Real Estate Commons^™

Essays On Product Market Dynamics And Corporate Cash Holdings Across Countries, Trang Thuy Thai

Finance and Real Estate Dissertations - Archive

My dissertation is composed of two essays that investigate two related yet distinct dynamics of product market and their influence on corporate cash holdings, and both are concerned with these dynamics being determinants of cash policy for international samples over the period of 1999-2015. The samples for the first and second essays respectively cover fourteen and ten countries that span not only developed countries but also emerging economies. The first essay focuses on the impact of product market competition risk on corporate cash level. I construct a composite score of competition that captures three horizontal dimensions of product pricing competition …

Cognitive Biases, Style Investing, And Stock Return Predictability, Samar Mohamed M. Ashour

Finance and Real Estate Dissertations - Archive

This dissertation consists of three distinct essays. In the first essay, “Does Credit risk explain market’s participants ‘cognitive biases - Evidence from Anchoring Bias in Analysts’ Earnings Forecasts”, using anchoring bias in analysts’ earnings forecasts, I examine the relation between credit risk and market participants’ cognitive biases. Recent findings indicate that analysts suffer from anchoring bias as they anchor their earnings per share (EPS) forecasts on the industry median without making sufficient adjustment. I show that the profitability of anchoring bias based trading strategies concentrates in the worst-rated stocks, especially around credit rating downgrades, suggesting that analysts exhibit stronger cognitive …

Three Essays On Leverage, Informative Trading, And Option Implied Information, Adam C. Harper

Finance and Real Estate Dissertations - Archive

This study will take a three-prong approach to examine the role high-leveraged option trades have in determining the informational content of options market trading. First, I closely observe the structure of the volatility spread ahead of firm-level corporate earnings events to strengthen the well documented lead-lag relationship between the option and stock markets. I find that volatility spreads driven by deep, out-of-the-money options exceed the predictability of equivalent volatility spreads that are more uniform in distribution. I then explore the differential behavioral responses of leveraged trades and earnings, such the role of the disposition effect and overconfidence. I find that …

Center For Real Estate Quarterly, Volume 11, Number 2, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Impact of System Development Charges by Suzannah Stanley (p. 5-16)
-- State of the Economy by Andrew Crampton (p. 17-21)
-- Residential Market Analysis by Jon Legarza (p. 22-42)
-- Multifamily Market Analysis by Carlo Castoro (p. 43-55)
-- Office Market Analysis by Melissa Beh (p. 56-63)
-- Industrial Market Analysis by Andrew Crampton (p. 64-68)

A Multi-Period Facility Location Model For Service Organizations Operating In A Competitive Environment., Sven W. Brose

Electronic Theses and Dissertations

This thesis develops a multi-period, mathematical programming location model for facilities operating in a competitive environment. The objective is to maximize the profit in a variable demand environment. The solution of the problem can either be done in a robust or in a dynamic manner. A robust solution methodology forecasts the demand for all the periods in the planning horizon and provides a robust solution that may be suboptimal for any given period, but optimal when all the periods are taken into consideration. A problem with this approach is that it requires accurate forecast of demand for multiple periods into …

How Much Is That Farm Really Worth—A Comparison Of Three Land Purchase Decision Tools, William M. Edwards

Journal of Applied Farm Economics

Volatile markets for farmland have created interest in tools that can help analyze land investments (Zimmermann, 2014). Extension specialists in several states have created some valuable decision aids that have been utilized by prospective investors, rural appraisers and real estate brokers. Agricultural educators can also use them for teaching the principles of real estate valuation.

Among the land purchase decision aids that are currently available are KSU-Landbuy from the AgManager.info website at Kansas State University (Dhuyvetter & Kastens, 2013), Farmland Purchase Analysis from the Ag Decision Maker website at Iowa State University (Edwards, 2015), and Land Purchase Analysis from the …

Housing Price Models For Essex County Massachusetts, Steven Bourque

Honors Senior Capstone Projects

This paper analyzes indicators of local median housing prices in the Essex County, Massachusetts area. The housing market is a significant sector of the United States economy and therefore it is important to develop models, which can predict and identify movements in their prices. This paper contains an overview of housing price indexes and provides a short overview of previous housing price studies. Two models, based on 2010 to 2015 data, are presented and analyzed. The specification of each model was driven by possible variables that might affect housing price and availability of data. For example a subset of communities, …

