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Fund Flows and Commercial Real Estate Investment: Evidence from the Commercial Mortgage Market

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  • Ron Donohue

    ()
    (Homer Hoyt Institute)

  • Patric H. Hendershott

    ()
    (University of Aberdeen Business School)

Abstract

This paper addresses the issue of the impact of fund flows on real investment. In the classical world, fund flows affect investment by changing the cost of funds or through the weighted average cost of capital. In a less perfect world, fund flows can directly alter investment though a rationing mechanism, where even presumably profitable investment is choked off. This paper examines the commercial mortgage market over the last quarter century. The findings indicate an effect of constrained flows on investment in the early 1990s, but an independent impact of higher flows to the commercial mortgage market in the middle 1980s is not found.

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File URL: http://aux.zicklin.baruch.cuny.edu/jrer/papers/pdf/past/vol26n04/05.417_442.pdf
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Bibliographic Info

Article provided by American Real Estate Society in its journal journal of Real Estate Research.

Volume (Year): 26 (2004)
Issue (Month): 4 ()
Pages: 417-442

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Handle: RePEc:jre:issued:v:26:n:4:2004:p:417-442

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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
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Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323
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Web: http://aux.zicklin.baruch.cuny.edu/jrer/about/get.htm

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  1. Brent W. Ambrose & John Benjamin & Peter Chinloy, 1996. "Credit Restrictions and the Market for Commercial Real Estate Loans," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 24(1), pages 1-22.
  2. Follain, James R. & Hendershott, Patric H. & Ling, David C., 1992. "Real Estate Markets Since 1980: What Role Have Tax Changes Played?," National Tax Journal, National Tax Association, vol. 45(3), pages 253-66, September.
  3. Luis C. Mejia, 1999. "Availability of Credit and Loan Default: A Look at the Commercial Mortgage Supply Cycle," Journal of Real Estate Research, American Real Estate Society, vol. 18(1), pages 175-196.
  4. S. Michael Giliberto, 1992. "A Note on Commercial Mortgage Flows and Construction," Journal of Real Estate Research, American Real Estate Society, vol. 7(4), pages 485-492.
  5. Patric H. Hendershott & Edward J. Kane, 1992. "CAUSES AND CONSEQUENCES OF THE 1980s COMMERCIAL CONSTRUCTION BOOM," Journal of Applied Corporate Finance, Morgan Stanley, vol. 5(1), pages 61-70.
  6. William M. Gentry & Christopher J. Mayer, . "What Can We Learn about Investment and Capital Structure with a Better Measure of q?," Zell/Lurie Center Working Papers 403, Wharton School Samuel Zell and Robert Lurie Real Estate Center, University of Pennsylvania.
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