Skip to main content
Log in

Abstract

How does real estate finance relate to the core of contemporary finance? What research in real estate might most interest financial economists? What research is suggested by both recurrent financial anomalies and stylized facts in real estate? Some possiblities are discussed.

This is a preview of subscription content, log in via an institution to check access.

Access this article

Price excludes VAT (USA)
Tax calculation will be finalised during checkout.

Instant access to the full article PDF.

Similar content being viewed by others

References

  • Abraham, J., and Patric Hendershott. (1996). “Bubbles in Metropolitan Housing Markets” Journal of Housing Research 7, 191–207.

    Google Scholar 

  • Ambrose, Brent, John Benjamin, and Peter Chinloy. (1996). “Credit Restrictions and the Market for Commercial Real Estate Loans” Real Estate Economics 24 (Spring), 1–22.

    Google Scholar 

  • Anglin, Paul. (1994). “Contracts for the Sale of Residental Real Estate” Journal of Real Estate Finance and Economics 2 (May), 99–125.

    Google Scholar 

  • Anglin, Paul, and Richard Arnott. (1991). “Residental Real Estate Brokerage as a Principal-Agent Problem” Journal of Real Estate Finance and Economics 2 (June), 99–125.

    Google Scholar 

  • Bailey, Martin, Richard Murth, and Hugh Nourse. (1963). “A Regression Method for Real Estate Price Index Construction” Journal of the American Statistical Association 58 (December), 933–942.

    Google Scholar 

  • Baldwin, Carliss, and Richard Meyer. (1979). “Liquidity Preference Under Uncertainty: A Model of Dynamic Investment in Illiquid Opportunities” Journal of Financial Economics 7 (December), 347–374.

    Google Scholar 

  • Capozza, Dennis, and Yuming Li. (1994). “The Intensity and Timing of Investment: The Case of Land” American Economic Review 84 (September), 889–904.

    Google Scholar 

  • Case, Karl, and Robert Shiller. (1987). “Prices of Singe Family Homes Since 1970: Indicies for Four Cities” New England Economic Review (September-October), 45–56.

  • Case, Karl, and Robert Shiller. (1988). “The Behavior of Home Buyers in Boom and Post-Boom Markets” New England Economic Review 66 (November-December), 29–46.

    Google Scholar 

  • Case, Karl, and Robert Shiller. (1989). “Efficiency of the Market for Single-Family Homes” American Economic Review 79 (March), 125–137.

    Google Scholar 

  • Childs, Paul, Timothy Riddiough, and Alexander Triantis. (1996). “Mixed Uses and the Redevelopment Option” Real Estate Economics 24 (Fall), 317–339.

    Google Scholar 

  • Clapp, John, Carmelo Giaccotto, and Dogan Tirtiroglu. (1992). “Repeat Sales Methodology for Price Trend Estimation: An Evaluation of Sample Selectivity” Journal of Real Estate Finance and Economics 5, 257–374.

    Google Scholar 

  • Damodaran, Aswath, and Crocker Liu. (1993). “Insider Trading as a Signal of Private Information” Review of Financial Studies 6, 79–119.

    Google Scholar 

  • Dunn, Kenneth, and John McConnell. (1981). “Valuation of GNMA Mortgage Backed Securities” Journal of Finance 36 (June), 599–616.

    Google Scholar 

  • Dunn, Kenneth, and Chester Spatt. (1985). “An Analysis of Mortgage Contracting: Prepayment Penalties and Due on Sale Clauses” Journal of Finance 14 (March), 293–308.

    Google Scholar 

  • Geltner, David, Brian Kluger, and Norman Miller. (1991). “Optimal Price and Selling Effort from the Perspectives of the Broker and Seller” AREUEA Journal 19 (Spring), 1–24.

    Google Scholar 

  • Genesove, David, and Christopher Mayer. (1997). “Equity and Time to Sale in the Real Estate Market” American Economic Review 87 (June), 255–269.

    Google Scholar 

  • Goetzmann, William. (1992). “The Accuracy of Real Estate Indicies: Repeat Sales Estimators” Journal of Real Estate Finance and Economics 5 (March), 5–54.

    Google Scholar 

  • Goetzmann, William. (1993). “The Single-Family House in the Investment Portfolio” Journal of Real Estate Finance and Economics 6 (May), 201–222.

    Google Scholar 

  • Gouge, Randall, and Ian King. (1997). “ACompetitive Theory of Employment Dynamics” Review of Economic Studies 64 (January), 1–22.

    Google Scholar 

  • Grenadier, Steven. (1995a). “The Persistence of Real Estate Cycles” Journal of Real Estate Finance and Economics 10 (March), 95–120.

    Google Scholar 

  • Grenadier, Steven. (1995b). “Valuing Lease Contracts: A Real Options Approach” Journal of Financial Economics 38 (July), 297–331.

    Google Scholar 

  • Grenadier, Steven. (1996a). “Leasing and Credit Risk” Journal of Financial Economics 42 (November), 333–364.

    Google Scholar 

  • Grenadier, Steven. (1996b). “The Strategic Exercise of Options: Development Cascades and Overbuilding in Real Estate Markets” Journal of Finance 51 (December), 1653–1679.

    Google Scholar 

  • Hancock, Diane, and James Wilcox. (1997). “Bank Capital, Nonbank Finance, and Real Estate Activity” Journal of Housing Research 8, 75–105.

    Google Scholar 

  • Kau, James, Donald Keenan, Walter Muller, and James Epperson. (1990). “Pricing Commercial Mortgages and Their Mortgage-Backed Securities” Journal of Real Estate Finance and Economics 3 (December), 333–356.

    Google Scholar 

  • Kau, James, Donald Keenan, Walter Mueller, and James Epperson. (1995). “The Valuation of Origination of Fixed-Rate Mortgages with Default and Prepayment” Journal of Real Estate Finance and Economics 11 (July), 5–36.

    Google Scholar 

  • Krashinsky, M., and W. Milne. (1987). “Housing Prices in Metropolitan Toronto: An Empirical Analysis” Regional Science and Urban Economics 17, 289–305.

    Google Scholar 

  • Kuo, Chion-long. (1996). “Serial Correlation and Seasonality in the Real Estate Market” Journal of Real Estate Finance and Economics 12 (March), 139–162.

    Google Scholar 

  • Kydland, Finn, and Edward Prescott. (1982). “Time to Build and Aggregate Fluctuations” Econometrica 50 (September), 1345–1370.

    Google Scholar 

  • Liu, Crocker, and Jianping Mei. (1994). “An Analysis of Real Estate Risk Using the Present Value Model” Journal of Real Estate Finance and Economics 8 (January), 5–20.

    Google Scholar 

  • Majd, S., and R. Pindyck. (1987). “Time to Build, Option Value, and Investment Decisions” Journal of Financial Economics 18 (March), 7–27.

    Article  Google Scholar 

  • Mei, Jianping, and Ahyee Lee. (1994). “Is There a Real Estate Factor Premium?'' Journal of Real Estate Finance and Economics 9 (September), 113–126.

    Google Scholar 

  • Miceli, Thomas. (1991). “The Multiple Listing Service, Commission Splits, and Broker Effort” Journal of the American Real Estate and Urban Economics Association 19 (Winter), 548–566.

    Google Scholar 

  • Quan, Daniel. (1997). “Market Mechanism Choice and Real Estate Asset Disposition: Search versus Auction” Working paper, University of Texas at Austin (September).

  • Quigley, John, and Robert Van Order. (1995). “Explicit Tests of Contingent Claims Models of Mortgage Default” Journal of Real Estate Finance and Economics 11 (September), 99–117.

    Google Scholar 

  • Rosen, Sherwin. (1974). “Hedonic Prices and Implicit Markets: Product Differentiation in Pure Competition” Journal of Political Economy 82 (February), 35–55.

