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The Impact Of Contagion In Real Estate Markets
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Book Synopsis The Impact of Contagion In Real Estate Markets by : Dersim Avdar
Download or read book The Impact of Contagion In Real Estate Markets written by Dersim Avdar and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper researches spatial contagion in the US real estate market. Its goal is to determine whether two portfolios containing different real estate investment trusts (REIT) behaved differently during the financial crisis, in a period going from 2007 to 2010. One portfolio is constituted of firms investing in concentrated regions, the other contains individually diversified REITs, and both portfolios cover the same regions on average, with a limitation to the US territory. To this end we perform a spatial regression followed by a t-test. The results of our empirical analyses show no significant difference in both portfolios during our time frame, be it regarding the spatial components of their returns or the evolution of their returns along time. This supports the idea that diversification strategies across asset classes and regions became mostly irrelevant during the crisis.
Book Synopsis Global Housing Markets by : Ashok Bardhan
Download or read book Global Housing Markets written by Ashok Bardhan and published by John Wiley & Sons. This book was released on 2011-10-27 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: A global look at the reasons behind the recent economic collapse, and the responses to it The speculative bubble in the housing market began to burst in the United States in 2007, and has been followed by ruptures in virtually every asset market in almost every country in the world. Each country proposed a range of policy initiatives to deal with its crisis. Policies that focused upon stabilizing the housing market formed the cornerstone of many of these proposals. This internationally focused book evaluates the genesis of the housing market bubble, the global viral contagion of the crisis, and the policy initiatives undertaken in some of the major economies of the world to counteract its disastrous affects. Unlike other books on the global crisis, this guide deals with the housing sector in addition to the financial sector of individual economies. Countries in many parts of the world were players in either the financial bubble or the housing bubble, or both, but the degree of impact, outcome, and responses varied widely. This is an appropriate time to pull together the lessons from these various experiences. Reveals the housing crisis in the United States as the core of the meltdown Describes the evolution of housing markets and policies in the run-up to the crisis, their impacts, and the responses in European and Asian countries Compares experiences and linkages across countries and points to policy implications and research lessons drawn from these experiences Filled with the insights of well-known contributors with strong contacts in practice and academia, this timely guide discusses the history and evolution of the recent crisis as local to each contributor's part of the world, and examines its distinctive and common features with that of the U.S., the trajectory of its evolution, and the similarities and differences in policy response.
Book Synopsis FINANCIAL CONTAGION & HERDING by : Jing Xue
Download or read book FINANCIAL CONTAGION & HERDING written by Jing Xue and published by Open Dissertation Press. This book was released on 2017-01-26 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation, "Financial Contagion and Herding Behavior: Evidence From the Stock and Indirect Real Estate Markets" by Jing, Xue, 薛晶, was obtained from The University of Hong Kong (Pokfulam, Hong Kong) and is being sold pursuant to Creative Commons: Attribution 3.0 Hong Kong License. The content of this dissertation has not been altered in any way. We have altered the formatting in order to facilitate the ease of printing and reading of the dissertation. All rights not granted by the above license are retained by the author. Abstract: Financial contagion, in this study, refers to spreading of crisis across markets in different locations. The observable consequence is usually in the form of increase in co-movement of asset prices in two markets after a crisis event. The causes of financial contagion have been studied for over twenty years, however, up till now, results have been mixed. One unsettled issue is whether market fundamentals alone can explain financial contagion. Pure fundamental based explanation suggests that the financial, economic and trade linkages are solely responsible for the transmission of crisis across markets. On the other hand, the behavioral finance researchers propose that herding behavior also plays an important role in explaining financial contagion. This issue cannot be easily resolved since it is difficult to empirically distinguish linkage effect and herding behavior. This thesis contributes to this unresolved issue by examining financial contagion in the stock market and indirect real estate market. In the stock market, both fundamental linkages and herding are likely to exist. However some securities are less prone to herding