bluuebunny/crossref_metadata_2025 huggingface dataset:
International Real Estate Review
Authors:   Reserve Bank of Australia, Ellis Luci
Published: October 2021

The crisis enveloping global financial markets since August 2007 was triggered by actual and prospective credit losses on US mortgages. Was the United States just unlucky to have been the first to experience a housing crisis? Or was it inherently more susceptible to one? I examine the limited international evidence available, to ask how the boom- bust cycle in the US housing market differed from elsewhere and what the underlying institutional drivers of these differences were. Compared with other countries, the United States seems to have: built up a larger overhang of excess housing supply; experienced a greater easing in mortgage lending standards; and ended up with a household sector more vulnerable to falling housing prices. Some of these outcomes seem to have been driven by tax, legal and regulatory systems that encouraged households to increase their leverage and permitted lenders to enable that development. Given the institutional background, it may have been that the US housing boom was always more likely to end badly than the booms elsewhere.
International Real Estate Review
Authors:   Purdue University, Kuethe Todd Henry
Published: October 2021

This study evaluates the ability of a range of popular aggregate house price indexes to predict house prices out-of- sample at the transaction level for a small geographic area. The analysis particularly addresses the utility of spatial econometric methods. The results suggest that spatial econometric methods, which more explicitly consider the spatial aspects of observed house prices, provide better predictive accuracy as compared to more traditional estimation techniques, such as the repeat sales index, a hybrid repeat sales-hedonic price index, and hedonic price models estimated through least squares. The conclusions are drawn from a sample of 38,984 single-family residential real estate transactions for the city of Milwaukee, Wisconsin over the years 2002-2008.
International Real Estate Review
Authors:   China University of Technology, Hsueh Li-Min , Lin Gi-Hsian ,   Department of Currency Management, Cathay Life Insurance, Peng Hsin-Yi ,   Fubon Life Insurance Co., Ltd
Published: October 2021

The number of single person households has dramatically increased in Taiwan in the past several decades as it has elsewhere in the world, but this phenomenon has been largely neglected in the literature. This research explores the factors that affect the formation of single person households and their housing decisions. Taiwan¡¦s population census data for 1980, 1990 and 2000 are used. Some interesting trends can be found. First of all, people who are married or cohabiting have exhibited an increasing tendency to live alone census by census. This shows the increasing need in a modern society for the husband and wife to live separately due to employment or other reasons. Secondly, unmarried and widowed elderly persons have had an increasing probability of living alone over the decades. Thirdly, the number of female single person households has been increasing rapidly, and there is a higher probability that they are homeowners and also occupying a larger living space than their male counterparts. To sum up, the results of this study show that the demand for housing among single person households will continue to increase as their numbers increase. Their demand for homeownership and living space are also increasing.
International Real Estate Review
Authors:   University of Hamburg, Bischoff Oliver
Published: October 2021

We apply the stock flow model for the German residential rental market using a data set that includes the overwhelming majority of nomenclature of territorial units for statistics (NUTS) 3 regions for the 2004-2007 period. Aside from proving conditional rental price convergence, we have detected a turnaround in vacancy stocks between the short and the long term. While East German counties and West German independent cities currently exhibit the highest and lowest vacancy rates, respectively, the opposite holds true at equilibrium. Leaning on theoretical suggestions, landlords in well-developed areas have incentives to hold onto vacancies in view of future rent increases. Our results support this idea, which demonstrates the significantly positive impact of household income and net birth rate on the natural vacancy rate.
International Real Estate Review
Authors:   Roosevelt University, McDonald John F.
Published: October 2021

This paper is a theoretical examination of untaxed and taxed entities that invest in real estate. The standard advice to real estate investors is to avoid using entities that are subject to taxation (such as C corporations in the U.S.) and employ entities that are not subject to taxation (such as limited liability companies, S corporations, and real estate investment trusts in the U.S.) in order to avoid double taxation of income. This paper shows that, in most situations, untaxed entities place a greater value of a given real estate property than does a taxed entity, which implies that taxed entities are at a distinct disadvantage at competing in the market for property. However, this conclusion is reversed if untaxed entities use a large amount of financial leverage compared to taxed entities and the borrowing rate for both is greater than the risk-free rate.
International Real Estate Review
Authors:   Baruch College, Chan Su Han , Wang Ko ,   Baruch College, Yang Jing ,   California State University
Published: October 2021

This paper develops a stylized model to provide a rational explanation for the boom-and-bust price movement pattern that we frequently observe in the real world. Our stylized model indicates that there are three conditions to form a boom-and- bust price pattern in a community: a move-in of high income residents, wide income gap between new and existing residents, and supply process that leads to an inventory buildup. It seems that, based on these three conditions, China is more likely to experience a boom-and-bust price movement pattern than a developed country with a more mature and less vibrant economy.
International Real Estate Review
Authors:   Cleveland State University, Simons Robert A. , Seo Youngme ,   Joss Data
Published: October 2021

