Real Estate eJournal最新文献_第3页

Conflicts of Interest and Agent Heterogeneity in Buyer Brokerage 买方经纪中的利益冲突与代理人异质性

Real Estate eJournal Pub Date : 2021-03-16 DOI: 10.2139/ssrn.3805973

L. Kryzanowski, Yanting Wu, Tingyu Zhou

引用次数: 1

Housing Market in the Time of Pandemic: A Price Gradient Analysis from the COVID-19 Epicentre in China 大流行时期的住房市场:基于中国新冠肺炎疫情中心的价格梯度分析

Real Estate eJournal Pub Date : 2021-03-05 DOI: 10.3390/JRFM14030108

K. Cheung, Chung Yim Edward Yiu, Chuyi Xiong

{"title":"Housing Market in the Time of Pandemic: A Price Gradient Analysis from the COVID-19 Epicentre in China","authors":"K. Cheung, Chung Yim Edward Yiu, Chuyi Xiong","doi":"10.3390/JRFM14030108","DOIUrl":"https://doi.org/10.3390/JRFM14030108","url":null,"abstract":"While the outbreak of the COVID-19 disease has caused asset markets to experience an unprecedented spike of risk and uncertainty worldwide, the real estate market in many global cities appears to be immune to the adverse effects. How does COVID-19 affect urban housing markets? This study is a first attempt to identify the pandemic’s impact on house prices by applying a price gradient analysis to the COVID-19 epicentre in China. Considering microlevel housing transaction data in 62 areas from nine districts in Wuhan City from January 2019 to July 2020, the hedonic pricing and the price gradient models suggest that there was, respectively, a 4.8% and a 5.0–7.0% year-on-year fall in house prices immediately after the pandemic outbreak. Although house prices rebounded after the lockdown period, the gradient models show that the price gradients were flattened from the epicentre to the urban peripherals. The price premiums in high-density areas were also substantially discounted after the city’s lockdown. Our findings are robust to different model specifications. The implication is that the risk associated with the pandemic is localised and transitory in nature. People may be able to internalise the risk by residing in low-density residential areas.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90592550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 39

Measuring Unmeasurable: How to Map Laws to Numbers Using Leximetrics 测量不可测量:如何使用词性度量将规律映射到数字上

Real Estate eJournal Pub Date : 2021-03-01 DOI: 10.2139/ssrn.3810489

K. Kholodilin, Linus Pfeiffer

{"title":"Measuring Unmeasurable: How to Map Laws to Numbers Using Leximetrics","authors":"K. Kholodilin, Linus Pfeiffer","doi":"10.2139/ssrn.3810489","DOIUrl":"https://doi.org/10.2139/ssrn.3810489","url":null,"abstract":"As the institutional literature convincingly shows, socioeconomic phenomena are to a large extent shaped by the formal institutions, that is, legal acts (laws and ordinances). However, the latter are formulated in a speciﬁc language that is difficult to understand, let alone to measure. However, since the early 1990s, a whole branch of economic analysis of governmental regulations has evolved. It is known as leximetrics, i.e., the measuring of laws. It covers a wide range of economic sectors, such as financial, labor, housing, and product markets, among others. The two most popular methods are codification and surveys. Under the first method, the legal texts are analyzed, relevant provisions extracted, and numeric values assigned depending on these provisions. Under the surveys method, local experts are asked to provide their assessment of currently valid legal provisions and sometimes also their enforcement. In both cases, the legal texts are mapped onto real-valued indices with the objective of gauging the intensity of governmental regulations. These indices can be and are successfully used to explain the economic phenomena. This study provides a comprehensive overview of the leximetric literature and demonstrates interdependences between different types of governmental regulations.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73562278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

Daily Appraisal of Commercial Real Estate A New Mixed Frequency Approach 商业地产日估价一种新的混频方法

Real Estate eJournal Pub Date : 2021-02-19 DOI: 10.2139/ssrn.3789205

Marc K. Francke, A. Minne

引用次数: 4

Leases as Forms 租赁表格

Real Estate eJournal Pub Date : 2021-02-15 DOI: 10.2139/ssrn.3786326

David Hoffman, Anton Strezhnev

{"title":"Leases as Forms","authors":"David Hoffman, Anton Strezhnev","doi":"10.2139/ssrn.3786326","DOIUrl":"https://doi.org/10.2139/ssrn.3786326","url":null,"abstract":"We offer the first large scale descriptive study of residential leases, based on a dataset of ~170,000 residential leases filed in support of over ~200,000 Philadelphia eviction proceedings from 2005 through 2019. These leases are highly likely to contain unenforceable terms, and their pro-landlord tilt has increased sharply over time. Matching leases with individual tenant characteristics, we show that unlawful terms are surprisingly likely to be associated with more expensive leaseholds in richer, whiter parts of the city. This result is linked to landlords' growing adoption of shared forms, originally created by non-profit landlord associations, and more recently available online for a nominal fee. \u0000 \u0000Generally, such shared form leases contain worse rules for tenants than the proprietary leases they replace. Over time, it has become easier and cheaper for landlords to adopt such common forms, meaning that access to justice for landlords strips tenants of rights. We observe few within landlord effects: rather, property owners specialize in particular areas in the city. This specialization leads black tenants to be more susceptible to eviction based on crime or drug use on the premises, an effect concentrated in whiter neighborhoods. Our results offer a significant advance in the empirical study of consumer contracting, building the field by examining individual differences in adherents, geography-effects, information costs and time trends.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90599286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

