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2005

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Articles 1 - 24 of 24

Full-Text Articles in Real Estate

Do Low-Income Housing Subsidies Increase The Occupied Housing Stock?, Todd Sinai, Joel Waldfogel Dec 2005

Do Low-Income Housing Subsidies Increase The Occupied Housing Stock?, Todd Sinai, Joel Waldfogel

Real Estate Papers

A necessary condition for justifying a policy such as subsidized low-income housing, either via tenant-based rental assistance or construction of public or private projects, is that it has a real effect on market outcomes. In this paper, we examine one aspect of the real effect of subsidized housing—does it increase the housing stock? If subsidized housing raises the quantity of occupied housing per capita, either more people are finding housing or they are being housed less densely. On the other hand, if subsidized housing merely crowds-out equivalent-quality low-income housing that otherwise would have been provided by the private sector ...


Analysis Of Per Capita Expenditures Of Suburbanizing Communities In Maine, New England Environmental Finance Center Sep 2005

Analysis Of Per Capita Expenditures Of Suburbanizing Communities In Maine, New England Environmental Finance Center

Economics and Finance

This study analyzes per capita expenditure trends among selected fast-growing Maine towns from 1970-2004. The ten communities studied are termed as “suburbanizing” towns. This term is used to describe towns that over the past 30-40 years have been in the process of transition from rural to suburban – in terms of their population and housing densities, their forms of government, and the services they provide, as well as other characteristics.1 Such towns are of particular interest because they have been absorbing a healthy percentage of the state’s population growth during this time period, often at the expense of Maine ...


The State Of The Region: Hampton Roads 2005, James V. Koch, Vinod Agarwal, John R. Broderick, Edward Card, Chris Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Kristine Karlsen, Feng Lian, Sharon Lomax, Linda Mcgreevy, Janet Molinaro, Kenneth Plum, Qian Sun, Gilbert Yochum Sep 2005

The State Of The Region: Hampton Roads 2005, James V. Koch, Vinod Agarwal, John R. Broderick, Edward Card, Chris Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Kristine Karlsen, Feng Lian, Sharon Lomax, Linda Mcgreevy, Janet Molinaro, Kenneth Plum, Qian Sun, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's Sixth Annual State of the Region Report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion, or it's president, Roseann Runte.

The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we are ...


Barriers To Building Partnerships Between Major Stakeholders In Affordable Housing Investment In Queensland, Connie Susilawati, Lynne Armitage Aug 2005

Barriers To Building Partnerships Between Major Stakeholders In Affordable Housing Investment In Queensland, Connie Susilawati, Lynne Armitage

Lynne Armitage

The recent housing boom experienced across Australian metropolitan markets has attracted many new investors and resulted in increasing prices across the full range of residential sub-markets for both owner-occupation and investment categories. Of particular concern from a social perspective is the consequential pressure generated in the affordable housing rental market. This paper reports the results of a survey of affordable housing providers drawn from a range of backgrounds. Using in-depth interviews, it compares the opinions of these supply side groups regarding their experiences of the barriers to entry to affordable housing partnerships. The findings show agreement across the sector that ...


Agglomeration And The Adjustment Of The Spatial Economy, Pierre-Philippe Combes, Gilles Duranton, Henry G. Overman Aug 2005

Agglomeration And The Adjustment Of The Spatial Economy, Pierre-Philippe Combes, Gilles Duranton, Henry G. Overman

Real Estate Papers

We consider the literature on urban systems and New Economic Geography to examine questions concerning agglomeration and how areas respond to shocks to the economic environment. We first propose a diagrammatic framework to compare the two approaches. We then use this framework to study a number of extensions and to consider several policy relevant issues.


Thermal Efficiency Characteristics Of Indirect Evaporative Cooling Systems, Ben Costelloe, Donal Finn May 2005

Thermal Efficiency Characteristics Of Indirect Evaporative Cooling Systems, Ben Costelloe, Donal Finn

Conference Papers

Recent developments in enhancing heat transfer in cooling towers, together with the success of chilled ceilings, have prompted a review of the evaporative cooling technique. in temperate maritime climates. The thermal efficiency of such systems is a key parameter, as a measure of the degree to which the system has succeeded in exploiting the cooling potential of the ambient air. This paper presents the results of experimental research into the thermal efficiency of a water-side open indirect evaporative cooling test rig designed to achieve low (1-4 K) approach conditions. Secondary efficiencies in the range 0.24-0.76 have been achieved.


