Publisher: Springer-Verlag (Total: 2626 journals)

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Showing 1 - 200 of 2626 Journals sorted alphabetically
3D Printing in Medicine     Open Access   (Followers: 5)
3D Research     Hybrid Journal   (Followers: 21, SJR: 0.222, CiteScore: 1)
4OR: A Quarterly J. of Operations Research     Hybrid Journal   (Followers: 13, SJR: 0.825, CiteScore: 1)
AAPS J.     Hybrid Journal   (Followers: 31, SJR: 1.118, CiteScore: 4)
AAPS PharmSciTech     Hybrid Journal   (Followers: 9, SJR: 0.752, CiteScore: 3)
Abdominal Radiology     Hybrid Journal   (Followers: 21, SJR: 0.866, CiteScore: 2)
Abhandlungen aus dem Mathematischen Seminar der Universitat Hamburg     Hybrid Journal   (Followers: 4, SJR: 0.439, CiteScore: 0)
aBIOTECH : An Intl. J. on Plant Biotechnology and Agricultural Sciences     Hybrid Journal   (Followers: 2)
Academic Psychiatry     Full-text available via subscription   (Followers: 31, SJR: 0.53, CiteScore: 1)
Academic Questions     Hybrid Journal   (Followers: 9, SJR: 0.106, CiteScore: 0)
Accreditation and Quality Assurance: J. for Quality, Comparability and Reliability in Chemical Measurement     Hybrid Journal   (Followers: 34, SJR: 0.316, CiteScore: 1)
Acoustical Physics     Hybrid Journal   (Followers: 12, SJR: 0.359, CiteScore: 1)
Acoustics Australia     Hybrid Journal   (Followers: 2, SJR: 0.232, CiteScore: 1)
Acta Analytica     Hybrid Journal   (Followers: 7, SJR: 0.367, CiteScore: 0)
Acta Applicandae Mathematicae     Hybrid Journal   (Followers: 1, SJR: 0.675, CiteScore: 1)
Acta Biotheoretica     Hybrid Journal   (Followers: 3, SJR: 0.284, CiteScore: 1)
Acta Diabetologica     Hybrid Journal   (Followers: 19, SJR: 1.587, CiteScore: 3)
Acta Endoscopica     Hybrid Journal   (Followers: 1)
acta ethologica     Hybrid Journal   (Followers: 4, SJR: 0.769, CiteScore: 1)
Acta Geochimica     Hybrid Journal   (Followers: 8, SJR: 0.24, CiteScore: 1)
Acta Geodaetica et Geophysica     Hybrid Journal   (Followers: 3, SJR: 0.305, CiteScore: 1)
Acta Geophysica     Hybrid Journal   (Followers: 11, SJR: 0.312, CiteScore: 1)
Acta Geotechnica     Hybrid Journal   (Followers: 7, SJR: 1.588, CiteScore: 3)
Acta Informatica     Hybrid Journal   (Followers: 5, SJR: 0.517, CiteScore: 1)
Acta Mathematica     Hybrid Journal   (Followers: 12, SJR: 7.066, CiteScore: 3)
Acta Mathematica Hungarica     Hybrid Journal   (Followers: 2, SJR: 0.452, CiteScore: 1)
Acta Mathematica Sinica, English Series     Hybrid Journal   (Followers: 6, SJR: 0.379, CiteScore: 1)
Acta Mathematica Vietnamica     Hybrid Journal   (SJR: 0.27, CiteScore: 0)
Acta Mathematicae Applicatae Sinica, English Series     Hybrid Journal   (SJR: 0.208, CiteScore: 0)
Acta Mechanica     Hybrid Journal   (Followers: 25, SJR: 1.04, CiteScore: 2)
Acta Mechanica Sinica     Hybrid Journal   (Followers: 5, SJR: 0.607, CiteScore: 2)
Acta Metallurgica Sinica (English Letters)     Hybrid Journal   (Followers: 9, SJR: 0.576, CiteScore: 2)
Acta Meteorologica Sinica     Hybrid Journal   (Followers: 3, SJR: 0.638, CiteScore: 1)
Acta Neurochirurgica     Hybrid Journal   (Followers: 7, SJR: 0.822, CiteScore: 2)
Acta Neurologica Belgica     Hybrid Journal   (Followers: 3, SJR: 0.376, CiteScore: 1)
Acta Neuropathologica     Hybrid Journal   (Followers: 5, SJR: 7.589, CiteScore: 12)
Acta Oceanologica Sinica     Hybrid Journal   (Followers: 3, SJR: 0.334, CiteScore: 1)
Acta Physiologiae Plantarum     Hybrid Journal   (Followers: 4, SJR: 0.574, CiteScore: 2)
Acta Politica     Hybrid Journal   (Followers: 19, SJR: 0.605, CiteScore: 1)
Activitas Nervosa Superior     Hybrid Journal   (SJR: 0.147, CiteScore: 0)
Adaptive Human Behavior and Physiology     Hybrid Journal   (Followers: 1)
adhäsion KLEBEN & DICHTEN     Hybrid Journal   (Followers: 9, SJR: 0.103, CiteScore: 0)
ADHD Attention Deficit and Hyperactivity Disorders     Hybrid Journal   (Followers: 28, SJR: 0.72, CiteScore: 2)
Adhesion Adhesives & Sealants     Hybrid Journal   (Followers: 11)
