Book Reviews

This section of the Journal publishes reviews on textbooks, professional books, and other scholarly books appropriate to real estate. Areas of interest include, but are not limited to, mortgage markets, real estate investments, real estate finance, asset and property management, real estate development, corporate real estate, valuation, and other areas related to real estate. If you have an interest in reviewing a particular book or if you wish to be considered as a reviewer, please contact the co-editor at the address noted above. A list of new books follows the book reviews; both are arranged alphabetically by author.     

The tax-induced holding periods of real estate Investors: Theory and empirical evidence

This article reexamines holding period decisions in real estate investment. It develops and empirically tests a holding period model recognizing not only taxes but also refinancing and investor-specific determinants. Based on a sample of over 1,000 real estate transactions with observed holding periods, the results of our tests support the conclusion that investors' consumption and investment preferences and prevailing market interest rates are more important than tax issues in determining the holding periods of real estate investors.     

How Does Appraisal Smoothing Bias Real Estate Returns Measurement?

This paper examines and clarifies several related issues about real estate return indexes. Specifically, even if real estate valuation smoothing exists at the individual property level, such errors may offset in the aggregate. Using data from commercial property appraisals and corresponding transactions, appraisal smoothing errors engender an underestimation of both the first and second moments for real estate returns. After correcting for these “underestimations,” real estate mean returns and the variance appear to be quite similar to those of stocks.     

物业税税基评估方法及其相关问题的解决

税基评估是物业税实施的关键环节。本文首先阐述了物业税税基评估方法,在此基础之上,对税基评估的数据库问题进行了较为深入地探讨,最后,结合我国国情,指出了我国物业税税基评估面临的信息困局,并提出了相应的解决方法。     

宏观调控政策对房地产项目现金流及偿债能力的影响

本文基于房地产开发项目月度现金流模型、统计数据和相关假设,构建模型的典型示例,研究现金流的主要影响因素、宏观调控政策对房地产市场以及房地产开发项目现金流的影响,对典型示例进行宏观调控政策影响的组合压力测试.研究表明:房地产开发项目偿债能力受销售情况影响大,受贷款金额和利率的影响小;如果宏观政策引起房地产市场销售显著放缓...     

境外房地产保有课税的税基评估比较

物业税属于房地产保有阶段课征的税种。本文对境外房地产保有阶段税制及税基进行了比较,分析了物业税税基评估的特点和种类,并对房地产税基评估中遇到的问题进行了梳理,提出了我国未来物业税税基评估可能遇到的问题的解决途径。     

我国开征物业税有关问题的研究

《中共中央关于完善社会主义市场经济若干问题的决定》中提出:“实施城镇建设税费改革, 条件具备时对不动产开征统一规范的物业税,相应取消有关收费。”物业税的开征成为新一轮税制改革诸项税改举措中令理论界、实业界、普通百姓重点关注的内容。本文重点分析了我国现行房地产税制的现状及存在的主要问题,论述了开征物业税的难点和必要性,并对我国开征物业税提出了初步设想。     

外资房地产企业存在的税收问题及对策建议

近年来,我国外资房地产行业发展迅猛,加强对其的税收征管与检查尤显重要。本文从所得税稽查的角度出发,对外资房地产企业存在的主要问题和相应的检查思路进行了剖析点评,并就日常征管中如何掌握基础数据、进行实地检查、保证及时结算、加强发票管理和完善政策规定等提出了建议。     

利率变动对中国房地产市场影响的实证分析

文章通过回顾中国近年来的利率调整变动状况,从实证角度详细分析利率变动对房地产供给市场、房地产需求市场以及土地市场的影响,总结作为宏观调控重要手段之一的货币政策的核心———利率对房地产的宏观调控作用,并得出相应的规律性。     

Diversification Issues in Real Estate Investment

Real estate asset management has been and will continue to be a topic of great interest. Specifically, does real estate warrant inclusion in an efficient portfolio? And if so, how much should be invested in real estate? This article reviews the extant literature in the area of real estate diversification and helps identify the reasons that there exists so much divergence in the answer to the question, “How much in real estate?” Moreover, diversification as it relates to real estate is discussed in reference to both mixed-asset portfolios and for diversification within the real estate asset class. Directions for future research are also discussed.     

论中国不动产利益分配机制体系的构建

不动产利益分配机制体系是价格、租金、税收和收费的有机组合,由于相关制度的不配套以及改革的“路径依赖”,中国现行的不动产利益分配机制体系仍然存在重大缺陷。在本中我们将首先从理论上阐述不动产利益分配机制的一般关系,然后以家庭承包制为切入点,论述中国农村不动产利益分配机制体系的改革,最后以城市房地产行业为切入点,论述中国城市不动产利益分配机制体系的调整。     

The Anatomy of Public and Private Real Estate Return Premia

Market-wide, stock market specific, and real estate market specific risk – what kind of risk and to which extent drives the returns of listed real estate? Based on a structural asset pricing model calibrated to the empirical data in the U.S., we show that at least two thirds of the risk premium of listed real estate are driven by the same factors as direct real estate. Our results shed new light on the risk-characteristics of listed real estate returns and are of high interest for academics, regulators, and portfolio managers alike.     

