bluuebunny/crossref_metadata_2025 huggingface dataset:
INTRAMEDULLARY THORACIC MENINGIOMA: A RARE CASE REPORT AND REVIEW OF THE LITERATURE
Authors:   Department of Neurosurgery, Faculty of Medicine, Medical University Plovdiv, Bulgaria., Kalnev Mihail B. , Poryazova Elena G. ,   Department of General and Clinical Pathology, Faculty of Medicine, Medical University Plovdiv, Bulgaria., Apostolov Georgy S. ,   Clinic of Neurosurgery, University Hospital “St. George”, Plovdiv, Bulgaria., Kehayov Ivo I. ,   Department of Neurosurgery, Faculty of Medicine, Medical University Plovdiv, Bulgaria., Kitov Borislav D. ,   Department of Neurosurgery, Faculty of Medicine, Medical University Plovdiv, Bulgaria.
Published: October 2021

Only a few cases of intramedullary meningiomas in the cervical and thoracic region have been reported in the literature. We present a rare case of intramedullary meningioma in the lower thoracic region. A 68-year-old woman with complaints of back pain, gait disturbance, and paresthesias in both lower extremities for 4 months was admitted to our institution. Initially, she presented with weakness in her legs that gradually deteriorated over time. The patient had been operated on for breast cancer 2 years prior to the onset of current complaints. The neurological examination revealed spastic inferior paraparesis (McCormick grade IV), hypoesthesia below Th10 dermatome, bowel and bladder disturbances. Magnetic resonance imaging of the thoracic spine demonstrated intramedullary tumor that was hypointense on T1 and T2-weighted images but showed homogenous enhancement after gadolinium administration. After gross total resection, the histopathological examination confirmed the diagnosis of atypical intramedullary meningioma. CONCLUSION: The intramedullary meningiomas are extremely rare, but they should not be excluded from the differential diagnosis, especially in cases of intramedullary tumors with homogenous enhancement on magnetic resonance imaging. The best treatment strategy is gross total removal of the tumor.
RISK FACTORS AND MANAGEMENT OF PREGNANCY ANEMIA
Authors: SADEEQA SALEHA , Habib Samia , Saeed Mubashara , Shahid Sania , Ijaz Saba , Javaid Anum , Latif Sumera
Published: October 2021

Background: Pregnancy anemia is global health problem characterized as decrease in the total red blood cells or hemoglobin in the blood during pregnancy. It is more prevalent among developing countries and may lead to maternal and fetal morbidity /mortality and low birth weight. Study aimed to assess dietary and socioeconomic factors associated with pregnancy anemia and its management.

Materials and Methods: A cross-sectional, descriptive study design was adapted using convenience sampling technique, involving 200 pregnant anemic women, during the period June-2018 to August- 2018 in different private and public sector hospitals of Punjab Pakistan. Data was collected through structured questionnaire and analyzed using SPSS version 20. 

Results showed that anemia was more prevalent (47.5%) among women aged 25-30 years. Significant associations were found between gestational period and respondent’ age (p=.021) & educational level (p= .000), between hemoglobin level of patient and educational level (p = .000) & location (p = .05), between tea/coffee consumption and educational level (p= .000) & location (p= .022), between protein diet consumption and age (p= .001), educational level (p= .000) & location (p= .000), between vegetables & fruits consumption and educational level (p= .003) and between treatment options& age (p=.015), education level (p=.000), and location (p=.000).

Conclusion: The study concluded that pregnant women of age group 25-30years were at high risk of anemia. It is more prevalent in uneducated women and those living in rural areas. Healthy and fresh balanced diet rich in iron is recommended for health and good growth of developing baby.
EXPLORATION OF BARRIERS PERCEIVED BY ONCOLOGY NURSES RELATED TO CANCER PAIN MANAGEMENT
Authors: Rehmat Tahira , Begum Ruqia , Manzoor Samina , Farooqi Samina
Published: October 2021

Objectives: To explore barriers perceived by oncology nurses in cancer pain management.

Methods: A descriptive Cross sectional study was conducted in oncology department of four tertiary care hospitals of Punjab which include Mayo hospital Lahore, Jinnah hospital Lahore, Allied hospital Faisalabad and Nishtar hospital Multan. Sample of 72 nurses working in oncology departments of four tertiary care hospitals were selected by using purposive sampling. Self-administered questionnaire was used to collect data. The data analysis was performed using SPSS version 20 and micro soft excel.

