Vasilios Plakandaras, Ioannis Pragidis, Paris Karypidis
{"title":"Deciphering the U.S. metropolitan house price dynamics","authors":"Vasilios Plakandaras, Ioannis Pragidis, Paris Karypidis","doi":"10.1111/1540-6229.12453","DOIUrl":"https://doi.org/10.1111/1540-6229.12453","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"134 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77368338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
David Glancy, Robert Kurtzman, Lara Loewenstein, Joseph Nichols
We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan-to-value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID-19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.
{"title":"Recourse as shadow equity: Evidence from commercial real estate loans","authors":"David Glancy, Robert Kurtzman, Lara Loewenstein, Joseph Nichols","doi":"10.1111/1540-6229.12450","DOIUrl":"https://doi.org/10.1111/1540-6229.12450","url":null,"abstract":"We study the role that recourse plays in the commercial real estate loan contracts of the largest U.S. banks. We find that recourse is valued by lenders as a substitute for conventional equity. At origination, recourse loans have rate spreads that are about 20 basis points lower and loan-to-value ratios that are almost 3 percentage points higher than nonrecourse loans. Dynamically, recourse affects loan modification negotiations by providing additional bargaining power to the lender. Recourse loans were half as likely to receive accommodation during the COVID-19 pandemic, and the modifications that did occur entailed a relatively smaller reduction in payments.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"11 2","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138520886","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Subprime lending is concentrated in minority neighborhoods. However, the literature provides little evidence for what led to this concentration. We use the endorsement of credit scores in mortgage underwriting by the Government Sponsored Enterprises (GSEs) in 1995 to answer this question. We show that prime lenders were substituted by subprime lenders in minority neighborhoods. As a result, the share of subprime lending increased by 5 percentage points in minority neighborhoods, relative to nonminority neighborhoods. Prime lenders with a stronger relationship with the GSEs reduced their lending in minority neighborhoods more, and the level of securitization by the GSEs in minority neighborhoods also decreased.
{"title":"Emergence of subprime lending in minority neighborhoods","authors":"Eglė Jakučionytė, Swapnil Singh","doi":"10.1111/1540-6229.12449","DOIUrl":"https://doi.org/10.1111/1540-6229.12449","url":null,"abstract":"Abstract Subprime lending is concentrated in minority neighborhoods. However, the literature provides little evidence for what led to this concentration. We use the endorsement of credit scores in mortgage underwriting by the Government Sponsored Enterprises (GSEs) in 1995 to answer this question. We show that prime lenders were substituted by subprime lenders in minority neighborhoods. As a result, the share of subprime lending increased by 5 percentage points in minority neighborhoods, relative to nonminority neighborhoods. Prime lenders with a stronger relationship with the GSEs reduced their lending in minority neighborhoods more, and the level of securitization by the GSEs in minority neighborhoods also decreased.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-06-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136355777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Previous models of tenant composition in shopping malls have focused on traditional anchor and nonanchor retailers who sell similar merchandise. With the changing preferences of modern shoppers who seek unique and entertaining experiences, this article introduces a new type of store known as “specialty stores” that offer experiential consumption. Using a dynamic game model that considers the trade‐off between the benefits of agglomeration and the costs of competition, we re‐examine the tenant optimization problem faced by mall owners in the current retail environment. Our findings show that specialty stores have a significant impact on the optimal tenant mix and the rent revenue of developers. This article provides valuable insights into the optimal tenant composition for large‐scale shopping centers that cater to contemporary consumers.
{"title":"Competition, agglomeration, and tenant composition in shopping malls","authors":"David Leung, Peng Liu, Tingyu Zhou","doi":"10.1111/1540-6229.12442","DOIUrl":"https://doi.org/10.1111/1540-6229.12442","url":null,"abstract":"Abstract Previous models of tenant composition in shopping malls have focused on traditional anchor and nonanchor retailers who sell similar merchandise. With the changing preferences of modern shoppers who seek unique and entertaining experiences, this article introduces a new type of store known as “specialty stores” that offer experiential consumption. Using a dynamic game model that considers the trade‐off between the benefits of agglomeration and the costs of competition, we re‐examine the tenant optimization problem faced by mall owners in the current retail environment. Our findings show that specialty stores have a significant impact on the optimal tenant mix and the rent revenue of developers. This article provides valuable insights into the optimal tenant composition for large‐scale shopping centers that cater to contemporary consumers.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135792487","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Airbnb or not Airbnb? That is the question: How Airbnb bans disrupt rental markets","authors":"Michael J. Seiler, R. Siebert, Liuming Yang","doi":"10.1111/1540-6229.12440","DOIUrl":"https://doi.org/10.1111/1540-6229.12440","url":null,"abstract":"","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"39 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79096275","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract We design and implement a correspondence experiment to test for differences in real estate agent response across client race, ethnicity, gender, and side of market. Real estate agents are more likely to respond to White clients than Black or Hispanic clients—Whites have a 32.18% higher response rate than Hispanics and an 8.48% higher response rate than Black clients. We also find that real estate agents are more responsive to sellers (23.81% premium over buyers) and female clients (13.57% premium over males).