Banking For The Poor: Evidence From India, Robin Burgess, Rohini Pande, Grace Wong Apr 2005

Banking For The Poor: Evidence From India, Robin Burgess, Rohini Pande, Grace Wong

Real Estate Papers

State-led credit and savings programs have been implemented in numerous low income countries, but their success in reaching the poor remains widely debated. We report on research that exploits the policy features of the Indian social banking program to provide evidence on this issue. State-led branch expansion into rural unbanked locations reduced poverty across Indian states. In addition, the enforcement of directed bank lending requirements was associated with increased bank borrowing among the poor, in particular low caste and tribal groups. (JEL: O38, G28)


Land Value Taxation: Persuasive Theory But Practically Difficult, Tom Dunne Apr 2005

Land Value Taxation: Persuasive Theory But Practically Difficult, Tom Dunne

Articles

While the theoretical case for Land Value Taxation is regarded as being very persuasive, most people looking closely at the idea form the view that the practical difficulties of introducing it into an established modern economy are compelling. Nevertheless, in Europe and America the ideas put forward by George continue to influence many people discussing issues around land use planning, urban development and methods of funding infrastructure and local government.


From Sectoral To Functional Urban Specialisation, Gilles Duranton, Diego Puga Mar 2005

From Sectoral To Functional Urban Specialisation, Gilles Duranton, Diego Puga

Real Estate Papers

Striking evidence is presented of a previously unremarked transformation of urban structure from mainly sectoral to mainly functional specialisation. We offer an explanation showing that this transformation is inextricably interrelated with changes in firms' organisation. A greater variety of business services for headquarters and of sector-specific intermediates for production plants within a city reduces costs, while congestion increases with city size. A fall in the costs of remote management leads to a transformation of the equilibrium urban and industrial structure. Cities shift from specialising by sector—with integrated headquarters and plants—to specialising mainly by function—with headquarters and business ...


Investing In Real Estate: Mortgage Financing Practices And Optimal Holding Period, Winston T. H. Koh, Edward H. K. Ng Feb 2005

Investing In Real Estate: Mortgage Financing Practices And Optimal Holding Period, Winston T. H. Koh, Edward H. K. Ng

Research Collection School Of Economics

Real estate investments are typically characterized by high degrees of leverage and long loan tenures. In perfect capital markets, leverage has no impact on the investment decision apart from tax considerations. However, the mortgage financing market is imperfect in many countries. In the presence of market imperfections, an optimal holding period exists for real property investments. We provide a simple rule to calculate the optimal holding period is to compare the required rate of return with the leveraged rate of return on equity.


Barriers To Expanding Partnerships For Affordable Rental Housing Investments, Connie Susilawati, Lynne Armitage, Martin Skitmore Jan 2005

Barriers To Expanding Partnerships For Affordable Rental Housing Investments, Connie Susilawati, Lynne Armitage, Martin Skitmore

Lynne Armitage

The recent housing boom, experienced across Australian metropolitan markets, has attracted many new investors and resulted in increasing prices across the full range of residential sub-markets for both owner-occupation and investment categories. Of particular concern from a social perspective is the consequential pressure generated in the affordable housing rental market. Moreover, high vacancy rates and modest rental growth in rental housing has caused a deterioration in the investor’s rental yield given these increasing house prices (Powall and Withers, 2004, p.7).

In this difficult situation, traditional delivery methods for rental housing are unlikely to continue to attract more investment ...


An Experimental Analysis Of Learning From Experience About Natural-Hazards, Robert Meyer, Howard Kunreuther Jan 2005

An Experimental Analysis Of Learning From Experience About Natural-Hazards, Robert Meyer, Howard Kunreuther

Marketing Papers

The ability of individuals to learn optimal strategies for mitigation against infrequently-occurring natural hazards is explored. We report the results of two experiments in which participants are faced with the problem of learning the most cost-effective means of protecting against earthquake losses. The experiments utilize dynamic computer simulations in which participants are endowed with homes in virtual communities that are prone to periodic impacts by earthquakes. Participants can invest in measures that potentially mitigate losses from quakes but the effectiveness of these measures is initially uncertain. Over time participants have the opportunity to learn about true effectiveness both by direct ...


