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REIT Auditor Fees and Financial Market Transparency 房地产投资信托基金审计师收费与金融市场透明度
Wiley-Blackwell: Real Estate Economics Pub Date : 2009-09-01 DOI: 10.1111/j.1540-6229.2009.00250.x
Bartley R. Danielsen, David M. Harrison, R. Van Ness, Richard S. Warr
{"title":"REIT Auditor Fees and Financial Market Transparency","authors":"Bartley R. Danielsen, David M. Harrison, R. Van Ness, Richard S. Warr","doi":"10.1111/j.1540-6229.2009.00250.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2009.00250.x","url":null,"abstract":"∗∗∗ ∗∗∗ ∗∗∗∗ This article examines the relationship between overinvestment in audit services, abnormal nonaudit fees paid to the auditor and market-based measures of firm transparency. Because real estate investment trusts (REITs) must distribute 90% of their earnings as dividends, many are repeat participants in the seasoned equity market. Thus, REITs have unusually strong incentives to strive for security market transparency. We find that the capital markets reward REITs that overinvest in audit services with better liquidity as measured by bid-ask spreads. However, firms with abnormally high nonaudit expenditures appear to be penalized with wider spreads, consistent with the notion that such fees may compromise auditor independence.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115199095","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: 31
Language, Agglomeration and Hispanic Homeownership 语言、聚集和西班牙裔住房所有权
Wiley-Blackwell: Real Estate Economics Pub Date : 2009-06-01 DOI: 10.1111/j.1540-6229.2009.00238.x
D. Haurin, S. Rosenthal
{"title":"Language, Agglomeration and Hispanic Homeownership","authors":"D. Haurin, S. Rosenthal","doi":"10.1111/j.1540-6229.2009.00238.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2009.00238.x","url":null,"abstract":"As of the fourth quarter of 2007, 74.9% of white non-Hispanic families but only 48.5% of Hispanic families owned homes. We argue that low rates of homeownership in Hispanic communities create a self-reinforcing mechanism that contributes to this large disparity. In part, this occurs because proximity to other homeowners belonging to a family's social network improves access to information about how to become a homeowner. Role model effects may also be relevant. We investigate these issues using household-level data on out-of-state movers from the 2000 Decennial Census. Three especially important results are obtained. First, proximity to Hispanic homeowners in the 1995 place of residence increases the propensity of a Hispanic family to own a home in 2000. Second, that effect is especially strong with respect to proximity to weak English-speaking Hispanic homeowners. Third, these patterns hold regardless of the Hispanic family's own ability to speak English. From a policy perspective, these results suggest that local programs designed to promote homeownership among weak English-speaking Hispanic families likely increase Hispanic homeownership beyond just the immediate program participants.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134295522","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: 30
The Effect of Clustering on Office Rents: Evidence from the Amsterdam Market 集聚对写字楼租金的影响:来自阿姆斯特丹市场的证据
Wiley-Blackwell: Real Estate Economics Pub Date : 2009-06-01 DOI: 10.1111/j.1540-6229.2009.00239.x
Maarten Jennen, D. Brounen
{"title":"The Effect of Clustering on Office Rents: Evidence from the Amsterdam Market","authors":"Maarten Jennen, D. Brounen","doi":"10.1111/j.1540-6229.2009.00239.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2009.00239.x","url":null,"abstract":"This article examines the rent effects of office clustering in the Amsterdam office market for the period 2000–2005. We isolate the rent effects of location density based on geographic information system (GIS) methodology, while controlling for variations in object characteristics in a cross-sectional hedonic model. While controlling for the age, location and quality of the object, we find a strong positive effect of being located in dense office areas. We find that the vicinity of other office objects is priced into rent levels, regardless of market conditions. This article extends existing literature by examining the influence of clustering outside the United States, during changing economic tides and by application of novel methodology, based on objective clustering schemes, which can be replicated for other geographic areas.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129281059","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: 23
Deed Types, House Prices and Mortgage Interest Rates 契约类型，房价和抵押贷款利率
Wiley-Blackwell: Real Estate Economics Pub Date : 2008-08-04 DOI: 10.1111/j.1540-6229.2008.00223.x
David M. Brasington, R. Sarama
