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Finance and Financial Management Commons

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2019

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Institution
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Articles 451 - 452 of 452

Full-Text Articles in Finance and Financial Management

Urban Land: Price Indices, Performance, And Leading Indicators, Mark Fitzgerald, David J. Hansen, Will Mcintosh, Barrett A. Slade Jan 2019

Urban Land: Price Indices, Performance, And Leading Indicators, Mark Fitzgerald, David J. Hansen, Will Mcintosh, Barrett A. Slade

Faculty Publications

This study had two objectives: first, to evaluate the historical performance of urban land prices across 20 prominent U.S. metro markets; and second, to determine if urban land prices are a leading indicator for prices in the built environment. Using a time-varying econometric model with spatial controls, we constructed constant-quality metropolitanlevel land price indices. We found that 1) from 2000 to 2017 (18 years) national residential and commercial-industrial urban land prices appreciated by 2.08% and 1.87% annually, respectively; 2) urban land prices exhibited greater volatility compared with improved property prices; 3) in many metro markets land prices began to decline …


Who Finances Durable Goods And Why It Matters: Captive Finance And The Coase Conjecture, Justin Murfin, Ryan Pratt Jan 2019

Who Finances Durable Goods And Why It Matters: Captive Finance And The Coase Conjecture, Justin Murfin, Ryan Pratt

Faculty Publications

We propose that, by financing their own product sales through captive finance subsidiaries, durable goods manufacturers commit to higher resale values for their products in future periods. Using data on captive financing by the manufacturers of heavy equipment, we find that captive-backed models have lower price depreciation. The evidence is consistent with captive finance helping manufacturers commit to ex-post actions that support used machine prices. This, in turn, conveys higher pledgeability for captive-backed products, even for individual machines financed by banks. Although motivated as a rent-seeking device, captive financing generates positive spillovers by relaxing credit constraints.