{"title":"Restricted access: Real estate agent response to client race, ethnicity, gender, and side of market","authors":"Andrew Hanson, Zackary Hawley","doi":"10.1111/1540-6229.12438","DOIUrl":"https://doi.org/10.1111/1540-6229.12438","url":null,"abstract":"Abstract We design and implement a correspondence experiment to test for differences in real estate agent response across client race, ethnicity, gender, and side of market. Real estate agents are more likely to respond to White clients than Black or Hispanic clients—Whites have a 32.18% higher response rate than Hispanics and an 8.48% higher response rate than Black clients. We also find that real estate agents are more responsive to sellers (23.81% premium over buyers) and female clients (13.57% premium over males).","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-05-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136375474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Despite the widespread prevalence and economic importance of tall buildings, little is known about how their patterns vary across space and time. We aim to quantify differences across major world regions over time (1950–2020). To do so, we exploit novel data on the location, height (above 55 m), and year of construction of nearly all tall buildings in the world. We propose a new methodology to estimate the extent to which some world regions build up more than others given similar economic and geographic conditions, city size distributions, and other features. Our analyses reveal that many skylines may visually appear more prominent than they really are once one includes all tall buildings and core controls, which alters how regions are ranked in terms of tall building stocks. Using results by city size, centrality, height of buildings, and building function, we classify world regions into different groups, finding that tall building stocks are likely driven by boring skylines of residential high‐rises, and to a lesser extent exciting skylines of skyscrapers and office towers. Finally, land‐use regulations and preferences, not historical preservation nor dispersed ownership, may account for most observed differences.
{"title":"Exciting, boring, and nonexistent skylines: Vertical building gaps in global perspective","authors":"Jason Barr, Remi Jedwab","doi":"10.1111/1540-6229.12436","DOIUrl":"https://doi.org/10.1111/1540-6229.12436","url":null,"abstract":"Abstract Despite the widespread prevalence and economic importance of tall buildings, little is known about how their patterns vary across space and time. We aim to quantify differences across major world regions over time (1950–2020). To do so, we exploit novel data on the location, height (above 55 m), and year of construction of nearly all tall buildings in the world. We propose a new methodology to estimate the extent to which some world regions build up more than others given similar economic and geographic conditions, city size distributions, and other features. Our analyses reveal that many skylines may visually appear more prominent than they really are once one includes all tall buildings and core controls, which alters how regions are ranked in terms of tall building stocks. Using results by city size, centrality, height of buildings, and building function, we classify world regions into different groups, finding that tall building stocks are likely driven by boring skylines of residential high‐rises, and to a lesser extent exciting skylines of skyscrapers and office towers. Finally, land‐use regulations and preferences, not historical preservation nor dispersed ownership, may account for most observed differences.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136121833","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract We examine how the cost of issuing equity affects bank lending. Using the SEC rule change that allowed exchange‐listed firms with public float less than $75 million to raise equity via shelf registrations as a quasi‐natural experiment, we show that the affected banks increase mortgage lending relative to control banks. Furthermore, the affected banks reduce demand for precautionary capital and become less likely to sell mortgages to third parties.
{"title":"Access to public capital markets and bank lending","authors":"Yongqiang Chu, Daxuan Zhao","doi":"10.1111/1540-6229.12437","DOIUrl":"https://doi.org/10.1111/1540-6229.12437","url":null,"abstract":"Abstract We examine how the cost of issuing equity affects bank lending. Using the SEC rule change that allowed exchange‐listed firms with public float less than $75 million to raise equity via shelf registrations as a quasi‐natural experiment, we show that the affected banks increase mortgage lending relative to control banks. Furthermore, the affected banks reduce demand for precautionary capital and become less likely to sell mortgages to third parties.","PeriodicalId":47731,"journal":{"name":"Real Estate Economics","volume":"159 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134955928","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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