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Analysing the Impact of Participation in Community Activities (Festivals) on Mental Health 参与社区活动(节日)对心理健康的影响分析
IF 0.7 Q4 ECONOMICS Pub Date : 2022-06-30 DOI: 10.53383/100343
Misaki Ueno
Social capital is vital for community activities, such as those pertaining to area management activities. Furthermore, festivals and the existence of temples and shrines are crucial for enhancing social capital in Japan. Among all of the area management activities in Japan, festivals are typically held at shrines, which allow attendees to pray for their health and well-being. In this paper, we investigate the impact of participating in festivals and traditional events on mental health. We conduct a nationwide questionnaire survey in Japan and use ordered logit techniques to analyse the impact of participation in festivals and traditional events on mental health. It is found that community activities related to festivals and traditional events normalise mental health. The dependent variable (i.e., the Kessler Psychological Distress Scale (K6)), is negative and statistically significant, which denote that participation in community activities can stabilise mental health. Since landscape maintenance activities, such as cleaning, are not statistically significant, it would be effective to merge such activities with festivals and other community-based efforts. It is also important to consider how residents could be motivated to participate in community activities when ties with neighbours become weaker.
社会资本对社区活动至关重要,例如与区域管理活动有关的活动。此外,节日和寺庙和神社的存在对于增强日本的社会资本至关重要。在日本所有的地区管理活动中,节日通常在神社举行,让参与者为自己的健康和幸福祈祷。本文研究了参加节日和传统活动对心理健康的影响。我们在日本进行了一项全国性的问卷调查,并使用有序logit技术来分析参加节日和传统活动对心理健康的影响。研究发现,与节日和传统活动相关的社区活动使心理健康正常化。因变量(即凯斯勒心理困扰量表(K6))为负且具有统计学意义,这表明参与社区活动可以稳定心理健康。由于景观维护活动(如清洁)在统计上并不显著,因此将这些活动与节日和其他社区活动合并将是有效的。同样重要的是,要考虑在与邻居关系变弱的情况下,如何激励居民参与社区活动。
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引用次数: 0
Office Property Pricing and Macroeconomic Shocks: European Regions through the Real Estate Cycle 写字楼价格与宏观经济冲击:欧洲地区的房地产周期
IF 0.7 Q4 ECONOMICS Pub Date : 2022-06-30 DOI: 10.53383/100341
Elmar Lang, Ferdinand Mager, Kerstin Hennig
We study the relation between European office prices and their fundamentals by using a panel dataset of 29 major European cities over 25 years. We control for the dotcom crisis, global financial crisis (GFC), and sovereign debt crisis to analyze the varying impact of our variables. We find real estate variables such as rent and vacancies to be the most important factors in explaining for office values. For the European Monetary Union, we find monetary policy measures played a considerable role only during the GFC. For Europe as a whole, monetary policy variables are less important. We document a strong negative linkage of the risk premium of investors to office prices during crisis times, but not in normal times. The dotcom crisis left European office prices almost unaffected. The German and Swiss office markets exhibit safe haven characteristics.
