{"title":"Conflicts of interest and agent heterogeneity in buyer brokerage","authors":"Lawrence Kryzanowski, Yanting Wu, Tingyu Zhou","doi":"10.1111/1540-6229.12417","DOIUrl":"https://doi.org/10.1111/1540-6229.12417","url":null,"abstract":"This article investigates the incentives of agents working with buyers (buying agents) under the fixed percentage commission system and the implications on housing market outcomes. Our model shows that the absence of a binding contract creates a risk of losing clients for buying agents, which helps mitigate the conflict of interest between buying agents and their clients. Both the buying agent's prediction accuracy regarding their client's reservation prices and the level of tolerance given by the buyer to the buying agent affect the binding force. Results from simulations and empirical analyses using house transactions in Canada support our model predictions.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"23 2","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138520923","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}
{"title":"Externalities of residential property flipping","authors":"Lingxiao Li, Abdullah Yavas, B. Zhu","doi":"10.1111/1540-6229.12413","DOIUrl":"https://doi.org/10.1111/1540-6229.12413","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"44 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79956373","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}
{"title":"Face-to-face interactions, tenant resilience, and commercial real estate performance","authors":"Chongyu Wang, Tingyu Zhou","doi":"10.1111/1540-6229.12412","DOIUrl":"https://doi.org/10.1111/1540-6229.12412","url":null,"abstract":"We study the impact of face-to-face (FTF) interactions on commercial real estate (CRE) performance. By linking tenants, properties, and CRE firms, we construct three novel FTF measures that capture tenant remote working, internal communication between coworkers, and external contact with customers. Using the COVID-19 pandemic as an exogenous shock to the FTF economy, we find that firms holding properties with tenants that are more resilient to social distancing perform better. These FTF effects weaken over the long term, however. As investors are capable of compiling valuable information at granular levels regarding how tenants operate, our findings support market efficiency and shed light on postpandemic CRE performance.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"6 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138542820","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}
{"title":"Top‐floor discounts in residential buildings: Evidence from South Korea","authors":"S. Hwang, L. Ma","doi":"10.1111/1540-6229.12409","DOIUrl":"https://doi.org/10.1111/1540-6229.12409","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"46 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76584573","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}
{"title":"The capitalization of metro rail access in urban housing markets","authors":"Zachary T. Keeler, H. Stephens","doi":"10.1111/1540-6229.12411","DOIUrl":"https://doi.org/10.1111/1540-6229.12411","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"46 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78537385","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}
Barney Hartman-Glaser, Mark Thibodeau, Jiro Yoshida
{"title":"Cash to spend: IPO wealth and house prices","authors":"Barney Hartman-Glaser, Mark Thibodeau, Jiro Yoshida","doi":"10.1111/1540-6229.12406","DOIUrl":"https://doi.org/10.1111/1540-6229.12406","url":null,"abstract":"This study demonstrates the impact of initial public offerings (IPOs) on local house prices. Applying spatial difference-in-differences methods to IPOs in California from 1993 to 2017, we find house prices increase by 0.7%–0.9% near an IPO firm's headquarters around filing and issuing dates. Upon lockup expiration, price changes depend on postissuance returns. Treating the San Francisco Bay as a commuting barrier, we identify sustained price increases after filings and temporary increases after issuing and lockup expiration. We also confirm post-IPO price divergence between the treatment and synthetic control areas. Our findings indicate the effect of liquid wealth under mild financial constraints.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"48 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138520887","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}
{"title":"Redevelopment along arterial streets: The effects of light rail on land use change","authors":"Kadek Ayu Vergianti Agustini, Sarah E. West","doi":"10.1111/1540-6229.12407","DOIUrl":"https://doi.org/10.1111/1540-6229.12407","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"11 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72923303","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}
{"title":"Who benefits the most? Risk pooling in Mortgage Loan Insurance: Evidence from the Canadian Mortgage Market","authors":"Kiana Basiri, Babak Mahmoudi, Chenggang Zhou","doi":"10.1111/1540-6229.12405","DOIUrl":"https://doi.org/10.1111/1540-6229.12405","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"50 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88885719","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}