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The Tension Between Monetary Policy And Financial Stability: Evidence From Agency Mortgage Reits, W. Scott Frame, Eva Steiner 2017 Federal Reserve Bank of Atlanta

The Tension Between Monetary Policy And Financial Stability: Evidence From Agency Mortgage Reits, W. Scott Frame, Eva Steiner

Eva Steiner

The prolonged use of unconventional monetary policies since the financial crisis has resulted in concerns about the potential for such policy accommodation to undermine financial stability. Recent research identifying a “risk-taking channel” of monetary policy suggests that rapidly growing shadow banking organizations are of particular concern. In this paper, we study Agency mortgage REITs (Agency MREITs), which are specialized, tax-exempt financial institutions, whose rapid growth raised systemic risk concerns by the Financial Stability Oversight Council.

After controlling for key variables that drive the Agency MREIT business (level, slope, and expected volatility of the term structure as well as the mortgage ...


The Tension Between Monetary Policy And Financial Stability: Evidence From Agency Mortgage Reits, W. Scott Frame, Eva Steiner 2017 Federal Reserve Bank of Atlanta

The Tension Between Monetary Policy And Financial Stability: Evidence From Agency Mortgage Reits, W. Scott Frame, Eva Steiner

Working Papers

The prolonged use of unconventional monetary policies since the financial crisis has resulted in concerns about the potential for such policy accommodation to undermine financial stability. Recent research identifying a “risk-taking channel” of monetary policy suggests that rapidly growing shadow banking organizations are of particular concern. In this paper, we study Agency mortgage REITs (Agency MREITs), which are specialized, tax-exempt financial institutions, whose rapid growth raised systemic risk concerns by the Financial Stability Oversight Council.

After controlling for key variables that drive the Agency MREIT business (level, slope, and expected volatility of the term structure as well as the mortgage ...


Alumni Highlight: Jinseuk Lee, Simon Kim 2017 Cornell University

Alumni Highlight: Jinseuk Lee, Simon Kim

Cornell Real Estate Review

Jinseuk Lee is the chief representative for Brookfield’s Private Funds Group in Korea. He graduated from Cornell in 2006. He has handled notable transactions at Samsung Life Insurance and Liberty Street Asset Management.


Reit Capital Structure: The Value Of Getting It Right, Eva Steiner 2017 Cornell University School of Hotel Administration

Reit Capital Structure: The Value Of Getting It Right, Eva Steiner

Center for Hospitality Research Publications

An analysis of the capital structure of commercial real estate investment trusts finds that the strongest REITs overall tend to employ lower leverage and longer debt maturity, maintain larger proportions of fixed-rate debt, rely less on secured debt, have a greater line of credit capacity but use it less, and hold smaller cash reserves. The REITs’ strength is measured by Tobin’s q, which expresses the ratio of the market value of assets relative to their book value. The study examines yearly data for the years 1993 through 2013 for 137 REITs based in the United States and the years ...


Cover, 2017 Cornell University School of Hotel Administration

Cover

Cornell Real Estate Review

No abstract provided.


Table Of Contents, 2017 Cornell University School of Hotel Administration

Table Of Contents

Cornell Real Estate Review

No abstract provided.


Editorial Board, 2017 Cornell University School of Hotel Administration

Editorial Board

Cornell Real Estate Review

No abstract provided.


Letter From The Editors, Matthew Farrell, Matthew Green, Robert Lathan, Harrison Willis 2017 Cornell University

Letter From The Editors, Matthew Farrell, Matthew Green, Robert Lathan, Harrison Willis

Cornell Real Estate Review

The Editorial Board of the Cornell Real Estate Review is pleased to present Volume 15 (2017). The Review strives to be a forum to advance discussions regarding topics in real estate and showcase the talents of students from the spectrum of academic disciplines at Cornell that make up the diverse range of subjects in the Real Estate Industry.


