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1.
《Journal of Property Research》2012,29(4):344-371
ABSTRACTThis paper examines the relationship between news-based sentiment, captured through a machine learning approach, and the US securitised and direct commercial real estate markets. Thus, we contribute to the literature on text-based sentiment analysis in real estate by creating and testing various sentiment measures by utilising trained support vector networks. Using a vector autoregressive framework, we find the constructed sentiment indicators to predict the total returns of both markets. The results show a leading relationship of our sentiment, even after controlling for macroeconomic factors and other established sentiment proxies. Furthermore, empirical evidence suggests a shorter response time of the indirect market in relation to the direct one. The findings make a valuable contribution to real estate research and industry participants, as we demonstrate the successful application of a sentiment-creation procedure that enables short and flexible aggregation periods. To the best of our knowledge, this is the first study to apply a machine learning approach to capture textual sentiment relevant to US real estate markets. 相似文献
2.
研究目的:针对当前不动产登记数据多源异构、数据量大等特点,探索一种以土地登记数据为基础,依据宗地管理单元(地籍区、地籍子区)从空间上对数据整合区域进行剖分、基于任务协同和不动产单元的房地登记数据整合方法,解决房地登记数据难以高效率、自动化、流程化整合的问题。研究方法:利用协同理论搭建房地登记数据整合框架,利用实证分析法验证提出的数据整合技术方法。研究结果:提出了基于任务协同的房地登记数据整合方法,构建了房地登记数据整合框架,解决了数据匹配、任务推送等关键问题,进行了基于徐州市房地登记数据的房地登记数据整合应用实践。研究结论:房地登记数据是不动产统一登记数据整合的难点,以宗地管理单元对数据整合区域进行剖分、基于任务协同和不动产单元的房地登记数据整合技术,能够高效实现房地登记数据集成,对构建房地登记数据整合长效机制具有重要意义。 相似文献
3.
系统整理并分析了不同领域节水潜力预测方法的分类、原理、适用范围及研究现状,帮助从业人员针对实际问题快速选择模型。分析认为,基于公式模型的节水潜力预测方法收集数据较少,操作简捷,使用范围较广,但精确性不高;基于机器学习的节水潜力预测方法虽然收集的数据种类和数量较多,但构造出的预测模型使用范围广,精度高。针对节水潜力预测的现存问题,总结分析了其发展趋势。未来节水潜力预测的研究应根据不同产业和地域特点,引入深度学习、大数据等新技术,实现精细化节水潜力预测;同时加快完善基于互联网的节水潜力预测应用,实现集成数据收集、处理、预测、发布等功能于一体的节水社会化服务。 相似文献
4.
容积率最佳使用的经济学分析 总被引：3，自引：0，他引：3
在住宅开发中,容积率是一个十分重要的指标。开发商总是在想尽可能地提高住宅开发的容积率,但是否容积率越大越好呢？本文试从经济学角度分析容积率最佳使用的原理,并从中得出其分析的结论在实践中的几点启示。 相似文献
5.
《Journal of Property Research》2012,29(3):219-238
Summary This paper reviews models of the development process. The objective is to assess their capacity to analyse the detail of agency relationships in the negotiation of development projects, while at the same time offering ways of generalizing about the significance of actors and events in the development process under different conditions. The models reviewed are grouped into four types: equilibrium models, event sequence models, agency models and structural models. Each makes a contribution to the objective set out, but none fully addresses the range of possible forms and dynamics which the development process may make. An alternative model is developed in a subsequent paper. 相似文献
6.
研究目的：为推进中国不动产统一登记提供建议。研究方法：描述性研究。研究结果：中国分散的不动产行政管理体制导致了分散的不动产登记制度;登记矛盾和冲突问题是迫切需要解决的分散登记弊端;构建中国不动产统一登记制度时,应当贯彻统一性、有效性、效率性、可行性等原则;推进不动产统一登记,一是必须从法理上合理界定不动产物权的关系,明确以土地登记为基础,二是不动产登记机关可选择行政机关,三是在过渡期可通过优化登记机关职能来推进统一登记。研究结论：当前可构建以土地登记为基础的统一的不动产登记过渡方案,即以土地所有权登记为基础,统一协调、行使“不动产权利类型认定”和“不动产界址划定”两项职权,建立协调或者统一的不动产登记信息系统来推进不动产统一登记。 相似文献
7.
《Journal of Property Research》2012,29(1):5-25
Summary Real estate has an accepted role as a diversification instrument in mixed‐asset portfolios. To diversify within the real estate portfolio is the next step. However, due to lack of data, it is not clear exactly how to diversify. Regional employment characteristics are used here to get an insight into economic diversification possibilities in European real estate portfolios. A modified chi‐square technique was applied to employment shares in 74 European regions. Regions with a common specialization were found to be scattered. This implies that regionally diverse investments are not necessarily economically diverse. Also, many regions were found to be internally diverse. 相似文献
8.