The Subprime Mortgage Collapse And Its Effects On The Economy, Joseph Krmpotich

Senior Honors Theses

The subprime mortgage crisis occurred due to a number of factors. Included in these factors were the issuance of subprime loans, the securitization of mortgages in the investment banking system, and the deregulation and ultimate failure of the shadow banking system. These causes were evident in both historical trends in the stock market as well as the macroeconomic data leading into the crash. They were perpetuated by investors, mortgage brokers, and banks taking on an abnormal amount of risk in the early 2000s for both psychological and behavioral reasons. These causes, while less than obvious at the time, have, with …

Ethnic Social Network In Public Housing Market In Singapore, Sumit Agarwal, Hyunsoo Choi, Jia He, Tien Foo Sing

Research Collection Lee Kong Chian School Of Business

This paper investigates the ethnic social network in Singapore's resale public housing market using a unique dataset containing the Cash-Over-Valuation (COV) information for a sample of 73,107 resale public housing transactions from 2007 to 2012. We find that the COV per square meter (psm), which represents a premium above the "objective" housing value, significantly increases with the concentration of buyers' own ethnic group at a housing block level. The results imply that buyers value housing blocks with higher concentration of the same ethnicity group of households. However, the convexity in COV premium suggests that the premium is too large to …

Avondale, Telfair Stockton, E V. Toomer

City and Regional Planning -- Florida

A copy of a brochure detailing Avondale history and real estate options. Likely from the 1920's

The Exchange At Coquitlam Central, Brock Argyropoulos, Jennifer Arnold, Analise Baarstad, Kalin Berger, Alex Joyce, Samuel Leeding, Christine Pellissier, Lisa Young

Real Estate Development Workshop Projects

The Exchange at Coquitlam Central is be a transformative and innovative development project involving over 14-acres of prime real estate located in the heart of the Tri-Cities submarket. As a major transportation hub for the Millennium Line, newly-opened Evergreen Line, and regional bus mall, the site is well positioned to become an amenity-rich community with robust opportunities for residents and commuters to live, work, and play.

This multi-phased development will feature a modern, full-service health club, state-of-the-art entertainment center, and first-class specialty grocer. These anchors, along with a thoughtfully-curated mix of smaller merchants, employment-generating office space, and best-in-class residential product …

Determinants Of Urban Land Supply In China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu

Research Collection School Of Economics

This paper explores two political factors for their potential effects on urban land supply in China: corruption, and competition for promotion. We find that standard urban economic predictions hold in the sense that both population and income increases are strongly significant determinants for the increase in urban land supply. Conditional on these demand-side factors, we find that the usage of two-stage auctions (as a proxy for corruption) is highly correlated with the increase in land supply. The corruption effects are strongest for commercial land, followed by residential land and then industrial land. To shed light on the competition motives among …

Subprime Mortgage Lending As It Relates To The 2007-2009 Financial Crisis, Josiah Bardy

The Kabod

The 2007-2009 financial crisis was the worst recession in recent economic history. The financial crisis has been the subject of much academic scrutiny, and many authors have arrived at different conclusions concerning the cause of the crisis and the effects. One of the most interesting real estate investments occurred during the crisis: certain investors and organizations predicted the bursting of the housing bubble and shorted real-estate backed securities, yielding huge profit. This paper will explore the financial crisis as well as the concurrent short selling to gain better understanding of financial markets, economic bubbles and recessions, and real-estate backed securities.

Center For Real Estate Quarterly, Volume 11, Number 1, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
-- State of the Economy by Andrew Crampton (p. 5-10)
-- Residential Market Analysis by Jon Legarza (p. 11-34)
-- Multifamily Market Analysis by Carlo Castoro (p. 35-44)
-- Office Market Analysis by Melissa Beh (p. 45-54)
-- Industrial Market Analysis by Andrew Crampton (p. 55-59)

Determinants Of Urban Land Supply In People's Republic Of China: How Do Political Factors Matter?, Wen-Tai Hsu, Xiaolu Li, Yang Tang, Jing Wu

Research Collection School Of Economics

This paper explores whether and how corruption and competition-for-promotion motives affect urban land supply in the People's Republic of China. Conditional on demand-side factors, we find that corruption is highly correlated with an increase in land supply. The corruption effects are strongest for commercial land, followed by residential land, and then industrial land. To shed light on the competition motives among prefectural leaders, we examine how the number of years in office affects land supply and distinguish among different hypotheses. Our empirical results show robust rising trends in land sales. These results are consistent with the hypothesis that among prefectural …

