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Wiley-Blackwell: Real Estate Economics最新文献

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Real Estate Returns by Strategy: Have Value‐Added and Opportunistic Funds Pulled Their Weight? 房地产的策略回报:增值基金和机会主义基金发挥了作用吗?
Wiley-Blackwell: Real Estate Economics Pub Date : 2020-03-01 DOI: 10.1111/1540-6229.12190
Joseph L. Pagliari
{"title":"Real Estate Returns by Strategy: Have Value‐Added and Opportunistic Funds Pulled Their Weight?","authors":"Joseph L. Pagliari","doi":"10.1111/1540-6229.12190","DOIUrl":"https://doi.org/10.1111/1540-6229.12190","url":null,"abstract":"Real estate strategies broadly fall into three categories: core, value‐added and opportunistic. This empirical examination of net returns from these three strategies indicates that, on a risk‐adjusted basis, the value‐added funds have strongly underperformed and the returns from opportunistic funds have weakly underperformed the returns available from core funds. In so concluding, this article departs from standard asset‐pricing models in two important respects: the total risk is used and the cost of borrowing increases as leverage increases. While the first departure has no substantive effect, the second departure lowers the estimate of the underperformance of noncore funds.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131503830","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: 19
Federal Home Loan Bank Advances and Bank and Thrift Holding Company Risk: Evidence from the Stock Market 联邦住房贷款银行预付款和银行及储蓄银行控股公司风险:来自股票市场的证据
Wiley-Blackwell: Real Estate Economics Pub Date : 2019-12-01 DOI: 10.1111/1540-6229.12174
Scott Deacle, Elyas Elyasiani
{"title":"Federal Home Loan Bank Advances and Bank and Thrift Holding Company Risk: Evidence from the Stock Market","authors":"Scott Deacle, Elyas Elyasiani","doi":"10.1111/1540-6229.12174","DOIUrl":"https://doi.org/10.1111/1540-6229.12174","url":null,"abstract":"Using bivariate GARCH models of stock portfolio returns and risk, we find that bank and thrift holding companies that relied the most on Federal Home Loan Bank (FHLB) advances exhibited less total risk and market risk than those that relied on them the least between 2001 and 2012. When we control for differences in holding company size, stock trading volume, residential mortgage lending, and holding company type (bank versus thrift), the most FHLB-reliant holding companies sustain the aforesaid risk advantages except during the crisis of 2007–2009, when they exhibit greater idiosyncratic risk. The latter finding suggests that investors perceived the high reliance of the borrowing institutions on advances as a sign of distress. Portfolios that consist of only bank holding companies show qualitatively similar results. \u0000 \u0000This article is protected by copyright. All rights reserved","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134585151","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: 0
Immigration and the Property Market: Evidence from England and Wales 移民和房地产市场:来自英格兰和威尔士的证据
Wiley-Blackwell: Real Estate Economics Pub Date : 2019-06-01 DOI: 10.1111/1540-6229.12151
N. Braakmann
{"title":"Immigration and the Property Market: Evidence from England and Wales","authors":"N. Braakmann","doi":"10.1111/1540-6229.12151","DOIUrl":"https://doi.org/10.1111/1540-6229.12151","url":null,"abstract":"This article investigates the link between immigration and property markets in England and Wales. Evidence from fixed effects and shift-share–based instrumental variable regressions suggests that an increase in regional immigration, depending on the specification, either decreases prices at the lower end of the distribution up to the median or leaves them unchanged and has (almost) no effect on mean property prices or prices above the median. The evidence suggests that these findings can be explained through an interaction between the markets for rented and owned properties as well as through changes in the usage of housing space.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129698200","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: 28
