Download or read book Essays on the Impact of Sentiment on Real Estate Investments written by Anna Mathieu and published by Springer. This book was released on 2015-11-05 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: Anna Mathieu clarifies if real estate decisions are affected by investor and consumer sentiment and how severely the sentiment should be considered. With regard to international capital markets Mathieu conducts an analysis of the impact of investor sentiment on the return of the real estate-specific investment vehicle “Real Estate Investment Trust (REIT)” by applying a GARCH-Model. She investigates the effects of investor sentiment on the return and the underlying volatilities of REITs and Non-REITs during the financial crisis. The hypotheses are tested for validity in a GARCH-Model. Parallel to capital markets and thereby in changing from an indirect Real Estate investment perspective to a direct perspective the author conducts an analysis if consumer sentiment impacts the household decision to buy a new home in the US. Therefore a dataset with 385 monthly observations from 1978 to 2010 is tested by a component model.

Download or read book Essays on Real Estate Investment written by Yongqiang Chu and published by . This book was released on 2008 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Real Estate Investment Trust Return and Risk written by Chiuling Lu and published by . This book was released on 1997 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Real Estate Investment Trusts written by Juan Carlos Cardona Castro and published by . This book was released on 2013 with total page 162 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Real Estate Investment Trusts written by Yan Lin and published by . This book was released on 2004 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Essayist Reflections from a Real Estate Survivor written by D. Sidney Potter and published by AuthorHouse. This book was released on 2017-01-16 with total page 452 pages. Available in PDF, EPUB and Kindle. Book excerpt: The pathos of the 2008 Great Recession had a fairly wide sweep, from minimum-wage busboys to newspaper heiresses like Veronica Hearst to Federal Reserve chair, Ben Bernanke, whose childhood home was lost as a result of a relative not making timely mortgage paymentswherein all mentioned experienced some type of economic pain, or at least embarrassment, related to the Great Recession. These episodes are captured in this book as a way to bring a slight degree of levity to this economic catastrophe but to also underscore a serious juncture in American social and political theory as well. Author D. Sidney Potter, once a prolific real estate investor in the early to late part of the real estate boom that lead to the bust, puts a spotlight on the real estate finance mortgage industry as once a lucrative insider to now as a disenfranchised member and erstwhile benefactor. The irony of having to make his living as a mortgage operations professional, who now examines the very mortgage financings that once bore his name, does not go past him. His unabrasive and sometimes crude essays examine the usual suspectsfrom bankster CEOs, nascent political movements, and professional legislators to the analytics of mortgage products that resulted in the self-inflicted implosion. Mr. Potters collection of essays acts as a self-entombed time capsule that should be taken as a testimony of fact, not fiction.

Download or read book Essays in Honor of James A Graaskamp Ten Years After written by James R. DeLisle and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 444 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the title indicates, Essays in Honor of James A. Graaskamp: Ten Years After, is a collection of essays written to honor Graaskamp's major contributions to the field of real estate education and practice over the course of three decades. Upon his death in 1988, the industry lost a major influence for advancing the real estate discipline, both as an academic field and a professional field. The authors in this volume seek to extend Graaskamp's contributions and move the real estate discipline forward. The papers address the challenges posed by the market to return our attention to real estate fundamentals, and to strike a proper balance between Main Street and Wall Street. The authors and editors hope that this book will influence the industry to incorporate many of Grasskamp's ideas into mainstream real estate education and practice. Over the course of his career, Graaskamp made many noteworthy contributions to real estate theory and practice, ideas that if resurrected could offset some of the pressure in the industry to move away from market fundamentals. The authors try to capture the essence of Graaskamp's messages, and intend that the papers serve as a point of departure for discussing the future role and nature of real estate education. Part I focuses on the major contributions to the real estate discipline made by Graaskamp and the Wisconsin Real Estate Program. Part II contains some personal recollections and photos of Graaskamp, and also a summary of the groups that make up the Wisconsin Real Estate Program, a major co-sponsor of this volume. The rest of the book's three main parts are structured around major topics that reflect the multidisciplinary nature of real estate as espoused by Graaskamp. Part III treats real estate feasibility and development, Part IV concentrates on real estate valuation, and Part V discusses institutional economics.