我们利用欧洲29个主要城市25年来的面板数据集,研究了欧洲写字楼价格与其基本面之间的关系。我们控制了网络危机、全球金融危机(GFC)和主权债务危机来分析变量的不同影响。我们发现,租金和空置率等房地产变量是解释写字楼价值的最重要因素。对于欧洲货币联盟,我们发现货币政策措施仅在全球金融危机期间发挥了相当大的作用。对于整个欧洲来说,货币政策的变数并不那么重要。我们发现,在危机时期,投资者的风险溢价与写字楼价格之间存在很强的负相关关系,但在正常时期则不然。互联网危机使欧洲写字楼价格几乎未受影响。德国和瑞士的写字楼市场表现出避险的特点。
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引用次数: 0
Vertical Housing Price Gradient and Ground Floor Premium in Taipei City 台北市住宅价格垂直梯度与地面楼价
IF 0.7 Q4 ECONOMICS Pub Date : 2022-06-30 DOI: 10.53383/100340
Yu-Hui Chen, C. Peng, Chunghsien Yang
This study aims to examine the influence of the floor level on housing prices based on the vertical dimensions of the building. A two stage least squares regression (2SLS) and two stage quantile regression (2SQR) are utilized to analyze the urban regions in Taipei City by using data obtained from the online actual price registry of real estate transactions from August 2012 to April 2020. After considering the spatial autocorrelation, the following conclusions are reached. First, in addition to the ground floor, the floor level premium is 0.55% for residential buildings with an elevator, and the premium increases when the housing price quantile increases. However, for walk-up apartments, there is a floor level discount of -4.21%, and the price discount increases when the quantile for the housing price increases. Secondly, when compared to the other floors, the ground floor premium is 9.61% for residential buildings with an elevator, which is a little higher than walk-up apartments for which the ground floor premium is 8.54%. The results reveal that the influence of the type of residential building and the total number of floors on the ground floor premium is not as high as expected. Finally, regardless of whether the residential buildings have an elevator or are walk-up apartments, the ground floor premium increases when the housing price quantile increases. The ground floor premiums for residential buildings with an elevator range from 7.30% to 11.85%. They are a little higher than those for walk-up apartments which range from 6.25% to 9.69%.
本研究旨在根据建筑物的垂直尺寸来检验楼面对房价的影响。本研究利用台北市2012年8月至2020年4月不动产交易实价登记资料,采用两阶段最小二乘回归(2SLS)及两阶段分位数回归(2SQR)对台北市各城市区域进行分析。在考虑空间自相关后,得到以下结论:首先,除地面层外,有电梯的住宅楼面溢价为0.55%,随着房价分位数的增加,溢价也随之增加。但是,无电梯公寓的楼层折扣为-4.21%,而且随着房价的分位数增加,价格折扣也会增加。其次,与其他楼层相比,有电梯的住宅一层溢价为9.61%,略高于无电梯公寓的8.54%。结果表明,住宅建筑类型和总层数对地下溢价的影响并不像预期的那么大。最后,无论住宅建筑是否有电梯或无电梯公寓,随着房价分位数的增加,一层溢价也会增加。有电梯的住宅,其地下保费为7.30%至11.85%。这一比例略高于无电梯公寓的6.25%至9.69%。
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引用次数: 0
Does Religion Affect Mortgage Delinquency? 宗教会影响抵押贷款拖欠吗?
IF 0.7 Q4 ECONOMICS Pub Date : 2022-06-30 DOI: 10.53383/100342
Lingxiao Li, E. Uçar
We provide evidence that religiosity deters mortgage delinquency. Religiosity is the percentage of the total county population who adheres to a religion. The results show that locations with a higher level of religiosity have a significantly lower mortgage delinquency rate after controlling for income, employment, education, population, etc. A one-standard-deviation increase in religiosity in a county leads to almost a 0.096 standard-deviation decrease in the mortgage delinquency rate, which corresponds to nearly 9.1% (12.3%) of the sample average (median) mortgage delinquency rate. The impact of religiosity increases during and after the global financial crisis period. Previous studies in the literature indicate that religiosity is related to a preference to save, higher aversion to risk as well as moral values towards mortgage default, all of which are linked to mortgage default decisions. This new evidence suggests the role of local religiosity in evaluating and modeling mortgage default risk.
