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Article
Publication date: 17 February 2012

Richard J. Buttimer, Jun Chen and I‐Hsuan Ethan Chiang

The purpose of this paper is to study performance and market timing ability of equity real estate investment trusts (REITs).

1694

Abstract

Purpose

The purpose of this paper is to study performance and market timing ability of equity real estate investment trusts (REITs).

Design/methodology/approach

The authors use classical regression‐based framework and their multi‐index, multifactor, and conditional extensions to jointly detect asset selectivity and market timing ability of equity REITs and their subcategories. These results are then validated by a nonparametric test.

Findings

It is found that equity REITs in aggregate have some housing market timing ability. Various equity REIT subcategories perform differently: office REITs can discover underpriced properties, while retail, industrial, and office REITs have poor timing ability. Nonparametric tests confirm that equity REITs do not have ability to predict real estate market movements.

Originality/value

Research in REIT performance evaluation is still limited to the asset selectivity aspect. This paper intends to fill this gap by providing empirical evidence of market timing ability of equity REITs using an array of parametric and nonparametric methods.

Details

Managerial Finance, vol. 38 no. 3
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 12 April 2011

Richard J. Buttimer

This paper seeks to examine the role that regulation and regulatory agencies played in the creating of the subprime mortgage market, and the subsequent crash of the mortgage…

1698

Abstract

Purpose

This paper seeks to examine the role that regulation and regulatory agencies played in the creating of the subprime mortgage market, and the subsequent crash of the mortgage market. The paper has two goals. First, it seeks to document the degree to which the US housing markets, and the US housing finance market, were regulated prior to the crash. Second, it seeks to show that regulatory bodies set policies which created both incentives and explicit requirements for Fannie Mae and Freddie Mac, as well as depository institutions, to enter the subprime market.

Design/methodology/approach

The paper examines the regulatory environment of the subprime market. It uses regulatory filings and other documents as primary sources.

Findings

The popular perception that the subprime mortgage market arose because housing finance was largely unregulated is incorrect. In point of fact, the housing finance market was very heavily regulated. Indeed, the paper shows that the creation of the subprime market was a formal goal of the federal government, and that federal regulatory agencies explicitly required participation by the Government Sponsored Enterprises (GSEs).

Originality/value

The paper's primary implication is that incentive conflicts within the US housing finance system significantly contributed to the mortgage crisis. These incentive conflicts were not just within private firms, but also extend to the GSEs and regulatory agencies. Regulatory agencies not only failed to anticipate the crisis; they actively encouraged the policies which created it. As a result, the primary focus of reform efforts should be on identifying and eliminating such conflicts.

Details

Journal of Financial Economic Policy, vol. 3 no. 1
Type: Research Article
ISSN: 1757-6385

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Article
Publication date: 5 April 2013

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Article
Publication date: 12 April 2011

Steve Swidler

The American Dream and homeownership are sometimes thought of as one and the same. A belief that homeownership is vital to the fabric of a vibrant society has led to government…

637

Abstract

Purpose

The American Dream and homeownership are sometimes thought of as one and the same. A belief that homeownership is vital to the fabric of a vibrant society has led to government policies that encourage homeownership. This suggests that homeownership and societal well‐being are positively related. However, empirical analysis does not support this positive relationship either within the USA or across countries. This has important policy implications given the research in this special issue that discusses the macro and micro economic consequences of government programs that promote homeownership. Moving forward, we must consider both the private and public benefits of homeownership and also realize that the very concept of what a house is will likely change. This paper aims to discuss these issues.

Design/methodology/approach

The analysis examines the relation between the incidence of homeownership and the well‐being (happiness) of a community. The analysis is first performed across the 50 states and then is done on a cross‐section of 26 countries.

Findings

The correlation coefficient between home ownership rates and well‐being are negative for both the US and international data. The evidence does not support the belief that homeownership is either necessary or sufficient for societal well‐being.

Originality/value

The paper presents some of the first empirical analysis to examine the relationship between homeownership and societal well‐being. Other studies in this special issue document both public and price costs to owning a home. Taken together, the special issue has important implications for government policies that encourage homeownership.