than others. Herding across international markets is likely to be less serious when there is less information asymmetry between investors and management. In addition, compared with foreign investors, local investors are more confident in the link between market fundamentals and the corresponding securities. Real Estate Investment Trusts (REITs) are likely to suffer from less information asymmetry problem since the REITs market has more stringent regulatory requirements for information disclosure. Furthermore, the pricing of real estate asset, the main type of assets held by the REITs, often requires local knowledge. Local investors investing in REITs are less likely to mimic the investor behavior in another overseas REITs market. Listed property companies also share some similarities with REITs, although they are less immune to herding compared with REITs as information disclosure is less stringent for listed property companies. Since the asset prices of real estate are affected by the economic performance, fundamental linkages amongst all indirect real estate still likely to exist and are similar to other types of listed companies. If market fundamental is the only source of financial contagion (i.e. no herding), financial contagion in the global stock and indirect real estate markets should be similar. This thesis uses the 2008 global financial crisis (GFC) as the crisis event to examine financial contagion across the world's major equity markets. Our empirical results show that financial contagion is stronger in the entire stock markets than in the indirect real estate markets and that financial contagion is the weakest in the REITs markets, which support the herding behavior hypothesis and reject the pure fundamental explanation. This reasoning does not require indirect real estate to be totally immune from herding. All that is needed is that indirect real estate is less prone to herding compared with the common stocks. Herding behavior can be rational or irrational. The latter refers to revision of asset prices by following the pricing behavior of other markets irrespective of market fundamentals. Our empirical evidence cannot reject irrational herding behavior in the indirect real estate market since contagion effect becomes stronger wh
Book Synopsis Modeling the Contagion Effect of Foreclosures Within the Real Estate Market by Use of Agent-based Modeling and Simulation by : Marshall William Gangel
Download or read book Modeling the Contagion Effect of Foreclosures Within the Real Estate Market by Use of Agent-based Modeling and Simulation written by Marshall William Gangel and published by . This book was released on 2011 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Housing Market Contagion by : Kristoph Kleiner
Download or read book Housing Market Contagion written by Kristoph Kleiner and published by . This book was released on 2016 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The impact of house price declines on collateral values for consumer debt is well documented; we are the first to highlight a complementary effect through the bank branching network. Our identification strategy depends on following price declines in one housing market to all bank branches outside the state. Using household-level data we find that real estate shocks to the bank significantly impact consumer borrowing (relative to other households in the county), especially for financial institution's without access to funding markets and when the loan is more difficult to securitize with the GSEs. The results cannot be explained by other bank health measures or local demand shocks. Conditional on a loan approval, negative real estate shocks result in higher interest rates and lower loan-to-income ratios. Specifically, a ten percent decline in real estate prices transmits to a 7% decline in primary mortgage approval, a 23% decline in HELOCs, and a 14% decline in refinances.
Book Synopsis Is There Really Any Contagion Among Major Equity and Securitized Real Estate Markets? by : Eddie Hui
Download or read book Is There Really Any Contagion Among Major Equity and Securitized Real Estate Markets? written by Eddie Hui and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This study examines contagion across general equity and securitized real estate markets of China, Hong Kong and the US during Chinese financial crisis. This is the first study to combine the case-resampling bootstrap method with the coskewness and cokurtosis test. Thus the new method works well on data with a non-normal distribution or non-constant variance. Additional channels of contagion may also be detected to reflect a more precise pattern of contagion. In contrast to Hatemi-J and Hacker (2005)'s result, we find that the case-resampling bootstrap method diminishes the overall effect of contagion. In particular, no additional channels of contagion can be found when the case-reasampling bootstrap method is applied on the coskewness test, but when the case-resampling bootstrap method is applied on the cokurtosis test, additional channels of contagion are detected. Furthermore, the overall effect of contagion is greater on the general equity markets than on the securitezed real estate markets. This study has useful implications to investors, regulators and policy makers.
