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1.
大连银行博士后工作站课题组 《银行家》2010,(11)
2010年4月国务院出台的针对房地产市场的国10条,可以说是近几年实施房地产调控政策以来最严厉的政策组合,包括政府政策、金融监管、交易税费、土地交易等多方面。在我国当前形势下、房地产走势已不再是一个单纯的经济现象,它已经和很多社会、民生问题甚至国家的经济、金融体系安全问题紧密地联结在一起。 相似文献
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从公司货币需求的视角考察货币政策对房地产市场的影响,为货币政策的有效性提供了微观的研究视角。基于凯恩斯的流动性偏好理论和现金持有的权衡理论分析发现,公司的货币需求与货币供给的关系,随不同的动机而不同。实证的结果发现,房地产公司货币需求更多的体现了投机性动机。因此,针对货币政策对房地产公司影响的复杂性,必须与其它调控措施更加紧密的协调以形成合力,才能对房地产市场实施有效管理。 相似文献
3.
Kim Hiang Liow 《The Journal of Real Estate Finance and Economics》2009,39(4):415-438
While the long memory property is examined in the literature for the US REIT returns, this paper extends the analysis to international
securitized real estate markets with the hope of finding answers or confirming prior stock market evidence regarding the presence
(or absence) of long memory volatilities for 40 weekly real estate indices (original and hedged). Using a battery of five
econometric tests on three alternative risk measures; weekly observed absolute and squared mean deviations and conditional
variances, we find statistically significant evidence of long memory in the volatility structure of most securitized real
estate markets studied. Volatility persistence is particularly strong in Asia, but is not consistent throughout the period
of study. 相似文献
4.
陈志平 《内蒙古财经学院学报》2010,(2):9-13
我国目前房地产市场调控需要建立新机制,从市场主体、市场化程度,调控主体、调控方式等方面考虑问题。不改变这些基本格局,调控现状不会有多大改善,用行政高压手段解决房地产泡沫,只能使泡沫稍微稳定一个阶段,不能从根本上解决问题。 相似文献
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金融危机爆发后,世界主要经济体普遍实行了宽松货币政策。在这一背景下,我国房地产市场强势反弹,销量涨幅创历史新高,成交均价一路走高。2009年,江西省房地产市场实现逆势上扬行情,呈现出投资增速逐月回升,供给面积低位增长,销售规模大幅上升,成交均价一路走高的运行特点。在分析江西省房地产市场运行特点的基础上,本文从实证角度考察了房地产市场发展与金融支持之间的关系。实证结果表明,房地产市场的发展、房价的上涨与金融支持之间具有相互促进、互为因果的密切关系。在此基础上进一步分析了房地产市场发展中隐含的金融风险,并提出相应的对策建议。 相似文献
6.
本文以银行信贷与房地产价格相关理论为基础,利用1999—2008年的省级面板数据,并运用单位根检验、协整检验以及误差修正模型对我国各个地区银行信贷与房地产价格关系进行短期和长期分析。研究发现:我国东、中和西部银行信贷与房地产价格都存在长期因果关系,在短期东部地区银行信贷对房地产价格的影响系数比较大,其次是西部,最后是中部,即在不同的区域条件约束下,银行信贷与房地产价格之间可能并无稳定一致的关系。在此基础上,提出了现阶段我国实施有差异的控制房价的相关政策和建议。 相似文献
7.
Nicolas Kohl Wolfgang Schaefers 《The Journal of Real Estate Finance and Economics》2012,44(3):362-393
With respect to the increasing significance of transparency and corporate governance, the study at hand investigates the impact
of a broad set of principal corporate governance mechanisms on the market valuation of publicly traded real estate companies
from the UK, France, the Netherlands and Germany, while addressing major econometric shortcomings of previous corporate governance
studies, including omitted variable bias, endogeneity and reverse causality. The results of the analysis have important practical
implications for strategic decision-making of both top-executives of publicly traded real estate companies as well as investors. 相似文献
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基于灰色理论的房地产需求分析——以安徽淮南市房地产市场为例 总被引:2,自引:0,他引:2
通过研究影响房地产市场需求的主要因素及各因素对需求的影响机理,建立了基于灰色理论的房地产市场需求影响因素分析模型,对影响淮南市房地产市场需求的各因素进行实例分析,从而得出影响淮南市房地产市场需求各因素相对重要性. 相似文献
10.
