潘石屹的地产经济学

一个猪坚强横行的地产年代,精明的潘石屹却让自己成了一头快乐的猪。     

Incentive Problems and General Partner Compensation in Limited Partnership Real Estate Investments

When a general partner raises capital for a real estate syndication, prospective investors should price-protect against incentives of the general partner to misrepresent project cash flows. In this study, I evaluate the structure of the general partner's compensation and specific project characteristics to determine if compensation structure can mitigate agency costs. Results indicate that front-end compensation is higher for the high reputation general partner and that the compensation structure varies with the degree of management expertise required and the financial risks of the investment.     

American Real Estate and Urban Economics a Canadian Perspective

AREUEA membership spans both the United States and Canada and there is a tendency to homogenize real estate and urban economics into a "North American" cauldron. However, Canadian and American real estate markets, and the cities within which they operate, differ in fundamental ways. If we are to develop appropriate means for analyzing real estate and financial markets in these two countries it is imperative that we understand the underlying differences between American and Canadian cities. This paper sets out in summary form some of the differences that have been identified to date, differences that relate not only to the cities in the two nations, but to the broader cultural and institutional underpinnings as well.     

房产

城市别墅全享价值,五期临河珍藏火热公开 距离徐家汇仅约20分钟车程的银都名墅,以近7成的土地面积建造江南园林景观。是一座城市中的森林公园。银都名墅专门挑选30年以上的成年桦树.种植在中国居住文化里象徵阖家兴旺的竹林。     

The Real Estate Pricing Puzzle

The state-of-the-art with respect to pricing real estate is similar to that with respect to pricing securities just prior to the development of the CAPM. Reading the entrails of real estate markets, however, has proven a formidable task, and the problem is not limited to inadequate data. Perhaps the most important lesson to date is that available pricing models are not up to the task.     

The Substitutability of Real Estate Assets

This paper investigates the degree of substitutability between securitized real estate assets and real estate assets whose prices are appraisal-based. Given the insensitivity of unsecuritized asset's returns to the returns on stock market indices, equilibrium asset pricing models cannot be used to compare these two avenues of investment. Two assets are deemed substitutable if the information sets underlying unbiased, minimum error variance estimates of their pricing parameters are identical. The empirical evidence shows that the prices of the transactions-based assets—real estate investment trusts and the stock price index of the home building industry—follow a random walk while the prices of the appraisal-based assets—FRC/NCREIF indices—do not. The variance decompositions of the vector autoregressions also show that the level of economic activity helps predict the price indices of appraisal-based assets while the stock market index and the term structure of interest rates are better predictors of the prices of transactions-based assets     

Clustering Methods for Real Estate Portfolios

A clustering algorithm is applied to effective rents for twenty-one metropolitan U.S. office markets, and to twenty-two metropolitan markets using vacancy data. It provides support for the conjecture that there exists a few major "families" of cities: including an oil and gas group and an industrial Northeast group. Unlike other clustering studies, we find strong evidence of bicoastal city associations among cities such as Boston and Los Angeles. We present a bootstrapping methodology for investigating the robustness of the clustering algorithm, and develop a means for testing the significance of city associations. While the analysis is limited to aggregate rent and vacancy data, the results provide a guideline for the further application of cluster analysis to other types of real estate and economic information.     

房地产融资渠道分析

由于国家银根收缩,房地产融资难度增大,加上中国房地产金融体系尚未完善,融资渠道狭窄,在一定程度上限制了我国房地产业的发展。房地产业需要新的融资渠道,如信托、基金、债券等取代传统的银行贷款融资模式。针对新的市场现状,各房地产企业必须加强资本运作能力,扩大融资渠道,创新金融产品。     

房地产促销策略创新研究

随着我国房地产行业外部环境的变化,客观上要求房地产企业及时转变观念根据市场状况及其发展变化确立营销策略。本文把先进的经营理念引入房地产市场,提出了一系列房地产促销策略创新措施。     

The Housing Market and Real Estate Brokers

The major development in this paper concerns the failure, in earlier studies, to consider interaction between alternative methods of arranging sales in the housing market. A seller may market a house by direct negotiations with buyers, without the intermediation of real estate brokers, or by listing the house with a broker. A rational seller would choose the option which offers the higher expected return on the house. In a sequence of models we argue that the seller's option of a method of sale induces competitive pressure in the choice of the commission rate by the broker. We also consider the split rate in a multiple listing system, ease of entry of brokers and the cartel hypothesis as applied to brokers. We conclude that the competitive pressure of direct negotiations between sellers and buyers, relative free entry of brokers and the inappropri-ateness of the cartel hypothesis cast serious doubt about a general consensus of opinion that the brokerage system is characterized by price fixing, excessive commissions and excessive marketing costs.     