Administration and Policy in Mental Health and Mental Health Services Research     Partially Free   (Followers: 21, SJR: 1.005, CiteScore: 2)
Adolescent Research Review     Hybrid Journal   (Followers: 2)
Adsorption     Hybrid Journal   (Followers: 5, SJR: 0.703, CiteScore: 2)
Advanced Composites and Hybrid Materials     Hybrid Journal  
Advanced Fiber Materials     Full-text available via subscription  
Advances in Applied Clifford Algebras     Hybrid Journal   (Followers: 4, SJR: 0.698, CiteScore: 1)
Advances in Astronautics Science and Technology     Hybrid Journal  
Advances in Atmospheric Sciences     Hybrid Journal   (Followers: 42, SJR: 0.956, CiteScore: 2)
Advances in Computational Mathematics     Hybrid Journal   (Followers: 23, SJR: 0.812, CiteScore: 1)
Advances in Contraception     Hybrid Journal   (Followers: 3)
Advances in Data Analysis and Classification     Hybrid Journal   (Followers: 57, SJR: 1.09, CiteScore: 1)
Advances in Gerontology     Partially Free   (Followers: 8, SJR: 0.144, CiteScore: 0)
Advances in Health Sciences Education     Hybrid Journal   (Followers: 36, SJR: 1.64, CiteScore: 2)
Advances in Manufacturing     Hybrid Journal   (Followers: 5, SJR: 0.475, CiteScore: 2)
Advances in Neurodevelopmental Disorders     Hybrid Journal   (Followers: 2)
Advances in Operator Theory     Hybrid Journal   (Followers: 4)
Advances in Polymer Science     Hybrid Journal   (Followers: 49, SJR: 1.04, CiteScore: 3)
Advances in Therapy     Hybrid Journal   (Followers: 5, SJR: 1.075, CiteScore: 3)
Advances in Traditional Medicine     Hybrid Journal   (Followers: 4)
Adversity and Resilience Science : J. of Research and Practice     Hybrid Journal   (Followers: 2)
Aegean Review of the Law of the Sea and Maritime Law     Hybrid Journal   (Followers: 9)
Aequationes Mathematicae     Hybrid Journal   (Followers: 2, SJR: 0.517, CiteScore: 1)
Aerobiologia     Hybrid Journal   (Followers: 4, SJR: 0.673, CiteScore: 2)
Aerosol Science and Engineering     Hybrid Journal  
Aerospace Systems     Hybrid Journal   (Followers: 1)
Aerotecnica Missili & Spazio : J. of Aerospace Science, Technologies & Systems     Hybrid Journal  
Aesthetic Plastic Surgery     Hybrid Journal   (Followers: 12, SJR: 0.825, CiteScore: 1)
Affective Science     Hybrid Journal   (Followers: 2)
African Archaeological Review     Hybrid Journal   (Followers: 20, SJR: 0.862, CiteScore: 1)
Afrika Matematika     Hybrid Journal   (Followers: 3, SJR: 0.235, CiteScore: 0)
Ageing Intl.     Hybrid Journal   (Followers: 7, SJR: 0.39, CiteScore: 1)
Aggiornamenti CIO     Hybrid Journal   (Followers: 1)
Aging Clinical and Experimental Research     Hybrid Journal   (Followers: 3, SJR: 0.67, CiteScore: 2)
Agricultural Research     Hybrid Journal   (Followers: 7, SJR: 0.276, CiteScore: 1)
Agriculture and Human Values     Open Access   (Followers: 15, SJR: 1.173, CiteScore: 3)
Agroforestry Systems     Open Access   (Followers: 20, SJR: 0.663, CiteScore: 1)
Agronomy for Sustainable Development     Open Access   (Followers: 18, SJR: 1.864, CiteScore: 6)
AI & Society     Hybrid Journal   (Followers: 9, SJR: 0.227, CiteScore: 1)
AIDS and Behavior     Hybrid Journal   (Followers: 17, SJR: 1.792, CiteScore: 3)
Air Quality, Atmosphere & Health     Hybrid Journal   (Followers: 6, SJR: 0.862, CiteScore: 3)
Akupunktur & Aurikulomedizin     Full-text available via subscription   (Followers: 1)
Algebra and Logic     Hybrid Journal   (Followers: 7, SJR: 0.531, CiteScore: 0)
Algebra Universalis     Hybrid Journal   (Followers: 2, SJR: 0.583, CiteScore: 1)
Algebras and Representation Theory     Hybrid Journal   (Followers: 1, SJR: 1.095, CiteScore: 1)
Algorithmica     Hybrid Journal   (Followers: 9, SJR: 0.56, CiteScore: 1)
Allergo J.     Full-text available via subscription   (Followers: 2, SJR: 0.234, CiteScore: 0)
Allergo J. Intl.     Hybrid Journal   (Followers: 2)
Alpine Botany     Hybrid Journal   (Followers: 5, SJR: 1.11, CiteScore: 3)
ALTEX : Alternatives to Animal Experimentation     Open Access   (Followers: 2)
