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Articles 1 - 6 of 6
Full-Text Articles in Business
Institutional Capital Effect’S On Single-Family Housing Markets, Henry Harvego
Institutional Capital Effect’S On Single-Family Housing Markets, Henry Harvego
CMC Senior Theses
This paper examines the impact of institutional investors on single-family housing markets, analyzing six dependent variables and two independent variables across 39 metropolitan cities. Despite receiving significant media attention during the COVID-19 pandemic, the study finds that the impact of institutional investors on median sale price is small and negative. However, institutional investors significantly impact other aspects of the housing market, including homes sold, new listings, inventory, days on market, and average-sale-to-list ratios. The results suggest that institutional investors are creating a more productive market, with transactions happening more quickly and more often. In light of these findings, policy discussions …
Geographic Dynamics Of Multifamily Capitalization Rates: A Comprehensive Study Of Variation And Determinants, Zachary Torrey
Geographic Dynamics Of Multifamily Capitalization Rates: A Comprehensive Study Of Variation And Determinants, Zachary Torrey
CMC Senior Theses
Capitalization Rates are a dynamic measurement utilized in real estate to assess investment opportunities. The cap rate is the best apples-to-apples comparison metric available to investors to compare and prioritize investments. As such, there is a large emphasis in the real estate field on understanding the best predictive indicators of cap rate variation across geographies. In this analysis, I focus on multifamily cap rates and examine what are the best predictive indicators that explain the level of the cap rate across geographies over time. In doing so, I identify three novel variables that influence the cap rate as well as …
How Announcements Of The Qualified Mortgage Patch Expiration Have Impacted The United States Housing Market, Connor Gaskin
How Announcements Of The Qualified Mortgage Patch Expiration Have Impacted The United States Housing Market, Connor Gaskin
CMC Senior Theses
This study analyzes the impacts of different announcements of the Qualified Mortgage GSE Patch expiration, set for January 10, 2021. The Qualified Mortgage GSE Patch was introduced in January 2014 to allow for the GSEs, Freddie Mac and Fannie Mae, to originate loans above the monthly Debt-to-Income ratio of 43 percent with the same protections as a Qualified Mortgage. To analyze these impacts, I measure the changes in the number of loans the GSEs obtain and weighted average home price before the announcement to after the announcement. In order to test for significance, I use a five- year benchmark period …
Australian Real Estate Stock Reactions To Firb Regulation Changes, Henry Wei
Australian Real Estate Stock Reactions To Firb Regulation Changes, Henry Wei
CMC Senior Theses
This study analyzes the share price reactions to real estate development and building/construction materials corporations in relation to FIRB rule changes. It appears companies as a whole were indifferent to the rule changes; however individual securities returns were wildly different. These findings suggest that the FIRB rule changes had a mixed effect on different corporations possibly based on their exposure to the Australian real estate market.
Proximity To Children: A Geospatial Approach To Understanding The Relationship Between Fast Food And Schools, Andrew Atwong
Proximity To Children: A Geospatial Approach To Understanding The Relationship Between Fast Food And Schools, Andrew Atwong
CMC Senior Theses
In a time when Americans are waking up to the health consequences of consuming fast food, researchers have discovered that fast food restaurants seem to be located in greater concentrations near primary or secondary schools. While this phenomenon affects the food environments of some children and carries implications as to their short term and long term health (which has also been well researched), this paper focuses primarily on fast food restaurants that are within walking distance of schools. Using Geographic Information Systems (GIS) to integrate geospatial, business, demographic, and food quality data, I use linear regressions to examine whether and …
Does The Reit Tale Wag The Dog? The Relationship Between Tenant Ownership And The Volatility Of Retail Reit Stock Returns, Dana G. Staley
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 …