Real Estate Commons^™

The Value Of "Green:" Evidence From The First Mandatory Residential Green Building Program, Ramya R. Aroul, J. Andrew Hansz

Finance Faculty Publications

There has been recent interest in green building and development practices and research. Resulting from growing environmental awareness and concerns, mandatory residential green building programs have been implemented nationally at the municipal level and Texas has passed legislation to create a statewide program. However, the impact of greenness on residential property values has not been rigorously evaluated. This study examines residential transaction prices in two cities and finds a statistically significant premium associated with "green" properties. Additionally, there is evidence of a larger premium associated with green properties located in Frisco, Texas which has the nations first mandatory green building …

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 …

Three Essays On Market Anomalies And Efficient Market Hypothesis, Ehab Yamani

Finance and Real Estate Dissertations - Archive

This dissertation consists of three distinct essays. The first essay investigates the risk interpretation of the investment premium by empirically examining the fundamental view versus the sentimental view. I use VAR to break the investment beta into fundamental beta reflecting news about the future marginal productivity of investment, and financial beta reflecting news about discount rates. Overall, the results show that financial factors are the dominant driver of investment returns and they control the negative relation between investment and stock return. In the second essay, I examine the impact of financial contagion resulting from four global financial crises based on …

Essays On International Corporate Dividend Policy, Bobby Alexander

Finance and Real Estate Dissertations - Archive

This dissertation is comprised of two essays on dividend policy. In the first part of the first essay, I ascertain whether the outcome, the substitution, or the predation model explains the relationship between dividend payouts and product market competition in each of the Group of Seven (G7) countries for the period from 1995 through 2010. I find that the substitution model explains dividend policy in Canada, France, Germany, the United Kingdom, and the United States, and the outcome model describes it in Japan, while in Italy, the results are inconclusive. In the second part of the same essay, I pool …

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 …

Neighborhood Crime And Travel Behavior: An Investigation Of The Influence Of Neighborhood Crime Rates On Mode Choice – Phase Ii, Christopher Ferrell, Shishir Mathur

Faculty Publications, Urban and Regional Planning

No abstract provided.

Mathematical Modelling Of A Low Approach Evaporative Cooling Process For Space Cooling In Buildings, Medhi Nasrabadi, Donal Finn, Ben Costelloe

Conference Papers

This paper describes a mathematical model of a low approach open evaporative cooling tower for the production of high temperature indirect cooling water (14-16°C) for use in building radiant cooling and displacement ventilation systems. There are several potential approaches to model evaporative cooling, including: the Poppe method, the Merkel method and the effectiveness-NTU (ε-NTU) method. A common assumption, applied to the Merkel and ε-NTU methods, is that the effect of change in tower water mass flow rate due to evaporation is ignored, which results in a simpler model with reduced computational requirements, but with somewhat decreasedaccuracy. In this paper, a …

Role Of Marketing And Construction In Economic Development: Lessons For Emerging Economies, Low Sui Pheng, Dang Thuy Huong Giang

Business Review

This paper reviews the relationship between marketing, with focus on international marketing, and economic development based on existing theoretical and empirical studies. There have been different stances on the relationship. It is, however, argued that engagement in effective marketing in general and international marketing in particular is much needed for the economic development process in most developing countries. Primary theoretical insights for government policies that support the integration of developing countries into the international market are also discussed in this paper. The paper concludes with an observation that infrastructure support provided by the construction industry is essential for trade to …

The Sunset District, Bryant Cheong, Matthew Craigie, Khoa Le, Jeff Sakamoto, Michael Weidmann, Kent Wu

Real Estate Development Workshop Projects

Students in the PSU Real Estate Development Workshop produce a development plan for a property site in Washington County, Oregon known as the Sunset District. Their task was to produce an original development plan, including the development concept, market analysis, conceptual design, economic analysis, capital and operations budget, and management plan.