Book Synopsis The Role of Contagion in the Last American Housing Cycle by :
Download or read book The Role of Contagion in the Last American Housing Cycle written by and published by . This book was released on 2013 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Using proprietary micro data on the complete set of housing transactions between 1993 and 2009 in 99 metropolitan areas, the authors investigate whether contagion was an important factor in the last housing cycle. They define contagion as the price correlation between two different housing markets following a shock to one market that is above and beyond that which can be justified by common aggregate trends. Their estimates deal with the following empirical challenges: (a) defining the timing of local housing booms in a non-ad hoc way; (b) addressing specification search bias that arises when only one aggregate series is used to estimate both the timing of the housing boom and the magnitude of price volatility during that period; and (c) controlling for common variation in economic conditions. They find strong evidence of contagion during the housing boom, but not during the bust. These effects appear to arise mostly from the closest neighboring metropolitan area, with the price elasticity ranging from 0.10 to 0.27. This is large enough to account for up to 30% of the jump in prices at the beginning of local booms, on average. Estimated elasticities are greater when transmitted from a larger to a smaller market, and also more important for the most elastically-supplied markets. Finally, local fundamentals and expectations of future fundamentals have very limited ability to account for the estimated effect, suggesting a potential role for non-rational forces."--Abstract.
Download or read book Contagion written by John R. Talbott and published by John Wiley & Sons. This book was released on 2009-01-08 with total page 239 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bestselling author John Talbott outlines the troublesome economic times ahead and what can be done about them Tough times are here, and author John Talbott-who accurately predicted the dot.com technology stock collapse as well as the recent housing, mortgage, and financial crises-argues that the coming global recession will be unlike anything we've ever seen. In Contagion, Talbott turns his attention to this crisis and offers insights on what can be done to navigate such treacherous terrain. Talbott sets the stage by discussing how government borrowing and spending on the war, healthcare, Social Security, and corporate giveaways combined with dramatic increases in personal spending, fueled by credit card and mortgage debt, have funded unsustainable levels of personal and government consumption. Offers practical suggestions as to how investors and homeowners can best weather this storm with straightforward advice on where to invest Examines real estate and housing issues to help you make the best decisions possible in this arena Details the best ways to utilize stocks, bonds, TIPS, and commodities, and to prosper during this global crisis If you really want to protect yourself from the unfolding economic crisis, then Contagion is the book you need to read.
Book Synopsis Financial Contagion and Liquidity in Real Estate Markets by : Kustrim Reka
Download or read book Financial Contagion and Liquidity in Real Estate Markets written by Kustrim Reka and published by . This book was released on 2014 with total page 136 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Proceedings of the 2023 International Conference on Finance, Trade and Business Management (FTBM 2023) by : Amalendu Bhunia
Download or read book Proceedings of the 2023 International Conference on Finance, Trade and Business Management (FTBM 2023) written by Amalendu Bhunia and published by Springer Nature. This book was released on 2023-11-30 with total page 609 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book. Finance and trade are the keys to the world's continued economic and social development. Studying finance and trade can help us better understand how the world works. In addition, business management is crucial for an enterprise and a country's sustainable development. The conference mainly focused on research fields such as finance, trade, and business management. The 2023 International Conference on Finance, Trade, and Business Management(FTBM2023)will be held on September 22-24, 2023 by ZOOM. The purpose of the conference is to provide a chance for experts and scholars engaged in finance, trade, and business management-related research to exchange scientific research results and cutting-edge technologies, understand academic development trends, broaden research ideas, strengthen academic research and discussions, and promote cooperation in the industrialization of academic achievements. We sincerely invite experts, scholars, business people, and other relevant people from universities and scientific research institutions at home and abroad to attend the conference!
