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Profitability of Office Rental Market in Seoul: An Application of Simultaneous Structural Equations 首尔写字楼租赁市场的盈利能力:联立结构方程的应用
Wiley-Blackwell: Real Estate Economics Pub Date : 2006-11-21 DOI: 10.1111/j.1540-6229.2006.00163.x
Euijune Kim, W. Yang
{"title":"Profitability of Office Rental Market in Seoul: An Application of Simultaneous Structural Equations","authors":"Euijune Kim, W. Yang","doi":"10.1111/j.1540-6229.2006.00163.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2006.00163.x","url":null,"abstract":"This article is concerned with the estimation of excess rates of return on the office rental market in Seoul using a simultaneous structural equation model. The office rental market in Seoul is spatially divided into CBD and non-CBD, and the model has three behavior equations of Chonsei price, monthly rent and key deposit, with two identity equations of conversion rate and excess rate of return. This article reveals that it would be rational for the owners to ask tenants for a higher deposit with a lower monthly rent under increasing interest rates because the interest rate has a positive effect on the Chonsei deposit and the key deposit, but a negative effect on the monthly rent. Although high nominal interest rate and low economic growth reduce the excess rate of return on both submarkets, the non-CBD office rental market would be more profitable than the CBD market despite lower levels of the monthly rent and key deposit.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114430922","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
Housing Tenure Choice in Australia and the United States: Impacts of Alternative Subsidy Policies 澳大利亚和美国的住房使用权选择:不同补贴政策的影响
Wiley-Blackwell: Real Estate Economics Pub Date : 2006-11-20 DOI: 10.1111/j.1540-6229.2006.00168.x
Steven C. Bourassa, Ming Yin
{"title":"Housing Tenure Choice in Australia and the United States: Impacts of Alternative Subsidy Policies","authors":"Steven C. Bourassa, Ming Yin","doi":"10.1111/j.1540-6229.2006.00168.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2006.00168.x","url":null,"abstract":"This article compares the homeownership rates of young households in Australia and the United States and evaluates the impacts of the two countries' different approaches to subsidizing homeownership. Since about 1950, Australia's rate of homeownership has consistently been higher than that of the United States. The homeownership rate for young adults is also significantly higher in Australia. While the United States allows mortgage interest and property taxes to be deducted from income for tax purposes, Australia has provided cash subsidies for down payments and mortgage payments. We conclude that differences in housing costs and household characteristics do not explain differences in ownership rates. We also conclude that differences in subsidy policies have only a minor impact on ownership rates.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"238 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132296237","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: 60
Price Formation Under Small Numbers Competition: Evidence from Land Auctions in Singapore 小规模竞争下的价格形成:来自新加坡土地拍卖的证据
Wiley-Blackwell: Real Estate Economics Pub Date : 2006-11-19 DOI: 10.1111/j.1540-6229.2006.00159.x
J. Ooi, C. Sirmans, G. Turnbull
{"title":"Price Formation Under Small Numbers Competition: Evidence from Land Auctions in Singapore","authors":"J. Ooi, C. Sirmans, G. Turnbull","doi":"10.1111/j.1540-6229.2006.00159.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2006.00159.x","url":null,"abstract":"This article examines the price formation process under small numbers competition using data from Singapore land auctions. The theory predicts that bid prices are less than the zero-profit asset value in these first-price sealed-bid auctions. The model also shows that expected sales price increases with the number of bidders both because each bidder has an incentive to offer a higher price and because of a greater likelihood that a high-value bidder is present. The empirical estimates are consistent with auction theory and show that the standard land attributes are reflected in auction prices as expected.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134504371","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: 62
The Impact of Environmental Contamination on Condo Prices: A Hybrid Repeat-Sale/Hedonic Approach 环境污染对公寓价格的影响:一种重复销售/享乐的混合方法
Wiley-Blackwell: Real Estate Economics Pub Date : 2006-11-19 DOI: 10.1111/j.1540-6229.2006.00160.x
B. Case, P. Colwell, C. Leishman, Craig Watkins
{"title":"The Impact of Environmental Contamination on Condo Prices: A Hybrid Repeat-Sale/Hedonic Approach","authors":"B. Case, P. Colwell, C. Leishman, Craig Watkins","doi":"10.1111/j.1540-6229.2006.00160.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2006.00160.x","url":null,"abstract":"We extend the literature on the impact of externalities using an approach based on a hybrid of hedonic and repeat-sales methods. The externality in question is groundwater contamination in Scottsdale, Arizona. The use of condominium sales allows us to assume that major physical characteristics remain unchanged, but location parameters may be altered by urban growth and development as well as contamination. We find an economically significant discount for properties located in the contaminated area. Interestingly, it does not appear until several years after the contamination becomes publicly known, and it seems to have disappeared before the end of the study period.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131982081","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: 57
Equilibrium Real Options Exercise Strategies with Multiple Players: The Case of Real Estate Markets 多参与者均衡实物期权执行策略:以房地产市场为例
Wiley-Blackwell: Real Estate Economics Pub Date : 2006-11-19 DOI: 10.1111/j.1540-6229.2006.00158.x
Ko Wang, Yuqing Zhou
