Discount Brokerage in Residential Real Estate Markets

Transaction costs are thought to affect asset prices and market liquidity, but the direction and magnitude of these effects continue to be the subject of debate. In the single‐family residential market, discount brokers offer to list a house for a lower price and thus reduce the transaction costs associated with obtaining a match. In this article we obtain empirical estimates of the price and liquidity impact of a seller selecting a discount broker to market a single‐family residential property. The unique data set allows for the identification of residential properties that were listed by a discount brokerage firm. The empirical results confirm the predictions of our theoretical model. Using a sample of 318,221 listings and 243,625 sales, we find that houses listed by discount brokers sell at prices similar to non‐discount brokerage listings, but are less likely to sell, and when they do sell, take approximately three days longer to sell. The results indicate that lower transaction costs do not impact housing prices in this market, but that they are related to asset liquidity.     

The Effects of Charm Listing Prices on House Transaction Prices

As is the case for many different goods and services, it is common practice in many real estate markets for sellers to offer properties for sale at listing prices just below some round number price ( e.g. , $99,900 instead of $100,000). The academic marketing literature refers to this practice as "charm" pricing and suggests that this strategy is an attempt by sellers to take advantage of buyers' cognitive processes in which charm prices affect buyers' perceptions about the seller or the item being offered for sale. Although numerous papers in the housing economics literature have addressed the impact of the magnitude of listing price on observed house transaction prices, no prior published study has considered the impact of the design of listing prices in housing markets. This paper presents an empirical investigation of the effects of charm pricing on house transaction prices using sample data. The results provide some evidence that houses listed at certain charm prices sell for significantly greater transaction prices than those listed at round number prices.     

成都市金沙遗址博物馆对周边住宅价格影响分析

通过分析成都市金沙遗址博物馆周边一定区域内住宅到博物馆距离与住宅价格之间的关系,建立Hedonic模型,进一步研究影响城市住宅价格因素中旅游景区这一特征对住宅价格的影响。研究结果分为1)在影响住宅价格的因素中,显著性较强的是周边市政设施、物业费、建筑装修程度和到金沙遗址博物馆距离;2)成都市金沙遗址博物馆对城市住宅价格的影响可以用半对数模型表达式表示。进而得出结论:1)影响城市住宅价格因素中旅游景区特征对周边住宅价格的提升具有正作用;2)运用Hedonic模型可以有效地将旅游景区特征对住宅价格的影响作用进行量化;3)基于旅游景区的正向作用,国家应充分重视旅游房地产业。     

基于ESDA方法与空间计量模型的房价溢出效应分析

一个地区房价的波动可以通过时间滞后传递到其他地区,从而产生房价溢出效应。本文以我国31个省际区域2005～2014年的数据为样本,运用探索性空间数据分析（ESDA）对31个省的房价空间分布格局及演变态势进行分析。然后运用空间计量模型分析我国省际房价变动的影响因素,并从地理因素和经济因素两个方面研究房价溢出效应。研究结果表明：中国31个省域间的房价存在明显的空间相关性;地区的城市化率、城镇就业人员平均货币工资、二、三产业产值占GDP比重对房价有显著的影响,房价存在显著的空间溢出效应,经济距离对地区房价影响比地理距离的影响更显著。     

Graduated Flood Risks and Property Prices in Galveston County

Our hedonic property analysis approach in Galveston County, Texas aims at estimating the impacts of flood risks and water‐related amenities in a more systematic way. First, we interact distance to the nearest coastline and flood risk in order to account for these impacts acting together on housing sales prices in our coastal community. Second, we use more granular flood risk measure in the analysis compared to the existing literature. Results show that the hedonic price effect is dependent upon the distance to the nearest coastline, and as expected the distance effect varies by flood risk type. We find that in this coastal housing market properties located in the highest risk flood area, for up to nearly a quarter mile from the nearest coastline, actually command a price premium. A recent movement toward risk‐based flood insurance premiums in the United States was deeply opposed by the real estate sector for fear of causing property values to steeply decline. This analysis sheds some further light on this depressed property value assertion highlighting its sensitivity to distance to the water.     

Housing Density and the Effect of Proximity to Public Open Space in Aberdeen, Scotland

We consider whether public recreational open space is a substitute for private open space by testing whether price effects from proximity to an urban park are increasing in housing density. Aberdeen, Scotland features three owner-occupied residential property types: detached housing, nondetached housing and flats. We examine property sales within 800 m of five city parks. We find flat prices increase with additional proximity to parks, but there are generally no price effects from park proximity for lower density housing types. The results suggest that open space policy must consider the scale and density of surrounding urban development.     