Does a Firm's Entry or Exit Affect Competitors’ Value? Evidence from the REIT Industry 企业的进入或退出会影响竞争对手的价值吗?来自房地产投资信托行业的证据
Wiley-Blackwell: Real Estate Economics Pub Date : 2019-03-01 DOI: 10.1111/1540-6229.12240
Su Han Chan, Jiajin Chen, Ko Wang
{"title":"Does a Firm's Entry or Exit Affect Competitors’ Value? Evidence from the REIT Industry","authors":"Su Han Chan, Jiajin Chen, Ko Wang","doi":"10.1111/1540-6229.12240","DOIUrl":"https://doi.org/10.1111/1540-6229.12240","url":null,"abstract":"We analyze 483 entry and 439 exit events of publicly traded real estate investment trusts (REITs) and find that changes in the number of REITs in the market affect rival REITs’ stock performance. We also partition the sample by the modes of entries and exits as well as by REIT asset type in order to disentangle alternative explanations. Overall, our evidence indicates that the supply effect still matters for stock prices even after considering signaling and price pressure explanations.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132122909","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
Immigration, Capital Flows and Housing Prices 移民、资本流动和房价
Wiley-Blackwell: Real Estate Economics Pub Date : 2018-11-05 DOI: 10.1111/1540-6229.12267
Andrey Pavlov, C. Somerville
{"title":"Immigration, Capital Flows and Housing Prices","authors":"Andrey Pavlov, C. Somerville","doi":"10.1111/1540-6229.12267","DOIUrl":"https://doi.org/10.1111/1540-6229.12267","url":null,"abstract":"Research on immigration and real estate has found that immigrants lower house prices in immigrant destination neighborhoods. In this article, we find that this latter result is not globally true. Rather, we show that immigrants can raise neighborhood house prices, at least in the case of the wealthy immigrants that we study. We exploit a surprise suspension and subsequent closure of a popular investor immigration program in Canada to use a difference‐in‐differences methodology comparing wealthy immigrant destination census tracts to nondestination tracts. We find that the unexpected suspension of the program had a negative impact on house prices of 1.7–2.6% in the neighborhoods and market segments most favored by the investor immigrants. This leads to an approximate lower bound on the effect of capital inflows of 5%.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133994411","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: 29
Servicer Contracts and the Design of Mortgage‐Backed Security Pools 服务契约和抵押担保证券池的设计
Wiley-Blackwell: Real Estate Economics Pub Date : 2018-09-01 DOI: 10.1111/1540-6229.12188
Robert M. Mooradian, Pegaret Pichler
{"title":"Servicer Contracts and the Design of Mortgage‐Backed Security Pools","authors":"Robert M. Mooradian, Pegaret Pichler","doi":"10.1111/1540-6229.12188","DOIUrl":"https://doi.org/10.1111/1540-6229.12188","url":null,"abstract":"We develop a unified model of mortgage and servicer contracts. Renegotiating mortgage contracts following default is strictly Pareto improving, if the lender gathers updated information. An incentive compatible servicer contract requires the servicer to hold a risk position that has a value strictly greater than the cost of exerting effort. This risk position cannot in general be approximated with a horizontal “first‐loss” position. An alternative, forming a nondiversified pool, preserves pool‐wide information, avoids the cost of an incentive compatible servicer contract, and may increase MBS value.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127478045","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: 4
Big‐Box Stores and Urban Land Prices: Friend or Foe? 大卖场与城市地价:是敌是友?
