Real Estate Commons^™

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 …

Club Good Influence On Residential Transaction Prices, J. Andrew Hansz, Darren K. Hayunga

Finance Faculty Publications

We examine residential real estate transactions in a market where an additional property right to a club good may have an influence on prices. We find that for single-family property, the market capitalizes approximately 50% of the full value of the extra property right. For condominiums, the amount reduces to approximately 25%. While these amounts are positive, they clearly are significantly lower than full value.

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 …

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 …

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 …

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 …

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 …

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 …

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.