REIT and Commercial Real Estate Returns: A Postmortem of the Financial Crisis

In the years surrounding the financial crisis, the share prices of equity Real Estate Investment Trusts (REITs) were much more volatile than the underlying commercial real estate prices. To better understand this phenomenon we examine the cross‐sectional dispersion of REIT returns during this time period with a particular focus on the influence of their capital structures. By looking at both the debt ratio and the maturity structure of the debt, we separate the pure leverage effect from the effect of financial distress. Consistent with leverage and financial distress costs amplifying the price decline, we find that the share prices of REITs with higher debt‐to‐asset ratios and shorter maturity debt fell more during the 2007 to early‐2009 crisis period. Although REIT prices rebounded with the bounce back in commercial real estate prices, financial distress costs had a permanent effect on REIT values. In particular, we find that REITs with more debt due during the crisis period tended to sell more property and issue more equity in 2009, when prices were depressed.     

Tax Limits and Housing Markets: Some Evidence at the State Level

Property tax limitations, as well as other tax and expenditure restrictions on state and local governments in the United States, date back to the late 19th century. A surge in property tax limitation legislation occurred in the late 1970s and early 1980s, and its effects on government revenue, school financing and educational quality have been studied extensively. However, there is surprisingly little literature on how property tax limits affect housing markets. For the first time, we examine the impacts of property tax limitations on housing growth, in addition to their impacts on housing prices. Using state‐level data over 23 years, we find that property tax limits increase housing prices (indexes) by approximately 2%. Property tax limits appear to have little impact on the growth in the housing stock, but education spending limits reduce the number of building permits by over 6%. Our indirect evidence suggests that the number of housing units may grow when property tax limits are accompanied by increases in other own‐source revenues to state government.     

基于CGE模型的资源税改革对能源行业的影响研究——以煤炭行业为例

资源的过度使用导致经济发展不可持续和环境的恶化,税收具有较好的调节作用, 年内进行资源税改革已经列入计划日程。 由于煤炭在我国能源消耗中所占比例超过70%, 资源税改革会对煤炭需求和价格等产生影响。 基于 CGE 模型, 分析了不同资源税税率情境下我国煤炭需求和煤炭价格的变化趋势。 研究结果发现需求短期内会继续上升, 长期由于产业结构变化将会下降, 在价格上短期内将上升, 长期将下降。 因此, 应该早日推出资源税改革, 提高资源税税率, 清理煤炭企业不合理的负担等。     

企业R&D投入影响因素——基于企业生命周期视角的实证检验

以中国A股主板制造业上市公司为样本,实证检验生命周期不同阶段企业规模、债务水平、国有控股、股权集中度、管理层持股、董事长与总经理两职设置状况与R&D投入的关系,研究结果证实：大企业比小企业更有利于R&D投入;负债对R&D投入具有制约作用;股权集中有利于R&D投入。国有控股、管理层持股、董事长与总经理两职设置状况与R&D投入的关系受企业生命周期的调节,在企业成长和成熟阶段,国有控股不利于R&D投入,而在企业衰退阶段,国有控股有利于R&D投入;在企业成熟阶段,管理层股权激励不利于R&D投入,而在衰退阶段,管理层股权激励对R&D投入有促进作用;在企业成长阶段,“两职”合一可能有利于R&D投入,在成熟和衰退阶段,“两职”分离更有利于R&D投入。     

The Subsequent Market Value of Former REO Properties

In this study, we find the subsequent price for a property initially sold as a real estate owned (REO) property occurs at market prices. The subsequent price to the REO purchaser is related to indicators that the property has been remodeled, renovated, or updated. This suggests that the difference between the price received by servicers/lenders that foreclose and sell a REO property, and the price received by subsequent property owners that sell is in large part due to timely improvements made postforeclosure. Lenders are not selling REO properties at irrational prices, but rather at prices that reflect the condition of the properties.     

Pursuing opportunities in distance: the determinants of overseas R&D by Chinese multinationals

This study investigates two relevant dimensions of institutional distance – knowledge and economic distance – that influence the overseas research and development (R&D) intensity of emerging market multinational enterprises. We undertake a longitudinal analysis of 121 listed Chinese manufacturing multinational enterprises for the period 2011–2016. The results reveal that the enterprises' overseas R&D is more intense in host countries with greater knowledge and economic distance. Moreover, as the strength of intellectual property rights protection in host countries grows, the positive effects of knowledge and economic distance on the enterprises' overseas R&D intensity become weaker. We also find that political ties with home country governments strengthen the positive relationship between knowledge distance and the enterprises' overseas R&D intensity, while its moderating effect on the relationship between economic distance and overseas R&D intensity is insignificant.     