{"title":"Equilibrium Real Options Exercise Strategies with Multiple Players: The Case of Real Estate Markets","authors":"Ko Wang, Yuqing Zhou","doi":"10.1111/j.1540-6229.2006.00158.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2006.00158.x","url":null,"abstract":"This article derives a closed-form solution for an equilibrium real options exercise model with stochastic revenues and costs for monopoly, duopoly, oligopoly and competitive markets. Our model also allows one option holder to have a greater production capacity than others. Under a monopolistic environment we find that the optimal option exercise strategy in real estate markets is dramatically opposite to that in a financial (warrant) market, indicating the importance of paying attention to the institutional details of the underlying market when analyzing option exercise strategies. Our model can be generalized to the pricing of convertible securities and capital investment decisions involving both stochastic revenues and costs under different types of market structures.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132042549","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: 70
A Simple Bayesian Procedure for Sample Size Determination in an Audit of Property Value Appraisals 在财产价值评估审计中确定样本量的简单贝叶斯程序
Wiley-Blackwell: Real Estate Economics Pub Date : 2006-11-19 DOI: 10.1111/j.1540-6229.2006.00162.x
N. Berg
{"title":"A Simple Bayesian Procedure for Sample Size Determination in an Audit of Property Value Appraisals","authors":"N. Berg","doi":"10.1111/j.1540-6229.2006.00162.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2006.00162.x","url":null,"abstract":"The article proposes a simple Bayesian technique for auditing property appraisals to determine whether state accuracy guidelines are met. The proposed technique addresses elicitation of appraisers' prior beliefs, computation of reappraisal sample sizes and reporting of audit results. To facilitate communication of quantitative audit findings to nonstatistician stakeholders, the concept of variance appears nowhere in prior elicitation or reporting. In contrast to classical frequentist techniques, the Bayesian procedure easily integrates expert judgment and responds flexibly to the arrival of new information. In addition, the Bayesian procedure significantly reduces the number of reappraisals required to regulate appraisal systems when they are functioning well. The technique can be applied in other settings where government officials audit their own work and must convince overseers, especially the public, that accuracy requirements are satisfied.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"216 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121553616","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: 14
Comovement after Joining an Index: Spillovers of Nonfundamental Effects 加入一个指数后的共同运动:非基本效应的溢出效应
Wiley-Blackwell: Real Estate Economics Pub Date : 2006-06-05 DOI: 10.1111/j.1540-6229.2007.00182.x
B. Ambrose, Dong Wook Lee, J. Peek
{"title":"Comovement after Joining an Index: Spillovers of Nonfundamental Effects","authors":"B. Ambrose, Dong Wook Lee, J. Peek","doi":"10.1111/j.1540-6229.2007.00182.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2007.00182.x","url":null,"abstract":"This study considers the case of two overlapping categories in the context of recent category models. Specifically, we examine whether investor sentiment and market frictions specific to one category can affect the returns on assets belonging to the other category. With recent additions of several real estate investment trusts (REITs) into general stock market indices as a natural experiment, we find support for spillovers of such nonfundamental effects, as evidenced by the increased return correlation between REITs that remain outside the index and the index stocks. Further analysis reveals that market frictions play a greater role than investor sentiment.","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122451069","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: 99
Risk and Return in the U.S. Housing Market: A Cross-Sectional Asset-Pricing Approach 美国房地产市场的风险与回报:一个横断面资产定价方法
Wiley-Blackwell: Real Estate Economics Pub Date : 2006-03-06 DOI: 10.1111/j.1540-6229.2006.00177.x
S. Cannon, N. Miller, Gurupdesh Pandher
{"title":"Risk and Return in the U.S. Housing Market: A Cross-Sectional Asset-Pricing Approach","authors":"S. Cannon, N. Miller, Gurupdesh Pandher","doi":"10.1111/j.1540-6229.2006.00177.x","DOIUrl":"https://doi.org/10.1111/j.1540-6229.2006.00177.x","url":null,"abstract":"This article carries out an asset-pricing analysis of the U.S. metropolitan housing market. We use ZIP code-level housing data to study the cross-sectional role of volatility, price level, stock market risk and idiosyncratic volatility in explaining housing returns. While the related literature tends to focus on the dynamic role of volatility and housing returns within submarkets over time, our risk-return analysis is cross-sectional and covers the national U.S. metropolitan housing market. The study provides a number of important findings on the asset-pricing features of the U.S. housing market. Specifically, we find (i) a positive relation between housing returns and volatility, with returns rising by 2.48% annually for a 10% rise in volatility, (ii) a positive but diminishing price effect on returns and (iii) that stock market risk is priced directionally in the housing market. Our results on the return-volatility-price relation are robust to (i) metropolitan statistical area clustering effects and (ii) differences in socioeconomic characteristics among submarkets related to income, employment rate, managerial employment, owner-occupied housing, gross rent and population density. Copyright 2006 American Real Estate and Urban Economics Association","PeriodicalId":259209,"journal":{"name":"Wiley-Blackwell: Real Estate Economics","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122864930","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: 86
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