我们提供的证据表明,宗教信仰阻止抵押贷款拖欠。宗教信仰度是指一个县的总人口中有宗教信仰的人所占的百分比。结果表明,在控制了收入、就业、教育、人口等因素后,宗教信仰程度较高的地区抵押贷款拖欠率明显较低。一个县的宗教虔诚度每增加一个标准差,抵押贷款拖欠率就会下降0.096个标准差,相当于样本平均(中位数)抵押贷款拖欠率的9.1%(12.3%)。在全球金融危机期间和之后,宗教信仰的影响增加了。先前的文献研究表明,宗教信仰与储蓄偏好、更高的风险厌恶以及对抵押贷款违约的道德价值观有关,所有这些都与抵押贷款违约决策有关。这一新证据表明,地方宗教信仰在评估和模拟抵押贷款违约风险中的作用。
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引用次数: 1
Institutional Ownership Volatility and Investment Behavior of REITs REITs的机构持股波动与投资行为
IF 0.7 Q4 ECONOMICS Pub Date : 2022-06-30 DOI: 10.53383/100339
Viktoriya Lantushenko, Edward Nelling
We find that the volatility of institutional ownership affects the investment behavior of real estate investment trust (REIT) managers. REITs exhibit stronger growth in real estate assets when they experience more volatility in institutional ownership. Debt is the likely source of financing these investments, whereas institutional ownership volatility does not explain for the equity issuance decisions of REITs. The effect of ownership dynamics on the investment decisions of REITs is mostly driven by institutions that hold highly diversified portfolios, which are classified as quasi-indexers and transient investors. The contribution of ownership volatility emerging from individual trading decisions of institutional stakeholders matters more than the ownership volatility of the institutional sector as a whole. Our findings suggest that REITs may cater their portfolios to the preferences of certain institutional investors.
研究发现,机构所有权的波动会影响房地产投资信托基金经理的投资行为。房地产投资信托基金在房地产资产中表现出更强的增长,当它们经历更多的机构所有权波动时。债务可能是这些投资的融资来源,而机构所有权波动并不能解释REITs的股票发行决策。所有权动态对房地产投资信托基金投资决策的影响主要是由持有高度多元化投资组合的机构驱动的,这些机构被归类为准指数投资者和临时投资者。机构利益相关者的个别交易决策所产生的所有权波动比整个机构部门的所有权波动更重要。我们的研究结果表明,房地产投资信托基金可能会迎合某些机构投资者的偏好。
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引用次数: 1
Economic Policy Uncertainty and Real Estate Market: Evidence from U.S. REITs 经济政策不确定性与房地产市场:来自美国REITs的证据
IF 0.7 Q4 ECONOMICS Pub Date : 2022-03-31 DOI: 10.53383/100335
Ying Zhang, J. A. Hansz, Wikrom Prombutr
We examine how economic policy uncertainty (EPU) affects the monthly performance of U.S. real estate investment trusts (REITs) from 1985 to 2018. First, a positive shock in EPU impairs contemporaneous REIT returns but predicts higher positive future returns. Such a return reversion has not been previously documented, and we provide some explanations. Second, although EPU can explain for the current returns of both equity and mortgage REITs, EPU is unable to predict the future returns of mortgage REITs. Third, breaking down the main EPU index into its four components, we find that the impact of EPU is primarily from the broad newspaper coverage of policy-related economic uncertainties while the other components are less influential. Our results indicate that policy uncertainty can affect the value of real estate assets, and EPU is an economically important factor for understanding and pricing REITs.
