MIT Center for Real Estate Research Paper Series最新文献

Estimating Market Fundamentals from REIT data 从房地产投资信托基金数据估计市场基本面

MIT Center for Real Estate Research Paper Series Pub Date : 2021-07-06 DOI: 10.2139/ssrn.3881407

D. Geltner, Anil Kumar, Alex M. van de Minne

{"title":"Estimating Market Fundamentals from REIT data","authors":"D. Geltner, Anil Kumar, Alex M. van de Minne","doi":"10.2139/ssrn.3881407","DOIUrl":"https://doi.org/10.2139/ssrn.3881407","url":null,"abstract":"In this paper we propose a new methodology for the estimation of fundamental property-level investment real estate time series performance and operating data using real estate investment trust (REIT) data. The method-ology is particularly useful to develop publicly accessible operating statistics, such as income or expenses per square foot. Commercial property operating statistics are relatively under-studied from an investment perspective. To demonstrate the methodology and its usefulness, we estimate the time series of property values, net operating income, cap rates, operating expenses and capital expenditures, per square foot of building area, by property type (sector) at a quarterly frequency for multiple speciﬁc geographic markets from 2004 through 2018. The methodology is essentially an extension and enhancement of the so-called “Pure Play” method introduced by Geltner and Kluger (1998). It enables easy derivation of important basic data that should be useful for academic and industry practitioner analysts, derived from high quality stock market based information. The extensions and enhancements introduced here to the prior methodology allow estimation of actual quantity levels rather than just longitudinal relative values (index numbers). They also avoid the need for any data source other than published REIT data. And we introduce a Bayesian framework that allows the estimation of reliable time series even in small markets.","PeriodicalId":331906,"journal":{"name":"MIT Center for Real Estate Research Paper Series","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123566901","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

Is Innovation Really in a Place? Accelerator Program Impacts on Firm Performance 创新真的存在吗?加速器计划对企业绩效的影响

MIT Center for Real Estate Research Paper Series Pub Date : 2021-07-06 DOI: 10.2139/ssrn.3881997

Sheharyar Bokhari, Andrea M. Chegut, D. Frenchman, Isabel Tausendschoen

{"title":"Is Innovation Really in a Place? Accelerator Program Impacts on Firm Performance","authors":"Sheharyar Bokhari, Andrea M. Chegut, D. Frenchman, Isabel Tausendschoen","doi":"10.2139/ssrn.3881997","DOIUrl":"https://doi.org/10.2139/ssrn.3881997","url":null,"abstract":"We investigate the impact of an entrepreneurial amenity for urban agglomeration, accelerator programs, upon start-up ﬁrm’s private equity performance. Accelerators are ﬁrm development programs that utilize physical space, human capital development programming, mentorship, ﬁnancial capital, and community engagement to accelerate the ﬁnancial feasibility of start-up ﬁrms. A sample of US accelerator treated and matched control ﬁrm’s over the 2005 to 2015 period yields a study of 16,720 ﬁrms. Results indicate that there is statistically signiﬁcantly more cumulative funding for accelerated ﬁrms, when taking into consideration the endogenous choice and selection of start-up ﬁrms into programs and series stage in cumulative funding. Secondly, we assess variation across accelerator participation timing and ﬁnd that ﬁrms with pre-funding when coming into an accelerator leads to higher cumulative funding. Lastly, we document accelerator program’s ability to cultivate agglomeration through space and programming amenities like free physical space, program length, program cohort size, investor equity stake and scale of capital injection impacts upon cumulative funding. This study supports evidence of correlation between start-up ﬁrm performance and accelerator program amenities. Accelerators can have signiﬁcant impact on the life-long health of young private-equity ﬁrms and can be considered as a public and private tool to create economic growth post-Covid-19.","PeriodicalId":331906,"journal":{"name":"MIT Center for Real Estate Research Paper Series","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131964412","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

Air Pollution and Negative Housing Premium in Korea: Incorporating Transboundary Pollution Spillovers from China 韩国空气污染与负住房溢价:考虑中国跨境污染溢出效应

MIT Center for Real Estate Research Paper Series Pub Date : 2021-07-06 DOI: 10.2139/ssrn.3881408