Ten years ago, there was a controversial expansion of an Orthodox Jewish religious campus in the suburb of a large Midwestern US city. This research takes a before and after approach to addressing the effects of this project on residential property values, especially within walking distance of the campus. Separate regression analyses have been run for 1997 and 2006, and the findings indicate that the campus has increased property values and prompted additional building permits. The findings show that the completion of the Jewish Orthodox campus increases residential property values between 17 percent and 20 percent within a quarter mile in the city where the facility is located.
International Real Estate Review
Authors:   Kyungpook National University, Kim Heeho , Park SaeWoon ,   Changwon National University, Lee Sun Hye ,   Changwon National University
Published: October 2021

This paper studies the abnormal price behavior of Kangnam, a premium (high price) housing submarket in Seoul, Korea, which addresses the correlation between house prices, bank lending, and other factors, including income. Kangnam experienced the most dramatic price escalation during the study period (1999-2009) despite Korean government policies to stabilize house prices in 2005 and the U.S. subprime crisis in 2008. The empirical result shows that even though the house price in a premium market is, to some degree, positively influenced by income, it is not affected by bank lending in the short-run while negatively affected in the long-run. This suggests that a premium housing submarket has a peculiar price dynamics of its own unlike the other submarkets which seem to comply more or less with our notion of a general economic theory, especially in terms of house prices and bank lending.
International Real Estate Review
Authors:   Rutgers University, Fisher Lawrence , Weaver Daniel G. ,   Rutgers University, Webb Gwendolyn ,   Baruch College
Published: October 2021

In this paper, we apply the method for removing the upward bias in returns in equally-weighted return indexes developed by Fisher, Weaver, and Webb (2010) to real estate investment trust (REIT) stocks in the US. While we find significant bias in this index, two trends are evident: first, there is less overall bias than in non-REIT stocks, and second, the bias of REIT stocks has declined over time. These trends are consistent with growing listings of REIT stocks on the New York Stock Exchange (NYSE), as well as with increasingly higher stock prices. They also support the hypothesis that there have been significant improvements in the market micro-structure environment of REIT stocks since the early 1970s. We further apply our methodology to REIT stocks listed in the two countries with the largest number of REITs outside the US: Germany and Australia. The results support the hypothesized relationship between index bias and market micro-structure environment.
International Real Estate Review
Authors:   University of Electronic Science and Technology of China, Du Hongyan , Ma Yongkai ,   University of Electronic Science and Technology of China
Published: October 2021

This paper attempts to study the relationships among corporate real estate (CRE), capital structure and stock performance of China¡¦s non-real estate firms, including the bidirectional relationships between debt ratio (DR) and corporate real estate ratio (CRER), the impact of CRER on stock performance, and whether this impact differs across firms with different debt levels. The results show that for the overall sample, DR has a positive effect on CRER, while CRER negatively affects DR. CRER has no significant positive impact on the abnormal returns of stocks, and even decreases those for firms in the information industry. However, it can significantly reduce the systematic risks of stock returns. Moreover, we find that CRER has no significant effect on abnormal returns regardless of the amount of debt level that a firm has, and there is no significant difference between the effects of CRER on abnormal returns for firms with different levels of debt. On the other hand, the effect of CRER on systematic risk is significantly negative for firms in the low debt group, and insignificantly positive for firms in the high debt group. The CRER of lower debt firms can significantly reduce much more systematic risk than that of the high debt firms.
International Real Estate Review
Authors:   Cleveland State University, Simons Robert A. , Throupe Ron ,   University of Denver
Published: October 2021

This paper examines the loss of control of the ability to time the sale or develop property as an intrinsic benefit of the bundle of ownership rights. This right, proxied by the real option to control property, can be hindered by the existence of contamination. An empirical analysis of a contaminated site is used to illustrate the cumulative effect of this sell option and a measurement of financial loss. The results of a survey are used to determine the likely value of the real estate option and its effect on the subject property as part of the overall value. The results suggest a value for the sell (call) option which is dependent on the time before expiration. For the case study and ten year time period used in this research, 27% to 40% of the property value is estimated as the value of the loss in ability to sell.
International Real Estate Review
Authors:   University of North Carolina, Winkler Daniel T. , Hughen W. Keener ,   University of North Carolina
Published: October 2021

Fringe benefits compensation offered by employers has grown rapidly over the past 50 years. Research in this area has been primarily limited to hourly and salaried employees. This study examines employer-based fringe benefits compensation of real estate agents and brokers. A model is developed that jointly estimates the income, hours worked, and fringe benefits compensation. The findings indicate that fringe benefits increase according to hours worked and the sales professional's contribution to firm revenue. Other important determinants include managerial duties, firm size and organizational form. For women, fringe benefits do not entice greater productivity (income); however, it does increase effort (hours worked).
International Real Estate Review
Authors:   Western Carolina University, Rajagopal Sanjay , Hays Patrick ,   Western Carolina University
Published: October 2021

