REIT and REOC Systematic Risk Sensitivity

Real Estate Investment Trusts (REITs) and Real Estate Operating Companies (REOCs) seem to have different systematic risk levels even though both invest almost exclusively in real estate related assets. We find business risk to be negatively related to systematic risk, as measured by beta, for REITs, while REOCs? betas are positively related to agency costs. The two groups? betas also show differing sensitivity to real estate property type and regional location. REITs? systematic risk is also sensitive to financial leverage and financing form.

International Residential Real Estate Brokerage Fees and Implications for the US Brokerage Industry

It is commonly understood that residential real estate brokerage fees in the US tend to run 6% or 7% within local markets for existing property resales. Exceptions to these historically uniform going rates are starting to appear, and utilization of the internet will provide new efficiencies that should lead to lower commission rates in the future. One possible indication of where the long term commission rates may head, should price competition increase, is provided by a review of commission rates around the world. This study is a first attempt to gather such data and begin the process of global comparisons. Most industrialized country brokerage rates are significantly below those of the US, although there are clearly differences in the services provided, red tape, and liabilities, as well as information access. An exploratory model attempts to explain variations in fees around the world and deepen our understanding of possible equilibriums for US firms should price competition increase.Brokerage, Commissions, International, Internet, Future

Two essays on exchange -traded funds

The purpose of this study is twofold. The first objective is to conduct an empirical inquiry into the diversification benefits of exchange-traded funds. The second objective is to examine whether exchange-traded funds exhibit superior performance compared to their rival closed-end country fund and traditional index mutual fund. I document that American investors manifest their preference for WEBS as a substitute for closed-end country funds. While I find that WEBS satisfy their objective of following their home indexes better than their rival closed-end country fund, the two-factor model I employ indicates that, despite some diversification benefits, WEBS also maintain certain risk exposure to the U.S. market. However, the U.S. market exposure of WEBS is marginal relative to closed-end country funds. Thus, WEBS provide American investors with a higher expected rate of return minimizing their risk exposure compared to closed-end country funds. I find that over one, two, three, and four year periods, WEBS\u27 performance is less dependent on the performance of the U.S. market than their rival closed-end country fund. Thus, I conclude, despite the growing interdependence of world equity markets, American investors are still able to achieve international diversification portfolio benefits by including WEBS in their asset allocation decision. Also, I examine the performance, diversification and hedging abilities of SPDRs, MidCap SPDRs, sector specific SPDRs, DIAMONDS, and their rival traditional index fund. I document that exchange-traded funds exhibit higher tracking accuracy of their underlying index compared to traditional index mutual funds. Also, on a risk-return basis, investors would accomplish greater performance and diversification gains by employing exchange-traded funds versus traditional index mutual funds

The Future of the US Residential Real Estate Brokerage Industry in Light of the Internet and International Indications

Please do not quote or reference without author permission. Abstract: The US residential brokerage industry has seen real commission rates and agent incomes rise over the past several decades while percentage commission charges remained relatively stable within local markets. Access to the Multiple Listing Services (MLS) and strong industry interdependency helped to maintain this system. Yet, new open MLS listing services are starting to encourage commission price competition and break down some of the market information monopoly once held by the local trade associations. This has opened the door to a potential revolution in the residential brokerage industry that will likely lead to a more efficient industry with fewer agents doing more transactions and providing a variety of ala carte services to consumers. International commission rates and agent productivity provide some evidence of the transformation that might occur over the next few decades as new consumer options evolve. International commission rates also provide further evidence that fees in the United States are likely to come down over the next several years

The Impact of Technology on Business Student Success During the COVID-19 Pandemic

This report documents the technology issues students encountered during the first two years of the COVID- 19 pandemic. Six different aspects of technology in the pedagogic sphere are examined. Through this analysis, we reveal key aspects external to the effort of faculty that impact student perceptions of online education. Poor internet speed is the most common technology issue cited by respondents whereas the lack of personal computer knowledge is the least cited. Tests are run to assess the variation in student perception based upon their satisfaction with online education that showing students facing no technology related issues report being satisfied with online learning. Suggestions are made regarding how to use these findings to enhance online education in the business college and across campus

The Impact of University Student Services and Student Life Characteristics on Students’ Perceptions of Online Education

Student support services and student life have been an integral part of most institutions of higher education for decades. Academic advising, registration coordination, formal tutoring, and informal study groups are some of the more important venues that support academic success. This research fills in a critical gap in the higher education literature by reporting on how six university student support services and six student life characteristics impacted student perceptions of academic success in the online environment. The findings also document students perceived ability to move to the online platform, satisfaction with the online learning experience, and willingness to take future online courses by surveying business students at a comprehensive, AACSB-accredited business school. The results indicate a positive impact of services offered by the Academic Advising Office, Registrar’s Office, and the Writing Center whereas a lukewarm response to the Tutoring Center and Peer Mentoring support services. Among student life attributes, campus technology solutions were most helpful to students in achieving their academic goals