The temptation is strong for arguing that property values can be broken down into land, improvements, and business value, as only land and improvements are subject to property tax. As sympathetic as the authors are to this motivation, the notion of a long-run business value component for retail...

This paper carries out an asset-pricing analysis of the U.S. metropolitan housing market. We use zip code level housing data to study the cross-sectional role of volatility, price level, stock market risk and idiosyncratic volatility in explaining housing returns. While the related literature...

The paper develops a flow model of the exchange rate with speculative capital flows integrated in a rigorous manner. The model is consistent with five foreign exchange market puzzles: (1) occasional discontinuous jumps in the exchange rate; (2) periodic short-term regimes of persistent...

Much attention has been paid to capitalization rates or “cap rates?defined as the net operating income over transaction price, also known as a “going-in?current yield on commercial real estate when calculated at the time of purchase. We know that there are a number of global factors...

ERES:conference

This paper presents the initial results of a major research project concerning real estate value. A central consideration is the analysis of those factors that impact upon value, in particular how value is created in real estate development ventures and investment deals. The converse of how real...

The continuous growth of house prices in Spain in recent years has been an issue with economists and market participants. It is still an issue of debate whether the increases are based in fundamentals or whether they essentially constitute a bubble. In this work we study and document the price...

Tall buildings are a common building typology within most major cities and they are representative of the outward signs of globalisation, capitalism and wealth. This visual imagery has become an important selling point for cities seeking a competitive advantage. Similarly, global investment...

ERES:conference

In this study we focus on the possible impact of 9/11 on tall and trophy office buildings for market behavior that could influence value. We find little evidence of any significant departure from general market trends for tall buildings or most Ã?trophyó property, yet there appear to be some...