摘要:

In this paper, we examine the importance of accessibility to employment and transportation system attributes for residential location choice, car ownership and house values. Using the 1980 Census of Housing and Journey to Work data merged with transportation system data, we find strong evidence of residential sorting based on employment location. We find that suburban areas with good commuter rail access to the CBD have significantly greater fractions of their labor force working in the CBD, own fewer cars and have higher house prices than similar neighborhoods and houses in census tracts without service. The house value premium is over 6.4%.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00545

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

A model of a rental housing market is presented in which landlords economize on the maintenance of housing quality to profit from tenants imperfect information. In a partial equilibrium model that describes tenants by their distribution of minimum acceptable (reservation) quality for units priced at an identical rent, these profits induce entry of new units, resulting in rental vacancies. The equilibrium number of landlords and the market vacancy rate are derived in a free entry, imperfect information equilibrium in which the distribution of rental unit qualities range from the competitive quality to that which would be offered by a monopoly landlord.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00546

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper examines the market effects of zoning. Using the hedonic framework, we perform an empirical analysis that shows that lots zoned for industrial use in our study area are associated with a 58% price discount. The paper highlights the outcome of static zoning policies in a dynamic world. As the demand for industrial land in Philadelphia declined (resulting in vacancies), prices fell, but zoning was slow to adjust, therefore land conversion did not occur to re‐equilibrat

ISSN:1080-8620    

DOI:10.1111/1540-6229.00547

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

The cooperative housing sector in Sweden consists of one market for new dwellings where the downpayment and rent is fixed, and where the dwellings are allocated through a queue, and one market for used dwellings, where all units are bought and sold freely with a transaction price determined by market conditions. As the transaction price usually exceeds the down‐payment, substantial windfall gains accrue to those achieving a dwelling through the queue. Regression analysis reveals that this ratio is on average nearly three. The ratio varies, however, depending on the local housing market situation. It is argued that the ratio is a better indication on the demand situation in the local housing market than is provided through information on the length of the queue at the municipal exchequer.A logit analysis is used to find out which households receive these windfall gains. It is shown that the probability of acquiring a dwelling through the queue, and thus capturing the windfall gain, is positively correlated with income and family size. The conclusion is that the cooperative queues do not have a redistributive effect on wealth in society, quite opposite the housing policy intention upon which the Swedish cooperative movement was founde

ISSN:1080-8620    

DOI:10.1111/1540-6229.00548

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

In this study we compare the returns earned by investments in publicly traded limited partnerships (PTLPs), finite life equity REITs, and traditional equity REITs with those resulting from investing in common stocks (proxied by closed‐end mutual funds). Performance comparisons are made using generalized stochastic dominance (GSD). This tool avoids thejoint hypothesis problemthat arises when an asset pricing model is used as a performance benchmark. The results of the analysis indicate that the performance of the closed‐end mutual funds was preferred to that of the individual equity REITs (both traditional and finite life) and PTLP securities by a wide array of risk‐averse investors. This result was most pronounced following the passage of the Tax Reform Act of 1986 which severely restricted the tax deductibility of real estate losses. When the equity REITs were combined into portfolios, their performance dominated the mutual funds during the 1980–85 period. Further, the PTLP portfolio returns were preferred to several of the mutual funds even in the post‐1985 period. These findings reflect the fact that the securitized real property portfolios studied are not as well diversified as mutual funds. However, the mutual funds remained the dominant investment alternative in the post‐

ISSN:1080-8620    

DOI:10.1111/1540-6229.00549

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper formalizes certain aspects of the sales comparison approach to valuation that heretofore have been quite ad hoc. Specifically, it applies statistical theory to decisions about how many comparables to select, what the criteria for comparable selection should be, and how the proper weights for each adjusted value estimate can be determined such that the final value estimate is both unbiased and of minimum variance. Several results are derived that run counter to conventional practice; for example, it may not always be optimal to consider first the “best” comparables because of a lack of independence among their adjusted value estimates. Furthermore, it is always desirable to consider more comparables (regardless of how “bad”) so long as their adjusted value estimates are optimally weighted in the final value estimate. Finally, weights usually selected for “inferior” comparables are typically too small. A final exercise empirically applies the methodology to a samp

ISSN:1080-8620    

DOI:10.1111/1540-6229.00550

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

From the late seventies until 1989, the regulatory environment of the thrift industry was changed from one that permitted little managerial discretion to one in which managers were allowed to choose from a wide variety of lending and borrowing activities. In this article, cluster analysis is used to separate thrifts into strategic groups based on the extent to which they utilized their new powers. Differences among the groups and the relationship between group membership and performance is tested over the period 1979–1987 using analysis of varianc

ISSN:1080-8620    

DOI:10.1111/1540-6229.00551

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY