Empirical research into the effects of environmental certification on commercial real estate properties routinely finds evidence of both significant rental rate and occupancy rate premiums accruing to owners of LEED and/or Energy Star certified properties. Interestingly, however, the underlying...

Using an Instant Response Device within the context of a controlled experiment, we find that people's self-assessment of Susceptibility to Normative Influence (SNI) differs substantially from the actual, or true, degree to which they are influenced by the actions of others. Actual SNI, a...

This case exposes students to the ethical and legal issues property owners face during eminent domain proceedings in an environment of downward spiraling housing prices (see Exhibit 1 - Federal Housing Finance Agency US house prices index). To date, current federal and state eminent domain laws...

Over the last several years, the U.S. economy has experienced a significant recession brought on by the collapse of the residential real estate market. During this downturn, the number of real estate foreclosures has risen drastically. Recent studies have empirically demonstrated a reduction in...

Employing a unique sample of individual and institutional investors, we conduct experiments to determine investors' preference for (or indifference to) financial skewness. We present investors with a series of stocks with varying levels of skewness. Using Instant Response Devices, we then...

A one-factor pricing model is employed to investigate the internal consistency of single family home and professionally-managed property prices. The risk factor used here is the US real estate index, which has much stronger explanatory power than the S&P 500 index for real estate assets....

The paper extends the work of Poterba (1984, 1991) and Voicu and Seiler (2011) by mathematically deriving the optimum rent versus buy decision without any information relating to expected home price appreciation or risk premia. Using Chicago Mercantile Exchange housing futures contracts, this...

The influential work of Genesove and Mayer (2001) uses loss aversion theory to explain several puzzling behaviors in the housing market. In this study, we present an alternative theory, which does not require an asymmetric value function, to observe the same “loss aversion” behavior....

The influential work of Genesove and Mayer (2001) uses loss aversion theory to explain several puzzling behaviors in the housing market. In this paper, we present an alternative theory, which does not require an asymmetric value function to observe the same "loss aversion" behavior....

Using a sample of 26,892 rate quotes on home purchase loan applications, the current paper investigates interstate variation in residential mortgage interest rates. More specifically, we find posted rate quotes by lenders are directly related to measures of foreclosure process risk including the...