K. Nam, Yifu Ou, Euijune Kim, Siqi Zheng

{"title":"Air Pollution and Negative Housing Premium in Korea: Incorporating Transboundary Pollution Spillovers from China","authors":"K. Nam, Yifu Ou, Euijune Kim, Siqi Zheng","doi":"10.2139/ssrn.3881408","DOIUrl":"https://doi.org/10.2139/ssrn.3881408","url":null,"abstract":"In this study, we estimate the degree and scope of PM2.5-induced negative price shock in Korea’s local housing markets, taking a 2SLS hedonic approach. For the analysis, we constructed a 5-year panel data set of Korea’s 110 city and county level municipalities between 2012 and 2016, and instrumented inverse distance-weighted, wind direction-aligned PM2.5 levels in 260 Chinese prefecture-level cities to consider the long-range transport of air pollutants. We find a PM2.5 elasticity of housing price of -0.36 for the period analyzed, suggesting that, on average, a 1% PM2.5 level increase in a Korean city or county is associated with a 0.36% decline in local residential property value. Transboundary pollution has significant effects on Korea’s local PM2.5 levels, showing an elasticity of 0.05—a unit % increase in PM2.5 levels in China’s major cities exacerbates Korea’s PM pollution by 0.05%, accounting for a comparable share of the PM-caused negative housing premium. Compared to the national average, PM2.5 elasticity with respect to housing price is 22–25% higher in Seoul and its vicinity, which is more vulnerable to transboundary pollution than the rest of Korea.","PeriodicalId":331906,"journal":{"name":"MIT Center for Real Estate Research Paper Series","volume":"70 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130848176","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

Subway Expansion, Jobs Accessibility and Home Value Appreciation in Four Global Cities: Considering Both Local and Network Effects 四个全球城市的地铁扩张、工作可达性和房屋价值增值:考虑本地效应和网络效应

MIT Center for Real Estate Research Paper Series Pub Date : 2021-02-15 DOI: 10.2139/ssrn.3784735

A. Costa, Camila Ramos, Siqi Zheng

{"title":"Subway Expansion, Jobs Accessibility and Home Value Appreciation in Four Global Cities: Considering Both Local and Network Effects","authors":"A. Costa, Camila Ramos, Siqi Zheng","doi":"10.2139/ssrn.3784735","DOIUrl":"https://doi.org/10.2139/ssrn.3784735","url":null,"abstract":"We explore the potential of incorporating accessibility analysis in studying the impact of subway expansions on the real estate market. We first demonstrate that using increases in accessibility to firms as a continuous treatment variable instead of its binary alternative, the station-dummy approach, yields better goodness-of-fit in a quasi-experimental econometric analysis. We show that the dummy treatment variable consistently reported overestimated coefficients of impact for new subway stations. Furthermore, accessibility measures allow the exploration of impacts beyond the local effects around new subway stations, shedding light on network impact that has been largely overlooked in the literature. To provide greater external validity to our results, we apply the same analysis to the cities of Santiago (Chile), São Paulo (Brazil), Singapore, and Barcelona (Spain) and explore the common results. We argue that the integration of urban economics and transportation analysis can bring innovation to the empirical approach commonly adopted in the literature, and the use of accessibility measures in causal empirical studies on transportation impacts can produce more robust and comprehensive results and capture the nuanced spatial heterogeneity effects.","PeriodicalId":331906,"journal":{"name":"MIT Center for Real Estate Research Paper Series","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131237524","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: 2

Intrinsic Real Option Value: Empirical Evidence from Commercial Real Estate Investors 实物期权内在价值:来自商业房地产投资者的经验证据

MIT Center for Real Estate Research Paper Series Pub Date : 2020-11-13 DOI: 10.2139/ssrn.3729930

S. Buechler, Alex M. van de Minne, Olivier Schöni

引用次数: 0

Will CoWorking Work? 联合办公行得通吗?

MIT Center for Real Estate Research Paper Series Pub Date : 2019-02-19 DOI: 10.2139/ssrn.3784792

William L. C. Wheaton, A. Krasikov

{"title":"Will CoWorking Work?","authors":"William L. C. Wheaton, A. Krasikov","doi":"10.2139/ssrn.3784792","DOIUrl":"https://doi.org/10.2139/ssrn.3784792","url":null,"abstract":"“CoWorking” represents a new way of providing office space to corporate workers. Rather than companies acquiring dedicated space for their workforce at one or a few sites under long term leases (or ownership), companies contract with a “service provider” to have their workers housed “flexibly” at a range of sites for variable terms. In the extreme, companies allow their workers to make their own space arrangements – while picking up the tab. This allows the service provider to operate its office space like a “hotel”. The observation that many traditional offices are significantly underutilized raises the possibility that this new arrangement could save companies on overall occupancy costs. In this paper we analyze this alternative in terms of whether it can provide companies with equal labor productivity at a lower cost – and provide a viable business model for the service provider. Our analysis identifies a number of issues which will significantly impact the ability of this new model to “work”. Empirically, we examine the recent sales prices of office properties that have been structured largely as CoWorking facilities and compare them with a similar sales set of properties using traditional tenancy. Buildings with the new model have lower sales prices and cap rates, suggesting investor concern over the issues which we have identified.","PeriodicalId":331906,"journal":{"name":"MIT Center for Real Estate Research Paper Series","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134466371","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: 2