ERN: Real Estate Economics (Topic)最新文献

{"title":"Property Prices and the Real Sector: Comovements in European Markets","authors":"M. Erdem, Michela Scatigna","doi":"10.2139/ssrn.2841667","DOIUrl":"https://doi.org/10.2139/ssrn.2841667","url":null,"abstract":"The paper establishes stylised facts about residential and commercial property prices focusing on 12 European markets over the sample 1984-2013. Using the measure of dynamic correlation and cohesion we look at the medium and long-term dynamics in the real estate markets. We investigate how do comovements within real estate cycles relate to comovements within cycles of real activity variables over time.","PeriodicalId":350363,"journal":{"name":"ERN: Real Estate Economics (Topic)","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125823388","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}

{"title":"House Price Variation and the Convenience Yield to Owning One’s Home","authors":"Jason M. Thomas, R. Savickas","doi":"10.2139/ssrn.1986464","DOIUrl":"https://doi.org/10.2139/ssrn.1986464","url":null,"abstract":"Existing models of mortgage default cannot explain variation in mortgage performance across origination years because they do not account for the “convenience yield” households derive from owning, rather than renting, a home. The convenience yield is the flow of services from owning rather than renting an otherwise identical residence. This includes the ability to enter into a longer-term housing services contract, customize the residence, and pledge the house as collateral for external finance to increase current period non-housing consumption. We use house price and owner’s equivalent rent data to estimate the stochastic convenience yield of Gibson and Schwartz (1990) and Schwartz (1997) parameterized through the Kalman filter. We find that the national convenience yield is closely related to the rate of home equity withdrawal, while cross-sectional variation in the average convenience yield across metropolitan areas is explained by population churn rates. Both findings are consistent with the theory of an endogenous convenience yield to home ownership.","PeriodicalId":350363,"journal":{"name":"ERN: Real Estate Economics (Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131679861","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}

{"title":"Estimating the Excess Returns to Housing at a Disaggregated Level: An Application to Sydney 2003-11","authors":"Daniel Melser, Adrian D. Lee","doi":"10.2139/ssrn.2008541","DOIUrl":"https://doi.org/10.2139/ssrn.2008541","url":null,"abstract":"The returns to housing are particularly important because this asset class makes up such a large fraction of household wealth. Yet they are not straightforward to calculate given both the heterogeneity in homes and the fact they sell only infrequently. We outline a methodology for constructing the excess returns to housing at a disaggregated level, essentially that of the individual home. Our approach explicitly takes account of the inherent risk in home ownership with regard to the capital gain or loss component of housing returns. This approach is applied to a rich data set for Sydney, Australia, from 2003Q1 to 2011Q2. Our findings indicate that the returns to housing are on average quite weak though they exhibit significant diversity across dwelling types and regions. Excess returns are also strongly influenced by assumptions regarding the level of risk aversion.","PeriodicalId":350363,"journal":{"name":"ERN: Real Estate Economics (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125395177","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}

{"title":"Exclusion and Private Law Theory: A Comment on Property as the Law of Things","authors":"Eric R. Claeys","doi":"10.2139/ssrn.2005860","DOIUrl":"https://doi.org/10.2139/ssrn.2005860","url":null,"abstract":"This Comment responds to an article by Professor Henry Smith, “Property as the Law of Things,” forthcoming in a symposium sponsored by the Harvard Law Review on “The New Private Law Theory.” In his lead Article, Professor Smith critiques what he calls the “bundle” picture of property, which he attributes to Legal Realists. Using an economic theory of information costs, Smith concludes that the bundle picture does not explain as many basic features of property as a “thing” picture. I agree with Smith that the bundle picture suffers from many important problems, and I agree with his diagnoses of many of those problems. However, I prefer to study property not with economic analysis but with normative and analytical philosophy. Smith’s and my methodological differences may be of interest to the New Private Law Theory, which encourages close study of the criteria by which interdisciplinary theories of law purport to explain or justify private law. In that spirit, this Comment gives Smith’s information-cost economic analysis a hard look, relying on prior natural law and analytical legal positivist scholarship on the structure of the private law.","PeriodicalId":350363,"journal":{"name":"ERN: Real Estate Economics (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128256125","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}

