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Deciphering the U.S. metropolitan house price dynamics 解读美国大都市房价动态
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2023-07-27 DOI: 10.1111/1540-6229.12453
Vasilios Plakandaras, Ioannis Pragidis, Paris Karypidis
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引用次数: 0
Recourse as shadow equity: Evidence from commercial real estate loans 作为影子股权的追索权:来自商业房地产贷款的证据
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2023-07-18 DOI: 10.1111/1540-6229.12450
David Glancy, Robert Kurtzman, Lara Loewenstein, Joseph Nichols
{"title":"Recourse as shadow equity: Evidence from commercial real estate loans","authors":"David Glancy, Robert Kurtzman, Lara Loewenstein, Joseph Nichols","doi":"10.1111/1540-6229.12450","DOIUrl":"https://doi.org/10.1111/1540-6229.12450","url":null,"abstract":"We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan-to-value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID-19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"11 2","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138520886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Emergence of subprime lending in minority neighborhoods 少数族裔社区次级贷款的出现
3区 经济学
Real Estate Economics Pub Date : 2023-06-21 DOI: 10.1111/1540-6229.12449
Eglė Jakučionytė, Swapnil Singh
{"title":"Emergence of subprime lending in minority neighborhoods","authors":"Eglė Jakučionytė, Swapnil Singh","doi":"10.1111/1540-6229.12449","DOIUrl":"https://doi.org/10.1111/1540-6229.12449","url":null,"abstract":"Abstract Subprime lending is concentrated in minority neighborhoods. However, the literature provides little evidence for what led to this concentration. We use the endorsement of credit scores in mortgage underwriting by the Government Sponsored Enterprises (GSEs) in 1995 to answer this question. We show that prime lenders were substituted by subprime lenders in minority neighborhoods. As a result, the share of subprime lending increased by 5 percentage points in minority neighborhoods, relative to nonminority neighborhoods. Prime lenders with a stronger relationship with the GSEs reduced their lending in minority neighborhoods more, and the level of securitization by the GSEs in minority neighborhoods also decreased.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136355777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Competition, agglomeration, and tenant composition in shopping malls 商场竞争、集聚与租户构成
3区 经济学
Real Estate Economics Pub Date : 2023-05-29 DOI: 10.1111/1540-6229.12442
David Leung, Peng Liu, Tingyu Zhou
{"title":"Competition, agglomeration, and tenant composition in shopping malls","authors":"David Leung, Peng Liu, Tingyu Zhou","doi":"10.1111/1540-6229.12442","DOIUrl":"https://doi.org/10.1111/1540-6229.12442","url":null,"abstract":"Abstract Previous models of tenant composition in shopping malls have focused on traditional anchor and nonanchor retailers who sell similar merchandise. With the changing preferences of modern shoppers who seek unique and entertaining experiences, this article introduces a new type of store known as “specialty stores” that offer experiential consumption. Using a dynamic game model that considers the trade‐off between the benefits of agglomeration and the costs of competition, we re‐examine the tenant optimization problem faced by mall owners in the current retail environment. Our findings show that specialty stores have a significant impact on the optimal tenant mix and the rent revenue of developers. This article provides valuable insights into the optimal tenant composition for large‐scale shopping centers that cater to contemporary consumers.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135792487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Airbnb or not Airbnb? That is the question: How Airbnb bans disrupt rental markets 爱彼迎还是不爱彼迎?这就是问题所在:Airbnb禁令是如何扰乱租赁市场的
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2023-05-15 DOI: 10.1111/1540-6229.12440
Michael J. Seiler, R. Siebert, Liuming Yang
{"title":"Airbnb or not Airbnb? That is the question: How Airbnb bans disrupt rental markets","authors":"Michael J. Seiler, R. Siebert, Liuming Yang","doi":"10.1111/1540-6229.12440","DOIUrl":"https://doi.org/10.1111/1540-6229.12440","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"39 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79096275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Duration‐dependent transaction tax effects on sellers and their behaviors 基于期限的交易税对卖家及其行为的影响
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2023-05-15 DOI: 10.1111/1540-6229.12441
Yanjiang Zhang, Yong Tu, Yongheng Deng
{"title":"Duration‐dependent transaction tax effects on sellers and their behaviors","authors":"Yanjiang Zhang, Yong Tu, Yongheng Deng","doi":"10.1111/1540-6229.12441","DOIUrl":"https://doi.org/10.1111/1540-6229.12441","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"91 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80398247","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
How do institutional investors react to local shocks during a crisis? A test using the COVID‐19 pandemic 在危机期间，机构投资者如何应对当地的冲击?使用COVID - 19大流行的测试
IF 2.2 3区 经济学
Real Estate Economics Pub Date : 2023-05-05 DOI: 10.1111/1540-6229.12439
David C. Ling, Chongyu Wang, Tingyu Zhou