Utilizing New York State’S Distributive Generation Laws For Affordable Housing Organizations, Reuben Jaffe Goldstein

Bard Center for Environmental Policy

The focus of this report is to assist in the deployment of renewable energy in New York City by creating a framework that affordable housing organizations can use to navigate evolving New York regulations to deploy solar PV to their tenants and reduce their tenants’ utility bills. New York’s regulatory environment is trying to make it easier to deploy solar PV through programs such as Shared Solar Program and Remote Net Metering that provide guidance to those who are currently unable to access solar PV. However, incentivizing Solar PV and distributed generation have disproportionately increased costs for utilities, which has …

Office Rents, Mixed-Use Developments, And Agglomeration Economies: Apanel Data Analysis, Ervi Liusman, Daniel Chi Wing Ho, Hiu Ching Lo, Daniel Yet Fhang Lo

Faculty of Design & Environment (THEi)

The purpose of this paper is to investigate the relationship between office rents and mixed-use development in the context of agglomeration economies.

Community Land Trusts: A Help Or Hindrance To Community Development In The United States, Andrew Kuka

Student Research – Stevenson Center

The availability of affordable housing in the United States continues to be an issue for Americans who are on the brink of homelessness, rely on housing subsidies, or struggle to pay their mortgages or rents. These issues, as well as the gentrification threat that community development poses to low-income residents can have deleterious effects on democratic participation and community development efforts. One proposed solution to these problems is the implementation of more community land trust programs nationally. This paper will assess the practicality of CLTs, and what such an implementation would mean for individuals, government entities, community members, and community …

The Financial Services Industry And Society: The Role Of Incentives/Punishments, Moral Hazard, And Conflicts Of Interests In The 2008 Financial Crisis, Noel Murray, Ajay K. Manrai, Lalita Ajay Manrai

Business Faculty Articles and Research

Purpose

This paper aims to present an analysis of the role of financial incentives, moral hazard and conflicts of interests leading up to the 2008 financial crisis.

Design/methodology/approach

The study’s analysis has identified common structural flaws throughout the securitization food chain. These structural flaws include inappropriate incentives, the absence of punishment, moral hazard and conflicts of interest. This research sees the full impact of these structural flaws when considering their co-occurrence throughout the financial system. The authors address systemic defects in the securitization food chain and examine the inter-relationships among homeowners, mortgage originators, investment banks and investors. The authors also …

The Evolution Of Ethics In The Irish Real Estate Profession, Lorna Colley, Lloyd Scott

Conference papers

Since the Economic Collapse of 2008 much discussion and analysis of the role of ethics in the financial sector in Ireland has occurred. However little if any of this focus has been on the real estate profession. The purpose of this paper is to examine how the Irish Real Estate Profession deals with the issue of ethics. How has this relationship evolved over time? Has the Irish political context influenced the approach to ethics on a societal level and has this fed into the profession’s approach? The role of ethics education is also examined in current Irish real estate qualifications, …

Epic: A Real Property Investment And Management Company, James E. Larsen

Finance and Financial Services Faculty Publication

No abstract provided.

Accounting For Locational, Temporal, And Physical Similarity Of Residential Sales In Mass Appraisal Modeling: The Development And Application Of Geographically, Temporally, And Characteristically Weighted Regression, Paul E. Bidanset, Michael Mccord, John R. Lombard, Peadar Davis, William J. Mccluskey

School of Public Service Faculty Publications

Geographically weighted regression (GWR) has been recognized in the assessment community as a viable automated valuation model (AVM) to help overcome, at least in part, modeling hurdles associated with location, such as spatial heterogeneity and spatial autocorrelation of error terms. Although previous researchers have adjusted the GWR weights matrix to also weight by time of sale or by structural similarity of properties in AVMs, the research described in this paper is the first that has done so by all three dimensions (i.e., location, structural similarity, and time of sale) simultaneously. Using 24 years of single-family residential sales in Fairfax, Virginia, …

Should I Stay Or Should I Go? How Land Use Regulation Impacts Housing Choice, Parker Mallchok

CMC Senior Theses

Ideally, land use policies correct for negative externalities. However, the barriers they impose on individuals and communities have serious implications. Existing studies on this topic focus on singular, specific areas because land regulation is determined at the local level and varies extensively across the nation. Furthermore, current housing literature focuses on the “norm” of single family housing. This ignores the changing attitudes toward different types of dwellings. My study examines local regulatory environments across the nation by using Gyourko et al. 2008’s Wharton Residential Land Use Regulation Index, which develops a comparative scale for the otherwise impossibly varied regulatory environments. …

