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Author: Mathilde Poulhes
Publisher:
ISBN:
Category :
Languages : en
Pages : 165
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Book Description
This thesis gathers four essays on real estate markets. The first chapter focuses on real estate as a financial asset. It analyses the influence of real estate on portfolio choice and more precisely on the share of risky assets in the household's portfolio. We distinguish between the effect of property value and the effect of home equity and we obtain two opposite effects. The second chapter analyzes real estate as a durable good and explores the link between the price of the property and its characteristics : intrinsic or extrinsic (neighbourhood attributes). The third chapter estimates the impact of the rise of housing transfer tax in France on real estate volumes and prices. This reform implemented between 2014 and 2016 caused a decrease in the number of transactions only in markets where supply was high relative to demand. This suggests a strong inelasticity of demand in tight markets. Moreover, no effect on pre-tax sales prices is observed, meaning that the burden of the transfer tax rests on the buyer. The fourth chapter analyzes the effects of French Enterprise Zones (place-based policy) on real estate prices. The empirical results show that the zone implementation had an inflationary effect on business real estate and to a lesser extent on residential real estate. This inflationary effect is driven by the zones with low real estate supply elasticity.
Author: Mathilde Poulhes
Publisher:
ISBN:
Category :
Languages : en
Pages : 165
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Book Description
This thesis gathers four essays on real estate markets. The first chapter focuses on real estate as a financial asset. It analyses the influence of real estate on portfolio choice and more precisely on the share of risky assets in the household's portfolio. We distinguish between the effect of property value and the effect of home equity and we obtain two opposite effects. The second chapter analyzes real estate as a durable good and explores the link between the price of the property and its characteristics : intrinsic or extrinsic (neighbourhood attributes). The third chapter estimates the impact of the rise of housing transfer tax in France on real estate volumes and prices. This reform implemented between 2014 and 2016 caused a decrease in the number of transactions only in markets where supply was high relative to demand. This suggests a strong inelasticity of demand in tight markets. Moreover, no effect on pre-tax sales prices is observed, meaning that the burden of the transfer tax rests on the buyer. The fourth chapter analyzes the effects of French Enterprise Zones (place-based policy) on real estate prices. The empirical results show that the zone implementation had an inflationary effect on business real estate and to a lesser extent on residential real estate. This inflationary effect is driven by the zones with low real estate supply elasticity.
Author: Arthur L. Schwartz Jr.
Publisher: Springer Science & Business Media
ISBN: 9400903677
Category : Business & Economics
Languages : en
Pages : 206
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Book Description
Arthur L. Schwartz, Jr. and Steven D. Kapplin The focus of this volume of the ARES Monograph Series is new ideas in real estate investment. Within this volume, empiricial studies, literature reviews, and tutorials examine a broad range of important investment issues. Many new and innovative ideas are presented. This volume should be a rich source of real estate investment ideas for many years to come. Kapplin and Schwartz examine the returns of two types of REITs, as well as that of Master Limited Partnerships (MLP), over the 1987-1989 time period. Their sample consisted of 54 real estate securities; they conclude that these entities did not provide an effective inflation hedge. MLP returns exceeded that of the overall stock market, but the two REIT types did not provide rates-of-return in excess of the marked. An extensive review of the commercial real estate return literature is presented by Fletcher. He focuses upon studies that utilize commingled real estate fund (CREF) data. His detailed overview of the subject provides a much needed synthesis of the current literature. Roulac presents an extensive discussion of the differences in the per spectives of individual versus institutional investors. In his essay, he considers such factors as scale, diversification, and related issues. Addi tionally, he examines a wide range of literature from within academia, 1 INTRODUCTION 2 as well as the opinions of various real estate gurus. He concludes that behavioral factors override economic considerations.
Author: Dennis J. McKenzie
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 312
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Book Description
Author: George Iden
Publisher:
ISBN:
Category : Capital productivity
Languages : en
Pages : 160
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Book Description
Author: Lance Taylor
Publisher: MIT Press
ISBN: 9780262200752
Category : Business & Economics
Languages : en
Pages : 400
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Book Description
This collection of work reviews the results of using CGE models since the early 1970s, with an emphasis on models that encompass broad structural factors such as distribution of income and wealth, land tenancy relationships, foreign trade, production, markets, and control of the means of production that are fundamental to the behavior of developing economies. Economist Lance Taylor is an advocate of aggressive government management of developing economies. The models described in this book are are easy to set up and manipulate on microcomputers and should dominate the development debate. Taylor's detailed discussion of structuralist COE models is followed by contributions that take up their application in specific countries.This collection of work reviews the results of using CGE models since the early 1970s, with an emphasis on models that encompass broad structural factors such as distribution of income and wealth, land tenancy relationships, foreign trade, production, markets, and control of the means of production that are fundamental to the behavior of developing economies.Chapters explain the macro constraints on India's economic growth and describe Plan Austral and other heterodox shocks, describe the application of a structuralist model to Nicaragua, to Mexican food consumption policies, and to the food market in Colombia. They discuss a model with portfolio choice for Thailand, resource mobilization through administered prices, and conflicting claims and dynamic inflationary mechanisms in India, short-run energyeconomy interactions in Egypt, policy options for growth and the alleviation of poverty in Sri Lanka, currency devaluation in Mexico, and medium-term growth projections for Kuwait. The book concludes with a manual for a structuralist macro model program.