Download or read book Three Essays on Real Estate Investment Trusts and Financial Markets written by David W. Durr and published by . This book was released on 1998 with total page 157 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Financial Institutions and Real Estate written by Robert Deacle and published by . This book was released on 2011 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation examines several aspects of U.S. financial institutions' real estate-related activity. The first two essays examine the impact of Federal Home Loan Bank (FHLB) membership and funding on bank and thrift holding company (BHC and THC) risk and returns. The first essay uses risk measures derived from BHC and THC stock prices, while the second essay uses risk measures based upon BHC and THC bond prices. The third essay studies the impact of BHC investment in real estate on risk and returns using measures based on stock prices. In the first essay, BHC and THC stock portfolios are formed along several dimensions. Bivariate generalized autoregressive conditional heteroskedasticity (GARCH) models are estimated to produce measures of total risk, market risk, and interest rate risk for the time period from the beginning of 2001 through 2009. Two sets of results related to FHLB activity are obtained. First, FHLB membership is found to be associated with lower total risk and market risk while having no association with interest rate risk. Second, and similarly, greater reliance on FHLB advances is associated with lower total risk and market risk but is not associated with interest rate risk. These results are consistent with the view that the risks created by government backing of the FHLB system and some of the system's policies are mitigated by FHLB policies and products that reduce risk. In addition, THC stocks are found to have lower total and market risk than the portfolio of BHC stocks. The second essay investigates the relationship of both FHLB membership and funding with BHC and THC risk by using the cost of uninsured debt as a measure of risk. These relationships are analyzed in a simultaneous equation regression framework using data from the start of the third quarter of 2002 through the end of the first quarter of 2009. The cost of uninsured debt is proxied by yield spreads calculated from trading data on holding company (HC) bonds. Several interesting results are obtained. Reliance on advances is found to have a negative effect on the cost of debt throughout the sample period (the third quarter of 2002 through the first quarter of 2009). Cost of debt has a significant effect on the level of advances only during the recent financial crisis (the third quarter of 2007 through the first quarter of 2009), when the effect is negative. The negative association between cost of debt and the level of advances suggests that BHCs and THCs, on the whole, do not use FHLB advances to make unusually risky loans and supports the argument that FHLB policies and services have some risk-reducing effects. FHLB membership, independent of advances, is found to have no influence on HC cost of debt. Additional analysis indicates that THC status is associated with higher cost of debt than BHC status. The third essay examines the influence of real estate investment by BHCs from the third quarter of 1990 through the fourth quarter of 2010 on their risks and returns. Portfolios are formed of BHC stocks according to BHCs' ratio of real estate investment to total assets and according to the type of regulation - lenient or strict - under which they invest in real estate. Tests of differences in median portfolio returns between these portfolios are performed. In addition, the effects of real estate investment on risk and return are estimated using univariate GARCH models of portfolio returns. The main results are as follows: 1) BHCs that invest in real estate have greater total risk and lower risk-adjusted returns than those that do not; 2) greater real estate investment is associated with lower returns and greater market risk for some types of BHCs while it is not associated with significant differences in total risk or risk-adjusted returns; and 3) BHCs that invest in real estate under relatively lenient rules have lower returns, greater total risk, and lower risk-adjusted returns than those that invest in real estate under relatively strict rules. The results indicate that benefits from real estate investment by banks - such as diversification of cash flows, economies of scale and scope, and increased charter value - are outweighed by greater variability of returns and lower returns due to BHCs' lack of expertise in the field. The findings also provide evidence that rules granting banks greater freedom to invest in real estate result in increased risk but not increased returns.

