Open Access. Powered by Scholars. Published by Universities.®

Real Estate Commons

Open Access. Powered by Scholars. Published by Universities.®

1157 Full-Text Articles 1019 Authors 403444 Downloads 82 Institutions

All Articles in Real Estate

Faceted Search

1157 full-text articles. Page 1 of 41.

Improving Engagement Of Construction Industry Firms In Apprenticeship Training In A Post-Recession Economy, Eoghan O'Murchadha, Roisin Murphy 2017 Dublin Institute of Technology

Improving Engagement Of Construction Industry Firms In Apprenticeship Training In A Post-Recession Economy, Eoghan O'Murchadha, Roisin Murphy

Conference papers

The Irish economy is currently experiencing a recovery phase following a ‘lost decade’ of growth due to the severe economic downturn of 2007. While the construction industry in Ireland is recording increased output, and improving rates of employment, in the vital economic and labour market sector of apprenticeship there is a significant lack of engagement. Without employer buy-in to apprenticeship training, there exists potential future skills gaps and lack of efficacy of the construction industry. This increasingly likely possibility is disquieting, not just for the possible impact upon the future of apprenticeship but also for the Irish economy as a ...


Hotval Toolkit, Crocker H. Liu 2017 Cornell University School of Hotel Administration

Hotval Toolkit, Crocker H. Liu

Center for Real Estate and Finance Tools

****************************************************************************

Scroll down to "Additional Files" to access the HOTVal Toolkit.

****************************************************************************


HOTVal is a hotel valuation spreadsheet based on a regression model discussed in the Center for Real Estate and Finance at Cornell called Cornell Hotel Indices: Second Quarter 2012: The Trend is Our Friend by Crocker H. Liu, Adam D. Nowak, and Robert M. White, Jr. The model which will be continually updated, provides a rough estimation of the value of a hotel property once the user inputs information on whether the hotel is a large or small hotel, the year and quarter of the valuation, the state where the ...


Third Quarter 2017: Bigger Is Not Better: Smaller Hotels Outperform Larger Hotels, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr. 2017 Cornell University School of Hotel Administration

Third Quarter 2017: Bigger Is Not Better: Smaller Hotels Outperform Larger Hotels, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.

Cornell Real Estate Market Indices

Our moving average trend lines, supported by our standardized unexpected price (SUP) performance metrics, indicate a positive price momentum for smaller hotels with a decline for larger hotels. The return on invested capital for hotels exceeded total borrowing cost this quarter, resulting in a positive economic value added. This was partly attributable to a slight decline in the cost of debt financing, with no change in the cost of equity financing during the current quarter. The total risk of hotel REITs relative to the total risk of equity REITs as a whole has declined during the recent period. If this ...


Decision Modeling For Housing And Community Development: A Methodology For Evidence-Based Urban And Regional Planning, Michael P. Johnson Jr. 2017 University of Massachusetts - Boston

Decision Modeling For Housing And Community Development: A Methodology For Evidence-Based Urban And Regional Planning, Michael P. Johnson Jr.

Michael P. Johnson

Urban community development corporations and other local institutions routinely face challenging problems in housing and economic development that require substantial expertise in data analytics and decision modeling. Recent research, inspired by local responses to the housing foreclosure crisis, and developed in cooperation with Boston-area CDCs, has resulted in a collection of applications that can assist CDCs and similar organizations to design local interventions for acquisition and redevelopment of housing. This paper describes these applications. The first of these is values and objective design, i.e. the process of identifying decision opportunities. The second of these is data analytics, or the ...


Fundamental Drivers Of Dependence In Reit Returns, Jamie Alcock, Eva Steiner 2017 University of Sydney

Fundamental Drivers Of Dependence In Reit Returns, Jamie Alcock, Eva Steiner

Eva Steiner

We analyse the empirical relationships between firm fundamentals and the dependence structure between individual REIT and stock market returns. In contrast to previous studies, we distinguish between the average systematic risk of REITs and their asymmetric risk in the sense of a disproportionate likelihood of joint negative return clusters between REITs and the stock market. We find that REITs with low systematic risk are typically small, with low short-term momentum, low turnover, high growth opportunities and strong long-term momentum. Holding systematic risk constant, the main driving forces of asymmetric risk are leverage and, to some extent, short-term momentum. Specifically, we ...


