Retail Leasehold Interests: A Contingent Claim Analysis
AbstractThis paper develops a contingent claim model to analyze certain aspects of retail leasehold contracts. The approach allows for the explicit consideration of risk without any ad hoc risk adjustment. Both "straight" leases and "percentage" leases are examined with the value of sales as the underlying asset. Each lease value is expressed as a combination of options on sales. The effects of the lease value's determinants and equilibrium risk measurements are also analyzed. Copyright American Real Estate and Urban Economics Association.
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Bibliographic InfoArticle provided by American Real Estate and Urban Economics Association in its journal Real Estate Economics.
Volume (Year): 14 (1986)
Issue (Month): 2 ()
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- F.C. Neil Myer & James R. Webb, 1994. "Retail Stocks, Retail REITs, and Retail Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 65-84.
- Merton, Robert C, 1998.
"Applications of Option-Pricing Theory: Twenty-Five Years Later,"
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American Economic Association, vol. 88(3), pages 323-49, June.
- Merton, Robert C., 1997. "Applications of Option-Pricing Theory: Twenty-Five Years Later," Nobel Prize in Economics documents 1997-1, Nobel Prize Committee.
- Lee, Kangoh, 1995. "Optimal retail lease contracts: the principal-agent approach," Regional Science and Urban Economics, Elsevier, vol. 25(6), pages 727-738, December.
- Mark J. Eppli & John D. Benjamin, 1994. "The Evolution of Shopping Center Research: A Review and Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 9(1), pages 5-32.
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