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  • 1
    Electronic Resource
    Electronic Resource
    The Effect of Development Impact Fees on Land Values* (2005)
    Oxford, UK and Malden, USA : Blackwell Publishing Ltd.
    Growth and change 36 (2005), S. 0 
    Details
    ISSN: 1468-2257
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography , Economics
    Notes:   This paper presents an empirical analysis of the effect of impact fees on the value of land used in residential development. A random effects model is estimated to examine the relationship between impact fees and land values using forty-three Texas cities that impose impact fees. Prior research suggests that higher impact fees result in higher lot values, and the results of this research support this suggestion. Results indicate that for each $1,000 increase in impact fees, lot values increase by 1.3 percent. Additionally, these results suggest that developers are able to pass a small amount of the impact fee to the owners of developable land. However, for undeveloped land the results are mixed. For each $1,000 in assessed impact fees, undeveloped land values decrease by 0.042 percent. These results support prior evidence that suggests home buyers may ultimately bear the majority of the cost of impact fees.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1468-2257.2005.00268.x
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    Paper (German National Licenses)
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  • 2
    Electronic Resource
    Electronic Resource
    The Impacts of Contract Type on Broker Performance (2001)
    Boston, USA and Oxford, UK : Blackwell Publishers Inc
    Real estate economics 29 (2001), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper offers a theoretical and empirical analysis of the exclusive agency and exclusive-right-to-sell contracts used in real estate brokerage. The theoretical model predicts that while both contract types will yield the same price, the exclusive agency contract will result in faster sales than the exclusive-right-to-sell contract. In the empirical model, we find that houses sold faster under the exclusive agency contract than the exclusive-right-to-sell contract. However, houses sold with exclusive agency contracts also sold at a marginally lower price. We also find a slightly greater concession from the listing price at the negotiation stage of exclusive agency listings.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1080-8620.00016
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  • 3
    Electronic Resource
    Electronic Resource
    Determinants of Performance for Mortgage-Backed Securities Funds (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 25 (1997), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This article examines the performance of mortgage-backed securities (MBS) mutual funds from January 1987 to June 1995. As a group, the MBS mutual funds underperform both the Salomon and Lehman Brothers MBS market benchmarks. The relative underperformance of the MBS mutual funds is due to poor securities selection and timing decisions. Fund expenses also contribute significantly to the underperformance, while fund load, turnover, management fees and other fund characteristics do not materially affect performance. The underperformance is found to be concentrated in several exceptionally bad months during the sample period. Testing indicates that the MBS mutual funds underperform the MBS benchmark during months of rising interest rates, but match the MBS benchmark during months of falling interest rates.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00732
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  • 4
    Electronic Resource
    Electronic Resource
    Search and Liquidity in Single-Family Housing (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 24 (1996), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: A two-stage least squares model of housing prices is estimated with data collected from 3358 single-family home transactions. The results provide evidence for an optimal marketing period and indicate that a liquidity premium is priced in single-family home sales. Consistent with the hypothesis derived from economic search models, the model shows higher selling prices for houses having longer expected marketing periods. The model also shows a price premium for houses that sell faster than expectations. This effect supports the concept that liquidity is a value-enhancing characteristic.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00691
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  • 5
    Electronic Resource
    Electronic Resource
    Determinants of Industrial Property Value (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 24 (1996), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper examines the determinants of industrial properly value. We use the factor-analytic linear structural relations (LISREL) model to confront measurement problems associated with related work. A simultaneous test of the effects on property value of factors summarizing physical property, national market, local market, interest rate and location variables is performed. Findings indicate that the value of industrial buildings during 1987–1991 in the Dallas/Fort Worth area is primarily related to local market effects and to physical characteristics and location of the property.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00690
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  • 6
    Electronic Resource
    Electronic Resource
