In this study, we develop and empirically test a valuation model for a commonly encountered option in office leases: a tenant's option to renew at future market rent (a fair market value) with lease termination as the maturity date. The model integrates decision analysis with real options...

This study analyzes how lease expirations affect the performance of commercial real estate (CRE) properties and how these patterns changed during the COVID-19 crisis. Even before the pandemic, lease expirations were associated with a notable increase in the downside risk to a property's...

Jeonse, a housing lease model unique to Korea, has long served as a cornerstone of housing security for many families. However, recent significant fluctuations in housing prices have highlighted concerns such as underwater jeonse and reverse jeonse, amplifying calls for reform. A crucial step in...

When agents have present bias, they discount more between now and the next period than between period t ( 1) and t 1. How fast the future discount rate (evaluated today) decays is an empirical question. We show that the discount function can be non-parametrically identified with contracts that...

A sale and leaseback is an alternative to traditional financing in which the owner of an asset contracts to sell the asset and then to lease it from the buyer. This paper focuses on some of the motivations behind this decision. We find evidence supporting the primary theoretical reason for...

This study explores the relationship between a country's legal system and how its cities develop by examining the considerable variations in commercial real estate lease duration (or term) across both countries and cities. We find that the cross-country variation in lease duration and building...

Sale and leaseback transactions in India have quite a history. They have been aggressively used by leasing players and have been called as sham transactions in the past. It would not be an overstatement that leasing industry saw its end in the early 90s in India and it was largely attributable...

В статье приведены ключевые параметры развития рынка лизинговых операций в РФ; отмечено, что по своей природе механизм лизинга объектов недвижимости схож с...