Book Synopsis Interconnectedness and Contagion in International Real Estate Investment Trusts by : Kim Hiang Liow
Download or read book Interconnectedness and Contagion in International Real Estate Investment Trusts written by Kim Hiang Liow and published by . This book was released on 2017 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates interconnectedness and contagion effects of the US global financial crisis and the European debt crisis across eight longest-established real estate investment trust markets in the US, Canada, Australia, Japan, Singapore, France, Belgium and Netherlands over the period from October 2003 to December 2016. Using the connectedness indexes developed by Diebold and Yilmaz (2012, 2014 and 2016) and supplementing with selected net directional pairwise network graphs, we find their volatility connectedness was less strong than that of stock markets. Additionally, the volatility connectedness experienced a decrease of over 10% over the full sample period, implying that their slower globalization progress and lower financial integration level, as well as have different patterns of volatility connectedness from the corresponding stock markets. Volatility market connectedness was mainly caused by the cross-market contagion during unstable periods. The rolling sample analysis confirms significant market contagion effects during crises, such as Lehman Brothers Bankruptcy (GFC) and looming financial crisis in Europe (EDC), though the effects varied widely among the REIT markets. Finally, the net directional connectedness was time varying and experienced a shit in terms of net volatility shock transmitters and receivers for the markets due to different nature of crises. Our study reveals fresh evidence of interconnectedness and contagion effects across international REIT markets and indicate the importance of policy countermeasure in reacting to economic and financial crisis.
Book Synopsis International Transmission Mechanisms and Contagion in Housing Markets by : Anupam Nanda
Download or read book International Transmission Mechanisms and Contagion in Housing Markets written by Anupam Nanda and published by . This book was released on 2014 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the house price diffusion effects across six major Asian cities. The analysis is based on macroeconomic and international transmission mechanisms and a Global Vector Auto-Regression (GVAR) model estimated using quarterly data for six Asian cities (Hong Kong, Tokyo, Seoul, Singapore, Taipei and Bangkok) from 1991Q1 to 2011Q2. The empirical results indicate that the open economies heavily relying on international trade such as Singapore, Japan (Tokyo), Taiwan (Taipei) and Thailand (Bangkok) shows positive correlations between the economy's openness and house prices, which is consistent with the Balassa-Samuelson hypothesis. Interestingly, some region-specific conditions also appear to play important roles as determinants of house price movements, which may be driven by restrictive housing policies and demand-supply imbalances such as Singapore and Bangkok. These results are reasonably robust across several model specifications. The findings bear significant implications for formulation of investment strategy and public policies.
Book Synopsis Financial Contagion and Herding Behavior by : 薛晶
Download or read book Financial Contagion and Herding Behavior written by 薛晶 and published by . This book was released on 2013 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Risk in the Global Real Estate Market by : Mike C. I. Nwogugu
Download or read book Risk in the Global Real Estate Market written by Mike C. I. Nwogugu and published by John Wiley & Sons. This book was released on 2012-01-26 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essential reading for professional investors, risk managers, regulators, central bankers, and real estate professionals, Risk in the Global Real Estate Market: International Risk Regulation, Mechanism Design, Foreclosures, Title Systems, and REITs takes an international look at the ways in which U.S.-style constitutional laws, financial laws, and real estate laws in various countries affect global economics and risk; and analyzes specific constraints that deter market development such as Asset Liability Matching, inappropriate financial products, land title systems, inefficient constitutions and human biases. The sub-prime mortgage crisis (that began around 2006) and the Global Financial Crisis of 2007–2010 disrupted the economies of various countries and exposed many of the psychological, social, and economic problems inherent in the legal/risk infrastructure for mortgages, land title systems, REITs, securitization, and pensions. In this remarkable new book, Michael Nwogugu explains how these processes and statutes are unconstitutional and inefficient, and how they influence demand for housing, real estate prices, retirement savings, household wealth, consumer disposable income, marriage opportunities, job markets, crime, and regional economic growth. The resulting major economic and public health problems have continued to reduce the quality-of-life of nations, and continue to cause permanent declines in wealth, increases in crime and delinquency, high divorce rates, depression, and inadequate job creation, among other problems. The book examines a range of fields—including mechanism