Results: The results identified that system related barriers were found more prevalent. From system related barriers inappropriate nurse –patient ratio was found most prevalent barriers as 95.9% (n=72) respondent were agree for this barrier

Conclusion: nurses face lot of barriers in pain management that hinder their efficiency to control pain.
Aydın ve Müteşebbis Bir Bahriye Subayı: Süleyman Nutki Bey’in Hayatı (1854-1924) ve Eserleri
Authors: KORKMAZ Mehmet
Published: October 2021

Bu çalışmanın temel amacı, yakın dönem Türk denizcilik tarihinde önemli bir yeri olan Süleyman Nutki Bey’in hayat hikâyesinin ortaya çıkarılması ve eserlerinin analizinin yapılmasıdır. Süleyman Nutki, geç dönem Osmanlı bahriyesinde önemli ve öncü görevlerde bulunmuş ve Cumhuriyet’in ilk yıllarına da şahitlik etmiştir. Bilhassa Türk deniz harp tarihi, Türk deniz ticareti, deniz teknolojisi, denizcilik lügati gibi denizciliğin farklı alanlarında ortaya koyduğu telif ve tercüme eserleriyle ardında kıymetli eserler bırakmıştır. Bu konumuyla ismi unutulmayan bahriye subayları arasında yerini almıştır. Yazdıkları kendinden sonraki deniz tarihçileri için önemli bir referans kaynağı olmuştur. Onun ailesi, eğitimi, askerî kariyeri, mesleki faaliyetleri ve emekli olduktan sonraki mesleki çalışmaları bu makalede ağırlıklı olarak arşiv belgeleriyle ele alınacaktır. Ortaya koyduğu kitap ve makalelerinin eksiksiz fihristinin tespitine gayret edileceği gibi daha evvel ona dair yapılan çalışmalarda gözden kaçan bazı eser ve makalelerine de ilk defa bu çalışmada değinilecektir.
Współczesne zagrożenia a bezpieczeństwo państwa
Authors: Bąk Tadeusz , Błażejewska Beata
Published: October 2021

Celem artykułu jest ukazanie zagrożeń w kontekście bezpieczeństwa Polski. Na początku autor charakteryzuje rodzaje zagrożeń oraz przyczyny i skutki zagrożeń bezpieczeństwapaństwa. Zagrożenia nierozerwalnie wiążą się z bezpieczeństwem, dlatego też autor definiuje pojęcie bezpieczeństwa, przedstawia jego istotę, a następnie typologię.Bezpieczeństwo państwa zależne jest w dużej mierze od decyzji i działań podejmowanychprzez władze państwowe, w związku z tym w artykule wskazano cele polityki bezpieczeństwapaństwa. Na koniec podano najistotniejsze metody zapewnienia bezpieczeństwawewnętrznego Polski, konkludując, że współczesne wyzwania i zagrożenia mają przedewszystkim niemilitarny charakter o bardzo szerokim zasięgu oddziaływania, co nadaje im nowy wymiar, trudny do opanowania.
Determinanty bezpieczeństwa społecznego
Authors: Rejman Krzysztof , Bąk Sebastian
Published: October 2021

W artykule autorzy przedstawiają zagrożenia bezpieczeństwa społecznego oraz ich wpływ na bezpieczeństwo obywateli. Główne problemy, jakie poruszają to uzależnienia od środków psychotropowych oraz problem narkomanii. W pierwszej części artykułu definiują bezpieczeństwo społeczne, przedstawiają podział czynników oraz pokazują ich wpływ na bezpieczeństwo państwa. W kolejnej części zwracają uwagę na odpowiedzialność państwa i działanie na rzecz poprawy bezpieczeństwa społecznego. Podsumowując, analizują Krajowy program przeciwdziałania narkomanii oraz wskazują jego ważną rolę w przeciwdziałaniu narkomanii i co za tym idzie – poprawę bezpieczeństwa społecznego. Celem artykułu jest przybliżenie problematyki zagrożeń bezpieczeństwa społecznego i ich wpływ na funkcjonowanie państwa. Należy jednak zaznaczyć, iż narkomania nie jest jedynym zagrożeniem bezpieczeństwa społecznego, ale jej wzrastająca podaż przyczynia się do rozpowszechniania wielu zjawisk patologicznych.
Problemy bezpieczeństwa energetycznego – elementu infrastruktury krytycznej w Polsce
Authors: Grobelny Zbigniew , Chrząszcz Aneta
Published: October 2021

Bezpieczeństwo energetyczne to odporność gospodarki na możliwe zakłócenia w sferze pokrycia bieżącego i perspektywicznego zapotrzebowania odbiorców na paliwa i energię, przy zachowaniu wymagań technicznych i ekonomicznych oraz ochrony środowiska. Artykuł omawia generalne problemy bezpieczeństwa energetycznego w Polsce. Wskazano w nim, oprócz ogólnych pojęć bezpieczeństwa energetycznego, także czynniki wpływające na bezpieczeństwo energetyczne oraz zagrożenia. Omówiono wykorzystanie surowców energetycznych do produkcji energii. Wskazano, oprócz źródeł zagrożeń, rozwiązania podejmowane przez państwo, które mają na celu zapewnić bezpieczeństwo ekologiczne.
Práctica pedagógica de docentes en formación como práctica social situada
Authors: Chala Bejarano Pedro Antonio , Castañeda-Peña Harold , Rodríguez-Uribe Magda , Salazar-Sierra Adriana
Published: October 2021

