Now showing items 1-20 of 82

    • Urban Economic Base as a Catalyst for Movements in Real Estate Prices 

      Coulson, N. Edward; Liu, Crocker H.; Villupuram, Sriram V. (2010-05-01)
      We examine the relation between housing prices in an MSA and its urban economic base. We create and employ new forward looking employment growth indices that measure the urban economic strength of an MSA and find that it ...
    • Foreclosure of Securitized Commercial Mortgage - A Model of the Special Servicer 

      Liu, Peng; Quan, Daniel C. (2010-08-23)
      The decision to foreclose on a CMBS mortgage is made by the special servicer. A loan is in special servicing when the mortgage is either delinquent or in a state of imminent default. The special servicer should represent ...
    • On the Hybrid Nature of REITs 

      Boudry, Walter I.; Coulson, N. Edward; Kallberg, Jarl G.; Liu, Crocker H. (2011-02-09)
      The consensus that emerges from the current research on the linkage between securitized and direct investment in real estate is that direct (private) real estate returns play a relatively minor role in the real estate ...
    • Is What’s Bad for the Goose (Tenant), Bad for the Gander (Landlord): A Retail Real Estate Perspective 

      Liu, Crocker L.; Liu, Peng (2011-03-08)
      Given the current financial crisis, we explore the impact that tenant bankruptcies have on the risk and return performance of their publicly traded landlord. We focus on retail REITs since the contracting mechanism associated ...
    • Do Investors Flip Over Housing? 

      Guntermann, Karl L.; Horenstein, Alex R.; Liu, Crocker H.; Nowak, Adam D. (2011-03-11)
      The current study explores the investment performance of short-term investors known as flippers in the residential real estate market as well as the impact that flippers have on the housing market. The study finds that ...
    • The Quality of Real Assets, Liquidation Value and Debt Capacity 

      Liu, Peng; Liu, Crocker H. (2011-03-11)
      We use real estate firms to examine how asset liquidation values influence a firm’s debt capacity, since the productivity and quality of each asset is observable and potential measures of an asset’s liquidation value are ...
    • Do Stock Prices Move too Much to be Justified by Changes in Dividends? Evidence from Real Estate Investment Trusts 

      Mühlhofer, Tobias; Ukhov, Andrey D. (2011-03-14)
      A central issue in asset pricing is whether asset prices move too much in relation to cash flows. We take advantage of the existence of two parallel markets for a set of cash flows to show that better measurement of cash ...
    • Living with Terminal Capitalization Rates: A Look at Real Estate Valuation Model Parameter Setting 

      Corgel, Jack; Lee, Hyun Seok (2011-04-10)
      This paper examines assumptions about future prices used in real estate applications of DCF models. We confirm both the widespread reliance on an ad hoc rule of increasing period-zero capitalization rates by 50 to 100 basis ...
    • The Dynamics of Credit Spreads in Hotel Mortgages and Signaling Implications 

      Liu, Crocker L.; Quan, Daniel C.; Ukhov, Andrey D. (2011-09-25)
      This paper investigates the loan pricing of risk in a market with short term leases (hotels) relative to longer term leases (office properties) with respect to how news on the economy, capital and real estate markets is ...
    • Cornell Real Estate Market Indices 

      Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2012-04-01)
      In this report, we introduce three new metrics to monitor real estate activity in the hotel market, as measured by transaction prices. The large hotel index records sales of hotels equal to or greater than $10 million, ...
    • What is a Gateway City?: A Hotel Market Perspective 

      Corgel, Jack (2012-04-01)
      The United States Office of Management and Budget designates 366 American cities as metropolitan statistical areas (MSAs).2 Fifty of these 366 MSAs contain the majority of the nation’s hotel rooms. For purposes of investing ...
    • First Quarter 2012: Have We Turned the Corner? 

      Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2012-05-01)
      In our inaugural issue of the Cornell Hotel Index series, we introduced three new quarterly metrics to monitor real estate activity in the hotel market. These are a large hotel index (hotel transactions of $10 million or ...
    • “Is Trading Behavior Stable across Contexts? Evidence from Style and Multi-Style Investors” 

      Blackburn, Douglas W.; Goetzmann, William N.; Ukhov, Andrey D. (2012-05-01)
      In this paper we use a sample of individual trading accounts in equity style funds taken from one fund family to test the hypothesis that trading styles are inherent vs. contextual. Our sample contains investors who invest ...
    • Demystifying Debt Yields 

      Corgel, Jack (2012-06-01)
      Like a thief in the night, debt yield ratios (DY) snuck into the offices of commercial mortgage lenders in the U.S. and took over loan sizing methodology. According to C-Loans.com, It is the money center banks and investment ...
    • List Price Information in the Negotiation of Commercial Real Estate Transactions: Is Silence Golden? 

      Gatzlaff, Dean; Liu, Peng (2012-06-10)
      This study examines the use (and non-use) of list price information in the process of marketing commercial real estate. As far as we are aware, this has not been addressed in the literature. While housing market research ...
    • “What Do Commercial Real Estate Price Indices Really Measure?” 

      Boudry, Walter I.; Coulson, N. Edward; Kallberg, Jarl G.; Liu, Crocker H. (2012-06-11)
      Commercial real estate indices play an important role in performance evaluation and overall investment strategy. However, the issue of how representative they are of the price appreciation on individual commercial real ...
    • The Economics of Commercial Real Estate Preleasing 

      Edelstein, Robert; Liu, Peng (2012-07-01)
      Preleasing of to-be-built commercial real estate space is a pervasive worldwide practice. Although such preleasing is an extensive and significant activity, it has not received much attention in the real estate economics ...
    • Second Quarter 2012: The Trend Is Our Friend 

      Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2012-08-01)
      The Cornell Hotel Indices reveal that the hotel industry has finally turned the corner with both large and small hotels participating in the price recovery. In our previous publication, we noted that prices for large hotel ...
    • Pricing Reservations: A General Equilibrium Approach 

      Liu, Peng (2012-08-15)
      Even with many decades of experience with booking and reservations, managers in the hotel industry still face substantial challenges predicting future room demand. Using a general equilibrium approach, this paper provides ...
    • Third Quarter 2012: And the Beat Goes On 

      Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2012-10-01)
      In our inaugural issue of the Cornell Hotel Index series, we introduced three new quarterly metrics to monitor real estate activity in the hotel market. These are a large hotel index (hotel transactions of $10 million or ...