AMBIO     Hybrid Journal   (Followers: 9, SJR: 1.569, CiteScore: 4)
American J. of Cardiovascular Drugs     Hybrid Journal   (Followers: 17, SJR: 0.951, CiteScore: 3)
American J. of Community Psychology     Hybrid Journal   (Followers: 32, SJR: 1.329, CiteScore: 2)
American J. of Criminal Justice     Hybrid Journal   (Followers: 9, SJR: 0.772, CiteScore: 1)
American J. of Cultural Sociology     Hybrid Journal   (Followers: 20, SJR: 0.46, CiteScore: 1)
American J. of Dance Therapy     Hybrid Journal   (Followers: 8, SJR: 0.181, CiteScore: 0)
American J. of Potato Research     Hybrid Journal   (Followers: 3, SJR: 0.611, CiteScore: 1)
American J. of Psychoanalysis     Hybrid Journal   (Followers: 22, SJR: 0.314, CiteScore: 0)
American Sociologist     Hybrid Journal   (Followers: 16, SJR: 0.35, CiteScore: 0)
Amino Acids     Hybrid Journal   (Followers: 7, SJR: 1.135, CiteScore: 3)
AMS Review     Partially Free   (Followers: 4)
Analog Integrated Circuits and Signal Processing     Hybrid Journal   (Followers: 11, SJR: 0.211, CiteScore: 1)
Analysis and Mathematical Physics     Hybrid Journal   (Followers: 6, SJR: 0.536, CiteScore: 1)
Analysis in Theory and Applications     Hybrid Journal   (Followers: 1)
Analysis of Verbal Behavior     Hybrid Journal   (Followers: 6)
Analytical and Bioanalytical Chemistry     Hybrid Journal   (Followers: 32, SJR: 0.978, CiteScore: 3)
Anatomical Science Intl.     Hybrid Journal   (Followers: 3, SJR: 0.367, CiteScore: 1)
Angewandte Schmerztherapie und Palliativmedizin     Hybrid Journal  
Angiogenesis     Hybrid Journal   (Followers: 3, SJR: 2.177, CiteScore: 5)
Animal Cognition     Hybrid Journal   (Followers: 23, SJR: 1.389, CiteScore: 3)
Annales françaises de médecine d'urgence     Hybrid Journal   (Followers: 1, SJR: 0.192, CiteScore: 0)
Annales Henri Poincaré     Hybrid Journal   (Followers: 3, SJR: 1.097, CiteScore: 2)
Annales mathématiques du Québec     Hybrid Journal   (Followers: 4, SJR: 0.438, CiteScore: 0)
Annali dell'Universita di Ferrara     Hybrid Journal   (SJR: 0.429, CiteScore: 0)
Annali di Matematica Pura ed Applicata     Hybrid Journal   (Followers: 1, SJR: 1.197, CiteScore: 1)
Annals of Biomedical Engineering     Hybrid Journal   (Followers: 19, SJR: 1.042, CiteScore: 3)
Annals of Combinatorics     Hybrid Journal   (Followers: 4, SJR: 0.932, CiteScore: 1)
Annals of Data Science     Hybrid Journal   (Followers: 13)
Annals of Dyslexia     Hybrid Journal   (Followers: 11, SJR: 0.85, CiteScore: 2)
Annals of Finance     Hybrid Journal   (Followers: 37, SJR: 0.579, CiteScore: 1)
Annals of Forest Science     Hybrid Journal   (Followers: 7, SJR: 0.986, CiteScore: 2)
Annals of Functional Analysis     Hybrid Journal   (Followers: 3)
Annals of Global Analysis and Geometry     Hybrid Journal   (Followers: 1, SJR: 1.228, CiteScore: 1)
Annals of Hematology     Hybrid Journal   (Followers: 15, SJR: 1.043, CiteScore: 2)
Annals of Mathematics and Artificial Intelligence     Hybrid Journal   (Followers: 14, SJR: 0.413, CiteScore: 1)
Annals of Microbiology     Hybrid Journal   (Followers: 13, SJR: 0.479, CiteScore: 2)
Annals of Nuclear Medicine     Hybrid Journal   (Followers: 4, SJR: 0.687, CiteScore: 2)
Annals of Operations Research     Hybrid Journal   (Followers: 11, SJR: 0.943, CiteScore: 2)
Annals of Ophthalmology     Hybrid Journal   (Followers: 14)
Annals of PDE     Hybrid Journal  
Annals of Regional Science     Hybrid Journal   (Followers: 9, SJR: 0.614, CiteScore: 1)
Annals of Software Engineering     Hybrid Journal   (Followers: 13)
Annals of Solid and Structural Mechanics     Hybrid Journal   (Followers: 11, SJR: 0.239, CiteScore: 1)
Annals of Surgical Oncology     Hybrid Journal   (Followers: 19, SJR: 1.986, CiteScore: 4)
Annals of Telecommunications     Hybrid Journal   (Followers: 9, SJR: 0.223, CiteScore: 1)
Annals of the Institute of Statistical Mathematics     Hybrid Journal   (Followers: 1, SJR: 1.495, CiteScore: 1)
