Real Estate Commons^™

Market Value In The Lower 9th Ward: Evaluating Reinvestment For The New Orleans Re-Development Authority, Michelle M. Thompson, Patrick Coyle, Kristine Dickson, John Green, Rosa Herrin, M. Johanna Leibe, Michael Lostocco, Adarian Pike, Manyuan Reffell, Tyren Snyder, Sofie Strasser, Jill Zimmerman

Planning and Urban Studies Reports and Presentations

No abstract provided.

F.A.C.E.S. (Faculty Academic Community Education Showcase): Professional Growth Experiences In A Career University, Paul J. Colbert, Ph.D.

MBA Faculty Conference Papers & Journal Articles

Institutes of higher education exist for the purpose of developing, fostering, nurturing, and stimulating the intellectual growth and development of students. The core values of a college education provide students conceptual and practical educational opportunities that focus on improving their skills and knowledge. These skills and knowledge translate into purposeful, real-life learning experiences. However, in the academic community, learning is not restricted to students. Faculty, too, must be supported and provided opportunities for personal and professional growth and development. Although professional development is not a novel concept in the education profession, schools often take up the gauntlet, but fall short …

Comparing Service Qualities/Gaps Between Hospitality Industry And Timeshare Industry, Yan Zhu

UNLV Theses, Dissertations, Professional Papers, and Capstones

After the Great Recession of 2008, both the hospitality and the timeshare industries were influenced dramatically. Consumers became more sensitive to the price of services rendered, and to service quality when choosing hotels and investing in timeshares. Thus, service quality became the vital factor contributing to success in the highly competitive hospitality industry. This paper will compare service qualities and gaps between the hospitality industry and the timeshare industry. The purpose of this study is to find the key service gaps in the both industries and service quality dimensions.

Objective of Study: This paper will identify each aspect of service …

Government Influence And The Failure Of Fannie Mae And Freddie Mac, Aravind Mohan

Honors Theses

In 2008 two government-sponsored enterprises, Fannie Mae and Freddie Mac, were placed into conservatorship due to insolvency. The financial bailout of the two publically traded corporations came at the expense of the American tax payer. This study investigates the relationship between direct and indirect government influence and the increasing risk taking of Fannie Mae and Freddie Mac from the late 1990’s through their conservatorship in 2008. As government-sponsored enterprises Fannie Mae and Freddie Mac have many special advantages that other publically traded companies did not possess. These advantages allowed Fannie Mae and Freddie Mac to increase their profitability. Theoretical literature …

Why China? A Study Of Why Foreign Hotel Companies Are Rushing To Develop New Luxury Hotels In China, Sean Hardingham

UNLV Theses, Dissertations, Professional Papers, and Capstones

Purpose: The purpose of this professional paper is to identify why China is currently the number one recipient of foreign investment from foreign multinational luxury hotel companies.

Statement of Objective: An exploratory study will be conducted in support of the purpose. With such a lack of available information relating specifically to luxury hotel development in China; published data on the current economic, cultural, and tourism environment in China will be used to support conclusions made in regard to luxury hotel development by multinational hotel companies.

Justification: Deng Xiaoping’s introduction of the Open Door Policy in 1978 opened the door to …

Mountain Monitor-4th Quarter 2011, Mark Muro, Kenan Fikri

Mountain Monitor Quarterly

Recovery was firmly underway in the Intermountain West by the fourth quarter of 2011 but its pace varied considerably across the region’s 10 major metropolitan areas. Six of the 10 metros saw job growth in the fourth quarter but only four saw it accelerate over the previous one. Output grew everywhere but only in half of the region’s metros did the pace of growth quicken. The unemployment rate was down across the board from one year earlier. House prices in most markets stabilized. Yet signs of a robust, sustained, and self-fueling recovery remained elusive.

National economic indicators from early 2012 …

Analysis Of The Real Estate Investment Trust (Reit) Industry, Frederic Juillet

MBA Student Scholarship

In 2009, most REITs opted for the recapitalization of their balance sheets in order to respond to the recent global credit crisis, thus reducing their leverage and strengthening their financial statements (REIT, 2011b). In 2011, the REIT industry represented $54.3 billion in revenue and a profit of $7.8 billion. The industry annual growth expectation for the next 5 years (from 2011 to 2016) is 5.1% or $69.7 billion (IBISWorld, 2011b). The Hotel & Motel industry counted 14 REITs in the lodging/resort sector in the U.S. (REIT, 2011c) and represented 10.5% of the equity REIT Industry (IBISWorld, 2011b). The REIT structure …

Center For Real Estate Quarterly, Volume 6, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (p. 2-5)
--The EB-5 Investor Visa Program by Bradley Maier (p. 6-17)
--Who Receives a Mortgage Modification? by J. Michael Collins (p. 18-22)
--Residential Market Analysis by Evan Abramowitz (p. 23-45)
--Multifamily Market Analysis by Evan Abramowitz (p. 46-52)
--Office Market Analysis by Kyle Brown (p. 53-64)
--Retail Market Analysis by Kyle Brown (p. 65-71)
--Industrial Market Analysis by Kyle Brown (p. 71-75)

Avoiding The Mistakes Of The Past, Tom Dunne

Articles

Tom Dunne explores the long term drivers of dysfunction in Ireland's housing markets and what a more sustainable housing system would look like.

A Decision-Support Framework For Using Value Capture To Fund Public Transit: Lessons From Project-Specific Analyses, Shishir Mathur, Adam Smith

Faculty Publications, Urban and Regional Planning

No abstract provided.

