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The Journal of Real Estate Finance and Economics最新文献

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The Role of Tenant Characteristics in Retail Cap Rate Variation 租户特征在零售上限费率变化中的作用
The Journal of Real Estate Finance and Economics
Pub Date : 2023-07-11 DOI: 10.1007/s11146-023-09958-9
Mariya Letdin, G. Stacy Sirmans, Greg T. Smersh, Tingyu Zhou

This study examines the pricing of tenant credit risk utilizing variation in cap rates for single- tenant net lease (STNL) properties. Despite an abundant literature on micro- and macroeconomic factors that influence capitalization rates there is virtually no existing literature to evaluate investment risk pricing for individual tenants. Using a unique dataset of more than 8,200 single-tenant retail property transactions from 2001 to 2019 in the United States, we quantify the asset pricing implications of risk associated with tenant credit characteristics. Our results show that these tenant characteristics play an important role in explaining cap rate variations, and that investors are especially sensitive to expected income risk. Pricing implications of expected tenant income uncertainty, tenant income growth and asset location quality are also explored.

本研究利用单租户净租赁(STNL)物业的上限利率变化来检验租户信用风险的定价。尽管有大量关于影响资本化率的微观和宏观因素的文献，但几乎没有现有的文献来评估个人租户的投资风险定价。使用2001年至2019年美国8200多个单租户零售物业交易的独特数据集，我们量化了与租户信用特征相关的风险对资产定价的影响。我们的研究结果表明，这些租户特征在解释上限率变化方面发挥了重要作用，投资者对预期收入风险尤其敏感。本文还探讨了预期租户收入不确定性、租户收入增长和资产定位质量对定价的影响。
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引用次数: 0
Do Higher House Prices Crowd-Out or Crowd-In Manufacturing? A Spatial Econometrics Approach 高房价是挤出还是挤进制造业?空间计量经济学方法
The Journal of Real Estate Finance and Economics
Pub Date : 2023-07-07 DOI: 10.1007/s11146-023-09956-x
Ping Feng, Mahmut Yasar, Jeffrey P. Cohen
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引用次数: 0
Estimating Census Tract House Price Indexes: A New Spatial Dynamic Factor Approach 估算人口普查区房价指数:一种新的空间动态因子方法
The Journal of Real Estate Finance and Economics
Pub Date : 2023-07-05 DOI: 10.1007/s11146-023-09957-w
Marc K. Francke, Lyndsey Rolheiser, Alex M. van de Minne
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引用次数: 0
Unpledged Collateral, REIT Liquidity Constraints, and Asset Sales 无质押抵押品，房地产投资信托基金流动性限制，和资产销售
The Journal of Real Estate Finance and Economics
Pub Date : 2023-06-24 DOI: 10.1007/s11146-023-09950-3
Irem Demirci, Mehdi Rasteh, Erkan Yönder
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引用次数: 0
The Impact of iBuyers on Housing Market Dynamics 购房者对房地产市场动态的影响
The Journal of Real Estate Finance and Economics
Pub Date : 2023-05-26 DOI: 10.1007/s11146-023-09954-z
David M. Harrison, Michael J. Seiler, Liuming Yang
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引用次数: 1
Firm Leverage and Stock Price Crash Risk: The Chinese Real Estate Market and Three-Red-Lines Policy 企业杠杆与股价崩盘风险:中国房地产市场与三条红线政策
The Journal of Real Estate Finance and Economics
Pub Date : 2023-05-23 DOI: 10.1007/s11146-023-09953-0
Xiaoling Chu, Yongheng Deng, Desmond Tsang
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引用次数: 0
Shadow Bank, Risk-Taking, and Real Estate Financing: Evidence from the Online Loan Market 影子银行、风险承担与房地产融资:来自网络贷款市场的证据
The Journal of Real Estate Finance and Economics
Pub Date : 2023-05-06 DOI: 10.1007/s11146-022-09936-7
Xiaoying Deng, Chong Liu, S. Ong
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引用次数: 0
Hidden Financial Costs of the Opioid Crisis: Evidence from Mortgage Originations 阿片类药物危机的隐性财务成本:来自抵押贷款起源的证据
The Journal of Real Estate Finance and Economics
Pub Date : 2023-05-05 DOI: 10.1007/s11146-023-09946-z
S. Luo, Alan Tidwell
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引用次数: 0
A Revisit of Supply Elasticity and Within-city Heterogeneity of Housing Price Movements 供给弹性与房价变动的城市异质性研究
The Journal of Real Estate Finance and Economics
Pub Date : 2023-04-28 DOI: 10.1007/s11146-023-09952-1
Ren Ren, S. Wong, K. Chau
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引用次数: 0
A Lucas Critique of Mortgage Lending: Theory, Evidence, and Implications 卢卡斯对抵押贷款的批判:理论、证据和启示
The Journal of Real Estate Finance and Economics
Pub Date : 2023-04-24 DOI: 10.1007/s11146-023-09951-2
Brent C. Smith, A. Yezer
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引用次数: 0
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