Antonie van Leeuwenhoek     Hybrid Journal   (Followers: 5, SJR: 0.834, CiteScore: 2)
Apidologie     Hybrid Journal   (Followers: 5, SJR: 1.22, CiteScore: 3)
APOPTOSIS     Hybrid Journal   (Followers: 9, SJR: 1.424, CiteScore: 4)
Applicable Algebra in Engineering, Communication and Computing     Hybrid Journal   (Followers: 3, SJR: 0.294, CiteScore: 1)
Applications of Mathematics     Hybrid Journal   (Followers: 3, SJR: 0.602, CiteScore: 1)
Applied Biochemistry and Biotechnology     Hybrid Journal   (Followers: 42, SJR: 0.571, CiteScore: 2)
Applied Biochemistry and Microbiology     Hybrid Journal   (Followers: 20, SJR: 0.21, CiteScore: 1)
Applied Categorical Structures     Hybrid Journal   (Followers: 4, SJR: 0.49, CiteScore: 0)
Applied Composite Materials     Hybrid Journal   (Followers: 53, SJR: 0.58, CiteScore: 2)
Applied Entomology and Zoology     Partially Free   (Followers: 7, SJR: 0.422, CiteScore: 1)
Applied Geomatics     Hybrid Journal   (Followers: 3, SJR: 0.733, CiteScore: 3)
Applied Geophysics     Hybrid Journal   (Followers: 11, SJR: 0.488, CiteScore: 1)
Applied Intelligence     Hybrid Journal   (Followers: 15, SJR: 0.6, CiteScore: 2)
Applied Magnetic Resonance     Hybrid Journal   (Followers: 4, SJR: 0.319, CiteScore: 1)
Applied Mathematics & Optimization     Hybrid Journal   (Followers: 10, SJR: 0.886, CiteScore: 1)
Applied Mathematics - A J. of Chinese Universities     Hybrid Journal   (Followers: 1, SJR: 0.17, CiteScore: 0)
Applied Mathematics and Mechanics     Hybrid Journal   (Followers: 5, SJR: 0.461, CiteScore: 1)
Applied Microbiology and Biotechnology     Hybrid Journal   (Followers: 70, SJR: 1.182, CiteScore: 4)
Applied Physics A     Hybrid Journal   (Followers: 11, SJR: 0.481, CiteScore: 2)
Applied Physics B: Lasers and Optics     Hybrid Journal   (Followers: 27, SJR: 0.74, CiteScore: 2)
Applied Psychophysiology and Biofeedback     Hybrid Journal   (Followers: 8, SJR: 0.519, CiteScore: 2)
Applied Research in Quality of Life     Hybrid Journal   (Followers: 12, SJR: 0.316, CiteScore: 1)
Applied Solar Energy     Hybrid Journal   (Followers: 22, SJR: 0.225, CiteScore: 0)
Applied Spatial Analysis and Policy     Hybrid Journal   (Followers: 6, SJR: 0.542, CiteScore: 1)
Aquaculture Intl.     Hybrid Journal   (Followers: 26, SJR: 0.591, CiteScore: 2)
Aquarium Sciences and Conservation     Hybrid Journal   (Followers: 2)
Aquatic Ecology     Hybrid Journal   (Followers: 38, SJR: 0.656, CiteScore: 2)
Aquatic Geochemistry     Hybrid Journal   (Followers: 3, SJR: 0.591, CiteScore: 1)
Aquatic Sciences     Hybrid Journal   (Followers: 14, SJR: 1.109, CiteScore: 3)
Arabian J. for Science and Engineering     Hybrid Journal   (Followers: 5, SJR: 0.303, CiteScore: 1)
Arabian J. of Geosciences     Hybrid Journal   (Followers: 2, SJR: 0.319, CiteScore: 1)
Archaeological and Anthropological Sciences     Hybrid Journal   (Followers: 24, SJR: 1.052, CiteScore: 2)
Archaeologies     Hybrid Journal   (Followers: 13, SJR: 0.224, CiteScore: 0)
Archiv der Mathematik     Hybrid Journal   (Followers: 1, SJR: 0.725, CiteScore: 1)
Archival Science     Hybrid Journal   (Followers: 70, SJR: 0.745, CiteScore: 2)
Archive for History of Exact Sciences     Hybrid Journal   (Followers: 7, SJR: 0.186, CiteScore: 1)
Archive for Mathematical Logic     Hybrid Journal   (Followers: 3, SJR: 0.909, CiteScore: 1)
Archive for Rational Mechanics and Analysis     Hybrid Journal   (SJR: 3.93, CiteScore: 3)
Archive of Applied Mechanics     Hybrid Journal   (Followers: 6, SJR: 0.79, CiteScore: 2)
Archives and Museum Informatics     Hybrid Journal   (Followers: 181, SJR: 0.101, CiteScore: 0)
Archives of Computational Methods in Engineering     Hybrid Journal   (Followers: 6, SJR: 1.41, CiteScore: 5)
Archives of Dermatological Research     Hybrid Journal   (Followers: 7, SJR: 1.006, CiteScore: 2)
Archives of Environmental Contamination and Toxicology     Hybrid Journal   (Followers: 14, SJR: 0.773, CiteScore: 2)
Archives of Gynecology and Obstetrics     Hybrid Journal   (Followers: 19, SJR: 0.956, CiteScore: 2)
