Now showing items 1-20 of 20

    • Characteristics and Performance of Real Estate Brokers and Salesmen in the Hawaiian Islands 

      Liu, Crocker H. (1977-01-01)
      [Excerpt] Since 1968, there has been a rapid growth rate in the number of real estate licensees. The total active licensees (brokers and salesmen) has increased 187% from June 309 1968 (3,267 licensees) to January 21, 1977 ...
    • Comments on Chapters Nine and Ten 

      Cohen, Stephen P.; Carroll, Bill (1977-01-01)
      Many of the contributors to this volume suggest in their studies that exogenous environmental change in the economic system finds its way into the housing market. Measurement of the impact of that change on the housing ...
    • Highest and Best Use: The Evolving Paradigm 

      Dotzour, Mark G.; Grissom, Terry V.; Liu, Crocker H. (1990-04-01)
      Highest and Best Use is often identified as the key concept supporting real estate use and value decisions. However, at best the concept has received ambiguous if not conflicting consideration as to its relevance in the ...
    • Insider Trading as a Signal of Private Information 

      Damodaran, Aswath; Liu, Crocker H. (1993-01-01)
      There is substantial evidence that insider trading is present around corporate announcements and that this insider trading is motivated by private information. Using real estate investment trusts that choose to reappraise ...
    • Interest Rates and Real Estate Capitalization Rates on the Rise 

      Corgel, John B. (2014-02-01)
      [Excerpt] Questions about near-term interest rates levels have become particularly difficult to answer with the importance of factoring in both future economic conditions and Federal Reserve Board policy modifications along ...
    • Is There Excess Comovement in the U.S. Real Estate Markets 

      Kallberg, Jarl; Liu, Crocker H.; Pasquariello, Paolo (2007-09-14)
      This study addresses the recent performance of the U.S. residential real estate market. We investigate the comovement among Case-Shiller Home Price Indices for 14 metropolitan areas from January 1987 to October 2006. We ...
    • Is What's Bad for the Goose (Tenant), Bad for the Gander (Landlord)? A Retail Real Estate Perspective 

      Liu, Crocker H.; Liu, Peng (2013-07-01)
      We explore the economic dependence and financial market feedback effects among firms with economic linkages, notably landlord-tenant when shocks occur to the system. In particular, we examine 157 major tenant bankruptcy ...
    • Managing Innovation: The Role of Collateral 

      Mao, Yifei (2015-01-01)
      This paper studies how credit constraints impact the management of corporate innovation. Specifically, my experiment exploits exogenous variations in the collateral value of real estate assets as shocks to firms’ credit ...
    • Manipulation in U.S. REIT Investment Performance Evaluation: Empirical Evidence 

      Alcock, Jamie; Glascock, John; Steiner, Eva (2013-10-01)
      We investigate whether Real Estate Investment Trust (REIT) managers actively manipulate performance measures in spite of the strict regulation under the REIT regime. We provide empirical evidence that is consistent with ...
    • On the Price Comovement of U.S. Residential Real Estate Markets 

      Kallberg, Jarl G.; Liu, Crocker H.; Pasquariello, Paolo (2014-04-01)
      We investigate the comovement among Case-Shiller Home Price Indices for 14 metropolitan areas between 1992 and 2008. We define the portion of this comovement deemed as fundamental (excessive) as the covariation that can ...
    • Property-by-Property Valuation of Publicly Traded Real Estate Firms 

      Corgel, John B. (1997-04-01)
      Because the assets held by publicly traded real estate companies are infrequently traded, their values must be estimated to determine the relationship between share prices and net asset values for investment purposes. ...
    • Pure Price Changes of Lodging Properties 

      Corgel, John B.; deRoos, Jan A. (1992-04-01)
      [Excerpt] In this article, we report on research to measure the temporal changes in the prices of lodging properties. Our specific objective is to present the results of an ongoing study at the Cornell University School ...
    • Real Estate Private Equity: The Case of U.S. Unlisted REITs 

      Corgel, John B.; Gibson, Scott (1999-01-01)
      Purpose - The purpose of this paper is to demonstrate how fixed-share prices, as a structural flaw in private equity funds targeted to small-unit investors, economically disadvantages those investors in favor of sponsors. ...
    • The Determinants of Organizational Form Changes: Evidence and Implications from Real Estate 

      Damodaran, Aswath; John, Kose; Liu, Crocker H. (1997-01-01)
      We study changes in the real estate industry among organizational forms with varying degrees of restrictiveness and document the associated changes in profitability, free cash flow, debt, dividends, and investment policies. ...
    • The Interrelationships Between REIT Capital Structure and Investment 

      Alcock, Jamie; Steiner, Eva (2017-08-01)
      We investigate whether Real Estate Investment Trust (REIT) managers actively manipulate performance measures in spite of the strict regulation under the REIT regime. We provide empirical evidence that is consistent with ...
    • The Rate of Return on Real Estate: Long-Run Micro-Level Evidence 

      Chambers, David; Spaenjers, Christian; Steiner, Eva (2019-06-01)
      We provide evidence that direct real estate investments are less profitable and more risky in the long run than previously thought. We hand-collect property-level data on realized income, expenses, and transaction prices ...
    • The Role of Real Estate Investment in Insurance Company Portfolios 

      Kallberg, Jarl G.; Liu, Crocker H.; Greig, D. Wylie (1995-01-01)
      [Excerpt] An area of ongoing debate in the area of long-term investment has been what is the appropriate role of real estate in an institutional portfolio, Numerous studies using a mean-variance setting have suggested that ...
    • The Role of the Underlying Real Asset Market in REIT IPOs 

      Hartzell, Jay C.; Kallberg, Jarl G.; Liu, Crocker H. (2005-01-01)
      A leading explanation for IPO cycles is time‐varying supply and demand for the underlying assets of the firms that are considering going public. We test this hypothesis using REIT IPOs, taking advantage of the relative ...
    • Urban Economic Base as a Catalyst for Movements in Real Estate Prices 

      Coulson, N. Edward; Liu, Crocker H.; Villupuram, Sriram V. (2013-01-01)
      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 ...
    • Where, When and How Do Sophisticated Investor Respond to Flood Risk? 

      Eichholtz, Piet M. A.; Steiner, Eva; Yönder, Erkan (2019-06-01)
      While the empirical evidence on the pricing of flood risk exposure in residential real estate held by uninformed households is mixed, this study shows that sophisticated investors in commercial real estate markets rationally ...