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on Urban and Real Estate Economics |
| By: | Jaehwan Kim; Heecheol Shim |
| Abstract: | This study examined measures for applying proptech to provide property services to both smart cities and smart villages from the perspective of national land and space management. Proptech had been limitedly implemented in the field of urban property. In this regard, this study suggests that a range of regional proptech applications should be expanded to non-urban regions to ultimately provide proptech-based property services to all of South Korea. To this end, this study analyzed major characteristics of sub-projects of the smart challenge project executed by the Ministry of Land, Infrastructure and Transport. It also examined project execution strategies by classifying smart challenge projects selected for application to small local cities in rural areas as local models led by local governments and base models led by branch offices of the Korea Land and Housing Corporation. According to the models classified, the study analyzed cases of proptech application in the property industry regardless of regional hierarchy to enhance daily living services for residents, reduce the smart information gap, expand the smart market, create new industries, and ultimately change national land and space under the smart city system. |
| Keywords: | Campus Challenge Project; Digital Gap Reduction; proptech; Smart City |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_223&r=ure |
| By: | Radoslaw Trojanek; Micha Guszak; Pawe Kufel; Justyna Tanas |
| Abstract: | House price dynamics, housing bubbles and housing crisis have drawn public attention. Aside from various policy implications the links between fundamentals and house prices has been tackled with some success both theoretically and empirically. Still new evidence is needed since Covid-19 pandemics has shifted many mechanisms governing housing market behaviour. We investigate the dynamics of house prices in Poland both on metropolitan level from 2000 to 2021. We test whether the price adjustments were caused by fundamental factors such as income, population growth, construction costs. The analysis covers two sub-periods of relatively high house price increases: 2004-2007 and more recent 2017-2021 sub-period. We check whether house prices are similarly related to fundamentals in both subperiods or whether there are distinct differences. Additionally, based on the economic literature we test and compare several housing bubbles indicators. The paper narrows the gap on housing bubbles on regional housing markets, especially in less mature economies. |
| Keywords: | Fundamentals; Housing Bubble; metropolitan markets; Poland |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_196&r=ure |
| By: | Husain Vaghjipurwala |
| Abstract: | It has become quite an accepted interpretation that higher buildings and more density allows more affordable housing. In economic terms, Glaeser’s thesis argues for more high rise buildings to overcome the affordability of housing by increasing the elasticity of supply and removing constraints on the building heights. In this context, the paper uncovers the impact of density led regulations and policies on the net housing market supply and availability of affordable housing through empirical evidence. The city of Mumbai offers a unique window into the correlations between housing supply and densities. The city allows, in certain circumstances, the development potential of a plot of land to be separated from the land itself and be made available to the owner in the form of Transferable Development Rights. These Rights (TDR) are utilized as commodities that can be traded in the market to be added as extra built up in upcoming projects, the costs of which are linked to the value of land. The city of Mumbai has long been criticized for its dependence on using density regulations and its trade as the primary planning mechanism of housing delivery. Amidst a skewed supply of housing units in the city, where unaffordability is widespread, such mechanisms are accused of creating supplementary markets of density trading leading to a scarcity of housing units. Through the use of GIS and data driven analysis of the newly created (2016) Real Estate Regulation Authority’s (India) large dataset of housing projects, the study exposes the spatial flows and patterns of density and housing units across the city. As more construction density is being consumed by ever fewer people, the research demonstrates the geographic signature of the competing aims of policy viz., Decongestion of the city versus Adequate housing. |
| Keywords: | Density; Geography; GIS; Housing Supply |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_191&r=ure |
| By: | Simon Buechler; Elena Lutz |
| Abstract: | We examine the effect of relaxing land-use regulation on housing supply and rents at the local intra-city level. Constructing a theoretical framework based on the monocentric city model, we obtain theoretical predictions on these effects. Our framework shows that relaxing floor-to-area (FAR) restrictions lead to higher local housing supply and lower rents across the entire city, with no difference in rents between treated and non-treated areas. To bring our conceptual framework to the data, we use detailed geo-coded data from the Canton of Zurich in Switzerland from 1995 to 2020. We apply a staggered difference-in-difference model, exploiting exogenous differences in the treatment timing as identifying variation. We find that upzoning a parcel by 20% or more leads to a 13% increase in housing supply on the treated parcel in the subsequent ten years. Furthermore, changes in zoning do not significantly increase or lower rents on the treated parcels compared to the untreated parcels within the same housing market, confirming the predictions of our framework. Thus, we show that upzoning is an effective policy for increasing the housing supply without increasing rents at the local level. |
| Keywords: | Housing Supply; Land use regulation; Rents; upzoning |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_250&r=ure |
| By: | Constance Uyttebrouck; Caroline Newton; Pascal De Decker |
| Abstract: | The Covid-19 pandemic has had disruptive effects on the ways we live and work in cities. These outcomes have been widely discussed, both in the media and the scientific literature, using various underpinning assumptions and prospective thinking. Both academic and non-academic discourses further tend to support pre-pandemic housing forms and planning principles that are believed to be ideally suited for the so-called ‘post-pandemic’ city. This paper aims to confront these discourses with feedback received from residents living in such idealized live-work environments in Brussels (Belgium) to reflect on their possible relevance for the future. In practice, we identified acclaimed housing forms and planning principles after examining media sources and scientific literature. From there, we conducted a survey in a selection of real estate operations based on a typology of projects and environments to pinpoint first trends in terms of changing housing needs and residential preferences. The combination of the results of the review and the survey allowed us to critically discuss to what extent current housing solutions and planning strategies may foster adequate live-work urban environments and make suggestions for further research on the post-pandemic city. |
| Keywords: | Housing Supply; Live-work environment; Planning principles; Residential preferences |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_161&r=ure |
| By: | Daramola Olapade |
| Abstract: | The fixity of location makes the types of surroundings and neighbourhood in which a property situates affect its price. There is a usual saying by real estate agents that the three key factors that determine the price of a house are location, location and location. Considering the importance of location in determining the prices of properties, this paper aims to evaluate the effect of locational characteristics on the prices of undeveloped land in Ile-Ife city, Nigeria. This is with a view to developing a model to predict the prices of properties. Using a survey approach, information on locational characteristics and sales prices of undeveloped plots of land (N = 31) transacted between 2021 and 2022 within five nuclei/ residential neighbourhoods (Parakin, Modomo, Moremi, Eleweran, Fashina) in Ile-Ife were obtained. The data obtained were analysed using mean and multiple regression with the aid of GIS tools including ArcGIS, google street map, QGis, and Google Earth. The regression analysis, using prices of plots of land as the dependent variable showed that in all the neighbourhoods, distance to locational attributes (nodes of interest such as secondary school, supermarket, university, church and motor park) and location accessibility were significant in the determination of the price of properties in the selected neighbourhood. However, the effect of the locational attributes on each of the locations was different. The study concluded that locational attributes had a positive impact on the determination of the price of properties. |
| Keywords: | Geographical Information System (GIS); Land Accessibility; Property pricing; Property Valuation |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_255&r=ure |
| By: | Theis Theisen |
| Abstract: | In communities with a growing population the structure of housing can easily be adjusted to changes in demand, through building new dwellings of the type for which demand is increasing. In communities with a shrinking population, by contrast, both the total supply and the structure of housing is given, inherited from previous decisions on the number and type of dwellings to build. As the population declines an increasing mismatch between the types of housing supplied and demanded may therefore arise in some communities. We use a panel data set of 430 Norwegian municipalities for examining these issues. Almost 50 percent of the municipalities have a shrinking population. We use data from municipalities with increasing population to build an econometric model that explains the structure of housing in such communities. This model provides information about the optimal structure of housing and is used to predict the optimal structure of housing in municipalities with a shrinking population. Next, we use the discrepancy between the actual and predicted housing structure to estimate the mismatch in housing structure in the shrinking municipalities. Finally, we discuss the implications of a mismatch in the housing market. Presumably, with declining populations in many countries, even at the national level, mismatch in many local housing markets may become an even more serious problem in the future. A continuing urbanization will make this problem even more serious. |
| Keywords: | housing; Mismatch; Population decline |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_60&r=ure |
| By: | Miquel-Àngel Garcia-López (Universitat Autònoma de Barcelona & IEB); Elisabet Viladecans-Marsal (Universitat de Barcelona & IEB) |
| Abstract: | The existence of amenities matters to understanding people’s residential choices. Our theoretical model extends the standard urban model by introducing exogenous amenities to explain population allocation within cities. To estimate the model predictions, we focus on historic amenities using detailed geolocated data for 579 European cities. We analyze how the shape of city centers endowed or not endowed with these amenities is affected. We measure històric amenities with the location of buildings from the Roman, Medieval, and Renaissance-Baroque periods. Our results show that cities with historic buildings in their centers have steeper population density gradients, are more compact and centralized, and have been less affected by the suburbanization processes caused by transportation improvements. Heterogeneity analyses show that the quantity and the quality of historic buildings also matter. Several robustness checks controlling for natural and modern amenities and testing for the spatial scope of these amenities verify our main results. |
| Keywords: | Amenities, History, Buildings, Density, Transportation |
| JEL: | R4 R2 O4 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2022-08&r=ure |
| By: | Omar Radwan Abdellah; Kerem Yavuz Arslanli |
| Abstract: | The short-term rental market has grown rapidly over the last decade. Airbnb (and other online accommodation sharing platforms, which provide an online market that links people with each other as host and guest system) is attracting much interest, as it has implications for the real estate market worldwide. The impacts vary across the globe depending on the context. As Airbnb comes at the forefront of short rentals platforms in this market in Istanbul, Turkey Airbnb has the biggest share, which attracted many researchers trying to answer the generated and raised questions. Using scrapped data from Airbnb websites, this paper offers insights into Airbnb usage patterns and how they vary across different districts of Istanbul with different types of provided properties and how they correlate with asked prices. Seasonality has a significant effect in the real estate market as it directly affects supply and demand, so We used the number of reviews variable in the dataset as an indicator of the demand to study the seasonality pattern and how prices fluctuate over time to different reasons. The paper also explored the asked rent prices in the long-term leases using data from Emlak 360 and Endeksa websites and compared it to short-term rentals. This is continuing research that provides a map for the Istanbul dataset that will inspire and establish new aspects to academics and professionals in the Turkish market to further analyze how the market acts at certain times. |
| Keywords: | Airbnb; Istanbul; Residential Market; Short Term Rentals |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_213&r=ure |
| By: | Maral Taclar; Kerem Yavuz Arslanli |
| Abstract: | This paper provides a new forecasting methodology for commercial real estates in Istanbul using social big data. Big data has gained popularity as a tool for the growth of real estate research in recent years. Location-based social networks (LBSNs), in particular, provide an excellent potential to demonstrate the characteristics of metropolitan cities and human activities within. Whilst there is relatively limited research on the relationship between social big data and real estate values, most of the existing research focuses on residential properties. This paper aims to discover the potential of social media data to forecast the future rent/price levels of retail properties in stanbul. Two different LBSN platforms, Instagram and Twitter, are chosen as the social media data sources. For the timeframe, June 2019 - May 2021, 16 million geo-tagged Instagram posts and 230 thousand geo-referenced tweets from a total of 174 thousand venues are collected by the authors. The data set is clustered by relevant districts of Istanbul and the spatial distribution of social media content is observed. Finally, the data sets are combined with the commercial real estate data temporally for the districts. Multivariate time-series analyses are conducted to obtain the optimum prediction model and interval. This method increases the accuracy in rent and/or price predictions by selecting the best exogenous variables and forecasting models for each district, where applicable. This paper demonstrates the significance and the leveraging potential of adapting human activities to the decision-making processes of the commercial real estate sector. |
| Keywords: | commercial real estate; Large Data Sets Modelling; Multivariate Time Series Analysis; Urban Spatial Analysis |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_207&r=ure |
| By: | Moritz Stang; Bastian Krämer; Cathrine Nagl; Wolfgang Schäfers |
| Abstract: | The ongoing digitalization is picking up speed in slowly changing industries such as real estate. Especially in the field of real estate valuation, which is strongly dependent on data quality and quantity, automation is able to change the appraisal process substantially. However, in most countries, only the use of Automated Valuation Models (AVMs) based on simple non-statistical methods is allowed, as the regulatory system does not yet give the green light to higher-order methods. This study provides a relevant contribution to the debate on why AVMs based on statistical and machine learning methods should be widely used in practice. Therefore, various methods for AVMs are implemented and applied to a dataset of 1.2 million observations across Germany. An automation of the traditional sales comparison method, two hedonic price functions, as well as a machine learning approach are compared with each other. The aim of this paper is to show how the methods perform in direct comparison with each other as well as in different structural regions of Germany and whether the use of modern learning-based algorithms in real estate valuation is beneficial. The results of this research have various implications regarding the different accuracy and transparency levels of the methods from a regulatory and practical perspective. Moreover, the comparison at the spatial level shows that the models perform differently in urban and rural areas. This allows conclusions to be drawn about the design of AVMs for cross-regional models. |
| Keywords: | Automated Valuation Models; eXtreme Gradient Boosting; housing market; Machine Learning |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_49&r=ure |
| By: | Massimo Mariani; Paola Amoruso; Radovan Vitek; Domenico Frascati; Francesco d'Ercole |
| Abstract: | The Covid-19 pandemic is having wide-ranging economic effects on a global scale, significantly influencing economic capacities and household incomes, also affecting Real Estate sector in terms of investment decisions. In this sense it has led to changes in market demand, especially concerning residential properties, resulting from the different appreciation of intrinsic positional and technological factors, as location, presence of open spaces and number of rooms. In fact, the most significant effect is that the Covid-19 pandemic and the consequent restrictive measures have deeply changed the concept of 'inhabited space' in order to meet different needs of users. The present research aims to analyze market behaviors characterizing the Italian context with a view to investigating the variation of house prices starting from the identification of the new type of domestic space required by potential buyers. The main practical implication of this research is to address the investment choices in the development of adequate planning strategies in the residential sector, in order to adapt the urban planning and the residential design to a different market demand. |
| Keywords: | Covid â |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_105&r=ure |
| By: | Vsevolod Nikolaiev; Andrii Shcherbyna |
| Abstract: | The following article briefly reflects the author’s progress in their complex research of specific Ukrainian problems of total housing privatization resulting in utility debts and housing stock degradation together with rising subsidies, as well as deformed condominium model without real estate object and weak residential building management. The aim of the article is to show the root of the problem which is connected with wrong property relations and to find common way out. Unlike other authors from East European countries, we base our methodology on the proof that significant part of citizens cannot afford maintenance, operation and renovation of their housing and that the public funding of homeowners is unfair and must be transformed into property exchange instead of subsidizing. To simplify this process Ukrainian wrong condominium model with ownership on individual apartment has to be transformed into housing corporation with shared ownership on land plot and whole building. Next, the shares of the company could be divided on virtual tokens represented the part of the property which could be exchanged for money. The proposed mechanism has additional advantages in case of construction and reconstruction financing, social and private renting housing development, housing management companies stimulating. The model could be used in other East European countries with the similar problems.The problem has acquired particular importance in connection with the destruction of a significant part of residential buildings during the Russian aggression in Ukraine in 2022. New construction and restoration of housing will require fundamentally new property relations, free from existing shortcomings. |
| Keywords: | assets; Ownership; Restoration; Subsidies |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_226&r=ure |
| By: | Julia Braun; Hans-Peter Burghof; Julius Langer; Dag Einar Sommervoll |
| Abstract: | Housing markets display several correlations to multiple economic sectors of an economy. Their enormous impact on economies’ health, wealth, and stability is uncontroversial. Interestingly, the forms of financing residential property vary widely between the different countries in terms of both, the available product types and the institutions offering them. This research examines the implications of different financial intermediaries on housing market cycles with special emphasis on two institutional types, conventional banks and building and loan associations. Introducing a heterogeneous agent-based model, the interactions of buyers, sellers, and the two types of credit institutions are assessed in an artificial economy. It is elaborated whether financial institutions are able to smooth housing market cycles and, therefore, increase stability using different mortgage granting policies. |
| Keywords: | Heterogeneous agent-based model; Housing financing; Housing market cycles; Housing market stability |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_9&r=ure |
| By: | Kwan Ok Lee |
| Abstract: | The COVID-19 pandemic has influenced household housing demand especially with the dramatic increase in working-from-home (WFH) along with reduced mobility because of the restrictions and infection concerns. We provide a comprehensive understanding of changes in housing demand in Singapore where WFH became widespread and many restrictions including the lockdown were implemented after COVID-19. First, a word cloud analysis of the web-scraped data from PropertyGuru, the largest online property listing company in Singapore, suggests a significant change in keywords for housing advertisement. While words related with accessibility or location appeared significantly less in listings, the space and view of housing units were highlighted with words such as the study, unblock view, and renovation. Next, we investigate how the keywords that became popular after the COVID-19 have affected asking housing prices and transaction probabilities of online listings. Finally, we match the keyword information with actual transaction database and analyze whether features reflected in these keywords are indeed associated with changes in the price premium and transaction volume. Our findings capture detailed short-term shifts in housing demand reflected in real time at the online platform and provide important implications to the housing industry and policymakers. |
| Keywords: | COVID-19; Housing demand; Online Listing; Word Cloud |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_132&r=ure |
| By: | Jan Rouwendal (Vrije Universiteit Amsterdam); Florian Sniekers (Tilburg University); Ning Jia (Vrije Universiteit Amsterdam) |
| Abstract: | We study the effect of borrowing constraints in an assignment model of the housing market. When constraints apply symmetrically to all households, these lead to lower prices but unchanged housing consumption. When households can invest their own wealth and may differ in tastes, borrowing constraints will in general result in lower house prices and higher housing consumption for unconstrained households, while housing consumption of constrained households may fall. Binding borrowing constraints result in profitable arbitrage possibilities for buy-to-let investors. They can buy houses that are preferred by constrained households unable to finance them, and make them available as rental housing. In an equilibrium with free entry of such investors, house prices and the allocation of houses to households is the same as without borrowing constraints. |
| Keywords: | borrowing constraints, housing tenure, arbitrage, buy-to-let investment, assignment models |
| JEL: | R31 R21 G51 |
| Date: | 2023–02–06 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20230005&r=ure |
| By: | Boeri, Filippo |
| Abstract: | In this study, I shed new light on the short-run effects of access to high-speed internet on educational disparities, before and after the pandemic shock. By following 3 million students belonging to 6 different cohorts over the period 2012-2022, I estimate the effect of the broadband infrastructure on student performance. While most previous contributions use discontinuous jumps in the available broadband connection speed across space at a given moment in time, this study exploits the actual roll-out of an infrastructural policy associated with an increase in 30 Mbit/s household broadband coverage from 40% to 80% over a 5-year period. The estimation strategy relies on a unique dataset, combining panel data on student performance with a rich set of school- and student-level information and broadband data measured at a very fine spatial scale. Results show an average null effect of high-speed broadband on 8th grade student performance in both numeracy and maths. However, this results masks substantial heterogeneity: lower performers in grade 5 and students with better backgrounds gain from internet speed, whereas the opposite is true for other students. Interestingly, the stronger effect on low-performers tends to disappear during the lockdown, suggesting a negligible mitigating role for high-speed internet during the period of school closure. On the other hand, the broadband infrastructure might have further amplified the gap between students with different socioeconomic background. |
| Keywords: | ICT; education; economics; internet; broadband; Italy |
| JEL: | I20 H54 D83 |
| Date: | 2023–02–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:118120&r=ure |
| By: | Katiuscia Lavoratori; Yi Wu; Melanie Zhang |
| Abstract: | The emerging co-working space phenomenon provides a unique case for the knowledge spillover under the hybrid working style. We investigate the micro-location choices of co-working offices at the postcode district level. With the co-working space locations from 12 co-working operators in central London during 2009-2020, results from the conditional logit model show that, the co-working offices tend to choose the districts with higher industry diversity, a higher proportion of Culture and Creative Industry (CCI) business, or where the local industries contain more “teleworkable” job types. Meanwhile, co-working spaces tend to locate at those where start-up firms concentrated, echoing that the influences of knowledge spillover differ among firms’ life cycles. The results are robust when controlling the business strategies of co-working office providers, as well as the infrastructure, connectivity, and urban density at the local level. The findings cast light on the discussion of spatial clustering and micro-location choices with the case of sharing economy. It also shares substantial policy implications on the strategy design of boosting agglomeration benefits and productivity returns with co-working space. |
| Keywords: | Agglomeration Economies; co-working space; Location Choice; micro-geography |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_138&r=ure |
| By: | Levin, Iris; Tually, Selina; De Vries, Jacqueline; Kollmann, Trevor; Stone, Wendy; Goodwin-Smith, Ian |
| Abstract: | This project examines whether current social housing allocation and matching policies and practices meet the needs of applicants or tenants and maximise social housing sector performance and efficiency outcomes. It looks at how to optimise housing stock allocations based on individual needs (including the role of support) and neighbourhood and community needs (avoiding concentrations of disadvantage and potential antisocial behaviour). ‘Allocation’ is the rationing of access to social housing, and ‘Matching’ is the process of trying to best fit the requirement of allocated households with the attributes of the available stock—including size, location and service access, as well as in terms of community harmony and individual wellbeing. The research reviewed international and Australian policy, interviewed stakeholders across four jurisdictions (QLD, VIC, TAS and SA), developed an evaluation framework (Social Return on Investment - SROI) for housing allocation strategies. The international policy review suggests the Choice-based lettings model could enhance tenants’ choice and reduce stigma; local allocation plans could improve tenant composition and social mix in specific neighbourhoods; policies to address underutilisation of social housing should be carefully considered; and programs integrating support services onsite to address tenants with complex needs should be more widespread. The research findings suggest Governments should view the social housing sector as part of the larger housing market rather than as a separate, standalone system. The sector would benefit from expanding its limited target from tenants with highest need for housing integrated with other support, through to people with high need for housing but no need for other support, to people in need of affordable housing only in various forms. |
| Date: | 2023–02–08 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:zf48k&r=ure |
| By: | Philipp Jaschke (Institute for Employment Research (IAB)); Sulin Sardoschau (HU Berlin); Marco Tabellini (Harvard Business School) |
| Abstract: | This paper studies the effects of local threat on cultural and economic assimilation of refugees, exploiting plausibly exogenous variation in their allocation across German regions between 2013 and 2016. We combine novel survey data on cultural preferences and economic outcomes of refugees with corresponding information on German respondents, and construct a threat index that integrates contemporaneous and historical variables. On average, refugees assimilate both culturally and economically. However, while refugees assigned to more hostile regions converge to German culture more quickly, they do not exhibit faster economic assimilation. Our evidence suggests that refugees exert more assimilation effort in response to local threat, but that higher discrimination prevents them from integrating more quickly in more hostile regions. |
| Keywords: | refugees; cultural change; assimilation; identity; |
| JEL: | F22 J15 Z10 |
| Date: | 2023–02–10 |
| URL: | http://d.repec.org/n?u=RePEc:rco:dpaper:384&r=ure |
| By: | Crocker Liu; Chen Zheng; Bing Zhu |
| Abstract: | We investigate how horizontal (neighborhood) and vertical (tenants) agglomeration impacts the value of office buildings. We find that industry specialization of a building’s 5-digit zip code neighborhood and the extent to which a building is specialized by tenants within the same industry leads to a significantly higher rental rate and transaction price. By linking the within-building industry composition to its neighborhood industries, we find that spillovers are likely to be the most important attribute to the agglomeration gains in office building performance. We find that the agglomeration gains are also recognized by the stock market: REITs’ experience positive (negative) abnormal returns when acquiring (disposing) a building with higher tenant industry concentration or neighborhood industry specialization. Our findings suggest that agglomeration economies are operative at the neighborhood level as well as within individual buildings. Commercial rents reflect horizontal and vertical agglomeration gains which can in turn be used as proxies for agglomeration economies. |
| Keywords: | Agglomeration Economics; commercial real estate; REITs; Tenant Structure |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_126&r=ure |
| By: | Abdullah Yavas; Lingxiao Li; Lu Fang David Scofield |
| Abstract: | Using Hurricane Sandy (‘Sandy’) as a natural experiment, this study investigates whether the occurrence of a major hurricane affects the way flood risk is capitalized in commercial real estate prices. We draw from a detailed property-level commercial real estate transaction data set covering the four major commercial property types – office, retail, industrial, and multifamily. In order to explore various price channels, we investigate both hurricane affected areas and unaffected areas. Rresults vary significantly across property types. In the office submarket, we find a significant price discount for properties located in high flood risk areas directly affected by the hurricane. However, this impact lasted for only two years, and was not found in the hurricane unaffected areas. In the apartment submarket, we document a significant price discount associated with flood risk prior to the hurricane. However, following the hurricane we observe a significant apartment price appreciation across the NYC metropolitan area. Such an impact was not found in hurricane unaffected areas. One possible explanation for this finding is the substitution effect whereby the hurricane leads some households to move from single-family homes to apartments. For retail and industrial properties, we do not find any evidence that Sandy significantly affected prices in hurricane-affected or unaffected areas. |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_247&r=ure |
| By: | Simon Thaler |
| Abstract: | Assessing the condition of a property is an important part of determining its value. To assess the condition of, for example, a house, certain exterior and interior characteristics are evaluated according to a scheme in which each characteristic is weighted for the final condition classification. Since property valuation depends on the experience of the appraiser, professionals and court appraisers predominantly do the determination of a condition classification. A condition assessment can also be made from pictures and does not require an on-site visit. Therefore, this article examines the extent to which students, as a sample of the general population, evaluate the condition of single-family homes based on pictures of the exterior. The student’s population consists of students with no real estate experience, students which are studying in a bachelors’ program in real estate management and students which are studying in the same masters’ program, in both groups there are students which study extra occupationally. The sample composition facilitates the examination of different experience levels. In the next step, we compare the evaluation by students with an evaluation by professional evaluators following the scheme. In addition, we investigate how colours and distance of the photographer, among other factors, affect the condition classification assigned by students. The result of this work will provide information about the extent to which lay people are able to evaluate single-family houses and compare them with professional evaluators and if the wisdom of the crowd comes to a comparable conclusion as the professionals. |
| Keywords: | Appraiser; Condition Assessment; lay people |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_42&r=ure |
| By: | Bertram Steininger; Julia Kreppmeier; Ralf Laschinger; Gregor Dorfleitner |
| Abstract: | After solving the double-spending problem of digital assets (tokens), the application possibilities of digital rights and goods have increased enormously over the past years. Even if the market for digital tokens is in its infancy, it is an innovation that has the potential to disrupt how we transfer ownership of financial instruments. The real estate market has been identified as a major market for digital fractional ownership using the Distributed Ledger Technology (Blockchain). In addition to funds and REITs, real estate tokens are an additional form of indirect investment vehicles, which lower the high entry barriers into the asset class of real estate and allow diversification in multi-asset portfolios.We collected the data of real estate tokens in the USA between 2019 and 2021 and trace back the transactions published on the Blockchain. In doing so, we analyze the success determinants of Security Token Offerings and secondary market trading. We disentangle the success on the property and wallet/investor level. We find that in addition to the fundamental factors (cash-flow, size, and property type), also the market sentiment for the local real estate market and general crypto market are relevant for explaining the success of the offering. The attractiveness of the location is of minor importance. |
| Keywords: | blockchain; Digital Asset; Real Estate Token; Security Token Offering |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_198&r=ure |
| By: | Juergen Deppner; Marcelo Cajias |
| Abstract: | Data-driven machine learning algorithms have initiated a paradigm shift in hedonic house price and rent modeling through their ability to capture highly complex and non-monotonic relationships. Their superior accuracy compared to parametric model alternatives has been demonstrated repeatedly in the literature. However, the statistical independence of the data implicitly assumed by resampling-based error estimates is unlikely to hold in a real estate context as price-formation processes in property markets are inherently spatial, which leads to spatial dependence structures in the data. When performing conventional cross-validation techniques for model selection and model assessment, spatial dependence between training and test data may lead to undetected overfitting and over-optimistic perception of predictive power. This study sheds light on the bias in cross-validation errors of tree-based algorithms induced by spatial autocorrelation and proposes a bias-reduced spatial cross-validation strategy. The findings confirm that error estimates from non-spatial resampling methods are overly optimistic, whereas spatially conscious techniques are more dependable and can increase generalizability. As accurate and unbiased error estimates are crucial to automated valuation methods, our results prove helpful for applications including, but not limited to, mass appraisal, credit risk management, portfolio allocation and investment decision making. |
| Keywords: | Hedonic modeling; Machine Learning; Spatial Autocorrelation; spatial cross-validation |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_84&r=ure |
| By: | Malakhov V. S. (The Russian Presidential Academy Of National Economy And Public Administration); Simon M. E. (The Russian Presidential Academy Of National Economy And Public Administration); Letnyakov D. E. (The Russian Presidential Academy Of National Economy And Public Administration); Motin A. S. (The Russian Presidential Academy Of National Economy And Public Administration); Nikolsky Lev (The Russian Presidential Academy Of National Economy And Public Administration); Pirova M. (The Russian Presidential Academy Of National Economy And Public Administration) |
| Abstract: | Research on the impact of migration on the urban cultural infrastructure plays an important role in the European social anthropology. The city cultural space appears as a kind of ‘multicultural machinery, ’ whose operation is supported by multiple actors, from officials to ‘cultural brokers’. In the Russian scientific literature, there is a certain gap in the study of urban ‘multicultural machineries.’ Some studies of the migrants’ leisure practices and cultural consumption have been published, but the topic of public representation of cultural diversity associated with migration remains poorly researched. Meanwhile, the national policy, which is largely based on the Soviet cultural heritage in organizing intercultural interaction, faces new challenges associated with the generational change. Young people from Central Asia who come to Russia for study and work, do not consider Soviet cultural background as a self-evident point of reference anymore. In these conditions, a revision of the existing approaches to the integration of migrants into the cultural sphere of the host cities is required. |
| Keywords: | migration, urban diversity, cultural infrastructure, cultural policy, municipal policy, intercultural communication |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:w2022071&r=ure |
| By: | Dunja Demmler-Schunk |
| Abstract: | Purpose: The purpose of this research is to evaluate the impact of the newly build Doha Metro System in Qatar onto property values using a unique data set. We compare property values at two significant points in time during the delivery process of the Doha Metro Red Line: Announcement stage and construction phase.Methodology: To our knowledge this is the first quantitative study using panel data collected from the Doha Ministry of Municipality on property values. The data set was compiled using Geodata and classified data provided by the Ministry. We use attributes from established Hedonic Pricing Models as well as spatial characteristics (distance to metro). We amend the econometric model by comparing the impact on and respective deviation on land values at two significant points in time, announcement of metro and end of construction, using statistical methods.Findings: In contrast to the expected we find that there is a positive effect on land values in the 500m to 1.000m distance band in comparison to the 0m to 500m band to new Metro stations in Doha. We also find that the announcement phase has a significant positive impact on property values in Doha. This contrasts with the related work of Grass (Grass, 1992) or Damm et al. (Damm David, 1980). Originality and Value: The meta-analysis on “Impact of Railway Stations on Residential and Commercial Property Value” Debrezion et al (Debrezion, 2007) finds mixed results ranging from negative to positive impact on property values due to spatial characteristics, temporal effects, and methodology. For the first time the impact of Rail Infrastructure on Land Values in Qatar was analysed. We found that impact on Land Value is correlated to specific project live cycle phases and to complement Hedonic Pricing models with its explanatory power. |
| Keywords: | Hedonic Pricing; Infrastructure; Property Value; Rail Stations / Metro |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_147&r=ure |
| By: | Bartomiej Marona; Micha Guszak; Radoslaw Gaca; Jan Konowalczuk |
| Abstract: | The externalities generated by cell phone towers have been discussed in the economic literature since 1990s. Recent development of new generation of wireless infrastructure has drawn public attention to the problem, and risen both health and socio-economic concerns. The main goal of the paper is to investigate the impact of cell phone towers on residential property prices in Poland, where problem has not been explored to date. The research was divided on two phases. In the first part we conduct a systematic literature review. As a result of the literature analysis, a total of 11 studies were identified: 4 from the United States, 3 from New Zealand, 2 from Germany and one from Australia and Switzerland. The identification of such a relatively small number of scientific research carried out only in a few countries of the world indicates that the discussed issues are not well not recognized and requires further in-depth research. In the second stage we investigate the impact on cell phone towers in Warsaw (Poland) using spatial hedonic price models. We did not find a statistically and economically significant effect of the proximity of cell phone towers on house prices. The research results contribute to the ongoing debate about the potential negative effects of wireless communication infrastructure on house prices, and have significant policy implications. |
| Keywords: | cell phone towers; Poland; Prices; Residential Property |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_244&r=ure |
| By: | Streule, Monika |
| Abstract: | Urban extractivism is an emergent concept increasingly discussed within Latin America-based scholarship but less known in anglophone urban geography. The devastating social and environmental impact of large-scale natural resource extraction, usually accompanied and driven by infrastructure megaprojects, is the main domain to which activists and scholars are currently applying the concept of extractivism. However, extractivism-related accumulation also applies to urban contexts, as for instance, scholars argue using this lens to analyze the production of exclusive urban territories in central Buenos Aires. In this contribution, I suggest to broaden the concept of urban extractivism to address pressing challenges of urban transformations in the peripheries of Mexico City, particularly concerning urban infrastructure megaprojects and Indigenous socio-territorial movements that advocate for a more sustainable use of natural resources. Critical reflection on the extractivism of knowledge reveals the need for more collaborative research methods in urban geography and beyond. |
| Keywords: | accumulation by dispossession; Ecoterritorial turn; infrastructure megaprojects; Latin America; socio-territorial movements; urban values; European Union’s Horizon 2020 research and innovation program under the Marie Skłodowska-Curie grant agreement No 101024446. |
| JEL: | R14 J01 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:117503&r=ure |
| By: | Michael Lindsay |
| Abstract: | Real options can account for a significant portion of the value of real estate assets. Methods exist to value real options in real estate but there is little evidence they are in widespread use. This systematic literature review examines the evolution of research on real options in real estate, identifying its main themes and drawing out its key insights. The tools developed to value real options in real estate and guide their optimal exercise are thought superior to net present value analysis for capital budgeting when outcomes are uncertain. Also among key insights of the literature is the identification of characteristics of real estate markets and assets that affect the flexibility of real estate owners to act in relation to their real options, and in doing so affect real option value and exercise decision making. These characteristics are among possible reasons explored in this review why uptake of real option valuation tools by real estate practitioners appears to be limited. This review submits there are factors at play increasing the likelihood of these tools being adopted in the future, including increased uncertainty driven by societies’ changing real estate requirements following the onset of the COVID-19 pandemic. The search for well-designed modifications of real options valuation tools, with the aim of stimulating their uptake, forms the basis of suggestions for future research. |
| Keywords: | Land Value; real estate; Real Options; Systematic review |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_152&r=ure |
| By: | Carl Cullinane (The Sutton Trust); Jake Anders (UCL Centre for Education Policy & Equalising Opportunities); Alice De Gennaro (UCL Centre for Education Policy & Equalising Opportunities); Erin Early (Queen's University, Belfast); Erica Holt-White (The Sutton Trust); Rebecca Montacute (The Sutton Trust); Xin Shao (UCL Centre for Education Policy & Equalising Opportunities); James Yarde (The Sutton Trust) |
| Abstract: | There were substantial gaps between state and private secondary schools in the intensity of remote learning during the first lockdown in 2020, with the private sector much better placed to adapt quickly. 96% of independent school pupils had live online lessons in the first lockdown, compared to 65% of state school pupils. While state sector provision improved in the second period of school closures in early 2021, inequalities opened up within the state sector. Grammar schools (96%) and comprehensive schools with more affluent intakes (95%) caught up the most, compared to 80% at schools with the most deprived intakes. Barriers to remote learning – such as lack of access to a suitable device for learning or sharing a device, lack of a quiet space in the home, lack of support from teachers or parents – were all more likely to be experienced by young people from lower socio-economic backgrounds, and those who experienced those barriers reported working fewer hours during lockdowns. Those without a device worked on average 8 hours per week in lockdown 1, those with just a mobile phone 10 hours, and those with a laptop or tablet 14 hours. While many pupils without suitable devices received support through school and government distribution programmes, over half (53%) of those who lacked a device at the beginning of the pandemic had still not received one by the end of the second period of school closures. Problems with internet access showed a different pattern, complicated by the fact that more intensive online learning was associated with more internet problems. Having internet issues was not associated with working fewer hours. Patterns by ethnicity and race were mixed. Overall there were few differences in the amount of time spent learning by ethnic background. While young people from Black and Asian backgrounds were more likely to receive tutoring and had parents more confident with support for learning, they were also more likely to need to share devices and less likely to have a quiet place to study. |
| Keywords: | COVID-19, pandemic, remote education, lockdown, learning, secondary schools, GCSE |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:ucl:cepeob:19&r=ure |
| By: | Cath Jackson; Victoria Lawson; Allison Orr |
| Abstract: | The retail sector is undergoing a period of unprecedented structural change, compounded by changing behaviours and contraction of economies due to the covid-19 pandemic. The amount of vacant space in city centres has risen dramatically and debate is taking place over optimal future uses. The process of repurposing vacant space is fraught with risk and uncertainties but remains critical to realising a resilient and adaptive city centre. The process of repurposing space involves multiple stakeholder groups, often with shared aspirations but sometimes seemingly competing commitments and responsibilities. Stakeholder relationships are explored here, to better understand the practice of repurposing retail real estate in UK city centres and provide guidance for real estate and planning practice on how best to enable change. Assemblage theory is adopted to best reflect the complexities of the real estate market and the wider city centre environment. This theory, or way of thinking, offers a way of recognising the processual and relational nature of change in the repurposing of space, and the heterogeneous nature of both real estate itself and the stakeholder groups involved. It provides the conceptual framework for the study and guides the data collection and analysis, through five case studies. |
| Keywords: | Assemblage; relationships; Repurposing; Retail |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_57&r=ure |
| By: | Robert Hill; Norbert Pfeifer; Miriam Steurer; Radoslaw Trojanek |
| Abstract: | There is a broad consensus in international statistical organizations such as Eurostat, the European Central Bank, and the International Monetary Fund that price indices should be constructed using transaction data. However, transaction data often lag behind actual market developments in the housing market for new-built properties as prices are typically set months or years before transactions are finalized. We find that for two large Polish cities (Warsaw and Poznan), house price indices (HPIs) for existing properties lead indices for new builds by, on average, eight quarters. In Poland and other countries with large markets for new-builds, this lag can dramatically distort National HPIs. The lag also affects the European Union’s flagship measure of inflation, the Harmonized Index of Consumer Prices (HICP). This is because the HICP includes owner-occupied housing (on an experimental basis) using exclusively transaction data for new-built properties. We illustrate here that the timeliness issue in the price index for new-built properties disappears when preliminary agreements are used instead of transactions in the compilation of the index. |
| Keywords: | Dissimilarity metric; Hedonic indices; Macroprudential supervision; Primary and secondary housing market |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_98&r=ure |
| By: | A.S. TISHCHENKO (The Russian Presidential Academy Of National Economy And Public Administration) |
| Abstract: | The Center for the Economics of Continuing Education of the RANEPA Institute of Applied Economic Research (IAER) performs annual monitoring of the efficiency of school education. The COVID-19 pandemic has made significant changes in the functioning and development of the educational system, which makes the analysis of the challenges and consequences an urgent research problem. Taking into account the tasks of the national project "Education" and the measures of the state program of the Russian Federation "Development of Education", eliminating the third shift in school education and achieving single-shift educational process is a significant characteristic of the state of the general education system. The main goal of the study is to assess the current state of regional general education systems, identifying and minimizing risks in achieving the targets. The objectives of this work are to analyze the organization of educational process in the Russian regions in the context of urban and rural settlements; analyze the changes in relation to the pre-pandemic situation at the beginning of the 2019/20 academic year. Research methods include analysis of open statistical data, comparison and generalization of the results. The main conclusions of the study are as follows: the problem of second-shift education for schoolchildren in rural areas is less acute than in urban areas; the proportion of schoolchildren in the third shift in rural schools is higher than in urban educational organizations; the pandemic had a negative impact on the mode of education – the increase in the number of schoolchildren studying in the second shift exceeded the growth in the number of schoolchildren in educational organizations by 12.2% in cities and by 87.4% in rural settlements. The results of the study can be used in the interests of the Ministry of Education of the Russian Federation, education authorities of the Russian Federation for assessing the state of regional systems of school education, forecasting the development of regional systems of school education in the medium term to ensure the validity of management decisions in this area in the face of epidemiological and economic instability. |
| Keywords: | monitoring of general education, regional general education systems , training regime |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:w2022041&r=ure |
| By: | Aleksei Chernulich; Romain Gauriot; Daehong Min (Division of Social Science) |
| Abstract: | We show that, when the educational choice is costly, the motive of seeking positive peer effects can result in ability grouping. In particular, high-achieving students self-sort by choosing costly courses, which we refer to as "endogenous tracking." We demonstrate the implications of endogenous tracking using the data from French middle schools, where ability grouping officially is not allowed. Instead, students are grouped together to study all courses in the standardized curriculum based on their choices between studying Spanish or a more effort-costly German. We find that costly language choices result in groups that significantly differ in terms of academic performance. Furthermore, we exploit regional differences in the effort costs of learning German to confirm that larger costs of choosing German result in more selective endogenous tracking. Finally, we identify peer effects that, together with sorting, generate inequality in educational outcomes. Such inequality, combined with observed inequality in socioeconomic status between the formed groups, works against egalitarian educational policies. JEL Codes: H75, I21, I28, J24 |
| Date: | 2023–01 |
| URL: | http://d.repec.org/n?u=RePEc:nad:wpaper:20230084&r=ure |
| By: | Jonas Hahn; Annette Kaempf-Dern |
| Abstract: | Housing affordability is one of the most pressing issues in urban areas. During the Covid 19 pandemic, this problem spread to surrounding and more rural areas due to changing demand dynamics. At the same time, the economic downturn has exacerbated challenges for certain tenant groups.Based on an adapted Social Business Model Canvas, we are working with student groups on an interdisciplinary project to look at the entire affordable housing value chain from both the user perspective and the perspective of private and public housing companies, i.e., from design and planning to construction, operation, and redevelopment. The aim is to identify the main variables for achieving affordable housing prices, the interdependencies between them and their respective manifestations in Germany and five other European countries: Netherlands, Italy, Austria, Denmark and the United Kingdom. Based on this, we derive limits and drivers of value creation as well as potentials for the realization of affordable rents or housing costs.The Affordable Housing issues examined in each country are:Definition of 'affordable housing' and characteristics, needs and quantity of the most relevant user groups. Building conditions, structural-functional designs, and construction costs for Affordable Housing. Characteristics and business models of investors or providers of affordable housing. Legal framework / regulation for affordable housing (outside of building law). Tax framework and subsidy options for investors and users.In this presentation, the findings on business models as well as legal and fiscal framework conditions of Affordable Housing are presented. In addition, the findings on business models as well as legal and fiscal framework conditions of Affordable Housing are outlined. |
| Keywords: | Affordable Housing; Business Model; Housing Markets; Residential Property |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_215&r=ure |
| By: | Wang, Liang Choon (Monash University); Vlassopoulos, Michael (University of Southampton); Islam, Asad (Monash University); Hassan, Hashibul (Jagannath University) |
| Abstract: | The Covid-19 pandemic caused prolonged school closures worldwide. Children in resource- poor settings were particularly affected given their limited access to remedial distance learning opportunities through the internet, television, and radio. To address the poor access to formal education, we designed an educational intervention consisting of a set of audio lessons that were delivered through mobile phones to primary school students using Interactive Voice Response (IVR). During the 15-week program period, parents could access the lessons for free by calling a designated phone number and listening to a lesson with their child at any time. We delivered the randomized intervention to 1, 763 primary school children across 90 villages in Bangladesh during the 2021 Covid-19 school closures. The intervention improved the test scores of children in literacy and numeracy by 0.60 Standard Deviations (SD). Additionally, the intervention led to an increase in the amount of time that parents spent on homeschooling. The intervention was particularly beneficial for academically weaker students, those from the poorest strata, and those with less-educated caregivers. Our results suggest that this scalable and low-cost intervention could be leveraged in similar settings to address learning losses of marginalized students. |
| Keywords: | school closures, remote education, Interactive Voice Response (IVR), COVID-19, randomized controlled trial, Bangladesh |
| JEL: | C93 I21 I24 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15920&r=ure |
| By: | Nur Amira Aina Zulkifli |
| Abstract: | Property tax assessment revenue is the main income of local authority and is used to provide services and maintenance to the community. Past research has found the link between property value and property tax whereby any differences affecting property value reflect the property tax assessment value. Over decades, numerous studies have been conducted to investigate the relationship between green elements and property value. Past research has identified tangible elements of green building as green envelope components that affect property value. However, to date, no research has been conducted to determine the effect of both tangible and intangible green elements on property value. Henceforth, this research intends to identify and measure the effect of intangible green elements on local authority property tax revenue. A comprehensive review of literature and guidelines by green rating tools was conducted and analysed through systematic analysis. The findings are used to construct questionnaires and distributed among property valuers to identify the effects of tangible and intangible green elements on property value. Furthermore, hedonic models through multiple regression analysis were developed to measure the percentage of value increment and decrement for each green element. The results are used to validate the effect of tangible and intangible green elements on local authorities’ property tax assessments revenue. The findings shows that local authorities’ property tax assessment revenue is estimated to increase by 36.4% if the property under their administrative area implements green elements that have a positive effect on the value and decrease by 7.0% if the property under their administrative area implements green elements that have a negative effect on value. This research is significant for the local authority to support sustainable agenda by promoting green building development at the local level. |
| Keywords: | Green Building, Green Components, Local Authority, Tax Revenue |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_77&r=ure |
| By: | Chiemela Victor Amaechi |
| Abstract: | A methodological shift in both research and practise is now required to plan and manage low-carbon investments in large real estate assets, in order to satisfy the European energy efficiency criteria recently (see EU Directive 2018/844). Even though a rapid increase in large-scale building retrofit rates is expected, new strategic methods should analyse entire building portfolios rather than single-building perspectives in order to determine the amount of energy retrofit that will result in the greatest overall value. In this paper, discussions on housing decisions is built for the assessment of investment in both monetary and non-monetary benefits of a retrofit expenditure, as well as determining the best efficiency programme across a large building portfolio. In terms of monetary benefit, the savings generated by the investment over its entire life cycle can be achieved. With recent calls for sustainability he environmental benefit in terms of averted CO2 emissions is the first non-monetary item can be achieved. When energy efficiency is also intended as a strategy to maintain the history. Hence, realtors should also examine the value of enhanced indoor comfort and the value of building preservation. This study also intends to raise knowledge in the sustainable real estates, private residential housing market and green buildings to add to the value of biodiversity and urban ecosystem services, as well as the real estate market. |
| Keywords: | Built Environment; Circular economy; real estate; sustainability |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_256&r=ure |
| By: | Nagwa Kady |
| Abstract: | Mobilizing social value in property development is complex, specifically under entrepreneurial urban governance settings where public and private parties have variegated interests, targets, and values. Essentially, social value has been the responsibility of the public sector. More recently, however, the property industry has been keen on including social value objectives into their agendas making both municipal and property market actors social value creators. Despite their endeavors, efforts in steering social value remain fragmented and insignificant. I argue that effectively steering social value in property development processes requires an integrated approach. This approach relies on two dimensions. The first is a common understanding of social value from key actors involved in the realization of property development. The second is their capacity to mobilize resources and collectively devise strategies for social value creation.Using empirical data, this study examines the relationships between municipal and property industry actors and the institutions that drive them, to establish the extent to which social value is steered in four large-scale property developments in Amsterdam. Data is sourced from fifteen interviews conducted with municipal and property actors to identify perceptions, motivations, the resources deployed in aiding social value creation, and collaborative efforts made by these actors, as key characteristics integral to social value creation in property development. Furthermore, secondary sources including municipal reports, policy documents, and property market publications are studied to understand the framework municipal and property actors rely on. The aim is to gain insight into the barriers actors face and their implications on steering social value in property development. |
| Keywords: | Property Development; social value; Sustainable Development; Urban Planning |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_188&r=ure |
| By: | Babak Firoozi Fooladi; Heidi Falkenbach; Ploegmakers Huub |
| Abstract: | Public Land Development (PLD) is an active form of land policy that is mainly used in the Netherlands, Finland, Sweden, and China. In PLD, the public authority buys the land in an area of interest, prepares the plan for the area, rearranges the plots, provides infrastructure, and sells the serviced plots to developers for development. Some literature suggests that PLD gives control over land supply, which may lead to more timely plan implementation. However, other work indicates that PLD may not offer better outcomes than other forms of land development policies in terms of timing of development and implementation of housing plans. In this context, the use of PLD as a significant public intervention in the land market is difficult to rationalize.In this paper, we focus our investigation on the impact of PLD on housing plan implementation. In addition, we investigate if PLD has any advantages compared to other forms of land development policies.Our empirical analysis focuses on the Netherlands. We construct a panel of approved housing plans in Dutch municipalities from 2010 to 2019 and estimate the impact of PLD on plan implementation using survival models. |
| Keywords: | Housing Supply; land development; Land Policy; plan implementation |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_90&r=ure |
| By: | Radoslaw Trojanek; Robert Hill; Miriam Steurer; Norbert Pfeifer |
| Abstract: | Current trends in house prices are an important input into decisions on monetary and fiscal policy and macro-prudential supervision. However, long lags in the availability of transaction data imply that current transaction prices are generally unavailable for this purpose. These information lags can be quite long; e.g., in Poland, the current registration lag lies at over 200 days. We show how micro-level list price data can be used to now-cast the current direction of transaction prices in the residential property market and thus fill a vital information vacuum. In particular, we show that to estimate the current direction of the transaction price index, a simple model based on current list price changes outperforms a range of other model specifications based on lagged transaction data. We illustrate our method and results with the help of a detailed list and transaction dataset that covers two large Polish cities (Warsaw and Poznan) for over two decades. The multiple up-and-down movements of the Polish property market during our sample period provide an ideal setting to test the performance of our approach. Our findings imply that list price indices can provide valuable “real-time” market estimations. Employing them in conjunction with official transaction price indices can significantly reduce the information vacuum of policymakers. |
| Keywords: | House price index; list price data; scaped data; Transaction data |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_100&r=ure |
| By: | Gianluca Marcato; Are Oust; Endre Reite |
| Abstract: | We study foreclosure discounts for all forced Norwegian house sales between December 2001 and February 2018. Micro-data from two Norwegian banks are further analyzed to shed light upon biased valuation methods. We estimate foreclosure discounts using an advanced statistical valuation model (AVM), repeated sales, and a real estate agent’s value estimate. We expand on earlier research by exploring how homeowner participation, centrality and the valuation method (human vs. automated valuation) adopted at origination are interlinked and contribute to the explanation of foreclosure discounts. Homeowners in rural areas are less likely to participate in foreclosure sales, and banks granting mortgages are less likely to employ AVM valuation. Our findings enrich research on biased valuations and link the bias in valuation methods with bias in banks’ valuation methods. Banks granting mortgages with a high loan-to-value ratio should exercise caution in rural areas while deviating from AVM valuation and calibrating their lending models considering risk differences. |
| Keywords: | Forclosures; Housing Finance; mortgages; Valuation Methods |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_260&r=ure |
| By: | Isabelle Turri; Eliane Monetti |
| Abstract: | Around the world authors have distinct visions about the education on real estate emphasized due to the stage of development different from their regions. The study of real state in a local tend to be shaped through demand of knowledge of professionals working in the region. Among the study challenge of this topic has a lacking knowledge about the study of this discipline, and the references are uniquely than what are noted in economies more advanced, the nomenclature used is not standardized, and there is not a unique body knowledge.This survey seeks to know the demand about the awareness in the visions of industry and active contractors in different real estate area, through the application of questionnaires to contractors.Concepts were identified, themes in topics related to the professional activities of real estate, organized in 5 segments: (i) real estate development, (ii) real estate finance, (iii) real estate investment, (iv) real estate economics and (v) real estate management, which one covering different topics.The selected professionals to apply the questionary were defined in different groups, recognized in: incorporating companies – real estate development; investing companies – only invest don’t operate, has the focus in fund mobilize; and properties companies – holder companies of income commercial properties, focusing in acquisition, leasing, management and sale.Through the form the individuals attribute levels of importance about the topics, that allowed ranking. Across these attributions was possible to rate the themes.Three topics accent in terms of relevance, regardless of the business segment or area. They are: (i) the construction of economic-financial models for investment analysis; (ii) the formatting of projects; (iii) the financial market and its behavior expectations. |
| Keywords: | Body of knowledge; Education; Professional qualification; real estate |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_116&r=ure |
| By: | Martin Cesnak (National Bank of Slovakia) |
| Abstract: | Retail loan growth, especially housing loan growth, in Slovakia continues to be one of the highest within the euro area, even during and after the COVID-19 pandemic. We decompose the annual growth rate of retail housing and consumer loans into the main factors enabling this high growth. These factors include growth of collateral value related to the strong price acceleration of residential real estate, income growth, the long-term decline of market interest rates and the extension of loan maturity. The latter is mainly used for refinancing loans and represents the strongest factor enabling increase of principal. Using microdata of individual retail loans granted in Slovakia, we show that the growth of housing loans would have been at least a third lower without these factors. The recent decrease of the consumer loan stock is explained by the strongly declining demand for consumer loans, triggered after the outbreak of the pandemic. |
| JEL: | G21 G51 |
| URL: | http://d.repec.org/n?u=RePEc:svk:wpaper:1092&r=ure |
| By: | Gözde Karahan; Kerem Yavuz Arslanli |
| Abstract: | Choosing a location on retail streets means being next to many other brands. This proximity allows companies to reach more users and foot traffic. Furthermore, this costs firms as in paying higher rents. It is difficult to predict the rents on the retail streets. Therefore, rent estimation studies are much more critical when necessary to make estimates throughout the country.In the paper, the brand mix variable, which is a significant factor in determining rent in shopping centres, was also tested for retail streets. For the brand mix definition, the brands in the catchment areas of the retail stores were used. In the hedonic rent model, physical variables of the retail stores are included as well as spatial variables.As a result of the model, the effects of physical variables of stores on rent are explained. In the model results, it was seen that being a single storey increased the unit rent of the store, while the more gross leasable area and building age negatively affected the unit rent. The relationship between the brand mix and the rent is positive. However, the model's explanatory power, which is built by considering only physical variables, is higher. It is already known that internal variables have significant effects on rental values. However, even if the brand mix cannot be used alone in determining rent, it is understood from the model outputs that it is an important determinant. By diversifying the location data, it will be possible to produce more inclusive models. |
| Keywords: | Hedonic Model; Istanbul retail market; Retail rents; Retail street |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_217&r=ure |
| By: | Franz Fuerst |
| Abstract: | The introduction of minimum energy efficiency standards (MEES) for buildings has been hailed as a milestone for improving the carbon footprints and energy consumption of the lowest performers in a number of countries. However, there is a concern that landlords will either pass on the additional costs to tenants via increased rents or withdraw non-compliant cheaper properties from the market altogether, thereby reducing supply in this market segment and driving up rents. As tenants in properties with lower energy efficiency performance tend to have lower incomes, the any direct or indirect rent increases stand to affect them disproportionately. This paper estimates the impact of the MEES policy on rents in the UK private rental market using a proprietary dataset of 3.6 million rental observations and property characteristics. It comprises a large set of control variables such as location, size, age and condition. The latter is particularly important as rental properties with lower energy efficiency levels are on average older and located in less attractive areas than their more energy efficient counterparts. To estimate the dynamic effects of the change in policy, we also apply a difference-in-difference (DID) estimation and a regression discontinuity design. This allows us to compare the rental price trajectory of a treatment group (EPC F/G rental properties) to one or several control groups (higher EPC bands and/or non-rental properties). |