Tax Facts, Tom Dunne

Articles

Tom Dunne Clarifies the issues surrounding different forms of property tax

Comparing Market-Based And Financial Statement-Based Stock Valuation Models: Implications For Growth Expectations And Differences Across Time Periods, Jacqualyn Ann Fouse

Finance and Real Estate Dissertations - Archive

The value of a share of common stock in a publicly-listed company should be equal to the present value of the future cash flows the company is forecast to produce, andultimately pay out to its stockholders. Expectations for these flows may incorporate information that goes beyond current earnings discounted into perpetuity as per the Dividend Discount Model (DDM). By comparing a market-based valuation model with a financial statement-based valuation model this paper seeks to find evidence of information embedded in market valuations that may not be captured in financial statement-based valuations. The analysis endeavors first to identify a component of …

Essays On Option Market Information Content, Market Segmentation And Fear, Mishuk Anwar Chowdhury

Finance and Real Estate Dissertations - Archive

This dissertation consists of three essays. The first essay tests whether stock returns can be predicted using divergence from put-call parity. Using a robust methodology that controls for the early exercise premium of American put and call options, the study shows that stocks with upside divergence from put-call parity outperform stocks with downside divergence from put-call parity. Predictability is persistent over multiple holding periods and divergence is also predictive of tail events. The second essay examines segmentation of equity and option markets in the presence of information asymmetry. The study uses the slope of the implied volatility skew as a …

Threshold Effects In Volatility Spillovers: The Case Of Equity, Bond And Foreign Exchange Markets, Arun Prasath Narayanasamy

Finance and Real Estate Dissertations - Archive

Most research on volatility spillovers across countries and various asset class returns model volatility as conditional variance and assume a linear relationship in spillovers. The risk measured as conditional variance is modeled as a function of own past innovations and own past conditional variances and fails to include lagged conditional variances from other assets. In this dissertation, for a bivariate set up, I estimate the conditional variance of the second country either as a GARCH (1, 1) or DCC (1, 1) type process. Using the estimated conditional variances, the non-linear or threshold parameter is computed by maximizing the log likelihood …

Measurement Issues In The Capital Asset Pricing Model & Size Effect And Duration, Yongho Seo

Finance and Real Estate Dissertations - Archive

It has been observed that the value of an asset's beta varies with the frequency of the data used to generate the value, a phenomenon hereafter referred to as "time scale", or simply "scale". If the scale effect is strong enough, then ignoring this phenomenon calls into question studies that rely on comparing beta values. The most notable of these studies is the classification of stocks as "aggressive" or "defensive". I show that such a categorization varies substantially when comparing betas estimated using monthly data versus annual data. Contrary to other studies, betas do not vary monotonically as data scale …

Penny Stocks, Market Microstructure, And Analyst Forecasts, Julio AndréS Rivas-Aguilar

Finance and Real Estate Dissertations - Archive

The first essay of this dissertation deals with the relationship between previous earnings, earnings forecasts, and future returns. I found that stocks with the worst previous earnings and the worst earnings forecasts outperform the ones with more optimistic outlooks. Value stocks also tend to outperform glamour stocks. I also found that previous earnings are the dominating factor in determining subsequent returns. The second essay deals with the Bid-Ask Spread (BAS) behavior of penny stocks throughout trading sessions. I ran the analysis by using different days of the week, months of the year, and analyst coverage. Finally, I regressed the minute-to-minute …

Causality And Volatility Spillover Effects On Sub-Sector Energy Portfolios, N. Alper Gormus

Finance and Real Estate Dissertations - Archive

During a time of extensive crises related to energy sources, in particular fossil fuels, IPOs for alternative energy-related companies are a common occurrence. As new industries are created or old ones are revised, investors, who constantly are trying to update their portfolios for hedging their risk, face new challenges. The purpose of this study is to aid investors in market anticipation, forecasting, and portfolio diversification through shedding some light on the inner dynamics of the select asset markets versus sector-specific energy companies. Although energy companies related to fossil fuels such as oil, coal, and natural gas are previously studied, alternative …

The Impact Of A Letter Of Map Amendment On Flood Plain Property Value, James E. Larsen

Finance and Financial Services Faculty Publication

Substantial empirical evidence indicates properties across the United States that are located within a Special Flood Hazard Area (SFHA) sell at a discount compared to similar properties otherwise located. This result is also true in our sample. Researchers have suggested the price discount equals a combination of the present value of the required flood insurance premiums and the value of uninsurable costs. To identify the portion of the discount applicable to each component, analysts have been required to estimate applicable insurance premiums and to assume a discount rate. The present paper presents a methodology that does not require these prerequisites, …

Using Agent-Based Modeling To Simulate The Foreclosure Contagion Effect, Andrew J. Collins, Michael J. Seiler

Engineering Management & Systems Engineering Faculty Publications

A foreclosed property can have a negative impact on the prices of other properties within its neighborhood and these reduced property prices can lead to further foreclosures within the neighborhood; this is known as the foreclosure contagion effect. This effect has been demonstrated, within the real estate literature, to occur. Traditionally, real estate research have used statistical regression to analysis this issues. The application of Agent-based Modeling and Simulation (ABMS) has risen in the last 15 years and has successfully been used to model complexity situations, e.g., the real estate market. ABMS offers a way to explore the impact of …

Does The Reit Tale Wag The Dog? The Relationship Between Tenant Ownership And The Volatility Of Retail Reit Stock Returns, Dana G. Staley

CMC Senior Theses

This paper will assess the relationship between tenant characteristics and public REIT volatility. Specifically, we focus on the retail REIT subset of the industry. Given that retail REITs are one the most transparent asset classes, they provide an interesting landscape for evaluating the relationship between the firm and the customers, or in this case, the tenants. Specifically, we assess how major tenant ownership, public or private equity owned, impacts the volatility of the REIT’s stock price using 2010 data on 30 retail REITs. Controlling for tenant credit quality, leverage, ROE, book-to-market, size, age, region and property focus, we find that …