{"title":"How do institutional investors react to local shocks during a crisis? A test using the COVID‐19 pandemic","authors":"David C. Ling, Chongyu Wang, Tingyu Zhou","doi":"10.1111/1540-6229.12439","DOIUrl":"https://doi.org/10.1111/1540-6229.12439","url":null,"abstract":"We examine how institutional investors reacted to geographically dispersed local shocks during the early stages of the COVID-19 pandemic. A sample of real estate investment trusts (REITs) enables us to link two layers of geography: the locations of the assets in which the REITs were invested and the headquarters locations of institutional investors who owned REIT shares. We find that the institutional ownership of firms with an economic interest in the investors' home markets declined more if those markets were heavily affected by the pandemic. In addition, the ownership responses to the COVID-19 shock were larger in those markets in which REITs had larger portfolio allocations and in markets that were home to the investors. Importantly, we find that nonpassive and short-term investors may have overreacted to the local shocks because their REIT portfolios subsequently underperformed relative to passive and long-term investors. Our study highlights the importance of geography in the formation of investors' expectations during market crises. © 2023 American Real Estate and Urban Economics Association.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"39 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85655647","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Restricted access: Real estate agent response to client race, ethnicity, gender, and side of market 限制准入:房地产经纪人对客户种族、民族、性别和市场方面的反应
3区 经济学
Real Estate Economics Pub Date : 2023-05-04 DOI: 10.1111/1540-6229.12438
Andrew Hanson, Zackary Hawley
{"title":"Restricted access: Real estate agent response to client race, ethnicity, gender, and side of market","authors":"Andrew Hanson, Zackary Hawley","doi":"10.1111/1540-6229.12438","DOIUrl":"https://doi.org/10.1111/1540-6229.12438","url":null,"abstract":"Abstract We design and implement a correspondence experiment to test for differences in real estate agent response across client race, ethnicity, gender, and side of market. Real estate agents are more likely to respond to White clients than Black or Hispanic clients—Whites have a 32.18% higher response rate than Hispanics and an 8.48% higher response rate than Black clients. We also find that real estate agents are more responsive to sellers (23.81% premium over buyers) and female clients (13.57% premium over males).","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136375474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Exciting, boring, and nonexistent skylines: Vertical building gaps in global perspective 令人兴奋、无聊和不存在的天际线:全球视角下的垂直建筑缺口
3区 经济学
Real Estate Economics Pub Date : 2023-04-27 DOI: 10.1111/1540-6229.12436
Jason Barr, Remi Jedwab
{"title":"Exciting, boring, and nonexistent skylines: Vertical building gaps in global perspective","authors":"Jason Barr, Remi Jedwab","doi":"10.1111/1540-6229.12436","DOIUrl":"https://doi.org/10.1111/1540-6229.12436","url":null,"abstract":"Abstract Despite the widespread prevalence and economic importance of tall buildings, little is known about how their patterns vary across space and time. We aim to quantify differences across major world regions over time (1950–2020). To do so, we exploit novel data on the location, height (above 55 m), and year of construction of nearly all tall buildings in the world. We propose a new methodology to estimate the extent to which some world regions build up more than others given similar economic and geographic conditions, city size distributions, and other features. Our analyses reveal that many skylines may visually appear more prominent than they really are once one includes all tall buildings and core controls, which alters how regions are ranked in terms of tall building stocks. Using results by city size, centrality, height of buildings, and building function, we classify world regions into different groups, finding that tall building stocks are likely driven by boring skylines of residential high‐rises, and to a lesser extent exciting skylines of skyscrapers and office towers. Finally, land‐use regulations and preferences, not historical preservation nor dispersed ownership, may account for most observed differences.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136121833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Access to public capital markets and bank lending 获得公共资本市场和银行贷款
3区 经济学
Real Estate Economics Pub Date : 2023-04-23 DOI: 10.1111/1540-6229.12437
Yongqiang Chu, Daxuan Zhao
{"title":"Access to public capital markets and bank lending","authors":"Yongqiang Chu, Daxuan Zhao","doi":"10.1111/1540-6229.12437","DOIUrl":"https://doi.org/10.1111/1540-6229.12437","url":null,"abstract":"Abstract We examine how the cost of issuing equity affects bank lending. Using the SEC rule change that allowed exchange‐listed firms with public float less than $75 million to raise equity via shelf registrations as a quasi‐natural experiment, we show that the affected banks increase mortgage lending relative to control banks. Furthermore, the affected banks reduce demand for precautionary capital and become less likely to sell mortgages to third parties.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"159 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134955928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","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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