摘要:

This paper empirically investigates the impact of inflation on homeownership returns and tenure choice when the assumptions underlying the user cost of housing are modified to reflect separately the effects of unanticipated and anticipated inflation. The analysis demonstrates that when the user cost model is specified to reflect the impact of anticipated inflation on house prices, the mortgage interest rate and the capitalization rate, the returns to homeownership are lower than determined by previous user cost studies and are consistent with a reasonably efficient market.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00358

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This study is a hedonic analysis of land values for Halifax‐Dartmouth, Canada. The study has demonstrated that conventional, well‐known urban explanatory variables such as zoning, lot size, centrality, neighborhood, and so on, found to determine values in the United States also work for a typical Canadian land market. The findings on effects of lot shape, and high traffic (in combination with other than single‐family residential zones) is particularly intere

ISSN:1080-8620    

DOI:10.1111/1540-6229.00359

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This is a case study of the effect of subsidized housing on the value of adjacent non‐subsidized housing. Four townhouse clusters in Fairfax County, Virginia, were selected for study because of the high degree of homogeneity between clusters. The clusters are all in the same community but vary in distance from subsidized housing. Sale prices were analyzed using a regression model which included distance from subsidized housing as an independent variable. Based on the results of the regression analysis, the authors conclude that the subsidized housing had a negative impact on the values of adjacent propertie

ISSN:1080-8620    

DOI:10.1111/1540-6229.00360

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper examines two alternative approaches to valuing the impact of creative financing on housing prices. The cash equivalence adjustment which is the generally accepted approach is compared to an approach known as the financed fee valuation adjustment which is argued to be theoretically superior. A sample of 45 matched pairs of condominium sales in which one of the units is creatively financed and the other is conventionally financed is employed to test which model is most effective at explaining the market adjustment for creative financing. The authors are unable to reject the hypothesis that the housing market being examined is efficient and that the financed fee valuation adjustment is a superior model for valuing the impact of creative financing.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00361

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

In the face of informational asymmetry, REIT equity investors may bear the costs of agency. Hence, it is in shareholders' interests to pay incentive fees to induce managers to utilize their superior information and to take suitable actions that reduce these costs. In this paper, the relation between financial performance and fees paid, and between fees paid and contractual incentives, are examined to determine whether equityholder interests are being served by the decisions of REIT managers. The data reveal that fees paid and financial performance are positively related, indicating that financial performance is at least partially endogenous with respect to managerial action. Moreover, the evidence also suggests that the industry fee structure has changed over the period in a manner that appears to have reduced the agency costs borne by equityholders, and by the end of the sample period the fees paid in general seem to reflect incentives that are consistent with the wealth maximization goal of equityholders.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00362

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This study integrates theories of landlord maintenance behavior with theories of neighborhood succession in a unified empirical model. The model permits a broad range of landlord responses to neighborhood decline including the possibility of increased maintenance expenditure as reported in recent empirical studies. Hypotheses are tested using a micro‐data set descriptive of 117 St. Louis rental propertie

ISSN:1080-8620    

DOI:10.1111/1540-6229.00363

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper examines the hypothesis that mortgage lenders rank applications from better to worst and encourage the better ones to apply. A second ranking occurs when the application is ranked by the loan committee and funds are approved from the top of the list until exhausted. A theoretically correct procedure for analyzing the resulting multivariate ordinal data is the little known rank multiple discriminant analysis. Preliminary results have revealed that this technique produces a “best” model with fewer variables and a higher classification rate than the commonly known multiple discriminant analysis, logit, or pro

ISSN:1080-8620    

DOI:10.1111/1540-6229.00364

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This paper provides further evidence on the relationship between public schools and housing values. Drawing on data from the Los Angeles and San Francisco areas, the paper presents estimates of an Oates‐type model of community housing values. Included in the model are measures of both student achievement and racial composition. The quality of public schooling, as measured by reading achievement, is found to be a strong, statistically significant determinant of community housing values, independent of student racial mix or socioeconomic background. Estimates of the model suggest that changes in achievement scores have substantial impacts on community housing value

ISSN:1080-8620    

DOI:10.1111/1540-6229.00365

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY