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While consumers did not previously have information on detailed housing features via traditional media, such as magazines, nowadays, due to the progress in information technology, they can access detailed information on various housing features via housing information websites. Therefore, detailed housing features may affect current rents to some extent. This paper aims to identify the effects of detailed housing features on rent and on omitted variable bias in Tokyo, Japan.

This paper applies the hedonic approach. To identify the effects of features which are not observed previously, we use a unique data set that contains various housing features and over 200,000 housing units. This data set enables to simulate the situations when the researcher cannot get some variables, and this simulation shows which variables cause omitted variable bias.

The analysis shows that housing features significantly influence housing rent. If significant housing feature variables are not included in the hedonic model, the estimated coefficients show omitted variable bias. Additionally, unit-specific features such auto-locking door can cause omitted variable bias on location-specific features such accessibility to downtown.

This paper shows empirical evidence that detailed housing features can cause omitted variable bias on other features including variables which are often used in previous searches. The result from our unique data set can be a guide for variable selection to reduce omitted variable bias.

The purpose of this study is to determine whether South African real estate investment trusts (REITs) with significant foreign real estate holdings produce better market performance metrics when compared to REITs with larger domestic holdings. The paper also provides a comprehensive overview of the market performance of South African REITs in the decade following the inception of the REIT regime in 2013.

The authors employ the capital asset pricing model (CAPM), using different estimation techniques to determine the stability of the estimated parameters over time. In addition to the CAPM framework, several basic and advanced portfolio performance metrics are computed to assess the performance of the various REIT portfolios.

The results show that REITs with significant offshore allocations produce superior market returns than their counterparts. Across most of the risk measures analysed, the foreign-biased REIT portfolios were found to be riskier. On the whole, foreign-biased REITs performed better on a risk-adjusted basis. The results were consistent across the different sample periods and the performance metrics analysed.

The results suggest that the decision to diversify internationally has implications for the pricing of REITs on stock markets. The differences in the performance metrics for the foreign- and home-biased REIT portfolios also imply an opportunity for investors to further diversify REIT portfolios by holding a mix of home-biased and foreign-biased REITs.

This paper is one of the few to consider the implications of international diversification on stock market performance rather than on more fundamental measures of REIT performance such as the net present value. This study also provides an emerging market (African) perspective to the literature.

When Japan's asset bubble burst, the office vacancy rate soared sharply. This study seeks to target the office market in Tokyo's 23 special wards during Japan's bubble burst period. It aims to define economic conditions for the redevelopment/conversion of offices into housing and estimate the redevelopment/conversion probability under the conditions.

The precondition for land‐use conversion is that subsequent profit excluding destruction and reconstruction costs is estimated to increase from the present level for existing buildings. Regarding hedonic functions for offices and housing and computed profit gaps for approximately 40,000 buildings used for offices in 1991, it was projected how the profit gaps would influence the land‐use conversion probability. Specifically, panel data for two time points in the 1990s were used to examine the significance of redevelopment/conversion conditions.

It was found that, if random effects are used to control for individual characteristics of buildings, the redevelopment probability rises significantly when profit from land after redevelopment is expected to exceed that from present land uses. This increase is larger in the central part of a city.

Limitations stem from the nature of Japanese data limited to the conversion of offices into housing. In the future, a model may be developed to generalize land‐use conversion conditions.

This is the first study to specify the process of land‐use adjustments that emerged during the bubble burst. This is also the first empirical study using panel data to analyze conditions for redevelopment.

The left-hand side of Eq. (1) denotes the rate of change of Indian military expenditure. k and n are positive constants, which, following Richardson's terminology, can be called “defence coefficients.” It is difficult to obtain data for China's defence expenditure. If they are not available, we can try to employ some index numbers or use some proxy variables. This Eq. (1) represents the mistrust and suspicion on the part of India against Pakistan and China. It is true that mistrust is a qualitative aspect of a state of mind. However, we assume that military expenditure is a satisfactory yardstick for measuring it.