Controlling for transactions bias in regional house price indices

Transactions bias arises when properties that trade are not a random sample of the total housing stock. Price indices are susceptible because they are typically based on transactions data. Existing approaches to this problem rely on Heckman-type correction methods, where a probit regression is used to capture the differences between properties that sell and those that do not sell in a given period. However, this approach can only be applied where there is reliable data on the whole housing stock. In many countries—the UK included—no such data exist and there is little prospect of correcting for transactions bias in any of the regularly updated mainstream house price indices. Thispaper suggests a possible alternative approach, using information at postcode sector level and Fractional Probit Regression to correct for transactions bias in hedonic price indices based on one and a half million house sales from 1996 to 2004, distributed across 1200 postcode sectors in the South East of England

The Effect of Anchor Tenant Loss on Shopping Center Rents

This paper examines the effect that the loss of a shopping center anchor tenant has on the rental rates of the remaining tenants. Using data from smaller and moderately sized centers located in Florida and Georgia, two alternative regression procedures are employed and the results compared. Both estimates suggest similar and substantial effects to the rental rates. The rental rates of non-anchor tenants are estimated to decline approximately 25% in response to the loss of an anchor tenant.

Rental externality, tenure security, and housing quality

This paper considers two tenure modes—owner- and renter-occupied housing—and models the effect of the rental externality and tenure security on single-family housing quality. We show that both rental externality and tenure security reduce renter-occupied housing quality when the user’s utilization, which reduces the quality of the accommodation, and the owner’s maintenance, which raises quality, are substitutes. Using singlefamily housing data in Japan, we obtain empirical results that are consistent with theoretical predictions. These results indicate that conventional wisdom—that the quality of renter-occupied housing is lower than that of owner-occupied housing—is supported for single-family housing in Japan

Radikalisierungsprozesse in Haft - Das "System fit machen"

Bei diesem Beitrag handelt es sich um ein Kapitel aus den Kongressbänden des Deutschen Präventionstags (DPT-ID: 4616)

Betrachtungen zur Darstellung und Erfassung von Sprachdaten in den allindindischen Zensus

Indien gehört zu jenen mehrsprachigen Ländern der Welt, die über eine systematische systematische und wissenschaftlich fundierte Erhebung über den Bestand ihrer Sprachen verfügen und diese kontinuierlich und methodisch fortführen. Von großer Bedeutung in diesem Bereich sind die allindischen Volkszählungen, die seit dem Ende des letzten Jahrhunderts jeweils im ersten Jahr eines jeden Jahrzehnts durchgeführt werden. Bei diesen Volkszählung sind diese sprachlichen Daten ein wichtiger und umfangreicher Teil. Durch den Fortschritt in in der Linguistik und in der Gesellschaft ergeben sich neue Anforderungen, die sich auf die Herangehensweise für die Aufnahme und Darstellung sprachlicher Daten in jeder Volkszählung haben und zu entsprechenden Änderungen führen. Dieser Beitrag geht auf einige Fragen und Probleme in diesem Zusammenhang ein.India belongs to those multilingual countries in the world, which have on their disposal a systematic and scholarly well-founded survey about the stock of their languages, pursuing it continuously and methodically. Of great importance in this field are the Allindian census, taken respectively in the first year of each decade since the end of last century. In these census tho linguistic dates are un important and extensive part. From the progress in linguistics and in society new demands spring up, which have consequences for the approach to the inclusion and representation of linguistic dates in each census and lead to appropriate changes. This paper considers some questions and problems in this connection

The Impact of Railway Stations on Residential and Commercial Property Value: A Meta-analysis

