摘要:

This paper models, as equilibrium behavior, buyers' behaviors under transactions costs and market failure constraints. It derives equilibrium conditions and it shows how they differ from unconstrained models. Standard utility and cost parameters are then used to estimate the economic costs of the constraints, which may be interpreted, at the margin, as the transactions costs of moving. If transactions costs are greater than the economic costs of the constraints, the household remains in a residence, even in response to changed price and income expectations. Changes in expected prices and incomes lead to changed housing demand even when the household cannot adjust housing consumption between periods. These findings have implications for empirical work with both cross‐section and panel data set

ISSN:1080-8620    

DOI:10.1111/1540-6229.00506

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

REITs offer the opportunity to examine the relationship between capital structure and cost of capital in the absence of corporate earnings taxes. The evidence supports the leverage clientele effect as the motivation for the use of financial leverage by REITs.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00507

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Recent articles by Giliberto [2] and Geltner [1]examine the biases inherent in the use of appraisal data in real estate performance measurement. This note takes another look at the direction and magnitude of any bias in holding period returns. Using appraisal data from a commingled real estate fund, we show that in actual application the size of the holding period return bias can be quite small and this bias may have no appreciable effect on real estate return indexes.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00508

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

This study investigates whether the composition of the market portfolio leads to different inferences on real estate performance. As a point of departure, this paper first explores whether the omission of assets in a market proxy leads to a biased measurement of investment performance. The study finds that ranking investment performance is not meaningless even though investment performance is inaccurately measured. Furthermore, the composition of the market proxy does not necessarily lead to different inferences on real estate investment performance although superior real estate investment performance arises from the omitted asset phenomenon and also from smoothing bias in general.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00509

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

This paper presents a conceptual analysis of issues that relate to the management of distressed real estate assets. The paper examines the decision implications of the major characteristics of real estate assets and real estate markets in the light of information and incentive problems that emerge when assets fail to perform as anticipated. The paper focuses on the determination of commitments of additional resources to a troubled property, the identification of efficient holders of distressed assets, and the consideration of policies toward the disposition of distressed assets. The paper concludes that in many instances asset sales, rather than causing further destabilization as suggested by the fire sale image, are likely to contribute to reducing the costs associated with distress.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00510

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

Existing models on the pricing of default and prepayment options in fixed‐rate mortgages either use numerical methds or they do not consider refinancing or other transaction costs involved in default and prepayment. We provide in this paper an application of the Boyle [1] lattice model to price secured debt with two risky assets. This model is simple, efficient and capable of considering the major types of transaction costs involved in prepayment and default. Using our model, we estimate the option values under a range of assumptions about the underlying parameters. We also provide some comparisons of the lattice model estimates to other models in the literatur

ISSN:1080-8620    

DOI:10.1111/1540-6229.00511

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY

摘要:

This paper provides an empirical analysis of office building rents using data for a five‐year period in a medium‐ sized city. The results indicate that rent levels respond to various factors in the expected manner: rents vary systematically across classes of buildings and locations, overall market conditions have a significant impact on rents, and contract variations are associated with rent differences. We also present the first evidence at the building level on the rent‐vacancy adjustment process. The results show a significant relationship between rent changes and vaca

ISSN:1080-8620    

DOI:10.1111/1540-6229.00512

出版商:Blackwell Publishing Ltd    

年代:1990

数据来源: WILEY