This article confirms and extends prior results regarding tilting of institutional investment in common stock toward quality. The evidence presented here suggests that, while both real estate investment trusts and institutional investors tilt their real estate holdings toward quality, the tilt...

This special issue of "Real Estate Economics" is devoted to "Housing and Urban Development Indicators." The issue has been underwritten by the United States Department of Housing and Urban Development as a U.S. Contribution to the United Nation's "Habitat II" Conference, held in Istanbul, Turkey...

We empirically examine the effect of appraisal quality on subsequent mortgage loan performance using data from the high volatility housing market of Alaska in the 1980s. We develop measures of appraisal quality by computing the residual between a hedonic estimate of house value using available...

Our study investigates the role of speculation in real estate cycles. We find that even a simple model of lagged supply response to price changes and speculation is sufficient to generate real estate cycles. Second, the volatility of prices - the biggest purported downside of "speculation" - is...