design, psychology, risk finance, and corporate governance; and emphasizes Constitutional economics as a distinct dimension of risk analysis. Risk in the Global Real Estate Market makes a compelling case about how constitutional torts increase information asymmetry, transaction costs, agency problems, and compliance costs, as well as inefficiency in real estate transactions. These problems, the book argues, are not unique to the United States, but also affect Commonwealth countries and other nations that have developed regulations that are similar to, or are based on U.S. commercial, securities, and or constitutional laws. Risk in the Global Real Estate Market presents a novel analysis of the sub-prime crisis (that first began in 2006), the failure of securitization (CMBS/MBS) markets, the Global Financial Crisis, and socio-economic problems caused by traditional mortgages and securitization. The book reveals that many of the statutes and processes that define mortgages, foreclosures, securitization, and REITs in the United States (and many common-law countries and nations that have adopted American-style real estate regulations) are fundamentally unconstitutional and inefficient, and have lasting negative effects on consumer psychology, the demand for real estate, price discovery in property markets, economic growth, and quality of life. The book examines the nature of constitutional torts and property rights as the foundation for business transactions and economic growth within the context of risk regulation, interstate commerce, takings, and legislation. Risk in the Global Real Estate Market introduces new theories of consumer psychology and institutional dynamics in real estate transactions; presents new theories of takings, and also surveys psychology/psychiatry studies (based on data from various countries) that confirm the harmful effects of mortgages, securitization, and foreclosures. Using elements of mechanism design, Michael Nwogugu develops new efficient financial products (Mortgage-Alternatives products), and presents a policy framework for a unified “Mortgage-Alternatives” market for the CEE/CIS region and China. He also explains why Asset Liability Matching hinders lending, capital formation and risk management, especially in developing countries.
Book Synopsis Financial Contagion and Herding Behavior by : Jing Xue (M. Phil.)
Download or read book Financial Contagion and Herding Behavior written by Jing Xue (M. Phil.) and published by . This book was released on 2013 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exploring the Foreclosure Contagion Effect Using Agent-Based Modeling by : Marshall Gangel
Download or read book Exploring the Foreclosure Contagion Effect Using Agent-Based Modeling written by Marshall Gangel and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last several years, the United States has experienced a significant recession. During this downturn, the number of real estate foreclosures has risen drastically. Recent studies have demonstrated a reduction in property values due to neighboring foreclosures - known as the foreclosure contagion effect. This study uses an agent-based modeling approach to explore market-wide emergent behavior that results from the interconnected property-agent behavior. Specifically, we find that the magnitude of the foreclosure contagion effect is a less powerful cause of eventual market collapse than the time a foreclosed property is allowed to linger on the market. This is important because disposition time is much easier to address from a policymaker perspective than is the strength of the foreclosure contagion effect.
Book Synopsis Private Real Estate Markets and Investments by : H. Kent Baker
Download or read book Private Real Estate Markets and Investments written by H. Kent Baker and published by Oxford University Press. This book was released on 2014-08-07 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an overview of private real estate markets and investments. The 14 chapters are divided into three sections for conventional and alternative real estate investments and regulatory issues. Conventional investable real assets examined are retail spaces, apartments, offices, and industrial facilities owned by corporate entities. Alternative real estate assets are uniquely and extensively addressed. These include healthcare, both for facilities and the pricing to make it an investable asset; infrastructure contains roads, bridges, and public utilities; and resources are in land, agriculture, oil, and gas. The regulatory section includes appraisal and valuation, brokerage and transaction costs, sustainability, and green buildings. Readers should gain a greater appreciation of what is needed to be successful when investing in private real estate markets. The share of real estate in institutional portfolios has risen above a previous 5% target, as investors avoid the risks of low interest rates. The world's wealth is shifting to emerging markets where real estate is already a dominant asset class and public securities markets are limited. Institutions with long horizons avoid publicly traded markets because they want to capture any premium from illiquidity. Real estate involves local and cultural restrictions on land usage, sustainability and on the regulation of the illiquidity. For information about public real estate, read Public Real Estate Markets and Investments.