Archives of Microbiology     Hybrid Journal   (Followers: 10, SJR: 0.644, CiteScore: 2)
Archives of Orthopaedic and Trauma Surgery     Hybrid Journal   (Followers: 10, SJR: 1.146, CiteScore: 2)
Archives of Osteoporosis     Hybrid Journal   (Followers: 2, SJR: 0.71, CiteScore: 2)
Archives of Sexual Behavior     Hybrid Journal   (Followers: 11, SJR: 1.493, CiteScore: 3)
Archives of Toxicology     Hybrid Journal   (Followers: 18, SJR: 1.541, CiteScore: 5)
Archives of Virology     Hybrid Journal   (Followers: 5, SJR: 0.973, CiteScore: 2)
Archives of Women's Mental Health     Hybrid Journal   (Followers: 18, SJR: 1.274, CiteScore: 3)
Archivio di Ortopedia e Reumatologia     Hybrid Journal  
Archivum Immunologiae et Therapiae Experimentalis     Hybrid Journal   (Followers: 2, SJR: 0.946, CiteScore: 3)
ArgoSpine News & J.     Hybrid Journal  
Argumentation     Hybrid Journal   (Followers: 6, SJR: 0.349, CiteScore: 1)
Arid Ecosystems     Hybrid Journal   (Followers: 3, SJR: 0.2, CiteScore: 0)
Arkiv för Matematik     Hybrid Journal   (Followers: 1, SJR: 0.766, CiteScore: 1)
arktos : The J. of Arctic Geosciences     Hybrid Journal  
Arnold Mathematical J.     Hybrid Journal   (Followers: 1, SJR: 0.355, CiteScore: 0)
Arthropod-Plant Interactions     Hybrid Journal   (Followers: 2, SJR: 0.839, CiteScore: 2)
Arthroskopie     Hybrid Journal   (Followers: 1, SJR: 0.131, CiteScore: 0)

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Similar Journals
Journal Cover
The Journal of Real Estate Finance and Economics
Journal Prestige (SJR): 1.132
Citation Impact (citeScore): 1
Number of Followers: 17  
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 1573-045X - ISSN (Online) 0895-5638
Published by Springer-Verlag Homepage  [2626 journals]
  • Distance to Headquarter and Real Estate Equity Performance
    • Abstract: We study the effect of geographic portfolio diversification of real estate firms on their investment performance before and after the global financial crisis (GFC). In addition to previously used dispersion metrics, we also account for the distance of the properties to the corporate headquarters. We document a notable shift in the non-market performance of real estate companies after the crisis. Pre-GFC, we do not find a difference in non-market performance across equities based on geographic diversification. Post-GFC, equities with high geographic dispersion significantly outperform the market, while firms with concentrated property holdings do not deliver a significant alpha. Increased real estate equity market sophistication and strong institutional presence can explain why this effect is only observed for dispersed small firms, those invested outside gateway metro areas, or companies with low institutional ownership.
      PubDate: 2020-05-27
  • Did Real Estate Professionals Anticipate the 2007-2008 Financial
           Crisis' Evidence from Insider Trading in the REITs
    • Abstract: This research examines whether real estate professionals detected the property bubble and foresaw the consequent financial crisis of 2007-2008. By analysing the insider trading activities within REITs from 1996 to 2010, we find that REIT insiders reduced their holdings significantly during the real estate boom period as early as 2004, before the financial crisis. Difference-in-difference analysis reveals that REIT insiders cashed out their positions more aggressively than insiders in real estate and construction firms. The findings support the informed trader hypothesis that managers and employees in REITs anticipated the burst of the real estate bubble and the imminent financial crisis, and shifted their wealth away from the real estate market to avoid potential losses. We find no evidence to support the biased belief hypothesis (Cheng et al., 2014) that REIT insiders were over-optimistic during the real estate boom period or that their inside trading behaviour was affected by local market performance.
