This publication analyses calendar anomalies in the real estate industry with a focus on the European market. It considers annual, monthly and weekly calendar anomalies looking at a representative sample of European REITs and highlights the main differences amongst the countries.

This collection of twelve original essays explores the history of people interacting with the land. The first section examines how Native Americans attempted to maintain control of their lands. The second includes three essays that are concerned with land speculation, from the earliest penetration of the Europeans into the interior of America to the last frontiers of West Texas and Northern Mexico. A third section considers land policy and governmental attempts at regulation. The fourth documents environmental abuse and alteration by politicians as well as agriculturalists, farmers, and ranchers. Human interaction with the land is thus highlighted as westward expansion is chronicled.

This collection of essays is the first full account of the largest estate in early modern England, against which the fortunes of all other estates may be judged. Previous accounts have tended to regard the Crown lands as a resource to be plundered by successive monarchs in times of need: much of the monastic land confiscated by Henry VIII had been sold by the time of his death, and the estates had mostly been liquidated to meet the demands of expenditure by 1640. It is not denied in these essays that the estates suffered from the attrition of periodic sale, but the estates are also seen as a continuing enterprise of complexity and sophistication. Each essay is concerned with the dialogue between the Exchequer and its local administrators and tenants. The success and failure of initiatives launched by the Exchequer is illustrated by examples drawn from many communities throughout England.

This book presents interviews with 20 successful Malaysian housing developers, to provide real-world insights and practical know-how for future developers. It is designed in a way that reveals the secrets of successful developers, from their origins to their current status with the interviews conducted in a semi-structured manner so that the interviewees were able to freely share their experiences, thoughts, opinions and tips acquired throughout their business careers. Covering the developers' success stories, from their background, educational history and personal traits to their business challenges and achievements, it appeals to academics and practitioners alike.

Periodic worldwide economic turmoil over the last few decades has created an environment in which the degree of risk of investment assets is now an important factor in their evaluation. Real Estate Investment: A Capital Market Approach is the first text to examine the effect of such changes on real estate markets, taking an in-depth look at three major areas of financial and economic importance within the real estate profession: * The time value of money and the valuation of cash flows * Risk and return in real estate * Portfolio management Real Estate Investment: A Capital Market Approach is aimed primarily at students on both undergraduate and postgraduate courses in property investment or finance and MBA real estate specialists. The text is also of interest to fund managers, property researchers and professional investment valuers.

Hong Kong's anti-corruption agency, ICAC, is hailed as among the world's best having almost completely purged systemic corruption within a decade of its inception. This book explains how Hong Kong maintains the myth of a clean city and examines the prevalence of white collar crime in the city's property sector.

Hines, a noted authority and writer on domestic and international real estate, has conducted the first systematic research on this market and distilled her findings in one information-packed volume. M.A. Hines is convinced that to invest profitably in Japanese properties, the investor needs to develop an understanding not only of the investment market but of Japanese society, culture and economy. Following a survey of the present Japanese investment environment, the author goes into these issues in some depth, focusing particularly on traditional Japanese land tenure and more recent trends in land planning and control. Current land development patterns, policies and regulations and their effects on real estate investment potential are carefully evaluated. A chapter on financing sources and methods provides useful data on money supply, credit terms, current tax law affecting Japanese real estate investment and the institutions that make up the Japanese financial system. "Mortgage Banking"

Although Japanese real estate is an important and growing segment of the international investment market, the lack of solid information on the subject has made it difficult for foreign investors to take advantage of investment opportunities in that country. M. A. Hines, the noted authority and writer on domestic and international real estate, has conducted the first systematic research on this market and distilled her findings in one information-packed volume. A comprehensive guide for the real estate professional, it opens the door to what Professor Hines considers to be the most promising new frontier in this type of overseas investment. Hines is convinced that to invest profitably in Japanese properties, the investor needs to develop an understanding not only of the investment market but of Japanese society, culture, and economics, as well as of how these influence the way the Japanese do business. The only work of its kind in English, this authoritative new book will be essential reading for the real estate investor with an ambition to explore fresh opportunities in the international market.