我们研究了经济政策不确定性(EPU)如何影响1985年至2018年美国房地产投资信托基金(REITs)的月度表现。首先,EPU的正冲击削弱了同期REIT回报,但预示着更高的正未来回报。这样的回归回归以前没有记录,我们提供一些解释。其次,虽然EPU可以解释股票和抵押REITs的当前收益,但EPU无法预测抵押REITs的未来收益。第三,将EPU主要指数分解为四个组成部分,我们发现EPU的影响主要来自于报纸对政策相关经济不确定性的广泛报道,而其他组成部分的影响较小。我们的研究结果表明,政策不确定性会影响房地产资产的价值,EPU是理解和定价REITs的重要经济因素。
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引用次数: 1
Private Rental Target Markets: A Comprehensive Spectrum 私人租赁目标市场:一个全面的频谱
IF 0.7 Q4 ECONOMICS Pub Date : 2022-03-31 DOI: 10.53383/100338
G. Wilson, Anthony J. Giuffre
The residential real estate market has been segmented dichotomously into owners and renters. Given the various tenures and sub-markets of the renters, it is problematic to consider them as a homogeneous target market. Based on a thematic analysis of semi-structured interviews with 16 residential real estate executives, this paper establishes six distinct private rental target markets including: 1) hard-to-house occupants, 2) affordability renters, 3) workforce residents, 4) transitional millennials, 5) lifestyle residents, and 6) returners. This paper is unique and noteworthy as it combines the fragmented literature on private renters with insights from residential real estate executives to produce a spectrum of target markets. In addition to validating the previous literature, this paper presents new target markets and offers marketing value propositions for each of the identified groups
住宅房地产市场被分为业主和租客两类。鉴于租赁者的不同期限和次级市场,将它们视为一个同质的目标市场是有问题的。基于对16位住宅房地产高管的半结构化访谈的主题分析,本文建立了六个不同的私人租赁目标市场,包括:1)难以住房的居住者,2)负担得起的租房者,3)劳动力居民,4)过渡千禧一代,5)生活方式居民和6)回归者。这篇论文独特而值得注意,因为它结合了关于私人租房者的零散文献和住宅房地产高管的见解,得出了一系列目标市场。除了验证以前的文献,本文提出了新的目标市场,并为每一个确定的群体提供营销价值主张
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引用次数: 1
Housing Wealth, Fertility, and Child Quality 住房财富、生育率和儿童素质
IF 0.7 Q4 ECONOMICS Pub Date : 2022-03-31 DOI: 10.53383/100334
Mingzhe Tang, N. Coulson
We use changes in wealth due to house price changes to test the effect of wealth on fertility and child quality in the context of Chinese fertility policies. We find, even in those situations where the one-child policy is not in effect, that wealth increases do not lead to increased fertility in urban areas, and have only a minuscule effect in the rural areas. However, a rise in housing wealth leads to increased expenditure on the education of children for households in both rural and urban areas (although different types of expenditure) and increased height of children in rural areas. Following Becker (1960), increased wealth shifts the tradeoff between child quality and quantity in favor of the former.
我们利用房价变化导致的财富变化,在中国生育政策的背景下检验财富对生育率和儿童质量的影响。我们发现,即使在没有实施独生子女政策的情况下,财富的增加也不会导致城市地区生育率的提高,对农村地区的影响也微乎其微。然而,住房财富的增加导致农村和城市地区家庭在儿童教育方面的支出增加(尽管支出类型不同),农村地区儿童身高增加。继Becker(1960)之后,财富的增加使孩子的质量和数量之间的权衡倾向于前者。
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引用次数: 0
How Do Political Skills Affect Attitude of Clients in Real Estate Industry? 政治技巧如何影响房地产客户的态度?
IF 0.7 Q4 ECONOMICS Pub Date : 2022-03-31 DOI: 10.53383/100336
Jing-Yi Chen, M. Wang
This study, which is based on the social capital theory, explores how the political skills of salespersons (which include interpersonal influence (II), social astuteness (SA), networking ability (NA), and apparent sincerity (AS)) affect the trust of their clients in order to increase their loyalty. By incorporating the concept of political skills into research on real estate sales behavior, this study addresses the literature gap on the lack of discussion of the social abilities of salespersons in the real estate industry. To validate this theoretical model, this study targets real estate salespersons and buyers in Taiwan, by using questionnaires to collect dyadic data, and linear regression modeling to test the relevant hypotheses. The results indicate that among the political skills, II and SA are positively significant, thus indicating that salespersons with high degrees of II and SA are capable of increasing the trust of their clients, which in turn increases client loyalty. Moreover, the interaction effects on client trust are all negative and significant, which suggest that self-efficacy has a crucial moderating role. Salespersons with low self-efficacy who have NA and AS can enhance client trust. The findings of this study can be considered as constructive advice for the real estate industry in their training of salespersons.
