Returns and Information Transmission Dynamics in Public and Private Real Estate Markets

This paper examines U.S. public and private commercial real estate returns at the aggregate level and by the four major property types over the 1994–2012 time period. Returns are carefully adjusted for differences between public and private markets in financial leverage, property type focus and management fees. Unconditionally, we find that passive portfolios of unlevered core real estate investment trusts (REITs) outperformed their private market benchmark by 49 basis points (annualized) over the 1994–2012 sample period. Our baseline vector autoregression results suggest that REIT returns do not embed additional commercial real‐estate‐specific information useful in predicting private market returns. These results strongly suggest that equity REIT returns react to fundamental (latent) asset pricing information more quickly than private market returns given their greater liquidity and price revelation. REITs therefore serve as a fundamental information transmission channel to private market returns when asset pricing variables are omitted.     

Throwing Good Money After Bad? Cash Infusions and Distressed Real Estate

When a leveraged real estate project experience cash-flow problems, the owner must either inject additional cash or default on the mortgage. We show that it is not optimal for the owner to default as soon as net cash flow becomes negative. Surprisingly, the owner can expropriate some of the mortgage lender's wealth by injecting cash and continuing to pay interest. When the owner has cash constraints, outside investors may be able to extract significant economic rents by financing distressed real estate projects. These results have interesting implications for mortgage lending and the pattern of real estate transaction volume.     

Public Versus Private Real Estate Equities: A More Refined, Long-Term Comparison

In this article we compare public and private real estate equities. In so doing, we control for three of the main differences between these investment alternatives: property-type mix, leverage and appraisal smoothing. With these two restated indices, we then run tests to determine in a statistical sense whether the restated means and volatilities of the two series were different from one another. The clear answer is that they were not. The results of the statistical tests combined with the fact that the average difference between the two (restated) return series has substantially narrowed (to approximately 60 basis points) in the more recent (1993–2001) period jointly suggest a seamless real estate market in which public- and private-market vehicles display a long-run synchronicity. This has important implications for portfolio management. First, public- and private-market vehicles ought to be viewed as offering investors a risk/return continuum of real estate investment opportunities. Second, while the "platform" did not matter in terms of observed return characteristics, the platform may matter with regard to liquidity, governance, transparency, control, executive compensation and so forth; an apparent clientele effect hints at these issues being valued differently by large and small investors.     

Geographic Portfolio Allocations,Property Selection and Performance Attribution in Public and Private Real Estate Markets

This article examines the effects of geographic portfolio concentrations on the return performance of U.S. public real estate investment trusts versus private commercial real estate over the 1996–2013 time period. Adjusting private market returns for differences in geographic concentrations with public markets, we find that core private market performance falls. Using return performance attribution analysis, we find that the geographic allocation effect constitutes only a small portion of the total return difference between listed and private market returns, whereas individual property selection within geographic locations explains, in part, the documented outperformance of listed versus private real estate market returns.     

Workouts, Deep Pockets, and Fire Sales: An Analysis of Distressed Real Estate

This paper presents a conceptual analysis of issues that relate to the management of distressed real estate assets. The paper examines the decision implications of the major characteristics of real estate assets and real estate markets in the light of information and incentive problems that emerge when assets fail to perform as anticipated. The paper focuses on the determination of commitments of additional resources to a troubled property, the identification of efficient holders of distressed assets, and the consideration of policies toward the disposition of distressed assets. The paper concludes that in many instances asset sales, rather than causing further destabilization as suggested by the fire sale image, are likely to contribute to reducing the costs associated with distress.     

房地产租售与物业管理阶段风险分析

风险分析是房地产投资风险管理的基础,文章针对房地产投资过程中租赁与物业管理阶段的风险进行分析,旨在使房地产一切商能够准确识别本阶段风险。     

Public Information and Abnormal Returns in Real Estate Investment

This study performs empirical tests of the semistrong form efficiency of a real estate investment market. An asset pricing model is utilized to estimate the abnormal returns resulting from two types of public information, major changes in government tax shelter and rent control policies as well as unanticipated changes in interest rates. In both cases the results find an absence of significant abnormal returns and no evidence to suggest that real estate investors can utilize information concerning government policy changes or interest rate movements to earn higher returns on a risk-adjusted basis. In general the findings of this study conform to the semistrong form version of the efficient markets hypothesis.     

Competition and Efficiency in Transacting: The Case of Residential Real Estate Brokerage

This paper examines the functioning of the market for brokerage services for residential real estate. The central issue addressed is whether the manner in which brokerage services have traditionally been provided and priced is consistent with efficiency. In approaching this question, the paper first describes the activities usually associated with the brokerage function and develops criteria for the efficient provision of brokerage services. After the structural characterisitcs and pricing practices of the brokerage industry are analyzed, a model of brokerage firm competition is developed. The principal finding is that the traditional absence of price competition among brokers may have led to an inefficiently large commitment of resources to the brokerage industry, supported by excessive rates for consumers of brokerage services. These results stem from the way that competitive pressures emerge when price competition is largely suppressed.     

