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An Empirical Examination Of Traditional Neighborhood Development, Charles C. Tu, Mark Eppli
An Empirical Examination Of Traditional Neighborhood Development, Charles C. Tu, Mark Eppli
Finance Faculty Research and Publications
This study analyzes the impact of the new urbanism on single-family home prices. Specifically, we explore the price differential that homebuyers pay for houses in new urbanist developments relative to houses in conventional suburban developments. Using data on over 5,000 single-family home sales from 1994 to 1997 in three different neighborhoods, hedonic regression results reveal that consumers pay more for homes in new urbanist communities than those in conventional suburban developments. Further analyses indicate that the price premium is not attributable to differences in improvement age and other housing characteristics.
A Simulation Analysis Of The Relationship Between Retail Sales And Shopping Center Rents, Gregory H. Chun, Mark Eppli, James D. Shilling
A Simulation Analysis Of The Relationship Between Retail Sales And Shopping Center Rents, Gregory H. Chun, Mark Eppli, James D. Shilling
Finance Faculty Research and Publications
This article examines the variation in rents per square foot among regional shopping centers in the United States in response to variation in retail sales per square foot. The analysis breaks new ground by treating base and percentage rents as endogenous functions of retail sales. The analysis further distinguishes between de facto, if not de jure, fixed and percentage leases, and between new versus existing leases. Simulation results suggest that shopping center rents can easily increase in the short-run as retail sales decrease, or they can easily decrease as retail sales increase. In addition, the results suggest that shopping center …
The Structure Of Debt And Active Equity Investors: The Case Of The Buyout Specialist, James F. Cotter, Sarah Peck
The Structure Of Debt And Active Equity Investors: The Case Of The Buyout Specialist, James F. Cotter, Sarah Peck
Finance Faculty Research and Publications
This paper examines the role buyout specialists play in structuring the debt used to finance the LBO and in monitoring management in the post-LBO firm. We find that when buyout specialists control the majority of the post-LBO equity, the LBO transaction is likely to be financed with less short-term and/or senior debt and less likely to experience financial distress. We also find that buyout specialists have greater board representation on smaller boards, suggesting that they actively monitor managers, and that for these transactions, using debt with tighter terms does not significantly increase the firm's performance. In contrast, in all other …
The Evolution Of Real Estate In The Economy, Dapeng Hu, Anthony Pennington-Cross
The Evolution Of Real Estate In The Economy, Dapeng Hu, Anthony Pennington-Cross
Finance Faculty Research and Publications
While the economy as a whole has been rapidly changing in response to technological innovation, real estate has evolved from a depository of wealth for households and assets for corporations into a major force in the debt and equity markets. In contrast, the role of real estate as a contributor to the nation's output and income has remained steady at approximately 11% of gross domestic product.