M. A. Hines presents a comprehensive survey of the myriad factors involved in international real estate investing. Written specifically for practicing real estate professionals, portfolio managers, and students of finance and investing, "Guide to International Real Estate Investment" examines six principal types of property investment on a worldwide basis: housing and apartment buildings, hotels and motels, new towns, shopping centers and other retail buildings, office buildings and parks, and industrial properties. In addition, the author fully addresses such issues as financing, taxation, development trends, investment strategies, and outside influences on the real estate investment climate.

The Manhattan skyline is one of the great wonders of the modern world. But how and why did it form? Much has been written about the city's architecture and its general history, but little work has explored the economic forces that created the skyline. This book chronicles the economic history of the Manhattan skyline. In the process, the book debunks some widely-held misconceptions about the city's history. Part I lays out the historical and environmental background that established Manhattan's real estate trajectory before the Skyscraper Revolution at the end of the 19th century. The book begins with Manhattan's natural and geological history and then moves on to how it influenced early land use and neighborhood formation, and how these early decisions eventually impacted the location of skyscrapers. Part II focuses specifically on the economic history of skyscrapers and the skyline, investigating the reasons for their heights, frequencies, locations, and shapes. The book discusses why skyscrapers emerged downtown and why they appeared three miles to the north in midtown, but not in between. Contrary to popular belief it was not due to the depths of Manhattan's bedrock, nor the presence of Grand Central Station. Rather midtown's emergence was a response to the economic and demographic forces that were taking place north of 14th Street after the Civil War. The book also presents the first rigorous investigation of the causes of the building boom during the Roaring Twenties. Contrary to conventional wisdom, the boom was largely a rational response to the economic growth of the nation and city. The last chapter investigates the value of Manhattan Island and the relationship between skyscrapers and land prices. Finally, an Epilogue offers policy recommendations for a resilient and robust future skyline.

Virtually anyone can make money in a rapidly rising real estate market. As recent events have shown, it's just as easy to lose money when the economy heads south. But the better real estate investors generally know when to buy and when to sell. They know how to maintain control over their properties under adverse circumstances. They know how to work with lenders and how to find and evaluate the highest and best uses for a particular piece of property. These are the people who can make money (and not lose money) in all real estate markets-something real estate expert Robert Lawless shows exactly how to do in this book. Lawless details the primary investment strategies used by many successful real estate investors. Readers will learn how to make profitable investments in residential and smaller commercial buildings whether the market is headed up or down, and whether they invest in Greenwich, Connecticut, or Ames, Iowa. The information this book contains can save novice investors significant time and money, while also leading to greater investing profits. Among other things, Lawless explains: What drives real estate values. How to use leverage-the effective use of debt-to increase returns. How to find the right lender, Realtor, lawyer, and other real estate professionals. Methods to negotiate profitable deals. General strategies for success-buy and hold, renovate and sell quickly, scout foreclosed properties, and more. Best, Lawless includes case studies, for both residential and commercial investments, that highlight strategies and outcomes under different market conditions.

DANNY SCHECHTER, "The News Dissector" has spent decades as a truth teller in the media, with leading media companies and as an independent filmmaker with the award-winning independent company Globalvision. A graduate of Cornell and the London School of Economics, Schechter was a Nieman Fellow at Harvard and a multiple Emmy Award winner at ABC News, where he was among the first to cover the S&L crisis. In 2007, his film IN DEBT WE TRUST was the first to expose Wall Street's connection to subprime loans, predicting the economic crisis that this book investigates. Schechter is a blogger, editor of Mediachannel.org, and author of nine books. He has reported from 53 countries, and lives in Gotham. He owns no derivatives or tranches.

