{"title":"Analysing the Impact of Participation in Community Activities (Festivals) on Mental Health","authors":"Misaki Ueno","doi":"10.53383/100343","DOIUrl":"https://doi.org/10.53383/100343","url":null,"abstract":"Social capital is vital for community activities, such as those pertaining to area management activities. Furthermore, festivals and the existence of temples and shrines are crucial for enhancing social capital in Japan. Among all of the area management activities in Japan, festivals are typically held at shrines, which allow attendees to pray for their health and well-being. In this paper, we investigate the impact of participating in festivals and traditional events on mental health. We conduct a nationwide questionnaire survey in Japan and use ordered logit techniques to analyse the impact of participation in festivals and traditional events on mental health. It is found that community activities related to festivals and traditional events normalise mental health. The dependent variable (i.e., the Kessler Psychological Distress Scale (K6)), is negative and statistically significant, which denote that participation in community activities can stabilise mental health. Since landscape maintenance activities, such as cleaning, are not statistically significant, it would be effective to merge such activities with festivals and other community-based efforts. It is also important to consider how residents could be motivated to participate in community activities when ties with neighbours become weaker.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"2 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79634904","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":"Office Property Pricing and Macroeconomic Shocks: European Regions through the Real Estate Cycle","authors":"Elmar Lang, Ferdinand Mager, Kerstin Hennig","doi":"10.53383/100341","DOIUrl":"https://doi.org/10.53383/100341","url":null,"abstract":"We study the relation between European office prices and their fundamentals by using a panel dataset of 29 major European cities over 25 years. We control for the dotcom crisis, global financial crisis (GFC), and sovereign debt crisis to analyze the varying impact of our variables. We find real estate variables such as rent and vacancies to be the most important factors in explaining for office values. For the European Monetary Union, we find monetary policy measures played a considerable role only during the GFC. For Europe as a whole, monetary policy variables are less important. We document a strong negative linkage of the risk premium of investors to office prices during crisis times, but not in normal times. The dotcom crisis left European office prices almost unaffected. The German and Swiss office markets exhibit safe haven characteristics.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"44 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87993415","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":"Vertical Housing Price Gradient and Ground Floor Premium in Taipei City","authors":"Yu-Hui Chen, C. Peng, Chunghsien Yang","doi":"10.53383/100340","DOIUrl":"https://doi.org/10.53383/100340","url":null,"abstract":"This study aims to examine the influence of the floor level on housing prices based on the vertical dimensions of the building. A two stage least squares regression (2SLS) and two stage quantile regression (2SQR) are utilized to analyze the urban regions in Taipei City by using data obtained from the online actual price registry of real estate transactions from August 2012 to April 2020. After considering the spatial autocorrelation, the following conclusions are reached. First, in addition to the ground floor, the floor level premium is 0.55% for residential buildings with an elevator, and the premium increases when the housing price quantile increases. However, for walk-up apartments, there is a floor level discount of -4.21%, and the price discount increases when the quantile for the housing price increases. Secondly, when compared to the other floors, the ground floor premium is 9.61% for residential buildings with an elevator, which is a little higher than walk-up apartments for which the ground floor premium is 8.54%. The results reveal that the influence of the type of residential building and the total number of floors on the ground floor premium is not as high as expected. Finally, regardless of whether the residential buildings have an elevator or are walk-up apartments, the ground floor premium increases when the housing price quantile increases. The ground floor premiums for residential buildings with an elevator range from 7.30% to 11.85%. They are a little higher than those for walk-up apartments which range from 6.25% to 9.69%.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"22 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87308276","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":"Does Religion Affect Mortgage Delinquency?","authors":"Lingxiao Li, E. Uçar","doi":"10.53383/100342","DOIUrl":"https://doi.org/10.53383/100342","url":null,"abstract":"We provide evidence that religiosity deters mortgage delinquency. Religiosity is the percentage of the total county population who adheres to a religion. The results show that locations with a higher level of religiosity have a significantly lower mortgage delinquency rate after controlling for income, employment, education, population, etc. A one-standard-deviation increase in religiosity in a county leads to almost a 0.096 standard-deviation decrease in the mortgage delinquency rate, which corresponds to nearly 9.1% (12.3%) of the sample average (median) mortgage delinquency rate. The impact of religiosity increases during and after the global financial crisis period. Previous studies in the literature indicate that religiosity is related to a preference to save, higher aversion to risk as well as moral values towards mortgage default, all of which are linked to mortgage default decisions. This new evidence suggests the role of local religiosity in evaluating and modeling mortgage default risk.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"24 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89587939","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":"Institutional Ownership Volatility and Investment Behavior of REITs","authors":"Viktoriya Lantushenko, Edward Nelling","doi":"10.53383/100339","DOIUrl":"https://doi.org/10.53383/100339","url":null,"abstract":"We find that the volatility of institutional ownership affects the investment behavior of real estate investment trust (REIT) managers. REITs exhibit stronger growth in real estate assets when they experience more volatility in institutional ownership. Debt is the likely source of financing these investments, whereas institutional ownership volatility does not explain for the equity issuance decisions of REITs. The effect of ownership dynamics on the investment decisions of REITs is mostly driven by institutions that hold highly diversified portfolios, which are classified as quasi-indexers and transient investors. The contribution of ownership volatility emerging from individual trading decisions of institutional stakeholders matters more than the ownership volatility of the institutional sector as a whole. Our findings suggest that REITs may cater their portfolios to the preferences of certain institutional investors.