Over the last decade, numerous factors including robust economic growth, population pressure, and the mounting need for office space among growth sectors such as information technology have placed significant upward pressure on Indian realty prices. The easing of government restrictions on foreign investments and venture capital into Indian real estate have provided an additional fillip to the real estate market in the country, and the confluence of such factors appears to have contributed to a speculative bubble in Indian real estate equities in the latter part of the decade. By using this bubble period as a case study, we test for the existence of long memory among real estate equities. For the January 2006-December 2008 period, we employ three self-affine fractal analysis techniques (classical rescaled range, roughness-length, and the variogram/structure function methods) to estimate the Hurst exponent, and find significant evidence of long memory in the Bombay Stock Exchange (BSE) Realty Index. Return persistence is further confirmed by the more powerful Lo¡¦s modified rescaled range analysis (MRSA), which is robust to short-term dependence. In addition to potential regulatory policy implications for this emerging market, our results have ramifications for modeling and forecasting returns, as well as for technical trading rules.
International Real Estate Review
Authors:   University of California, Edelstein Robert , Fortin Steve ,   McGill University, Tsang Desmond ,   McGill University
Published: October 2021

The adoption of the new International Financial Reporting Standards (IFRS), by allowing the option of fair value accounting for real estate investment properties, has dramatically altered the landscape of financial reporting for real estate firms worldwide. In this exploratory study, by examining the financial statements and disclosures of 45 international real estate firms, we demonstrate that the implementation of IFRS has affected financial reporting practices in the real estate industry. We find that under the IFRS, companies place emphasis on market asset valuations, vis-a-vis alternative metrics for current performance. We also find that most real estate firms in our sample choose to report fair values for investment properties in their financial statements rather than the notes to the financial statements. Finally, there is a wide variation in firm disclosures with regards to the determinants of fair market values.
International Real Estate Review
Authors:   Royal Institute of Technology, Stockholm, Lundgren Berndt
Published: October 2021

This paper presents a new model by using a structural equation technique. This model integrates the productivity theory and customer-perceived value to identify key features that residential customers seek when making their decision to buy or rent a residential apartment. A theoretical structural equation model is confirmed by using a dataset based on 283 respondents, those who are potential tenants of an ongoing residential construction project in Sweden that consists of 402 rental apartments. The results show that expectations of being able to relax in the immediate neighborhood as well feeling safe in the neighborhood have a high impact on customer perceived value. Moreover, analysis of a two bedroom apartment, used as a show apartment, reveals that an apartment with plenty of natural daylight and a well proportional layout has the highest impact on customer perceived value. Professional developers and municipalities could use the proposed residential customer perceived value model (RCPV-model) to increase their understanding of customer-perceived values by verifying key drivers in successful residential projects and acting on them when planning new development projects.
International Real Estate Review
Authors:   IFE Group, Chen Jian , Downs David H. ,   Virginia Commonwealth University,
Published: October 2021

This paper examines real property tax as a determinant of tenure choice. The analysis is conducted in two stages. First, parameter estimates for a reduced-form homeownership model are obtained through multivariate logistic regression on data drawn from the U.S. Survey of Income and Program Participation (SIPP). Second, data from the Chinese Household Income Project (CHIP) is used to obtain predicted homeownership for China by using the SIPP-based model. Actual and predicted values of homeownership in China are presented, and the marginal effect of property tax is computed. Overall, we find that tenure choice is significantly influenced by property tax, even after controlling for a wide range of supply and demand considerations. Furthermore, and in the case of China, we show that the negative impact of property tax on homeownership may be mitigated by corresponding ownership incentives (e.g., tax policy). To the best of our knowledge, this is the first paper to explicitly analyze property tax in this regard. Implications based on the empirical analysis are applicable to the evolution of property tax policy in China.
International Real Estate Review
Authors:   University of Aberdeen, Hoesli Martin , Liljeblom Eva ,   Hanken School of Economics, Löflund Anders ,   Hanken School of Economics
Published: October 2021

We test relative illiquidity, exemplified through a temporary lock-up, as a partial explanation for the gap between theoretical and empirical weights for real estate in a multi-asset portfolio. Since asset correlations are known to increase in bear markets, which reduce their diversification benefits, the ex-ante knowledge of a lock-up in an asset class that offers diversification benefits in bull markets (Hung et al., 2008) may reduce the optimal weight that an investor wishes to put in it ex-ante. By using dynamic multiperiod portfolio policies by Brandt and Santa-Clara (2006), and introducing a lock-up in line as per de Roon et al. (2009), we study the effects of a partial lock-up on the weight for REITs in a U.S. stock and bond portfolio. We find support for our prediction, in the form of lower weights for the illiquid asset once a lock-up is introduced.
International Real Estate Review
Authors:   Old Dominion University, Seiler Michael J.
Published: October 2021

