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Articles 1 - 16 of 16
Full-Text Articles in Real Estate
Do Real Estate Agents Have Information Advantages In Housing Markets?, Sumit Agarwal, Jia He, Tien Foo Sing, Changcheng Song
Do Real Estate Agents Have Information Advantages In Housing Markets?, Sumit Agarwal, Jia He, Tien Foo Sing, Changcheng Song
Research Collection Lee Kong Chian School Of Business
We use a large housing transaction data set in Singapore to study whether real estate agents use information advantages to buy houses at bargain prices. Agents bought their own houses at prices that are 2.54% lower than comparable houses bought by other buyers. Consistent with information asymmetries, agent buyers have more information advantages in less informative environments, and agent buyers are more likely to buy houses from agent sellers. Agent discounts are from both “cherry picking” and bargaining power, and bargaining power contributes more to the agent discounts. Agents’ advantage consists in their information of available houses and previous purchase …
The Consequences Of Reit Index Membership For Return Patterns, Andrey Pavlov, Eva Steiner, Susan Wachter
The Consequences Of Reit Index Membership For Return Patterns, Andrey Pavlov, Eva Steiner, Susan Wachter
Eva Steiner
The impact of stock market index membership on REIT stock returns is unclear. Returns may become more like those of other indexed stocks and less like those of their underlying properties. Taking advantage of the inclusion of REITs in major S&P indexes starting in 2001, we find that shared index membership significantly increases the correlation between REIT returns. However, index membership also enhances the link between REIT returns and the underlying real estate, consistent with improved pricing efficiency.
Where, When And How Do Sophisticated Investor Respond To Flood Risk?, Piet M. A. Eichholtz, Eva Steiner, Erkan Yönder
Where, When And How Do Sophisticated Investor Respond To Flood Risk?, Piet M. A. Eichholtz, Eva Steiner, Erkan Yönder
Eva Steiner
While the empirical evidence on the pricing of flood risk exposure in residential real estate held by uninformed households is mixed, this study shows that sophisticated investors in commercial real estate markets rationally respond to heightened flood risk by bidding down the prices of exposed assets. Using a detailed property-level database on commercial real estate transactions completed in New York, Boston, and Chicago before and after the shift in the salience of flood risk caused by Hurricane Sandy, we document that properties exposed to flood risk experience slower price appreciation after the storm than equivalent unexposed properties. We further show …
The Rate Of Return On Real Estate: Long-Run Micro-Level Evidence, David Chambers, Christian Spaenjers, Eva Steiner
The Rate Of Return On Real Estate: Long-Run Micro-Level Evidence, David Chambers, Christian Spaenjers, Eva Steiner
Eva Steiner
We provide evidence that direct real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level data on realized income, expenses, and transaction prices from the archives of four large institutional investors in the U.K.—historically important Oxbridge colleges—for the period 1901–1970. Gross income yields mostly fluctuate around 5%, but trend to lower (higher) levels for agricultural and residential (commercial) real estate near the end of our sample period. Operating costs mean that net yields are about one third lower than gross yields on average. Long-term real income growth rates are between -1.0% …
Financial Flexibility And Manager-Shareholder Confict: Evidence From Reits, Timothy Riddiough, Eva Steiner
Financial Flexibility And Manager-Shareholder Confict: Evidence From Reits, Timothy Riddiough, Eva Steiner
Eva Steiner
Using equity REIT data, we show empirically that the use of unsecured debt, which contains standardized covenants that place limits on total leverage and the use of secured debt, is associated with lower leverage outcomes. We then show that firm value is sensitive to leverage levels, where lower leverage is associated with higher firm value. In the presence of weak managerial governance, our results suggest that unsecured debt covenants function as a managerial commitment device that preserves the firm’s debt capacity to enhance financial flexibility.
Revitalizing The Street Of Dreams: A North 24th Street Case Study, Tiffany Hunter
Revitalizing The Street Of Dreams: A North 24th Street Case Study, Tiffany Hunter
Theses/Capstones/Creative Projects
The purpose of this study is to analyze the North 24th Street corridor in Omaha, Nebraska, to highlight the benefits of investing in commercial real estate development, propose tools for financing new development or redevelopment projects, and to suggest methods of building a coherent development plan to avoid gentrification. Commercial development provides the following: quality business space, accessible jobs for an underemployed populace, additional tax revenue, and a reduction in community detriments such as crime, empty lots, and low property values. The North 24th Street corridor has economic potential, as it is less than one mile from downtown …
The Importance Of School District Quality In The Columbus Real Estate Market, Ryan Karapas
The Importance Of School District Quality In The Columbus Real Estate Market, Ryan Karapas
Undergraduate Honors Thesis Projects
Using a random sample of 100 houses sold between the months of October 2018 and January 2019 in the greater Columbus, Ohio area, this paper investigates the relationship between school district quality and the selling price of houses. The results show that school district quality has a positive and statistically significant influence on the Columbus real estate market. An increase of one letter grade in school district quality (calculated using output-related factors such as student performance) leads to a 13% increase in the selling price of a house. When using the average house price in my data set of $254,000, …
Abuses And Penalties Of A Corporate Tax Inversion, James G.S. Yang, Leonard J. Lauricella Professor, Frank J. Aquilino
Abuses And Penalties Of A Corporate Tax Inversion, James G.S. Yang, Leonard J. Lauricella Professor, Frank J. Aquilino
Department of Accounting and Finance Faculty Scholarship and Creative Works
There is a serious problem in international taxation today. Many United States (U.S.) multinational corporations have moved abroad to take advantage of a lower tax rate in a foreign country. As a consequence, the tax base in the U.S. has been seriously eroded. This practice is known as “corporate tax inversion”. This paper discusses the abuses and penalties of this phenomenon. It is rooted in some deficiencies in the U.S. tax law. This paper points out that the U.S. has the highest corporate tax rate in the world. It imposes tax on worldwide income. It permits deferral of tax on …
Essays On Financial Incentives, Tyson D. Van Alfen
Essays On Financial Incentives, Tyson D. Van Alfen
Theses and Dissertations--Finance and Quantitative Methods
In my first chapter, I use a novel dataset of customer reviews from Amazon.com to study the impact of managerial myopia on product market reputation. Using exogenous variation due to the timing of CEO equity vesting events, I show that short-term incentive shocks predict declines in reputation. A changing product market lineup and a deterioration of existing products are two mechanisms through which reputation is affected. The effect is larger when the CEO has other short-term concerns and when the firm has a low reputation in the product market. However, higher advertising expenses mitigate the negative reputational effect among consumers. …
Hotel Industry Performance In 2018-2019 And The Jhfm Index, Atul Sheel
Hotel Industry Performance In 2018-2019 And The Jhfm Index, Atul Sheel
Journal of Hospitality Financial Management
No abstract provided.
