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2011

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Articles 1 - 30 of 72

Full-Text Articles in Real Estate

Future Earnings Growth Volatility And The Value Premium, Jamie Alcock, Eva Steiner, Kelvin Jui Keng Tan Dec 2011

Future Earnings Growth Volatility And The Value Premium, Jamie Alcock, Eva Steiner, Kelvin Jui Keng Tan

Conference Proceedings, Presentations, and Speeches

The value premium is well established in empirical asset pricing, but to date there is little understanding as to its fundamental drivers. We use a stochastic earnings valuation model to establish a direct link between the volatility of future earnings growth and firm value. We illustrate that risky earnings growth affects growth and value firms differently. We provide empirical evidence that the volatility of future earnings growth is a significant determinant of the value premium. Using data on individual firms and characteristic-sorted test portfolios, we also find that earnings growth volatility is significant in explaining the cross-sectional variation of stock ...


Mountain Monitor-3rd Quarter 2011, Mark Muro, Kenan Fikri Dec 2011

Mountain Monitor-3rd Quarter 2011, Mark Muro, Kenan Fikri

Mountain Monitor

Economic recovery in the Intermountain West’s major metropolitan areas edged forward in the third quarter of 2011, after idling for much of the year. Nationally, high technology and automotive-oriented metros showed the strongest signs of recovery; in the Intermountain West, manufacturing-intensive and technology-oriented metros had the strongest quarter. Employment and output grew in most metropolitan areas, and the unemployment rate fell throughout the region. At the same time, the housing market freefall came to an end—or at least paused—across most of the region, as home prices ticked upwards for the first time since the Monitor began tracking ...


Real Options Models In Real Estate, Jin Won Choi Nov 2011

Real Options Models In Real Estate, Jin Won Choi

Electronic Thesis and Dissertation Repository

Our aim in this thesis is to investigate the usefulness of real options analysis, taking case studies of problems in real estate. In the realm of real estate, we consider the following three problems. First, we consider the valuation and usefulness of presale contracts of condominiums, which can be viewed as similar to call options on condominiums. Secondly, we consider the valuation of farm land from the perspective of land developers, who may think of farm land as being similar to call options on subdivision lots. Third, we consider the valuation of opportunities to install solar panels on properties, in ...


Foreclosure Of Securitized Commercial Mortgages - A Model Of The Special Servicer, Peng Liu, Daniel Quan Nov 2011

Foreclosure Of Securitized Commercial Mortgages - A Model Of The Special Servicer, Peng Liu, Daniel Quan

Articles and Chapters

The decision to foreclose on a CMBS mortgage is made by the special servicer. A mortgage loan is in special servicing when it is either delinquent or in a state of imminent default. A special servicer should represent the interests of the underlying CMBS bondholders by returning the highest possible value to the investors. In this paper, we show that a special servicer's compensation structure results in an incentive for her to extend a loan beyond the time desired by its bondholders. We develop a model and demonstrate how compensation incentives interact and influence a special servicer's foreclosure ...


A Payoff At The End Of A Rocky Road, Carl S. Gaines Nov 2011

A Payoff At The End Of A Rocky Road, Carl S. Gaines

Carl S Gaines

No abstract provided.


Center For Real Estate Quarterly, Volume 5, Number 4, Portland State University. Center For Real Estate Nov 2011

Center For Real Estate Quarterly, Volume 5, Number 4, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (p. 2-4)
--Shaping the City: Portland, Oregon, 1841-2011, by Chet Orloff (p. 5-22)
--Residential Market Analysis by Evan Abramowitz (p. 23-46)
--Multifamily Market Analysis by Evan Abramowitz (p. 47-53)
--Office Market Analysis by David West (p. 54-63)
--Retail Market Analysis by David West (p. 64-70)
--Industrial Market Analysis by David West (p. 71-76)


The Fundamental Law Of Road Congestion: Evidence From Us Cities, Gilles Duranton, Matthew A. Turner Oct 2011

The Fundamental Law Of Road Congestion: Evidence From Us Cities, Gilles Duranton, Matthew A. Turner

Real Estate Papers

We investigate the effect of lane kilometers of roads on vehicle-kilometers traveled (VKT) in US cities. VKT increases proportionately to roadway lane kilometers for interstate highways and probably slightly less rapidly for other types of roads. The sources for this extra VKT are increases in driving by current residents, increases in commercial traffic, and migration. Increasing lane kilometers for one type of road diverts little traffic from other types of road. We find no evidence that the provision of public transportation affects VKT. We conclude that increased provision of roads or public transit is unlikely to relieve congestion.