This study uses a behavioral approach to measure the impact of a partial eminent domain land taking (which affects easement rights and causes proximity damage) on residential property values. Existing appraisal methods are not suited to handle this type of unique valuation impact determination, yet diminution must be determined by the courts to establish proper "just compensation". To accomplish the quantification of damages, an experimental design is implemented that allows the market to voice its opinion of valuation impact through a mechanism other than direct comparable sales. Moreover, this behavioral methodology can and should be used in a number of additional real estate valuation applications.
International Real Estate Review
Authors:   Tsinghua University, Zhang Yang , Zhang Hong ,   Tsinghua University, Seiler Michael J. ,   The College of William & Mary
Published: October 2021

Through the implementation of an experimental design, this study examines the effect of buyer demand specification and search patience on the home buying process. We find that there are no significant effects of demand specification on the behavior of brokers and the search results. When the search patience of a buyer is higher, the earnings of the buyer are greater, matching degree is higher, search duration is longer, number of broker recommendations is greater, and attribute competition is fiercer.
International Real Estate Review
Authors:   Chinese University of Hong Kong, Du Julan , Leung Charles K. ,   Chinese University of Hong Kong, Chu Derek ,   Chinese University of Hong Kong
Published: October 2021

No, we find no evidence for a return-enhancing role for corporate real estate holdings, which is consistent with the previous literature. Instead, our study based on a sample of U.S. listed corporations suggests that corporate real estate holdings are a form of managerial ¡§empire building¡¨. Corporations with weaker corporate governance and a lower degree of financial constraint tend to have higher real estate holdings, whereas higher real estate holdings are associated with lower returns to shareholders. The impact of corporate governance on corporate real estate holdings seems to be stronger in manufacturing-related industries. Implications and future research directions are discussed.
International Real Estate Review
Authors:   Georgia State University, Gallimore Paul , Hansz J. Andrew ,   California State University, Prombutr Wikrom ,   California State University, Zhang Ying ,   Fairfield University
Published: October 2021

We investigate long-term cointegrative and short-term causal relations among seven U.S. sectoral REITs. First, cointegration tests identify one long-term cointegrative relation among five of the sectors, which suggests that two of the sectors are outside the cointegrative space. Second, short-term Granger causality tests identify three leading and two following cointegrated sectors. Third, a proposed vector autoregressive model indicates that a stronger cointegrating effect is induced by declining real estate markets and a multivariate sensitivity regression model shows that unexpected inflation significantly and negatively influences the cointegrative disequilibrium. Lastly, our cointegration-based portfolio performance analyses show that the inferior performance of the all-sector market portfolio stems from containing the redundant cointegrated sectors which shatter portfolio diversification.
International Real Estate Review
Authors:   University of Groningen, Liu Xiaolong , Qu Weidong ,   Renmin University of China
Published: October 2021

Since its liberalization in 2003, the urban land lease market in China has experienced substantial growth in terms of both the volume and value of transactions. At the same time, significant transaction premiums are observed in these land transactions; these premiums make the general public skeptical about the emergence of a property market bubble that stems from aggressive bidding in the land market. In this paper, we seek to rationalize this phenomenon by means of the event study method. By using a land transaction dataset from Beijing for the period 2003 to 2013, we find that the capital market reacts significantly to land bidding events. In addition, the land transaction premium observed in the Chinese land market can be explained by the signaling effect, in that developers tend to use the bidding price as a signaling device to disseminate favorable private information to the marketplace.
International Real Estate Review
Authors:   University-Fullerton, Akbulut Mehmet , Chan Su Han ,   Johns Hopkins University, Letdin Mariya ,   Florida State University
Published: October 2021

This study addresses the unsettled question of whether REITs behave similarly to stocks with respect to calendar anomalies. We determine the magnitudes of several types of calendar anomalies for both the REIT and stock market index returns in 22 countries between 1990 and 2012. In general, our evidence shows that the calendar effects are not universal across countries and that REITs behave differently from their stock counterparts in a number of countries. The difference in behavior is especially evident around the turn of the month where REITs exhibit significantly higher returns than general stocks in the global sample as well as in 7 of the 22 countries examined. This result may be possibly linked to the higher level of institutional ownership in REITs than stocks in their corresponding market during the period examined.
International Real Estate Review
Authors:   Wright State University, Larsen James E.
Published: October 2021

A previous study led its authors to conclude that superstition impacts price formation for single-family dwellings in the Vancouver area. Houses there with an address that ends in the "unlucky¨ number 13 are found to sell at a discount compared to otherwise similar houses. The primary objective of this study is to determine whether the previous results apply in another North American housing market. Hedonic regression is applied to single-family house transactions that occurred in Montgomery County, Ohio, to determine if houses with an address of 13 sold for different prices than houses that comprise the remainder of the sample. The same test is then conducted for houses with an address other than 13. No mispricing associated with the number 13 is discovered, but seven other addresses are found to be significantly related to price. As all but one of the significant house numbers identified in this study are not reputed to be particularly lucky or unlucky, we conclude that the price effects discovered are attributable to coincidence. The results of this first study to investigate the possibility of mispricing due to superstition about the number 13 in a residential property market in the United States are consistent with rational market behavior.
International Real Estate Review
Authors:   Chinese University of Hong Kong, Leung Charles
Published: October 2021

