摘要:

Techniques used to predict mortgage defaults during a relatively stable period proved less successful during the turbulent financial cycle of the early 1980s. An alternative specification of the relationship between defaults, homeowner equity, and interest‐rate movements better captures the effect of interest rates on default probability. Results confirm the powerful effect of equity on mortgage defaults and the strong, but asymmetric, influence of interest rates on both defaults and prepayments. The new specification allows direct measurement of the interest‐rate effect on defaults, distinguishing the effect when rates rise or f

ISSN:1080-8620    

DOI:10.1111/1540-6229.00563

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This study examines average recoveries from distressed commercial real estate assets held by FSLIC receiverships, and explores differences in the relative efficiency of public versus quasi‐private and private entities in the management of these assets. It finds that properties located in markets with rising per capita income and properties that were judged to be less difficult to manage and sell provided higher recoveries, while properties with smaller writedowns prior to government takeover provided lower recoveries. The analysis also provides evidence that quasi‐private management by the Federal Asset Disposition Agency provided higher mean recoveries, while private management by contractors provided lower mean recoveries than did public management by FSLIC receivership st

ISSN:1080-8620    

DOI:10.1111/1540-6229.00564

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper derives a risk‐adjusted user cost for housing services, capable of application in price indexes, demand, and the measurement of income and returns to homeownership. The risk‐adjusted user cost is the after‐tax sum of an interest rate and a risk premium, less expected capital gains. Expected capital gains are based on a factor pricing specification. It is shown that both national and local factors affect capital gains on ho

ISSN:1080-8620    

DOI:10.1111/1540-6229.00565

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

An equilibrium model of search in a spatially differentiated rental housing market is formulated that predicts both rent dispersion and equilibrium vacancies. The equilibrium rent distribution is determined on the landlord's (rental supply) side given tenants' search strategies. Then tenants' optimal search strategy, denned by the share of the market a tenant searches, is determined given the costs and benefits of search and the distribution of landlords' rents. The equations of supply and demand for rental units are then combined to derive a costly information, free‐entry Nash equilibrium in the market rents. Finally, the sensitivity of equilibrium vacancies and rents to changes in search costs and other exogenous parameters is explore

ISSN:1080-8620    

DOI:10.1111/1540-6229.00566

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper examines the impact of split commissions on broker effort in MLS sales. The joint effort of brokers to find a buyer for a given listing is maximized when the broker who locates a buyer first receives the entire commission. In contrast, splitting the commission between the listing and finding broker (when they differ) maximizes the joint profits of brokers. When competition among brokers to acquire listings is considered, however, the split brokers most prefer entails a smaller (though still positive) share for the listing broker in order to reduce wasteful competition for listings. While sellers still prefer to pay only the broker who finds a buyer, brokers may not be willing to acquire and share listings under such an arrangement.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00567

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Recent financial economics literature has hypothesized that variations in market structure influence the distribution of gains from corporate restructuring between buyers and sellers. We test this hypothesis using data on restructuring involving real estate assets by isolating the effects depending on multiple versus single bidders, acquisition frequency and transaction type. While we find gains for both buyers and sellers, the buyers gain only when they make few purchases. Those firms pursuing an acquisition strategy show no gains around the specific acquisition announcements. Additionally, both buyers and sellers are more likely to have a positive reaction to the announcement when the transaction is property rather than a division or subsidiary.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00568

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper assesses the stock market reaction to announcements of corporate headquarters relocations and examines financial and geographical factors related to wealth effects and factors that influence the decision to relocate corporate headquarters. The results indicate that announcements of relocations are associated with significant positive stock price effects. On average, the stock price of relocating firms increases by 1.29% during the two‐day period around the announcement. Abnormal returns are positively related to the availability of labor and negatively related to the cost of living in the new location and the change in employment levels. A logit analysis indicates that the probability of a firm relocating is partially determined by the firm size and the rental expenses/sales ratio. The results also indicate that firm size, the employment/asset ratio levels, and listing in the NYSE/AMEX affect the decision to relocate to a Fortune‐ranked city. Finally, firms relocating toFortune‐ranked cities are characterized by a high level of insider ownership relative to firms moving to non‐ranked

ISSN:1080-8620    

DOI:10.1111/1540-6229.00569

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY