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Wiley-Blackwell: Real Estate Economics最新文献

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Are Investors the Bad Guys? Tenure and Neighborhood Stability in Chelsea, Massachusetts 投资者是坏人吗?马萨诸塞州切尔西的终身教职和社区稳定
Wiley-Blackwell: Real Estate Economics Pub Date : 2011-12-01 DOI: 10.1111/j.1540-6229.2011.00317.x
L. Fisher, Lauren Lambie‐Hanson
{"title":"Are Investors the Bad Guys? Tenure and Neighborhood Stability in Chelsea, Massachusetts","authors":"L. Fisher, Lauren Lambie‐Hanson","doi":"10.1111/j.1540-6229.2011.00317.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2011.00317.x","url":null,"abstract":"In this article, we examine the role of investors and occupant‐owners in an urban context during the recent housing crisis. We focus on Chelsea, Massachusetts, because it is a dense city, dominated by multifamily housing structures with high rates of foreclosure for which we have particularly good data. We distinguish between occupant‐owners and investors using local data, and we find that many investors are misclassified as occupant‐owners in the Home Mortgage Disclosure Act data. Then, employing a competing risks framework to study ownerships during the period 1998 through mid‐2010, we find that local investors, who tend to invest more in relation to purchase prices and sell more quickly, experienced approximately 1.8 times the mortgage foreclosure risk of occupant‐owners, conditional on financing. Nonlocal investors have no statistically significant difference in foreclosure risk from occupant‐owners. Nonetheless, those owners with subprime purchase mortgages (most of whom are occupant‐owners) faced the highest foreclosure risk when house prices fell.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"236 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124593119","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
An Examination of REIT Dividend Payout Policy 检视房地产投资信托基金派息政策
Wiley-Blackwell: Real Estate Economics Pub Date : 2011-12-01 DOI: 10.1111/j.1540-6229.2011.00305.x
W. Boudry
{"title":"An Examination of REIT Dividend Payout Policy","authors":"W. Boudry","doi":"10.1111/j.1540-6229.2011.00305.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2011.00305.x","url":null,"abstract":"This paper proposes a new methodology for decomposing real estate investment trust (REIT) dividends into discretionary and nondiscretionary components. By examining the tax characteristics of dividends, I am able to accurately measure the discretionary component of a REIT's dividend. This methodology provides new insights into our understanding of REIT dividend payout policy. Unlike previous studies that find limited explanations for discretionary dividend payouts, I find a systematic explanation. Discretionary dividends tend to be large on average making up between 18% and 35% of a REIT's total dividend and display considerable variation through time and across firms. The main determinant of these discretionary dividends appears to be dividend smoothing. There is an inverse relationship between discretionary and nondiscretionary dividends. Even if a REIT has excess cash flow it could distribute in discretionary dividends, it will tend not to do so if it has a high dividend payout due to its nondiscretionary dividends. In this sense, REITs appear to use discretionary dividends to smooth their payout ratios.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"76 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132928883","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: 44
Return and Volatility Transmission in U.S. Housing Markets 美国房地产市场的收益和波动性传导
Wiley-Blackwell: Real Estate Economics Pub Date : 2011-12-01 DOI: 10.1111/J.1540-6229.2010.00303.X
Hong Miao, Sanjay Ramchander, M. Simpson
{"title":"Return and Volatility Transmission in U.S. Housing Markets","authors":"Hong Miao, Sanjay Ramchander, M. Simpson","doi":"10.1111/J.1540-6229.2010.00303.X","DOIUrl":"https://doi.org/10.1111/J.1540-6229.2010.00303.X","url":null,"abstract":"This article uses the Case‐Shiller U.S. Home Price Indices to analyze spatial dependencies across 16 metropolitan markets for the period January 1989 to June 2006. Return transmission patterns establish New York, San Francisco and Miami as among the most influential markets. In terms of volatility linkages, there is a considerable amount of transmission in the East between New York, Boston and Washington, DC, and innovations in the housing markets of Miami, Los Angeles and San Francisco play an influential role within their respective regions. In comparison, markets in the Central and Mountain regions appear to be relatively independent from external influences. Overall, the linkages appear to be more intensive during the active phase of the real estate market (1999–2006) than during the calm phase (1989–1998).","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129142612","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: 93
Differential Access to and Pricing of Home Mortgages: 2004 Through 2009 住房抵押贷款的差异获取和定价:2004 - 2009
Wiley-Blackwell: Real Estate Economics Pub Date : 2011-11-02 DOI: 10.1111/j.1540-6229.2012.00353.x
M. Courchane, P. Zorn