Wiley-Blackwell: Real Estate Economics Pub Date : 2018-03-01 DOI: 10.1111/1540-6229.12209
Barrett A. Slade
{"title":"Big‐Box Stores and Urban Land Prices: Friend or Foe?","authors":"Barrett A. Slade","doi":"10.1111/1540-6229.12209","DOIUrl":"https://doi.org/10.1111/1540-6229.12209","url":null,"abstract":"Using a spatial difference-in-differences research design, this paper examined the effect of a new Walmart store on nearby U.S. urban land prices and found that, within one quarter mile of a new Walmart store locale, land prices increased by almost 39% over the four-year development time period (from site negotiation to the store opening) compared with land located from one to three miles from the new store site. The analysis found that land prices increased almost geometrically over the development period as information leakage implied that a new store would actually be built and that demand for nearby land would increase. The positive effects were found to dissipate with distance from the new store, suggesting that the Walmart effect is highly localized. The analysis also found that supercenters, as opposed to discount stores, and commercial land sales, as opposed to residential land sales, were instrumental in driving the positive price effects. Also, robustness tests found a positive land price effect with other big-box stores, suggesting that the land price effect was not limited to Walmart stores, but in fact, was a big-box store effect. \u0000 \u0000This article is protected by copyright. All rights reserved","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126149847","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: 12
Anchoring Under Currency Substitution: A Ratchet Price Mechanism in the Housing Market 货币替代下的锚定:住房市场的棘轮价格机制
Wiley-Blackwell: Real Estate Economics Pub Date : 2017-12-01 DOI: 10.1111/1540-6229.12161
Danny Ben-Shahar, Roni Golan
{"title":"Anchoring Under Currency Substitution: A Ratchet Price Mechanism in the Housing Market","authors":"Danny Ben-Shahar, Roni Golan","doi":"10.1111/1540-6229.12161","DOIUrl":"https://doi.org/10.1111/1540-6229.12161","url":null,"abstract":"The currency substitution experienced by the Israeli real estate market in the past decades serves as a unique case for studying the effect of the anchoring heuristic on prices. We hypothesize that players utilize current and past exchange rates between the old and new currency to affect the closing price in their favor. Results of micro‐ and macro‐level estimations indicate that exchange rate fluctuations associate with an upward ratchet price effect. Furthermore, we find that the ratchet price mechanism disappears once the currency substitution is completed. These findings provide new evidence of the effect of anchoring on a market whose transactions involve substantial, long‐term economic consequences.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130243934","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
Mortgage Shoppers: How Much Do They Save? 抵押贷款购买者:他们存了多少钱?
Wiley-Blackwell: Real Estate Economics Pub Date : 2017-12-01 DOI: 10.1111/1540-6229.12167
S. Damen, E. Buyst
{"title":"Mortgage Shoppers: How Much Do They Save?","authors":"S. Damen, E. Buyst","doi":"10.1111/1540-6229.12167","DOIUrl":"https://doi.org/10.1111/1540-6229.12167","url":null,"abstract":"Survey evidence suggests that many U.S. and European consumers do not spend a lot of time comparing mortgage products. We show, however, that mortgage shopping is associated with a substantial monetary payoff, using a unique data set from a website where borrowers (not the lenders) can post their complete set of received mortgage rate offers. A borrower who shops for five mortgage offers is able to save 7,078 euros in net present value on average. The potential savings suggest suboptimal mortgage shopping as the opportunity cost of time to renegotiate additional quotes is unlikely to be that high.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131637990","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: 10
Estimating the Value of Proximity to Water, When Ceteris Really is Paribus 当其他地方真的是巴黎时，估计靠近水的价值
Wiley-Blackwell: Real Estate Economics Pub Date : 2017-12-01 DOI: 10.1111/1540-6229.12143
J. Rouwendal, O. Levkovich, R. van Marwijk
{"title":"Estimating the Value of Proximity to Water, When Ceteris Really is Paribus","authors":"J. Rouwendal, O. Levkovich, R. van Marwijk","doi":"10.1111/1540-6229.12143","DOIUrl":"https://doi.org/10.1111/1540-6229.12143","url":null,"abstract":"Proximity to water is appreciated by households. Hedonic analyses that try to measure the value of this amenity are potentially biased by omitted variables because locations close to water may be selected by households with higher incomes who construct more luxury houses. Because it is difficult to observe all the relevant characteristics, the coefficient for proximity to water may be biased upwards. We circumvent this problem by exploiting a specific characteristic of the Dutch system of planned residential development: often a number of exactly similar houses are constructed close to each other. By comparing the values of such identical houses, we can measure the effect of proximity to water under almost ideal circumstances. Introduction of these fixed effects lowers the estimated impact of this amenity, thereby confirming the conjectured presence of an omitted variable bias.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117175563","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: 13
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