La transferencia es un fenómeno poco estudiado en referencia al periodo de la práctica pedagógica de docentes de lenguas en formación desde marcos que la conciben como una práctica social constituida por una arquitectura. Este estudio interroga por la transferencia como una práctica social situada. Se presentan los resultados de una investigación de carácter cualitativo en la que 389 practicantes de 16 cohortes de licenciatura en lenguas destacaron en sus autovaloraciones al finalizar la práctica pedagógica. Los estudiantes realizaron su práctica como docentes de inglés y francés en una universidad privada de Bogotá (Colombia) entre 2009 y 2016. Los hallazgos del análisis coaxial de los eventos narrativos muestran que la transferencia transciende la visión dicotómica teoría/práctica y se percibe como una práctica social situada comprendida dentro de unas arquitecturas de práctica constituidas por 1) modos discursivos teóricos compartidos y modos discursivos de resistencia, 2) modos de hacer en la práctica misma como transformación a partir de la experiencia en la práctica y 3) modos de relacionarse, donde los actores curriculares participantes en la práctica tienen un rol significativo.
Utilização do BIO-C TEMP® como medicação intracanal em tratamento de um dente permanente avulsionado e reimplantado tardiamente: relato de caso
Authors: Maluf Laila Signorelli , Santiago Marcos Coelho , Paim Priscila F. , Rodrigues dos Santos Leandro Nascimento , Aucélio Rodrigo Nogueira
Published: October 2021

A avulsão dentária consiste no completo deslocamento traumático do dente do interior de seu alvéolo, ocasionando rompimento do suprimento sanguíneo e fibras periodontais. O reimplante imediato é considerado como melhor conduta, porém, nem sempre é possível. Quando necessário o tratamento endodôntico, é desejável que se utilizem materiais com boas propriedades biológicas e principalmente uma medicação intracanal biocompatível e que estimule a reparação tecidual. Objetivo: relatar um caso clínico de tratamento endodôntico utilizando um material à base de silicato de cálcio como medicação intracanal em um dente permanente avulsionado e reimplantado tardiamente. Relato de caso: paciente do gênero masculino, 13 anos de idade, compareceu à clínica odontológica com o dente 12 avulsionado. O dente permaneceu fora da cavidade oral por cerca de 30 minutos e o meio de armazenamento foi soro fisiológico. Após a limpeza e o reposicionamento do elemento dentário, fez-se necessária a instalação da contenção com fio semirrígido.Posteriormente, o tratamento endodôntico foi realizado, no qual a medicação intracanal de escolha foi o BIO-C TEMP®, sendo realizada a proservação por 24 meses. Consideração final: o uso de um material à base de silicato de cálcio que possui propriedades biológicas importantes e formulação “pronta para uso” pode ser uma alternativa promissora como medicação intracanal em dentes traumatizados.
Use of audiovisual media to enhance patients' knowledge regarding the oral adverse effects of oncology treatment
Authors: Cury Carneiro Mailon , Quenta Huayhua Milenka Gabriela , Trofino Garcia Bruna , Mulinari dos Santos Gabriel , Da Silva Santos Paulo Sérgio , Fischer Rubira Cássia Maria
Published: October 2021

Objective: the present study aimed to evaluate the efficacy of didactic alternatives, namely the audiovisualmedia, in conveying information regarding the oral adverse effects of oncology treatment in cancer patients.Methods: cancer patients were randomly divided into two groups: control group (n = 40) and audiovisualgroup (n = 36). The control group received verbal information regarding the oral side effects of cancer treatment.Conversely, the audiovisual group received the same verbal information, along with an illustrativeaudiovisual media presentation. Additionally, questionnaires on the subject were administered before andafter the intervention by the dental team. Results: the current study employed Fisher’s exact test for statisticalanalysis, and the results showed statistical similarity between the two groups (P > 0.05). Both educational approaches achieved the intended objective. Conclusion: a well-conducted dialogue can create adequate awareness among cancer patients and improve adaptation. Optionally, the use of innovative techniques, such as audiovisual resources, was observed to be an accessible and efficient alternative that can also be used in patient education. Therefore, educational videos can be used to improve patients understanding, adherence to therapeutic regimens, and quality of life and contribute to a better prognosis.
International Real Estate Review
Authors: Ozus Evren , Dokmeci Vedia ,   Istanbul Technical University
Published: September 2021

This study investigates the effects of revitalization process in Beyoglu, Istanbul. Since the 1980s, spatial impacts of transformation have become apparent on Istanbul and these impacts have taken their most intense forms in the historic city centres, as Beyoglu. While Istanbul has grown through the restructuring of the urban economy, social and spatial reconstruction, and innovative transportation and communication technologies, Beyoglu has begun to regain its characteristics. Projects and investments to reconstruct Beyoglu have been successful in changing this process and have achieved their targets particularly in Beyoglu’s residential areas and the region has started to develop. In order to analyse the development process, this paper focused on the three revitalized neighbourhoods in Beyoglu, which have been popular residential areas in Istanbul. We use social, economic, and spatial indicators, such as population, property prices, and functional transformation. The revitalization process has significant effects on social, economic, and spatial structure of Beyoglu. For further studies, it will be useful to repeat this study in other historical residential areas of Istanbul in order to make comparative studies.lutes investment returns should be challenged. There is mounting evidence that RPI can be financially sound and socially beneficial. Leaders have emerged that are demonstrating its feasibility. Their activity should be considered as a basis for best practice guidelines. There is a need to develop metrics for comparing progress on RPI. We recommend: 1) establishing an RPI working group, 2) summarizing prior reports on urban issues, 3) identifying investment strategies that are profitable and responsive to the issues, 4) clarifying the financial effects of different responses and improving our means of measuring them, 5) identifying best practices, 6) adopting a rating system, 7) supporting RPI investment funds, and 8) recognizing leaders in the field.
International Real Estate Review
Authors:   Chinese University of Hong Kong, Geltner David , Wei Peiling ,   Massachusetts, Institute of Technology, Cambridge, Ling David C. ,   University of Florida
Published: October 2021

