Forecasting The Inland Empire's Economic Recovery, 2010 Claremont McKenna College
Forecasting The Inland Empire's Economic Recovery, Jesse C. Franklin
CMC Senior Theses
The Inland Empire -Riverside and San Bernardino Counties - was one of the hardest hit areas in all of the United States during the Great Recession. Home prices have declined over 50%, significantly more than the 25% decline in the surrounding Los Angeles County, and housing starts have declined to over 90% from 2005. The Inland Empire has one of the highest unemployment rates in the US at 14.8%. This paper attempts to forecast the recovery for the Inland Empire. Employing univariate forecasts along with VAR(12) forecasts, focusing on housing starts and unemployment rates as the underlying variables, we ...
The Underlying Factors Of Regional U.S. Hotel Market Resiliency Post 9/11, 2010 Claremont McKenna College
The Underlying Factors Of Regional U.S. Hotel Market Resiliency Post 9/11, Beaumont L. Heidrich
CMC Senior Theses
I was interested in researching the underlying factors that drove resiliency in regional U.S. hotel markets. I did this by conducting an empirical analysis of twenty nine different markets post September 11 and investigating general, leisure and business variables. I concluded that leisure variables were the underlying drivers of resiliency in regional U.S. hotel markets.
I then conducted an event study to try to apply my findings to stock market prices of publicly traded hotel companies. Although it was a challenge to differentiate between companies that depended more on leisure versus business customers due to their asset diversification ...
An Analysis Of Reit Security Issuance Decisions, 2010 Cornell University
An Analysis Of Reit Security Issuance Decisions, Walter I. Boudry, Jarl G. Kallberg, Crocker H. Liu
Articles and Chapters
This article tests the ability of traditional capital structure theories to explain the issuance decisions of real estate investment trusts (REITs). For issuances made between 1997 and 2006, we find strong support for the market timing theory of capital structure. Controlling for past returns and growth, a REIT is more likely to issue equity when its price-to-net asset value ratio is high. This suggests that REITs issue equity in public markets when the cost of equity capital is lower in the public market than in the private market. Consistent with traditional market timing, REITs are more likely to issue equity ...
Solving The Problem Of Toxic Property And Construction Loans- The Case Of Ireland's National Asset Management Agency., 2010 Technological University Dublin
Solving The Problem Of Toxic Property And Construction Loans- The Case Of Ireland's National Asset Management Agency., Thomas Power
Ireland experienced rapid economic growth between 1994 and 2004. This economic performance prompted the Economist magazine to coin the phrase ‘The Celtic Tiger’ to describe the Irish experience. However, during the ‘boom period’ banks did not have enough funds from deposits and had to rely on the inter-bank market for funds. Consequently with the collapse of the sub-prime market and the global banking crisis, the banking systems reliance on inter-bank lending resulted in toxic property and construction loans. In essence the property/construction bubble burst, the banks are broke and there is a need to rescue them. The government’s ...
Site Value Tax, 2010 Dublin Institute of Technology
Site Value Tax, Tom Dunne
Tom Dunne discusses some of the issues surrounding property taxation in Ireland
Brewery Blocks West: Naiop Real Estate Development Workshop, 2010 Portland State University
Brewery Blocks West: Naiop Real Estate Development Workshop, Ben Gates, Tom Heinicke, Jared Hendricks, Brad Johnson, Atha Mansoory, Michael Shall, Will Thier, Jonathan Winslow
Real Estate Development Workshop Projects
Students from Portland State University's Center for Real Estate produce a development plan for a site in Portland's Pearl District.
Their task was to produce an original development plan, including the development concept, market analysis, conceptual design, economic analysis, capital and operations budget, and management plan.
Changing Patterns Xvi: Mortgage Lending To Traditionally Underseved Borrowers & Neighborhoods In Boston, Greater Boston And Massachusetts, 2008, 2010 University of Massachusetts Boston
Changing Patterns Xvi: Mortgage Lending To Traditionally Underseved Borrowers & Neighborhoods In Boston, Greater Boston And Massachusetts, 2008, Jim Campen
Gastón Institute Publications
This is the sixteenth in the annual series of Changing Patterns reports prepared for the Massachusetts Community & Banking Council (MCBC) by the present author. The series is aptly named: mortgage lending since 1990 has indeed been characterized by “changing patterns.” In recent years, the major focus of the series shifted from concern for fair access to credit for traditionally underserved borrowers and neighborhoods to concern for access to fair credit for these same borrowers and neighborhoods. This reflects the extent to which the problem of redlining had become overshadowed by the problem of reverse redlining, whereby areas that previously had difficulty getting any mortgage loans at all became specifically targeted for higher-cost mortgage loans.
This year’s report offers information on patterns of mortgage lending during 2008, a year when there was very little subprime lending. While the limited subprime lending that remains continues to show substantial racial and ethnic disparities, this most recently changed pattern shifts attention back toward the original problem of fair access to good loans for traditionally underserved borrowers and neighborhoods.
The report presents information for the city of Boston, for Greater Boston, and for Massachusetts, as well as for each of the state’s fourteen counties and each of its thirty-three largest cities and towns. The primary data source is federal Home Mortgage Disclosure Act (HMDA) data for 2008, supplemented by data on population and income from the U.S. Census Bureau and annual data on metropolitan area income levels from the Department of Housing and Urban Development. The report is restricted to first-lien loans for owner-occupied homes. It gives particular attention to higher-cost loans, identified in HMDA data as having annual percentage rates (APRs) at least three percentage points higher than the current interest rate on long-term U.S. Treasury bonds; these loans are referred to in this report as high-APR loans, or HALs.