| Keywords: | Energy Efficiency; Housing Economics; Policy impact; Sustainability regulations |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_216&r=ure |
| By: | Delbridge, Victoria; Harman, Oliver; Oliveira Cunha, Juliana; Venables, Anthony J. |
| Abstract: | KEY MESSAGES: 1. Cities in developing countries are both the most vulnerable to climate change and the most viable solution to managing its impacts. 2. Urban density enables reduction in per capita emissions from infrastructure and services. 3. Access to local public goods and services aids resilience to environmental shocks and stressors. 4. Decisions about the city’s physical characteristics and infrastructure today will lock-in long-term consequences for the future. |
| JEL: | Q15 |
| Date: | 2022–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:118025&r=ure |
| By: | Emanuele Albarosa; Benjamin Elsner |
| Abstract: | A commonly expressed concern about immigration is that it undermines social cohesion in the receiving country. In this paper, we study the impact of a large and sudden inflow of asylum seekers on several indicators of social cohesion. In 2015/16, over one million asylum seekers from Syria, Afghanistan, and elsewhere arrived in Germany. Anecdotal evidence suggests that this inflow changed the public opinion on hosting asylum seekers, from being highly welcoming to fairly negative within a few months. Using individual- and county-level panel data, we test whether the evidence supports this apparent shift in attitudes. In a difference-in-differences design, we compare the attitudes of individuals in areas with large vs. small local inflows before and after the inflow. In individual survey data, we find mixed evidence of an impact on social cohesion. In a representative sample, we find no evidence that the inflow undermined social cohesion, except for a negative effect on donations to charity. In areas with high vote shares for the populist party AfD, we find that the inflow led to greater anti-immigrant sentiment and a greater concern about crime. We also show that areas with larger increases in the number of asylum seekers experienced a significant increase in anti-immigrant violence, which lasted for about two years before returning to its pre-inflow level. This effect was larger in areas with higher unemployment and greater support for AfD. |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1183&r=ure |
| By: | Arvanitopoulos, Theodoros; Wilson, Charlie; Ferrini, Silvia |
| Abstract: | Local energy systems (LES) are designed to decarbonize, balance, and coordinate supply, storage and demand resources. Which local conditions enable LES to flourish? Using a unique dataset of 146 LES projects in the UK from 2010 to 2020, we apply econometric methods to identify energy, institutional and socio-economic conditions significantly associated with LES, but not other local energy forms. We show distributed power generation, low-carbon infrastructure firm activity, local government strategy and active energy efficiency markets are enablers of LES involving multiple actors, sectors and skill sets. These conditions describe a clear policy agenda for stimulating and supporting emerging local energy markets. |
| Keywords: | decarbonization; decentralization; digital skills; landscape transition; local energy systems; spatial econometric modelling; EP/S031863/1; EP/S031898/ 1; 101003083 |
| JEL: | C10 O33 Q40 R11 |
| Date: | 2022–11–14 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:117510&r=ure |
| By: | Alain Coen; Aurelie Desfleurs; Saadallah Zaiter |
| Abstract: | The aim of this study is to analyze and compare the abnormal earnings announcement returns of«concentrated» and «diversified» U.S. REITs from 2000 to 2017. Using a unique property-level dataset, we analyze the impact of geographic concentration on the relative performances of real estate investments trusts (REITs). More precisely, we focus on financial analysts’ forecast accuracy, market-level uncertainty, REIT-level uncertainty and synchronicity. Therefore, as robustness check, we develop different geographic concentration measures. First, we document the coverage, the accuracy and the bias of financial analysts’ earnings forecasts on «concentrated» and «diversified» REITs. Our results report that the level of accuracy and the level of optimism are statistically different for these two categories, especially after the Global Financial Crisis. Second, we observe that abnormal stock returns, abnormal trading volume and abnormal volatility may be related to the level of geographic concentration and synchronicity. Our results shed a new light on the geography of real property information and investment. More generally, they highlight the potential link between the level of geographic concentration, or home bias at home, and the level of information on stock markets. |
| Keywords: | Financial analysts forecasts; Geographic concentration; REITs; Uncertainty |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_119&r=ure |
| By: | Gorshkova Taisia (The Russian Presidential Academy Of National Economy And Public Administration); Turuntseva Marina (The Russian Presidential Academy Of National Economy And Public Administration) |
| Abstract: | The article is devoted to modeling the spatial dependence between macroeconomic indicators of Russian regions, using spatial weight matrices. The authors perform a comparative analysis of five matrices taking into account only the values of the indicators themselves in neighboring regions, without the influence of other macroeconomic series of data. The article analyzes papers that describe ways to build weighting matrices, both based only on geographic data and on economic indicators; the five matrices are applied to three models built on Russian regional data. The study is based on regional inflation and GRP data. In addition to modeling on data about all regions, spatial models were also built separately for the Western and Eastern parts of Russia. Based on the results of the study, we can conclude that for a number of GRP figures, the choice of spatial matrix significantly affects the ratio estimates and errors of in-sample forecasts. The way in which these matrices are considered in the model is of secondary importance. For regional inflation, on the contrary, the model type is more important, and most matrices give nearly identical results in each model. |
| Keywords: | geographical econometrics, spatial weight matrixes |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:w2022030&r=ure |
| By: | Heller-Sahlgren, Gabriel; Jordahl, Henrik |
| Abstract: | Research indicates that education quality–measured by test scores in international student surveys–predicts economic growth. In this paper, we extend previous findings up to 2016 and analyse test scores of upper-secondary school students only. We find that the positive relationship between growth and test scores holds in both cases. The share of top-performing students exhibits a stronger correlation with economic growth than does the share of students who meet basic requirements. |
| Keywords: | economic growth; education; PISA; TIMSS; top-performing students |
| JEL: | J1 |
| Date: | 2023–01–19 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:118145&r=ure |
| By: | Rebecca Montacute (The Sutton Trust); Erica Holt-White (The Sutton Trust); Jake Anders (UCL Centre for Education Policy & Equalising Opportunities); Carl Cullinane (The Sutton Trust); Alice De Gennaro (UCL Centre for Education Policy & Equalising Opportunities); Erin Early (Queen's University, Belfast); Xin Shao (UCL Centre for Education Policy & Equalising Opportunities); James Yarde (The Sutton Trust) |
| Abstract: | Many students missed a large amount of school time during the pandemic, even after schools had re-opened nationally. During the 2020/21 academic year, 18% of year 11 students missed more than 20 days of school, with a further 24% missing between 11 and 20 days. Young people from lower occupational status backgrounds were more likely to miss school, with 21% of those from working class backgrounds missing more than 20 days, compared to 17% from higher managerial/professional backgrounds. Many young people feel they have fallen behind due to the pandemic, with 36% saying they have fallen behind their peers. 37% of those at state schools said they had fallen behind their classmates – more than double the figure for independent school students. Young people from ethnic minorities were more likely to be concerned they had fallen behind their classmates due to pandemic disruption. Overall, 53% of young people took part in at least one type of 'catch-up' activity. The most commonly reported was additional online classes students could watch, re-watch or join from home, with 50% of pupils offered this, and 30% taking it up. Children in the state comprehensive schools with highest intakes of pupils eligible for eligible for free school meals (FSM) were the most likely to have taken part in catch-up activity, at 61%, compared to 48% of those in the least deprived state comprehensive schools. The National Tutoring Programme was a flagship part of the government’s catch-up plans, providing one-to-one and small group tuition to pupils. 41% of year 11 pupils in state comprehensive schools reported being offered some type of tutoring, with 27% taking it up. This compares to 9% of parents reporting they paid for their child to have private tuition in the same time period, and 52% of students in independent schools being offered tuition by their school. |
| Keywords: | COVID-19, pandemic, education recovery, catch-up, tutoring, secondary schools, GCSE |
| Date: | 2022–10 |
| URL: | http://d.repec.org/n?u=RePEc:ucl:cepeob:20&r=ure |
| By: | Alessandra Migliore; Cristina Rossi-Lamastra; Chiara Tagliaro |
| Abstract: | The Covid-19 pandemic has forced most workers to work from home (WFH). At a first glance, this seems not a big change for academics, who, even in normal time, are used to performing their research activities autonomously and to balancing on-campus and off-campus locations. Instead, exactly for their flexible habits it is interesting to study where academics have worked during the Covid-19 pandemic and which factors relate to their location choices. This paper addresses these issues by relying on survey data from a sample of 7, 865 Italian tenured academics. First, cluster analysis unveils four main location choices of Italian academics during the Covid-19 pandemic depending on the frequency of access to home, university or other spaces, namely Home-centric, University-centric, Between home and university and Multi-located. Second, multinomial probit models reveal a nuanced picture of the factors associated to the belonging to each cluster. Decisions over location choice depend, mostly, on work-related factors (i.e., discipline); then on space-related factors (i.e., satisfaction towards campus workspace characteristics and the need of a laboratory); finally, on, life-related factors (i.e., living with school children or a partner) and other factors (i.e., commuting times and gender). However, each of the four location patterns depend on different determinants. The results offer university and practice-wide implications anticipating future changes in how work in academia is spatially organized. |
| Keywords: | COVID-19; Knowledge-work; Location Choice; University |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_139&r=ure |
| By: | Marzia Morena; Tommaso Truppi; Antonio Invernale; Anna Gornati |
| Abstract: | The Permanent Observatory on Local Public Administrations (OPPAL) survey aims at:offering an opportunity to promote the territory by promoting transparency about and disseminating the practices adopted for investment licensing procedures; providing valuable support in defining the strategic investment choices of Real Estate operators. providing a unique tool at national level, for attracting investment for the enhancement of Real Estate Assets.The research presents the survey's results of Permanent Observatory on Local Public Administrations (OPPAL), which deals with the efficiency of the licence-issuing procedures applied by the Local Public Administration (LPA) in Italy with a focus on alternative financial strategies.The redevelopment and enhancement interventions promoted by the Local Public Administration (LPA) allow to secure the environment and to recover abandoned and former production areas for collective use and natural heritage. |
| Keywords: | Public administration; real estate asset management; Real Estate Investment; Territory Enhancement |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_212&r=ure |
| By: | María Cervini-Plá (Universitat Autònoma de Barcelona and EQUALITAS); Mariona Tomàs; Javier Vázquez-Grenno (Universitat de Barcelona and IEB) |
| Abstract: | This paper empirically tests whether property owners react to the salience of taxes in terms of their consumption of public services. Exploiting a policy change that reduced fares on public transport in various municipalities of the metropolitan area of Barcelona, we find that salience of the tax to finance the fare reduction increases the consumption of public transportation. Our empirical findings support the hypothesis that the salience of taxes may affect the consumption behavior of taxpayers and our main results contribute to previous empirical evidence relating tax salience and consumption behavior regarding public services. |
| Keywords: | Tax salience, Public transportation, Fare policy |
| JEL: | D12 H24 R41 R48 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2022-05&r=ure |
| By: | Annette Kaempf-Dern; Jonas Hahn |
| Abstract: | Housing affordability is one of the most pressing issues in urban areas. During the Covid 19 pandemic, this problem spread to surrounding and more rural areas due to changing demand dynamics. At the same time, the economic downturn has exacerbated challenges for certain tenant groups. Based on an adapted Social Business Model Canvas, we are working with student groups on an interdisciplinary project to look at the entire affordable housing value chain from both the user perspective and the perspective of private and public housing companies, i.e., from design and planning to construction, operation, and redevelopment. The aim is to identify the main variables for achieving affordable housing prices, the interdependencies between them and their respective manifestations in Germany and five other European countries: NL, IT, AUT, DK and UK. Based on this, we derive limits and drivers of value creation as well as potentials for the realization of affordable rents or housing costs. The Affordable Housing issues examined in each country are.Definition of "affordable housing" and characteristics, needs and quantity of the most relevant user groups. Building conditions, structural-functional designs, and construction costs for Affordable Housing. Characteristics and business models of investors or providers of affordable housing. Legal framework / regulation for affordable housing (outside of building law). Tax framework and subsidy options for investors and users.This presentation will introduce the project setup and findings on user and construction issues of Affordable Housing.(An second presentation presents the findings on business models as well as legal and fiscal framework conditions of Affordable Housing.) |
| Keywords: | Affordable Construction & Designs; Affordable Housing; Research Learning; user needs |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_230&r=ure |
| By: | Cay Oertel; Chiara Künzle; Sven Bienert; Werner Gleißner |
| Abstract: | The purpose of this paper is to enhance the granularity in the modelling of exogenous risk factors on financial performance of illiquid assets such as real property. In this context, financial literature has not connected those on alternative present value (APV) methods and on linear risk factor modelling (LFM) yet. The present piece fills this gap by setting up a formal method for applying this novel LFM-APV approach to modelling and pricing the risk for real estate investments. For this purpose, we design a theoretical framework consisting of a modern stochastic discounted cash flow model, which in turn is based on risk factors that are priced in using a linear factor model. Additionally, we illustrate the described pricing mechanism for standing investments based on real property data in an empirical study. Thus, we provide a clear algebraic solution to the problem of risk modelling for heterogeneous and illiquid investment positions such as direct real estate in a present value calculus. The practical implications to APV-LFM are the enhanced understanding of the functional relationship between underlying risk factors and the pricing of assets. The elaboration of the APV-LFM helps to have a better understanding of the functional relationship between underlying risk factors and the pricing of assets in practice. |
| Keywords: | Asset Pricing; Real Estate Investment; Real Estate Risk Management; Uncertainty |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_82&r=ure |
| By: | Guariso, Andrea (Mistra Center for Sustainable Markets (Misum)); Björkman Nyqvist, Martina (Mistra Center for Sustainable Markets (Misum)) |
| Abstract: | We study the impact of the COVID-19 pandemic and associated school clo- sure on primary school children’s learning and mental wellbeing in Assam, India. Using a comprehensive dataset that tracked and repeatedly surveyed approximately 5, 000 children across 200 schools between 2018 and 2022, we find that children lost the equivalent of nine months of learning in mathe- matics and eleven months in language, during the pandemic. Children lack- ing resources and parental support experienced the largest losses. Regular practice, teacher interaction, and technology helped sustain learning. Over the same period, children’s psychological wellbeing improved. Our research provides valuable insights for designing post-emergency programs. |
| Keywords: | COVID-19; School Closure; Primary School; Learning Loss; Psychological Wellbeing; India |
| JEL: | I21 I25 O15 |
| Date: | 2023–02–14 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:hamisu:2023_012&r=ure |
| By: | Katarzyna Reyman; Gunther Maier |