In U.S. commercial real estate markets, a single index product produced by the National Council of Real Estate Investment Fiduciaries (NCREIF) has been used for both asset class research and for agent evaluation benchmarking. While the NCREIF Index is an invaluable tool for the U.S. real estate investment industry, in some respects its construction is not optimized for either research or the benchmarking function, though the gap between the reality and the ideal is arguably greatest on the research side. This paper first discusses the purpose of the ideal research index, the optimal depth and breadth of market coverage, and the type of information included in the research index database. This discussion is followed by an analysis of the ideal agent evaluation benchmark index, including the definition, purpose, and uses of evaluation benchmarking, the characteristics of the ideal benchmark index, market coverage and information onsiderations, and a comparison of benchmark indices in the private real estate market to comparable indices used to benchmark public securities.
International Real Estate Review
Authors:   City University of Hong Kong, Leung Charles Ka Yui , Wong Kelvin Siu Kei ,   The University of Hong Kong, Cheung Patrick Wai Yin ,   City University of Hong Kong
Published: October 2021

Given the dramatic fluctuations in aggregate housing prices, this paper attempts to examine whether the implicit prices of different housing attributes are “stable.” Theoretically, this paper provides perhaps the first dynamic, general equilibrium model in which housing attributes’ implicit prices fluctuate. Empirically, this paper models the time paths of different implicit prices as auto-regressive processes by employing a hedonic pricing model on a large set of housing transaction data over a relatively long period of time. An endogenous structural break test is then performed. Except for a few attributes, structural breaks are not detected. Directions for future research are discussed.
International Real Estate Review
Authors:   University of San Diego, Narwold Andrew , Sandy Jonathan ,   University of San Diego, Tu Charles ,   University of San Diego
Published: October 2021

The State of California enacted the Mills Act in 1972. This act allows local municipalities the option of setting up a historic designation program. The main feature of the program is to allow the owners of historic buildings a reduction in their property taxes in return for an agreement to not alter the exterior façade of the designated building. This paper uses hedonic regression analysis to estimate the impact of the historic designation on the value of single-family residences in the City of San Diego. The results suggest that the designation creates a 16 percent increase in housing value. This is higher than the capitalization of the property tax savings would suggest, implying market value in the historic designation itself. The Mills Act represents an innovative approach to historic structure management and may provide guidance to governments elsewhere in the U.S. as well as internationally when designing historic preservation programs.
International Real Estate Review
Authors:   Baruch College, Frame David E.
Published: October 2021

Despite both empirical and anecdotal evidence suggesting the importance of common systematic factors determining price appreciation in residential real estate markets, the existing literature focuses almost exclusively on the impact of local variables. This paper presents a theoretical model of an urban housing market allowing for explicit consideration of the role of interregional migration in response to changes in economic opportunities within a system of cities. The model identifies the importance of aggregate income and aggregate population growth in house price appreciation and suggests that housing demand and population growth within regions are jointly determined. Empirical tests of these predictions provide strong support for the model. In particular, changes in per-capita aggregate income are negatively related to both returns to housing and local population growth and omitting this systematic component from empirical specifications leads to an underestimation of the impact of local income. Furthermore, there is significant evidence of endogeneity problems in empirical specifications of the model that are similar to those found in the existing literature.
International Real Estate Review
Authors:   City University of Hong Kong, Leung Charles Ka Yui , Cheung Patrick Wai Yin ,   Chinese University of Hong Kong, Ding Erica Jiajia ,   Chinese University of Hong Kong
Published: October 2021

Previous studies of the office market have tended to focus on either the rental market or the aggregate sales market. This paper focuses on the intra-metropolitan sales market and on office price and trading volume dynamics in Hong Kong. According to our findings, buildings trading at higher prices are not necessarily traded more often than those trading at lower prices. In addition, the price of offices in different categories does not necessarily move in tandem. The trading volumes of higher priced buildings tend to Granger cause the lower priced buildings, and this conclusion is robust to alternative classifications. The paper contrasts several existing theories. Suggestions for future research are also discussed.
International Real Estate Review
Authors:   Cleveland State University, Simons Robert A. , Saginor Jesse ,   Texas A&M University, Karam Aly H. ,   University of the Witwatersrand, Baloyi Hlengani ,   University of the Witwatersrand
Published: October 2021

