Using individual residential ARM mortgage data in Singapore, this study finds a low prepayment rate, which is influenced predominantly by macroeconomic factors than mortgage-specific factors. Specifically, the prepayment rate is increasing in residential property prices, but declining in income...

ERES:conference

The auction mechanism has become an increasingly popular mechanism for price discovery where sellers seek to evaluate market interest. The winner's curse is a well established phenomenon associated with overbidding at auctions. However, auctioned properties could either be sold at the auction or...

The financial economics literature suggests that the possibility of rare events occurring affects asset pricing dynamics. At the same time, the recent finance literature found that investors often pay only limited attention to relevant information in making their investment decisions and they...

Sellers and brokers may differ in preferred timing of costly promotion. Sellers with holding costs are anxious to sell. Sellers with showing costs want a slower approach. We find a standard listing contract where the broker chooses promotion timing is efficient if sellers have no significant...

Over the past several decades, mortgage markets have developed from a fairly primitive form to a rich and complex institution. Mortgage markets are no longer only a place in which borrowers meet lenders for the purpose of financing real estate transactions, but an arena in which innovative...

ERES:conference

Since the inception of the first ETF - a broad-based domestic equity fund tracking the S&P 500 in 1993, Exchange Traded Funds (ETFs) have grown in acceptance and coverage. This paper examines the performance of REIT ETFs in terms of tracking the respective benchmarks and the effect of including...

The dividend debate between agency cost theory and information signaling theory provides contrasting explanations of the relationship between dividend payout and cash flow volatility. This paper attempts to test these two theories empirically using data from 135 public US equity REITs from 1985...

Optimal timing and investment strategies are critical in markets when project demand is uncertain. When developer has more than one project located in close proximity to each other, interactive effects will have significant effects on the optimal timing decision. If positive interactive effects...