我国新能源上市公司技术效率及其影响因素分析——基于随机前沿方法的实证研究

文章运用随机前沿分析方法对我国新能源上市公司2004~2010年间的技术效率及其影响因素进行了实证研究。结果显示:自2004年以来,我国新能源上市公司的技术效率显著提升,但整体依然偏低;企业超额获利能力、员工素质对技术效率有显著的正向影响;企业规模对技术效率也存在正向影响,但影响不大;第一大股东的国有股性质对技术效率的影响显著为负;企业成立时间长短、技术人员比重、所处地理位置等因素对技术效率没有显著影响。最后,根据实证结果对我国新能源行业的发展提出了针对性的建议。     

上市公司治理结构对信息性盈余管理的影响研究

为了有效监督公司内部利害关系各方的行为,有效降低基于各种委托代理关系的代理成本,在阐述国内外盈余管理文献的基础上,假设拥有健全公司治理结构的上市公司管理者更愿意进行信息性盈余管理,通过构建合理的并可度量的信息性盈余管理衡量方法,使用沪、深两市全部A股上市公司2014—2016年公司季度财务数据,实证研究了信息性盈余管理视角下公司治理对盈余管理的影响。结果表明,市场监管者和投资者需要关注两种不同的盈余管理行为,投机性盈余管理更倾向于误导投资者,信息性盈余管理则是通过盈余管理的手段向投资者传递有用的内部信息。股权制衡对上市公司的信息性盈余管理行为具有明显促进作用,促使管理层进行信息性盈余管理,就要优化股权结构,形成产权多样化的股东制衡机制,实现股权结构的合理优化。拥有健全公司治理结构的上市公司管理者更愿意进行信息性盈余管理,公司治理结构对管理者进行信息性盈余管理具有积极的影响,健全的公司治理结构能够提高财务报告透明度和盈余信息含量。因此,保障财务报告的真实性和可靠性,以信息性盈余管理为动机探究公司治理对盈余管理的影响具有现实意义。     

How to reduce opportunism through contractual governance in the cross-cultural supply chain context: Evidence from Chinese exporters

Opportunistic behavior has been the main threat in cross-cultural supply chains. Drawing on institutional theory, we investigated how Chinese export firms facing cultural differences reduce foreign distributors' opportunism through differentiated contract governance strategies. Based on both a survey dataset of 206 Chinese export firms and a secondary dataset, our results suggest that cultural distance increases opportunism by inhibiting contract application but also decreases opportunism by enhancing detailed contract design. In addition, we found that both indirect effects of cultural distance on opportunism via contract governance strategies depend on the surrounding institutional environment in cross-cultural supply chains. Regulatory uncertainty strengthens the positive impact of cultural distance on detailed contract design and strengthens the negative impact of cultural distance on contract application. Moreover, regulatory uncertainty also strengthens the negative impact of detailed contract design on opportunism and weakens the negative impact of contract application on opportunism.     

The determinants of merger waves: An international perspective

One of the most conspicuous features of mergers is that they come in waves that are correlated with increases in share prices and price/earnings ratios. We use a natural way to discriminate between pure stock market influences on firm decisions and other influences by examining merger patterns for both listed and unlisted firms. If “real” changes in the economy drive merger waves, as some neoclassical theories of mergers predict, both listed and unlisted firms should experience waves. We find significant differences between listed and unlisted firms as predicted by behavioral theories of merger waves.     

The impact of corporate size and strategy on competitive pricing

Larger firms are often hypothesized to have higher prices than smaller competitors because of their market power or implicit collusion on prices. Advertising is often suggested as another cause of price elevation due to its ability to differentiate products of equivalent or inferior quality. This study examines the effect of these and other factors on prices in the major home appliance industry. The most interesting result is the strong corporate effect on prices, which permeates pricing strategies across categories, models and time. Contrary to the hypotheses listed above, larger corporations have lower prices, and advertised products are not higher priced. Strategic and policy implications are discussed.     

The Effect of Subsidized Housing on Values of Adjacent Housing

This is a case study of the effect of subsidized housing on the value of adjacent non-subsidized housing. Four townhouse clusters in Fairfax County, Virginia, were selected for study because of the high degree of homogeneity between clusters. The clusters are all in the same community but vary in distance from subsidized housing. Sale prices were analyzed using a regression model which included distance from subsidized housing as an independent variable. Based on the results of the regression analysis, the authors conclude that the subsidized housing had a negative impact on the values of adjacent properties.     

A Simple Search and Bargaining Model of Real Estate Markets

This paper examines the impact of brokers on buyers' and sellers' search behavior and on the transaction prices in real estate markets. It is shown that the seller and the buyer search less intensively if the house is listed with a broker. The seller gets a higher price when he employs a broker, but the increase in price is smaller than the commission fee. More specifically, the portion of the commission covered by the increase in price is directly related to the bargaining powers of the buyer and the seller. In the special case where the price is determined according to the Nash bargaining solution, the increase in price is shown to be half of the commission fee. It is also shown that an increase in the commission rate increases the equilibrium price but decreases the equilibrium search intensities.     

Externalities of residential property flipping

This study investigates whether flipping activities impose an externality on the transaction prices of the neighboring nonflipped properties. Using a data set of residential property transactions in Clark County, Nevada for the period 2003–2013, we find that flippers impose a significant positive impact on the price of neighboring nonflipped properties in an up market, but a significant negative effect in a down market. This procyclical impact of flipping activity contributes to the volatility of housing prices, hence magnifying boom and bust cycles and increasing the likelihood of a mortgage crisis.