      PubDate: 2020-05-18
  • Does Proximity to School Still Matter Once Access to Your Preferred School
           Zone Has Already Been Secured'
    • Abstract: This paper examines the relationship between proximity to secondary schools and property values within three school enrollment zones in Auckland, New Zealand. Results indicate that, in the most sought-after school zone, house prices increase with proximity to school but decrease above 3.664 km. Moreover, we find that the nonlinear effects are most prominent at the lower quantile of the sales price distribution. In the other two school zones, proximity to school reduces house prices. These results demonstrate that distance to school still matters within each school enrollment zone.
      PubDate: 2020-05-12
  • Are Housing Wealth Effects Asymmetric in Booms and Busts'
    • Abstract: This paper investigates the effects of household indebtedness and housing wealth on consumption. To identify exogenous movements of housing wealth and leverage, we estimate housing supply elasticities for New Zealand urban centers. We construct synthetic panel series by using household survey data to estimate the marginal propensity to consume out of exogenous changes in housing wealth, while controlling for the household leverage ratio. Our empirical results show that, on average, the marginal propensity to consume out of housing wealth is about 3 cents out of one dollar. But it is larger, about 4 cents, in response to falling house wealth than to increasing housing wealth, about 2 cents. We further investigate the role of household indebtedness in accounting for the asymmetric effect. Our findings suggest that household leverage reinforces the housing wealth effect in a housing bust, but dampens the housing wealth effect in a boom.
      PubDate: 2020-05-09
  • The Information Content of NAV Estimates
    • Abstract: This paper investigates whether analysts’ estimates of firm fundamental value transmit unique information to security markets. Previous work has not studied analyst value estimates because of the scarcity of the release of such data. This study circumvents that limitation by considering the one type of firm for which a large sample of value estimates, known as the net asset value (NAV), exists: Real Estate Investment Trusts (REITs). Using a sample of 200 Equity REITs from 2001 to 2015, we document significant abnormal returns and share turnover on the announcement date of NAV revisions. This response is consistent with market reactions to announcements of other types of analysts’ estimates: earnings forecasts, price targets, and buy/sell recommendations. Our findings remain significant after controlling for these, suggesting the information contained in NAV revisions is incremental to that contained in other analyst estimates. Consistent with efficient information transmission, the market absorbs this new information quickly and completely.
      PubDate: 2020-05-07
  • Urbanity, Financial Crisis and the Timing of Homebuying Decisions by Young
    • Abstract: Large urban areas have a high appeal to young households, particularly highly educated ones, as they offer higher wages, more job opportunities and urban amenities. However, large urban areas are also characterized by higher rental rates and single-family home prices. We investigate the timing of homebuying decisions by young households (25 to 28 years) in large metropolitan (metro) areas compared to young households in other areas. Using the PSID database and Cox regression, we find that wealth, likelihood to move, being married, race and macro-economic variables affect the timing of homebuying decisions of young households irrespective of where they live. However, income is more important for the timing of homebuying decisions by young households in large metro areas than other areas and a college education is less important. Furthermore, large metro households are more likely to delay homeownership than households in other areas. In poor economic conditions such as the 2007 to 2009 financial crisis, mobility considerations are predominantly driving the timing of homebuying decisions by large metro households while income is most important for homebuying decisions of young households in other areas. Our results suggest that young homebuyers in large metro areas differ from those in other areas and that urbanity is important in understanding homebuyer behavior.
      PubDate: 2020-05-01
  • Mortgage Risk Premiums during the Housing Bubble
    • Abstract: How did pricing for mortgage credit risk change during the years prior to the 2008 financial crisis' Using a database from a major American bank that served as trustee for private-label mortgage-backed securitized (PLS) loans, this paper identifies a decline in credit spreads on mortgages conditioned on loan and borrower characteristics. We show that observable risk factors, FICO score and loan-to-value ratio, had less of an impact on mortgage pricing over time. As the volume of PLS mortgages expanded and lending terms eased, risk premiums failed to price the increase in risk.
      PubDate: 2020-05-01
  • The Impact of Exogenous Shocks on House Prices: the Case of the Volkswagen
           Emissions Scandal
    • Abstract: This study analyzes to what extent the announcement on 9/18/2015 of the VW diesel emissions scandal affected house prices in the vicinity of Chattanooga, TN, the location of the only VW production plant in the United States at that time. We examine the impact of the announcement with house transactions data for the 3 years from 2014 to 2016. We explore a number of alternative methods, including a permutation test, to tie down causation. Our results indicate that the brunt of the negative impact occurred 61 to 90 days after the announcement, with no statistically significant negative effects after 90 days. Although the average price discount for the study area is modest at about 3% to 4.5%, the effect tends to be significantly larger for locations closer to the VW plant. However, geographical distance has a distinctly non-linear influence on the price discount.