《Journal of Property Research》2012,29(1):31-53
A significant amount of real estate research has been directed towards developing empirical models explaining rental growth. This paper develops an error correction mechanism (ECM) model which is built on the general theoretical formulation of the Hendershott et a.l (2002a). Income, as measured by local market services output, is used as a key determinant of office demand. A total office stock variable is also used which is derived from the cumulated level of development completions. The model is estimated empirically for 12 office market locations across Europe using panel data techniques and the full sequence of panel model selection tests. The approach allows the behaviour of different markets to be readily compared and contrasted, and provides inferences about intra‐market dependence and the comparative speed of adjustment towards long‐run equilibrium. The study also compares the short‐term predictive performance of the proposed model to a number of alternatives which has been covered in the literature, including a‐theoretical models. The results offer some support for the proposed model for predicting short‐term rental movements. 相似文献
9.
《Journal of Property Research》2012,29(3):203-217
Summary This paper examines both practically and statistically the possibility of creating a transactions‐based real estate price index similar to the well‐known stock and bond indices. While the necessary methodology is available, differences in the real estate asset (and hence in the markets in which it trades) are shown to prohibit the development of such an index even under ‘ideal’ circumstances. First, in an informationally inefficient market, it is not in the best interest of most decision‐makers to engage in the kind of complete disclosure needed to produce an accurate index. Second, even with complete disclosure, the number of transactions needed statistically to adjust for property differences substantially exceeds the number of quarterly transactions in most markets. While the empirical work supporting these conclusions is based on US data, the authors believe that similar constraints exist in most of the world's major markets and that investment professionals will be forced to work with less than ideal real estate proxies in constructing the global mixed‐asset portfolio. 相似文献
10.
《Journal of Property Research》2012,29(4):317-339
The majority of studies that explore property portfolio construction and management strategies utilise highly aggregated ex-post data, but stock selection is known to be a significant determinant of portfolio performance. Thus, here we look at stock selection, focusing on the choices faced by investors, necessitating the collection and analysis of primary data, carried out utilising conjoint analysis. This represents a new step in property research, with the data collection undertaken using a simulation exercise. This enables fund managers to make hypothetical purchase decisions, viewing properties comprising a realistic bundle of attributes and making complex contemporaneous trade-offs between attributes, subject to their stated market and economic forecasts and sector specialism. In total 51 fund managers were surveyed, producing 918 purchase decisions for analysis, with additional data collected regarding fund and personal characteristics. The results reveal that ‘fixed’ property characteristics (location and obsolescence) are dominant in the decision-making process, over and above ‘manageable’ tenant and lease characteristics which can be explicitly included within models of probabilities of income variation. This reveals investors are making ex-ante risk judgements and are considering post acquisition risk management strategies. The study also reveals that behavioural factors affect acquisition decisions. 相似文献
11.
研究目的:对中德不动产登记效力进行比较研究,为制定统一的不动产登记法提供理论支撑。研究方法:比较分析法、规范分析法、案例分析法。研究结果:与中国不动产登记相比,德国不动产登记在区分原则与公示原则的基础上具有统一的物权变动效力;具有明确、统一的权利顺位效力,能够在意思自治原则的基础上准确地解决多项不动产权利之间的冲突;具有以公信原则为基础的权利推定效力与公信力,与无因性原则一道构成了交易安全保护的铁壁铜墙;对于登记错误则赋予权利人以更正登记请求权等完善救济措施。研究结论:中国不动产登记法须从四方面完善不动产登记的效力体系:通过将登记对抗的物权变动统一于登记要件原则之下以进一步统一不动产登记的权利变动效力;强化不动产登记薄的权利推定效力与公信力;构建不动产登记薄的权利顺位效力;增设权利人的不动产登记更正请求权。 相似文献
12.
基于大连市当前快速上涨的房价问题,根据大连市2004-2012年房地产开发资金来源与房地产价格数据,在利用ADF法对各个时间序列数据进行检验的基础上,运用Granger因果关系检验模型对大连市房地产开发资金来源变动与房价变动之间的因果关系进行分析,并运用灰色关联度方法对与房价有显著Granger因果关系的资金来源之间的关联度进行实证研究。研究结果显示:利用外资与房价的变化并没有直接的因果关系,大连市房地产是以其他资金来源为主,国内贷款和自筹资金对总的资金开发来源的影响处于同一水平。 相似文献
13.
Improving the energy efficiency of retail stores has become an important strategy for retailers. However, why do some retailers obtain Energy Star certification for their stores while others do not? We argue that retailers pursue this certification to capture reputational benefits of the Energy Star label when their stock market valuation is low. Using longitudinal data for US retailers (grocery and department stores) over the period of 2002 to 2014, we find that stock market valuation measured by Tobin’s Q explains (1) the likelihood of a retailer obtaining Energy Star certification and (2) the share of Energy Star-certified stores in a retailer’s portfolio. Operating expenses on the other hand do not appear to drive the decision to obtain Energy Star certification. Our results also suggest that the motivations of retailers to obtain LEED and Energy Star certification differ. 相似文献
14.
