This paper demonstrates that the effects of unanticipated monetary policy changes (shocks) on REIT returns are asymmetric between the high- and low-variance regimes. We utilize a Markov regime-switching model with error correction terms to quantify the impact of monetary shocks on seven...

The demand for investment for any asset including houses and apartments depends on a relative yield-price ratio. In an equilibrium structure, the yield-price ratio is shown to depend explicitly on interest rates, capital gains and the loan-to-value ratio. For U.S. quarterly data from 1986 to...

This paper examines the impact of economic conditions and local attitudes on investors’ decisions to opt for a green building certificate. The study is based on property locations in 211 counties and uses a fixed-effects estimator for a panel data set of 10,624 office buildings over 10...

The intention of buying a home is revealed by many potential home buyers when they turn to the Internet to search for their future residence. This paper examines the extent to which future cross-sectional differences in home price changes are predicted by online search intensity in prior...

We track and record five measures of eye movements of current homebuyers who are in the process of searching for homes on the Internet. Total dwell time (how long a person looks at the photo), fixation duration (how long a person spends at each focal point), and saccade amplitude (the average...

This paper focuses on securitized real estate markets. It investigates simultaneously the effects of volatility spillover and conditional correlation on the cross-market relationships among three real estate securities markets, Mainland China, Hong Kong, and Taiwan in Greater China (GC), as well...

Because landlords assume all of the operating expense risk, rents for gross leases exceed those for net leases. The markup, or spread, for gross leases varies between properties and across markets. Specifically, the markup is expected to increase with the cost of real estate services at the...

We analyze the prices of owner-occupied housing in 97 metropolitan areas between 1980 and 2011. Our tests indicate that price changes exhibit positive serial correlation at the one year intervals, with subsequent reversals of price changes over longer intervals. Consistent with our simple model,...

This paper investigates whether obtaining sustainable building certification entails a rental premium for commercial office buildings and tracks its development over time. To this aim, both a difference-in-differences and a fixed-effects model approach are applied to a large panel dataset of...

This paper examines the effects of bank corporate governance on real estate lending and loan losses during the recent financial crisis. The results indicate that banks with stronger corporate governance mechanisms had higher profitability during the period 2006–2009. Our findings on the...