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Introductory Note 介绍性的注意
IF 0.7
International Real Estate Review Pub Date : 1998-06-30 DOI: 10.53383/100349
T. Sing
{"title":"Introductory Note","authors":"T. Sing","doi":"10.53383/100349","DOIUrl":"https://doi.org/10.53383/100349","url":null,"abstract":"At the height of the pandemic, countries worldwide closed their borders to stem contagion, bringing economic activities to nearly a standstill. This left many firms with no choice but to redesign their business models and fast-track digitalization. More than two years on, countries worldwide have accepted that the virus will not completely disappear. The pandemic is transiting into an endemic phase, with a baseline number of people constantly affected by the disease. Countries worldwide have opened their borders; businesses have gradually moved back onto the growth trajectory. Traveling activities have resumed and increased significantly, though they have not reached the same level as Pre-COVID. It will become a new normal for people to learn to adapt and live with the virus.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"27 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84469168","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
Impact of House Price Changes on Durable and Non-Durable Consumption in the United States 房价变动对美国耐久消费和非耐久消费的影响
IF 0.7
International Real Estate Review Pub Date : 1998-06-30 DOI: 10.53383/100357
Sujata Saha
{"title":"Impact of House Price Changes on Durable and Non-Durable Consumption in the United States","authors":"Sujata Saha","doi":"10.53383/100357","DOIUrl":"https://doi.org/10.53383/100357","url":null,"abstract":"This paper examines the symmetric and asymmetric effects of house price changes and a few other macroeconomic variables on durable and non-durable consumption separately. The study considers the nonlinear panel Autoregressive Distributed Lag (ARDL) approach (Pooled Mean Group (PMG) estimation (Pesaran, 1997; Pesaran et al., 1999)) for cointegration and error-correction modeling, and uses annual data from fifty states of the U.S. The results show that changes in house prices have asymmetric effects on both durable and non-durable consumption in the long run. To dig deeper into the relationship between house price and consumption, I divide the fifty U.S. states into three categories: high-, middle- and low-income states. This helps to examine how the responsiveness of durable and non-durable consumption varies across these three categories. The findings show that the low-income states are affected more by changes in house prices than that of the high- and middle-income states.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"25 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84606822","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
Aging like fine wine: a Singapore public housing story 陈年如美酒:新加坡公屋故事
IF 0.7
International Real Estate Review Pub Date : 1998-06-30 DOI: 10.53383/100358
Bin Li, Fei Gao, Seck L. Tan
{"title":"Aging like fine wine: a Singapore public housing story","authors":"Bin Li, Fei Gao, Seck L. Tan","doi":"10.53383/100358","DOIUrl":"https://doi.org/10.53383/100358","url":null,"abstract":"This paper examines the unique context of the public housing resale market in Singapore over a 29-year period (1990 to 2018). We find that, on average, there is a price premium for housing units with a longer-term lease. This premium effect is significant and nonlinear after controlling for size, floor level, macroeconomic conditions, as well as year and location fixed effects. Specifically, the town and street fixed effects address the concern that older (but established) districts are characterized by more reputable schools and infrastructure such as health care offerings and shopping malls, while developing districts have innovative facilities with a fresh contemporary outlook as that of modern satellite towns. We document a different lease premium in mature towns as compared to that of the new towns, which captures the different concerns of buyers in combination with location and other characteristics of the houses.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"115 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85990385","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
Anomalies in U.S. REIT Returns: Evidence for and against the Q-theory 美国房地产投资信托基金收益异常:支持和反对q理论的证据
IF 0.7
International Real Estate Review Pub Date : 1998-06-30 DOI: 10.53383/100356
Wikrom Prombutr, Chanwit Phengpis, Ying Zhang
{"title":"Anomalies in U.S. REIT Returns: Evidence for and against the Q-theory","authors":"Wikrom Prombutr, Chanwit Phengpis, Ying Zhang","doi":"10.53383/100356","DOIUrl":"https://doi.org/10.53383/100356","url":null,"abstract":"Among the well-known asset pricing anomalies in U.S. common stocks (i.e. size, value, momentum, investment, and profitability), only investment and momentum premiums are significant in the REIT industry. According to the q-theory, the investment effect turns significant because REIT firms tend to expand (extract) their assets when discount rates are low (high), thereby investment has statistical power to explain for REIT returns. Even though the insignificant effect of probability in REITs challenges the explanation of the q-theory, we provide evidence that profitability, in fact, controls the momentum. Our results indicate market inefficiency as investors who have a better understanding of the significant investment and momentum premiums perform better than others.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"46 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80849592","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
Asymmetric Dynamics of Rent and Vacancy Rates in the Tokyo Office Market 东京写字楼市场租金和空置率的不对称动态
IF 0.7
International Real Estate Review Pub Date : 1998-06-30 DOI: 10.53383/100355
Kazushi Matsuo, M. Tsutsumi, T. Imazeki
{"title":"Asymmetric Dynamics of Rent and Vacancy Rates in the Tokyo Office Market","authors":"Kazushi Matsuo, M. Tsutsumi, T. Imazeki","doi":"10.53383/100355","DOIUrl":"https://doi.org/10.53383/100355","url":null,"abstract":"In recent years, it has been shown that the dynamics of office markets are asymmetric depending on the market conditions and the direction of supply and demand shocks. However, the actual state of asymmetry varies significantly from market to market, and an overview of the discussion is needed. In this study, we test our hypothesis on asymmetric dynamics in the Tokyo office market, one of the world's largest markets. We employ the rent-adjustment process model proposed by Englund et al. (2008), an improved and more realistic version of the error correction model that captures the interaction between rent, vacancy rates, and stock. The data of the Tokyo office market range from January 2000 to September 2015 and cover ten regions. The results reveal that the mechanism of rent and vacancy rate fluctuation depends largely on the direction of change in supply and demand and on market conditions, especially the upward and downward movements of rents. It is also shown that increases in demand and supply not only encourage rents toward equilibrium, but also have the effect of overshooting them. These results can be valuable in properly capturing future shocks in demand and supply.","PeriodicalId":44050,"journal":{"name":"International Real Estate Review","volume":"23 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"1998-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87338986","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
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