Effects of Transportation Infrastructure and Location on Residential Real Estate Values: Application of Spatial Autoregressive Techniques

2000 ◽  
Vol 1722 (1) ◽  
pp. 1-8 ◽  
Author(s):  
Murtaza Haider ◽  
Eric J. Miller
Keyword(s):  
Real Estate ◽  
Large Data ◽  
Transportation Infrastructure ◽  
Residential Real Estate ◽  
Housing Values ◽  
Data Set ◽  
Explanatory Variables ◽  
Greater Toronto Area ◽  
Spatial Autoregressive ◽  
The Impact

Proximity to transportation infrastructure (highways and public transit) influences residential real estate values. Housing values also are influenced by propinquity to a shopping facility or a recreational amenity. Spatial autoregressive (SAR) models were used to estimate the impact of locational elements on the price of residential properties sold during 1995 in the Greater Toronto Area. A large data set consisting of 27,400 freehold sales was used in the study. Moran’s I was estimated to determine the effects of spatial autocorrelation that existed in housing values. SAR models, using a combination of locational influences, neighborhood characteristics, and structural attributes, explained 83 percent variance in housing values. Using the “comparable sales approach,” a spatiotemporal lag variable was estimated for every property in the database. This research discovered that SAR models offered a better fit than nonspatial models. This study also discovered that in the presence of other explanatory variables, locational and transportation factors were not strong determinants of housing values. On the other hand, the number of washrooms and the average household income in a neighborhood were found to be significant determinants of housing values. Stepwise regression techniques were used to determine reduced spatial hedonic models.

Reliability-based covariate analysis for complex systems in heterogeneous environment: Case study of mining equipment

2018 ◽  
Vol 233 (4) ◽  
pp. 593-604
Author(s):  
Amin Moniri-Morad ◽  
Mohammad Pourgol-Mohammad ◽  
Hamid Aghababaei ◽  
Javad Sattarvand
Keyword(s):  
Complex Systems ◽  
Cox Regression ◽  
Reliability Evaluation ◽  
Distribution Functions ◽  
Heterogeneous Environment ◽  
Mining Equipment ◽  
Data Set ◽  
Explanatory Variables ◽  
The Impact

Operational heterogeneity and harsh environment lead to major variations in production system performance and safety. Traditional probabilistic model is dealt with time-to-event data analysis, which does not have the capability of quantifying and simulation of these types of complexities. This research proposes an integrated methodology for analyzing the impact of dominant explanatory variables on the complex system reliability. A flexible parametric proportional hazards model is developed by focusing on standard parametric Cox regression model for reliability evaluation in complex systems. To achieve this, natural cubic splines are utilized to create a smooth and flexible baseline hazards function where the standard parametric distribution functions do not fit into the failure data set. A real case study is considered to evaluate the reliability for multi-component mechanical systems such as mining equipment. Different operational and environmental explanatory variables are chosen for the analysis process. Research findings revealed that precise estimation of the baseline hazards function is a major part of the reliability evaluation in heterogeneous environment. It is concluded that an appropriate maintenance strategy potentially mitigate the equipment failure intensity.

The Impact of Hurricanes on the Selling Price of Coastal Residential Real Estate

2017 ◽  
Vol 26 (2) ◽  
pp. 157-178 ◽  
Author(s):  
Scott Below ◽  
Eli Beracha ◽  
Hilla Skiba
Keyword(s):  
Real Estate ◽  
Selling Price ◽  
Residential Real Estate ◽  
The Impact

Tumor mutational burden (TMB) may be a promising predictive biomarker of response to PD-1/PD-L1 targeting in MSI-H colorectal cancer.

2019 ◽  
Vol 37 (8_suppl) ◽  
pp. 43-43 ◽  
Author(s):  
Marwan Fakih ◽  
Jaideep Singh Sandhu ◽  
Ching Ouyang ◽  
Ethan Sokol ◽  
Jeffrey S. Ross ◽  
...  
Keyword(s):  
Clinical Investigation ◽  
Objective Response ◽  
Predictive Biomarkers ◽  
Progression Free Survival ◽  
Large Data ◽  
Predictive Biomarker ◽  
Continuous Variable ◽  
Data Set ◽  
Cut Point ◽  
The Impact

43 Background: PD-1 targeting with pembrolizumab or nivolumab leads to durable clinical benefits in patients (pts) with microsatellite instability-high (MSI-H) tumors. However, 30-35% of mCRC pts with MSI-H tumors will experience progressive disease (PD) as a best response when treated with anti-PD1 agents, highlighting the need of additional predictive biomarkers. Methods: We performed a retrospective multi-center clinical investigation to evaluate the impact of TMB, age, gender, stage at initial presentation, pattern of metastatic disease, tumor grade, and RAS/RAF status on response to anti-PD1/PD-L1 in MSI-H mCRC. TMB and MSI status were determined by hybrid capture-based next-generation sequencing (Foundation Medicine [FM]). The TMB distribution in MSI-H CRC was estimated from a large data set from FM. Results: 22 eligible MSI-H mCRC pts were identified across 5 cancer centers: 19 pts received pembrolizumab, 1 pt received nivolumab, 1 pt received nivolumab + ipilimumab, and 1 pt received durvalumab + tremelimumab. Among tested variables, TMB (as a continuous variable) showed the strongest association with an objective response (OR; p < 0.001). Also, both univariate and multivariate analyses supported that TMB serves as an independent prognostic variable in predicting progression-free survival (PFS; p < 0.001 and p < 0.01, respectively). Using log-rank statistics, the optimal predictive cut-point for TMB was estimated between 37-41 mutations/Mb to dichotomize pts into TMBhigh and TMBlow groups. All 13 pts (100%) with TMBhigh had an OR, while only 2/9 (22%) pts with TMBlow had an OR and 6/9 had PD. The median PFS for TMBhigh pts has not been reached (no progressors, median follow-up > 18 mos), while the median PFS for TMBlow pts was 2 mos. Amongst 821 MSI-H CRC cases tested at FM, the 25th, 35th, 50th and 75th percentile TMB cutoffs were 33.1, 37.4, 46.1, and 61.8 mutations/Mb, respectively. Our optimal TMB cut-point range suggests that MSI-H mCRC with the lowest 35th percentile of TMB have a low likelihood of benefit from anti-PD1. Conclusions: These TMB findings require validation in prospective trials and may guide the sequencing of PD-1 inhibitor monotherapy in MSI-H mCRC.

scholarly journals The impact of capital structure and certain firm specific variables on the value of the firm: Empirical evidence from Kuwait

2015 ◽  
Vol 13 (1) ◽  
pp. 1191-1200
Author(s):  
Ahmad Mohammad Obeid Gharaibeh ◽  
Adel Mohammed Sarea
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Influential Factor ◽  
Annual Reports ◽  
Growth Opportunities ◽  
Data Set ◽  
Explanatory Variables ◽  
Size Growth ◽  
One Year ◽  
The Impact

The main objective of this study is to empirically examine the impact of leverage and certain firm-characteristics that are believed to have significant effects on the decision to use debt and on the value of the firm. The sample is composed of 48 companies listed in the Kuwait Stock Exchange (KSE) representing four different sectors. The study uses actual and historical panel data set obtained from the published annual reports of individual firms in addition to the publications of KSE. The study was accomplished using 8 years of data with a total of 239 observations representing the study period 2006-2013. The study uses descriptive statistics, correlation, and multiple-regression analyses to examine the impact of explanatory variables on the value of the firm. The study findings lead to the conclusion that capital structure (leveraging) is the most influential factor on firm’s value. Business risk, previous year’s value (one-year lagged ROA), dividends payout ratio, size, growth opportunities and liquidity of the firm are found to have significant influence on the firm’s value in Model 1 (where ROA is used as a proxy for the value of the firm). In model 2 (i.e., where ROE is used as a proxy of the firm’s value), the findings reveal that capital structure (leveraging); firm’s size, growth opportunities and liquidity of the firm are significant influential of the firm’s value. The study is valuable to academicians, finance managers, policy makers and other stakeholders as it fills the gap of literature by providing up-to-date evidence of the impact of capital structure and other firm specific variables on the value of the firm in Kuwait.

scholarly journals International Real Estate Review

2017 ◽  
Vol 20 (1) ◽  
pp. 51-73
Author(s):  
Steven Stelk ◽  
◽  
Leonard V. Zumpano ◽  
Keyword(s):  
Real Estate ◽  
Selection Bias ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
Market Conditions ◽  
Home Prices ◽  
Boom And Bust ◽  
The Impact

This study investigates the impact of the brokerage market on home prices in both a seller's market (2006) and a buyer's market (2009). In both years, homes sold with brokerage assistance realized higher prices when compared with homes sold without the aid of a broker, even after controlling for selection bias in the seller¡¦s choice to use a broker. This is the first study that uses a national dataset from extreme boom and bust markets that has documented evidence of price segmentation in the residential real estate market. The findings may be the result of the market conditions in 2006 and 2009.

scholarly journals Assessment of the Impact of Public Transport Accessibility on the Value of Urban Residential Real Estate

2021 ◽  
Vol 20 (1) ◽  
pp. 62-83
Author(s):  
E. V. Leontev ◽  
◽  
I. A. Mayburov ◽  
Keyword(s):  
Real Estate ◽  
Public Transport ◽  
Real Estate Market ◽  
Transport Infrastructure ◽  
Lower Sensitivity ◽  
Residential Real Estate ◽  
Metro Station ◽  
Average Value ◽  
The Cost ◽  
The Impact

Currently, analysis of the impact of public transport on real estate and its value is widely demanded in the world. The analysis is used to plan investments in public transport and the efficiency of public transport networks. In Russia, such studies have been carried out mainly in the framework of the evaluation of specific properties, which does not make it possible to macroanalyze the urban public transport environment and compare them with each other. The aim of the work is to study the influence of the proximity of public transport infrastructure on the cost of urban residential real estate, to determine the average value of such an impact for Yekaterinburg. In this study, we intend to confirm the hypothesis about different influence of the proximity of a public transport stop on the cost of housing, taking into account the different set of attributes that characterize it. The calculations were carried out using the analysis of the supply of the real estate market, carried out with the method of multiple regression, simultaneously with the geo-positioning of real estate units on the map to calculate the distance of each object to the nearest public transport stop of a certain type. Based on the results of the calculations, a global tendency towards a higher cost of the properties that are close to tram stops or metro stations in Yekaterinburg is confirmed, and the share of the value of a property generated by the proximity of a public transport stop was calculated. The authors confirmed the hypothesis about varying sensitivity of residential real estate to the proximity of public transport stops. Newer homes have lower sensitivity to proximity to public transport stops than older ones. The obtained empirical evidence of the influence of public transport infrastructure on the value of residential real estate demonstrates the most significant contribution to the value of a real estate object, the proximity to the metro station in Yekaterinburg (3.0 – 12.0%). The tram infrastructure showed a slightly lower impact on the total cost of the facility (3.2 – 8.8%). The revealed interdependencies make it possible to apply the obtained data to forecasting the growth of the taxable base for property tax during the construction of new transport lines.

scholarly journals RISK TAKING BEHAVIOR OF INDONESIAN BANKS: ANALAYSIS ON THE IMPACT OF DEPOSIT INSURANCE COOPERATION ESTABLISHMENT

2013 ◽  
Vol 15 (3) ◽  
pp. 3-25
Author(s):  
Moch Doddy Ariefianto ◽  
Soenartomo Soepomo
Keyword(s):  
Risk Taking ◽  
Deposit Insurance ◽  
Interest Rate Risk ◽  
Basel Ii ◽  
Data Set ◽  
Explanatory Variables ◽  
Before And After ◽  
Bank Behavior ◽  
Risk Taking Behavior ◽  
The Impact

This paper studies the risk taking behavior of Indonesian Banking Industry, especially before and after the establishment and the implementation of Deposit Insurance Corporation (IDIC). Using common set of explanatory variables; we test several empirical models to reveal the conduct of risk management by banks. In the spirit of BASEL II Accord, this paper take closer look at three types of risk behaviors namely credit risk, market or interest rate risk and operational risk, prior and post the establishment of IDIC. We tested the hypotheses using panel data set of banks operational in period of 2000-2009. The dataset consists of 121 banks with semiannual frequency (2420 observations). Our findings show that these variables explain well the three type bank risk exposures. The implementation of IDIC alters the bank behavior albeit in somewhat different way than initially hypothesized. The risk taking responses also varies across bank types. We found that State Owned Enterprise banks (SOE) behave differently relative to the rest types of the bank. Related to size, SOE banks behave more conservative after the implementation of IDIC. On the other hand its response on conditioned capital post the IDIC implementation is the opposite; they became more aggressive. We view the public pressure on this state banks has influenced the way they manage the risk.Keywords : Risk taking behavior, BASEL II, Deposit Insurance.JEL Classification: G11, G21, G32, C23

scholarly journals The Role of Macroprudential Policy in Bank Housing Loans Portfolio Quality Assurance

2021 ◽  
Vol 59 (2) ◽  
pp. 281-296
Author(s):  
Mirela Mitrašević
Keyword(s):  
Real Estate ◽  
Real Estate Market ◽  
Residential Real Estate ◽  
Macroprudential Policy ◽  
Mortgage Loans ◽  
Real Estate Markets ◽  
The Real Estate ◽  
Business Conditions ◽  
Policy Measures ◽  
The Impact

Abstract The subject of this paper is the contemporary trend in residential real estate markets in European countries and their impact on the quality of banks’ housing loan portfolios. Due to the fact that these are the markets that still have not fully recovered from the previous financial crisis, and at the time of writing were exposed to significant uncertainty related to the effects of specific business conditions caused by COVID-19, the research on the risks related to these markets and tools which can mitigate their consequences are of paramount importance. Given the fact that the importance of monitoring the emergence of systemic risks in the financial system and the design of macroprudential tools for Bosnia and Herzegovina is yet to come, one of the aims of the paper is to present the results of the research on the effectiveness of certain macroprudential policy measures for mitigating the impact of price fluctuations in residential real estate markets. A special attention is paid to the challenges that the real estate market and mortgage loans have been facing during the crisis caused by the COVID-19 pandemic. The paper provides a basis for future researches examining to which extent the applied macroprudential policy measures in some countries have been effective in hitherto unprecedented business conditions

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