Intangible Assets Valuation In The Hospitality Industry, Ruixue Du, Yuan Li, Manisha Singal
Intangible Assets Valuation In The Hospitality Industry, Ruixue Du, Yuan Li, Manisha Singal
Journal of Hospitality Financial Management
In publicly traded firms, there is usually a discrepancy between the market value and the book value of the firm, often due to the valuation of intangible assets. Understanding this discrepancy is import- ant for investors, especially in the service industries like hospitality, where there is considerable industry disruption and consolidation. In this study we examine the effect of four intangible asset investments—research and development (R&D), training, advertising, and pension—on the market premium of restaurant firms. Using a longitudinal sample of 1,421 firm-year observations, the results of our analyses show that R&D, training, advertising, and pension are all important valuation …
Hotel Asset And Equity Risk Before, During, And After The Global Financial Crisis, Marilyn F. Johnson, Mark S. Johnson, Antoinette C. Tessmer
Hotel Asset And Equity Risk Before, During, And After The Global Financial Crisis, Marilyn F. Johnson, Mark S. Johnson, Antoinette C. Tessmer
Journal of Hospitality Financial Management
In this paper, we use asset betas and equity betas over the period January 2000 through December 2015 to investigate the operating and financial risk of hotel industry REITs and C-Corps. We conclude that, on average over our sample period, the operating risk of C-Corps exceeds that of REITs. One interpretation of this result is that management contracts between REITs and C-Corps allocate more operating risk to C-Corps than to REITs. We also find that, on average, during our sample period, the equity betas of C-Corps exceed those of REITs. However, the difference between the average equity risk of the …
Liquidity Effects On Travel And Tourism Stocks Following Global Financial Crises, Andros Gregoriou, Sotiroula Liasidou
Liquidity Effects On Travel And Tourism Stocks Following Global Financial Crises, Andros Gregoriou, Sotiroula Liasidou
Journal of Hospitality Financial Management
This paper explores liquidity effects following the global financial crises between 2007 and 2009 for 26 stocks listed on the Dow Jones Travel and Tourism Index. We find evidence of a sustained increase in the liquidity of the stocks as a result of the financial crises. The empirical findings are consistent with the information cost/liquidity hypothesis, which states that investors demand a lower premium for holding stocks with relatively more available information. Our results suggest that the travel and tourism industry is no longer considered a luxury item. On the contrary, it appears to be more of a necessity to …
The Tendency Of Hotel Rooms Division Managers To Create Budgetary Slack, Collin Ramdeen, Marcia Taylor, Scott Lee
The Tendency Of Hotel Rooms Division Managers To Create Budgetary Slack, Collin Ramdeen, Marcia Taylor, Scott Lee
Journal of Hospitality Financial Management
This study explores how the budgeting system impacts rooms department managers’ tendency to create budgetary slack. The results provide support for four hypotheses, specifically indicating that rooms department managers’ tendency to create budgetary slack does change with the setting and the way the budgeting system is implemented. The major practical implication of this study is that allowing rooms department managers to participate actively in the budgeting process seems to reduce their tendencies to create budgetary slack.
International Association Of Hospitality Financial Management Educators (IAhfme) Academic Member 2018 Total Annual Earnings, Raymond S. Schmidgall
International Association Of Hospitality Financial Management Educators (IAhfme) Academic Member 2018 Total Annual Earnings, Raymond S. Schmidgall
Journal of Hospitality Financial Management
This study uses survey research to determine the 2018 annual earnings of hospitality financial man- agement educators. Forty-two percent of iAHFME members affiliated with educational institutions responded. Survey results show that for 2018, annual base salaries of iAHFME members ranged from $71,250 to $285,000. The lowest-paid member was an assistant professor and the highest-paid mem- ber, a full professor. Many respondents supplemented their base salaries by teaching during summer school or consulting or both. The total annual earnings of iAHFME members ranged from $80,000 to $285,000. Survey results also show that hospitality financial management educators appear to be more highly …
Abstracts Of Presentations At The 2018 Annual IAhfme Research Symposium
Abstracts Of Presentations At The 2018 Annual IAhfme Research Symposium
Journal of Hospitality Financial Management
No abstract provided.