This book answers the question of how exactly property price indexes should be constructed. The formation and collapse of property bubbles has had a profound impact on the economic administration of many nations. The property price bubble that began around the mid-1980s in Japan has been called the 20th century's biggest bubble. In its aftermath, the country faced a period of long-term economic stagnation dubbed the "lost decade." Sweden and the United States have also faced collapses of property bubbles in the 20th and early 21st centuries, respectively. It has been pointed out that the "information gap" that existed between policy-making authorities and the property (including housing) and financial markets was a problem. In 2009, the IMF proposed the creation of a housing price index to the G20 in order to fill this information gap, and the proposal was adopted. Furthermore, in 2011, it was suggested that the next economic crisis would be caused by a bubble in commercial property prices, and it was decided to create a commercial property index as well. This book provides practical examples of how the theory of property price indexes can be applied to the issues of property as a non-homogenous good and a technological and environmental change.

A study of gult from the 13th century to 1910 revealing much about the history of highland Christian Ethiopia. Gult, a system of land tenure encompassing both taxation and tribute, is unique to highland Ethiopia. It was through this that Ethiopian states and their rulers affected the lives of ordinary people. US, Canada & rest of world (exc. UK, Commonwealth & Europe) : University of Illinois Press Ethiopia: Addis Ababa University Press

Simon Kempf has developed hedonic (quality-adjusted) office rent indices for German metropolitan areas. His study explores new territory as it constructs, for the first time, such indices for Germany. The author thereby has taken into account the different qualities of the underlying lease contracts regarding location factors, lease factors, building factors, equipment and layout factors of the office rental unit - using more than 22,005 office lease contracts stored in the Rental Databank of IPD GmbH in Wiesbaden. This hedonic index construction methodology is well known among real estate researchers and statisticians, but it has been mainly used in the residential sector. As a second novelty the multiple imputation method in the statistical analysis to solve the problem of missing data is employed. Quality-adjusted office rent indices serve as market and economic indicators as well as a bench-marking instrument.

Fannie Mae and Freddie Mac, government-sponsored enterprises that played a prominent role in the financial crisis of 2008, and the federal government have come to a crossroads. The government must make key decisions about their structure, and indeed, their very existence. The government has played an important role in the American housing market since the early 1930s, when the Great Depression ushered in housing programs to promote a stable society. The government's role expanded further during the recent housing and financial crisis -Fannie Mae and Freddie Mac now dominate the American housing market, backing more than 62 percent of new mortgages and holding more than $5 trillion in accumulated mortgage risk. In The Future of Housing Finance Martin Baily and his associates discuss the issues and options that policymakers face as they reassess the government's role in the U.S. residential mortgage market. While presenting diverse analytical perspectives, including a contribution from former chairman of the Federal Reserve Alan Greenspan, all contributors agree that the government's support for mortgage financing in the recent past was too broad and deep but some role is necessary to maintain the stability of the housing finance market. The Obama administration has recommended reducing the role of Fannie and Freddie while replacing them with a private market approach, but continuing federal support for worthy borrowers. But what will Congress agree to? And how fast will it move on any initiative? Specific topics include: Introduction of a new system to reduce incentives that encourage excessive risk taking. Gradual withdrawal of Fannie and Freddie from the housing finance system. New approaches to regulating mortgage securitization, with financial stability as a primary goal. Use of government-backed guarantees through institutional structures designed to limit moral hazard.

This monograph critically reviews and updates real estate valuation theory, which is based on neoclassical economics, in light of developments in heterodox economic theory. Building on a comprehensive historical account of the evolution of value theory, the book uses new institutional economics theory and critical realism as lenses through which problems in standard valuation theory and practice are expatiated, and as the foundation for an alternative theory. The new theory is employed to explain major problems in real estate valuation that are beyond the capability of the standard theory, such as price bubbles in real estate markets, anchoring bias, client influence and valuation under uncertain market conditions.

Established as a standard in the field, this revised edition contains expanded coverage of forecasting, joint ventures, REITS and other securitization transactions as well as the latest accounting regulations and developments. Features complete coverage of accounting for costs in real estate sales and investments, financial reporting and analysis.