{"title":"Deed Types, House Prices and Mortgage Interest Rates","authors":"David M. Brasington, R. Sarama","doi":"10.1111/j.1540-6229.2008.00223.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2008.00223.x","url":null,"abstract":"When houses are sold they come with a deed attached that spells out the legal guarantees on good title. Some deeds give clues about the characteristics of the seller or the house. Using a 37,043-observation house price hedonic with a Bayesian spatial error model, we find the type of deed attached to a housing sale can have a dramatic correlation with the sale price. Ten deed types command a discount, and one commands a premium relative to warranty deeds. Mortgage rates for sheriff's deeds and foreclosure deeds are lower than for warranty deeds, indicating more sophisticated buyers.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-08-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129162957","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
Modeling Housing Market Fundamentals: Empirical Evidence of Extreme Market Conditions 房地产市场基本面建模:极端市场条件的实证证据
Wiley-Blackwell: Real Estate Economics Pub Date : 2008-02-02 DOI: 10.1111/j.1540-6229.2008.00204.x
S. Stevenson
{"title":"Modeling Housing Market Fundamentals: Empirical Evidence of Extreme Market Conditions","authors":"S. Stevenson","doi":"10.1111/j.1540-6229.2008.00204.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2008.00204.x","url":null,"abstract":"This article examines the issues encountered in the modeling of market fundamentals during a period of extreme price behavior. The study analyzes the price behavior of the residential property market in Ireland using a number of alternative methodological approaches in the estimation of fundamental market value. Limitations in conventional models such as an inverted demand model are highlighted, in particular, with regard to diagnostic concerns and the static nature of the model. The use of an error correction framework provides more consistent and robust findings. The analysis does appear to indicate that a substantial premium over fundamental values developed in the Irish market during the late 1990s, reaching a peak in 1999 and 2000. However, in recent years, prices have largely been in line with fundamentals.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133320266","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: 90
The Influence of Household Formation on Homeownership Rates Across Time and Race 不同时期和种族的家庭结构对住房自有率的影响
Wiley-Blackwell: Real Estate Economics Pub Date : 2007-11-18 DOI: 10.1111/j.1540-6229.2007.00196.x
D. Haurin, S. Rosenthal
{"title":"The Influence of Household Formation on Homeownership Rates Across Time and Race","authors":"D. Haurin, S. Rosenthal","doi":"10.1111/j.1540-6229.2007.00196.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2007.00196.x","url":null,"abstract":"Homeownership rates equal the number of households that own homes divided by the number of households in the population. Differences in the propensity to form a household, therefore, may contribute to changes in homeownership rates over time in addition to longstanding racial gaps in homeownership. We examine these issues on an age-specific basis using data from the 1970 to 2000 public use micro samples (PUMS) of the decennial census. Results indicate that lower headship rates tend to reduce homeownership rates. This pattern is most notable for individuals in their early and mid-20s. For these individuals, declining headship rates between 1970 and 2000 reduced homeownership rates by 3 to 5 percentage points. Moreover, year-2000 African American headship rates narrow white-black gaps in homeownership by roughly three percentage points, while year-2000 Hispanic headship rates widen white-Hispanic gaps in homeownership by two to three percentage points. Thus, controlling for differences in headship behavior, white-black homeownership gaps are somewhat more severe than previously recognized, but the reverse is true for white-Hispanic gaps.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129239301","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: 78
Valuing Retail Shopping Center Lease Contracts 零售购物中心租赁合同价值评估
Wiley-Blackwell: Real Estate Economics Pub Date : 2007-11-18 DOI: 10.1111/j.1540-6229.2007.00203.x
Hoon Cho, J. Shilling
