It has been documented that institutional investors did not participate actively in the real estate investment trust (REIT) stock market prior to 1990 and that the percentage of institutional holdings of a REIT stock is positively correlated with the performance of the REIT stock. This article...

The political environment, legal system, and culture of China differ from that of most mature economies in the western world. Consequently, Chinese real estate markets should behave differently from the markets of the mature economies such as the United States and the United Kingdom. The rapid...

This paper proposes and develops a replication method for estimating property values, in which optimal weights of comparable property attributes that best duplicate the subject property are determined. In a setting where the number of comparables is large compared to the number of attributes,...

This paper examines the rates of return for office buildings in four Texas cities to test for the presence of geographical patterns. The findings indicate that a geographical pattern does exist, both on an inter-city and intra-city basis. These results indicate a heightened emphasis on...

Recent research suggests that real estate returns are more predictable than the returns of other assets and that the real estate market is segmented from the general stock market. This study examines these two issues empirically using a multifactor asset pricing model that allows for...

It is well documented that in the United States, real estate investment trust (REIT) initial public offerings (IPOs) have an abnormally low initial-day return when compared to that of industrial firm IPOs. Researchers suspect that the abnormal return pattern of REIT IPOs is caused by their...

In performing an absorption analysis for a real estate investment, conventional appraisal approaches assume that space will be absorbed evenly across the market and evenly across the absorption period. These approaches fail to provide an accurate period-by-period absorption schedule for a...

In performing a Discounted Cash Flow Analysis for an income-producing property, a traditional rule-of-thumb indicates that the going-out capitalization rate should be one-half to one percent higher than the going-in capitalization rate. So far, there has been no theoretical model or empirical...

This paper develops an optimal portfolio selection technique when short sales on real estate assets are restricted. Using the well-known mean-variance efficient concept, we are able to derive the optimal weights for portfolios consisting of both financial assets and real estate assets. Our paper...

This study examines the impact of intra-project externalities and layout variables on the selling prices of 897 condominium units in the cities of Irvine and Santa Ana in Orange County, California. It documents that, at a micro-level, proximity to intra-project externalities such as greenspace,...