Author: CICC Research, CICC Global Institute
Publisher: Springer Nature
ISBN: 9819708044
Category :
Languages : en
Pages : 218
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Book Description
Author: Alfonso Valenzuela Aguilera
Publisher: Taylor & Francis
ISBN: 1000600572
Category : Business & Economics
Languages : en
Pages : 217
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Book Description
The Financialization of Latin American Real Estate Markets: New Frontiers introduces the fundamental principles of urban economics, housing, and large-scale real estate development in Latin America and equips aspiring investors and developers with the foundations for success in a unique, dynamic region. Using case studies from the Americas, this textbook provides a framework for assessing the economic, technological, social, and political forces that shape urban space, helping readers understand the aims and risks of real estate investment. Chapters on economic theory, novel financial instruments, and the regulatory environment connect real-world practice to the latest scholarly conversations in urban planning, real estate finance and development, and regional studies. Informed by the author’s extensive experience as an academic and practitioner throughout the region, this distinctive resource sheds light on the relationship between financial capital and urban form, and places Latin American cities at the center of the urban economy debate. Features: Provides a thorough introduction to the mechanics of real estate markets, grounding spatial and economic theories with practical examples of the tools used to finance urban development in Latin America Centers around case studies from Mexico, Brazil, Chile, Panama, Argentina, and Colombia—some of the region’s most dynamic markets Presents financial instruments such as mortgage-backed securities, collateralized debt obligations, credit default swaps, and real estate investment trusts in a global context Examines State policies and programs for housing and infrastructure in Latin America, demonstrating regional patterns and new perspectives Covers real estate finance from housing to megaprojects, exploring recent trends in infrastructure, commercial centers, and tourism with an eye toward sustainable financing practices for the future Suitable for graduate and upper-level undergraduate students of real estate, urban planning, and Latin American studies, The Financialization of Latin American Real Estate Markets: New Frontiers also serves as essential reading for professionals in international real estate finance and development.
Author: Bryan D. MacGregor
Publisher: Routledge
ISBN: 1317687841
Category : Business & Economics
Languages : en
Pages : 405
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Book Description
Real estate represents an increasingly significant global asset class and its distinctive characteristics must be understood by investors and researchers. The Routledge Companion to Real Estate Investment provides an authoritative overview of the real estate asset class. The Companion focuses on the current academic research and its relevance for practical applications. The book is divided into four parts, each containing specially written chapters by international experts in the relevant field. The contributors cover the institutional context for real estate investment, the main players in real estate investment, real estate appraisal and performance measurement, and real estate portfolios and risk management. This Companion provides a comprehensive reference for students, academics and professionals studying, researching and working in real estate investment, finance and economics.
Author: Terry Sicular
Publisher: Oxford University Press
ISBN: 0190077948
Category : Business & Economics
Languages : en
Pages : 512
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Book Description
Over the past quarter-century China has seen a dramatic increase in income inequality, prompting a shift in China's development strategy and the adoption of an array of new policies to redistribute income, promote shared growth, and establish a social safety net. Drawing on of household-level data from the China Household Income Project, Changing Trends in China's Inequality provides an independent, comprehensive, and empirically grounded study of the evolution of incomes and inequality in China over time. Edited by leading experts on the Chinese economy, the volume analyzes this evolution in China as a whole as well as in the urban and rural sectors, with close attention to measurement issues and to shifts in the economy, institutions, and public policy. Specific essays provides analyses of China's wealth inequality, the emergence of a new middle class, the income gap between the Han majority and the ethnic minorities, the gender wage gap, and the impacts of government policies such as social welfare programs and the minimum wage.
Author: Rana Foroohar
Publisher: Currency
ISBN: 0553447254
Category : Business & Economics
Languages : en
Pages : 402
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Book Description
Is Wall Street bad for Main Street America? "A well-told exploration of why our current economy is leaving too many behind." —The New York Times In looking at the forces that shaped the 2016 presidential election, one thing is clear: much of the population believes that our economic system is rigged to enrich the privileged elites at the expense of hard-working Americans. This is a belief held equally on both sides of political spectrum, and it seems only to be gaining momentum. A key reason, says Financial Times columnist Rana Foroohar, is the fact that Wall Street is no longer supporting Main Street businesses that create the jobs for the middle and working class. She draws on in-depth reporting and interviews at the highest rungs of business and government to show how the “financialization of America”—the phenomenon by which finance and its way of thinking have come to dominate every corner of business—is threatening the American Dream. Now updated with new material explaining how our corrupted financial system propelled Donald Trump to power, Makers and Takers explores the confluence of forces that has led American businesses to favor balance-sheet engineering over the actual kind, greed over growth, and short-term profits over putting people to work. From the cozy relationship between Wall Street and Washington, to a tax code designed to benefit wealthy individuals and corporations, to forty years of bad policy decisions, she shows why so many Americans have lost trust in the system, and why it matters urgently to us all. Through colorful stories of both “Takers,” those stifling job creation while lining their own pockets, and “Makers,” businesses serving the real economy, Foroohar shows how we can reverse these trends for a better path forward.
