IDEAS home Printed from https://ideas.repec.org/a/bla/reesec/v12y1984i3p378-400.html
   My bibliography  Save this article

The Theory and Evidence on Real Estate Financial Decisions: A Review of the Issues

Author

Listed:
  • Austin J. Jaffe
  • C. F. Sirmans

Abstract

There has developed a growing body of literature, both theoretically and empirically based, on real estate financial decisions. Despite these advances, there are a number of important issues that remain unanswered. The purpose of this paper is to provide a review and analysis of where research on real estate financial decisions has been, where it stands today, and where it is likely to be headed in the future. Some of the unresolved issues in real estate investment analysis are also discussed. The hope is that this review will provide the stimulus for solving some of these complex issues.

Suggested Citation

  • Austin J. Jaffe & C. F. Sirmans, 1984. "The Theory and Evidence on Real Estate Financial Decisions: A Review of the Issues," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 378-400, September.
  • Handle: RePEc:bla:reesec:v:12:y:1984:i:3:p:378-400
    DOI: 10.1111/1540-6229.00328
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/1540-6229.00328
    Download Restriction: no

    References listed on IDEAS

    as
    1. Han Kim, E. & Lewellen, Wilbur G. & McConnell, John J., 1979. "Financial leverage clienteles : Theory and evidence," Journal of Financial Economics, Elsevier, vol. 7(1), pages 83-109, March.
    2. Mark R. Correll & Jane H. Lillydahl & Larry D. Singell, 1978. "The Effects of Greenbelts on Residential Property Values: Some Findings on the Political Economy of Open Space," Land Economics, University of Wisconsin Press, vol. 54(2), pages 207-217.
    3. Hamada, Robert S, 1969. "Portfolio Analysis, Market Equilibrium and Corporation Finance," Journal of Finance, American Finance Association, vol. 24(1), pages 13-31, March.
    4. DeAngelo, Harry & Masulis, Ronald W., 1980. "Optimal capital structure under corporate and personal taxation," Journal of Financial Economics, Elsevier, vol. 8(1), pages 3-29, March.
    5. Modigliani, Franco, 1982. " Debt, Dividend Policy, Taxes, Inflation and Market Valuation," Journal of Finance, American Finance Association, vol. 37(2), pages 255-273, May.
    6. Myers, Stewart C, 1974. "Interactions of Corporate Financing and Investment Decisions-Implications for Capital Budgeting," Journal of Finance, American Finance Association, vol. 29(1), pages 1-25, March.
    7. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
    8. Paul F. Wendt & Sui N. Wong, 1965. "Investment Performance: Common Stocks Versus Apartment Houses," Journal of Finance, American Finance Association, vol. 20(4), pages 633-646, December.
    9. Mike Miles & Tom Mc Cue, 1982. "Historic Returns and Institutional Real Estate Portfolios," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 10(2), pages 184-199, June.
    10. Ricks, R Bruce, 1969. "Imputed Equity Returns on Real Estate Financed with Life Insurance Company Loans," Journal of Finance, American Finance Association, vol. 24(5), pages 921-937, December.
    11. C. F. Sirmans & James R. Webb, 1980. "Expected Equity Returns on Real Estate Financed with Life Insurance Company Loans: 1967–1977," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 8(2), pages 218-228, June.
    12. Stephen A. Ross, 1977. "The Determination of Financial Structure: The Incentive-Signalling Approach," Bell Journal of Economics, The RAND Corporation, vol. 8(1), pages 23-40, Spring.
    13. Kau, James B. & Sirmans, C. F., 1979. "Urban land value functions and the price elasticity of demand for housing," Journal of Urban Economics, Elsevier, vol. 6(1), pages 112-121, January.
    14. Stiglitz, Joseph E, 1969. "A Re-Examination of the Modigliani-Miller Theorem," American Economic Review, American Economic Association, vol. 59(5), pages 784-793, December.
    15. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    16. Daryl A. Hellman & Joel L. Naroff, 1979. "The Impact of Crime on Urban Residential Property Values," Urban Studies, Urban Studies Journal Limited, vol. 16(1), pages 105-112, February.
    17. Kim, E Han, 1978. "A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity," Journal of Finance, American Finance Association, vol. 33(1), pages 45-63, March.
    18. Sirmans, G. Stacy & Smith, Stanley D. & Sirmans, C. F., 1983. "Assumption Financing and Selling Price of Single-Family Homes," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 18(3), pages 307-317, September.
    19. Rosen, Kenneth T, 1982. "The Impact of Proposition 13 on House Prices in Northern California: A Test of the Interjurisdictional Capitalization Hypothesis," Journal of Political Economy, University of Chicago Press, vol. 90(1), pages 191-200, February.
    20. Kau, James B. & Sirmans, C. F., 1984. "Changes in urban land values: 1836-1970," Journal of Urban Economics, Elsevier, vol. 15(1), pages 18-25, January.
    21. C. F. Sirmans, 1980. "Minimum Tax, Recapture and Choice of Depreciation Methods," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 8(3), pages 255-267, September.
    22. Hoag, James W, 1980. " Towards Indices of Real Estate Value and Return," Journal of Finance, American Finance Association, vol. 35(2), pages 569-580, May.
    23. Maser, Steven M & Riker, William H & Rosett, Richard N, 1977. "The Effects of Zoning and Externalities on the Price of Land: An Empirical Analysis of Monroe County, New York," Journal of Law and Economics, University of Chicago Press, vol. 20(1), pages 111-132, April.
    24. Arthur A. Eubank & C. R. Sirmans, 1979. "The Price Adjustment Mechanism for Rental Housing in the United States," The Quarterly Journal of Economics, Oxford University Press, vol. 93(1), pages 163-168.
    25. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fayez A. Elayan, 1993. "The Announcement Effect of Real Estate Joint Ventures on Returns to Stockholders: An Empirical Investigation," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 13-26.
    2. Robert Campbell & Nancy White-Huckins & C. Sirmans, 2006. "Domestic and International Equity REIT Joint Ventures: Structuring Corporate Options," The Journal of Real Estate Finance and Economics, Springer, vol. 32(3), pages 275-288, May.
    3. Charles A. Smith & Mark J. Kroll, 1989. "Utility Theory and Rent Optimization: Utilizing Cluster Analysis to Segment Rental Markets," Journal of Real Estate Research, American Real Estate Society, vol. 4(1), pages 61-71.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:reesec:v:12:y:1984:i:3:p:378-400. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley Content Delivery). General contact details of provider: http://edirc.repec.org/data/areueea.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.