摘要:

This paper uses numerical solutions of a dynamic optimization model to examine the principal‐agent relationship between the seller and broker in residential real estate markets. Potential conflict of interest is quantified in two dimensions, the level of selling effort the broker puts forth, and the reservation price for the property. The dynamic optimization model reveals that the use of a finite duration listing contract will induce the broker to increase his or her effort level compared to an unlimited duration contract, and that the broker's optimal effort will increase over time, becoming greater as the listing contract expiration time draws nearer (“rational procrastination”). The numerical analysis indicates that with plausible parameter values, conflict of interest problems regarding broker effort level are minor or nonexistent near the end of the listing contract, but potentially important near the beginning of the contract. In contrast, the conflict of interest regarding reservation price is more severe near the end of the listing contract and is exacerbated by the use of finite duration contracts, the more so the shorter the con

ISSN:1080-8620    

DOI:10.1111/1540-6229.00537

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper employs linear feedback measures to examine the relationship between housing starts and the availability of mortgage credit. Estimates are obtained using monthly data with samples ending with May 1978 and beginning with June 1978. The results indicate that mortgage credit availability contributed significantly to short‐run cycles in housing starts in the earlier sample. Such feedback is considerably smaller, however, in the later sample. The results suggest the housing finance sector has become integrated with the overall capital market as the result of the deregulation of thrift deposit rates and the development of the securitized mortgage marke

ISSN:1080-8620    

DOI:10.1111/1540-6229.00538

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Recent papers have questioned the ability of the monocentric urban model to account for urban development patterns. Most damaging are estimates of wasteful commuting that indicate actual commuting may be eight times as large as efficient commuting predicted by the strong form of the monocentric model. This study recomputes previous estimates of wasteful commuting in a monocentric city that relaxes the strong form assumption that all households are identical. The recomputed estimates indicate that actual commuting is only twice as large as efficient commuting, a result generally consistent with the monocentric model.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00539

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This paper analyzes the economic forces that determine the real rate of return for nonresidential real estate. Our analysis shows that the intermarket variation in the real rate of return is statistically significant, and the rate of return differs by land use and market area, as well as over time in response to changes in macro‐economic conditions. We use inflation variables as surrogates for changes in macroeconomic conditions over time. In contrast to earlier studies, we find that nonresidential real estate may not outperform expected inflation. We believe that the impact of expected inflation (and other macroeconomic variables) on real estate rates of return depends upon the interaction of the macro‐environment and specific local real estate market conditions. Finally, our empirical evidence suggests that the effects of a given shock dissipate rather quickly in most markets when we take into account locational and property use differen

ISSN:1080-8620    

DOI:10.1111/1540-6229.00540

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Multiple regression analysis has become increasingly popular when appraising residential properties for tax purposes. Alternatively, most fee appraisers and real estate brokers use the traditional sales comparison approach. This study combines the two techniques and uses multiple regression to generate the adjustment coefficients used in the grid adjustment method. The study compares the combined grid‐regression method with ordinary regression and defines the market conditions under which each method is likely to be more effective. The grid‐regression method is found to be more accurate for relatively homogeneous housing markets, and the multiplicative percentage adjustment method (MPAM) the preferred appro

ISSN:1080-8620    

DOI:10.1111/1540-6229.00541

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

Announcements of voluntary liquidation or reorganization by real estate corporations are analyzed. There is a positive stock price response to announcement of liquidation, and a negative stock price response to announcements of reorganization. Results were the same before and after the 1978 Bankruptcy Reform Act took affect.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00542

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

摘要:

This comment points out a flaw in Gau and Wang's recent empirical analysis of appraisal return bias and clarifies a point in Geltner's previous article that may have misled Gau and Wang as well as others. In examining appraisal bias in returns it is important to distinguish between cross‐sectional versus time‐series moments. In dealing with time‐series data, both the arithmetic mean and the geometric mean returns offer useful information and can complement each other in correcting for appraisal bias in the first moment of returns s

ISSN:1080-8620    

DOI:10.1111/1540-6229.00543

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00544

出版商:Blackwell Publishing Ltd    

年代:1991

数据来源: WILEY