type="main" <p>We investigate the dynamics of appraisal smoothing in the National Council of Real Estate Investment Fiduciaries (NCREIF) index return using time-varying asset pricing models. We find that smoothing is on average close to zero but varies substantially over time. From the inception of...</p>

This study introduces GARCH models with cross-sectional market volatility, which are called GARCHX models. The cross-sectional market volatility is a special case of common heteroscedasticity in asset specific returns, which is suggested by Connor and Linton (2001) as an important component in...

Thus paper reports on an investigation into what is an appropriate level of investment management fees. Existing results are extended and several formulae are provided for the case of power utility and normal returns. Using the CRRA utility function with the range of the coefficient of the CRRA...

We propose the average F statistic for testing linear asset pricing models. The average pricing error, captured in the the statistic, is of more interest than the ex post maximum pricing error of the multivariate F statistic that is associated with extreme long and short positions and...

This paper investigates the boundary of activities undertaken by Korean housebuilding firms. First, it examines the contractual relationships between housebuilding firms and contractors, focusing on the existence of quasi-firm type organization in the Korean housebuilding industry. Second, it...

This paper aims at understanding the restructuring process of the modern UK housebuilding industry and at investigating how the business strategies and the concurrent production structure influence business efficiency and the growth of firms. The targeted objectives for addressing the above aim...

There are growing issues of access and affordability to owner-occupation in the UK and in most other industrialised countries. The UK has led the way in developing a range of Low Cost Home Ownership schemes that provide different ways of assisting particular groups of households. Each employs...

This paper examines differences in the extent and patterns of residential mobility in England across tenures and implications of these differences for policy. Of particular relevance is the extent to which the high proportion of social housing results in lower overall mobility, which may have...