國立高雄大學圖資館 |

語系: 繁體中文

說明(常見問題)

圖資館首頁

登入

回首頁

切換: 標籤 | MARC模式 | ISBD

Three essays in urban economics.

Gillen, Kevin C.

Three essays in urban economics.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Three essays in urban economics.
作者:	Gillen, Kevin C.
面頁冊數:	205 p.
附註:	Source: Dissertation Abstracts International, Volume: 66-02, Section: A, page: 0699.
附註:	Supervisor: Susan Wachter.
Contained By:	Dissertation Abstracts International66-02A.
標題:	Economics, Finance.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3165679
ISBN:	0542005751

Three essays in urban economics.
Gillen, Kevin C.

Three essays in urban economics. - 205 p.

Source: Dissertation Abstracts International, Volume: 66-02, Section: A, page: 0699.

Thesis (Ph.D.)--University of Pennsylvania, 2005.

This paper is three essays in urban economics. The first chapter is an essay in spatial econometrics and urban form. It finds evidence of spatial autocorrelation in both house values and their hedonic residuals that is in contrast to the traditional assumption or claim of isotropy. Both house values and their hedonic residuals exhibit spatial dependence that is a function of both distance and direction. The second chapter is an essay in housing economics and policy. It finds that the experience of the federal housing voucher program in Philadelphia has yielded outcomes that are contrary to the predictions of existing models. The results indicate that the turnover rate of the housing stock in neighborhoods which disproportionately attract voucher recipients is significantly higher than the housing turnover rate in other neighborhoods, and that this higher turnover is associated with price declines. The third chapter is an essay in real estate markets and asset pricing. The capitalization rate is to real estate what P/E ratios are to other assets, but compared to other categories of assets there has been a relative paucity of empirical research examining this variable, especially for housing. This chapter develops an economic framework of cap rates that models them in the cross-section as a function of their fundamental determinants, but over time as an adjustment process around their equilibrium values. In the cross-section, cap rates do appear to accurately reflect prevailing interest rates, d expectations about both future asset appreciation and urban spatial expansion, but the tax treatment of real estate and the relative riskiness of individual properties and their neighborhoods are equally important determinants. Over time, the housing market's adjustment to a price equilibrium appears to occur with much greater speed and efficiency in the renter-occupied segment of the housing market than in the owner-occupied segment. An advantage of valuing housing with this approach is that, by placing the pricing decision within an investment framework rather than the consumption framework of the more traditional hedonic method, the risk-return profile of housing is more directly comparable to other assets competing for capital, such as debt and equity securities.

ISBN: 0542005751Subjects--Topical Terms:

212585
Economics, Finance.

Three essays in urban economics.
LDR:03210nmm _2200265 _450 001 167324
005 20061005085855.5
008 090528s2005 eng d
020 $a 0542005751
035 $a 00197940
040 $a UnM $c UnM
100 0 $a Gillen, Kevin C. $3 237470
245 1 0 $a Three essays in urban economics.
300 $a 205 p.
500 $a Source: Dissertation Abstracts International, Volume: 66-02, Section: A, page: 0699.
500 $a Supervisor: Susan Wachter.
502 $a Thesis (Ph.D.)--University of Pennsylvania, 2005.
520 # $a This paper is three essays in urban economics. The first chapter is an essay in spatial econometrics and urban form. It finds evidence of spatial autocorrelation in both house values and their hedonic residuals that is in contrast to the traditional assumption or claim of isotropy. Both house values and their hedonic residuals exhibit spatial dependence that is a function of both distance and direction. The second chapter is an essay in housing economics and policy. It finds that the experience of the federal housing voucher program in Philadelphia has yielded outcomes that are contrary to the predictions of existing models. The results indicate that the turnover rate of the housing stock in neighborhoods which disproportionately attract voucher recipients is significantly higher than the housing turnover rate in other neighborhoods, and that this higher turnover is associated with price declines. The third chapter is an essay in real estate markets and asset pricing. The capitalization rate is to real estate what P/E ratios are to other assets, but compared to other categories of assets there has been a relative paucity of empirical research examining this variable, especially for housing. This chapter develops an economic framework of cap rates that models them in the cross-section as a function of their fundamental determinants, but over time as an adjustment process around their equilibrium values. In the cross-section, cap rates do appear to accurately reflect prevailing interest rates, d expectations about both future asset appreciation and urban spatial expansion, but the tax treatment of real estate and the relative riskiness of individual properties and their neighborhoods are equally important determinants. Over time, the housing market's adjustment to a price equilibrium appears to occur with much greater speed and efficiency in the renter-occupied segment of the housing market than in the owner-occupied segment. An advantage of valuing housing with this approach is that, by placing the pricing decision within an investment framework rather than the consumption framework of the more traditional hedonic method, the risk-return profile of housing is more directly comparable to other assets competing for capital, such as debt and equity securities.
590 $a School code: 0175.
650 # 0 $a Economics, Finance. $3 212585
650 # 0 $a Economics, General. $3 212429
690 $a 0501
690 $a 0508
710 0 # $a University of Pennsylvania. $3 212781
773 0 # $g 66-02A. $t Dissertation Abstracts International
790 $a 0175
790 1 0 $a Wachter, Susan, $e advisor
791 $a Ph.D.
792 $a 2005
856 4 0 $u http://libsw.nuk.edu.tw:81/login?url=http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3165679 $z http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3165679