We argue that the competition for inelastically supplied capital results in a strong transmission of interest rates to the price of capital, weakening the conventional negative effect of interest rates on investment. We study this effect by exploiting geographic heterogeneity in the cash flow...

Over the last years, prices for European office space have reached new peaks. This naturally provokes discussion about a possible overheating in the market. One approach to assess price development of real estate markets is the so-called "user cost approach". Typically, this approach is applied...

We investigate the importance of cash flows as opposed to discount rates to the pricing of assets that, unlike common stock, are thinly traded but have reliable cash flow information. We rely on the dynamic Gordon model, which we adapt to deal with the thin trading environment, by developing a...

This paper documents that development exposure is an important determinant of private real estate returns and market risk exposure. It also documents that open-end private real estate funds have time-varying, procyclical market risk exposure through their development activities. As such, these...

Previous research finds that the cap rate, that is, the income-price ratio of commercial real estate, predicts future investment returns. This finding's implication on the efficiency of the real estate market crucially depends on whether the cap rate also predicts future risk. Using accurately...

Current research on sustainable property investment focuses mainly on property-level profitability of green buildings along with the development and implementation of eco-certifications. A second strand of studies investigates the company-level financial implications of corporate social...

Recent research has shown that macroeconomic uncertainty is a significant factor that is contemporaneously incorporated into asset returns. Therefore, it should not have a role in predicting future returns. At the same time, separate research has demonstrated that illiquidity is related to...

Cokriging is a multivariate spatial method to estimate spatial correlated variables. This method allows spatial estimations to be made and interpolated maps of house price to be created. These maps are interesting for appraisers, real estate companies, and bureaus because they provide an...

The technocratic interventions in agrarian economy, since late 1960s, have consolidated the position of large landowners and farmers in north western India, and made them prosperous. However, there was virtually no land market in this rural society up till now; land was possessed and transferred...

Identifying which areas of a municipality are experiencing redevelopment, zoning changes, land assembly, and land subdivision is of great interest to many real estate professionals. Despite this interest, finding out where this activity is occurring across a large municipality can be quite...