A Tale of Two Cities: Mainland Chinese Buyers in Hong Kong Housing Market 双城记:中国内地买家在香港房地产市场

Real Estate eJournal Pub Date : 2021-02-09 DOI: 10.2139/ssrn.3477421

Yi Fan, M. Hu, Wayne Xinwei Wan, Zhenping Wang

引用次数: 3

The Impact of the Opportunity Zone Program on the Residential Real Estate Market 机会区计划对住宅房地产市场的影响

Real Estate eJournal Pub Date : 2021-02-05 DOI: 10.2139/ssrn.3780241

R. Bekkerman, Maxime C. Cohen, J. Maiden, Dmitry Mitrofanov

{"title":"The Impact of the Opportunity Zone Program on the Residential Real Estate Market","authors":"R. Bekkerman, Maxime C. Cohen, J. Maiden, Dmitry Mitrofanov","doi":"10.2139/ssrn.3780241","DOIUrl":"https://doi.org/10.2139/ssrn.3780241","url":null,"abstract":"The U.S. Tax Cuts and Jobs Act of 2017 introduced opportunity zones (OZs). This program provides tax benefits for real estate investments in designated census tracts, with the goal of fostering economic development in distressed neighborhoods. We examine the impact of OZs on residential real estate by exploiting two datasets: a proprietary real estate dataset and census-tract demographics data between 2010 and 2019. Our real estate dataset comprises 36.1 million residential transactions spanning all 50 U.S. states. We first investigate the OZ selection process by examining which census-tract characteristics were taken into account. As expected, we find that tracts with higher poverty and unemployment rates and lower income levels were more likely to be selected. However, we find evidence that tracts with a higher average real estate price were also more likely to be selected. We then analyze the impact of the OZ program by comparing key real estate metrics (price and transaction volume) before and after the program launch. We find that the OZ program increased real estate prices by 4.03-6.13%, but we do not observe a significant effect on the transaction volume. Finally, we examine the moderating effects of census tract characteristics on the impact of the OZ program. Interestingly, we show that the price increase is driven by the higher end of the OZ market. Our findings thus question the overall societal and economic benefits of the program.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73285749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 3

The Return on Secondary Market Trades of Open-end Real Estate Funds in Liquidation 开放式房地产基金在清算中的二级市场交易收益

Real Estate eJournal Pub Date : 2021-01-08 DOI: 10.2139/ssrn.3773723

P. Gerlach

引用次数: 0

Towards Accountability in Machine Learning Applications: A System-testing Approach 机器学习应用中的问责制:系统测试方法

Real Estate eJournal Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3758451

Wayne Xinwei Wan, Thies Lindenthal

引用次数: 3

On the Slope of the Beveridge Curve in the Housing Market 论房地产市场贝弗里奇曲线的斜率

Real Estate eJournal Pub Date : 2021-01-01 DOI: 10.2139/ssrn.3932080

Miroslav Gabrovski, Victor Ortego-Marti

{"title":"On the Slope of the Beveridge Curve in the Housing Market","authors":"Miroslav Gabrovski, Victor Ortego-Marti","doi":"10.2139/ssrn.3932080","DOIUrl":"https://doi.org/10.2139/ssrn.3932080","url":null,"abstract":"The co-movement of buyers and vacancies, i.e. the Beveridge Curve, is a key determinant of the cyclical properties of the housing market. It determines the sign of the correlation between prices and key measures of liquidity such as vacancies (i.e. houses for sale), sales, and time-to-sell. As recent work has shown, to account for the core stylized facts of the housing market, search and matching models must be consistent with a positively correlated co-movement of buyers and vacancies—the Beveridge Curve must be upward-sloping. This paper provides evidence that buyers and vacancies are indeed positively correlated along the housing cycle, i.e. the Beveridge Curve on the housing market is upward sloping. Using data on vacancies and time-to-sell, we construct a series for buyers and estimate the slope of the Beveridge Curve. This approach requires only one minimal structural assumption: the existence of a matching function. The regression results confirm the positive relationship between buyers and vacancies over the business cycle. In addition, we provide an estimate of the elasticity of vacancies with respect to buyers. A one percent increase in vacancies is associated with around a two percent increase in buyers, confirming recent findings that buyers are more volatile than houses for sale. We hope this estimate will help future researchers in this area.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79483927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 2