{"title":"Valuing Retail Shopping Center Lease Contracts","authors":"Hoon Cho, J. Shilling","doi":"10.1111/j.1540-6229.2007.00203.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2007.00203.x","url":null,"abstract":"In this article we set up a real option model of retail shopping center leases. The model incorporates the effects of stochastic sales externalities and the possibility of tenant default, and in the presence of these effects, we derive and solve a partial differential equation that can be used to price a lease transaction. The model then sums across all tenants to determine the value of the shopping center. The model generates a number of new predictions, including why a Jorgensonian user cost of capital may overestimate shopping center values, why the general industry practice is to ignore percentage rent payments and tenant default risk in commercial mortgage underwriting and why shopping center owners may not act opportunistically as most observers seem to think they do.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131972057","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: 26
Predictability in Equilibrium: The Price Dynamics of Real Estate Investment Trusts 均衡中的可预测性:房地产投资信托的价格动态
Wiley-Blackwell: Real Estate Economics Pub Date : 2007-11-18 DOI: 10.1111/j.1540-6229.2007.00200.x
D. Capozza, Ryan D. Israelsen
{"title":"Predictability in Equilibrium: The Price Dynamics of Real Estate Investment Trusts","authors":"D. Capozza, Ryan D. Israelsen","doi":"10.1111/j.1540-6229.2007.00200.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2007.00200.x","url":null,"abstract":"This research hypothesizes that, in markets where information costs, transaction costs and the economic impact of information can vary widely, we should expect predictability to vary systematically. We test this hypothesis with data on equity real estate investment trusts (REITs) from 1985 to 1992. We document that levels of predictability vary with firm characteristics like leverage, size and focus. Momentum is stronger for larger, more levered REITs. Reversion is faster for focused, levered REITs. The results are consistent with the hypothesis that, in equilibrium, securities, where information is either less costly to acquire or has less impact on fundamental value, should exhibit less predictability.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127819028","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: 24
The Variation of Homeowner Tax Preferences by Income, Age and Leverage 收入、年龄和杠杆对房主税收优惠的影响
Wiley-Blackwell: Real Estate Economics Pub Date : 2007-11-18 DOI: 10.1111/j.1540-6229.2007.00199.x
David C. Ling, Gary A. McGill
{"title":"The Variation of Homeowner Tax Preferences by Income, Age and Leverage","authors":"David C. Ling, Gary A. McGill","doi":"10.1111/j.1540-6229.2007.00199.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2007.00199.x","url":null,"abstract":"It is well known that owner-occupied housing has long received favorable tax treatment in the U.S. federal income tax system relative to a system in which all income, regardless of its source, is subject to taxation. As a result, many economists have argued that the United States overinvests in owner-occupied housing relative to the investment that would result from a neutral income tax system. In addition, the distribution of the subsidy is often viewed as inequitable because high-income households receive the largest subsidy per dollar of housing. This article uses the 2005 American Housing Survey, conducted by the U.S. Department of Commerce, to perform a microlevel analysis of the current magnitude and distribution of homeowner tax preferences. We then assess how the magnitude and distribution of tax preferences would be altered by replacement of the mortgage interest deduction with a 15% credit.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123165570","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
Commercial Real Estate Valuation, Development and Occupancy under Leasing Uncertainty 租赁不确定性下的商业地产估值、开发和占用
Wiley-Blackwell: Real Estate Economics Pub Date : 2007-02-16 DOI: 10.1111/j.1540-6229.2007.00181.x
R. Buttimer, S. Ott
{"title":"Commercial Real Estate Valuation, Development and Occupancy under Leasing Uncertainty","authors":"R. Buttimer, S. Ott","doi":"10.1111/j.1540-6229.2007.00181.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2007.00181.x","url":null,"abstract":"A model of commercial property valuation is developed where individual property owners are price takers and tenants randomly arrive and depart. Spot lease and tenant reservation prices are stochastic and correlated and can divert from but eventually revert back to market equilibrium. Within this framework we examine built property values and vacancy rates for varying parameter sets representing differing markets and economic conditions. We also examine how potential and existing vacancies, spot lease prices and tenant reservation prices feed back into development decisions. We demonstrate how preleasing acts as a hedge to the developer against the risk of leasing uncertainty.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121270687","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: 17
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