摘要:

AREUEA membership spans both the United States and Canada and there is a tendency to homogenize real estate and urban economics into a “North American” cauldron. However, Canadian and American real estate markets, and the cities within which they operate, differ in fundamental ways. If we are to develop appropriate means for analyzing real estate and financial markets in these two countries it is imperative that we understand the underlying differences between American and Canadian cities. This paper sets out in summary form some of the differences that have been identified to date, differences that relate not only to the cities in the two nations, but to the broader cultural and institutional underpinnings as w

ISSN:1080-8620    

DOI:10.1111/1540-6229.00337

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This study performs empirical tests of the semistrong form efficiency of a real estate investment market. An asset pricing model is utilized to estimate the abnormal returns resulting from two types of public information, major changes in government tax shelter and rent control policies as well as unanticipated changes in interest rates. In both cases the results find an absence of significant abnormal returns and no evidence to suggest that real estate investors can utilize information concerning government policy changes or interest rate movements to earn higher returns on a risk‐adjusted basis. In general the findings of this study conform to the semistrong form version of the efficient markets hypothesi

ISSN:1080-8620    

DOI:10.1111/1540-6229.00338

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This study presents estimates of the rental price adjustment mechanism and investment response in the office construction market using data from fourteen cities over the period 1979–1983. Market rents are seen to adjust in response to local as well as national economic conditions. Investment, as measured by building permits, responds strongly to rent in a two‐stage regression model, as well as to the long‐term growth rate of office employment. Tests for a cobweb‐type overreaction by investors do not reveal any cyclical characteristics of the market, indicating that the effects of random demand shocks are not felt beyond the normal construction

ISSN:1080-8620    

DOI:10.1111/1540-6229.00339

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

This study employs a standard housing valuation model to analyze the capitalization of below‐market financing across housing price categories. The study also investigates the effect of secondary financing on housing prices and the effect of the expected holding period on discount capitalization. Using a randomly selected sample of 1981–82 housing transactions the study finds: the discount associated with below‐market financing is inversely related to the absolute level of housing prices; secondary financing bears no systematic relationship to housing values; and discount capitalization is inversely related to the expected holding p

ISSN:1080-8620    

DOI:10.1111/1540-6229.00340

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

In this paper, we have empirically estimated demand equations for housing attributes, using a two‐step approach in conformity with the procedure proposed by Sherwin Rosen. The identification problem inherent in Rosen's procedure has been avoided by estimating separate equations for distinct market segments in the first step. The estimates of the demand functions obtained in the second step are consistent with theoretical expectation

ISSN:1080-8620    

DOI:10.1111/1540-6229.00341

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

Empirical studies of redlining have long been plagued with the identification problem. Observed behavior in alleged redlined areas is ultimately a combination of both demand and supply influences coming from both mortgage and housing markets. How then can inferences from reduced form experiments be utilized to provide unambiguous structural information concerning purely lender behavior? This problem is analyzed in detail with the help of an implicitly specified skeletal model of the mortgage and housing markets. The results suggest that structural inferences from reduced form information are, indeed controversial at best. Although this fact is fairly widely known at present, many research techniques still utilize an underlying reduced form methodology. It is hoped that the methodology employed in this paper highlights the identification problem in a manner that will generate greater insight into this issue. Some remedies are suggested in line with the general econometric literature dealing with structural identification.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00342

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY

摘要:

The Federal National Mortgage Association (FNMA) auctions commitments to purchase mortgages. An examination of the terms of the commitment contract shows that these commitments are actually put options on mortgages. The contract is unusual, however, in that the price of the commitment is a fixed percentage of the value of the mortgages. In the auction, the dealers effectively bid the exercise price at which they would be willing to pay the fixed commitment price.In this paper, we study the economics of the FNMA auction. We use a two‐state approximation to the American put pricing model for interest‐dependent securities to examine the behavior of the auction results. We find that the model performs reasonably well for several years — giving results which are, on the average, correct — and then, quite abruptly, the performance of the model deteriorates. Some possible reasons for this result are then e

ISSN:1080-8620    

DOI:10.1111/1540-6229.00343

出版商:Blackwell Publishing Ltd    

年代:1985

数据来源: WILEY