    Google Scholar 

  • Scharfstein, David, and Jeremy Stein. (1990). “Herd Behavior and Investment” American Economic Review 80 (June), 465–479.

    Google Scholar 

  • Schwartz, Eduardo, and Walter Torous. (1989). “Prepayment and the Valuation of Mortgage-Backed Securities” Journal of Finance 44 (June), 375–392.

    Google Scholar 

  • Stanton, Richard. (1995). “Rational Prepayment and the Valuation of Mortgage-Backed Securities” Review of Financial Studies 8 (Fall), 677–708.

    Google Scholar 

  • Stanton, Richard. (1996). “Unobservable Heterogeneity and Rational Learning: Pool-Specific Versus Generic Mortgage-Backed Security Prices” Journal of Real Estate Finance and Economics 12 (May), 243–264.

    Google Scholar 

  • Stein, Jeremy. (1995). “Prices and Trading Volume in the Housing Market: A Model with Downpayment Constraints” Quarterly Journal of Economics 110 (May), 379–406.

    Google Scholar 

  • Titman, Sheridan. (1985). “Urban Land Prices Under Uncertainty” American Economic Review 75 (June), 505–514.

    Google Scholar 

  • Titman, Sheridan, and Walter Torous. (1989). “Valuing Commercial Mortgages: An Empirical Investigation of the Contingent-Claims Approach to Valuing Risky Debt” Journal of Finance 44 (June), 345–374.

    Google Scholar 

  • Webb, Cary. (1988). “A Probabilistic Model for Price Levels in Discontinuous Markets” In W. Eichorn, ed., Measurement in Economics. Heidelberg: Physical-Verlag.

    Google Scholar 

  • Wheaton, William. (1987). “The Cyclic Behavior of the National Office Market” AREUEA Journal 15 (Winter), 281–299.

    Google Scholar 

  • Wheaton, William. (1991). “Vacancy, Search and Prices in a Housing Market Matching Model” Journal of Political Economy 61 (December), 1270–1292.

    Google Scholar 

  • Williams, Joseph. (1985). “Trading and Valuing Depreciable Assets” Journal of Financial Economics 14 (June), 283–308.

    Google Scholar 

  • Williams, Joseph. (1993a). “Agency and Ownership of Housing” Journal of Real Estate Finance and Economics 7 (September), 83–97.

    Google Scholar 

  • Williams, Joseph. (1993b). “Equilibrium and Options on Real Assets” Review of Financial Studies 6 (Winter), 825–850.

    Google Scholar 

  • Williams, Joseph. (1995). “Pricing Real Assets with Costly Search” Review of Financial Studies 8 (Spring), 55–90.

    Google Scholar 

  • Williams, Joseph. (1997). “Redevelopment of Real Assets” Real Estate Economics 25 (Autumn), 397–407.

    Google Scholar 

  • Williams, Joseph. (1998). “Agency and Brokerage of Real Assets in Competitive Equilibrium” Review of Financial Studies, 11 (Summer), 239–280.

    Google Scholar 

  • Yavas, Abudllah. (1992). “A Simple Search and Bargaining Model of Real Estate Markets” AREUEA Journal 20 (Winter), 533–548.

    Google Scholar 

  • Yavas, Abdullah. (1995). “Can Brokerage Have an Equilibrium Selection Role?'' Journal of Urban Economics 37, 17–37.

    Google Scholar 

  • Yavas, Abdullah. (1996). “Matching of Buyers and Sellers by Brokers: AComparison of Alternative Commission Structures” Real Estate Economics 24 (Winter), 97–112.

    Google Scholar 

  • Yinger, John. (1981). “A Search Model of Real Estate Broker Behavior” American Economic Review 71 (September), 591–605.

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Rights and permissions

Reprints and permissions

About this article

Cite this article

Williams, J.T. What Is Real Estate Finance?. The Journal of Real Estate Finance and Economics 19, 9–19 (1999). https://doi.org/10.1023/A:1007727212549

Download citation

  • Issue Date:

  • DOI: https://doi.org/10.1023/A:1007727212549

Navigation