沈阳市房地产市场发展情况调查

截至2011年9月份,沈阳市房地产市场出现了明显变化,为了解房地产市场的这种变化对金融业的影响,本文选取了我市10家金融机构及12家房地产开发公司并对其进行了实地调研。调研显示：受国家宏观调控政策的影响,我市房地产成交量开始下降,但价格略有上升。由于我市房地产价格相对较低,市场刚性需求较多,房地产市场基本稳定,风险相对较小;银行积极执行国家宏观调控政策,对房地产行业潜在的风险意识增强,多家银行机构上调了房地产企业的贷款利率,追加了房地产企业的担保资金,目前房地产市场变化对我市银行业带来的风险相对较小,尚在可控范围。     

What Is Real Estate Finance?

The Journal of Real Estate Finance and Economics - How does real estate finance relate to the core of contemporary finance? What research in real estate might most interest financial economists?...     

Risk management of real estate: The case of real estate swaps

Real estate swaps are a recent financial innovation based upon the principle of comparative advantage. A real estate swap is a useful tool for real estate risk management and for participating in real estate investment without the high costs associated with real estate. Potential economic benefits and costs associated with real estate swaps are considered and real estate swaps are compared to alternative tools for real estate risk management. The expected utility and effectiveness of risk management with a swap in a multiperiod framework are analyzed. The analysis finds that the subject property's return and its risk characteristics (as reflected in its correlation with interest rate and property index returns) delimit the risk management potential of a given swap position. Optimal swap positions are shown for various regions and property types based on historical return series, from the period between 1983 and 1992, and the parameters of the dynamic model developed.     

Rational Delays: The Case of Real Estate

Real estate markets, for both commercial real estate and single family homes, typically respond to a large negative demand shock with a period during which the volume of transactions and liquidity of real estate declines. Explanations for these periods have focused on overly optimistic owners, imperfections in real estate markets and/or minimum down payment requirements. These are important characteristics of real estate markets, but they do not provide a satisfying explanation for the long-term declines in the number of transactions and liquidity of real estate that frequently follow negative demand shocks. This paper presents estimates, for a specific real estate market (Los Angeles single family dwellings), of the option-like value of an owners interest in a property. Our estimates imply that when an owner has little or negative equity, the value of waiting to sell is likely to exceed the net carrying cost. Consequently, the option value of a potential sellers interest may eliminate the possibility of an otherwise mutually advantageous transaction.     

Corporate real estate's impact on the takeover market

This article explores the issues and problems associated with corporate real estate ownership as viewed through the takeover market. The perception held by managers is that corporate real estate assets are unique, specialized assets. This perception conflicts with financial theory which states that the market values all corporate assets based only on their expected future cash flows. Thus corporate real estate assets are priced according to their cash flows and are like other corporate assets. This study tests the hypothesis that corporate real estate is a specialized asset by examining the impact real estate assets have on the takeover market. The study uses a logit regression model in order to attempt to predict which firms become takeover targets. If corporate real estate in general is a specialized asset, then real estate is expected to be an important variable in predicting takeover targets. Although the logit model has little predictive accuracy, results from the prediction model suggest that corporate real estate plays a significant part in determining the likelihood of a firm's becoming a takeover target. The greater the real estate holdings, the greater the likelihood of a firm's becoming a takeover target.     

房地产、经济增长与货币政策的相关影响

本文在分析房价与房地产投资影响因素、房地产投资与经济周期关系的基础上,评估了本次房地产紧缩政策可能带来的紧缩效应,认为调控政策大致能较好地防止今年经济走向过热。同时认为从中期来看,要遏制房价过快上涨,也应当关注通胀预期和利率政策的相关影响。     

英国市政税对我国开征物业税的借鉴

近年来我国房价居高不下,2006年国家先后出台相关法规对房地产市场进行调控,但是实施效果并不理想。本文对现行法规在实施中遇到的问题进行了分析,并借鉴英国市政税征收的成功经验,提出通过开征物业税来保证地方财政收入、引导房地产行业理性健康发展的建议。     

Property Investment and Property Development Firm Performance Around Initial Public Offerings and Rights Offerings: U.K. Evidence

In contrast to the well-documented underperformance of equity issuers, property investment firms undertaking initial public offerings and rights issues have performed indistinguishably from similar nonissuing firms. Property development companies that issued equity over the same period performed significantly worse than nonissuing firms. The major difference between property development and property investment firms is that property investment firms hold portfolios of real estate assets and thus have more certain prices. The lower pricing uncertainty of property investment firms results in normal long-run performance. Tests of the cognitive bias hypothesis provide only weak support of this explanation, while size and book-market effects are unable to account for the performance of property investment and development companies. The findings of underperformance for rights issues suggest that timing equity issues to take advantage of new shareholders may not be linked to the existence of cognitive bias. An important finding for the international growth in securitized real estate markets is that no evidence is found suggesting equity issues of securitized real estate firms should be avoided.