{"title":"Vor- und Nachteile von direkten und indirekten Immobilienanlagen (Advantages and Disadvantages of Direct and Indirect Real Estate Investments)","authors":"Steffen P. Sebastian, Bertram I. Steininger, Melanie Wagner-Hauber","doi":"10.2139/SSRN.1995685","DOIUrl":"https://doi.org/10.2139/SSRN.1995685","url":null,"abstract":"Immobilien konnen ein Portfolio stabilisieren – doch nur, wenn die Investitionen ausreichend breit gestreut sind. Institutionelle wie private Anleger, die direkt in eine oder nur wenige Immobilien investieren, erzielen jedoch oft den gegenteiligen Effekt. Denn nach dem Kauf einer Immobilie ist mittels Kreditfinanzierung haufig deutlich mehr als 100% des Anlagevermogens in einer einzigen Investition gebunden. Mit Blick auf die Diversifikation des Gesamtportfolios und mogliche Immobilien- und Standortrisiken ist das auserordentlich ungunstig. Fur nahezu alle Privatanleger, aber auch fur viele institutionelle Anleger empfiehlt es sich daher, auf den Kauf einer Immobilie als Kapitalanlage zu verzichten und stattdessen indirekt in Immobilien zu investieren. Hierfur stehen eine Reihe von unterschiedlichen Vehikeln wie Offene und geschlossene Immobilienfonds sowie Immobilien-Aktien und REITs zur Verfugung.In der vorliegenden Studie wurden die verschiedenen Vehikel untereinander sowie mit Direktinvestitionen verglichen. Unser Ziel war es, deren masgeblichen Eigenschaften, darunter Mindestinvestitionssumme, Liquiditat, Inflationsschutz und Kosten herauszuarbeiten, um Anlegern eine Hilfestellung bei der Investitionsentscheidung zu geben. Das Ergebnis: Wer das Borsenrisiko nicht scheut und langfristig investieren mochte, kann auch in Immobilien-Aktien oder REITs investieren. Diese konnen zu uberschaubaren Preisen erworben werden und bieten vielfach ein Hochstmas an Liquiditat und Transparenz bei geringen Transaktionskosten. Zur Risikodiversifikation sollte moglichst in ein Portfolio von Gesellschaften oder in REIT-Fonds investiert werden. Prinzipiell uberzeugt hat auch der zuletzt aufgrund von Fondsschliesungen in die Kritik geratene Offene Immobilienfonds.Trotz des potentiellen Liquiditatsrisikos ist der Offene Fonds ein attraktives und hochdiversifiziertes Anlageprodukt und auserhalb von Krisenzeiten auch deutlich liquider als eine Direktinvestition. Bei leicht hoheren Transaktionskosten zeichnen sich Offene Fonds auserdem dadurch aus, dass sie kein Borsenrisiko aufweisen. Zudem ist damit zu rechnen, dass sich das Risiko von Fondsschliesungen durch Anderungen im Investmentgesetz kunftig reduziert. Dennoch kann auch fur die Zukunft nicht ausgeschlossen werden, dass Fonds die Anteilsscheinrucknahme zwischenzeitlich aussetzen mussen und Anleger vorubergehend nicht an ihr Geld kommen. Das optimale Vehikel gibt es leider nicht. Insbesondere kann es auch die beste Rechtsform nicht andern, dass es sich bei Immobilieninvestitionen um grundsatzlich riskante Anlagen handelt. Private wie institutionelle Anleger konnen aber individuell entscheiden, welchen Risiken sie sich aussetzen wollen und welches Investment zu ihnen passt. Hierzu soll diese Studie eine erste Unterstutzung bieten.The aim of this study is to present and discuss the advantages and disadvantages of real estate investments based on the most important decision criteria for typical private investors as","PeriodicalId":350363,"journal":{"name":"ERN: Real Estate Economics (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129004998","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}

{"title":"Housing Busts and Household Mobility: an Update","authors":"Fernando V. Ferreira, Joseph Gyourko, Joseph S. Tracy","doi":"10.2139/ssrn.1959939","DOIUrl":"https://doi.org/10.2139/ssrn.1959939","url":null,"abstract":"This paper provides updated estimates of the impact of three financial frictions - negative equity, mortgage lock-in, and property tax lock-in - on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample and also create an improved measure of permanent moves in response to Schulhofer-Wohl's (2011) critique of our earlier work (Ferreira, Gyourko and Tracy (2010)). Our updated estimates corroborate our previous results: negative equity reduces household mobility by 30 percent, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10%-16%. Schulhofer-Wohl's finding of a slight positive correlation between mobility and negative equity appears due to a large fraction of false positives, as his coding methodology has the propensity to misclassify almost half of the additional moves it identifies relative to our measure of permanent moves. This also makes his mobility measure dynamically inconsistent, as many transitions originally classified as a move are reclassified as a non-move when additional AHS panels become available. We conclude with directions for future research, including potential improvements to measures of household mobility.","PeriodicalId":350363,"journal":{"name":"ERN: Real Estate Economics (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121815129","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}