Regulatory Capital Arbitrage and the Potential Competitive Impact of Basel II in the Market for Residential MortgagesThe Journal of Real Estate Finance and Economics - Tập 35 - Trang 197-219 - 2007
Paul S. Calem, James R. Follain
U.S. banking regulators have proposed a bifurcated system of capital regulation where the largest, internationally active banking organizations would be subject to significantly more risk sensitive regulatory capital requirements than are currently in place, while most others would remain subject to the current rules. The proposed new capital regime has the potential to affect the competitive land...... hiện toàn bộ
Performance based mortgage-backed securities indexingThe Journal of Real Estate Finance and Economics - Tập 1 - Trang 185-193 - 1988
Ronald W. Chapman
The traditional approaches to indexing first developed for equities and then adapted to bonds are not effective for mortgage-backed securities. This paper details a new technique for indexing portfolios of mortgage-backed securities which rectifies the deficiencies of the older cellular method. By focusing on the performance characteristics of the bonds adjusted for their embedded options, we at o...... hiện toàn bộ
The Effects of Attributes on the Repeat Sales Pattern of Residential Property in Hong KongThe Journal of Real Estate Finance and Economics - - 2004
Ute S. L. Cheung, Kelvin K. W. Yau, Y. V. Hui
There has been copious research work on the development of house price models and the construction of house price indices. However, results in some studies revealed that the accuracy of such indices could be subject to selection bias when using only information from a sample of sold properties to estimate value movements for the entire housing stock. In particular, estimated house price appreciati...... hiện toàn bộ
Property Asset Bubbles: Evidence from the Sydney Office MarketThe Journal of Real Estate Finance and Economics - Tập 20 - Trang 67-81 - 2000
Patric H. Hendershott
The cyclical variation in office construction, vacancies, rents, and values over the last decade has been enormous throughout the world. Reasons advanced for this enormity include prolifigate lenders, egotistical developers, and even rational behavior in the face of uncertainly and long construction periods. Our analysis of the Sydney office market suggests a fourth contributing factor: the failur...... hiện toàn bộ
Externalities of Urban Renewal: A Real Option PerspectiveThe Journal of Real Estate Finance and Economics - Tập 48 - Trang 546-560 - 2013
K. W. Chau, S. K. Wong
If carefully planned, urban renewal may play an important role in regenerating a decaying neighborhood and mitigating the negative externality generated by dilapidated buildings in densely populated areas. Despite its potential benefits, in urban areas dominated by high-rise developments, urban renewal has an unintended negative impact on nearby properties since it reduces their redevelopment opti...... hiện toàn bộ
The Anisotropic Spatiotemporal Estimation of Housing PricesThe Journal of Real Estate Finance and Economics - Tập 50 - Trang 484-516 - 2014
Jin Zhao
This paper develops a method to identify three-dimensional anisotropic spatiotemporal autocorrelation with an application to real estate markets. A large literature modeling spatiotemporal autocorrelation in house prices assumes that the spatiotemporal dependence structure is isotropic: a function of only distances between observations, and therefore the direction effect is dismissed. If the impor...... hiện toàn bộ
The Determinants of REIT Cash HoldingsThe Journal of Real Estate Finance and Economics - - 2008
William G. Hardin, Michael J. Highfield, Matthew D. Hill, G. Wayne Kelly
The factors influencing the cash holdings of REITs are examined with the view that the REIT industry should yield new information regarding the drivers of corporate cash policy due to their unique operating conditions. The availability of REIT line of credit data also allows us to test the association between cash holdings and line of credit access and use. Data constraints in prior investigations...... hiện toàn bộ