Some Remarks On Real Estate Pricing, Crocker H. Liu, Adam Nowak, Patrick S. Smith

Economics Faculty Working Papers Series

This paper develops a framework for addressing the omitted variable bias that plagues most real estate research. We incorporate qualitative information from text to control for property attributes that are generally unobserved. The textual information is entered by real estate agents for every property sold on a Multiple Listing Service (MLS). The agents, who arguably have the most local market and property specific knowledge, use the unstructured text to highlight important information that is not clearly conveyed in other areas of the listing. Although the framework can be applied universally in real estate research, we demonstrate its effectiveness in the …

Chinese Superstition And Real Estate Prices: Transaction-Level Evidence From The Us Housing Market, Brad Humphreys, Adam Nowak, Yang Zhou

Economics Faculty Working Papers Series

We investigate the impact of Chinese superstition on prices paid by Chinese home buyers in Seattle, Washington. Chinese consider 8 lucky and 4 unlucky. Empirical results indicate Chinese buyers pay a 1-2% premium for addresses including an 8 and a 1% discount for addresses including a 4. These results are unrelated to unobserved property quality: no premium exists when Chinese sell to non-Chinese. Absent explicit identfiers for Chinese individuals, we develop a binomial name classifier using methods from the biomedical and document classification literature, allowing for falsification tests using other ethnic groups and mitigating ambiguity attributable to transliteration of Chinese …

Financing Strategies For Real Estate Investments, Joshua Parr

Williams Honors College, Honors Research Projects

Most people have a dream of being financially independent and in order to do so it is necessary to save and invest their money. The key is to invest wisely so that one can earn a solid return on their money. Real estate investments are a great way to build wealth because of the benefits they have over other investments. Many are under the misconception that they cannot invest in real estate because of a lack of capital. This belief is entirely untrue and there are dozens of different strategies for investing in real estate with little or no capital …

The Economic Impacts Of Forest Timber Methods In Washington State: A Hedonic Approach, Kaleb Javier

All Master's Theses

Washington State is one of the nation’s leaders in timber production. This paper establishes literature gap regarding the economic impacts of forest timber management methods. In this research, I employ a data set of 170,141 home sales across eleven counties of western Washington to estimate the impact that even-age and uneven-age forest cutting methods have on the local real-estate market. I estimate two sets of hedonic fixed effect regression models to control for omitted variable bias and spatial autocorrelation. The results show statistically significant impacts on property values for both cutting methods, adding important information for forest managers.

Agent Intermediation And Racial Price Differences, Adam Nowak, Patrick S. Smith

Economics Faculty Working Papers Series

Most housing transactions are brokered wherein the buyer and seller do not meet in person. In which case the buyer’s race is not revealed to the seller, so the seller cannot discriminate based on race. Despite this observation, previous studies find racial price differentials based on the race of the buyer. We provide evidence that these estimates suffer from an omitted variable bias attributable to the time-varying attributes of the house. After controlling for the time-varying attributes of the house, we find that minority (black and Hispanic) and non-minority (white) buyers pay a similar price for comparable housing. We also …

Homeowner Preferences After September 11th, A Microdata Approach, Adam Nowak, Juan Sayago-Gomez

Economics Faculty Working Papers Series

The existence of homeowner preferences - specifically homeowner preferences for neighbors -is fundamental to economic models of sorting. This paper investigates whether or not the terrorist attacks of September 11, 2001 (9/11) impacted local preferences for Arab neighbors. We test for changes in preferences using a differences-in-differences approach in a hedonic pricing model. Relative to sales before 9/11, we find properties within 0.1 miles of an Arab homeowner sold at a 1.4% discount in the 180 days after 9/11. The results are robust to a number of specifications including time horizon, event date, distance, time, alternative ethnic groups, and the …

The Impact Of Terrorism On Commercial Office Real Estate In Manhattan, Madeline M. O'Donnell

Honors Program Theses

The September 11, 2001 terrorist attacks (“9/11”) caused major loss of human life, financial resources, and infrastructure. Within hours, over 30 million square feet of real estate in Downtown Manhattan was lost, creating an unprecedented change in supply and demand for real estate in the area. Hundreds of companies were directly affected by the loss of their offices and business fixtures, and were forced to quickly develop plans for how and where to resume work (“A Look at Former World Trade Center Tenants,” 2002). Property owners – many of whom owned the then damaged or nonexistent buildings as ground leases …