This study reports the results of a contingent valuation (CV) survey that was carried out in Johannesburg, South Africa. Students at Wits University conducted more than 300 face-to-face interviews with Africans living and/or working in Soweto, an African township located on the outskirts of Johannesburg, and nearby areas. The questions they asked were designed to determine the perceptions of risk regarding airborne mine dust and radon, a naturally occurring gas, and the effect that these perceptions had on the valuation of residential properties impacted by these substances. A probit model was used to evaluate the determinants of bidder behavior, using respondent demographics and other characteristics as independent variables. Residential property discounts for potentially contaminated housing sites by marginal bidders at the top of the market varied from -24% to -50%. Research issues in developing countries were addressed. Contingent valuation results in South Africa were compared to published results in the United States.
International Real Estate Review
Authors:   National Opinion Research Center, Struyk Raymond J. , Patel Nilesh ,   University of Chicago
Published: October 2021

The incidence of taking a mortgage loan from a commercial bank or cooperative for home purchase is sharply lower in developing than industrialized countries. Indeed, the common approach for achieving good quality housing is for a family to construct and improve a dwelling over a number of years. At the same time, it may be possible for formal lenders to expand the volume of mortgage lending by marketing mortgage loans better tailored to those more prone to seek them. This analysis is based on a representative survey of households intending to purchase a dwelling in the next three years with a final sample size of 1,281 conducted in 2008 in Indonesia’s seven largest metropolitan areas. We find that those more likely to seek such loans are families who already have an established relationship with a bank or cooperative, professionals and those with higher permanent incomes, and those with greater knowledge of mortgage loans. These factors all contain important ideas to assist lenders in targeting mortgage lending marketing campaigns.
International Real Estate Review
Authors:   TCC Capital Land Limited, Ratchatakulpat Thanakon , Miller Peter ,   Southern Cross University, Marchant Teresa ,   Southern Cross University
Published: October 2021

This study investigates the factors that prospective buyers consider when purchasing residential property in Queensland, Australia. A drop-off survey is used, with 376 property buyers and a response rate of 62.7 percent. Affordability, maintenance and interior design, and a good neighbourhood are considered as most important. Of least importance are the affluence and quality of the area, water, views and roads, and features, such as a pool or air-conditioning. Therefore, location is important in the sense of neighbourhood and community, rather than prestige. Affordability should receive more attention in the literature and real estate marketing. Different market segments consider a number of factors when purchasing residential property. Since the factors vary according to the purpose (live in or investment) and the property type (house or unit), these variables provide a basis for identifying market segments. Agents can use the findings to better understand buyers. Researchers can further analyse buyer considerations and property characteristics to condense a large number of factors into a small number of coherent dimensions. The study may be limited by its focus on a geographical section of the Australian real estate market and some difficulties in identifying and operationalising property characteristics.
International Real Estate Review
Authors:   Stern School of Business of New York University, Hui Sam K. , Cheung Alvin ,   MIT, Pang Jimmy ,   Stanford University
Published: October 2021

We have developed a statistical method for the valuation of residential properties using a hierarchical Bayesian approach, which takes into consideration the unique structure of the Hong Kong property market. Our model is calibrated on a dataset that covers all residential real estate transactions in ten major Hong Kong residential complexes from February 2008 to February 2009. Although parsimonious, our model outperforms other valuation methods that are based on average price-per-square- feet or expert assessments. By providing our model-based valuations online without charge, we hope to improve transparency in the Hong Kong housing market, thus enabling consumers to make better investment decisions.
International Real Estate Review
Authors:   Keio University, Naoi Michio , Sumita Kazuto ,   Kanazawa Seiryo University
Published: October 2021

The relationships between seismic risk and rental and owner- occupied housing prices in the whole of Japan are examined . The empirical results from hedonic regressions with earthquake risk indices suggest that: (1) earthquake occurrence probability has a significantly negative effect on monthly housing rent, (2) the effect of earthquake probability seems to depend on the characteristics of the individual housing unit (e.g. age of dwelling) for owner-occupied housing, (3) the estimated risk premium is much larger for older buildings, and (4) the share of quake-resistant dwellings in the neighborhood area is significantly and positively related to the housing price of the individual unit. These results suggest that anti-seismic policies that target specific groups of dwellings, such as rental houses and older buildings, help to mitigate welfare loss due to earthquakes.
International Real Estate Review
Authors:   Korea University Business School, Kim Juwan , Kim Cheolyoung ,   Changwon National University
Published: October 2021

This paper examines whether the learning effect of housing policies could empirically affect anomalies in the apartment market in Korea. We find that a learning effect exists in apartment market anomalies, but depending on area, estimation period and size, investors behave differently to anomalies in an apartment market that is affected by housing policies. Furthermore, we confirm that in order to explain anomalies in detail with housing policies, we need to consider economic factors. Of these economic factors, surprisingly, oil price plays the most important role in explaining the anomalies.
International Real Estate Review
Authors:   Yokohama National University, Guo Peijun
Published: October 2021

