This paper quantitatively accounts for the cyclical dynamics of key macroeconomic housing and mortgage market variables using a tractable, searchtheoretic model of housing with equilibrium mortgage default. To explain these dynamics, the model highlights the importance of liquidity spirals that...

This theoretical paper extends the useful work of Sevelka (2004) concerning the equivalence between discount rate and capitalization rate. The extension concerns two main points. First, it frames this relation within a clear theoretical framework, that starts from the net present value and goes...

The purpose of this chapter is to survey recent research on housing markets and policy in what used to be called the “second” and “third” worlds. We adopt the labels “transition” economies to refer to countries as disparate as Russia and Vietnam, and “developing” to refer to...

Housing markets experience substantial price volatility, short-term price change momentum, and mean reversion of prices over the long run. Together, these features, particularly at their most extreme, produce the classic shape of an asset bubble. In this chapter, we review the stylized facts of...

This chapter focuses on neighborhood effects in housing markets. Households in effect choose neighborhood effects, or more generally social interactions, via their location decisions, which renders them endogenous. Across several classes of models that it examines, it emphasizes how we may...

By estimating the correlation coefficients values we compare in this study the diversification potential of the different foreign equity markets and commodities. We present the findings that reflect the perspective of Polish investor. Our results are following: we identify a significant...

This study contributes to research on value investing in Brazil, analyzing the Brazilian funds that adopt this philosophy. The goal is to identify some of the factors that influence the decisions of value investing managers to maintain an asset in their portfolios. The results point out that the...

Purpose: The aim of this research study is to assess the progress of the food sector companies that received financial aid for investment through the Developmental Laws in the last years (2013-16) of the economic recession in Thessaly Region (Greece), by choosing a random and representative...

The authors solve a linear problem where a potential conflict between two agents (Destination manager and Firm) arises in a tourism destination. The Destination manager has to choose how to allocate limited resources (capital and land) between either second homes or hotels. This conflict stems...

This article explores the influence of competitive conditions on the evolutionary fitness of different risk preferences. As a practical example, the professional competition between fund managers is considered. To explore how different settings of competition parameters, the exclusion rate and...