本研究以社会资本理论为基础,探讨销售人员的政治技巧(包括人际影响力(II)、社会机敏度(SA)、网络能力(NA)和表观诚意(AS))如何影响客户的信任,从而提高客户的忠诚度。通过将政治技巧的概念纳入房地产销售行为的研究,本研究解决了缺乏对房地产行业销售人员社会能力讨论的文献缺口。为验证此理论模型,本研究以台湾房地产销售人员与买家为研究对象,采用问卷调查法收集二元数据,并运用线性回归模型检验相关假设。结果表明,在政治技巧中,II和SA显著正显著,这表明具有高II和SA程度的销售人员能够增加客户的信任,从而提高客户的忠诚度。此外,对客户信任的交互效应均为负向且显著,表明自我效能感具有重要的调节作用。低自我效能感的销售人员具有NA和AS可以增强客户信任。本研究的结果可被视为房地产行业对销售人员培训的建设性建议。
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引用次数: 0
Senior Condominium Choice for Low-to MidIncome Future Elderlies: A Case Study of Encouraging Affordable Senior Living in Bangkok, Thailand 未来中低收入老年人的高级公寓选择:泰国曼谷鼓励负担得起的老年人生活的案例研究
IF 0.7 Q4 ECONOMICS Pub Date : 2022-03-31 DOI: 10.53383/100337
Pornraht Pongprasert
The aim of this study is to examine the factors that influence the senior condominium choices of low-to mid-income future elderlies who range between 50-59 years old in Bangkok, Thailand. As the Thai population ages, policy analysts are deeply concerned with issues related to housing the elderlies. Condominiums are the best living choice for elderlies who need to live in the urban city close to their own home and family. In addition, they encourage the elderly to live in supportive communities and reduce the difficulties of independent living, such as loneliness, isolation, lack of medical facilities and mental health issues. The independent variables of demographic characteristics and the factors associated with senior living choice which are locational attributes, physical and social environments, and safety and security are examined as measures for the relocation of future elderlies to senior condos. In this research work, 348 respondents are instructed to rate 22 statements (on a Likert scale of 1-5) on aspects related to senior living choices. The researcher of this study provides evidence of the characteristics of low-and mid-income future elderlies who intend to move to a senior condo after retirement and their preferences around senior condos. A binary logistic analysis is used to investigate the factors that have impacts on the senior condo choice of low-to mid-income future elderlies. The results indicate that demographics, physical environment, and safety and security influence why low-to mid-income future elderlies choose a senior condo for future residence.
本研究的目的是探讨影响泰国曼谷50-59岁的中低收入未来老年人高级公寓选择的因素。随着泰国人口老龄化,政策分析人士对老年人住房问题深感担忧。公寓是老年人最好的居住选择,他们需要住在离自己的家和家人近的城市里。此外,它们鼓励老年人生活在支持性社区,减少独立生活的困难,如孤独、孤立、缺乏医疗设施和心理健康问题。研究了人口统计学特征的自变量以及与老年人居住选择相关的区位属性、自然环境和社会环境以及安全保障等因素,作为未来老年人迁入高级公寓的措施。在这项研究工作中,348名受访者被要求对22项与老年人生活选择有关的陈述(李克特量表1-5分)进行评分。本研究提供了中低收入未来老年人退休后迁入高级公寓的特征及其对高级公寓的偏好的证据。本文采用二元logistic分析的方法,探讨影响中低收入未来老年人老年公寓选择的因素。结果表明,人口、自然环境和安全保障因素影响中低收入未来老年人选择高级公寓作为未来居住的原因。
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引用次数: 0
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International Real Estate Review
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