The purpose of this study is to refine the real estate service quality scale, called RESERV, developed by Nelson and Nelson (1995). RESERV is examined for scale parsimony and for items measuring service expectations. This study is the first to simultaneously compare the three types of service...

This study empirically confirms the existence of the status quo deviation aversion hypothesis, but not increasing status quo deviation aversion, in people who own their primary residence. The examination was conducted in the 20 Case-Shiller MSAs across the country. The results are systemic and...

This study examines the determinants of REIT capital structure decisions from 1990-2008. Using a broad sample of 2,409 firm-year observations, we find that asset tangibility is positively related to leverage, while profitability and market-to-book ratios are negatively related. Additional...

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 study examines the herding behavior of individuals in the context of their willingness to strategically default on a mortgage based on the (falsely) observed behavior of those around them. We find that homeowners are easily persuaded to follow the herd and adopt a strategic default...

The paper examines the impact of social networks on strategic default behavior. Given the difficulties in empirically modeling this phenomenon, the paper takes a simulation approach, utilizing techniques from epidemiology. The concept is that ideas can travel through a population in the same...

This teaching case provides students with an opportunity to evaluate the best course of action for a firm who just filed for Chapter 11 Bankruptcy protection. The home-builder is already in default on over $20 million in loans. They have homes at various stages of the construction process, and...

In this article, the financial portfolio model often referred to as the Black-Litterman model is described, and then mathematically derived, using a sampling theoretical approach. This approach generates a new interpretation of the model and gives an interpretable formula for the mystical...

This study examines both financial and behavioral explanations for the existence of a residential real estate shadow market for underwater investment properties. We find that the affordability constraint explains only 44.4% of the reasons not to list a property for sale. Three documented...

In this article, we discuss the often overlooked behavioral implications of the Black-Litterman model when this portfolio allocation modeling tool is put into practice. One of the most interesting features of this model is that the benchmark portfolio, against which the performance of the...