Housing prices in Hong Kong have gained international attention. This study suggests that the housing supply may be insufficient. Consistent with previous studies, we confirm that merely increasing the land supply may not increase the housing supply. We also find preliminary evidence for widening income inequality, which, when combined with unavailability, can lead to unaffordability in the housing market. Given the current housing supply elasticity with respect to price, Hong Kong is not more volatile than major cities in the United States. Thus, by improving housing availability and thereby increasing housing supply elasticity, this could effectively decrease housing price volatility.
International Real Estate Review
Authors:   University of Stavanger, Krakstad Svein Olav
Published: October 2021

This study analyzes the housing market by using four key ratios: price-rent, price-building cost, price-land cost and price-wage. We attempt to determine how they work together in order to explain the housing market. A unique dataset from Norway is used to investigate the long-run movements of the variables. In order to analyze these, we have created Norwegian hedonic indices for building and land costs. The cointegration tests confirm that there are long-term relationships between these ratios. The results show that these ratios affect future movement in house prices, rents, and building and land costs. Wages are weakly exogenous in the system and therefore drive house prices, rents, and building and land costs in the long run.
International Real Estate Review
Authors:   Wichita State University, Miles William
Published: October 2021

Since the recent turmoil in UK housing, there has been controversy over whether house prices in the past decade have entered a bubble. While there are numerous techniques employed to investigate the presence of bubbles, testing the significance of breaks in the dynamics of prices has been utilized in other research to detect such bubbles. This is important in itself, as changing parameters in housing time series models make forecasting and portfolio management more difficult. We examine thirteen regions of the UK as well as the national home prices. The results indicate that while there were some breaks over the 2000s, more regions (and the UK as a whole) experienced breaks over the late 1980s and early 1990s. These results indicate that while there have been large price swings over the past decade, the late 1980s/early 1990s, which followed sharp changes in housing, monetary and fiscal policies, appear to be the larger boom-bust episode.
International Real Estate Review
Authors:   Deakin University, Ma Le , Liu Chunlu ,   Deakin University
Published: October 2021

In order to explore the long-run equilibrium in the house prices of different cities, studies on house price convergence have been conducted by a number of researchers. However, the majority of previous studies have neglected the effects of spatial heterogeneity and autocorrelation on house prices. This research improves on the investigation of house price convergence by developing a spatio-temporal autoregressive model based on a framework of panel regression methods. Both spatial heterogeneity and autocorrelation of house prices in different cities are taken into account. Geographical distance and the scale of development of the urban housing market are used to construct temporal varying spatial measurements. The spatio-temporal model is then applied to investigate the long-run equilibrium in the house prices of Australian capital cities. The results confirm that house prices in Sydney approach a steady state in the long run, whereas house prices in Brisbane, Canberra, Melbourne and Perth are able to do with lower confidence. However, little evidence supports the existence of long-run equilibrium in the house prices of Adelaide, Darwin and Hobart.
International Real Estate Review
Authors:   Baruch College, Weiser Jay , Neath Ronald ,   City University of New York
Published: October 2021

Residential community associations (common interest communities such as condominiums, cooperatives and planned unit developments, as well as properties subject to homeowners associations and architectural review boards) have become the dominant form of ownership for new United States single-family residential units. Community associations typically use covenants, conditions and restrictions (also known as CCRs, C&Rs, deed restrictions or covenants) to impose extensive private-ordered controls over unit owners. This empirical study uses regression analysis of a Web-based community association enforcement practices survey, concluding that more intense private-ordered enforcement is associated with increased unit value and decreased covenant violation levels. It also finds that judicial deference to private-ordered community association enforcement decisions is associated with higher value, and that some measures of social cohesion are associated with decreased covenant violation levels.
International Real Estate Review
Authors:   Konkuk University, Fan Gang-Zhi , Huszár Zsuzsa R. ,   NUS Business School, Zhang Weina ,   NUS Business School
Published: October 2021

We show that traditional western style corporate governance tools are ineffective in Chinese real estate firms by using data from 2000 to 2012. Instead, we find evidence of effective state governance, such as corruption cleanups and financial market liberalization. Specifically, firms with fewer state connections experience better performance in provinces with greater corruption prosecutions and after 2006 with accelerated stock market liberalization. Overall, our results suggest that the Chinese real estate industry is becoming more market-oriented with assistance from the state.
International Real Estate Review
Authors:   International Maize and Wheat Improvement Center, Mottaleb Kh. A. , Sene Seydina Ousmane ,   Louisiana State  University, Mishra Ashok K. ,   Louisiana State  University
Published: October 2021