Owner-Occupied Housing As A Hedge Against Rent Risk, Todd Sinai, Nicholas S. Souleles Jan 2005

Owner-Occupied Housing As A Hedge Against Rent Risk, Todd Sinai, Nicholas S. Souleles

Real Estate Papers

The conventional wisdom that homeownership is very risky ignores the fact that the alternative, renting, is also risky. Owning a house provides a hedge against fluctuations in housing costs, but in turn introduces asset price risk. In a simple model of tenure choice with endogenous house prices, we show that the net risk of owning declines with a household's expected horizon in its house and with the correlation in housing costs in future locations. Empirically, we find that both house prices, relative to rents, and the probability of homeownership increase with net rent risk.


Testing For Localization Using Micro-Geographic Data, Gilles Duranton, Henry G. Overman Jan 2005

Testing For Localization Using Micro-Geographic Data, Gilles Duranton, Henry G. Overman

Real Estate Papers

To study the detailed location patterns of industries, and particularly the tendency for industries to cluster relative to overall manufacturing, we develop distance-based tests of localization. In contrast to previous studies, our approach allows us to assess the statistical significance of departures from randomness. In addition, we treat space as continuous instead of using an arbitrary collection of geographical units. This avoids problems relating to scale and borders. We apply these tests to an exhaustive U.K. data-set. For four-digit industries, we find that (i) 52% of them are localized at a 5% confidence level, (ii) localization mostly takes place ...


Assessing High House Prices: Bubbles, Fundamentals And Misperceptions, Charles Himmelberg, Christopher Mayer, Todd Sinai Jan 2005

Assessing High House Prices: Bubbles, Fundamentals And Misperceptions, Charles Himmelberg, Christopher Mayer, Todd Sinai

Real Estate Papers

How does one tell when rapid growth in house prices is caused by fundamental factors of supply and demand and when it is an unsustainable bubble? In this paper, we explain how to assess the state of house prices—both whether there is a bubble and what underlying factors support housing demand—in a way that is grounded in economic theory. In doing so, we correct four common fallacies about the costliness of the housing market. For a number of reasons, conventional metrics for assessing pricing in the housing market such as price-to-rent ratios or price-to-income ratios generally fail to ...


What Motivates Managers? Evidence From Organizational Form Changes, Aswath Damodaran, Kose John, Crocker H. Liu Jan 2005

What Motivates Managers? Evidence From Organizational Form Changes, Aswath Damodaran, Kose John, Crocker H. Liu

Articles and Chapters

We formulate and test several hypotheses on managerial motivation using organizational form changes in the real estate industry. We find that firms that switch to a more restrictive structure have increases in stock value and managerial ownership. Firms moving to a less restrictive structure have larger wealth effects when higher monitoring exists. Higher degree of financial distress and forced CEO replacement at the time of organizational form change are taken to be proxies for higher degree of (creditor) monitoring. The wealth effects are decreasing in the firm’s level of free cash flow at the time of organizational form change.


Development Forecast: The Fiscal Effects On Property Taxes And Occupational License Fees And The Social Costs And Benefits Of Urban Redevelopment In Lexington-Fayette County, Kentucky, Tony J. Stoeppel Jan 2005

Development Forecast: The Fiscal Effects On Property Taxes And Occupational License Fees And The Social Costs And Benefits Of Urban Redevelopment In Lexington-Fayette County, Kentucky, Tony J. Stoeppel

MPA/MPP Capstone Projects

Real estate development has effects on the publicly recorded property valuation of a parcel. The extent of the relationship in Lexington-Fayette County demands further analysis. Redevelopment also has unintended social costs the public may be forced to bear. This study presents estimates of the fiscal impact a redevelopment project has on the local tax revenues. The study population used for analysis includes redevelopment projects completed within the last six years in the downtown Lexington area. The research attempts to formalize a relationship among the incremental change in the publicly recorded value, the cost of redevelopment, and the distance the project ...


