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Seven Reasons Why Real Estate Prices Will Hold Up for Now But Five More Reasons Why You Should Sit Up Straight and Pay Close Attention
Commercial real estate has done just fine, in a non-inflationary environment. This would suggest that real estate is more of a stagnation hedge than an inflation hedge. Furthermore, the weakness in fundamentals has been driven by demand?not supply. This article provides seven reasons why commercial real estate prices will hold...
Finance, Investment, and Investment Performance: Evidence From the REIT Sector
The paper examines financing, investment, and investment performance in the equity REIT sector over the 1981-1999 time period. Analysis reveals significant differences between the old-REIT (1981-1992) and new-REIT (1993-1999) eras. The sector experienced rapid growth in the new-REIT era, primarily from firm-level investment as opposed to new entry. Firm-level investment...
Bargaining Over Residential Real Estate
This paper presents a new data set of individual residential property transactions. The main novelty of the data is the record of all listing price changes and all offers made between initial listing and sale agreement. The paper establishes a number of stylized facts pertaining to the sequence of events...
Prohibitions on Health Insurance Underwriting: A Means of Making Health Insurance Available or a Cause of Market Failure?
Underwriting restrictions are passed to discourage insurers from discriminating in a way that is contrary to social policy. In addition to prohibiting socially unacceptable discrimination, underwriting restrictions also have the potential of changing the consumption of insurance. This paper examines underwriting regulations that prohibit insurers from using disability status, gender...
Asset Management And City Government
Asset management is an emerging set of tools and skills that can help managers of transportation facilities make better maintenance and investment decisions. Since local governments own and operate 78 percent of the streets and roadways in the nation, most of the airports and most of the transit systems, some...
Error Modeling For Automated Construction Equipment
This paper introduces the statistical error modeling approach for a computer-controlled Large-Scale Manipulator LSM. The LSM is sufficiently representative of several types of construction equipment to be able to serve as a general test bed. In the analysis, three factors which are measurable in real time: distance, hydraulic pressure, and...
Diversifying into Real Estate: It's a Good Thing
Article suggests that the significant diversification benefits are possible through the addition of real estate to a portfolio of stocks and bonds. There is also evidence that these benefits vary significantly over time and of the various assets examined, only real estate offers diversification benefits at the very time when...
Diversifying into Real Estate It's a Good Thing!
This article uses the nonparametric Hansen-jagannathan volatility bound framwework to investigate the issue of diversifying into different asset classes. The restriction leads to the conclusion that during the 1972-98 period the mean variance frontier consisting of domestic U.S. stocks and bounds spans the frontier generated by the inclusion of real...
The Role of Speculation in Real Estate Cycles
The economy, already suffering from unemployment and fluctuating prices, is now being plagued by rampant real estate speculation. This real estate speculation boom is an archfiend wielding terrible power, capable of blowing out the flickering signs of a hopeful economic recovery. In this paper the focus is on the latter...
The Role of Speculation in Real Estate Cycles
This paper focuses on two explanations for housing price increases and volatility; and sets out why these factors are key for understanding the source of cycles. The paper first discusses alternative definitions of speculation. It then develops a conceptual model of how real estate and local business cycles can be...
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