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The Tax-Induced Holding Periods of Real Estate Investors: Theory and Empirical Evidence

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  • Gau, George W
  • Wang, Ko
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Abstract

This article reexamines holding period decisions in real estate investment. It develops and empirically tests a holding period model recognizing not only taxes but also refinancing and investor-specific determinants. Based on a sample of over 1,000 real estate transactions with observed holding periods, the results of our tests support the conclusion that investors' consumption and investment preferences and prevailing market interest rates are more important than tax issues in determining the holding periods of real estate investors. Copyright 1994 by Kluwer Academic Publishers

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Bibliographic Info

Article provided by Springer in its journal Journal of Real Estate Finance & Economics.

Volume (Year): 8 (1994)
Issue (Month): 1 (January)
Pages: 71-85

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Handle: RePEc:kap:jrefec:v:8:y:1994:i:1:p:71-85

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Web page: http://www.springerlink.com/link.asp?id=102945

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Cited by:
  1. Winston T.H. Koh & Edward H.K. Ng, 2004. "Investing in Real Estate: Mortgage Financing Practices and Optimal Holding Period," International Real Estate Review, Asian Real Estate Society, vol. 7(1), pages 71-97.
  2. Pnina O. Plaut1 & Steven E. Plaut, 2013. "Who Wants to be a Landlord? Factors that Affect the Inclination of Israeli Households to Rent out Property," International Real Estate Review, Asian Real Estate Society, vol. 16(1), pages 119-133.
  3. Fabrice Barthelemy & Jean-Luc Prigent, 2011. "Real Estate Portfolio Management : Optimization under Risk Aversion," THEMA Working Papers 2011-12, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
  4. Baroni, Michel & Barthélémy, Fabrice & Mokrane, Mahdi, 2007. "Optimal Holding Period for a Real Estate Portfolio," ESSEC Working Papers DR 07008, ESSEC Research Center, ESSEC Business School.
  5. Fabrice Barthélémy & Jean-Luc Prigent, 2009. "Optimal Time to Sell in Real Estate Portfolio Management," The Journal of Real Estate Finance and Economics, Springer, vol. 38(1), pages 59-87, January.
  6. Wayne Archer & David Ling & Brent C Smith, 2010. "Ownership Duration in the Residential Housing Market: The Influence of Structure, Tenure, Household and Neighborhood Factors," The Journal of Real Estate Finance and Economics, Springer, vol. 40(1), pages 41-61, January.

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