Real Estate Economics back issues from December 2002:
Predicting spatial patterns of house prices using LPR [local percentile rank] and Bayesian smoothing.
Dec 22, 2002; ... This article is motivated by the limited ability of standard hedonic price equations to deal with spatial variation in house prices. Spatial patterns of house prices can be viewed as the sum of many causal factors: Access to the central business district is associated with a house price ...
The ex-dividend pricing of Real Estate Investment Trusts.
Dec 22, 2002; ... Past studies have shown that ex-dividend stock prices are not fully reflective of dividend payments. A tax-induced clientele effect and micromarket limitations in stock pricing have been used to explain this pricing anomaly. This study focuses on the ex-dividend behavior of real estate ...
Using multiperiod variables in the analysis of home improvement decisions by homeowners.
Dec 22, 2002; ... Though approaching $200 billion a year, spending by homeowners and rental property owners on improvements and repairs to the stock of existing housing units has received little attention in the academic literature. Historically, studies of the determinants of home improvements have focused ...
Institutional investors' preferences for REIT stocks.
Dec 22, 2002; ... This article investigates the determinants of real estate investment trusts (REIT) portfolio investment and institutional REIT ownership using multivariate Tobit regressions. We contend that many institutional investors take larger positions in more liquid assets like REIT stocks, as ...
The termination of commercial mortgage contracts through prepayment and default: a proportional hazard approach with competing risks.
Dec 22, 2002; ... This article examines the factors driving the borrower's decision to terminate commercial mortgage contracts with the lender through either prepayment or default. Using loan-level data, we estimate prepayment and default functions in a proportional hazard framework with competing risks, ...
Does homeownership affect child outcomes?
Dec 22, 2002; ... We study the impact of homeowning on the cognitive and behavioral outcomes of children. Using four waves of a comprehensive national panel data set, we control for many social, demographic and economic variables previously found to influence child outcomes. The data are a panel, allowing ...
Some loans are more equal than others: third-party originations and defaults in the subprime mortgage industry.
Dec 22, 2002; ... We show how agency problems between lenders (principals) and third-party originators (TPO; agents) imply that TPO-originated loans are more likely to default than similar retail-originated loans. The nature of the agency problem is that TPOs are compensated for writing loans, but are not ...