Essays on Market Efficiency in Real Estate
Author: Nelson Rodrigues Leão Pedrozo
Publisher:
Published: 1995
Total Pages: 210
ISBN-13:
DOWNLOAD EBOOKRead and Download eBook Full
Author: Nelson Rodrigues Leão Pedrozo
Publisher:
Published: 1995
Total Pages: 210
ISBN-13:
DOWNLOAD EBOOKAuthor: Nelson Rodrigues Leao Pedrozo
Publisher:
Published: 1998
Total Pages: 105
ISBN-13:
DOWNLOAD EBOOKAuthor: Johannes Braun
Publisher:
Published: 2020*
Total Pages:
ISBN-13:
DOWNLOAD EBOOKAuthor: Zhao, Xi
Publisher:
Published: 2015
Total Pages:
ISBN-13:
DOWNLOAD EBOOKThe U.S. real estate markets have undergone substantial fluctuations in recent years. This dissertation attempts to understand the effects of some market fundamentals on residential real estate market outcomes and efficiency from both theoretical perspective and empirical evidence. This research contains three research projects. First, a number of papers have identified the positive return of market size on matching outcomes when the market exhibits frictions. In the second chapter, I develop a novel directed search model that connects home list price, reservation price with the sale outcomes and empirically test the thick market effects on trading efficiency in housing market using home transaction data in Dallas metropolitan area during 2006 to 2008. The results present strong and robust market size effects that houses on thicker market are listed and sold at higher prices and significantly faster speed. The third chapter studies principal-agent problems in real estate markets, where the brokerage service is often used to facilitate home sales. The seller agent gets percentage commissions from the home owner and splits with the buyer agent in reward for producing the buyer. A seller agent sometimes serves as dual agent that represents both the seller and buyer sides and gets all commissions. I introduce a theoretical model and present evidence from Dallas metropolitan housing market that the agency structure may create principal-agent problems. I find that the dual-agent-assisted home sales on average give 2.6% more discount on final price than home sales that are assisted by two agents. Competition among home buyers may reduce the severity of principal-agent problems. The fourth chapter deviates from the rational agent assumption and investigates the behavioral impacts of price endings on home sales. Recent literature in behavioral economics suggests that price endings have some psychological impacts on buyer's purchasing decision. In real estate markets, both round price and precise price (or nine ending price) strategies are used in home sales. From the panel data and regression discontinuity analysis of Dallas housing market transactions, I find homes listed with precise price are on average sold at 4.6% higher price than homes listed at round price only when prices are less than their nearby round prices, favoring the nine ending price literature. The electronic version of this dissertation is accessible from http://hdl.handle.net/1969.1/155741
Author: James R. DeLisle
Publisher: Springer Science & Business Media
Published: 2012-12-06
Total Pages: 444
ISBN-13: 1461517036
DOWNLOAD EBOOKAs 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.
Author: Xiaolong Liu
Publisher: Rozenberg Publishers
Published: 2010
Total Pages: 132
ISBN-13: 9036101999
DOWNLOAD EBOOKAuthor: Peijie Wang
Publisher: Routledge
Published: 2003-09-02
Total Pages: 242
ISBN-13: 1134548761
DOWNLOAD EBOOKThis book provides an economic and econometric analysis of real estate investment and real estate market behaviour. Peijie Wang examines fluctuations in the real estate business to reveal the mechanisms governing the interactions between the industry and other sectors of the economy.
Author: Ko Wang
Publisher: Springer Science & Business Media
Published: 2012-12-06
Total Pages: 441
ISBN-13: 1461509092
DOWNLOAD EBOOKReal Estate Valuation Theory is organized around five categories of intellectual contribution to the whole-appraiser decision making and valuation accuracy, application of nontraditional appraisal techniques such as regression and the minimum-variance grid method, appraising contaminated property, ad valorem tax assessment, and new perspectives on traditional appraisal methods. One common thread is that all of the papers are exceptionally well written and thought provoking.
Author: Anna Mathieu
Publisher: Springer
Published: 2015-11-05
Total Pages: 133
ISBN-13: 3658116374
DOWNLOAD EBOOKAnna 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.