: 2024 Month: 4 X-DOI: 10.1080/08965803.2023.2254581 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2254581 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:2:p:214-244 Template-Type: ReDIF-Article 1.0 # input file: RJER_A_2254587_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a Author-Name: Gow-Cheng Huang Author-X-Name-First: Gow-Cheng Author-X-Name-Last: Huang Author-Name: Kartono Liano Author-X-Name-First: Kartono Author-X-Name-Last: Liano Author-Name: Ming-Shiun Pan Author-X-Name-First: Ming-Shiun Author-X-Name-Last: Pan Title: REIT Long-Term Returns and Wealth Creation Abstract: This study examined the performance of 371 equity real estate investment trusts (REITs) over the period 1972–2020. Unlike stocks, we found that the majority of the 371 REITs outperformed one-month T-bills, particularly over longer holding periods and in the modern REIT era. While most REITs outperformed the T-bills, only a minority of them outperformed the overall equity REIT market. REITs that outperformed the overall equity REIT market concentrated in the health care, industrial, residential, and other specialty REIT sectors. In terms of wealth creation, REITs in aggregate created a total net wealth of $0.89 trillion to their shareholders, but the wealth creation was highly concentrated in relatively few top-performing REITs. Specifically, the top five (20) REITs together accounted for almost 30% (60%) of the total net wealth creation. Overall, our results suggest that relative to the T-bills, REITs performed better than stocks. Journal: Journal of Real Estate Research Pages: 245-266 Issue: 2 Volume: 46 Year: 2024 Month: 4 X-DOI: 10.1080/08965803.2023.2254587 File-URL: http://hdl.handle.net/10.1080/08965803.2023.2254587 File-Format: text/html File-Restriction: Access to full text is restricted to subscribers. Handle: RePEc:taf:rjerxx:v:46:y:2024:i:2:p:245-266