The Role Of The Underlying Real Asset Market In Reit Ipos, Jay C. Hartzell, Jarl G. Kallberg, Crocker H. Liu Jan 2005

The Role Of The Underlying Real Asset Market In Reit Ipos, Jay C. Hartzell, Jarl G. Kallberg, Crocker H. Liu

Articles and Chapters

A leading explanation for IPO cycles is time‐varying supply and demand for the underlying assets of the firms that are considering going public. We test this hypothesis using REIT IPOs, taking advantage of the relative transparency of the underlying real asset markets. We document links between REIT IPO activity and both the conditions of the underlying real estate market and the price of REITs. We find no significant relation between the heat of the IPO market and post‐IPO operating performance, implying homogeneous firm quality across IPO cycles. Finally, we show that lagged IPO proceeds are related to future ...


Home Buyers Use Of The Internet: A Study From 1999-2005, Carolyn Mac Evoy Jan 2005

Home Buyers Use Of The Internet: A Study From 1999-2005, Carolyn Mac Evoy

Seton Hall University Dissertations and Theses (ETDs)

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Bank Lending And Real Estate In Asia: Market Optimism And Asset Bubbles, Winston T. H. Koh, Roberto S. Mariano, Andrey Pavlov, Sock-Yong Phang, Augustine H. H. Tan, Susan M. Wachter Jan 2005

Bank Lending And Real Estate In Asia: Market Optimism And Asset Bubbles, Winston T. H. Koh, Roberto S. Mariano, Andrey Pavlov, Sock-Yong Phang, Augustine H. H. Tan, Susan M. Wachter

Research Collection School Of Economics

This paper investigates the Asian real estate price run-up and collapse in the 1990s. We identify financial intermediaries’ underpricing of the put option imbedded in non-recourse mortgage loans as a potential cause for the observed price behavior. This underpricing is due to behavioral causes (lender optimism and disaster myopia) and/or rational response of lenders to market incentives (agency conflicts, deposit insurance, or limited liability of bank shareholders). The empirical evidence suggests that underpricing occurred in Thailand, Malaysia, and Indonesia. Consequently, these countries experienced a more severe market crash than Hong Kong and Singapore, where underpricing was kept under control ...


Ecology, Morality And Synergism, Thomas Power Jan 2005

Ecology, Morality And Synergism, Thomas Power

Articles

This short essay looks at the views of unorthodox members of three professions. Richard Douthwaite an anti-growth economist, James Lovelock a "mythical" scientist, and Yoneji Masuda, a Japanese guru of the Information Technology age. All three assume a re-orientation of human thinking. Douthwaite's "moral society", Lovelock's "ecological society" and Masuda's "synergistic society" have little basis in reality, despite their intrinsic appeal. Despite the "high knowledge consumption" of an information age, predicted by Masuda, history teaches us that knowledge has always been used by man to gain power and not to better the lot of mankind. There is ...


The Creation And Economic Regulation Of Housing Markets: A Comparison Of The Experiences Of Singapore And Korea, Sock-Yong Phang Jan 2005

The Creation And Economic Regulation Of Housing Markets: A Comparison Of The Experiences Of Singapore And Korea, Sock-Yong Phang

Research Collection School Of Economics

Privatization, creation of markets and economic regulation are terms that few would immediately associate with the housing sector. Mainstream housing markets in most of the free market economies of the developed world are regarded as competitive markets, with little need for economic regulation of the market. Regulations that attempt to control behavior directly are generally limited to policies relating to rent control, the provision of rental housing or rental allowances for lower income groups, as well as land use regulations and building controls.

The housing sectors of Singapore and Korea are highly unusual in the extent of government involvement and ...


Who Bears The Balloon Risk In Commercial Mortgage-Backed Securities, Mark Eppli, Charles Tu Dec 2004

Who Bears The Balloon Risk In Commercial Mortgage-Backed Securities, Mark Eppli, Charles Tu

Mark J. Eppli

No abstract provided.


"Banking For The Poor: Evidence From India" (With Robin Burgess And Rohini Pande), Grace W. Bucchianeri, Robin Burgess, Rohini Pande Dec 2004

"Banking For The Poor: Evidence From India" (With Robin Burgess And Rohini Pande), Grace W. Bucchianeri, Robin Burgess, Rohini Pande

Grace Wong Bucchianeri

State led credit and savings programs have been implemented in numerous low income countries, but their success in reaching the poor remains widely debated. We report on research which exploits the policy features of the Indian social banking program to provide evidence on this issue.