摘要:

Some preliminary findings concerning experience, motivation, and search are presented from a cross‐cultural study of buyer behavior in housing markets. Data were obtained from probability samples of 652 households in Connecticut and Northwest England. The results include comparative analyses of several dimensions of external search, five aspects of experience, reasons for moving, and husband‐wife reasons for buying. Predictive models of search are developed with multivariate regression techniques. The findings indicate that the experience and motivational variables are not very powerful predictors of search. Significant cultural differences do occur in the level of many variables, but there are some interesting similarities in the underlying factor struct

ISSN:1080-8620    

DOI:10.1111/1540-6229.00165

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

Investor perceptions are critical to the selection of investment media. It is the perceived level of those attributes the investor considers important that determines the similarity or dissimilarity of alternative investment media. This study investigates investment perception by developing a geometrical representation of the perceptual space of a subject group for alternative investment media using multidimensional scaling techniques. The dimensions most salient to differences in perception are then analyzed. A four dimensional configuration is considered the best. Risk and return are important, but not simple, dimensions. Risk requires two dimensions, corresponding to different concepts of risk, to be adequately explained. Return occupies only one dimension, but the concept incorporates both monetary and non‐monetary returns. Real estate is perceived as possessing high returns and moderate ris

ISSN:1080-8620    

DOI:10.1111/1540-6229.00166

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

It is demonstrated that the inflation rate must be reflected in the anticipated benefit flows used in investment value models. When flows are left unadjusted, a biased value estimate results. It is also shown that the actual effects of the inflation rate on investment value will depend on the relationships of original cost, the debt/equity ratio, and the level of depreciation expense. Inflation has a fundamentally negative impact on value traceable to capital gains and depreciation effects. This can be offset by the use of debt financing.

ISSN:1080-8620    

DOI:10.1111/1540-6229.00167

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

One of the problems that has plagued researchers in their estimation of reduced‐form price equations for specific housing markets has been multicollinearity—the lack of statistical independence of the explanatory variables. This paper evaluates the suitability for structural analysis and prediction of stepwise regression and principal components regression as alternatives to the standard regression model in the estimation of equations with interdependent data. In general, the results of this study indicate that under conditions of multicollinearity principal components regression is the superior estimation techni

ISSN:1080-8620    

DOI:10.1111/1540-6229.00168

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

This paper shows that (1) the principle of substitution has been misinterpreted in regression analysis on residential homes by the misuse of the confidence interval; (2) the proper confidence interval to judge the accuracy of the equation is the mean CI; and (3) the accuracy of the equation can be improved by applying factor analysis to theentiredata set rather than apredeterminedneighborhood. These results are illustrated in a sample of 571 residential sales in Northwest Arkansas during 1975. The data are divided into clusters, and a regression equation is computed for each. The results show that the mean confidence interval is the correct application of the principle of substitution. The correct decision rule to determine the superiority of the multi‐equation or the single equation model compares the explained to the unexplained variation. These results should allow the appraiser to select properties that are better suited for comparison. This will improve the accuracy of the regression analysis and resulting estimates of property valu

ISSN:1080-8620    

DOI:10.1111/1540-6229.00169

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

This paper examines the commonly held view that the Census Bureau's monthly series for residential building permits issued is a leading indicator of the series for private housing starts. A close study of the residential building permits and housing starts series shows that on a quarterly basis the series are coincident, with cyclical peaks and troughts in the seasonally adjusted data occurring in the same period. On the monthly basis for the period 1960 through 1976, the peaks and troughs in the building permits series have usually followed those in the housing starts series. Also, evidence presented in the paper shows that monthly changes in the residential building permits series are not highly correlated with changes in the housing starts series one to five months in the future. Finally, the analysis suggests that changes in the backlog of unused residential building permits are not indicative of future changes in the rate of housing starts. The major implication of these results is that permits data offer little or no information about future month‐to‐month changes in the rate of housing starts. However, because the building permits series is less irregular than the housing starts series and the cyclical movements of the series are basically the same, permits data can be used to identify irregular monthly movements in the starts ser

ISSN:1080-8620    

DOI:10.1111/1540-6229.00170

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00171

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:1080-8620    

DOI:10.1111/1540-6229.00519-i2

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY