Real Estate Commons^™

Essays On Capital Structure And Ownership Structure, Yiqin Chen

Dissertations, Theses, and Capstone Projects

This dissertation consists of two chapters about how ownership structure affects REITs’ capital structure and property transactions.

Chapter 1: The Influence of Ownership Structure on REITs’ Financing Decisions
This essay explores how ownership structure affects REITs’ financing decisions following natural disasters. The results show that REITs with high insider ownership tend to increase leverage in the aftermath of such events, while those with high institutional ownership, especially long-term institutional ownership, are more likely to reduce leverage. These findings provide further evidence of the monitoring role of institutional investors in shaping REITs’ financial strategies during times of crisis.

Chapter 2: …

The Impact Of Irrigation On Agricultural Land Values In The United States Southeast And An Analysis Of Farmland Prices In South Carolina, Christopher L. Thomas

All Theses

Land is a key component of the agriculture industry in the United States. According to the United States Department of Agriculture, farm real estate (land and buildings) accounted for 82.8% of total US farm sector assets in 2022, consequently making land the largest source of wealth in a farmer’s investment portfolio and the primary source of collateral used for farm operating loans. The Southeastern region of the United States has seen rapid farmland appreciation and intense population growth in recent years. This research investigates the rising farmland prices across the Southeast from both a regional and state-level perspective. Chapter Two …

Rebuilding The American Dream: Understanding And Alleviating First-Time Home Buyer Affordability Challenges In Northwest Arkansas, Samuel R. Butler

Economics Undergraduate Honors Theses

Homeownership is a cornerstone of the American Dream. It is linked to numerous socioeconomic benefits such as social cohesion, civic engagement, imbalance in opportunities, education, and public health. However, in recent years, housing affordability across the nation and in Northwest Arkansas has become challenging.

Part I of this thesis explains the importance of homeownership nationally and the deteriorating conditions of first-time homebuyers. It explains the key drivers of housing affordability over time, and it explains the connection between zoning and affordability.

Part II focuses on the housing market in Northwest Arkansas (NWA). I forecast the NWA housing demand, which highlights …

The Product Of Property Tax: How Property Tax Affects Agricultural Production In Nebraska, James L. Kriz

Department of Political Science: Dissertations, Theses, and Student Research

The question of what level of property tax is acceptable has become an increasingly prominent question within agriculture, which is shown by the rise of interest groups and bill introduction in Nebraska. As such, this paper examines how property taxes affect Nebraska's agricultural output. The study employs a quantitative analysis of all Nebraska counties over 21 years from 2000 to 2020. This study hypothesizes that as property tax rates increase, farm outputs will decrease. The study offers a new analysis in an understudied subsection of the agriculture policy literature and points towards a new direction in which the field can …

Fintech Companies Vs Traditional Lenders: Who Performed Better During Recent Rate Hikes?, Jordan Terry

Honors Scholar Theses

This research examines the performance of financial technology (fintech) lending companies, compared to traditional lenders, to assess whether a competitive advantage exists during periods of rising interest rates. A meta-analysis is conducted, linking historical lending behavior of banks and fintech lenders in relation to interest rate movements. Analysis of loan performance during the period 2013-2024 indicates that fintech lending does not reveal a significant advantage on a risk-adjusted basis during interest rate hikes. However, there is anecdotal evidence suggesting that the largest peer-to-peer lending platform experienced enhanced lending efficiency during a period of low interest rates. Overall, evidence suggests that …

Effect Of Street-Pricing Deregulation In U.S. Airports On Customer Satisfaction, Thorsten Merkle, Satheesh Seenivasan, Sushanta Das

ICHRIE Research Reports

This study investigates the impact of pricing policies and food and beverage (F&B) strategies on traveler satisfaction in the dynamic airport environment, with a focus on Phoenix airport in comparison with two other (undisclosed) major U.S. airports. Using a mixed-methods approach that integrates unstructured observations and social media analytics, the research provides a comprehensive understanding of passenger behavior, satisfaction, and spending patterns in airside F&B outlets.

Key findings reveal that traveler satisfaction is driven by factors such as service quality, timeliness, perceived value, and emotional engagement, with price sensitivity playing a relatively minor role. Phoenix International Airport exemplifies a successful …

Extremely Low-Income Renter Households In The Mountain West, 2023, Anthony Arroyo, Yiselle Olivas Ruiz, Mia Tschan, Caitlin J. Saladino, William E. Brown Jr.

Housing & Real Estate

This fact sheet examines data from the 2025 National Low Income Housing Coalition (NLIHC) report, “The Gap: A Shortage of Affordable Rental Homes,” which reported annual rental housing shortages in the United States. This fact sheet focuses on the number of extremely low-income renter households, affordable and available rental homes, and associated cost burdens in the five Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah.

From Poolside To Profit Margins: A Deep Dive Into Playa Hotels & Resorts, Elisabeth Zygmunt, Hai Tran

Honors Thesis

From a consumer perspective, all-inclusive leisure travel requires few worries coupled with plenty of enjoyment and relaxation. However, from a managerial perspective, there are countless operations to run to ensure a positive guest experience. Playa Hotels & Resorts (NASDAQ: PLYA) is a leader in all-inclusive resorts in vacation destinations worldwide. Compared to some of the biggest names and players in the industry, Playa has a relatively small market cap of $1.49B. To maintain its growth trajectory, Playa must capitalize on the increasing popularity of all-inclusive models and consumer health concerns, along with continuing to expand its portfolio through collaborations with …

Investing In Residential Real Estate: Understanding Homebuilder Exchange-Traded Fund Performance, Robert W. Mcleod, Davinder K. Malhotra

School of Business Faculty Papers

Homebuilder ETFs provide investors with a diversified portfolio of residential construction and sales companies which reduces risks associated with individual stock selection in the sector. This study examines the net monthly returns of homebuilder exchange-traded funds (ETFs) through various performance evaluation models and market situations. The results reveal that these ETFs outperformed benchmark indices in absolute returns. Despite homebuilding being part of the real estate sector, the correlation between monthly returns of homebuilder ETFs and the Dow Jones US Real Estate Index, though positive, is not very high. The performance of ETFs varied across market conditions, demonstrating both outperformance and …

Does Artificial Intelligence Bias Exist In Mortgage Underwriting Software? Investigating Bias, Regional Disparities, And Fair Ai Models, Dorian Cornelius

Dissertations

This quantitative study closely emulated Zou and Khern's (2022) analysis of AI Bias in Mortgage Applications. They used the Home Mortgage Disclosure Act (HMDA) dataset from the Federal Financial Institution Examination Council's (FFEIC) website to review mortgage loan data from 2019 to determine if there was bias in the AI mortgage application approvals. Those researchers concluded that bias does exist in the AI mortgage underwriting software. Since their study, research has demonstrated that discrimination continues to exist in AI software. Therefore, this research expands on Zou and Khern’s study to determine if there are differences in the mortgage loan approval …

Synchronizing Work And Teaching Practices With The Spatial Dna Of Distributed Work And Learning, Manju Aishwarya Adikesavan

Dissertations, Theses, and Capstone Projects

Phygitality, the seamless and synergistic integration of physical and digital realms, is an indispensable and irrevocable part of contemporary office-based work. Phygitality facilitates spatially and temporally distributed or multi-local working where employees work from diverse locations such as their home, office, and third places at any time of day or night. It also makes nonterritorial working at temporary workspaces accessed on a session-by-session basis possible.

This dissertation examines how phygital, multi-local, and nonterritorial working reshape individual and group work behaviors, organizational spatial practices, work-centric settings, non-work-centric settings, neighborhoods, cities, and regions. The Spatial DNA of Distributed Work encapsulates a conceptual …

Comprehensive Data-Driven Analysis Of Nyc Real Estate Transactions: Insights Into Pricing Dynamics, Neighborhood Evolution, And Socioeconomic Influences, Ruiming Xu

Dissertations, Theses, and Capstone Projects

This project provides a comprehensive analysis of New York City’s real estate market, focusing on its historical evolution, shifting demographics, and the significant impact of the COVID-19 pandemic on housing trends. Utilizing data from trusted sources like Zillow, the NYC Department of Finance, and the U.S. Census Bureau, the study investigates how property values have changed over time, highlights neighborhoods undergoing notable transformations, and identifies the economic, cultural, and social factors driving these changes. The research aims to reveal the complex forces shaping the market while offering insights into its future direction and the reasons behind current trends. A key …

The Jamaica Now Leadership Council: A Study Of Stakeholder Participation In The Revitalization Of Downtown Jamaica, Queens, Melva M. Miller

Dissertations, Theses, and Capstone Projects

Urban revitalization in the United States has often been characterized by uneven community development, where marginalized communities bear the costs while receiving limited benefits. This dissertation examines how the dynamics of stakeholder participation impacts the practice of Community Economic Development (CED), focusing on the Jamaica Now Leadership Council (JNLC) as a case study. Formed to oversee the Jamaica Now Neighborhood Action Plan, the JNLC represents a model of inclusive, stakeholder-driven urban development aimed at addressing historical disinvestment and promoting equitable economic growth in Downtown Jamaica, Queens.

The study explores how power dynamics, stakeholder histories, and role expectations shape participation in …

J Mich Dent Assoc February 2025

The Journal of the Michigan Dental Association

Each month, the Journal of the Michigan Dental Association provides news, information, and features about Michigan dentistry to our state's oral health community and the MDA's 6,200+ members. It is the primary publication reaching Michigan dentists. The February issue sets the tone for the MDA’s Annual Meeting, Revving Up Dentistry, this April in Detroit.

A detailed Annual Session Preview is included within the Journal with course listings and activities planned for the four-day event. Regular Departments: News You Need, New Dentist Column, MDA Insurance, Dentistry and the Law, Staff Matters, MDA at your Service, Governmental Affairs, and a Michigan Dental …

Expectations Versus Reality In New Cairo's Gated Communities: An Interdisciplinary Analysis Of Socio-Spatial Features, Ala'a Marwan

Theses and Dissertations

This research aims to introduce a new framework to identify the disparities between gated community residents’ experiences and real estate developers' visions towards the development. As New Cairo experiences significant growth, many residents are increasingly relocating to gated communities. It has become crucial to assess users’ expectations before moving and their lived experience post-moving to allocate the gaps between their expectations and reality, otherwise, the GC developments will grow apart from users’ updated preferences. The research focuses on the socio-spatial qualities such as accessibility to services and facilities, community interaction, and vast green areas between buildings for privacy, all of …

Rethinking Retained Earnings In The Additional Funds Needed Formula, James E. Larsen

Finance and Financial Services Faculty Publication

This paper critically re-evaluates the traditional application of the Additional Funds Needed formula by analyzing alternate interpretations of retained earnings. It illustrates how definitional shifts influence capital forecasts with a more nuanced approach to financial modeling in growth scenarios. The approach emphasizes numerical clarity, policy realism, and adaptability for financial planning. The paper challenges conventional AFN usage by embedding definitional flexibility and temporal awareness, offering decision-makers clearer visibility into funding sensitivity. It reframes AFN as a dynamic planning tool rather than a static formula, with implications for forecasting, policy-setting, and strategic finance.

The Causes And Impact Of Evictions In Southern Nevada, Mohit Pande

Student Research

As the Southern Nevada region continues to quickly grow, evictions have become a structural feature of the region’s rental market. The region has one of the highest eviction filing rates in the country and this trend has continued to increase in the wake of the Covid-19 pandemic. This paper examines the availability of market-rate affordable housing and the expansion of subsidized affordable housing to understand how the local housing conditions contribute to the number of evictions in Southern Nevada. Additionally, the paper studies local legal processes, such as the summary eviction system and habitability procedures, to understand the relationship between …

Identifying Intangible And Biocultural Heritage Elements Toward Environmental Understanding: Engaging Stakeholders Through Art, Martha B. Lerski

Publications and Research

Grounded in a case study in Barbuda in the Caribbean, this research examines sustainability from the perspective of what arts and heritage can contribute to community engagement and local and broader understandings about the environment. This article documents a growing body of literature recognizing the role of arts and culture, including local knowledge and traditional ecological knowledge (TEK), in climate change endeavors. Art and TEK present expansive world views. Contextual information situates research done on the island of Barbuda pre- and post-Hurricane Irma. Visual arts workshops engaged community members in mixed methods research. Results documented cultural elements, particularly intangible and …

Coastal Flooding And Housing Market Liquidity: Policy Implications For Eastern U. S. Communities, Wai Yan Siu, Rex Sitti

ODU Articles

Coastal flooding poses an escalating threat to communities across the U.S East Coast, where rising sea levels and intensifying storms increasingly overwhelm existing infrastructure and natural defenses. These events generate complex economic consequences that extend beyond immediate property damage to affect community stability and long-term development patterns. The real estate industry in particular, faces increasing levels of flood risk. Existing research on climate risk and real estate markets focuses predominantly on price capitalization effects, overlooking the critical dimension of housing market liquidity. This study examines the causal impact of coastal flooding on days-on-market (DOM), a metric of liquidity in the …

Harvest Gold Distillery, Alexis Mackey, Alexander Grecco, Cole Smith, Maggie Patterson, Blake Benko

Williams Honors College, Honors Research Projects

The goal of our research project is to establish and grow Harvest Gold Distillery: a corn-based liquor distillery in Ohio that aims to produce and sell high-quality spirits while offering unique services that enhance outreach in the community. The motivation behind this business venture is rooted in one of our team member’s family traditions; Alex’s family makes homemade liquors, which has fostered an in-depth understanding of the distillation process. Alex’s firsthand experience with the craft provides a solid foundation, yet we recognize that starting a distillery involves significant challenges and requires thorough research in several functions of business. This project …