Now showing items 1-20 of 81

    • 2019-2020 Year in Review 

      Center for Real Estate and Finance (2020-09-30)
      2019-2020 Annual Review published by the staff of the Center for Real Estate and Finance (CREF) at Cornell University's School of Hotel Administration.
    • A Comparison of Hotel Indices with Hotel Properties and Portfolios 

      Boudry, Walter I. (2014-06-01)
      Thanks to the availability of transaction data and the work of Real Capital Analytics (RCA), hotel operators and investors now have access to indices that track the price appreciation of hotels.1 RCA’s data is one basis ...
    • An Analysis of Data Regarding Public Private Partnerships to Encourage Hotel Development in the United States 

      Nelson, Robert R.; deRoos, Jan A. (2014-08-06)
      In recent decades, communities in the United States have increasingly turned to public private partnerships, also known as PPPs or P3s, to encourage development of large convention headquarter hotels. Under such arrangements ...
    • Asset Management and Investment Banking 

      Berzins, Janis; Liu, Crocker H.; Trzcinka, Charles (2013-02-09)
      We find evidence that conflicts of interest are pervasive in the asset management business owned by investment banks. Using data from 1990 to 2008, we compare the alphas of mutual funds, hedge funds and institutional funds ...
    • Attribution Analysis Tool 

      Boudry, Walter I.; Green, Matthew C.; Liu, Crocker H.; Ukhov, Andrey D. (2013-01-01)
      The attribution analysis spreadsheet is developed based on the model discussed in the Center for Real Estate and Finance at Cornell report called "Measuring the Value Added of Hotel REIT Managers Using MSA Benchmarks: A ...
    • Boom and Gloom 

      Kosová, Renáta; Kumar, Praveen; Povel, Paul; Sertsios, Giorgo (2012-11-27)
      We use a novel database to study the performance of real assets created at different points of an investment cycle. Our database contains information on the construction year of virtually all hotels in the U.S., and ...
    • Bubbles, Post-Crash Dynamics, and the Housing Market 

      Liu, Crocker H.; Nowak, Adam; Rosenthal, Stuart (2014-01-10)
      This paper documents and explains previously unrecognized post-crash dynamics following the collapse of a housing market bubble. Although home prices in Phoenix doubled 2004-2006, the relative price of small-to-large homes ...
    • Calculating Damage Awards in Hotel Management Agreement Terminations 

      deRoos, Jan A.; Berman, Scott D. (2014-08-01)
      When a hotel management agreement is terminated without the consent of the manager, the law clearly allows the manager to recover damages (from the owner) as a result of the termination. In most cases, the owners and ...
    • CEO Bonus: Alternative Performance Measurement versus Gamesmanship 

      Liu, Crocker H.; Tsang, Desmond (2014-01-10)
      Although CEO bonus plans traditionally use net income as the standard performance measure, there is an increasing trend that CEOs influence directors to adopt alternative non-GAAP performance metrics in setting bonuses. ...
    • 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, ...
    • 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 ...
    • Determinants of Hotel Property Prices 

      Corgel, Jack B.; Liu, Crocker H.; White, Robert M. (2013-11-20)
      Commercial real estate pricing has its foundations in present value theory although improved access to transaction data heightened interest in hedonic pricing models. Heretofore, the commercial property versions of these ...
    • Diversification Benefits of REIT Preferred and Common Stock: New Evidence from a Utility Based Framework 

      Boudry, Walter I.; deRoos, Jan A.; Ukhov, Andrey D. (2014-09-10)
      We study the diversification benefits of REIT preferred and common stock using a utility based framework in which investors segment based on risk aversion. Taking the view of a long run investor, we conduct our analysis ...
    • Diversification Benefits of REIT Preferred and Common Stocks: A Long-Run Empirical Analysis 

      Boudry, Walter I.; deRoos, Jan A.; Ukhov, Andrey D. (2013-01-31)
      We study the diversification benefits of REIT preferred and common stocks. Taking the view of a long run investor, we conduct our analysis using data from 1992 to 2012. We examine optimal mean-variance portfolios of an ...
    • 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 ...
    • 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 ...
    • Economic Linkages, Relative Scarcity, and Commodity Futures Returns 

      Casassus, Jaime; Liu, Peng; Tang, Ke (2013-01-01)
      This paper shows that economic linkages among commodities create a source of long-term correlation between futures returns. We extend the Theory of Storage to a multi-commodity level and find that the convenience yield of ...
    • 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 ...
    • First Quarter 2013: Is the Trend Our Friend? 

      Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2013-05-01)
      The Cornell Hotel Indices reveal that the hotel industry is continuing to experience positive price momentum for small hotels with a continued weakening in price for larger hotels. Hotel properties also exhibit a narrowing ...
    • First Quarter 2014: Prices Have Not Caught Up to Growth in RevPAR 

      Liu, Crocker H.; Nowak, Adam D.; White, Robert M. Jr. (2014-04-01)
      Hotel prices are not yet reflecting the positive momentum in RevPAR. However, we expect prices for hotel properties to rise in the next quarter based on our repeat sales index. A comparison of current operating yields ...