Land development is a typical one-shot decision for private investors due to the huge investment expense and the fear of substantial loss. In this paper, a private real estate investment problem is analyzed within a one-shot decision framework, which is used for a situation where a decision is made only once. The one-shot decision framework involves two steps. The first is to identify which state of nature should be focused for each alternative. The second is to evaluate alternatives by using the focused states of nature. In a one-shot decision framework, the behavior of different types of private investors, such as normal, active, passive and more easily satisfied ones, are examined. The analysis provides insights into personal real estate investment and important policy implications in the regulation of urban land development.
International Real Estate Review
Authors:   Massey University, Jou Jyh-Bang , Lee Tan (Charlene) ,   University of Auckland
Published: October 2021

This article employs a real options approach to investigate the determinants of an optimal capital structure in real estate investment. An investor has the option to delay the purchase of an income-producing property because the investor incurs sunk transaction costs and receives stochastic rental income. At the date of purchase, the investor also chooses a loan-to-value ratio, which balances the tax shield benefit against the cost of debt financing resulting from a higher borrowing rate and a lower rental income. An increase in the sunk cost or the risk of investment will not affect the financing decision, but will delay investment. An increase in the income tax rate or a decrease in the depreciation allowance will encourage borrowing and delay investment, while an increase in the penalty from borrowing, a decrease in the investor's required rate of return, or worse real estate performance through borrowing, will discourage borrowing and delay investment.
International Real Estate Review
Authors:   City University of Hong Kong, Leung Charles Ka Yui , Chow Kenneth K. ,   Hong Kong Institute for Monetary Research, Yiu Matthew S. ,   Hong Kong Monetary Authority, Tam Dickson C. ,   China International Capital Corporation Limited
Published: October 2021

This paper attempts to contribute in several ways. Theoretically, it proposes simple models of house price dynamics and construction dynamics, all based on the maximization problems of forward-looking agents, which may carry independent interests. Simplified versions of the model implications are estimated with the data from four major cities in China. Both price and construction dynamics exhibit strong persistence in all cities. Significant heterogeneity across cities is found. Our models out-perform widely used alternatives in in-sample-fitting for all cities, although similar success is only limited to highly developed cities in out-of-sample forecasting. Policy implications and future research directions are also discussed.
International Real Estate Review
Authors:   Southwestern University of Finance and Economics (SWUFE), Dong Yan , Leung Charles Ka Yui ,   City University of Hong Kong, Cai Dongliang ,   Southwestern University of Finance and Economics
Published: October 2021

This paper attempts to shed light on the over-investment debate by investigating listed firms in China. Firms with a higher level of fixed asset holding and overhead expenses, and covered by preferential tax policies in China are found to be associated with lower risk-adjusted performance. In addition, the preferential tax policies encourage fixed asset investment. In contrast to some of the previous literature, state-ownership of firms, dividend policies, and ownership concentration are not robust predictors of risk-adjusted performance, and debt level, managerial shareholding, and profit per unit of asset are not robust predictors of fixed asset investments.
International Real Estate Review
Authors:   Tampere University of Technology, Tyvimaa Tanja , Gibler Karen M. ,   Georgia State University
Published: October 2021

Most elderly Finnish residents prefer to age in place, but some relocate because of push factors that create stress in their current homes and pull factors that attract them to a new dwelling. This survey examines the important pull factors that attract seniors to senior houses. Grocery nearby is the strongest pull factor followed by hospital or medical center and public transportation. A factor analysis reveals that attributes can be grouped into three factors: onsite services that allow the residents to maintain an active lifestyle with some luxury, everyday services and facilities that would enable aging in place, and physical activity facilities. Residents have chosen the type of senior housing that supports their lifestyle. Meanwhile, socioeconomic characteristics do not explain the differences in the types of features that attract residents.
International Real Estate Review
Authors:   University of Alabama, Rauterkus Stephanie Y. , Miller Norman G. ,   University of San Diego, Thrall Grant I. ,   Business Geography Advisors, Sklarz Michael A. ,   Collateral Analytics
Published: October 2021

We examine the real estate owned (REO) discount by using ZIP code-level data on foreclosure rates, distressed and non- distressed sales in Chicago, Illinois. We find significant differences in price between distressed and non-distressed properties in high- versus low-foreclosure rate neighborhoods. We expand this analysis to determine if trends in the REO discount can be explained by trends in foreclosure rates and if this correlation can be used to identify a ¡¥tipping point¡¦ in foreclosure rates. We identify key relationships between trends in the REO discount, the proportion of REO sales to total sales, and sales volume.
International Real Estate Review
Authors:   National University of Singapore, Lee Nai Jia , Sing Tien Foo ,   National University of Singapore, Tran Dinh Hoang ,   National University of Singapore
Published: October 2021

This paper empirically tests the sentiment and ¡§noise¡¨ effects in Singapore REITs (S-REIT) over the periods from January 2005 to December 2010.Our empirical results show that trading volume is significantly and negatively correlated with price to net asset value (P/NAV) premiums in the contemporary term. However, lagged trading volume is found to have positive effects on P/NAV premiums, which imply that herd activities of uninformed investors in the last period drive up REIT stock prices. The finding supports the sentiment hypothesis, but rejects the fundamental argument on P/NAV deviations. We find that the sentiment effects are asymmetric. The sentiment effects are not observed in the ¡§hot¡¨ markets during the pre-subprime crisis periods. However, the negative relations between trading volume and P/NAV premiums disappear in the post-crisis periods in 2008.
International Real Estate Review
Authors:   City University of Hong Kong, Leung Charles K. , Cheung Patrick Wai Yin ,   City University of Hong Kong, Tang Edward Chi Ho ,   City University of Hong Kong
Published: October 2021