    Tax Rules and the Sale and Leaseback of Corporate Real Estate (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 23 (1995), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study examines the effect of the sale and leaseback of corporate real estate on the stock prices of the selling firms. We ask whether the Tax Reform Act of 1986 (TRA 1986) had a negative impact on the market valuation effects of corporate sale and leasebacks. The results of the comparative statics analysis predict that the net present value of the lessee should be negatively related to the tax depreciation recovery life for the lessor and to the marginal ordinary income tax rate of the marginal holder of commercial mortgage debt. However, it should be positively related to the marginal tax rate of the equityholder of the corporate lessee. Changes in the marginal ordinary income tax rates of the lessor and the corporate lessee have an ambiguous effect on the equity value of the corporate lessee. Nevertheless, results of simulation analyses suggest that the relationship between the net present value of the lessee and each of the tax rates of the lessor and corporate lessee is negative. The empirical evidence suggests that subsequent to TRA 1986, the lessee's benefits associated with sale and leaseback transactions have decreased.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00664
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  • 7
    Electronic Resource
    Electronic Resource
    Empirical Evidence on Shareholder Value and the Sale-Leaseback of Corporate Real Estate (1990)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 18 (1990), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study examines the valuation effect of the sale-leaseback of corporate real estate on the stock prices of the selling and purchasing firms. The issue tested is whether the sale-leaseback transaction offers a net benefit to the corporate seller/lessee or purchaser/lessor. The empirical evidence suggests that the sale-leaseback of corporate real estate has substantial benefits for the seller/lessee common stockholders. Additionally, the sale-leaseback transaction produces an insignificant loss for the corporate purchaser/lessor.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00535
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    Paper (German National Licenses)
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  • 8
    Electronic Resource
    Electronic Resource
    Asset Allocation and the Performance of Real Estate Mutual Funds (2000)
    Oxford, UK : Blackwell Publishing Ltd
    Real estate economics 28 (2000), S. 0 
    Details
    ISSN: 1540-6229
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We examine the performance of real estate mutual funds during January 1991–December 1997. As a group, the sampled funds outperformed the Wilshire Real Estate Securities Index on a risk-adjusted basis by more than 5 percentage points annually. We attempt to explain these surprising findings by examining the fund's asset allocations across stocks, bonds and real estate property types using Sharpe's (1992) effective-mix test. We find that all of the superior performance is attributable to fund managers' decisions to overweight outperforming property types (apartments and health care) relative to the Wilshire Real Estate Securities Index weights. Performance of the funds matches a multiple-property-type benchmark that takes account of the fund's exposure to each property type. Therefore, real estate funds demonstrated superior allocation across property types, but neither superior nor inferior selection within property type, during 1991–1997. Our findings emphasize the importance of asset allocation for real estate mutual-fund performance.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/1540-6229.00797
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    Paper (German National Licenses)
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  • 9
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    The impact of sale-leasebacks transactions on bondholder and shareholder wealth (1992)
    New Orleans, La. : Periodicals Archive Online (PAO)
    Review of financial economics. 2:1 (1992:Fall) 75 
    Details
    ISSN: 1058-3300
    Topics: Economics
    URL: http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pao:&rft_dat=xri:pao:article:c381-1992-002-01-000008
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  • 10
    Electronic Resource
    Electronic Resource
    A Comparison of Federal Government Office Rents with Market Rents (1997)
    Springer
    The journal of real estate finance and economics 15 (1997), S. 181-192 
    Details
    ISSN: 1573-045X
    Keywords: office markets ; lease negotiation ; tenant clienteles
    Source: Springer Online Journal Archives 1860-2000
    Topics: Economics
    Notes: Abstract This study examines Federal Government office leases using data from Texas and Oklahoma during the 1981–1991 time period. The lease indifference model presented here indicates that landlords may be willing to accept lower rents from government tenants due to reduced tenant risk, but that such discounts may be offset by other premiums implicit in the lease contract. The data collected for this study reveal that rents paid by the government are significantly higher than average market rents during this time period. A time-series, cross-sectional regression analysis of the spread between market rents and office rents to government tenants in nine metropolitan markets suggests that the difference is affected in part by expense pass-throughs, lease period, amount of space leased, and local market conditions.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1023/A:1007729616364
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