Download or read book Essays in Real Estate Finance written by Taylor D. Nadauld and published by . This book was released on 2009 with total page 131 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: The first essay in the dissertation analyzes the structure and attributes of subprime mortgage-backed securitization deals originated between 1997 and 2007. Our data set allows us to link loan-level data for over 6.7 million subprime loans to the securitization deals into which the loans were sold. We show that the securitization process, including the assignment of credit ratings, provided incentives for securitizing banks to purchase loans of poor credit quality in areas with high rates of house price appreciation. Increased demand from the secondary mortgage market for these types of loans appears to have facilitated easier credit in the primary mortgage market. To test this hypothesis, we identify an event which represents an external shock to the relative demand for subprime mortgages in the secondary market. We show that following the SEC's adoption of rules reducing capital requirements on certain broker dealers in 2004, five large deal underwriters disproportionately increased their purchasing activity relative to competing underwriters in ZIP codes with the highest realized rates of house price appreciation but lower average credit quality. We show that these loans subsequently defaulted at marginally higher rates. Finally, using the event as an instrument, we demonstrate a causal link between the demand for mortgages in the secondary mortgage market and the supply of subprime credit in the primary mortgage market. The second dissertation essay examines the corporate governance of international real estate firms. With the passage of real estate investment trust (REIT) legislation in numerous countries around the world, more public and private real estate firms can choose between organizing themselves as a REIT, or a real estate operating company (REOC). REITs pay virtually all net income to shareholders in the form of dividends and are regulated in their investment policy, leverage, ownership, and operations to varying degrees. This paper considers the possibility that controlling shareholders of public real estate firms adopt REIT status as a credible commitment to increased levels of investor protection. Theory predicts that REITs are valued at a premium to otherwise similar REOCs, which I test using a sample of publicly traded real estate firms from 16 countries around the world. Surprisingly, I find that REITs are valued at a discount to REOCs. I briefly explore possible explanations for the result. Finally, I provide limited evidence consistent with an alternative hypothesis, which proposes that managers may be less likely to adopt REIT status if they have more valuable properties under management and a high level of inside ownership.

Download or read book Essays on Real Estate Investment Trusts written by Lisa Anne Cottrell Frank and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Real Estate Investment Trusts written by Yuh-Sheng Horng and published by . This book was released on 1997 with total page 152 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on the Relationship Between Investor Sentiment and Real Estate Investment Trusts written by Daniel Huerta and published by . This book was released on 2013 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays in Real Estate written by Steven Stelk and published by . This book was released on 2013 with total page 95 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study exploits the recent financial crises as a unique natural experiment to examine relationships in residential real estate brokerage and real estate investment through three essays. The first essay examines the impact of agency disclosure on residential restate transactions in the post-financial crises period and extends the literature with three key findings. First, the overall proportion of buyers that report receipt of agency disclosure has not improved since previous studies were completed. Second, there is no evidence that buyers who do not report receipt of agency disclosure pay different prices for homes than buyers who do report receiving agency disclosure. Finally, there is evidence that the timing of agency disclosure matters. Among buyers that do receive agency disclosure, those receiving disclosure at a time other than the first contact with a broker are associated with 3.2% higher home prices. The results demonstrate the need for continued improvement in mandatory disclosure statutes. The second essay investigates the real estate brokerage market's impact on home prices in both a seller's market (2006) and a buyer's market (2009). In both years, homes sold with brokerage assistance realized higher prices when compared to homes sold without the aid of a broker, even after controlling for selection bias in the seller's choice to use a broker. This is the first study using a national dataset that finds evidence of price segmentation in the residential real estate market. The findings may be the result of the extreme market conditions housing market participants faced in 2006 and 2009. The third essay examines the impact of REITs on the Value-at-Risk (VaR) of a mixed asset portfolio surrounding the financial crises using a new, more accurate method of estimating VaR, conditional autoregressive value at risk (CAViaR). The more accurate VaR estimates show that adding REITs to the portfolio has no significant impact on VaR until after the financial crises begins in 2006. After 2006, adding REITs to a portfolio of stocks and bonds dramatically increases VaR. The results have significant implications for portfolio selection.

Download or read book Essays on Direct and Indirect Real Estate Investment Vehicles in Switzerland and the U S written by Lars Bennet Leyers and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on the Capital Structure of Real Estate Investment Trusts written by Eva Maria Steiner and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Essays on Pension Fund Management and Real Estate Investment written by Ralph Rogalla and published by . This book was released on 2008 with total page 149 pages. Available in PDF, EPUB and Kindle. Book excerpt: