scholarly journals International Real Estate Review

2014 ◽  
Vol 17 (1) ◽  
pp. 47-62
Author(s):  
Gaetano Lisi ◽  
Keyword(s):  
Theoretical Model ◽  
Real Estate ◽  
Housing Market ◽  
Price Dispersion ◽  
Search Process ◽  
Matching Model ◽  
Rental Market ◽  
Property Sales ◽  
The Impact ◽  
The Relationship

The housing market matching model in this paper considers two types of home-seekers: people who search for a house both in the rental and the homeownership markets, and people who only search in the homeownership market. The house-search process leads to several types of matching and in turn, this implies different prices of equilibrium. Also, the house-search process connects the rental market with the homeownership market. This model is thus able to explain both the relationship between the rental and the selling prices and the price dispersion which exists in the housing market. Furthermore, this theoretical model can be used to study the impact of taxation in the two markets. Precisely, it is straightforward for showing the effects of two different taxes: tax on property sales and tax on rental income.

scholarly journals The Impact of Migration on a Regulated Rental Market

REGION ◽  
2020 ◽  
Vol 7 (1) ◽  
pp. 35-48
Author(s):  
Adam Alexander Tyrcha
Keyword(s):  
Housing Market ◽  
Internal Migration ◽  
Rental Housing ◽  
Foreign Born ◽  
Limited Ability ◽  
Rental Market ◽  
Migration Flows ◽  
The Impact ◽  
The Relationship ◽  
Rental Housing Market

Throughout the 20th century, the Swedish rental market has generally been heavily regulated, with both a rental queue in place, as well as generally fixed rents, with limited ability to vary these. Though these systems remain in place, in the 21st century, a number of deregulatory measures have been taken. Meanwhile, evolving migration flows and strong humanitarian migration in particular have continued. These developments combined mean that now more than ever, impacts of migration on the rental housing market are increasingly likely. This paper investigates the relationship between foreign-born and internal migration and rents on the housing market. Findings suggest that foreign-born migration, and refugees in particular, impact rents, especially in major cities.

Rent or buy, what are the odds? Analysing the price-to-rent ratio for housing types within the Northern Ireland housing market

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Daniel Lo ◽  
Michael James McCord ◽  
John McCord ◽  
Peadar Thomas Davis ◽  
Martin Haran
Keyword(s):  
Housing Market ◽  
House Prices ◽  
House Price ◽  
Main Property ◽  
Property Market ◽  
Important Indicator ◽  
Content Type ◽  
Rental Market ◽  
Price Series ◽  
The Relationship

Purpose The price-to-rent ratio is often regarded as an important indicator for measuring housing market imbalance and inefficiency. A central question is the extent to which house prices and rents form part of the same market and thus whether they respond similarly to parallel stimulus. If they are close proxies dynamically, then this provides valuable market intelligence, particularly where causal relationships are evident. Therefore, this paper aims to examine the relationship between market and rental pricing to uncover the price switching dynamics of residential real estate property types and whether the deviation between market rents and prices are integrated over both the long- and short-term. Design/methodology/approach This paper uses cointegration, Wald exogeneity tests and Granger causality models to determine the existence, if any, of cointegration and lead-lag relationships between prices and rents within the Belfast property market, as well as the price-to-rent ratios amongst its five main property sub-markets over the time period M4, 2014 to M12 2018. Findings The findings provide some novel insights in relation to the pricing dynamics within Belfast. Housing and rental prices are cointegrated suggesting that they tend to move in tandem in the long run. It is further evident that in the short-run, the price series Granger-causes that of rents inferring that sales price information unidirectionally diffuse to the rental market. Further, the findings on price-to-rent ratios reveal that the detached sector appears to Granger-cause those of other property types except apartments in both the short- and long-term, suggesting possible spill-over of pricing signals from the top-end to the lower strata of the market. Originality/value The importance of understanding the relationship between house prices and rental market performance has gathered momentum. Although the house price-rent ratio is widely used as an indicator of over and undervaluation in the housing market, surprisingly little is known about the theoretical relationship between the price-rent ratio across property types and their respective inter-relationships.

Predatory Inclusion

2019 ◽  
pp. 253-262
Author(s):  
Keeanga-Yamahtta Taylor
Keyword(s):  
African Americans ◽  
Real Estate ◽  
Housing Market ◽  
Black People ◽  
Home Ownership ◽  
Rental Market ◽  
American Society ◽  
The U.S

Homeownership in the U.S. is often touted as a means to escape poverty, build wealth, and fully participate in American society. However, racism in the broader American society ultimately resulted in a racist housing market that excludes Black people from homeownership and depresses the value of property inhabited by African Americans. The perception that Black buyers are risky has continued to fuel predatory practices in real estate. The author notes that African Americans should not be limited to the rental market because of inequality in the housing market. Instead, she suggests people should question American society, a society in which full citizenship is reliant upon home ownership.

Hangzhou Housing Demand Forecasting Model Based on BP Neural Network of Genetic Algorithm Optimization

2014 ◽  
Vol 587-589 ◽  
pp. 37-41 ◽  
Author(s):  
Yi Hua Mao ◽  
Meng Bo Zhang ◽  
Ning Bo Yao
Keyword(s):  
Neural Network ◽  
Genetic Algorithm ◽  
Real Estate ◽  
Housing Market ◽  
Bp Neural Network ◽  
Housing Demand ◽  
Forecasting Model ◽  
Algorithm Optimization ◽  
Genetic Algorithm Optimization ◽  
The Impact

Hangzhou, the capital of Zhejiang province and a famous scenic tourist city in China, goes at the forefront of the country for its high real estate prices, which hold a very important position of orientation to pricing in the real estate markets of the Yangtze River Delta region and of the whole country as well. The price trend of Hangzhou's real estate is even related to the sustainable development of the city. This paper uses the macro data on the housing market in Hangzhou during 1999-2012 to establish a forecasting model which is based on BP neural network of genetic algorithm optimization. With MATLAB software exploited for programming and simulation, the prediction made by the model about the housing demand in Hangzhou and the subsequent re-examination show that the model has high precision. But due to the impact of the national macro-control policies on housing market, the predictive value of some years may fluctuate to a certain extent.

scholarly journals Impact of Corona Virus on Indian Real Estate

2021 ◽  
Vol 9 (9) ◽  
pp. 2105-2112
Author(s):  
Ar. Garima Singh
Keyword(s):  
Real Estate ◽  
Housing Market ◽  
Sales Strategy ◽  
Office Space ◽  
Corona Virus ◽  
Demand Rates ◽  
Real Estate Developers ◽  
The Impact

Abstract: This paper talks about the impact of corona virus on Indian Real Estate in terms of Demand, Rates of property, impact on Indian housing market, home buyers in India, builders in India, office space in India. What interventions government should take in response to COVID-19 to boost the demand and what sales strategy real estate developers taking post lockdown.

scholarly journals Capital Structure and Performance of Deposit Money Banks in Nigeria

2021 ◽  
Vol 17 (4) ◽  
pp. 130
Author(s):  
Osareme Erhomosele
Keyword(s):  
Regression Analysis ◽  
Theoretical Model ◽  
Firm Performance ◽  
Capital Structure ◽  
Agency Cost ◽  
Return On Equity ◽  
Legal Control ◽  
And Performance ◽  
The Impact ◽  
The Relationship

Investigations into the relationship between capital structure and firm performance over the years have consistently produced mixed results in the light of prevailing theories relevant to the concept of capital structure. The study examined the nature of the relationship between the capital structure of Deposit Money Banks (DMBs) in Nigeria and the trend of performance recorded in the industry. Leverage was adopted as a surrogate for capital structure, while firm performance was proxied by profit efficiency and return on equity. A regression analysis test was applied to a balanced panel data, pooled from a sample of 11 DMBs to determine the impact of capital structure on performance. The study found evidence that supports a non-monotonic relationship between capital structure and performance of DMBs, as predicted by the agency cost theoretical model. A major recommendation elicited from the findings of the study advocates for legal control on the proportion of debt DMBs can include in their capital structure if they are to operate as efficiently as expected.

Loss Aversion and Market Liquidity in the Real Estate Market

2014 ◽  
Vol 22 (2) ◽  
pp. 223-249
Author(s):  
Sun Young Park
Keyword(s):  
Real Estate ◽  
Loss Aversion ◽  
Real Estate Market ◽  
Commercial Real Estate ◽  
Market Liquidity ◽  
The Real Estate ◽  
The Real Estate Market ◽  
Expectation Hypothesis ◽  
Property Sales ◽  
The Impact

The most commonly observed risk averse behavior in the commercial real estate market is loss aversion on the part of investors; i.e., investors are more sensitive to prospective losses than to prospective gains. This observation leads to the natural question : Does the market rationally anticipate investors' loss aversion? If not, then does loss aversion become stronger in a relatively illiquid market? The answer to these questions provides strategically important implications to institutional investors. We propose to explore the impact of loss aversion on the commercial real estate market by testing two competing hypotheses : (1) the rational market expectation hypothesis and (2) the liquidity spiral hypothesis. The rational market expectation hypothesis holds that the market rationally anticipates investors' behavioral loss aversion. As a result, the interaction between lagged market liquidity and loss aversion does not have an impact on the probability of property sales. On the other hand, the liquidity spiral hypothesis holds that the interaction between market liquidity and loss aversion has an impact on the probability of property sales due to the self-fulfilling feedback effect between loss aversion and market liquidity. In the context of REITs' property transactions, we find partial evidence for the liquidity spiral hypothesis : private market liquidity and stock market liquidity each has an additional impact on the sale probability of property.

The Impact of the COVID-19 Pandemic on the Private Rental Housing Market in Poland: What Do Experts Say and What Do Actual Data Show?

2021 ◽  
Vol 8 (1) ◽  
pp. 24-35
Author(s):  
Mateusz Tomal ◽  
◽  
Bartłomiej Marona ◽  
Keyword(s):  
Real Estate ◽  
Rental Housing ◽  
Objective Data ◽  
Rental Market ◽  
The Third ◽  
Real Estate Agents ◽  
The Impact ◽  
The City ◽  
Second Wave ◽  
Rental Housing Market

The aim of the article is to determine the impact of the COVID-19 pandemic on the level of housing rents using the example of the City of Krakow. This study is based on objective data on rental prices and subjective information obtained from real estate agents using a questionnaire survey. The research revealed that the first wave of the COVID-19 pandemic actually led to a 6-7% decrease in prices in the rental market in Krakow, while at the same time the surveyed real estate agents had estimated that rents would drop by about 13%. With the second wave of the pandemic, it is possible to see that its immediate impact, i.e. between the third and fourth quarter of 2020, has led to a further 6.25% drop in rents. It should be noted that the latter decrease was very accurately predicted, both by the survey respondents and by the econometric models used. Finally, the results of the analysis also indicated that the worsening of the pandemic in the last quarter of 2020 will have a significant impact on rent levels in Krakow for all of next year. Regardless of how the economy develops, rental prices are forecast to fall further in 2021q1. However, in the subsequent quarters of 2021, rents are projected to increase, but ultimately their level will not return to pre-pandemic values even in 2021q4. The latter is likely to happen only in the second half of 2022.

Debt Financing and Agency Cost on Profitability: Are Real Estate Firms’ Performance in India Getting Affected?

2021 ◽  
Vol 17 (1-2) ◽  
pp. 43-56
Author(s):  
Pradip Kumar Mitra ◽  
Omkar Naik
Keyword(s):  
Real Estate ◽  
Phase I ◽  
Financial Performance ◽  
Phase Ii ◽  
Negative Relationship ◽  
Agency Cost ◽  
Debt Financing ◽  
Leverage Ratio ◽  
The Impact ◽  
The Relationship

This article tries to understand the relationship between agency cost, debt financing and Indian real estate companies’ performance. The study attempts to document the effect of debt on the firm’s profitability and then explores the reason behind such an impact by introducing the agency cost as a parameter. The study is conducted in two phases. Phase I is carried out to establish the relationship between debt financing and the firm’s financial performance. In Phase II, the study is conducted to understand the impact of agency cost on debt financing. Firms from the BSE Realty Index were selected for the period 2011–2018. Profitability is measured through return on equity (ROE), whereas debt financing is measured through the firm’s leverage ratio. The agency cost is measured through the asset utilisation ratio and general expense to sales ratio. Panel regression method is used to understand the impact of debt financing and agency cost on the firms’ profitability. The result of Phase I suggests a significant negative relationship between debt financing and the ROE and the result of Phase II suggests a positive relationship between the agency cost and debt financing. This means that reduction in agency cost will lead to lesser amount of debt financing thereby improving the firm’s financial performance.

The effect of emotional leadership and job security on employees' mental health

2021 ◽  
Vol 49 (12) ◽  
pp. 1-13
Author(s):  
Weijun Gu ◽  
Xiaochun Chen ◽  
Rui Zhang ◽  
Wensong Zhang
Keyword(s):  
Mental Health ◽  
Theoretical Model ◽  
Organizational Identification ◽  
High Technology ◽  
Moderated Mediation ◽  
Job Security ◽  
Mediation Effect ◽  
Emotional Leadership ◽  
The Impact ◽  
The Relationship

We examined the impact of emotional leadership on employees' mental health by establishing a cross-level theoretical model to test this relationship as a function of employees' sense of job security, selfdirected learning, and organizational identification. The research sample consisted of 304 employees of 10 high-technology companies in China. Results show that emotional leadership was positively associated with employees' mental health, and that job security mediated this relationship. Organizational identification and selfdirected learning positively moderated the relationship between job security and employees' mental health, resulting in a moderated mediation effect on the model. The conclusions of this study have implications for improving employees' mental health via interactions with emotional leaders.

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