This study of the co-movements of transaction prices and trading volumes reveals that the mean correlation of prices and trading volumes alike, among different housing sub-markets, increase during the market boom. After a financial crisis, the correlations dramatically drop and stay low. The distribution of the correlations changes from skewed to symmetric. All these coincide with the increase in the total variance of prices, as well as the share of the idiosyncratic component in the total variance after the crisis. These findings are consistent with a family of theories that emphasize on the "regime switch" in expectations.
International Real Estate Review
Authors:   Royal Institute of  Technology, Stockholm, Hungria-Gunnelin Rosane
Published: October 2021

This paper empirically tests the effect of the number of bidders on the sale price of condominium apartments in Stockholm by using data gathered during 2010. The results show that the number of participants in a real estate auction plays a significant role in the final auctioned price. The average price per square meter paid by every extra bidder has an increasing but decelerating growth, starting with an approximate 4 percent increase when going from one to two bidders.
International Real Estate Review
Authors:   Chinese University of Hong Kong, Leung Charles K. , Ma Wai Yip ,   Chinese University of Hong Kong, Zhang Jun ,   Chinese University of Hong Kong
Published: October 2021

How much do the market values of housing reflect its interior design? Does the interior design interact with other housing attributes? By following recent research based on the ¡§graph theory,¡¨ this paper confirms the importance of internal design variables in a hedonic pricing model, which is applied to a large dataset of high-rise apartment buildings in Asia. The evidence is consistent with a simple theory in that developers strategically use interior design to ¡§dilute¡¨ the effect of location, which leads to a form of endogenous multicollinearity. Directions for future research are also discussed.
International Real Estate Review
Authors:   National University of Singapore, Liow Kim Hiang , Schindler Felix ,   Steinbeis University Berlin
Published: October 2021

The primary contribution of this study is to comprehensively assess whether public real estate and stock markets are linked at the local, regional, and global levels, and assess the evolution of their dynamic relationship and gradual integration during the last two decades. For individual pairs of real estate and stock markets, our analysis shows that the current levels of local, regional, and global correlations between real estate and stock markets are time-varying, and at most, moderate at the respective integration levels. The real estate and stock markets are both contemporaneously and causally linked in their returns and volatilities; however, the causality relationship appears weaker. In the long run, the real estate markets have slowly become more integrated with the global and regional stock markets, while less integrated with the local stock markets. In addition, the extracted common factors allow for a direct assessment of the dynamic relationships between the real estate and stock markets as a group, and thereby complement the individual results. Finally, there appears to be a declining real estate and stock return dispersion and differential at the local, regional, and global levels for all nine economies studied in this research work, which indicate a tendency of return convergence between real estate and stock markets in the international environment.
International Real Estate Review
Authors:   California State University, Li Yuming , Liu Laura Yue ,   California State University
Published: October 2021

In this research, we compare the effect of aggregate U.S. financial wealth with the effect of aggregate U.S. labor income on house prices at the national and city levels. Financial wealth is measured by the net worth of U.S. households minus the equity of owners in home real estate or by the aggregate U.S. stock market index. After adjusting for the volatility of each explanatory variable, we find the economic impact of growth in financial wealth on the aggregate U.S. house price appreciation to be statistically significant and similar to that of labor income growth. We also find a significant wealth effect on some of the city-level house price appreciations. For the cities where both wealth and income effects are significant, the economic impacts of the two effects are found to be similar. While labor income growth has a contemporaneous effect on the house price appreciation, change in financial wealth, and in particular, the stock market, leads house price appreciation but not vice versa.
International Real Estate Review
Authors:   Japan Real Estate Institute, Tani Kazuya , Kikuchi Yoshiyuki ,   Shimane University, Takaoka Hideo , Lin Shubin
Published: October 2021

The purpose of this paper is to clarify the housing acquisition process by providing profiles of residents in Shanghai. A questionnaire was prepared for residents in both public housing and commodity housing to analyze the relationship between the purchase prices of housing units and the annual household incomes of the buyers. The ability to purchase private condominium units depends on whether the purchasers already possess any real properties. In Shanghai, the number of condominiums supplied by private developers has been rapidly increasing in recent years and represented about 40% of the number of households in 2009. However, as these prices are about 9 to 14 times the average annual household income, we believe that a path from renting public housing to owning commercial housing, which was a relocation process commonly witnessed in the 1980s in Japan, is considerably difficult to be followed by regular residents in Shanghai.
International Real Estate Review
Authors:   IAZI AG, Chaney Alain , Hoesli Martin ,   University of Geneva
Published: October 2021