房地产企业绩效管理的现状与问题

系统阐述了房地产企业中绩效管理的现状,以及存在的几点问题。结合房地产企业经营管理特征,提出了房地产企业应该采用的对策建议。     

基于超效率DEA的房地产信贷资金配置效率研究

文章针对投放到房地产领域的信贷资金配置效率问题进行研究,利用超效率DEA建立分析模型,以我国35个大中城市作为研究样本,分别选取了2005年的投入指标和2007年的产出指标,实证检验了上述城市房地产信贷资金的配置效率.研究发现,整体上房地产信贷资金配置效率不高,只有48%的城市达到了DEA有效,其余52%的城市没有达到DEA有效;投放在房地产领域的信贷资金,配置效率呈现出地域化分布,DEA有效的城市集中分布在东北和西北地区,未达到DEA有效的城市集中分布在中部和南方地区.     

房地产开发企业销售管理研究

介绍了房地产开发企业的主要销售管理模式,分析了销售管理与企业收益、企业品牌的关系。重点阐述了房地产开发过程中销售管理与工程建设、与物业管理的协调,提出了改善房地产开发企业销售管理水平,提高销售业绩的基本方法。     

基于地球信息系统(GIS)的房产管理系统

地理信息系统(GIS)是融地理学、几何学、计算机科学及各类应用对象为一体的综合性高新技术，通过GIS可以把房产管理的各种信息与反映地理位置的图形有机地结合在一起，并可以根据用户的需求对信息进行分析，从而为房产管理的现代化管理摸索出一条捷径。章就房产管理系统需求、系统目标、系统功能、系统选型和结构等方面进行探讨。     

基于供应链管理的房地产企业规划设计模式选择

规划设计环节在房地产项目中占有举足轻重的地位。通过阐述供应链管理的基本思想,分析现阶段房地产开发商与规划设计商合作之间存在的问题,提出一种新型的集成开发小组的合作伙伴模式,打造规划设计环节的核心竞争力。     

房地产开发企业危机管理的研究

应用危机管理的理论研究成果,针对房地产开发企业的行业特点,研究了房地产开发企业进行危机管理的原则、内容和工作程序。对房地产开发企业可能遭遇的常见危机提出了相应的对策。     

美国房地产经纪市场运行效率综述

房地产经纪市场的运行效率是房地产市场发展水平的重要标志,也是衡量其是否成熟的主要标准,研究房地产经纪市场的运行效率具有重要的意义。由于目前对我国房地产经纪市场运行效率的研究基本上处于空白,借鉴美国房地产经纪市场运行效率的研究成果,可以为开展我国房地产经纪市场运行效率的研究提供指导。     

A Test of Weak-Form Efficiency in Residential Real Estate Returns

This paper tests weak-form efficiency of residential real estate returns for the city of Memphis, Tennessee. The database for the study is comprised of the population of all sales of single-unit residential property over a fifteen-year period, 1970–1984. The city was divided into ten submarkets based on Memphis City Planning Commission planning districts. An analysis of variance procedure was utilized to stabilize the variance both within and across submarkets and nonmarket financing was partially controlled by eliminating transactions with loan-to-value ratios greater than 95%. The remaining transactions were then used to generate a mean return series. The advantage of the mean over the single transaction series used by Gau is that it represents the most likely outcome for the investor trying to duplicate investment performance since "property unique" features would be expected to cancel. Seven of the ten submarkets exhibited time patterns; however, after adjusting for transaction costs, all ten submarkets were determined weak-form efficient for the period 1970–1984. This was not true for the short horizon holding period, 1970–1975. In four sub-markets an asymmetric version of Alexander's filter rule was able to outperform a buy-and-hold, even for round- trip transaction costs as high as 10%.     

知识管理在房地产开发企业中应用的分析

我国房地产开发企业实施知识管理存在的问题是：没有真正理解知识管理的内涵，缺乏实施知识管理的动力、化氛围和企业家群体。知识管理在房地产开发企业中应用的思路是：建立组织的知识链，营造实施知识管理的化氛围和机制，增强企业知识链运作等。只有房地产开发企业的知识流畅通无阻，才能有效地实施知识管理，并带来预期的效益。     

Institutional Capital Flows and Return Dynamics in Private Commercial Real Estate Markets

This article examines the short- and long-run dynamics among institutional capital flows and returns in private real estate markets. At the aggregate U.S. level, we find evidence that lagged institutional flows significantly influence subsequent returns. When disaggregating by property type at the national level, we find that capital flows predict subsequent returns in the apartment and office sectors, but not in the retail and industrial markets. At the metropolitan level, we find that the flows help explain subsequent returns in a limited number of core business statistical areas (CBSAs), although these CBSAs collectively represent about 30% of institutional capital. We find no evidence that institutional returns are predictive of future capital flows at the national or CBSA level, suggesting that institutional investors are not chasing returns.     

实施房地产品牌营销的战略要点研究

通过对我国房地产品牌营销现状的分析,研究了房地产品牌营销进行战略管理的重要性、在房地产品牌营销中如何实施战略性管理,以及房地产品牌营销的战略管理的要点。     

Bank Efficiency, Risk-Based Capital, and Real Estate Exposure: The Credit Crunch Revisited

The turbulent real estate market during the early 1990s coincided with the implementation of risk-based capital standards for commercial banks. In this study we use non-parametric linear programming techniques to identify the lost real estate lending due to bank inefficiency. Inefficiency may arise from one of three sources: risk-based capital standards which constrain bank real estate lending, inefficiency stemming from managerial oversight of real estate lending, and scale inefficiency which arises from banks not operating at constant returns to scale. The results indicate that the lost real estate lending associated with risk-based capital standards averaged 2.7% of total bank assets. However, banks could compensate by exercising better managerial oversight of real estate lending and by operating at constant returns to scale.