The Effects of Refineries on Neighborhood Property Values
AbstractCapitalization of negative neighborhood externalities may be affected over time by household sorting, events that attain public notoriety and the relative proximity of adjacent parcels to the externality. Using a 1,999-observation database spanning thirteen years all three of these issues are empirically investigated for two petrochemical refineries. As expected, evidence of sorting, short-term event effects and nearby proximity are all found to be contributors to capitalization. The extent of nearby buffering land areas also appears to contribute to reducing capitalization.
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Bibliographic InfoArticle provided by American Real Estate Society in its journal Journal of Real Estate Research.
Volume (Year): 9 (1994)
Issue (Month): 3 ()
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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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- L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
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