During the past three decades, the Bangladesh economy has been characterized by higher economic growth, and record levels of remittance income from both foreign and domestic sources. By using household data, and ordinary least squares (OLS) and quantile regressions, this study explores the factors that affect house prices in Bangladesh. Particular attention is given to the role of domestic and foreign remittance incomes. The results reveal that both domestic and foreign remittance incomes have positive and significant effects on housing prices in Bangladesh. The results from this study indicate that house prices and estimated prices of housing attributes may reflect the fact that housing attributes are not priced the same across a given distribution of house prices. Furthermore, the quantile regression shows that unlike the single OLS estimate, parameter estimates differ along the distribution of house prices per square feet.
International Real Estate Review
Authors:   Hong Kong Monetary Authority, Wong Eric , Tsang Andrew , Kong Steven ,   Hong Kong Monetary Authority
Published: October 2021

This paper sheds light on the transmission mechanism of a loan-to-value (LTV) policy to financial stability by providing three findings from Hong Kong. First, there is evidence that LTV cap tightening since 2009 has dampened both the leverage of borrowers and credit growth, and that lower leverage has played a major role in strengthening the resilience of banks to property price shocks. Second, the effect on loan growth is found to be state-dependent due to loan market disequilibrium, with a much stronger impact on loan supply than demand, which suggests that calibrating this tool to curb loan growth requires an accurate estimate of both loan demand and supply. Operationally, this could pose challenges for policymakers. Finally, we find evidence of the low responsiveness of housing demand to caps on LTV ratios, which is suggestive of the weak direct pass-through rate of the LTV policy to the property market. These findings together support the view that it would be operationally optimal for the LTV policy to primarily target household leverage, and that there are limitations in using this instrument to stabilise credit growth and property prices.
International Real Estate Review
Authors:   Wuhan University, Chen Dong , Gao Yanmin ,   City University of Hong Kong, Kaul Mayank ,   Citibank, Tsang: Desmond ,   McGill University
Published: October 2021

This paper studies how the presence of sponsor and external management affect leverage and debt maturity decisions in three major Asian-Pacific real estate investment trust (REIT) markets: Australia, Japan and Singapore. Our empirical results indicate that sponsored REITs opt for higher levels of leverage and loans with longer maturity. On the contrary, externally managed REITs are associated with lower leverage and loans with shorter maturity. Our results are robust to the inclusion of other firm variables and to alternative specifications. Subsequent to the financial crisis, the impact of sponsorship on debt financing decisions has diminished, and borrowing of externally managed REITs is further constrained.
International Real Estate Review
Authors:   Seikei University, Nagano Mamoru
Published: October 2021

By using data on 51 real estate investment trusts (REITs) and 755 real estate deals from 2003¡V2011 in Japan, this study presents evidence that the funding approach decisions of a sponsor-backed REIT differ from those of a REIT without a sponsor. The implications derived from the presented empirical analyses are threefold. First, with regard to the determinants of the choice of the funding approach, under a continuous high stock price trend or a rise in the stock price of a REIT, the probability of choosing stock issuance increases when the REIT and sponsor firm strike real estate deals. Second, the literature asserts that real estate asset liquidity and debt choice are positively related. However, our results suggest that under a high stock price trend, a REIT chooses stock issuance even when it purchases real estate assets that have a high degree of liquidity. Third, debt issuance is chosen when a REIT and its sponsor firm make numerous and large real estate deals when the stock price of the REIT falls.
International Real Estate Review
Authors:   Florida Gulf Coast University, Fraser Steve P. , Allen Marcus T. ,   Florida Gulf Coast University
Published: October 2021

Considerable prior research confirms the existence of real estate price premiums associated with golf course amenities in residential development projects. This study examines a unique residential development project in which membership in a golf club is appurtenant to the real estate: ownership of certain (but not all) dwellings in the project includes deeded membership in the project¡¦s golf club. In this development project, golf memberships can only be obtained or disposed of by acquiring or selling the associated dwelling, respectively. The results of this analysis indicates that price premiums associated with appurtenant golf memberships, after controlling for golf course view and other relevant property characteristics, are significantly positive. Furthermore, the results indicate that the magnitude of the price premium for appurtenant golf memberships varies across dwelling types (detached vs. attached) in this project. These findings may be important for housing developers, consumers, lenders, appraisers, and property and income tax authorities.
НАХИЧЕВАНСКАЯ ОБЛАСТЬ В КОНТЕКСТЕ МОСКОВСКОГО ДОГОВОРА И РУССКО–ТУРЕЦКО АЗЕРБАЙДЖАНСКИХ ОТНОШЕНИЙ 1920-1921 ГГ.
Authors: Makhmourian Gayane
Published: October 2021

