We model the choice of lease type, gross lease versus net lease, in an environment in which lessees have private information with respect to their expected intensity of utilization of the leased space, and in which lessors have market power with respect to the pricing of the lease. Unless the...

In a contractionary corporate environment, lease cancellation strategy becomes an important component of corporate real estate leasing decisions. This paper presents a leasing model in which less well-informed lessors offer leases with alternative lease cancellation options. The model...

We examine the relationship between the seller's choice of a real estate agent/firm and the time it takes to sell his property (TOM). We find that neither the commission rate of the selling agent nor the size of the listing firm has a significant impact on TOM. Our results also indicate that an...

This paper examines the impact of aggregated needs of household members on the choice of housing location in Taipei, Taiwan, using a sample of 11,191 households and information collected from the 1990 Census of Population and Housing. Our results indicate that the choice of housing location is...

Utilizing advanced asset pricing techniques, we investigate the long-term relation between the general economy, the broad equity market and Real Estate Investment Trusts (REITs). Both monetary and real economy factors, along with the stock market factor, are found to be determinants in REIT...

This article examines the relationship among intradaily information flows, volatility and volume based on the Mixture of Distribution Hypothesis (MDH). We generalize the MDH model to accommodate both informed and uninformed trading effects on return volatility. Using a Fourier filtering...

In this article we examine the interaction of brokerage search with the Bayesian learning behavior of competitive dealers under asymmetric information. We particularly focus on the effects of price search and discretionary trading on the performance of a dealer market. A search process is...

This paper examines the relationship among daily information flow, return volatility, and bid-ask spreads based on the framework of the mixture of distribution hypothesis (MDH). The MDH model is modified to permit separate effects of informed and liquidity trading volume on return volatility....

Previous research indicates that the maximum likelihood estimates of Generalized Autoregressive Conditional Heteroscedasticity (GARCH) models on foreign exchange rates, under various distributional assumptions, are sensitive to the presence of outliers. The advantage of the proposed Bounded...