{"title":"Differential Access to and Pricing of Home Mortgages: 2004 Through 2009","authors":"M. Courchane, P. Zorn","doi":"10.1111/j.1540-6229.2012.00353.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2012.00353.x","url":null,"abstract":"This article documents trends and drivers of the residential mortgage market during the years 2004 through 2009, specifically focusing on the access to and pricing of mortgages originated by African‐American and Hispanic borrowers, and by borrowers living in low‐income and minority communities. Our analysis relies on a rich set of proprietary data that allow more expanded insights than can be obtained from the Home Mortgage Disclosure Act (HMDA) alone. We show that access to mortgage credit increased between 2004 and 2006 for the borrowers we focus on in our study and declined dramatically thereafter. Trends in access to credit were driven primarily by the changing credit mix of mortgage applicants and secondarily by the replacement of the Federal Housing Administration (FHA) for subprime as the dominant mode of nonprime originations and tighter underwriting standards. Throughout our entire period of study, these borrowers also consistently paid higher prices for their mortgages; however, the extent of this differential varied considerably over time and across groups. These pricing trends were driven primarily by changes in the FHA and subprime shares as well as by the market's increasingly aggressive pricing of credit risk.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114785079","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
Government Supply of Land in a Dual Market 二元市场下的政府土地供给
Wiley-Blackwell: Real Estate Economics Pub Date : 2011-03-14 DOI: 10.1111/j.1540-6229.2010.00290.x
J. Ooi, C. Sirmans, G. Turnbull
{"title":"Government Supply of Land in a Dual Market","authors":"J. Ooi, C. Sirmans, G. Turnbull","doi":"10.1111/j.1540-6229.2010.00290.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2010.00290.x","url":null,"abstract":"A dual land market is one in which the government owns a significant portion of developable land while real estate development is done primarily by the private sector. This article examines Singapore's experience with its system of government land supply in a dual market, focusing on its response to market signals as well as the interaction with the significant private supply of land. The example is relevant to the general problem of government sales of valuable assets. The private supply of developable land behaves in line with expectations. The government response to price signals differs only modestly from that of private landowners.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115089290","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: 32
Asset Price Persistence and Real Estate Market Illiquidity: Evidence from Japanese Land Values 资产价格持续性与房地产市场非流动性:来自日本土地价值的证据
Wiley-Blackwell: Real Estate Economics Pub Date : 2010-06-04 DOI: 10.1111/j.1540-6229.2010.00264.x
John Krainer, M. Spiegel, Nobuyoshi Yamori
{"title":"Asset Price Persistence and Real Estate Market Illiquidity: Evidence from Japanese Land Values","authors":"John Krainer, M. Spiegel, Nobuyoshi Yamori","doi":"10.1111/j.1540-6229.2010.00264.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2010.00264.x","url":null,"abstract":"We develop an overlapping generations model of the real estate market in which search frictions and a debt overhang combine to generate price persistence and illiquidity. Illiquidity stems from heterogeneity in agent real estate valuations. The variance of agent valuations determines how quickly prices adjust following a shock to fundamentals. We examine the predictions of the model by studying price depreciation in Japanese land values subsequent to the 1990 stock market crash. Commercial land values fell much more quickly than residential land values. As we would posit that the variance of buyer valuations would be greater for residential real estate than for commercial real estate, this model matches the Japanese experience.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115516550","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: 16
The Reaction of Real Estate–Related Industries to the Monetary Policy Actions 房地产相关行业对货币政策动作的反应
Wiley-Blackwell: Real Estate Economics Pub Date : 2010-06-04 DOI: 10.1111/j.1540-6229.2010.00270.x
Levon Goukasian, M. Majbouri
{"title":"The Reaction of Real Estate–Related Industries to the Monetary Policy Actions","authors":"Levon Goukasian, M. Majbouri","doi":"10.1111/j.1540-6229.2010.00270.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2010.00270.x","url":null,"abstract":"We study the impact of changes in U.S. monetary policy on the equity returns of real estate–related industries. We find that, over the 1989–2005 sample period covered in our study, a hypothetical unexpected rate cut of 25 basis points (bps) is associated with an increase of about 170 bps in the value-weighted returns of real estate–related industries. We find that monetary policy impacts the stock prices in real estate–related industries through its impact on the future expected stock returns and not on real interest rates or expected future dividends. There is also some evidence of asymmetry in the responses of the industry returns to the monetary policy actions. A strong stock price response to reversals in the direction of the Federal Reserve's monetary policy is reported.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"72 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121345886","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