Details

Journal of Financial Economic Policy, vol. 3 no. 1
Type: Research Article
ISSN: 1757-6385

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Article
Publication date: 15 December 2017

Richard A. Graff

The past century and a quarter can be divided into three successive eras for homeownership policy characterization. For the first four decades, the federal government pursued a…

288

Abstract

Purpose

The past century and a quarter can be divided into three successive eras for homeownership policy characterization. For the first four decades, the federal government pursued a laissez-faire policy that left housing issues to the individual states and private markets. For the next six decades, the federal government implemented a policy created as part of the Roosevelt New Deal program. Finally, the Clinton administration discarded the New Deal policy in favor of a more aggressive policy that has continued to the present day. The purpose of this study is to compare the performance of the respective policies.

Design/methodology/approach

The study introduces two metrics. The first metric, based on government homeownership rate data, enables comparison of the laissez-faire and New Deal policies. The second metric, based on financial frictions in the mortgage market, enables comparison of the New Deal and Clinton policies.

Findings

Analysis based on the first metric suggests the New Deal policy was successful in meeting its macroeconomic objectives and was more effective overall than the laissez-faire policy. Analysis based on the second metric suggests the New Deal policy was also more successful in both respects than the Clinton policy.

Practical implications

The findings suggest that the Clinton homeownership policy was the primary driver behind the recent US housing crisis and that vulnerability in the secondary mortgage market created by the Clinton policy represents systemic housing market risk.

Originality/value

The study introduces simple analytical tools to address problems related to systemic risk in the US housing and housing finance markets due to homeownership policy.

Details

International Journal of Housing Markets and Analysis, vol. 11 no. 1
Type: Research Article
ISSN: 1753-8270

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Article
Publication date: 28 June 2013

John C. Alexander, Ping Cheng, Ronald C. Rutherford and Thomas M. Springer

The purpose of this paper is to examine how long a real estate investment trust (REIT) initial public offer (IPO) survives until a merger occurs, and to determine the impact of…

627

Abstract

Purpose

The purpose of this paper is to examine how long a real estate investment trust (REIT) initial public offer (IPO) survives until a merger occurs, and to determine the impact of different firm characteristics that exist at the time of the IPO on that survival in the aftermarket period.

Design/methodology/approach

The authors apply an accelerated failure time (AFT) duration model to determine how long the IPO will survive until merger occurs.

Findings

The results indicate that the time from the IPO to an eventual merger increases with size, the age of the REIT at IPO, and the percentage of institutional ownership. In contrast, the authors find that the time until merger decreases with increased market performance prior to the time of the offering and with the number of additional IPOs occurring at the time of the IPO.

Practical implications

There is a growing body of research that suggests that IPOs might be motivated by subsequent mergers. An understanding of those characteristics that effect the time until a merger occurs these relationships will enable market participants and capital providers to make better decisions about proceeding with, or evaluating, a REIT IPO.

Originality/value

There is a significant body of research on IPOs in general; however, the findings of this research vary depending upon the industry being examined. Further, there are a limited number of papers on IPO aftermarket survival. This is the only paper on REIT IPO aftermarket survival.

Details

Managerial Finance, vol. 39 no. 8
Type: Research Article
ISSN: 0307-4358

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Article
Publication date: 8 May 2009

Cynthia L. Uline, Megan Tschannen‐Moran and Thomas DeVere Wolsey

Accompanying the recent concern for the quality of our nation's educational infrastructure, a growing body of research connects the quality of school facilities to both student…

2036

Abstract

Purpose

Accompanying the recent concern for the quality of our nation's educational infrastructure, a growing body of research connects the quality of school facilities to both student outcomes including achievement, behavior, and attitude as well as to teacher attitude and behavior. Less is known about the mechanisms of these relationships. This paper aims to examine the link between school building quality and student outcomes through the mediating influence of school climate. Results build upon those of a recent study that confirmed a link between the quality of school facilities and student achievement in both English and Mathematics, as well as the mediating role of school climate. This qualitative follow‐up study explores the complicated intricacies of how a school building's physical properties influence teaching and learning.

Design/methodology/approach

The study is structured according to a collective, instrumental case study design. Individual, focus group, walk‐through and photo‐interviews, as well as observations inform the inquiry. Two high‐poverty schools are identified from the earlier quantitative study because the ratings of the quality school facilities by their faculties fall within the upper quartile. These two schools, one urban and one rural, are selected purposefully for this study, maximizing learning from cases rich in information.

Findings

Results of the research indicate that ongoing interactions between the original design, the day‐to‐day reality of the built environment, and the occupants of that environment help to define the learning climate of these schools. Reciprocally, the climate helps to shape the interactions that take place, fostering environmental understanding, competence and control and supporting academic learning. From the data, several broad themes related to building quality emerge as central to this interaction between the built environment and building occupants, including movement, aesthetics, play of light, flexible and responsive classrooms, elbow room, and security.

Originality/value

Through the stories told by occupants of these two schools, we gain further understanding of the interactions between certain building conditions and design features and how these reinforce and enhance the social environment of school, helping to foster a sense of belonging within a place, a sense of control and competence, and a sense of collective commitment to the place and its purposes. As school designers balance considerations of durability with flexibility, the voices of these occupants may serve to argue for the inclusion of design features that allow occupants some measure of control over comfort and use factors. The broad themes related to building quality that emerge from the data include movement, aesthetics, the play of light, flexible and responsive classrooms, elbow room, as well as safety and security.

Details

Journal of Educational Administration, vol. 47 no. 3
Type: Research Article
ISSN: 0957-8234

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Article
Publication date: 1 February 2003

DAVID C. HYLAND

Although there are theoretical costs and benefits to corporate diversification, there is ample empirical evidence that the stock market views the costs to outweigh the benefits…

715

Abstract

Although there are theoretical costs and benefits to corporate diversification, there is ample empirical evidence that the stock market views the costs to outweigh the benefits (Lang and Stulz (1994), Berger and Ofek (1995), Servaes (1996), etc.) These studies are cross‐sectional studies which compare diversified firms to specialized firms and examine valuation multiples. The studies find that diversified firms have lower valuation multiples than specialized firms. This is called the diversification discount. In this paper, a sample of U.S. firms which are specialized and then become diversified are examined. We do not find evidence of a long‐term reduction in firm value associated with diversification.

Details

Studies in Economics and Finance, vol. 21 no. 2
Type: Research Article
ISSN: 1086-7376

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Article
Publication date: 18 October 2011

David F. Thomas, James M. Gould, Diane B. Gaede and Richard R. Jurin

The purpose of this paper is to explore the nature of transformational business practices using the construct of organizational place building. The objective is to develop a more…

485

Abstract

Purpose

The purpose of this paper is to explore the nature of transformational business practices using the construct of organizational place building. The objective is to develop a more expansive model of place building that examines and the potential of their business practices on place.

Design/methodology/approach

This project employed a mixed method research focusing on collecting, analyzing, and mixing both quantitative and qualitative data in a single study or series of studies. Members from the chamber of commerce of three cities in Northern Colorado participated in two phases of research.

Findings

The mixed method approach captured key themes that provided a discernable structure to the place building construct, and revealed that businesses build place in a variety of ways each according to their own culture and business model.

Research limitations/implications

The traditional model of corporate social responsibility while important, is limited in scope and influence. In contrast, we have argued for a more expansive perspective which examines how transformational organizations value place and the potential of their business practices to enhance or diminish community well‐being.

Social implications

The paper presents a step in the direction of building a coherent theory of how organizations build place and poses new questions about the role of organizations in relation to places.

Originality/value

A theoretical understanding of how organizations contribute to the construction of place would benefit from the work of economists, geographers, sociologists as well as management theorists.

Details

Journal of Enterprising Communities: People and Places in the Global Economy, vol. 5 no. 4
Type: Research Article
ISSN: 1750-6204

Keywords

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Book part
Publication date: 26 November 2021

Tim Edensor

Abstract

Details

Rhythmanalysis
Type: Book
ISBN: 978-1-83909-973-1

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