Real Estate eJournal最新文献_第5页

Is the Division of Labor Limited by the Extent of the Market? Opportunity Cost Theory with Evidence from the Real Estate Brokerage Industry 劳动分工是否受到市场规模的限制?机会成本理论——以房地产经纪行业为例

Real Estate eJournal Pub Date : 2020-10-21 DOI: 10.1002/smj.3249

Gianluigi Giustiziero

引用次数: 3

Housing Search and Rental Market Intermediation 房屋搜寻及租赁市场中介

Real Estate eJournal Pub Date : 2020-10-15 DOI: 10.2139/ssrn.3714128

Desen Lin

{"title":"Housing Search and Rental Market Intermediation","authors":"Desen Lin","doi":"10.2139/ssrn.3714128","DOIUrl":"https://doi.org/10.2139/ssrn.3714128","url":null,"abstract":"Rental brokers as the matchmakers between tenants and landlords contribute 80% of the rental listings in certain markets, but how they smooth the search friction and transmit policy impacts is not well understood. This paper is the first to use a listing-agent matched data set from an online platform to show the heterogeneous impact of the listing capacity of a broker, i.e. the agent size, on the rental market outcomes. I document that brokers with greater listing capacity are related to lower rents and shorter listing duration. The dispersion cannot be fully explained by the amenity difference of rentals and points to a sizable agent impact that a broker with greater capacity lists a rental at a lower rent. I develop a search model that features a search-and-matching process in which the capacity constraints of brokers interact with the tenant coordination friction. The capacity constraints differentiate brokers’ ability to coordinate tenant search. The smaller rent premium for listings by larger brokers reflects the capacity benefit that larger brokers coordinate tenant search better by reducing the likelihood of facing a binding capacity constraint. An endogenous agent distribution of the listing capacity, which summarizes how frictional the rental market is, arises in the model. I evaluate the counterfactual effects of two rental market policies. First, I show that expanding the brokerage sector will not benefit tenants in the search process. As the mean agent size decreases, the rental market becomes more frictional. Second, I evaluate the impact of shifting the commission liability from tenants to landlords, which is central to the New York rental market reform. As the equilibrium rent increase cannot fully compensate the commission cost on landlords, the policy decreases rental supply and makes searching tenants worse off. I characterize the optimal allocation of the broker’s fee and show that brokers with greater listing capacity should list more rentals with the fee paid by landlords.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80147238","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: 1

Tax-Induced Transfer of Residence: Evidence From Tax Decentralization in Italy 税收诱导的居住转移:来自意大利税收分权的证据

Real Estate eJournal Pub Date : 2020-10-13 DOI: 10.2139/ssrn.3710932

Enrico Rubolino

引用次数: 2

The Interaction of Borrower-Targeted Macroprudential Tools in the Irish Mortgage Market: A Baseline Multi-Agent Approach 以借款人为目标的宏观审慎工具在爱尔兰抵押贷款市场的相互作用:基线多代理方法

Real Estate eJournal Pub Date : 2020-10-10 DOI: 10.2139/ssrn.3708904

A. Gurgone

引用次数: 0

The Financial Impact of Street-Level Greenery on New York Commercial Buildings 街道绿化对纽约商业建筑的财务影响

Real Estate eJournal Pub Date : 2020-10-02 DOI: 10.2139/ssrn.3714858

Juncheng Yang, H. Rong, Yuhao Kang, Fan Zhang, Andrea M. Chegut

{"title":"The Financial Impact of Street-Level Greenery on New York Commercial Buildings","authors":"Juncheng Yang, H. Rong, Yuhao Kang, Fan Zhang, Andrea M. Chegut","doi":"10.2139/ssrn.3714858","DOIUrl":"https://doi.org/10.2139/ssrn.3714858","url":null,"abstract":"Urban street-level greenery is empirically documented to improve mental and physical health, increase productivity, increase urban environmental equality and reduce carbon footprints. In addition, these benefits raise residents' welfare, which has been correlated with increases in residential house prices. We measure street-level greenness in New York City through a novel Green View Index (GVI) using Google Street View images and assess the impacts of greenness on commercial real estate prices. Using a sample of office transactions, we spatially correlate Google Street View Images for New York City over the 2010 to 2017 period. We find a 8.9% to 10.5% statistically, economically and positive transaction premium and a 5.6% to 7.8% rent premium for offices with low to high street-level greenness relative to those building transactions spatially correlated with very low greenness. Estimations are robust to proximity to parks, subway stations, sidewalk widths, household income levels and investments by Building Improvement Districts, as well as other vital and standard office valuation features. By documenting the role of greenery in commercial building valuations, our results give a more complete understanding of the value of greenness in urban environments, and the economic role that urban landscape architecture, planning and development has upon cities.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77300562","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: 27

Neglected No More: Housing Markets, Mortgage Lending, and Sea Level Rise 不再被忽视:房地产市场、抵押贷款和海平面上升

Real Estate eJournal Pub Date : 2020-10-01 DOI: 10.2139/ssrn.3906066

Benjamin J. Keys, P. Mulder

引用次数: 43

Prudential Policies, Credit Supply and House Prices: Evidence from Italy 审慎政策、信贷供应和房价:来自意大利的证据

Real Estate eJournal Pub Date : 2020-09-29 DOI: 10.2139/ssrn.3710119

Pierluigi Bologna, Wanda Cornacchia, M. Galardo

引用次数: 20

Property Rights, Expropriations, and Business Cycles in China 中国的产权、征用和经济周期

Real Estate eJournal Pub Date : 2020-09-22 DOI: 10.2139/ssrn.3565144

Yin Germaschewski, Jaroslav Horvath, Loris Rubini

{"title":"Property Rights, Expropriations, and Business Cycles in China","authors":"Yin Germaschewski, Jaroslav Horvath, Loris Rubini","doi":"10.2139/ssrn.3565144","DOIUrl":"https://doi.org/10.2139/ssrn.3565144","url":null,"abstract":"Abstract Real business cycles in China are different than in many other countries, including consumption being more volatile than output and uncorrelated with investment. To study whether Chinese institutions can account for these features, we augment the standard real business cycle model by private and state-owned enterprises facing time-to-build constraints, expropriations, and government expenditures. We introduce shocks to each of these activities and estimate our model with Bayesian techniques. The model matches the salient data moments quite closely, with expropriations playing a central role. In particular, shocks to expropriations account for over 70% of consumption and output volatility, and over 60% of private investment volatility. To assess whether our estimated expropriations are empirically plausible, we show that: (i) the model-generated expropriation series is positively correlated with a commonly used measure of property rights; (ii) the explanatory power of expropriations drops considerably after 2012, coinciding with the government’s anti-corruption campaign; and (iii) a placebo test estimating the model for the U.S. finds expropriations to be about one eighth of those in China, and to account for only a small share of the U.S. aggregate fluctuations.","PeriodicalId":21047,"journal":{"name":"Real Estate eJournal","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2020-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85460762","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

Measuring Property Rights Institutions 衡量产权机构

Real Estate eJournal Pub Date : 2020-09-01 DOI: 10.3386/W27839

Simeon Djankov, E. Glaeser, V. Perotti, Andrei Shleifer

引用次数: 11

Location of Housing and Industry Around a Central Shopping District 中央购物区周围的住宅和工业位置

Real Estate eJournal Pub Date : 2020-08-18 DOI: 10.2139/ssrn.3710912

L. Garrido-da-Silva, S. Castro, João Correia-da-Silva

引用次数: 0