Property Type, Size, and REIT Value

This study documents the wide deviation of securitized real estate assets in equity REITs from the value of the underlying commercial properties. A procedure for estimating the net asset value of REITs is developed and the estimates are used to investigate the sources of premiums/discounts from net asset value in a large sample of equity REITs. To avoid measurement error bias, two-way analysis of variance is used to test for differences among size and property-type categories. The results indicate that retail REITs trade at significant premiums relative to the average REIT while warehouse/industrial REITs trade at discounts and small REITs trade at significant discounts while large REITs trade at premiums. The discounts and premiums from net asset value do not translate into higher cash flow yields.

Quantum interference of electrons in a ring: tuning of the geometrical phase

We calculate the oscillations of the DC conductance across a mesoscopic ring, simultaneously tuned by applied magnetic and electric fields orthogonal to the ring. The oscillations depend on the Aharonov-Bohm flux and of the spin-orbit coupling. They result from mixing of the dynamical phase, including the Zeeman spin splitting, and of geometric phases. By changing the applied fields, the geometric phase contribution to the conductance oscillations can be tuned from the adiabatic (Berry) to the nonadiabatic (Ahronov-Anandan) regime. To model a realistic device, we also include nonzero backscattering at the connection between ring and contacts, and a random phase for electron wavefunction, accounting for dephasing due to disorder.Comment: 4 pages, 3 figures, minor change

Determinants of Real House Price Dynamics

We explore the dynamics of real house prices by estimating serial correlation and mean reversion coefficients from a panel data set of 62 metro areas from 1979-1995. The serial correlation and reversion parameters are then shown to vary cross sectionally with city size, real income growth, population growth, and real construction costs. Serial correlation is higher in metro areas with higher real income, population growth and real construction costs. Mean reversion is greater in large metro areas and faster-growing cities with lower construction costs. Empirically, substantial overshooting of prices can occur in high real construction cost areas, which have high serial correlation and low mean reversion, such as the coastal cities of Boston, New York, San Francisco, Los Angeles and San Diego.

Predictability in Equilibrium: The Price Dynamics of Real Estate Investment Trusts

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/72684/1/j.1540-6229.2007.00200.x.pd

Priming attachment security and outgroup humanization: The mediation role of intergroup emotions

Individuals tend to dehumanize the outgroup. In this paper, we explore whether the activation of attachment security can attenuate dehumanization. Two studies were performed. In Study 1, attachment security was primed by showing pictures that depicted relationships with attachment figures; the outgroup was the homeless and humanization was measured considering the attribution of uniquely human and non-uniquely human emotions to this group. In Study 2, the sense of interpersonal security was activated by inviting participants to relive a recent interaction that left them with a feeling of safety and warmth. Outgroup members were the Roma, and humanization was measured considering the attribution of uniquely human and human nature traits to them. In Study 2, the mediation effect of intergroup emotions was investigated. In both studies, outgroup humanization effects were highlighted. In Study 2, these effects were mediated by increased empathy toward the outgroup. Interestingly, the positive impact of security activation was not moderated by chronic attachment orientations. Findings suggest strategies that can be used to improve intergroup relations in specific contexts and in society at large

The Value of Liquidity

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/72848/1/1080-8620.00026.pd

Comments on “race, redlining, and residential mortgage loan performance”

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/47806/1/11146_2005_Article_BF01099280.pd

Appraisal, Agency and Atypicality: Evidence from Manufactured Homes

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/73056/1/j.1540-6229.2005.00128.x.pd

Introduction

Peer Reviewedhttp://deepblue.lib.umich.edu/bitstream/2027.42/47782/1/11146_2004_Article_BF00173118.pd