There are relatively few direct tests of the economic effectsof asymmetric information because of the difficulty in identifyingexogenous information measures. We propose a novel exogenousmeasure of information based on the quality of property taxassessments in different regions and apply this to the U.S.commercial real estate market. We find strong evidence thatinformation considerations are significant. Market participantsresolve information asymmetries by purchasing nearby properties,trading properties with long income histories, and avoidingtransactions with informed professional brokers. The evidencethat the choice of financing is used to address informationconcerns is mixed and weak. 相似文献
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A Reexamination of Real Stock Returns,Real Interest Rates,Real Activity,and Inflation: Evidence from a Large Data Set 下载免费PDF全文
Using the informational sufficiency procedure from Forni and Gambetti (2014) along with data from McCracken and Ng (2014), we update the results of Lee (1992) and find that his vector autoregression (VAR) is informationally deficient. To correct this problem, we estimate a factor augmented VAR (FAVAR) and analyze the differences once informational deficiency is corrected with an emphasis on the relationship between real stock returns and inflation. In particular, we examine Modigliani and Cohn's (1979) inflation illusion hypothesis, Fama's (1983) proxy hypothesis, and the “anticipated policy hypothesis.” 相似文献
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David H. Downs Z. Nuray Güner 《The Journal of Real Estate Finance and Economics》2012,44(1-2):167-183
This paper examines valuation and its relation to information production by licensed appraisers across real estate markets. The testable implications are discussed for either a peer monitoring or a crowding out effect in the data. The empirical model is estimated with data for all 50 US states and DC covering the sample period from 1999 to 2008. While analysis is primarily cross-sectional and not causal, the evidence is consistent with theory stating that the minimum quality associated with residential licensure standards may be too low. In contrast, the evidence suggests certified residential standards afford information producers the opportunity to signal or information consumers the ability to screen based on quality. 相似文献
15.
David T. Brown 《The Journal of Finance》2000,55(1):469-485
This study provides evidence that highly leveraged owner-managed properties liquidated assets during the commercial real estate decline of the late 1980s, and that this provided buying opportunities for better capitalized buyers. The analysis documents significant financial distress costs for highly leveraged firms during an industry-wide downturn and shows that these costs are particularly large for owner-managed firms. 相似文献
16.
Finance theory has long viewed corporate income taxes as a potentially important determinant of corporate financing decisions and capital structures. But finance academics have been unable to provide convincing empirical evidence of a material effect of taxes on corporate leverage, in part because of difficulties in constructing an effective proxy for marginal corporate tax rates, and hence for the tax benefits of debt, for large samples of individual companies. The authors address this by analyzing leverage decisions in an industry whose publicly traded entities are organized either as taxable corporations, or as real estate investment trusts (REITs) that effectively avoid entity level taxation. This enables them to measure the relative tax benefits of debt with greater precision while controlling for important nontax characteristics that affect debt usage. The tax hypothesis predicts that for real estate firms with similar asset portfolios, taxable firms should have more debt than their nontaxable counterparts. Both the nontaxable and the taxable real estate firms in our sample routinely have more than twice the leverage of industrial firms, which suggests that factors other than taxes are contributing to their use of debt. But among real estate firms, tax status appears to play a much weaker role. Taxable firms have significantly more leverage only after 2000, when restrictions on REITs were removed through new regulations that made their operations much more like those of taxable real estate firms. Our findings also depend on real estate characteristics—most notably, only residential real estate firms demonstrated differences that are consistent with the tax hypothesis. Taken together, the authors’ findings suggest that although taxes do seem to matter, their role is clearly secondary relative to factors such as the nature of the firm’s assets. A generous interpretation of our evidence puts the effect of taxes between one‐third and one‐half of that implied by prior research. 相似文献
17.
本文通过向量自回y-5模型(VAR)研究房地产金融对房地产市场的实际影响。选取北海市金融类和房地产市场类等4项指标,建立2个VAR模型系统;利用脉冲相应函数和方差分解方法,分析信贷市场指标变化对房地产市场供需影响的时滞、持续时间及作用强度。结果表明:北海房地产金融市场与房地产市场无论在长期还是短期都存在均衡关系,两者具有一定程度的共生性。基于以上分析,提出相应的政策建议。 相似文献
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We examine the determinants of foreign real estate investment relative to the domestic case using the portfolios of a large sample of publicly traded real estate investment companies; where foreign investment is defined as the property owner headquarters being located in a different country than a given asset. The cross-sectional results provide strong evidence that real estate firms are more likely to take a smaller stake in larger assets when investing abroad. The penchant for large assets holds when controlling for economic activity, real estate investment opportunities, depth and sophistication of the capital markets, investor protection and the legal framework, administrative burdens and regulatory limitations, and the socio-cultural and political environment at both the property nation and headquarter nation levels. In general, foreign ownership is less likely with industrial, office, retail, and self-storage properties. Capital market development is consistently negatively related to foreign investment. 相似文献
20.
Chyi Lin Lee Simon Stevenson Ming-Long Lee 《The Journal of Real Estate Finance and Economics》2014,48(2):299-322
In 2007 futures contracts were introduced based upon the listed real estate market in Europe. Following their launch they have received increasing attention from property investors, however, few studies have considered the impact their introduction has had. This study considers two key elements. Firstly, a traditional Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model, the approach of Bessembinder & Seguin (1992) and the Gray’s (1996) Markov-switching-GARCH model are used to examine the impact of futures trading on the European real estate securities market. The results show that futures trading did not destabilize the underlying listed market. Importantly, the results also reveal that the introduction of a futures market has improved the speed and quality of information flowing to the spot market. Secondly, we assess the hedging effectiveness of the contracts using two alternative strategies (naïve and Ordinary Least Squares models). The empirical results also show that the contracts are effective hedging instruments, leading to a reduction in risk of 64 %. 相似文献