Journal of Real Estate Research最新文献

{"title":"Using the Wisdom of the Crowd to Improve the Condition Assessment of Residential Real Estate","authors":"David Koch, Michael J. Seiler, Simon Thaler","doi":"10.1080/08965803.2024.2352223","DOIUrl":"https://doi.org/10.1080/08965803.2024.2352223","url":null,"abstract":"","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2024-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141659253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Market Responses to Credit Rating Changes Given Prior Performance and the Association with Information Asymmetry and Corporate Governance","authors":"R. Aroul, Mauricio Rodriguez","doi":"10.1080/08965803.2024.2353517","DOIUrl":"https://doi.org/10.1080/08965803.2024.2353517","url":null,"abstract":"","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141272618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Air Pollution and the Effects on House Prices: A Push for Sustainability","authors":"Ping Feng, Ziqi Zhou, Jeffrey P. Cohen, Mahmut Yasar","doi":"10.1080/08965803.2024.2344999","DOIUrl":"https://doi.org/10.1080/08965803.2024.2344999","url":null,"abstract":"","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141017333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Problem with Distance Variables and Alternatives for Their Use","authors":"Michael C. Farmer, Syed Fuad, K. Naithani, Donald J. Lacombe","doi":"10.1080/08965803.2024.2325244","DOIUrl":"https://doi.org/10.1080/08965803.2024.2325244","url":null,"abstract":"","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2024-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140365317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Assessing the Explanatory Power of Dwelling Condition in Automated Valuation Models","authors":"A. Oust, Sjur Westgaard, Jens Erik Waage, Nahome Kidane Yemane","doi":"10.1080/08965803.2023.2280280","DOIUrl":"https://doi.org/10.1080/08965803.2023.2280280","url":null,"abstract":"","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139007935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Asymmetric Effects of Real Estate Uncertainty Shock","authors":"Seulki Lee, Young Min Kim","doi":"10.1080/08965803.2023.2280320","DOIUrl":"https://doi.org/10.1080/08965803.2023.2280320","url":null,"abstract":"","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-12-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139009270","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Time Varying Dependences Between Real Estate Crypto, Real Estate and Crypto Returns","authors":"Cathrine Nagl, Maximilian Nagl, Daniel Rösch, Wolfgang Schäfers, J. Freybote","doi":"10.1080/08965803.2023.2277479","DOIUrl":"https://doi.org/10.1080/08965803.2023.2277479","url":null,"abstract":"","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138595549","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Building Sustainability, Certification, and Price Premiums: Evidence from Europe","authors":"Chinmoy Ghosh, Milena T. Petrova","doi":"10.1080/08965803.2023.2267717","DOIUrl":"https://doi.org/10.1080/08965803.2023.2267717","url":null,"abstract":"","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139206487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How Does the COVID-19 Pandemic Affect Housing Market? Evidence from Shanghai, China","authors":"Xuejun Du, Zhonghua Huang, Junhua Chen","doi":"10.1080/08965803.2023.2281770","DOIUrl":"https://doi.org/10.1080/08965803.2023.2281770","url":null,"abstract":"","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":0.8,"publicationDate":"2023-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139210018","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Effect of Market Asset Returns, Economic Conditions, and Firm Fundamentals on Net Lease Capitalization Rates","authors":"Stace Sirmans, Stacy Sirmans, Greg Smersh, Daniel Winkler","doi":"10.1080/08965803.2023.2266282","DOIUrl":"https://doi.org/10.1080/08965803.2023.2266282","url":null,"abstract":"AbstractThis study fills a void in the literature by examining real estate capitalization rates for single-tenant net lease (STNL) properties. First, we examine cap rate variation in relation to market and firm-level fundamentals using individual transaction data in a multistage regression approach. Second, our single-tenant dataset, which allows us to control for characteristics such as industry and tenant credit ratings, gives us unique insight into not only the pricing of cap rates, but also their underlying drivers and their relationship to market fundamentals and returns on alternative assets. Using this unique dataset of more than 8,000 single-tenant net lease retail property transactions, we develop a quarterly cap rate index controlling for Metropolitan Statistical Area (MSA) and industry fixed effects, property and lease characteristics, and localized influences such as population density and household income. Third, we examine the effect of excess corporate bond spreads, excess stock returns, stock market indicators, firm financials, and economic and demographic indicators. Finally, we examine the effect on cap rates of MSA characteristics such as size, wealth, poverty, crime, gross domestic product, and growth. The findings show that, besides the systematic risk from stock and bond returns, national and metropolitan economic forces and firm fundamental factors explain variation in cap rates.Keywords: cap ratesnet leaseexcess returnmacroeconomic factors AcknowledgmentsWe thank the editor and the anonymous referees for their insightful feedback, which has substantially improved this article. We also thank the participants at the 2023 ARES Conference for their helpful comments.Disclosure StatementNo potential conflict of interest was reported by the author(s).Notes1 As a percentage of total investible wealth, real estate is a significant percentage of domestic publicly traded equities. According to Siblis Research Ltd, the total market capitalization of the U.S. stock market was $53.4 trillion as of December 31, 2021 (https://siblisresearch.com/data/us-stock-market-value/) while, according to the National Association of Real Estate Investment Trusts (NAREIT), the total value of U.S. commercial real estate was $20.7 trillion as of June 2021 (https://www.reit.com/data-research/research/nareit-research/estimating-size-commercial-real-estate-market-us-2021).2 The cap rate is defined as the ratio of a property’s net operating income to its current market value; most often the cap rate is based on expected net operating income.3 Common multifactor models in the finance literature include the Fama-French three-factor model (1992) and the arbitrage pricing theory (APT) model (Ross, Citation1976).4 All the studies discussed in this section use either the full cap rate or the excess cap rate (typically defined as the full cap rate minus the three-month TB yield) as the dependent variable in their analysis.5 To examine the relationship between real ","PeriodicalId":51567,"journal":{"name":"Journal of Real Estate Research","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135617916","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}