Can Fund Managers Select Outperforming Reits? Examining Fund Holdings And Trades, Gjergji Cici, John B. Corgel, Scott Gibson Oct 2011

Can Fund Managers Select Outperforming Reits? Examining Fund Holdings And Trades, Gjergji Cici, John B. Corgel, Scott Gibson

Articles and Chapters

Despite at least six empirical studies published since 2000 designed to assess fund managers’ Real Estate Investment Trust (REIT)-selection ability, their skill remains in question. Unlike previous studies, we examine fund holdings and trades of REITs to answer this question. This approach allows us to explicitly account for portfolio rebalancing that alters REIT-characteristic weights of fund portfolios. Results show that fund managers, after controlling for property type, size and momentum, generated significant positive alpha with their securities-selection ability. To understand the sources of such ability, we examine whether fund managers who followed certain trading strategies out performed relative to ...


The State Of The Region: Hampton Roads 2011, James V. Koch, Vinod Agarwal, Christopher B. Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Elizabeth Janik, Feng Lian, Sharon Lomax, Janet Molinaro, Ken Plum, Jim Sylvester, Ayush Toolsidass, Shara Weber, Gilbert Yochum Oct 2011

The State Of The Region: Hampton Roads 2011, James V. Koch, Vinod Agarwal, Christopher B. Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Elizabeth Janik, Feng Lian, Sharon Lomax, Janet Molinaro, Ken Plum, Jim Sylvester, Ayush Toolsidass, Shara Weber, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's 12th 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, John R. Broderick. 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 ...


Understanding The Decline Of Sales Of Destination Club Products, Heidi Goetz Oct 2011

Understanding The Decline Of Sales Of Destination Club Products, Heidi Goetz

UNLV Theses, Dissertations, Professional Papers, and Capstones

Purpose:

The purpose of this paper is to identify and confirm factors leading to the decline of sales of Ritz-Carlton Destination Club products.


The Dynamics Of Credit Spreads In Hotel Mortgages And Signaling Implications, Crocker L. Liu Ph.D., Daniel C. Quan Ph.D., Andrey D. Ukhov Ph.D. Sep 2011

The Dynamics Of Credit Spreads In Hotel Mortgages And Signaling Implications, Crocker L. Liu Ph.D., Daniel C. Quan Ph.D., Andrey D. Ukhov Ph.D.

Cornell Real Estate and Finance Working Papers

This paper investigates the loan pricing of risk in a market with short term leases (hotels) relative to longer term leases (office properties) with respect to how news on the economy, capital and real estate markets is incorporated in loan pricing using a vector autoregression (VAR) framework. The hotel loan pricing data provides a unique laboratory to study loan pricing adjustments given the short-term nature of the hotel leases. We examine the information content of hotel credit spreads in two stages. After establishing the impact of economic variables on loan pricing and the informational content of the incremental risk spread ...


Assessing The Effects Of Local Taxation Using Microgeographic Data, Gilles Duranton, Laurent Gobillon, Henry G. Overman Sep 2011

Assessing The Effects Of Local Taxation Using Microgeographic Data, Gilles Duranton, Laurent Gobillon, Henry G. Overman

Real Estate Papers

We study the impact of local taxation on the location and growth of firms. Our empirical methodology pairs establishments across jurisdictional boundaries to estimate the impact of taxation. Our approach improves on existing work as it corrects for unobserved establishment heterogeneity, for unobserved time-varying site-specific effects and for the endogeneity of local taxation. Applied to data for English manufacturing establishments, we find that local taxation has a negative impact on employment growth but no effect on entry.