《Journal of Property Research》2012,29(2):111-129
Summary Recent contributions to the literature on urban economic theory focus mainly on the relations between changes in the organization of firms and the spatial restructuring of urban regions. In this respect, it is argued that changes in the production system result in new locational preferences of firms and consequently in changes in the spatial pattern of cities. In this paper we stress the relevance of both shifts in the organization of firms and markets with respect to urban spatial restructuring processes, but at the same time we notice an important shortcoming in this theoretical tradition: processes that are being held responsible for the provision of the built environment ‐ the way in which the urban spatial structure is actually changed ‐ are generally neglected. The interconnectedness of these different processes is demonstrated empirically in a case study of developments that took place in the region Noordoost‐Brabant. It is concluded that institutional urban economic theory is only partially able to explain the observed developments. The dynamics of urban economic growth and the processes that underlie property market functioning should be studied in relation to each other. 相似文献
15.
《Journal of Property Research》2012,29(3):171-181
Summary This paper attempts to model the probability that a home will be sold using macro‐economic variables. For the period from January 1970 to December 1990, a set of relevant macro‐economic variables is related to the unconditional probability that a homeowner will sell his home. The results indicate that, among other variables, affordability of housing, unemployment, and the overall state of the economy are related to the probability of selling a home. 相似文献
16.
《Journal of Property Research》2012,29(4):357-373
The comovement of equity markets is of crucial importance for portfolio diversification and risk management. In this study, we utilise the wavelet analysis to examine the comovement among international securitised real estate markets as well as the cross‐market comovement between the stock and securitised real estate markets. As a novel approach, wavelet analysis has not yet been applied to the real estate field. Its advantage lies in that it allows us to assess the comovement in the time and frequency domains simultaneously. Using it, we carry out the study for six countries, namely US, UK, Japan, Australia, Hong Kong and Singapore. Our findings highlight the importance of considering both the time‐ and frequency‐varying features of the comovement in designing international portfolios. 相似文献
17.
房地产市场有效性研究综述 总被引：1，自引：0，他引：1
研究目的:综述房地产市场有效性的研究成果。研究方法:文献回顾法、归纳法。研究结论:有效性是市场研究的重要内容。自从市场有效性概念提出后,尤其是Fama将市场有效性分为三类后,关于市场有效性的实证检验渐多。但主要是集中在对金融市场有效性的研究上。国外对房地产市场有效性的研究主要是从投资角度进行的,研究主要集中在两个方面:一是对采用数据的研究;二是对某一市场的有效性进行检验。国内对市场有效性的研究历史很短,主要是运用已有的方法对中国资本市场有效性的研究。对房地产市场有效性的研究,多半将重点放在规范性研究上,主要集中在制度完善和发展趋势的定性研究上,对房地产市场有效性达到什么程度还没有正面的定量研究。 相似文献
18.
《Journal of Property Research》2012,29(2):87-107
A dispositional joint venture (DJV) represents an alternative disposal strategy used by USA real estate investment trusts (REITs), which has received limited attention in the real estate investment and finance literature. REITs form DJVs by selling a partial interest in a property to a financier, for example, a pension fund. We hypothesise that REITs pursue this financing strategy when in need of funds and faced with restricted capital market access. We investigate the motivation to form a DJV at the REIT and property level. Using multinomial logistic regression, we find that, compared to REITs with full or no disposals, DJV REITs are characterised by higher leverage, lower market-to-book values and a lower dividend payout ratio. These findings support our hypothesis that DJV forming REITs face restricted capital market access and use DJVs to obtain financing in the private equity market. Also DJV properties appear to be of a higher quality than completely sold properties, which may explain why REITs are interested in maintaining a partial interest and thus opt for a DJV instead of an outright sale. 相似文献
19.
研究目的：针对由于开发企业未办理首次登记,导致已经支付价款的新建商品房买受人无法办理转移登记取得物权的不动产登记历史遗留问题,梳理实证解决方案,提出规范路径选择,反思现行登记制度,助益不动产登记立法进程。研究方法：通过功能主义分析视角,展开实证案例研究、规范法教义学研究。研究结果：历史遗留项目的处理方案包括突破连续登记、代位申请登记、要件等效替代、交房即时办证等形式。研究结论：应当保护已经履行合同义务无过错购房人的财产权利,对于质量安全的登记客体,不宜因为开发企业欠缴土地出让金等公法义务未完成不予首次登记。建议明确不动产连续登记原则,增设代位申请制度。 相似文献
20.
石晨谊 《中国国土资源经济》2021,(3)
不动产登记机构在办理转移登记时发现不动产上存在违法建筑,这类情形是否需要审查,能否登记。文章结合案例分析,认为不动产登记是物权公示行为,没有确权功能;无权审查登记原因行为合法性和有效性,不应审查与物权效力无关的内容;不应将属于其他部门行政管理职责且登记人员无力和无权审查的内容列入审查内容;属于产权管理应由出让合同约定的事项不宜作为登记申请审查内容。将法律法规有明确规定且登记人员可以把握的事项作为审查内容,对闲置土地等需要审查但未列入法律法规的应尽量列入法律法规。对于已经被认定为违法建筑的不动产,登记人员应按照相关规定不予办理登记,但不宜主动认定为违法建筑并因此不予办理转移登记。 相似文献