Valuing Real Capital Investments Using The Least-Squares Monte Carlo Method

The recently developed least-squares Monte Carlo (LSM) method provides a simple and efficient technique for valuing American-type options. The proposed method is applicable to the cases of compound real options, like the other numerical techniques such as finite difference and lattice methods, with the additional advantage to handle easily the cases of multiple uncertain state variables with different and complex stochastic processes. With this advantage, the LSM method is not only efficient for valuing multi-factor American options, but it can also be extended for valuing complex real investments having many embedded real options and involving multiple uncertain state variables. This article examines the applicability of the LSM method in valuing real capital investments. Two valuation examples have been provided to test the efficiency of the proposed method in both the valuation and the decision-making processes.     

The Optimal Duration of Real Estate Listing Contracts

The length of the real estate listing contract is examined as a means of providing an incentive for brokers to act in the best interest of home sellers. A limitation on the duration of the contract accomplishes this objective by imposing a cost (namely, the foregone commission) on brokers who fail to complete a sale before the contract expires. The seller's optimal contract duration balances the benefits of improved incentives against the expected cost of renegotiating a new contract in the event of a failure bv the broker.     

The Separation of Real Estate Operations By Spin-Off

In this paper, we consider spin-offs as a vehicle to separate real estate operations from other real estate and/or non-real estate operations. For a sample of 33 such spin-offs announced and completed between 1962 and 1982, we document significantly positive abnormal returns around spin-off announcements. Using the standard event-time methodology, we find average excess returns of 5.7% in the two-day interval surrounding the first Wall Street Journal report of a pending spin-off. While the gains associated with spin-offs by real estate firms are positive on average, they are small in comparison to the 9.1% two-day announcement period abnormal returns surrounding proposals by non-real estate firms to divest real estate operations.     

The Investment Performance of Real Estate Limited Partnerships

Real estate limited partnerships have become an increasingly popular form of investment over the past decade. Many investors have been drawn to these investment vehicles because of the high claimed rates of return earned by investors in previous partnerships. However, there has been little analysis of the historical rates of return on these investments other than that provided by the syndicators in offering prospectuses. This paper examines the returns earned by investors in real estate limited partnerships over the past decade. These results are compared with previous studies of the investment performance of real estate. Because of the importance of the tax shield aspects of these investments, we calculate the after-tax rate of return for investors in several marginal tax brackets.     

Commercial Real Estate Returns

In the commercial real estate market, which is perceived to be relatively inefficient, investors have comparative advantages; hence there are significant costs to diversification. This paper presents for the first time a series of market (or quasi-market) returns for a large data base. This data base is believed to be the most complete commercial real estate data base yet constructed. The paper empirically evaluates the benefits of diversification along various dimensions within the commercial real estate opportunity set. The analysis confirms certain aspects of prior work concerning inflation protection and diversification opportunities while concluding that even investment grade real estate investments are heterogeneous assets.     

基于Internet的房地产数字化营销分析

从购房者学历、房地产独特的商品属性、网络营销的广告低成本等方面入手,分析了房地产网上数字化营销的可行性,以及目前房地产市场网络数字化营销的运作情况,探讨了房地产数字化营销的实现机理,并展望了房地产网络数字化营销的发展方向,即从平面型、文本式的广告模式,向立体犁、数字化广告模式发展。     

房地产项目敏感性分析的自动化辅助系统设计

敏感性分析是房地产项目可行性研究的内容之一，文章设计了进行敏感性分析的自动化辅助系统。这一系统设计使用Excel软件和利用VBA For Excel语言编程，能使用户通过简单的操作步骤输入必要的参数，系统自动完成敏感性分折的全部工作。