Assessment Of Organic And Inorganic Phosphorus In Soils Derived From Cretaceous Sediments And Basement Complex Soils Of Guinea Savannah Of Kogi State, North Central Nigeria, Sunday I. Amhakhian, H H. Isitekhale, Charles I. Oyewole Aug 2011

Assessment Of Organic And Inorganic Phosphorus In Soils Derived From Cretaceous Sediments And Basement Complex Soils Of Guinea Savannah Of Kogi State, North Central Nigeria, Sunday I. Amhakhian, H H. Isitekhale, Charles I. Oyewole

Confluence Journal Environmental Studies (CJES), Kogi State University, Nigeria

A pot experiment was carried out using 20 surface soils (0-15cm depth) in 2008 to assess soil organic phosphorus and some fraction of inorganic phosphorus in other to know their availability in the soils of the studied area and also work have not been done in this areas in respect to organic and in-organic phosphorus. The experiment was conducted using 20 soils 10 from each geological formation (Cretaceous sediments and Basement complex soils), respectively. The mean organic phosphorus of 63.51 mgkg 1 soil was obtained for Cretaceous sediment soils and 158.54 mgkg 1 soil for the basement complex ...


Development Of Functional Indices Of Facility Occurrence Towards The Distribution Of Social Services In Lagos Island Nigeria., Augustus O. Atubi Aug 2011

Development Of Functional Indices Of Facility Occurrence Towards The Distribution Of Social Services In Lagos Island Nigeria., Augustus O. Atubi

Confluence Journal Environmental Studies (CJES), Kogi State University, Nigeria

Proper coordination of transport and public facilities provision is vital to any balanced regional development strategy. The central aim of this study, therefore, is to find out what the relationship is between access to the transport network and the provision of functional indices of facility occurrence towards the distribution of social services in Lagos Island, Nigeria. In particular it seeks to find out areas that have below or above average level of facility occurrences relative to the level of accessibility. However, a pair wise correlation matrix of the eleven (11) variables employed in the index construction was carried out. The ...


Anatomy Of The Beginning Of The Housing Boom: U.S. Neighborhoods And Metropolitan Areas, 1993-2009, Fernando V. Ferreira, Joseph Gyourko Aug 2011

Anatomy Of The Beginning Of The Housing Boom: U.S. Neighborhoods And Metropolitan Areas, 1993-2009, Fernando V. Ferreira, Joseph Gyourko

Real Estate Papers

We provide novel estimates of the timing, magnitudes, and potential determinants of the start of the last housing boom across American neighborhoods and metropolitan areas (MSAs) using a rich new micro data set containing 23 million housing transactions in 94 metropolitan areas between 1993 and 2009. We also match transactions data with loan information, enabling us to observe household income and other demographics for each neighborhood. Five major findings are reported. First, the start of the boom was not a single, national event. Booms, which are defined by the global breakpoint in an area's price appreciation series, begin at ...


Center For Real Estate Quarterly, Volume 5, Number 3, Portland State University. Center For Real Estate Aug 2011

Center For Real Estate Quarterly, Volume 5, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (p. 2-4)
--LEED Certification, Property Taxes, and Land Use, by Steven Del Percio (p.5-8)
--Residential Market Analysis by Evan Abramowitz (p. 9-29)
--Multifamily Market Analysis by Evan Abramowitz (p. 30-36)
--Office Market Analysis by David West (p. 37-45)
--Retail Market Analysis by David West (p. 46-51)
--Industrial Market Analysis by David West (p. 52-56)


An Investigation Into Appraisal Bias: The Role Of Decision Support Tools In Debiasing Valuation Judgments, O. Alan Tidwell Jul 2011

An Investigation Into Appraisal Bias: The Role Of Decision Support Tools In Debiasing Valuation Judgments, O. Alan Tidwell

Real Estate Dissertations

Given the nature of the valuation task environment appraisers are often made aware of previous value opinions rendered by appraisers, commonly in the form of an historic appraisal. And, because an appraisal task involves the rendering of market value, a hypothetical, unobservable construct based on probabilities, direct feedback against this objective is typically not possible. Alternate signals derived from the task environment such as confirmation of previous appraised values may be employed, thereby potentially altering the appraiser’s perception of the valuation objective leading to divergence from the normative model. The real estate behavioral literature suggests commercial appraisers have been ...