| Abstract: | We often observe substantial delays in the development of land. The literature lists a number of reasons: from risk and uncertainty to problems with the specific plot to land banking and speculation by investors. In an earlier, quantitative analysis for the GZM metropolis in Poland (Reyman, Maier, 2022), we applied survival analysis to the development process and found strong influence of institutional factors. This research extends and complements the earlier study with qualitative interviews with developers and city officials, two important actors in this process. We believe that clashing perspectives of those two actors will provide us with meaningful insights into institutional and behavioural factors that influence the time of land development in GZM. After four trial qualitative in-depth interviews with city officials, we re-think questions and intend to talk to a total of five city officials and five investors. We will select interview partners from different cities (big, small, rural counties), and different investors’ types (big – small, local – country/Europe level). In this presentation, we will report the results of the trial interviews. Some first preliminary observations are that city officials show a strong pro-investor attitude; do not see land speculation as a problem in their area; face competition from neighbouring cities for investors; observe some ownership problems caused by inheritance negligence or inhabitants’ emigration. |
| Keywords: | in-depth interviews; land development delays; land hoarding; timing of land development |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_252&r=ure |
| By: | Michal Hebdzynski |
| Abstract: | The aim of this paper is to address the problem of unavailability or inaccuracy of information on the quality of housing in the existing data sources. This may lead to obtaining biased results in the hedonic analyses of the market conducted for macroprudential and statistical purposes. We target this problem by proposing a supervised machine learning framework that base on the Wordscores algorithm. We try to answer the question, whether it is possible to reliably, automatically assess the quality of apartment, based solely on the textual description of its listing posted in the internet advertisement site. The accuracy of the method has been tested on the example of the Polish-language apartment sales and rental listings from 2019-2021. The obtained point estimates of the quality level show a high correlation with the human assessments. The results indicate that the application of the Wordscores algorithm gives 71% effectiveness in categorizing the apartments for rent into three quality groups: low, medium and high. For the apartments for sale, the effectiveness equals 64%. The study indicates that textual descriptions of apartments’ listings convey usable, yet most often unused information on the housing quality. The usage of the fruits of the method may lead to the increased accuracy of the performed analyses of the market, thus to its better understanding. The relative easiness of application of the algorithm and its high interpretability make the proposed method advantageous over the already developed, more econometrically sophisticated approaches. |
| Keywords: | Hedonic methods; Housing quality; supervised machine-learning; Textual Analysis |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_114&r=ure |
| By: | Costas Meghir (Cowles Foundation, Yale University); Marten Palme (Stockholm University); Marieke Schnabel (University College London) |
| Abstract: | We study the intergenerational effect of education policy on crime. We use Swedish administrative data that links outcomes across generations with crime records and we show that the comprehensive school reform, gradually implemented between 1949 and 1962, reduced conviction rates both for the generation directly affected by the reform and for their sons. The reduction in conviction rates occurred across many types of crime. Key mediators for this reduction in the child generation are an increase in education and a decline in crime amongst their fathers. |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:cwl:cwldpp:2356&r=ure |
| By: | Bertram Steininger; Lucas Casillo; Michael Truebestein |
| Abstract: | Private and intuitional investors alike use real estate investments in their multi-asset portfolios to reduce their total risks by the positive characteristics such as low volatility or correlation with other asset classes. However, investments in direct or private real estate also bear drawbacks such as high transaction costs, long transaction time, large volumes, low liquidity, or the need for real estate market expertise. Thus, the financial industry has developed various investment vehicles (open-end or closed-end funds, REITs, stocks, etc.) to lower the market entrance barriers for investors with lower investment volume and knowledge. The recent engineered product is a real estate token, a digital form of assets that is equipped with value, rights, and obligations. It enables the fractionalization of properties into small investment volumes using the Distributed Ledger Technology (DLT), and the trading, as well as the rent distribution, are organized in an automated process with Smart Contracts.Currently, the possibility to tokenize properties is limited so most projects use the indirect way through special purpose vehicles (SPV). This paper explains the most used concepts, recent developments, regulations, and a first market overview for the USA and Europe (Switzerland and Germany). We show the development of the primary and secondary markets after the tokens are issued by Security Token Offerings (STO). |
| Keywords: | blockchain; Distributed Ledger Technology; Smart Contract; tokenization |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_197&r=ure |
| By: | Aybala Demir; Kerem Yavuz Arslanli |
| Abstract: | The literature has shown that financial institutions and banks in countries give fewer loans due to the increases of financing costs with the increases in CDS premiums. As a result of this, a noticeable decrease in housing prices occurs. (Benbouzid, Mallick, & Pilbeam, 2018). In this context, this paper will examine which factors affect Turkey's CDS premium and how Turkey's CDS Premium affects housing prices. This article also covers the statistical relationship between global and local variables. In the studies carried out to determine the variables affecting Turkey's CDS premium, the volatility in CDS premium is more affected by global variables than local variables. However, it is thought that the higher volatility in premiums stems from political and economic problems. A VAR model will be established using a data sample from November 2010 to January 2022. Local variables are the housing price index, CDS premiums, growth rate, real effective exchange rate, stock and bond returns, interest rates, risk appetite, external debt balance, banking sector performance will be examined. Global variables, which are VIX, S&P 500, US bond market, global risk appetite, NASDAQ variables, will be examined. |
| Keywords: | CDS premiums; House Prices; Turkey; VAR model |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_208&r=ure |
| By: | Mohammad Hamida; Tuuli Jylha; Hilde Remøy; Vincent Gruis |
| Abstract: | Purpose – The development of adaptable and circular buildings has been argued as a means that could enable built properties to withstand numerous societal challenges that could occur in the future. This study intends to reveal the extent in which circularity and adaptability related strategies are being operationalised in a selected sample of case studies in the Netherlands.Design/methodology/approach – A theory-practice oriented approach is followed. Literature review is conducted to define a set of potential strategies for developing circular and adaptable buildings. A selected sample of case studies in the Netherlands will be analysed, using in-depth interviews and archival research as main data sources. Cross-case analysis of the findings will be conducted and examined against the literature. Findings – The initial screening of the cases points out that spatial multifunctionality, use of demountable products and secondary material, and material reuse are common strategies that are carried out to operationalise circular and adaptable strategies. Quality/value – The study has the potential to expand the boundaries of the relevant bodies of knowledge by providing empirical evidence and understanding of the current status of operationalisation of adaptability and circularity related strategies in a sample of Dutch properties. This outcome will contribute to refine and expand theoretically conceptualised frameworks. |
| Keywords: | Adaptability; Building Adaptation; Circularity; Obsolescence |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_206&r=ure |
| By: | Raphaël Franck |
| Abstract: | This study explores the impact of industrialization on secondary schooling in 19th century France. As a source of exogenous variation in industrialization across the French territory, it takes advantage of the openings and closures of mines which were supervised by the Ministry of Public Works, independently from the Ministry of Education. The results suggest that industrialization had a negative but mostly insignificant effect on high-school enrollment. However, industrialization increased the share of high-school pupils in applied sections and the wages of mathematics teachers. |
| Keywords: | horse power, industrial revolution, secondary schooling |
| JEL: | I25 N33 O14 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10209&r=ure |
| By: | OECD |
| Abstract: | Cultural and creative sectors are a significant driver of local development both through direct job creation and income generation but also indirectly by spurring innovation across the economy. Beyond their economic impacts, they also have significant social impacts, from supporting health and well-being to promoting social inclusion and local social capital. Flanders (Belgium) has placed cultural and creative sectors as a priority in the region’s economic and social strategy. This paper provides an overview of cultural and creative sectors in Flanders, highlighting trends in employment, business dynamics, entrepreneurship and financing as well as cultural participation. It offers analysis and recommendations to support the region in continuing to build on its local cultural and creative ecosystem. |
| Keywords: | Creative industries; culture and local development; cultural employment |
| JEL: | Z1 |
| Date: | 2023–02–24 |
| URL: | http://d.repec.org/n?u=RePEc:oec:cfeaaa:2023/06-en&r=ure |
| By: | Abiodun Kolawole Oyetunji; Suzana Ilic; Nils Markusson |
| Abstract: | People’s risk perceptions are generally regarded as an important determinant of their decisions to adjust to natural hazards. Several studies have explored the effect of flood risk on property investments. However, mixed results were reported. This study conceptualises three non-monetary value characteristics of property investment (utility, desirability, and marketability) to examine the influence of flood risk on residential property value and the subsequent decision to invest. The study evaluates private investors’ perceptions of these characteristics and compares them with estate agents’ to understand how they influence investment decisions in areas liable to flooding in Lagos, Nigeria. The survey data was gathered through questionnaires administrated to private investors and estate agents within the study location in Lagos, Nigeria. Findings broadly show a consensus among the respondents on the contribution of each variable that makes up the usability, desirability, and marketability of property investment at risk of flooding. Out of these factors, the desirability to own/rent properties within flood risk neighbourhoods is significant in driving private investors’ decisions. Surprisingly, there was also a low level of trust and confidence in insurance activities among private investors. |
| Keywords: | desirability; flood risk; Investment decisions; Property Investment |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_240&r=ure |
| By: | Crescenzi, Riccardo; Giua, Mara; Rigo, Davide |
| Abstract: | COVID-19 has dramatically accelerated the uptake of work-from-home (WFH) practices worldwide. However, there is no consensus on the importance of this phenomenon for workers and firms. Unique administrative data on the universe of Italian workers make it possible to assess for the first time the actual diffusion of WFH across sectors, regions and rms. Our data show that 12% of workers have in fact worked from home at the peak of the pandemic in 2020, suggesting that existing studies overestimate the share of jobs that can be undertaken remotely by at least 50%. We also provide suggestive evidence that existing studies are unable to account for technological and cultural barriers that in practice prevent firms and workers from adopting WFH practices. |
| Keywords: | work-from-home; remote work; teleworking; Covid-19; coronavirus |
| JEL: | R14 J01 |
| Date: | 2022–11–01 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:117523&r=ure |
| By: | Klein, Marius; Rauch, Ferdinand |
| Abstract: | We revisit the natural experiments of division and unification of Germany now that more time has passed and more data have become available. We show that local market access shocks are not symmetric in time. The negative shock to local market access following the division of Germany lead to a fast and strong downward adjustment of the size of West-German cities near the new border. In contrast, the positive shock of reunification did not lead to any change in their relative size, even three decades after the German reunification. |
| Keywords: | Market Access; Iron Curtain |
| Date: | 2023–02–14 |
| URL: | http://d.repec.org/n?u=RePEc:awi:wpaper:0724&r=ure |
| By: | Annelie Stumpp; Hermann Lebherz |
| Abstract: | Most Inner Cities suffer from highly condensed built fabric which stores the heat of summer days. To relief this effect several architects have started to integrate not only earth bound greenery but to integrate plants in their vertical facades. Through the plants there is a mitigation of the Heat Island effect since the leaves of the plants prevent the sun rays to heat up stone and glass facades. At the same time plants are generating oxygene to improove air quality of the inner cities. One further aspect of green facades ist hat the leaves can clean air from inner city dust. The whole year greenery gives as well a a positive psycholgical well beening in the nature and are improving the quality of life in inner cities One further positive effect is that plant have no hard surfaces and are therefor not reflecting noise but are reducing noise through their leaves. WLS are consultants for facades of a highrise bilding with a timber facade, a necessary sprinkler system and a planting system at vertical facades. This case study will highlight the state of art of facade greenery in the forefront of green technology with natural materials, combined with highly sophisticated building technology. |
| Keywords: | generating oxygen to improve air quality; improve quality of life in inner cities; Mitigation of the Heat Island effect; Vertical green facades |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_38&r=ure |
| By: | KLYACHKO T.L. (The Russian Presidential Academy Of National Economy And Public Administration); TOKAREVA G.S. (The Russian Presidential Academy Of National Economy And Public Administration) |
| Abstract: | The development of higher education systems around the world is associated with an increase in the number of students, which has almost doubled over the past 30 years. The growth of student contingents has led to a reformatting of university networks. The question of the formation of a network of universities and their influence on spatial development, as well as the problem of the impact of economic development in certain territories on the need for the development of higher educational institutions is an urgent research problem. The main goal of this work is to assess the effectiveness of the spatial development of the higher education system, taking into account the effects that its different levels have on the processes of socio-economic development of Russian regions. The objective of this work is to analyze the existing networks of state universities in Russian regions. Research methods include analysis of statistical data and socio-economic information, economic and mathematical analysis and modeling. The main results of the research: the changes that took place in the network of state (municipal) universities in Russia in the 1990/91–2018/19 academic years are considered; the factors that caused the changes, as well as the consequences for the socio-economic development of the constituent entities of the Russian Federation, where the higher educational institutions are located, have been analyzed; the availability of higher education for the population and the economic sustainability of networks of state (municipal) universities in federal districts and various regions of Russia have been analyzed. The obtained results can be used in the interests of public authorities in the field of education for the development of a state policy of spatial development of the higher education system; assessing the consequences of the restructuring of networks of universities and branches of universities on the socio-economic development of Russian regions; assessing the directions of development of higher education in the regions of the Russian Federation. |
| Keywords: | established network of universities, university management, spatial development of higher education |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:w2022040&r=ure |
| By: | Arnab Bhattacharjee; Adrian Pabst; Tibor Szendrei; Geoffrey J. D. Hewings |
| Abstract: | The heterogeneous spatial and individual impacts of the Great Recession, Brexit and Covid-19 have generated an important challenge for macroeconomic and regional/spatial modellers to consider greater integration of their approaches. Focusing on agent heterogeneity at the NUTS-1 level, we propose NiReMS – a synthesis of dynamic microsimulation with a spatial regional macroeconometric model. The model gives regional macro projections while allowing for household level inference. To showcase the model, we explore the impact of terminating enhanced Universal Credit (UC) early and show that it led to more households consuming less. Importantly, the proposed framework shows that the impact is not equal across the regions of the UK: low asset households in the North East, Wales, and Northern Ireland were hit particularly hard. |
| Keywords: | Microsimulation, Heterogenous Agents, Universal Credit, Spatial econometrics, Structural macroeconomic models |
| JEL: | D15 D31 D6 E65 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:nsr:niesrd:547&r=ure |
| By: | Bergeaud, Antonin; Guillouzouic, Arthur; Henry, Emeric; Malgouyres, Clement |
| Abstract: | Introducing a new measure of scientific proximity between private firms and public research groups and exploiting a multi-billion euro financing program of academic clusters in France, we provide causal evidence of spillovers from academic research to private sector firms. Firms in the top quartile of exposure to the funding shock increase their R&D effort by 20% compared to the bottom quartile. We exploit reports produced by funded clusters, complemented by data on labor mobility and R&D public-private partnerships, to provide evidence on the channels for these spillovers. We show that spillovers are driven by outsourcing of R&D activities by the private to the public sectors and, to a lesser extent, by labor mobility from one to the other and by informal contacts. We discuss the policy implications of these findings. |
