The value of the Danish commercial real estate market is large and developments within this market can have widespread implications for the financial system and the real economy. This memo provides an overview of the Danish commercial real estate market. It maps the stock of Danish commercial...

Open-end real estate funds are collective investment undertakings in a diversified portfolio of real estate properties. The companies that launch and manage open-end real estate funds must regularly appraise fund properties because individual market prices are not available, which means that the...

This article regresses the market value of equity on pre-depreciation income and on depreciation expense for capital-intensive firms, referring to the coefficients from our model as valuation weights. The valuation weight on depreciation expense versus the weight on pre-depreciation income are...

We estimate the impact of piped water and sewers on property values in mid-19th century Chicago. The cost of sewer construction depends sensitively on imperceptible variation in grade, and such variations in grade delay water and sewer service to part of the city. This delay provides...

Owner/operators often need to know the value of their intellectual property for transaction (sale or license), financing (sale/licenseback or collateralization), taxation (income or other), accounting (acquisition accounting or impairment testing), litigation (infringement or breach of...

There are three well-known, generally accepted vessel pricing methods: The Market Comparable Method, known as ‘marked to the market’ approach or frequently referred to as ‘last done’in shipping. In a simplified way, Karatzas (2009) describes it as: ‘What someone paid recently for a...

Until recently, in most countries, the use of Automated Valuation Models (AVMs) in the lending process was only allowed for support purposes, and not as the sole value-determining tool. However, this is currently changing, and regulators around the world are actively discussing the approval of...

The extent to which a real estate investment trust’s (REIT’s) physical growth is related to market valuation and performance is examined. Using a sample of U.S. equity REITs over the 1995-2020 period, we measure a REIT’s growth as the growth of its total area in square feet (or its number...

Accurate estimates of land values on a property-by-property basis are an important requirement for the effective implementation of land-based property taxes. We compare hedonic, residual, and matching techniques for mass appraisal of residential land values, using data from Maricopa County,...

We present the first comprehensive overview of regulation and standards of investments in real estate investment trusts (REITs) in 32 countries across the world. While there are large variations in REIT regulations across various countries, we also notice some common themes. REITs domiciled in...

Using three unique micro datasets, we find that an unexpected and unprecedented loosening of China's LTV policy for non-primary houses fueled the entire mortgage boom during 2014Q4-2016Q3. The mortgage expansion disproportionately increased the share of mortgages to middle-aged homeowners with...

Property tax revenues - the largest discretionary source of revenue for local governments - adjust at a pace that is inconsistent with property values in the US. We show that this form of revenue smoothing may be rooted in the political economy of municipalities. Measures of local budget...