Unexpected Inflation, Capital Structure And Real Risk-Adjusted Firm Performance, Jamie Alcock, Eva Steiner 2017 University of Sydney

Unexpected Inflation, Capital Structure And Real Risk-Adjusted Firm Performance, Jamie Alcock, Eva Steiner

Eva Steiner

Managers can improve real risk-adjusted firm performance by matching nominal assets with nominal liabilities, thereby reducing the sensitivity of real risk-adjusted returns to unexpected inflation. The Net Asset Value (NAV) of US equity Real Estate Investment Trusts (REITs) serves as a good proxy for nominal assets and accordingly we use a sample of US REITs to test our hypothesis. We find that for the firms in our sample: (i) their real, risk-adjusted performance, and (ii) their inflation hedging qualities are inversely related to deviations from this “matching-nominals" argument. In addition to providing managers with a vehicle to maximise real, risk-adjusted ...


Second Quarter 2017: Positive Momentum Continues: A New Price High Reached, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr. 2017 Cornell University School of Hotel Administration

Second Quarter 2017: Positive Momentum Continues: A New Price High Reached, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.

Crocker H. Liu

Our moving average trendlines, supported by our Standardized Unexpected Price (SUP) performance metrics, indicate not only positive price momentum but also that a statistically significant new high has been reached this quarter.

Forward looking indicators suggest that this momentum should continue into the next quarter. Further good news is that lenders are not demanding higher compensation for risk associated with hotel loans relative to other commercial real estate loans. However, the total risk of hotel REITs relative to the total risk of equity REITs as a whole continues to rise. This means that lenders will eventually start to tighten hotel ...


Second Quarter 2017: Positive Momentum Continues: A New Price High Reached, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr. 2017 Cornell University School of Hotel Administration

Second Quarter 2017: Positive Momentum Continues: A New Price High Reached, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.

Crocker H. Liu

Our moving average trendlines, supported by our Standardized Unexpected Price (SUP) performance metrics, indicate not only positive price momentum but also that a statistically significant new high has been reached this quarter.

Forward looking indicators suggest that this momentum should continue into the next quarter. Further good news is that lenders are not demanding higher compensation for risk associated with hotel loans relative to other commercial real estate loans. However, the total risk of hotel REITs relative to the total risk of equity REITs as a whole continues to rise. This means that lenders will eventually start to tighten hotel ...


Second Quarter 2017: Positive Momentum Continues: A New Price High Reached, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr. 2017 Cornell University School of Hotel Administration

Second Quarter 2017: Positive Momentum Continues: A New Price High Reached, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.

Cornell Real Estate Market Indices

Our moving average trendlines, supported by our Standardized Unexpected Price (SUP) performance metrics, indicate not only positive price momentum but also that a statistically significant new high has been reached this quarter.

Forward looking indicators suggest that this momentum should continue into the next quarter. Further good news is that lenders are not demanding higher compensation for risk associated with hotel loans relative to other commercial real estate loans. However, the total risk of hotel REITs relative to the total risk of equity REITs as a whole continues to rise. This means that lenders will eventually start to tighten hotel ...


A Cross-Sectional Exploration Of Household Financial Reactions And Homebuyer Awareness Of Registered Sex Offenders In A Rural, Suburban, And Urban County., John Charles Navarro 2017 University of Louisville

A Cross-Sectional Exploration Of Household Financial Reactions And Homebuyer Awareness Of Registered Sex Offenders In A Rural, Suburban, And Urban County., John Charles Navarro

Electronic Theses and Dissertations

As stigmatized persons, registered sex offenders betoken instability in communities. Depressed home sale values are associated with the presence of registered sex offenders even though the public is largely unaware of the presence of registered sex offenders. Using a spatial multilevel approach, the current study examines the role registered sex offenders influence sale values of homes sold in 2015 for three U.S. counties (rural, suburban, and urban) located in Illinois and Kentucky within the social disorganization framework. Homebuyers were surveyed to examine whether awareness of local registered sex offenders and the homebuyer’s community type operate as moderators between ...