| Keywords: | knowledge spillovers; policy instruments; technological distance |
| JEL: | O32 O38 R12 |
| Date: | 2022–10–26 |
| URL: | http://d.repec.org/n?u=RePEc:ehl:lserod:118032&r=ure |
| By: | Clemens Kownatzki; Dongshin Kim; Abraham Park; Sunghoon Kwon |
| Abstract: | An accurate volatility forecast is essential in financial investments and risk management. Existing literature finds that the implied volatility (IV) from options trading best predicts the realized volatility in various financial products. In 2016, real estate was added to the S&P 500 as the eleventh sector; however, a reliable IV measure for the real estate sector has not been developed yet. The existing literature in real estate investment trusts (REITs) relies primarily on insufficient volatility forecasts, such as IV for a broader market or time series analysis. In this research, we develop a REIT sector IV index derived from options on the US Real Estate exchange-traded fund, IYR. As Whaley (2009), the creator of the VIX (IV in S&P500), points out, enough liquidity in option trading is critical in developing an IV index. This study shows that IYR option trading is liquid enough and informative that our REIT sector IV index outperforms other volatility forecast measures. Our findings suggest that the REIT sector IV index from option trading data can be utilized in future research and industry risk management. |
| Keywords: | Options; REITs; Risk Management; Volatility index |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_70&r=ure |
| By: | Hugo Sant'Anna; Samyam Shrestha |
| Abstract: | We use administrative panel data on the universe of Brazilian formal workers to investigate the effects of the Venezuelan crisis on the Brazilian labor market, focusing on the state of Roraima, where the crisis had a direct impact. The results showed that the average monthly wage of Brazilians in Roraima increased by about 3 percent during the early stages of the crisis compared to the control states. The study found negligible job displacement and evidence of Brazilians moving to positions with fewer immigrants. We also found that immigrant presence in the formal sector potentially pushed wages downwards, but the presence of immigrants in the informal sector offsets the substitution effects. Overall, the study highlights the complex and multifaceted nature of immigration on the labor market and the need for policies that consider the welfare of immigrants and native workers. |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2302.04201&r=ure |
| By: | Sokolov I. A. (The Russian Presidential Academy Of National Economy And Public Administration); Deryugin A. D. (The Russian Presidential Academy Of National Economy And Public Administration); Belev S. G. (The Russian Presidential Academy Of National Economy And Public Administration); Tishchenko T. V. (The Russian Presidential Academy Of National Economy And Public Administration); Khuzina A. F. (The Russian Presidential Academy Of National Economy And Public Administration); Arlashkin I. Yu. (The Russian Presidential Academy Of National Economy And Public Administration); Kozlyakov G. S. (The Russian Presidential Academy Of National Economy And Public Administration) |
| Abstract: | The issue of assessing the effectiveness of spending on housing and utility services in Russia remains underexplored. The volume of public funds allocated to the “Housing and Utility Services” sector nationwide has grown 60.2% in 2020 compared to 2016; compared to the total government spending, the increase is from 3.2% in 2016 to 3.7% in 2020. Relatively high government spending on housing and utility services in Russia is associated with numerous sectoral problems – primarily, severe deterioration of fixed assets. The utilities infrastructure continues to deteriorate in literally every region of the country. The goal of this study is to assess the effectiveness of the extended government’s spending on the housing and utility services in the Russian Federation, to develop recommendations for changing the spending structure and volume. The of the study is the budget spending of the extended government of the Russian Federation for housing and utility services. The general research methodology consists of critical analysis and reasoning, a hypothetico-deductive method, case studies, generalization analysis and extrapolation (interpolation) of results. The main findings of the study are as follows: approaches were identified and model tools developed to assess the impact of the volume and structure of government spending on the efficiency of housing and utility services; Russian and international practice of legislative regulation and financing of the housing and utility services sector was analyzed; based on the formulated hypotheses on the conditions and factors affecting the efficiency of the housing and utility services in Russia and abroad, econometric modeling was carried out and the results were interpreted to test the hypotheses; proposals and recommendations were formulated to change the structure and volume of government spending on the housing and utility services. The findings of the study can be used in the interests of the Accounts Chamber of the Russian Federation and the Ministry of Finance of Russia for the purpose of improving approaches to managing the costs of housing and utility services in the Russian Federation. |
| Keywords: | HOUSING AND UTILITIES, GOVERNMENT SPENDING, HOUSING, UTILITIES, IMPROVEMENT, URBAN ENVIRONMENT, HOUSING POLICY, INTEGRATED DEVELOPMENT |
| URL: | http://d.repec.org/n?u=RePEc:rnp:wpaper:w2022062&r=ure |
| By: | Philipp Dierker (Max Planck Institute for Demographic Research, Rostock, Germany); Martin Diewald (Max Planck Institute for Demographic Research, Rostock, Germany) |
| Abstract: | Previous research has shown that parents respond to differences in their children’s potential by providing them with different levels of support, and that such support allocation decisions are shaped by socioeconomic status (SES). We extend this observation to the assumption, raised in research on parental compensation and social mobility, that not only the allocation, but also the form of support provided is socially stratified. Specifically, we investigate whether socioeconomically advantaged parents use mechanisms that do not rely directly on cognitive enhancement. Drawing on data from three consecutive waves of the German TwinLife study (N=962), we use twin fixed-effects models to examine how parents respond to their children having different grades. We investigate parental support strategies, including help with schoolwork and school-related communication, encouragement and explicitly formulated expectations, and extracurricular cognitive stimulation. Our findings suggest that high-SES parents tend to compensate for their children’s poor performance by helping them with schoolwork, fostering communication, and formulating academic expectations and encouragement. In contrast, we found no evidence that parents in either high- or low-SES families respond to differences in their children’s school performance by providing them with extracurricular cognitive stimulation. |
| Keywords: | secondary education, social stratification, twins |
| JEL: | J1 Z0 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:dem:wpaper:wp-2023-004&r=ure |
| By: | Sascha O. Becker (Monash University and University of Warwick); Steven Pfaff (University of Washington); Yuan Hsiao (University of Washington); Jared Rubin (Chapman University) |
| Abstract: | The spread of radical institutional change does not often result from onesided pro-innovation influence; countervailing influence networks in support of the status quo can suppress adoption. We develop a model of multiple and competing network diffusion. To apply the contesteddiffusion model to real data, we look at the contest between Martin Luther and Desiderius Erasmus, the two most influential intellectuals of early 16th-century Central Europe. Whereas Luther championed a radical reform of the Western Church that broke with Rome, Erasmus opposed him, stressing the unity of the Church. In the early phase of the Reformation, these two figures utilized influence networks of followers, affecting which cities in the Holy Roman Empire adopted reform. Using newly digitalized data on both leaders’ correspondence networks, their travels, the dispersion of their followers, and parallel processes of exchange among places through trade routes, we employ econometric tests and network simulations to test our theoretical model. We find that Luther’s network is strongly associated with the spread of the Reformation and that Erasmus’s network is associated with the stifling of the Reformation. This is consistent with a “fire-fighting†mechanism of contested diffusion, whereby the countervailing force suppresses innovations only after they have begun to spread. |
| Keywords: | contested diffusion; multiplex networks; correspondence networks; Protestant Reformation |
| JEL: | D85 N33 Z12 Z13 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:chu:wpaper:23-03&r=ure |
| By: | Martínez, Rodrigo; Maldonado, Carlos; Schönsteiner, Judith |
| Abstract: | The quality of life, well-being and enjoyment of rights by people who live in and around cities are closely linked to urban mobility. From that perspective, how can we ensure that policies implemented in mobility systems and other related sectors adopt a human rights and gender approach? This document addresses urban mobility from a social perspective in which human rights, the gender approach and the social inequality matrix converge. The objective is to identify policy areas and instruments that favour universal enjoyment of human rights and prevent their violation in urban mobility systems in Latin America, as well as in other sectors related to their infrastructure and sustainability (renewable energies, new technologies, automotive industry, construction among others). To achieve this, it offers policy guidelines for the various public and private actors with responsibilities in this area. |
| Keywords: | CIUDADES, ZONAS URBANAS, DESARROLLO URBANO, AGENDA 2030 PARA EL DESARROLLO SOSTENIBLE, ASPECTOS SOCIALES, INFRAESTRUCTURA FISICA, BIENESTAR SOCIAL, DERECHOS HUMANOS, INCORPORACION DE LA PERSPECTIVA DE GENERO, IGUALDAD DE GENERO, TRANSPORTE URBANO, INNOVACIONES TECNOLOGICAS, CITIES, URBAN AREAS, URBAN DEVELOPMENT, 2030 AGENDA FOR SUSTAINABLE DEVELOPMENT, SOCIAL ASPECTS, PHYSICAL INFRASTRUCTURE, SOCIAL WELFARE, HUMAN RIGHTS, GENDER MAINSTREAMING, GENDER EQUALITY, URBAN TRANSPORT, TECHNOLOGICAL INNOVATIONS |
| Date: | 2023–01–05 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col022:48646&r=ure |
| By: | Miroslav Despotovic; David Koch; Wolfgang Brunauer; Stumpe Eric; Emanuel Stocker; Matthias Zeppelza |
| Abstract: | The valuation of property interiors is highly dependent on subjective and implicit decisions of the analyst, which can be a significant limitation in practice. The descriptions of the interior features often do not reflect the quality truthfully (e.g., the quality of two new kitchens may differ significantly) or are intentionally formulated in a positive way in order to arouse the interest of the users.One way to address this issue would be to use complementary information as the key to more robust information extraction and higher data quality.We conducted an experimental approach to determine the quality of property interiors based on iterative cognitive voting of image pairs with multiple visual modalities utilizing the Elo scoring system. Using the obtained Elo values, we derived the inference for our experiment by predicting the rental and purchase prices along with additional explanatory variables. The study shows that incremental evaluation of indoor images by independent persons in the sense of active learning can serve as a control variable for price, thus demonstrating that the Elo rating system, which has not yet been used in hedonic evaluation, has potential for further investigation. |
| Keywords: | elo rating, hedonic, photographs |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_43&r=ure |
| By: | Kai Ingwersen; Stephan L. Thomsen |
| Abstract: | This paper investigates the effects of the introduction of a statutory minimum wage in Germany on the wages and employment of migrants. Migrants are an overrepresented group in the low-wage sector and can be expected to particularly benefit from a minimum wage. We combine a “differential trend adjusted difference-in-differences estimator” (DTADD) and descriptive evidence to evaluate the impact of the minimum wage introduction in 2015 on hourly wages, monthly salaries, working hours and changes in employment and wage distribution. Contrary to expectations, our results show that the introduction of the minimum wage has weakened the position of migrants in the low-wage sector compared to their native counterparts. We observe an increase in part-time employment, a less pronounced decline in unemployment and a greater reduction in weekly working hours among migrants. The introduction of the minimum wage caused a temporary convergence in hourly wages between migrants and natives, which subsequently turned into a wage divergence. Migrant men in the low-wage sector have been particularly negatively affected by the introduction of the minimum wage. Moreover, increasing hourly wages have not translated into higher monthly salaries, thus widening wage inequality between migrants and natives. |
| Keywords: | Minimum wage, migrants, differential trend adjusted difference-in-differences, SOEP |
| JEL: | J31 J63 J38 J21 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1179&r=ure |
| By: | Wayne Wan |
| Abstract: | Institutional investors’ irrational familiarity bias can dominate their information advantage under adverse performance shocks to the home assets in their portfolios. Using data of U.S. REITs from 1993 to 2015 and the events of public non-REIT firm acquisitions, this paper investigates how institutional investors react to the geography-specific shocks to home assets. Equity REITs perform worse if they hold more properties in counties where the acquired non-REIT firms are located. Ifthe value of properties that a REIT owns in the target county increases by 10 percentage points, its abnormal return (alpha) decreases by 14.7% in one month after the acquisition announcement. This negative impact is more prominent if the REIT owns more offices than other types of properties in the county, or if the acquired firms are larger than other remaining public firms in the county. Also, the REIT’s return on asset and dividend yield decrease by 6.4% and 5.4% in the next quarter. However, using a difference-in-differences model, I find that institutional home investors are less likely than institutional non-home investors to lower the holdings of affected REITs after the acquisitions. This familiarity bias is stronger if the investors are closer to the affected properties or implement more active investment strategies. |
| Keywords: | familiarity bias; Institutional Investors; Mergers and acquisitions; REIT |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_15&r=ure |
| By: | Silvia Loi (Max Planck Institute for Demographic Research, Rostock, Germany); Peng Li (Max Planck Institute for Demographic Research, Rostock, Germany); Mikko Myrskylä (Max Planck Institute for Demographic Research, Rostock, Germany) |
| Abstract: | The weathering hypothesis implies that there is an interaction between age and race or ethnicity that results in disadvantaged groups experiencing a more rapid decline in health than other groups. While the weathering hypothesis has been tested based on racial or ethnic identity, less is known about weathering by immigration status, and about weathering as viewed from an intersectional perspective. We contribute to the literature on weathering by addressing three research questions: Are immigrants, and especially immigrant women, ageing in poorer health? Does education protect immigrants from a faster health decline with age? How do income and marital status affect the health trajectories of immigrants and natives? We focus on Germany and estimate trajectories of declining health at the intersection of age, sex, and nativity, and evaluate the role of education. We estimate the ages at immigrant-native crossover across the health trajectories, and the corresponding health levels. We find that immigrants, and especially immigrant women, age in poorer health than natives. Furthermore, we show that high education explains the differential relationship between age, nativity, and health. We also find that employment and marital status only partly account for the observed gaps, as differences persist even after these factors are considered. |
| JEL: | J1 Z0 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:dem:wpaper:wp-2023-005&r=ure |
| By: | Magorzata Rymarzak; Ewa Sieminska; Krzysztof Sakierski |
| Abstract: | The combination of policy concerns over climate change, resource efficiency and the natural environment, has caused that municipalities, as owners of real property assets, need a new approach to their management. They are no longer only required to have accurate data on the condition they are in, the ongoing cost of their operating, maintaining, rehabilitating and eventually decommissioning, as well as knowledge about the value of the assets in their portfolio. More and more often municipalities are expected to embed sustainability targets in their real property asset management. Some of them are beginning to introduce the highest and best use analysis in the decision-making process that considers long-term environmental, economic and social objectives.So far, the reflection of sustainability in the analysis of the highest and best use of municipalities' real property assets has captured limited attention among researchers of the subject. The existing publications focus mainly on the mentioned analysis in enterprises. There are also a few papers which present the concept of the highest and best use in municipalities of the most developed countries, however not in the context of sustainability. Thus, this paper aims to fill this gap in the literature and to investigate the scope of sustainability incorporation in the process of determining the highest and best use of municipal real property assets including four tests (legally permitted, physically possible, financially feasible, maximally productive), based on the example of Polish biggest municipalities. |
| Keywords: | Highest and Best Use; Municipalities; real property assets; sustainability |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_200&r=ure |
| By: | Raquel Fernández |