Urban Climate And Challenges Of Tropical Cities, B E. Omogbai Jul 2011

Urban Climate And Challenges Of Tropical Cities, B E. Omogbai

Confluence Journal Environmental Studies (CJES), Kogi State University, Nigeria

This study examines the nature of urban climate, features and the challenges on the developing tropical cities in the 21st century. It argues that the use of principles of urban climate would help in providing comfortable living conditions and problem immune working environments for the inhabitants of tropical cities. The findings reveal that owing to poor environmental planning, inadequate geotechnical landscape surveys prior to the development of urban infrastructures, and non-adherence to the principles of urban climate, challenges of landscape degradation, excessive flooding of the built infrastructures, heat-island effects, and collapse of buildings have emerged. Suggested measures to avert these ...


Detecting Changes In Landuse/Cover Of Umuahia, South-Eastern Nigeria Using Remote Sensing And Gis Techniques, Fanan Ujoh, Olarewaju Oluseyi Ifatimehin, Adams Ndalai Baba Jul 2011

Detecting Changes In Landuse/Cover Of Umuahia, South-Eastern Nigeria Using Remote Sensing And Gis Techniques, Fanan Ujoh, Olarewaju Oluseyi Ifatimehin, Adams Ndalai Baba

Confluence Journal Environmental Studies (CJES), Kogi State University, Nigeria

Since 1991 when it became the capital city of Abia State, Umuahia has undergone tremendous transformation in its land use and land cover due to rapid urbanization. The main materials employed for this study are a land use map (1991) and Landsat ETM+satellite image (2007) of the study area. These, combined with field survey/checks, were brought into a GIS environment using ILWIS 3.2 Academic image classification software to map the land use/land cover and to estimate the rate of urban expansion and loss of rural land at the peri-urban fringes of Umuahia between 1991 and 2007 ...


How Dismantling Fannie Mae And Freddie Mac Will Affect The Future Of The Multifamily Market, David Shlom, Andrew Benioff Jul 2011

How Dismantling Fannie Mae And Freddie Mac Will Affect The Future Of The Multifamily Market, David Shlom, Andrew Benioff

Cornell Real Estate Review

On February 11, 2011 the US Treasury published a white paper announcing the future dismantling of the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.1 This white paper, “Reforming America’s Housing Finance Market,” was a result of the government bailout and conservatorship of the GSEs. While both GSEs are well known for their role in residential real estate, their recent involvement in multifamily real estate is less apparent. The purpose of this report is twofold: First to explain the role GSEs have played in the multifamily mortgage market; and second to postulate the effect their non-participation will have ...


Miscellaneous Frontmatter Jul 2011

Miscellaneous Frontmatter

Cornell Real Estate Review

No abstract provided.


Timing Matters: Getting In On The Ground Floor, Elysia Tse, Lawrence Palumbo, Barry Ziering Jul 2011

Timing Matters: Getting In On The Ground Floor, Elysia Tse, Lawrence Palumbo, Barry Ziering

Cornell Real Estate Review

One of the original premises for investing in the real estate asset class was to achieve strong, consistent yields from contractual cash flows, with a secondary objective of earnings growth and capital appreciation. During this past cycle, these secondary objectives rose to the top as unprecedented levels of cap rate compression caused investors to accept aggressive appreciation and NOI growth assumptions. Now that the market has bottomed, investors finding their way back into the market are asking: 1) are today’s pro forma returns good enough to support buying and, 2) is now the right time in the market cycle ...


Table Of Contents, Cornell Real Estate Review Editorial Board Jul 2011

Table Of Contents, Cornell Real Estate Review Editorial Board

Cornell Real Estate Review

No abstract provided.


Foreword, David L. Funk Jul 2011

Foreword, David L. Funk

Cornell Real Estate Review

[Excerpt] Welcome to the 2011 edition of the Cornell Real Estate Review (CRER), a publication managed and edited by graduate students in the Cornell Program in Real Estate featuring the latest practical and applied research in the real estate industry. Selection as editor of the Cornell Real Estate Review is the most prestigious honor available in the Program, and 2010-11 co-editors, Richard Weidel (MPS/RE ’11) and Doug Solinsky (MPS/RE ‘11) not only continued the tradition of dedication and professionalism that have come to symbolize Cornell Real Estate Review editors but also engaged industry associations and expanded the CRER ...