Supply Elasticity Of Housing, Kyunghwan Kim, Sock-Yong Phang, Susan Wachter

Research Collection School Of Economics

The supply elasticity of housing determines how quickly house prices respond to economic shocks and this has many real economic consequences. Malpezzi and Maclennan (2001) describes its importance in housing market analysis: „most housing models, and most policy analysis hinge on explicit or implicit estimates of the price elasticity of supply of housing: does the market respond to demand side shocks with more supply or higher prices‟. However, as pointed out by Quigley (1979), there exist real analytical difficulties in modeling the supply of housing. Attempting to measure the flow of housing services provided by the stock of housing is …

Property Bubble : Test For Suitability And Reliability Indicators : A Comparative Assessment Of Western Australia And Provence-Alpes-Cote D'Azur, Romain A. Aureglia

Theses : Honours

Purpose: The main purpose of this thesis is to contribute to the speculative bubble literature and to provide a practical test upon Lind’s (2008) definition and set of indicators to identify a property bubble.

Methodology: The methodology for this thesis consists of a case study and a comparative analysis. The paper will connect Lind’s theoretical framework to a practical test to provide a concrete answer for the validity of his work.

Findings: Media and general perceptions have had a great influence over the housing market actors for both Provence-Alpes-Cote d’Azur and Western Australia regions. House prices increases are often attributed …

Public Housing: Appreciating Assets?, Sock Yong Phang

Research Collection School Of Economics

The topic of HDB housing is one that is close to the hearts and minds of the majority of Singaporeans. The first part of the presentation will provide a brief overview of price trends in Singapore’s housing sector. The second part delves into the market and policy factors behind the rapid increase in HDB housing prices since 2006. The monograph “Reflections on Housing a Nation” published by the Ministry of National Development in February 2011, contains numerous statements on the goals of housing policy. Briefly, the government is committed to affordable home ownership as a major pillar of Singapore’s public …

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.

Mountain Monitor-3rd Quarter 2011, Mark Muro, Kenan Fikri

Mountain Monitor Quarterly

Economic recovery in the Intermountain West’s major metropolitan areas edged forward in the third quarter of 2011, after idling for much of the year. Nationally, high technology and automotive-oriented metros showed the strongest signs of recovery; in the Intermountain West, manufacturing-intensive and technology-oriented metros had the strongest quarter. Employment and output grew in most metropolitan areas, and the unemployment rate fell throughout the region. At the same time, the housing market freefall came to an end—or at least paused—across most of the region, as home prices ticked upwards for the first time since the Monitor began tracking recession and recovery. …

Center For Real Estate Quarterly, Volume 5, Number 4, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (p. 2-4)
--Shaping the City: Portland, Oregon, 1841-2011, by Chet Orloff (p. 5-22)
--Residential Market Analysis by Evan Abramowitz (p. 23-46)
--Multifamily Market Analysis by Evan Abramowitz (p. 47-53)
--Office Market Analysis by David West (p. 54-63)
--Retail Market Analysis by David West (p. 64-70)
--Industrial Market Analysis by David West (p. 71-76)

The State Of The Region: Hampton Roads 2011, James V. Koch, Vinod Agarwal, Christopher B. Colburn, Vicky Curtis, Steve Daniel, Susan Hughes, Elizabeth Janik, Feng Lian, Sharon Lomax, Janet Molinaro, Ken Plum, Jim Sylvester, Ayush Toolsidass, Shara Weber, Gilbert Yochum

Economics Faculty Books

This is Old Dominion University's 12th Annual State of the Region report. While it represents the work of many people connected in various ways to the university, the report does not constitute an official viewpoint of Old Dominion or it's president, John R. Broderick. The report maintains the goal of stimulating thought and discussion that ultimately will make Hampton Roads an even better place to live. We are proud of our region's many successes, but realize that it is possible to improve our performance. In order to do so, we must have accurate information about "where we are" and a …

Understanding The Decline Of Sales Of Destination Club Products, Heidi Goetz

UNLV Theses, Dissertations, Professional Papers, and Capstones

Purpose:

The purpose of this paper is to identify and confirm factors leading to the decline of sales of Ritz-Carlton Destination Club products.

Center For Real Estate Quarterly, Volume 5, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (p. 2-4)
--LEED Certification, Property Taxes, and Land Use, by Steven Del Percio (p.5-8)
--Residential Market Analysis by Evan Abramowitz (p. 9-29)
--Multifamily Market Analysis by Evan Abramowitz (p. 30-36)
--Office Market Analysis by David West (p. 37-45)
--Retail Market Analysis by David West (p. 46-51)
--Industrial Market Analysis by David West (p. 52-56)