| Abstract: | This review paper focuses on the literature that studies the interactions between the family and culture. It does not attempt to be comprehensive, but instead illustrates via some representative papers the interaction between the family, its cultural beliefs and practices, and economic outcomes. How shocks and policies affect an economy depend on more than economic 'fundamentals'. They also depend on how the family is organized, the family institutions that are in place, and society's cultural beliefs. |
| Keywords: | Families, Culture, Subjective beliefs, Economic outcomes |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2023-23&r=ure |
| By: | Vera Freundl (ifo Institute); Elisabeth Grewenig (KfW); Franziska Kugler (ifo Institute); Philipp Lergetporer (TU Munich); Ruth Schueler (IW Koeln); Katharina Wedel (ifo Institute); Katharina Werner (ifo Institute); Olivia Wirth (University Passau); Ludger Woessmann (ifo Institute and LMU Munich) |
| Abstract: | The ifo Education Survey is a representative opinion survey of the German voting-age population on education topics that has been conducted annually since 2014. It covers public preferences on a wide range of education policy issues ranging from early childhood education, schools, and apprenticeships to university education and life-long learning. The dataset comprises several survey experiments that facilitate investigating the causal effects of information provision, framing, and question design on answering behavior. This paper gives an overview of the survey content and methodology, describes the data, and explains how researchers can access the dataset of over 4000 participants per wave. |
| Keywords: | education; policy; survey; experiment; public opinion; political economy; Germany; |
| JEL: | I28 D72 H52 |
| Date: | 2023–02–10 |
| URL: | http://d.repec.org/n?u=RePEc:rco:dpaper:383&r=ure |
| By: | Wrase Isabelle |
| Abstract: | Purpose – Driven by laws, and regulations, the transformation of the built environment is a herculean task. Green buildings seem to be a megatrend in corporate real estate management, especially for firms headquartered in the region Europe. This contribution aims to explore what the requirements of a respective corporate management fulfilling actual and future applicable laws, regulations, and responsibilities of green buildings are. Furthermore, it is examined to what extent the higher education programs take these requirements into account and what the gaps are.Methods – The study is based on literature review, interviews with professionals, corporate reports, and collected data of academic programs in Europe.Results – Green buildings requires different aspects of corporate management which is not represented by a singular discipline. In Europe, higher education programs focus some of the required content to prepare students for a corporate green building management but integrate rarely all knowledge required throughout a building life cycle. As a result, a framework of an education model is introduced integrating disciplines, and knowledge required of green building management.Conclusion – Only few higher education programs appear to be considering the transdisciplinary context of green buildings requiring knowledge in, amongst others, real estate, workplaces, architecture and engineering, facility management and its services. This contribution provides fundamental considerations and presents a structural framework enabling higher education in green building management. |
| Keywords: | Corporate real estate; Green Building; Higher Education; Management |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_164&r=ure |
| By: | Dharamshi, Ameer; Antoninis, Manos; Montoya, Silvia; Barakat, Bilal Fouad (Austrian Academy of Sciences) |
| Abstract: | The out-of-school rate is a critical indicator for monitoring global progress towards universal education. It quantifies the population of children and youth excluded from each level of the education system. As with many education indicators, historical out-of-school reporting has relied exclusively on imperfect administrative data. Recently, the education community has turned to survey data as a supplement to administrative data to overcome its gaps and weaknesses. Producing such consolidated estimates globally in the out-of-school rate context, however, is a challenging task due to the diversity in enrolment patterns, systematic differences in the nature and reliability of administrative and survey-based data, and the heavy presence of invalid administrative observations resulting from enrolment counts that exceed corresponding population estimates. In this paper we introduce a cohort-based Bayesian hierarchical model to address these challenges and produce complete time series of out-of-school rates for 192 countries. The model uses a flexible spline-based process for underlying cohort out-of-school rate curves that are smoothed through cohort progression and over time. Observations are related to these values using a dual likelihood setup where each data source has distinct bias and variance components. The administrative side includes a structure that propagates uncertainty information contained in invalid data to avoid understating uncertainty. Validation exercises and sensitivity analysis suggest that the model is reasonably well calibrated and offers a material improvement over simpler approaches. The model is currently used by UNESCO to monitor out-of-school rates for all countries with available data. |
| Date: | 2023–02–05 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:sqwb2&r=ure |
| By: | Dimitris Karlis; Dimitrios Papastamos; Dimitrios Andritsos |
| Abstract: | The usage of Automated Valuation Models for taxation purposes has been discussed extensively at the past. Here we work in detail such an approach for Greece. In Greece, taxation is based on a system of zones. Each property belongs to one and only zone, and then from an initial objective value per square meter and with the use of certain coefficients one adjusts and calculates the objective value for each property. This value is used further for taxation and other purposes. There is always a big question/debate whether such values represent the market values of the properties (or they approach them at least) leaving aside of course discussion about taxation policies of the government. Triggered by the recent update of the zone values, we attempt to compare those values with market values obtained, based on historical data, via our AVM. The scope is to examine the plausibility and realism for the existing system as well as to demonstrate potential improvement if somebody needs to keep using such an approach. Our results show that there is a huge number of zones with rather impossible low values, below the average cost of building a new property as well as problems in the coefficients used to adjust the characteristics of the property. In general the objective values underestimate the market values in a great extend. Further discussion and suggestions for improvements is made. |
| Keywords: | automatic valuation models; Taxation |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_210&r=ure |
| By: | Lebole Kgakana Matlapeng; Bonolo Kutlo Phometsi |
| Abstract: | Over the past ten years (2009 – 2019) Botswana has experienced vast urbanization and industrialization by margins, within such a time frame a percentage increase of about 9.23% as to urban population (from 60.94% to 70.17%) and growth is still anticipated as years pass. The constant degeneration of natural spaces has eroded plantation life paving way for property development, therefore this study aims at establishing awareness of biophilia concepts and design amongst real estate development professionals whilst pinpointing the benefits to such. Greening science "Biophilia" is the newly explored way to ensure that environmental, social and economic sustainability is attained by countries. In light of plausible information to complete the project, the use of surveys (interviews and questionnaires) in accordance with the target population (design team) of the study were explored. Furthermore, although Biophilia is adduced as a solution towards the probing human health complications and dire environmental degeneration, awareness of such design principles and patterns is somewhat minimal and propelled by human skepticism. Biophilia being the next route towards sustainable development it proves to be the solution towards health for humans (air pollution related health conditions; resulting from increased car dependency and industry mushrooming causing underlying diseases like asthma) and the global environment (environmental degradation and climate change) amongst others creating a harmonious space of habitation giving Botswana a platform for economic, social and environmental sustainability. |
| Keywords: | Biophilia; Biophilic designs.; Nature; Property Development |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_246&r=ure |
| By: | Marianne Fay (The World Bank); David Martimort (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Stéphane Straub (TSE-R - Toulouse School of Economics - UT1 - Université Toulouse 1 Capitole - Université Fédérale Toulouse Midi-Pyrénées - EHESS - École des hautes études en sciences sociales - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | Attracting private nancing is high on the agenda of policy makers concernedwith closing the infrastructure gap in developing countries. To date, however, private nance represents a minor share of overall infrastructure financing and the poorest countries struggle to attract any private investors. This paper develops a model that rationalizes these facts. We characterize the structure of financial and regulatory infrastructure contracts and derive conditions under which public and private finance coexist. This requires a combination of regulated prices and public subsidies sufficiently attractive for outside nanciers pointing at a fundamental trade-off between financial viability and social inclusion. While improvementsin the efficiency of bankruptcy procedures facilitate access to private finance, institutional changes l owering the cost of public funds make public finance more attractive. |
| Keywords: | Infrastructure, Private finance, Regulation |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:hal-03166092&r=ure |
| By: | Jason Allen; Robert Clark; Jean-François Houde; Shaoteng Li; Anna Trubnikova |
| Abstract: | We develop an experimental framework to investigate the quantity theory of money and the real effects of inflation in an economy where money serves as a medium of exchange. We test the classical view that inflation reduces output and welfare by taxing monetary exchange. Inflation is engineered by constant money growth. We conduct three treatments, where the newly issued money is used to finance government spending, lump-sum transfers, and proportional transfers, respectively. Experimental results largely support theoretical predictions. Higher money growth leads to higher inflation. Output and welfare are significantly lower with government spending, and output is significantly lower with lump-sum transfers, while there are no significant real effects with proportional transfers. A deviation from theory is that the detrimental effect of money growth in our framework depends on the implementation scheme and is stronger with government spending than with lump-sum transfers. |
| Keywords: | Financial institutions; Financial services; Market structure and pricing |
| JEL: | D D4 G G2 G21 L L2 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:23-12&r=ure |
| By: | Jaroslaw Morawski |
| Abstract: | The goal of this paper is to investigate the link between historical trends in working from home and the evolution of key indicators of office occupier markets across Europe over the past three decades. Based on the data from Eurostat and CBRE, the paper uses panel regression to investigate the temporal as well as cross-sectional relationships between the share of the workforce working from home and office rents and vacancy rates in major cities. The results are interesting in several ways. Firstly, changes in the share of employees working from home did not appear to have any significant impact on the evolution of rents or vacancy rates over time. However, occasional homeworking was significant in explaining cross-sectional differences in office market indicators. Moreover, contrary to the initial expectations, higher share of employees occasionally working from home appeared to be associated with stronger performance of the respective office market. As explanation, the paper proposes a hypothesis that this was due to working from home being only one aspect of broader changes in the office work environment and related socio-economic trends that had a net beneficial effect on office occupier markets. Although the results refer to historical developments and may not be fully applicable to the current context of the Covid-19 pandemic, they highlight the need to consider working from home in a broader perspective of office occupier trends and ways of working. |
| Keywords: | Office Markets; Working From Home |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_184&r=ure |
| By: | Jerome Picault; Arnaud Simon; Fabrice Larceneux |
| Abstract: | This paper deals with the funding of institutional investors that invest in commercial real estate assets. The aim of this paper is to investigate what are the main factors that lead bankers to grant credits to institutional real estate investors. To explain the credit acceptance, the impact of many variables has to be explored. This bunch of variables can be synthetized in four dimensions: The quality of the borrower, the quality of the asset funded, the quality of the tenants (of the asset funded) and the quality of the funding contract. After having identified the different drivers, we explore what is the marginal contribution of each dimension on credit granting. To proceed, the methodology we selected is conjoint analysis. To sum up, it consists to construct different credit scenarios based on the four dimensions (for example: scenario 1: high quality building, low quality borrower, high quality tenants, low quality contract). Next, these scenarios are presented to bankers through interviews or online surveys. The aim is to ask them to express a preference/judgement to each scenario (ranking each scenario by order of preference, rating each scenario, propose an interest rate, indicate which scenarios are accepted). Finally, we implement a model to infer the contribution of each dimension on the preference of the bankers. In the end, this article could allow to develop a scoring indicator that aggregate all the idiosyncratic risk factors for commercial real estate in structured finance. It could represent a new tool for bank risk management departments to help them to manage their risks |
| Keywords: | Commercial real estate financing; Conjoint Analysis; Real estate quality; Real estate structured finance |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_183&r=ure |
| By: | KONDO Keisuke |
| Abstract: | This paper explains a method of constructing municipality-level panel data for Japan for the period of 1980–2020. Municipal mergers conducted in the mid-2000s, which are collectively known as “the Great Mergers in the Heisei era, †resulted in a reduction of almost half of the number of Japanese municipalities. The significant changes in administrative borders resulting from these municipal merges cause difficulties in constructing municipality-level panel data. To address this problem, this paper proposes a method of aggregating municipalities as a collective geographical unit that remains identical over decades. |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:23901&r=ure |
| By: | Thomas Kaspereit |
| Abstract: | This paper investigates the relevance of investment ratings of German (semi-)open-end real estate funds (GOEREFs) from a capital markets perspective. GOEREFs are investment vehicles which, under normal circumstances, offer their investors a permanent redemption option at their estimated net asset values (NAVs) while their shares are also floating on secondary markets. However, share redemptions are suspended when investors’ redemption demands exceed liquid assets. This setting provides a unique opportunity to study the information content of investment ratings when there is uncertainty with respect to the estimation of NAVs and the risk of “runs on the bank” (i.e., runs on the fund). Using a comprehensive hand-collected sample of 409 rating announcements for 49 funds and information from annual reports during the period 2004-2020, this study finds that whereas the predictive power of ratings for future fund returns does not exceed the predictive power of readily available publicly available information, ratings correlate significantly with the likelihood of future redemption suspensions. An event study shows that the spread between NAVs and secondary market share prices as well as trading volume react significantly to rating changes. The reactions of spreads are particularly pronounced when share redemptions are suspended, whereas trading volume is comparatively lower. The impact on spreads reverses only partially in the long run. The results do not show evidence for rating changes having an impact on contemporaneous or near-term monthly net funds flows. However, the impact of downgrades on net fund flows might be masked by downgrades being more frequently followed by redemption suspensions. |
| Keywords: | Event Study; German open-end real estate funds; investment ratings; return prediction |
| JEL: | R3 |
| Date: | 2022–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:2022_19&r=ure |
| By: | Dang, Hai-Anh (World Bank); Dhongde, Shatakshee (Georgia Institute of Technology); Do, Minh N.N. (National Economics University Vietnam); Nguyen, Cuong Viet (National Economics University Vietnam); Pimhidzai, Obert (World Bank) |
| Abstract: | Vietnam is widely regarded as a success story for its impressive economic growth and poverty reduction in the last few decades. Yet, recent evidence indicates that the country's economic growth has not been uniform. Compiling and analyzing new extensive province-level data from the Vietnam Household Living Standards Surveys (VHLSSs) for every alternate year between 2002 and 2020 and other data sources, we find within-province inequality to be much larger than between-province inequality. Furthermore, this inequality gap is rising over time. Despite the country's fast poverty reduction, the poor were increasingly segregated in certain provinces. We find beneficial impact of economic growth on poverty reduction, but this can depend on inequality levels. We also find greater inequality to have negative impact on economic growth and poverty reduction. Our results suggest that policy makers in Vietnam should focus on reducing spatial disparities and income inequality in order to attain sustainable economic development. |
| Keywords: | poverty, inequality, pro-poor growth, convergence, household surveys, Vietnam |
| JEL: | C15 D31 I31 O10 O57 |
| Date: | 2023–02 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp15916&r=ure |