Alumni Highlight: Dylan Fonseca, Harrison Willis 2017 Cornell University

Alumni Highlight: Dylan Fonseca, Harrison Willis

Cornell Real Estate Review

We are pleased to recognize Dylan Fonseca as a Cornell alumnus. Dylan Fonseca (MBA ‘12) is a founding member of Fondo Atlas, an owner and operator of real estate in Florida focused on direct asset level investments in retail and residential properties. Fondo Atlas focuses on strategic acquisitions and best-in-class financial reporting to its investors. Since their first acquisition in Q1 2015, Fonseca and his partners have grown the fund to control 300,000 square feet of retail space valued in excess of $70 million.


Alumni Highlight: Sandeep Chadha, Tiya Jain 2017 Cornell University

Alumni Highlight: Sandeep Chadha, Tiya Jain

Cornell Real Estate Review

Sandeep Chadha is a Partner at Milestone Capital Advisors (AUM $800 million) and has 14-plus years of experience in fund raising, investments, asset management and divestments. As a part of senior management at Milestone, he oversees the private REIT portfolio including investments and asset management. Sandeep is responsible for setting up a domestic private REIT focused on investments in commercial assets. His past assignments include managing 25 million square feet of commercial real estate for Unitech and asset management of assets for Everstone Capital and IL&FS Milestone Realty.


Intercontinental Trek: South Korea, The Editors 2017 Cornell Real Estate Review

Intercontinental Trek: South Korea, The Editors

Cornell Real Estate Review

With an exciting revised curriculum highlighting the importance of the global economy in real estate, second year Baker students participated in the first intercontinental real estate trek from December 19-22, 2016. For this inaugural intercontinental trek, students visited Seoul, South Korea. On the evening of December 18, 2016, Baker students were hosted by the Alumni Association of the Baker Program in Real Estate - Seoul, South Korea chapter at Spark Plus Yeoksam. The keynote speakers from the organization included Chaewook Im ‘05, Executive VP of Genstar, and Sungmok Ryu ’01, CEO of Hwasung ENC, who spoke of their fondness for the ...


2017 Real Estate Industry Leader Award, The Editors 2017 Cornell Real Estate Review

2017 Real Estate Industry Leader Award, The Editors

Cornell Real Estate Review

Cornell University and the Baker Program in Real Estate are pleased to announce the recipient of the 2017 Real Estate Industry Leader Award: Jonathan Rose, Founder and President of Jonathan Rose Companies. Rose’s visionary leadership in the areas of sustainability and affordable housing have made him an icon in the real estate industry, and it is our privilege to recognize him with this award.


Balancing Competing Corporate Objectives: The Case Of Texmark Real Estate Company, Morgan Zollinger, Ravikanth Pamidimukkala 2017 Cornell University

Balancing Competing Corporate Objectives: The Case Of Texmark Real Estate Company, Morgan Zollinger, Ravikanth Pamidimukkala

Cornell Real Estate Review

As William Sullivan walked to his car to begin the commute home after a long day at work, he considered the different options before him. As the CEO of the Texmark Real Estate Company (TexREC), Sullivan was concerned about the future of the company he had been leading for four years now. During this time, TexREC had enjoyed considerable success, nearly doubling the value of assets under management to $7.5 billion; however, the rapid growth also meant new challenges for the company. Sullivan was focused on finding new lines of business and untapped markets with the potential for high ...


Brexit: Its Passing And Reverberations, Robert Lathan, Matthew Green, Ershad Chagani 2017 Cornell University

Brexit: Its Passing And Reverberations, Robert Lathan, Matthew Green, Ershad Chagani

Cornell Real Estate Review

The most significant financial and economic news story in 2016 was the June 23 decision of the British public to terminate the U.K.’s membership in the European Union. Polls and bookmakers in the days leading up to the vote had constantly maintained that, while the vote would be close, a “Brexit” was unlikely. As we now know, that position proved false. Financial markets around the world reacted quickly and sharply to the unexpected news.