Letter From The Editors, Richard A. Weidel Iii, Douglas C. Solinsky Jul 2011

Letter From The Editors, Richard A. Weidel Iii, Douglas C. Solinsky

Cornell Real Estate Review

[Excerpt] Dear Readers,
We are excited to present Volume 9 of the Cornell Real Estate Review, the leading publication of Cornell’s Program in Real Estate. As this issue goes to press, much uncertainty remains regarding the nature and strength of the current economic recovery. Now more than ever, we see the importance of joining scholarly discourse and professional expertise to gain a thorough understanding of real estate issues and opportunities. Our intention is to promote the practical, efficient application of real estate theory and we hope that you find the articles engaging and useful.


The Other Side Of The White Picket Fence, Robert Bridges, Michael Kianmahd Jul 2011

The Other Side Of The White Picket Fence, Robert Bridges, Michael Kianmahd

Cornell Real Estate Review

[Excerpt] At the risk of heaping more misery on the struggling residential property market, an analysis of home price and ownership data for period of the last 30 years in California - the golden state with notoriously golden property prices – shows that the average single family house has not been a particularly stellar investment. Over that period, a typical homebuyer would have been wise to learn a thing or two about disciplined investing, and would have been better advised to consider putting his or her money elsewhere if the goals were to build net worth and financial security. The popular misconception ...


Strategic Default: The Popularization Of A Debate Among Contract Scholars, Meredith R. Miller Jul 2011

Strategic Default: The Popularization Of A Debate Among Contract Scholars, Meredith R. Miller

Cornell Real Estate Review

[Excerpt] Given the recent, sharp decline in housing prices,1 an estimated 20% of homeowners with a mortgage are “underwater,”2 meaning that these homeowners have borrowed more than their homes are currently worth. Of those underwater homeowners, many can still afford to make their monthly mortgage payments. Given the negative equity in their homes, however, they are faced with the decision whether to carry out a “strategic default.”3


Industry Leader Profile: Robert Duncan, Cornell Real Estate Review Editorial Board, Robert Duncan Jul 2011

Industry Leader Profile: Robert Duncan, Cornell Real Estate Review Editorial Board, Robert Duncan

Cornell Real Estate Review

After earning BBA, MBA, and LLB degrees from the University of Texas at Austin, Mr. Duncan began his career with Trammell Crow in Dallas, Texas. He was responsible for commercial operations in San Antonio in 1978, when he left to form Transwestern. Since then, he has directed Transwestern’s expansion from a small Texas development company into a highly diversified national real estate investment and operating organization.
Throughout his career he has been known for timely and effective responses to challenging markets and crises dating back to the oil and energy shocks of the 1970s. During a distinguished career in ...


More Affordable Housing, But Where, And For Whom? A New Jersey Study Revealing The Low Income Housing Tax Credit’S Impact, And The Ongoing Concentration Of The Poor, Brian N. Biglin Jul 2011

More Affordable Housing, But Where, And For Whom? A New Jersey Study Revealing The Low Income Housing Tax Credit’S Impact, And The Ongoing Concentration Of The Poor, Brian N. Biglin

Cornell Real Estate Review

Since its inception as part of the Tax Reform Act of 1986, the Tax Credit for Low-Income Rental Housing (Low Income Housing Tax Credit, “LIHTC”) has been the most significant government subsidy for the provision of affordable rental housing.1 The program has grown significantly in size, especially in recent years. In 2001, states received $1.50 per capita to dedicate to tax credits for qualifying projects; by 2010, this federal expenditure rose to $2.10 per capita.2 Even in its early days, LIHTC was called the most generous tax credit in history.3 By 2000, one million units ...


Bay Point Ii: Residential Development, Randy W. Hagedorn Jul 2011

Bay Point Ii: Residential Development, Randy W. Hagedorn

Cornell Real Estate Review

The Sun Arrow Apartments Case Study focuses on the evaluation of an investment opportunity for a 275-unit apartment complex in the El Paso, Texas market. After taking Sun Arrow out of bankruptcy, Frank Markowitz of Fannie Mae informs the case study’s protagonist, Geoff Grayson, that he has thirty days to complete the acquisition of Sun Arrow. Grayson’s task is twofold. First, Grayson must determine how to get the funds necessary to quickly close Sun Arrow. Second, Grayson must assess his risk tolerance because various market and property risks exist in connection with any Sun Arrow acquisition. The Sun ...