      PubDate: 2020-05-01
  • Detecting Bubbles in the US and UK Real Estate Markets
    • Abstract: This study considers state of the art subset selection and shrinkage procedures − stepwise regression, ridge regression, lasso, bridge regression and the elastic net along with the commonly employed least squares regression − to detect bubbles in real estate markets. Our analysis of real estate indices representing the commercial, residential and equity real estate sectors in the United States and the United Kingdom finds evidence suggesting the existence of significant periods of overvaluation in residential real estate, as well as economically significant periods of undervaluation in equity real estate markets. The evolution of specific real estate indices in the United States is similar to the evolution of the corresponding indices in the United Kingdom. In order to determine whether the observed deviations of the actual price index from its fundamental value are due to the presence of bubbles, we use two complementary methodologies, the first based on right-side unit root tests for explosive behaviour and the second defined by regime switching models for bubbles. We show that employing an average of all complex models yields more robust forecasting over an 8 years out-of-sample period.
      PubDate: 2020-05-01
  • Using Revisions as a Measure of Price Index Quality in Repeat-Sales Models
    • Abstract: Repeat-sales indexes are the most widely used type of transaction based property price indexes. However, such indexes are particularly prone to revision. When a new period of transaction data becomes available and is used to update the repeat-sales model, all past index values can potentially be revised. These revisions are especially problematical for commercial real estate (as compared to housing), due to the relative scarcity of transaction data and the heterogeneity of the underlying properties. From a methodological perspective, the magnitude of the revisions is a particularly useful measure of the index quality, as it directly reflects both the precision of the index and its practical usefulness in economic and business applications. This paper focuses on index revisions in thin, commercial property markets, the type of market that is most challenging. We present multiple specifications of the repeat-sales model (both existing and new), seeking to reduce revisions. We are able to reduce overall index revisions by more than 50%, compared to more traditional repeat-sales models.
      PubDate: 2020-05-01
  • Interest Rates and Investment: Evidence from Commercial Real Estate
    • Abstract: Interest rates in the U.S. have been at historical lows since the financial crisis in 2007 for almost a decade, which are partly meant to stimulate investments. However, a theory by Chetty (2007) suggests that, at low rates, decreasing the interest rate has little effect on investments due to the low cost of delaying investment. This paper estimates constant-quality commercial real estate pricing indices for U.S. metro areas and empirically studies how interest rates affect capital expenditures of more than 12,000 properties across time (from 1997 to 2014) and metros. The identification comes from different responses of property capital expenses across metros to the same interest rate. Results show that decreasing the interest rate has weaker stimulating effects on investments when rates are low and where property prices are high.
      PubDate: 2020-05-01
  • The Role of Target Termination Fees in REIT Mergers
    • Abstract: Target termination fee provisions are widely used in merger agreements and require the target firm to pay the bidder a fixed cash fee in the event the target firm backs out of the agreement. We examine the determinants and consequences of target termination fee provisions in REIT mergers and test the competing agency and efficient contracting hypothesis. We find that target termination fee provisions are more likely in hard to value targets, that is, in deals involving large targets, targets with high leverage, and firms that were not targets of a takeover attempt in the recent past. Our results also suggest that target termination fee provisions are associated with higher offer premiums, announcement period returns, and higher deal completion rates. Collectively, our results indicate that termination fee provisions are used as effective contractual devices in REIT mergers to further target shareholder interests.
      PubDate: 2020-04-16
  • The Impact of Default and Foreclosure on Housing Values: Rings Vs.
           Neighborhoods Approach
    • Abstract: We use neighborhood boundaries, in addition to a concentric rings approach, to examine single family foreclosure spillover effects on residential sales in Shelby County, TN for 2001–16. We find that using more homogeneous neighborhoods provides better and more consistent results as compared to results of using conventional concentric rings boundaries. Applying hedonic modeling, 2SLS, two-way clustered residual models to account for spatial, temporal and locational effects, we control for market cycles, property characteristics and fixed effects including date of sale. We find significant negative non-linear convex foreclosure rate impacts on sales prices given different locational, shape and demographic neighborhoods. Neighborhoods with high chronic foreclosure rates sustain substantially higher negative price impacts, while those with both lower acute or chronic foreclosure rates show lower price impacts.
      PubDate: 2020-04-01
  • Mortgage Pricing Implications of Prepayment: Separating Pecuniary and
           Non-pecuniary Prepayment
    • Abstract: In the study of mortgage loan pricing, prepayment and default hazards are considered. While default results in loss of initial capital, prepayment is the more frequent termination event. This study makes a distinction between pecuniary and non-pecuniary prepayments in the mortgage pricing model. Pecuniary/non-pecuniary prepayments are distinguished from each other based on whether the market interest rate at prepayment is below/above the rate at origination, and thus whether mortgage lenders/investors can reinvest the proceeds at a lower/higher interest rate using the proceeds from a prepaid loan. Using a sample of 30-year fixed-rate mortgage loans for home purchase, this study finds that pecuniary and non-pecuniary prepayments are affected differently by certain overlapping factors and are driven by some unique factors. The results also show that combining these two types of prepayments into a single prepayment measure may yield inaccurate predictions of loan termination probabilities. The results from the mortgage pricing model indicate that pecuniary and non-pecuniary prepayment risks, together with default risk, contribute separately to the pricing of a loan.