NAKHIJEVAN REGION IN THE CONTEXT OF THE TREATY OF MOSCOW AND OF THE RUSSIAN–TURKISH–AZERBAIJANIAN RELATIONS IN 1920-1921

As it was necessary for the Kemalist Turkey to abolish the results of the Treaty of Sèvres, it came to an understanding with the Soviet Russia and gained assistance of its Red Army. Thus, the Turkish detachments returned into Nakhijevan on July 28, 1920, though they were driven out of it earlier by the forces of the Republic of Armenia. The latter one agreed to consider this district a "contestable" territory and adopted the deployment of the Bolshevik Army in it. Taking into account the fatal course of the Turkish-Armenian War of 1920, the official Yerevan did not reject on October 28 the future referendum in Nakhijevan; and the RSFSR accepted the unshakeable right of Armenia in regard to this district. However, the Alexandropol Treaty was signed on December 2, and the Republic of Armenia referred a conduct of referendum and control over the whole area to the Turkish Army. This Treaty deprived Armenia of the sovereign rights regarding Nakhijevan. Subsequent stubbornness of Turkey, together with its contribution to the Sovietization of Azerbaijan, produced the Treaty of Moscow, signed on March 16/18, 1921. This transaction grossly violated the international law and without participance of the third party – independent, though sovietized but mutinous Armenia, had transferred trusteeship over Nakhijevan to Azerbaijan. On October 13, 1921, Armenia got a tiny territorial cession, sanctioned the Treaty of Kars and recognized the new status of Nakhijevan.
Avaliação Microbiológica e Físico-química em produtos industrializados à base de Tomate (Lycopersicon esculentum)
Authors: Souza Thaynna Leocádio Trajano Lacerda , Lima Gerlane Souza de , Macedo Indira Maria Estolano , Silva Maria Karollyna Gomes da , Santana Aline Gomes , Costa Maria Lúcia Gurgel da , Quirino Roberta Morgana da Mota , Shinohara Neide Kazue Sakugawa
Published: October 2021

O tomate (Lycopersicon esculentum) é um fruto amplamente cultivado e consumido em todos os continentes, com propriedades nutricionais e antioxidantes importantes para a saúde humana. O objetivo do estudo foi promover a determinação físico-química e avaliação microbiológica em produtos industrializados de tomate. Foram realizadas análises de pH, Coliformes Totais, Escherichia coli, Salmonella sp. e Bolores e Leveduras em 59 amostras de produtos industrializados derivados do tomate (molhos, extratos, polpas e ketchups), adquiridas na região metropolitana do Recife (RMR). O pH apresentou valores seguros para crescimento de patógenos alimentares, o que pode ter contribuído para as contagens inferiores a 2 log UFC/g-1 de Coliformes Totais, E. coli, Salmonella sp. e parâmetros fúngicos. Estes resultados demonstram que estes produtos alimentícios se mostram satisfatórios para o consumo.
Gênero e trajetória científica
Authors: Varela Alex Gonçalves
Published: October 2021

Martha Vannucci (1921- ) foi uma cientista que se dedicou aos estudos da oceanografia biológica. Suas atividades científicas deram uma contribuição significativa para o processo de institucionalização das ciências oceanográficas no Brasil, ao atuar no Instituto Oceanográfico da Universidade de São Paulo. Este texto é uma tentativa preliminar de escrever sobre sua trajetória naquele lócus institucional, buscando situá-la em contextos mais amplos relacionados à consolidação das práticas científicas no Brasil, e à situação das mulheres que buscavam se firmar no campo das ciências, no período dos anos quarenta a sessenta do século XX.
¿Reforma administrativa o desmembramiento?
Authors: Rodriguez Milagros
Published: October 2021

El presente artículo tiene por objetivo analizar la concepción de las políticas científicas impulsadas desde la gestión de Carlos S. Menem a través del caso del intento de privatización de la Comisión Nacional de Energía Atómica (CNEA) en 1994. En tanto que la primera se ha caracterizado por constituir un conjunto de medidas contradictorias y erráticas a lo largo del período, resulta relevante arrojar luz sobre el lugar que aquel gobierno asignaba a la ciencia en el proyecto de país que planteaba. Por otra parte, aquellas ambigüedades se reflejaron en la formulación del decreto PEN 1540/94, instrumento legal mediante el cual se reglamentó la división institucional de CNEA. El objetivo de esta política consistía en facilitar la privatización de sus funciones originales. Si bien el pasaje a la gestión privada nunca pudo llevarse a cabo, la reforma significó un gran impacto en la comunidad científico-técnica nuclear
Santos Dumont no Guia politicamente incorreto da História do Brasil
Authors: Visoni Rodrigo Moura
Published: October 2021

Este artigo apresenta uma análise crítica do capítulo referente a Alberto Santos Dumont no livro Guia politicamente incorreto da História do Brasil, de Leandro Narloch, publicado em 2009 e que se tornou recordista de vendas no mercado editorial brasileiro. No capítulo citado, são evidenciados erros, afirmações infundadas e conceitos equivocados, de modo a alertar leitores e educadores quanto às impropriedades do texto.
Construyendo un concepto de desarrollo humano
Authors: Serrano López Augusto
Published: October 2021

Por qué, entrando en la tercera década del siglo XXI, es necesario aclarar por fin lo que es propiamente desarrollo humano, si venimos hablando de desarrollo y de desarrollo humano desde hace 75 años?
Articulo docente: Desarrollo sostenible de los territorios rurales: desafíos de la interdisciplinariedad
Authors: Torrens João
Published: October 2021

