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Essays in Industrial Organization.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays in Industrial Organization.
作者:	Stackman, Daniel.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, 2023
面頁冊數:	140 p.
附註:	Source: Dissertations Abstracts International, Volume: 84-11, Section: B.
附註:	Advisor: Conlon, Christopher.
Contained By:	Dissertations Abstracts International84-11B.
標題:	Industrial engineering.
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30491420
ISBN:	9798379533687

Essays in Industrial Organization.
Stackman, Daniel.

Essays in Industrial Organization. - Ann Arbor : ProQuest Dissertations & Theses, 2023 - 140 p.

Source: Dissertations Abstracts International, Volume: 84-11, Section: B.

Thesis (Ph.D.)--New York University, 2023.

This item must not be sold to any third party vendors.

Commercial real estate is an enormous, yet, understudied, sector of the United States economy. Representing over

ISBN: 9798379533687Subjects--Topical Terms:

200218
Industrial engineering.
Subjects--Index Terms:

Bond market

Essays in Industrial Organization.
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245 1 0 $a Essays in Industrial Organization.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2023
300 $a 140 p.
500 $a Source: Dissertations Abstracts International, Volume: 84-11, Section: B.
500 $a Advisor: Conlon, Christopher.
502 $a Thesis (Ph.D.)--New York University, 2023.
506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a Commercial real estate is an enormous, yet, understudied, sector of the United States economy. Representing over $2 0 trillion of value, it dwarfs the corporate bond market ( $1 0 trillion), and is comparable in size to the total value of outstanding US Treasury securities ( $2 6 trillion). In my dissertation, my co-author and I contribute to the academic literature on commercial real estate by studying the phenomenon of persistent retail vacancies in prime, urban, downtown locations. In Chapter I, we identify a little-known contracting feature between retail landlord and their bankers that generates vacancies in the downstream market for retail space. Specifically, widespread covenants in commercial mortgage agreements impose rent floors for any new leases landlords may sign with tenants, short-circuiting the price mechanism in times of low demand for retail space. Quasi-experimental estimates suggest that binding rent floors imposed by mortgage covenants substantially reduce the probability of occupancy, and we show in counterfactual exercises that covenants may have increased vacancy rates by as much as 14% over the 2016 to 2020 period. In Chapter II, we specify a different model, to quantify the relative contributions of aggregate uncertainty vs. heterogenous match quality to the option value of vacancy. High move-in costs, search frictions, and high contract dissolution costs for landlords amplify this option value. In a counterfactual exercise, we find that reducing the variance of the match quality distribution by 50% reduces long-run vacancy rates by 33% on average, while reducing the variance of the aggregate state variable has almost no effect. Finally, we use the estimated model to quantify the impact of a retail vacancy tax on long-run vacancy rates, average rents, and social welfare. Vacancies would have to generate negative externalities of $1 8.72 per square foot per quarter (about 30% of average rents) to justify a 1% vacancy tax on assessed property values.
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650 4 $a Finance. $3 183252
653 $a Bond market
653 $a Retail space
653 $a Academic literature
653 $a Landlord
653 $a Bankers
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710 2 $a New York University. $b Economics. $3 730386
773 0 $t Dissertations Abstracts International $g 84-11B.
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791 $a Ph.D.
792 $a 2023
793 $a English
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