      PubDate: 2020-04-01
  • Underwriting Limits and Optimal Leverage in Commercial Real Estate
    • Abstract: Risk-averse commercial mortgage lenders follow an underwriting policy with strict limits based on the property’s value and cash flow. A borrower then chooses the initial loan amount and amortization that fit into these requirements and maximizes the investment’s net present value. For an underwriting policy based on typical mortgage ratios, this optimization problem has a closed-form solution. Applying the formula to loan business data from life insurance companies, fluctuations in market parameters and cash flow-based policy limits can explain the major part of the observed variability in initial leverage. This analysis gives further support to observations that initial leverage is endogenous to the underwriting process, while cash flow-based and forward-looking measures are of primary importance in commercial loan risk management.
      PubDate: 2020-04-01
  • Fannie Mae and Freddie Mac: Risk-Taking and the Option to Change Strategy
    • Abstract: We analyze causes of the surge in defaults experienced by Fannie Mae and Freddie Mac during the Great Recession. Our data are consistent with the following: The two faced a trade-off between subsidized risk-taking (due to a guarantee implied by their charters) and franchise value (due to the scarcity of their charters). Around 2005 there was a change in the relative benefits of the two due to increased competition from “private label” securities. Along with declines in house prices, the increase in defaults is best explained by exercising an option to change strategy, before regulators fully caught on, toward newer, riskier loan types, after the decline in franchise value.
      PubDate: 2020-04-01
  • Urban Land: Price Indices, Performance, and Leading Indicators
    • Abstract: This study had two objectives: first, to evaluate the historical performance of urban land prices across 20 prominent U.S. metro markets; and second, to determine if urban land prices are a leading indicator for prices in the built environment. Using a time-varying econometric model with spatial controls, we constructed constant-quality metropolitan-level land price indices. We found that 1) from 2000 to 2017 (18 years) national residential and commercial-industrial urban land prices appreciated by 2.08% and 1.87% annually, respectively; 2) urban land prices exhibited greater volatility compared with improved property prices; 3) in many metro markets land prices began to decline before improved property prices leading up to the Great Recession; and 4) land prices were slower to recover after the Great Recession compared with prices in the built environment. Using Granger Causality tests on the national urban land market, we found evidence that from the peak of the market in 2007 through 2017, land prices were a leading indicator of prices in the built environment.
      PubDate: 2020-04-01
  • The Wealth Effects of REIT Property Acquisitions and Dispositions: the
           Creditors’ Perspective
    • Abstract: Prior studies of REIT property transaction activity focus on shareholder wealth effects. This study examines the effects of property acquisitions, dispositions, and overall trading activity on unsecured bond spreads, credit rating changes, and rating outlooks using a sample of the listed equity REITs in the U.S. We find that active property trading in general decreases creditors’ wealth, but this negative impact is significantly mitigated for REITs with positive NAV premiums and when REITs use sale proceeds to pay down debt after the transactions. We also find that property transactions followed by an increased geographic focus significantly increase bond yield spreads and decrease the probability of credit rating upgrades.
      PubDate: 2020-04-01
  • The Effect of Bilingual Education on Housing Price-a Case Study of
           Bilingual School Conversion
    • Abstract: This paper presents a case study of the impact of bilingual school designation on housing price by analyzing the case of school conversion from a monolingual school to a bilingual school in Melbourne. We find that house price within the pertinent school catchment area responds positively by 7.8%–8.7%. Moreover, we find no significant response in the unit market where residents are less likely to be households with children. Analysis with substituted control groups such as the test catchments with extended surrounding areas, other bilingual school catchment areas, and school catchment areas of public schools with a similar level of academic performance confirms that bilingual education is positively capitalized in the house submarket.
      PubDate: 2020-03-30
  • Retirement, Unretirement, and Housing Wealth during the Great Recession
    • Abstract: This paper explores the effect of housing wealth shocks and changes in property tax liabilities on the timing of retirement and unretirement (retirement reversals). Using longitudinal data from the Health and Retirement Study that spans the recent boom/bust cycle in the housing market, we exploit regional variation in the amplitude of housing price movements to identify the causal effect of unexpected housing wealth shocks, mitigating endogeneity concerns. We consistently find workers delay (hasten) retirement when they experience unexpected losses (gains) in housing wealth or have increased (decreased) property tax burdens. Extensions show these factors influence retirement reversals in the expected opposite directions. Importantly, we verify these effects remain even after controlling for early retirement expectations, providing additional evidence that the wealth shocks of the recent housing market cycle were unanticipated. Finally, we explore the nuanced role of gender and marital status in this context.
      PubDate: 2020-03-25
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Tel: +00 44 (0)131 4513762

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