La combinación de las crisis globales y las transformaciones recientes en los territorios rurales evidencian las limitaciones del paradigma dominante para explicar de forma sistémica estos cambios. Demuestran también la necesidad de nuevos referenciales para orientar la acción colectiva. Nuevos conceptos y enfoques son creados. Nuevas agendas de investigación se articulan, con base en modelos interdisciplinarios de análisis. Las bases de un paradigma emergente empiezan a ser construidas, integrando complejos campos del conocimiento. El enfoque territorial y la noción de Desarrollo Sostenible de los Territorios Rurales son parte de la transición del paradigma.
Artículo docente: Retos actuales para la conservación de la biodiversidad y sus efectos en la gestión de desarrollo humano sostenible
Authors: Lagos-Witte Sonia
Published: October 2021

Daremos una breve mirada a la problemática actual, en torno a la crisis ambiental y del desarrollo humano, en el contexto global y local. En la actualidad los problemas ambientales han alcanzado y son considerados en una dimensión global, pero si utilizamos una lupa a nivel local cada problema está posicionado y tiene sus particularidades, su especificidad, representando un reto para cada sitio donde se genera.
Role of nutrition in ameliorating the severity of COVID-19: A review update
Authors: Ibrahim Jonathan , Muhammad Fatima Mahmoud , Gyang Dalyop Daniel , Felix Victoria Sanda , Yissa Toheeb Damilola
Published: October 2021

Transmissible diseases are on the increase worldwide. Viral diseases have continued to emerge and represent a serious issue to public health. In the last twenty years, several viral epidemics such as the severe acute respiratory syndrome coronavirus (SARS-CoV) in 2002 to 2003, and H1N1 influenza in 2009, were recorded. In this study, the role of nutrition in ameliorating the mortality rate of Covid-19 virus infection was reviewed. Nutrition has been confirmed as one factor that can be utilized to inhibit the upshot of viral infection before clinical treatment is received by the patient. For the body to function normally, its nutritional demand must be met in the right proportions. Diet rich in vitamins, minerals and micronutrients are required for the metabolic functioning of the body and immune system, hence effective or adequate nutrition has health benefits to the human body particularly in fighting against infectious diseases including Covid-19. In defining the relationship or interaction between nutrition and infection, nutritionists have conventionally considered only the effects of diet on the host. Contemporary findings, however, stipulates that, at least for an RNA virus, host nutrition can inﬂuence the genetic make-up of the pathogen and thereby alter its virulence. Living on a quality diet has a way of improving the body defence mechanism against infectious diseases, Covid-19 virus inclusive. Adequate dietary nutrition could be an effective approach to counter the outbreak of Covid-19 pandemic, which is yet to have a worldwide scientifically acceptable treatment
PHARMACEUTICAL ANALYSIS STUDY OF GANDHAKAPUSHPA
Authors:   Dept of Rasashastra and B. Kalpana, K. L. E. University’s Shri B. M. K. Ayurveda Mahavidyalaya, Shahapur, Belgaum-590003, Karnataka., Jadar P. G. , Srinivas Prasad B , Gundkalle M. B
Published: October 2021

Gandhakapushpa is a folklore herbomineral compound prepared from Gandhaka (sulphur) and Eranda taila (castor oil). This preparation is used in the management of raktadusthi (vitiation of blood), vrana (wound healer) and in kustha (skin disorders). In this study stage wise chemical analysis of gandhakapushpa (herbomineral compound) preparation was carried out. This was done to find out an answer for what makes the gandhakapushpa the spongy appearance as that of an inner structure of toddy tree leaf. The sulphur content increased after shodhana (purification) of gandhaka (sulphur). The murchanasamskara (processing of oil) done on eranda taila (castor oil) increased its potency.
EFFECT OF ZINGIBER OFFICINALE (LINN) A ETHANOLIC EXTRACT ON METFORMIN INDUCED HYPOGLYCEMIA IN ALLOXAN INDUCED DIABETIC MICE
Authors:   Anuradha College of Pharmacy, Sakegaon Road, Chikhli Dist., Buldana-443201, Maharashtra., Kshirsagar R. U , Joshi U. M , Biyani K. R.
Published: October 2021

Zingiber officinale (Linn.) has been used in traditional medicine for the treatment of diabetes. The aim of the study was to evaluate the antidiabetic effect of ethanolic extract of Zingiber officinale (EthZO) by concomitantly administering with synthetic oral hypoglycaemic agents (OHA) in diabetic mice. (EthZO)150 mg-metformin (250 mg/kg) were administered orally alone as well as concomitantly in alloxan-induced diabetic mice. After acute and chronic treatment the serum glucose level was determined. Administration of EthZO (150 mg) + metformin (200 mg) with optimized dose was studied concomitantly at the interval of 15 min. Decreased blood glucose level (BGL) was compared with standard dose of metformin and was found to be lower than normoglycemia. Hence, it can be concluded that concomitant administration of EthZO and metformin causes synergistic significant effect than metformin alone. It can be investigated as the novel drug therapy in the treatment of diabetes mellitus.