The Economics Of Commercial Real Estate Preleasing, Robert H. Edelstein, Peng Liu 2017 University of California at Berkeley

The Economics Of Commercial Real Estate Preleasing, Robert H. Edelstein, Peng Liu

Peng Liu

Preleasing of to-be-built commercial real estate space is a pervasive worldwide practice. Although such preleasing is an extensive and significant activity, it has not received adequate attention in the real estate economics and finance literature. Using an equilibrium micro-economic agency model, this paper examines the economics of commercial real estate preleasing. The equilibrium prelease contract rent is a function of several variables, including the expected spot market rent, financing benefits from preleasing, developer-lessor and tenant-lessee risk-hedging behavior, the interplay between lessor and lessee default options, and the market capitalization rate. Our paper demonstrates how the distribution of risk preferences for ...


The Market For Real Estate Presales: A Theoretical Approach, Robert Edelstein, Peng Liu, Fang Wu 2017 University of California, Berkeley

The Market For Real Estate Presales: A Theoretical Approach, Robert Edelstein, Peng Liu, Fang Wu

Peng Liu

Presale agreements have become a pervasive worldwide practice for residential sales, especially in many Asian markets. Although there is a burgeoning empirical literature on presales agreements, only a few papers actually address their theoretical foundations. We create a set of interrelated theoretical models for explaining how and why developers and buyers engage in presale contracts for non-completed residential dwellings. Given heterogeneous consumer beliefs about future market prices, developers and buyers enter into presale agreements to mitigate, two intertwined, fundamental risks: those of real estate market valuation and default. Our analyses are consistent with prior empirical findings and provide additional theoretical ...


Mortgage Prepayment And Default Behavior With Embedded Forward Contract Risks In China’S Housing Market, Yongheng Deng, Peng Liu 2017 University of Southern California

Mortgage Prepayment And Default Behavior With Embedded Forward Contract Risks In China’S Housing Market, Yongheng Deng, Peng Liu

Peng Liu

Most condominiums in China are sold forward on a pre-sale market, where purchasers and developers transact on an underlying property that is not yet completed. During the pre-sale period home buyers face a significant forward contract risk. However, home buyers can borrow mortgages from banks so that they can effectively share the forward contract risk with banks. This explains the phenomenon of irregularly high early-stage default and prepayment rates observed in residential mortgage lending in China, where there are few, if any, financial incentives for mortgage borrowers to exercise either put or call options. Mortgages collateralized by forward housing assets ...


Foreclosure Of Securitized Commercial Mortgages - A Model Of The Special Servicer, Peng Liu, Daniel Quan 2017 Cornell University School of Hotel Administration

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

Peng Liu

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 ...


Determinants Of Hotel Property Prices, John B. Corgel, Crocker H. Liu, Robert M. White 2017 Cornell University School of Hotel Administration

Determinants Of Hotel Property Prices, John B. Corgel, Crocker H. Liu, Robert M. White

Crocker H. Liu

Pricing commercial real estate has its foundations in present value theory. Recent improvements for accessing transaction data have stimulated interest in commercial property hedonic pricing models, the structures of which follow traditions in single-family real estate in that the implicit prices of property characteristics and site-specific variables represent city and national market conditions. Adding present value variables has become increasingly common to account for general market conditions. We test two hedonic pricing models; one that follows the residential tradition and another that departs by incorporating city-specific net operating incomes and the discount rates. Modeling prices in these alternative ways allows ...


Determinants Of Hotel Property Prices, John B. Corgel, Crocker H. Liu, Robert M. White 2017 Cornell University School of Hotel Administration

Determinants Of Hotel Property Prices, John B. Corgel, Crocker H. Liu, Robert M. White

Jack Corgel

Pricing commercial real estate has its foundations in present value theory. Recent improvements for accessing transaction data have stimulated interest in commercial property hedonic pricing models, the structures of which follow traditions in single-family real estate in that the implicit prices of property characteristics and site-specific variables represent city and national market conditions. Adding present value variables has become increasingly common to account for general market conditions. We test two hedonic pricing models; one that follows the residential tradition and another that departs by incorporating city-specific net operating incomes and the discount rates. Modeling prices in these alternative ways allows ...


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

Eva Steiner

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 ...


Digital Commons powered by bepress