Alternative Benchmarks for Evaluating Mutual Fund Performance 评估共同基金业绩的另类基准
Wiley-Blackwell: Real Estate Economics Pub Date : 2010-02-22 DOI: 10.1111/j.1540-6229.2009.00253.x
Jay C. Hartzell, Tobias Mühlhofer, S. Titman
{"title":"Alternative Benchmarks for Evaluating Mutual Fund Performance","authors":"Jay C. Hartzell, Tobias Mühlhofer, S. Titman","doi":"10.1111/j.1540-6229.2009.00253.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2009.00253.x","url":null,"abstract":"While real estate investment trusts (REITs) have experienced very high growth rates over the past 15 years, the growth in mutual funds that invest in REITs has been even more dramatic. REIT mutual fund returns are typically presented relative to the return on a simple value-weighted REIT index. We ask whether including additional factors when benchmarking funds' returns can improve the explanatory power of the models and offer more precise estimates of alpha. We investigate three sets of REIT-based benchmarks, plus an index of returns derived from non-REIT real estate firms, namely homebuilders and real estate operating companies. The REIT-based factors are a set of characteristic factors, a set of property-type factors and a set of statistical factors. Using traditional single-index benchmarks, we find that about 6% of the REIT funds exhibit significant positive performance using traditional significance levels, which is more than twice what random chance would predict. However, with the multiple-index benchmarks that we prefer, this falls considerably to only 0.7%. In addition, we find that these sets of factors and the non-REIT indices better explain the month-to-month returns of the REIT mutual funds. This suggests that investors or researchers evaluating REIT mutual fund performance may benefit from a multiple-benchmark approach.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"189 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133947231","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: 75
The Incidence of the Land Use Regulatory Tax 土地使用调节税的征收
Wiley-Blackwell: Real Estate Economics Pub Date : 2009-12-21 DOI: 10.1111/j.1540-6229.2009.00260.x
Ron Cheung, K. Ihlanfeldt, Tom Mayock
{"title":"The Incidence of the Land Use Regulatory Tax","authors":"Ron Cheung, K. Ihlanfeldt, Tom Mayock","doi":"10.1111/j.1540-6229.2009.00260.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2009.00260.x","url":null,"abstract":"Land use regulation has been found to impose a substantial tax on housing within select U.S. metropolitan areas. In this article, we develop hypotheses regarding the incidence of this tax by income class and racial group within these areas. Parcel-level data from Miami-Dade County, Florida, are used to test our hypotheses. We find that, while the tax rises with a household's permanent income, this rise is less than proportional, making it a regressive tax. We also find, controlling for household permanent income, that the tax is a higher percentage of the price of homes located in black neighborhoods in comparison to those located in white or Hispanic neighborhoods.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129349817","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
Amenity-Based Housing Affordability Indexes 基于便利设施的住房负担能力指数
Wiley-Blackwell: Real Estate Economics Pub Date : 2009-12-21 DOI: 10.1111/j.1540-6229.2009.00261.x
L. Fisher, H. Pollakowski, Jeffrey E. Zabel
{"title":"Amenity-Based Housing Affordability Indexes","authors":"L. Fisher, H. Pollakowski, Jeffrey E. Zabel","doi":"10.1111/j.1540-6229.2009.00261.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2009.00261.x","url":null,"abstract":"The recent slump notwithstanding, substantial increases in house prices in many parts of the United States have served to highlight housing affordability for moderate-income households, especially in high-cost, supply-constrained coastal cities such as Boston. In this article, we develop a new measure of area affordability that characterizes the supply of housing that is affordable to different households in different locations of a metropolitan region. Key to our approach is the explicit recognition that the price/rent of a dwelling is affected by its location. Hence, we develop an affordability methodology that accounts for job accessibility, school quality and safety. This allows us to produce a menu of town-level indexes of adjusted housing affordability. The adjustments are based on obtaining implicit prices of these amenities from a hedonic price equation. We thus use data from a wide variety of sources to rank 141 towns in the greater Boston metropolitan area based on their adjusted affordability. Taking households earning 80% of area median income as an example, we find that consideration of town-level amenities leads to major changes relative to a typical assessment of affordability.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126010066","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: 111
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