The Effect of Tax Laws and the Cost of Capital on the Size of Newly Constructed Strip Shopping Centers
AbstractWhile the impact of tax policy and other economic variables on the total amount of construction has been widely studied, this paper proposes that these variables also affect the size distribution of the properties constructed. The basic intuition is that there is a lower bound to the economically feasible size of a project due to economies of scale in construction. Events favorable to construction, such as lower interest rates and more favorable tax treatment, relax this lower bound permitting the construction of smaller properties. We test this proposition using data on newly constructed neighborhood shopping centers in Clark County, Nevada during the period from 1971 to 1999.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 24 (2002)
Issue (Month): 1 ()
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Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
Web page: http://www.aresnet.org/
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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