Railway stations function as nodes in transport networks and places in an urban environment. They have accessibility and environmental impacts, which contribute to property value. The literature on the effects of railway stations on property value is mixed in its finding in respect to the impact magnitude and direction, ranging from a negative to an insignificant or a positive impact. This paper attempts to explain the variation in the findings by meta-analytical procedures. Generally the variations are attributed to the nature of data, particular spatial characteristics, temporal effects and methodology. Railway station proximity is addressed from two spatial considerations: a local station effect measuring the effect for properties with in 1/4 mile range and a global station effect measuring the effect of coming 250 m closer to the station. We find that the effect of railway stations on commercial property value mainly takes place at short distances. Commercial properties within 1/4 mile rang are 12.2% more expensive than residential properties. Where the price gap between the railway station zone and the rest is about 4.2% for the average residence, it is about 16.4% for the average commercial property. At longer distances the effect on residential property values dominate. We find that for every 250 m a residence is located closer to a station its price is 2.3% higher than commercial properties. Commuter railway stations have a consistently higher positive impact on the property value compared to light and heavy railway/Metro stations. The inclusion of other accessibility variables (such as highways) in the models reduces the level of reported railway station impact. © 2007 Springer Science+Business Media, LLC

Further evidence on the (in-) efficiency of the U.S. housing market

Extending the controversial findings from relevant literature on testing the efficient market hypothesis for the U.S. housing market, the results from the monthly and quarterly transaction-based Case-Shiller indices from 1987 to 2009 provide further empirical evidence on the rejection of the weak-form version of efficiency in the U.S. housing market. In addition to conducting parametric and non-parametric tests, we apply technical trading strategies to test whether or not the inefficiencies can be exploited by investors earning excess returns. The empirical findings suggest that investors might be able to obtain excess returns from both autocorrelation- and moving average-based trading strategies compared to a buy-and-hold strategy

An Examination of the Earnings of Real Estate Appraisers

This paper investigates the factors that influence the earnings of real estate appraisers. Seven types of factors are identified and examined: experience, effort, education, professional training and credentials, personal characteristics, firm characteristics, and market characteristics. Appraiser earnings are found to be consistent with the standard human capital model. Earnings appear to be most affected by work effort, appraisal certification, and ownership stake. In addition, the hypothesis that the earnings of male and female appraisers are equal cannot be rejected.

Does urban rail increase land value in emerging cities? Value uplift from Bangalore Metro

© 2018 Elsevier Ltd This paper seeks to understand how urban rail can influence land value uplift, especially in emerging cities which are largely unstudied. It examines the Bangalore Metro and shows that the uplift from the metro rail was substantial in the ‘catchment area’ and ‘across the city’. The analysis was based on the panel data hedonic price model for around 160,000 apartments over the period 2012–16 and a cross-sectional data hedonic price model for 314,000 apartments in 2016. The panel data resulted in a stronger model and show significant land value increases, even beyond the traditional 500 m catchment. A ‘before’ and ‘after’ from the commencement of the metro rail operations shows a price uplift of 4.5% across the whole city and indicates a major agglomeration economic event resulting in substantial willingness to pay of USD 306 million from the metro rail accessibility. Emerging cities can expect metro rail to substantially improve their economies and other co-benefits as long as finance can be obtained by capturing this value

CXCR4/CXCL12 expression and signalling in kidney cancer

CXCL12 (SDF-1), a CXC-chemokine, and its specific receptor, CXCR4, have recently been shown to be involved in tumourgenesis, proliferation and angiogenesis. Therefore, we analysed CXCL12α/CXCR4 expression and function in four human kidney cancer cell lines (A-498, CAKI-1, CAKI-2, HA-7), 10 freshly harvested human tumour samples and corresponding normal kidney tissue. While none of the analysed tumour cell lines expressed CXCL12α, A-498 cells were found to express CXCR4. More importantly, real-time RT–PCR analysis of 10 tumour samples and respective adjacent normal kidney tissue disclosed a distinct and divergent downregulation of CXCL12α and upregulation of CXCR4 in primary tumour tissue. To prove that the CXCR4 protein is functionally active, rhCXCL12α was investigated for its ability to induce changes of intracellular calcium levels in A-498 cells. Moreover, we used cDNA expression arrays to evaluate the biological influence of CXCL12α. Comparing gene expression profiles in rhCXCL12α stimulated vs unstimulated A-498 kidney cancer cells revealed specific regulation of 31 out of 1176 genes tested on a selected human cancer array, with a prominent stimulation of genes involved in cell-cycle regulation and apoptosis. The genetic changes reported here should provide new insights into the developmental paths leading to tumour progression and may also aid the design of new approaches to therapeutic intervention