This paper contributes to the debate about capitalization rate determinants by comparing the driving factors of appraisal-based cap rates with those of transaction-based cap rates. By using a rich database of real estate transactions in Switzerland for the period of 1985¡V2010, we identify several property-specific variables that have not been used in prior research and that increase the explained portion of the cap rate variance by as much as 10 percentage points. The results show that compared to investors, appraisers overweight factors that they can easily observe when they appraise a property, at the cost of variables related to growth expectations and the opportunity cost of capital. This has two implications. First, as the easily observable factors hardly change over time, while the latter variables change frequently and significantly, it provides new evidence that may add to the appraisal-smoothing discussion. Second, investors put less emphasis on factors that are diversifiable, which suggests that they favor a portfolio perspective, whereas the focus of the appraisers is more on the individual property level.
International Real Estate Review
Authors:   Meikai University, Ashiya Noriko
Published: October 2021

The purpose of this paper is twofold. First, it formulates a model to explore the criteria for making decisions on sale-leaseback (SLB) actions, which can be an alternative to off-balance-sheet financing. The theoretical findings show that the knowledge of the buyer/lessor of low-cost property management is a primary factor in favor of SLB, which is in line with previous studies. Secondly, it quantifies this factor to explore the possible application of SLB schemes to Japanese public real estate (PRE) markets. The validity of this quantification method is also shown by using data from a tax-exempt Japanese PRE portfolio. The empirical findings of ANOVA and multiple comparison tests suggest that if we only have cost information and know the age of the buildings on the property, we can make decisions with regard to SLB actions; these findings reveal an institutional environment that is unique to Japan.
International Real Estate Review
Authors:   University of Dammam, Alhowaish Albdulkarim K.
Published: October 2021

This study empirically investigates the relationship between construction flow and economic growth for Saudi Arabia during the 1970¡V2011 period. Integration and cointegration techniques are applied to investigate the relationship between the construction sector and economic growth. Given the fact that Saudi Arabia is an oil-rich country, oil revenue has also been included in the model as a conditioning variable. The findings reveal that there is strong causality that runs from economic growth and oil revenues to the construction industry with feedback effects that only run from construction to economic growth (i.e. bi-directional relationship). However, the construction industry does not Granger-cause oil revenues in the long-run (i.e. uni-directional relationship). The findings also reveal that there exists no causal relationship between economic growth and oil revenues in the long-run. Economic growth and oil revenue are "independent¨ effects on construction growths in the long-run. However, oil revenues have significant effects on economic growth just in the short-run. Therefore, oil revenues play a critical role in economic growth in the short-run and therefore, the growth of the construction industry in the long-run. The accuracy of the estimated results is validated by performing several diagnostic tests.
International Real Estate Review
Authors:   DePaul University, Shilling James , Wurtzebach Charles H. ,   DePaul University
Published: October 2021

We study the relative performance of private equity real estate joint ventures by using new data that connect investment style, ownership structures, and quarterly cash flows for a large sample of sold properties from 1978-2009. The expansion into joint ventures by private equity core, value-added and opportunistic real estate funds since 1990 has been significant. This paper tests three hypotheses. First, do real estate joint ventures experience higher returns? Second, are investment fund managers generally willing to take on riskier projects in forming joint ventures? Third, are joint ventures formed to procure new business and grow assets under management and maximize fund fees? Tests of these hypotheses are performed by using quantile regressions, to determine whether the returns on joint venture projects are more concentrated in the tails of the return distribution ¡V particularly in the left (low end) tail ¡V than are whole assets. We reject the hypothesis that real estate joint ventures experience abnormal returns overall. However, we do find evidence that there is a lot more risk taking by value-added funds relative to core funds. Our evidence is also consistent with more risk taking by large investment fund managers vs. small investment fund managers.
International Real Estate Review
Authors:   Peking University, Zhou Yu , Guo Hongru ,   Bank of Communication, Shanghai
Published: October 2021

In this paper, monthly data from May 2004 to December 2011 are used to calculate the equilibrium housing price predicted by the economic fundamentals of Shenzhen and additional economic fundamentals of Hong Kong under the background of the Shenzhen Hong Kong cross-border integration. Equilibrium housing price is then compared against the actual housing price to test the degree of the Shenzhen housing price bubble during the studied period. We find that aided by the economic fundamentals of Hong Kong, the Shenzhen housing price can be better explained and the gap between the actual and equilibrium housing prices can be largely reduced, thus implying a much smaller Shenzhen housing price bubble.
International Real Estate Review
Authors:   University of Bergamo, Gibilaro Lucia , Mattarocci Gianluca ,   University of Rome 'Tor Vergata'
Published: October 2021

The literature primarily focuses on the effect of changes on property prices in terms of macrovariables and monetary aggregates. Only a few studies have taken into account bank characteristics when considering the effects of real estate market trends on bank lending policies and performance, and there is no study that controls for the type of bank or loan purpose. The paper studies the linkage between property market trends and bank risk exposure. We test for any significant difference of real estate banks with respect to other banks and the different roles of the real estate market trend in explaining changes in bank risk exposure. The empirical evidence demonstrates that real estate banks are not always riskier than other banks, and specialized banks are less sensitive to real estate market trends than other banks.