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"5 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81682869","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":"Economic Policy Uncertainty and Real Estate Market: Evidence from U.S. REITs","authors":"Ying Zhang, J. A. Hansz, Wikrom Prombutr","doi":"10.53383/100335","DOIUrl":"https://doi.org/10.53383/100335","url":null,"abstract":"We examine how economic policy uncertainty (EPU) affects the monthly performance of U.S. real estate investment trusts (REITs) from 1985 to 2018. First, a positive shock in EPU impairs contemporaneous REIT returns but predicts higher positive future returns. Such a return reversion has not been previously documented, and we provide some explanations. Second, although EPU can explain for the current returns of both equity and mortgage REITs, EPU is unable to predict the future returns of mortgage REITs. Third, breaking down the main EPU index into its four components, we find that the impact of EPU is primarily from the broad newspaper coverage of policy-related economic uncertainties while the other components are less influential. Our results indicate that policy uncertainty can affect the value of real estate assets, and EPU is an economically important factor for understanding and pricing REITs.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"28 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81302542","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":"Private Rental Target Markets: A Comprehensive Spectrum","authors":"G. Wilson, Anthony J. Giuffre","doi":"10.53383/100338","DOIUrl":"https://doi.org/10.53383/100338","url":null,"abstract":"The residential real estate market has been segmented dichotomously into owners and renters. Given the various tenures and sub-markets of the renters, it is problematic to consider them as a homogeneous target market. Based on a thematic analysis of semi-structured interviews with 16 residential real estate executives, this paper establishes six distinct private rental target markets including: 1) hard-to-house occupants, 2) affordability renters, 3) workforce residents, 4) transitional millennials, 5) lifestyle residents, and 6) returners. This paper is unique and noteworthy as it combines the fragmented literature on private renters with insights from residential real estate executives to produce a spectrum of target markets. In addition to validating the previous literature, this paper presents new target markets and offers marketing value propositions for each of the identified groups","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"20 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88393151","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 Wealth, Fertility, and Child Quality","authors":"Mingzhe Tang, N. Coulson","doi":"10.53383/100334","DOIUrl":"https://doi.org/10.53383/100334","url":null,"abstract":"We use changes in wealth due to house price changes to test the effect of wealth on fertility and child quality in the context of Chinese fertility policies. We find, even in those situations where the one-child policy is not in effect, that wealth increases do not lead to increased fertility in urban areas, and have only a minuscule effect in the rural areas. However, a rise in housing wealth leads to increased expenditure on the education of children for households in both rural and urban areas (although different types of expenditure) and increased height of children in rural areas. Following Becker (1960), increased wealth shifts the tradeoff between child quality and quantity in favor of the former.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"103 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73608098","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":"How Do Political Skills Affect Attitude of Clients in Real Estate Industry?","authors":"Jing-Yi Chen, M. Wang","doi":"10.53383/100336","DOIUrl":"https://doi.org/10.53383/100336","url":null,"abstract":"This study, which is based on the social capital theory, explores how the political skills of salespersons (which include interpersonal influence (II), social astuteness (SA), networking ability (NA), and apparent sincerity (AS)) affect the trust of their clients in order to increase their loyalty. By incorporating the concept of political skills into research on real estate sales behavior, this study addresses the literature gap on the lack of discussion of the social abilities of salespersons in the real estate industry. To validate this theoretical model, this study targets real estate salespersons and buyers in Taiwan, by using questionnaires to collect dyadic data, and linear regression modeling to test the relevant hypotheses. The results indicate that among the political skills, II and SA are positively significant, thus indicating that salespersons with high degrees of II and SA are capable of increasing the trust of their clients, which in turn increases client loyalty. Moreover, the interaction effects on client trust are all negative and significant, which suggest that self-efficacy has a crucial moderating role. Salespersons with low self-efficacy who have NA and AS can enhance client trust. The findings of this study can be considered as constructive advice for the real estate industry in their training of salespersons.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"32 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78902073","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":"Senior Condominium Choice for Low-to MidIncome Future Elderlies: A Case Study of Encouraging Affordable Senior Living in Bangkok, Thailand","authors":"Pornraht Pongprasert","doi":"10.53383/100337","DOIUrl":"https://doi.org/10.53383/100337","url":null,"abstract":"The aim of this study is to examine the factors that influence the senior condominium choices of low-to mid-income future elderlies who range between 50-59 years old in Bangkok, Thailand. As the Thai population ages, policy analysts are deeply concerned with issues related to housing the elderlies. Condominiums are the best living choice for elderlies who need to live in the urban city close to their own home and family. In addition, they encourage the elderly to live in supportive communities and reduce the difficulties of independent living, such as loneliness, isolation, lack of medical facilities and mental health issues. The independent variables of demographic characteristics and the factors associated with senior living choice which are locational attributes, physical and social environments, and safety and security are examined as measures for the relocation of future elderlies to senior condos. In this research work, 348 respondents are instructed to rate 22 statements (on a Likert scale of 1-5) on aspects related to senior living choices. The researcher of this study provides evidence of the characteristics of low-and mid-income future elderlies who intend to move to a senior condo after retirement and their preferences around senior condos. A binary logistic analysis is used to investigate the factors that have impacts on the senior condo choice of low-to mid-income future elderlies. The results indicate that demographics, physical environment, and safety and security influence why low-to mid-income future elderlies choose a senior condo for future residence.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"8 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86041274","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}