The Impact Of 3d Printing On Real Estate, Sean Mashian 2017 Cornell University

The Impact Of 3d Printing On Real Estate, Sean Mashian

Cornell Real Estate Review

One of the most intriguing, and possibly disruptive, technologies now emerging is 3D printing. While still expensive and relatively unpolished, this new method of manufacturing products - from medical devices to airplanes - could be on a path to revolutionize retail, shipping, and the general need for space. Currently, 3D printing is most often used in the real estate industry as a way of creating scale models for new developments. As the technology grows and becomes more commonplace, there may be huge changes coming to real estate from this emerging technology.


Fifteen Years Of Rebuilding The World Trade Center, Matthew Farrell 2017 Cornell University

Fifteen Years Of Rebuilding The World Trade Center, Matthew Farrell

Cornell Real Estate Review

September 11, 2001 stands in history as one of the most tragic days this country has ever known. And nowhere was that tragedy felt more keenly than in New York City, where a senseless act of terrorism claimed the lives of thousands of innocent people and forever altered the city skyline. On that day, all 7 of the original World Trade Center buildings were destroyed, and over 12 million square feet of office space was converted to rubble. Fifteen years later, Ground Zero has undergone a transformation, and vitality and progress honor the memory of those who were taken.


Megachurches: A Growing Community Anchor, Daniel Wright 2017 Cornell University

Megachurches: A Growing Community Anchor, Daniel Wright

Cornell Real Estate Review

Real estate value reflects a factor of risk. Community risk inherently is captured in real estate value and is a composition of such elements as employment, income, and population growth (Carr, et al., 2003). These elements provide tenants to rent space and customers to buy products thereby increasing property value. The inverse, then, is true - that the decline of employment, income, or population will negatively impact value. Employment and population growth are accelerated with anchors. The term “anchor” in real estate denotes a use that provides stability and attraction that ultimately lowers risk and increases value. While there are commercial ...


State Intervention To (Un)Manage Growth, Laura Snider 2017 Emory University

State Intervention To (Un)Manage Growth, Laura Snider

Cornell Real Estate Review

The classic dream of moving to a spacious, single-family home in the suburbs has led urban sprawl to become the standard pattern of American growth. Unfortunately, this type of growth—in the aggregate—has created a vast array of unintended consequences. From increased commuting times and traffic congestion to the degradation of ecosystems to the demise of the classic, American “Main Street,” sprawl has left its footprint on many facets of the environment and human life. Sprawl’s harms are often periodic and delayed, thus it is unlikely that the underlying issues causing and exacerbating the harms will ever be ...


Cornell Real Estate Women (Crew), The Editors 2017 Cornell Real Estate Review

Cornell Real Estate Women (Crew), The Editors

Cornell Real Estate Review

The Baker Program in Real Estate is proud to announce the formation of Cornell Real Estate Women (CREW) during the 2016-2017 academic year. CREW is Cornell University’s primary graduate and professional student organization dedicated to the promotion and advancement of women in real estate. The organization was founded with three primary goals: (1) to support members by providing ample opportunities to network and engage with female real estate executives; (2) to attract female speakers for the Baker Program’s Distinguished Speaker Series and other similar events; and (3) to increase the visibility of women in the Baker Program in ...


2017 Argus University Challenge, The Editors 2017 Cornell Real Estate Review

2017 Argus University Challenge, The Editors

Cornell Real Estate Review

The Baker Program in Real Estate continued its success in national real estate case competitions over the past year with a second place finish in the 2017 ARGUS University Challenge. This was Cornell’s first time placing in the ARGUS competition in its six years of existence. Cornell’s team included two second-year students (Yang Yang and Yufei Wang), as well as three first-year students (Paul Heydweiller, Julin Yong, and Alejandro Santander). Professor Crocker H. Liu served as the team’s faculty advisor.


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