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Real Estate and Real Estate Finance as a Research Field - An International Overview

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Listed:
  • Wolfgang Breuer
  • Claudia Kreuz

Abstract

We present a citation-based analysis of the most important journals on real estate and real estate finance over a time period from 1986 to 2010. For each year, those three articles with the highest number of citations according to Google Scholar are identified. A thorough analysis of all 75 selected articles reveals that the focus of interest has been on (1) empirical research, (2) mainly using data of residential real estate, with (3) the primary objective of evaluating real estate investment until the midst 1990s. In order to derive reliable risk-return relations for real estate investment, (4) asset pricing as the main task of real estate appraisal is in the centre of attention, too. Appraisal issues have relatively gained importance for the last fifteen years in comparison to investment issues. Interdisciplinary aspects and sustainable issues are only very rarely integrated in appraisal methods, the focus is primarily on maximizing economic returns. Therefore, our citation analysis confirms that the Financial Management Approach of Dasso and Woodward (1980) is the predominant approach particularly in the United States. Our findings regarding our basic sample of articles are crosschecked by several robustness tests. For future research activities, it seems to be quite promising to focus on the one hand on interdisciplinary aspects and on the other hand to contribute to the theoretical foundation of real estate with the aim of developing a common body of knowledge.

Suggested Citation

  • Wolfgang Breuer & Claudia Kreuz, 2011. "Real Estate and Real Estate Finance as a Research Field - An International Overview," ERES eres2011_126, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2011_126
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    References listed on IDEAS

    as
    1. Jerome Dasso & Lynn Woodward, 1980. "Real Estate Education: Past, Present and Future—The Search for a Discipline," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 8(4), pages 404-416, December.
    2. Jang Jin & Eden Yu, 2011. "World Ranking of Real Estate Research: Recent Changes in School Competitiveness and Research Institutions," The Journal of Real Estate Finance and Economics, Springer, vol. 42(2), pages 229-246, February.
    3. David M. Geltner, 1993. "Estimating Market Values from Appraised Values without Assuming an Efficient Market," Journal of Real Estate Research, American Real Estate Society, vol. 8(3), pages 325-346.
    4. Jonathan Dombrow & Geoffrey K. Turnbull, 2004. "Trends in Real Estate Research, 1988--2001: What's Hot and What's Not," The Journal of Real Estate Finance and Economics, Springer, vol. 29(1), pages 47-70, July.
    5. Anthony Pennington-Cross, 2006. "The Value of Foreclosed Property," Journal of Real Estate Research, American Real Estate Society, vol. 28(2), pages 193-214.
    6. Basu, Sabyasachi & Thibodeau, Thomas G, 1998. "Analysis of Spatial Autocorrelation in House Prices," The Journal of Real Estate Finance and Economics, Springer, vol. 17(1), pages 61-85, July.
    7. Arthur M. Weimer, 1956. "The Teaching of Real Estate and Business Administration," Land Economics, University of Wisconsin Press, vol. 32(1), pages 92-94.
    8. Roy T. Black & Neil G. Carn & Julian Diaz, III & Joseph S. Rabianski, 1996. "The Role of the American Real Estate Society in Defining and Promulgating the Study of Real Estate," Journal of Real Estate Research, American Real Estate Society, vol. 12(2), pages 183-194.
    9. Donald R. Epley, 1996. "The Current Body of Knowledge Paradigms Used in Real Estate Education and Issues in Need of Further Research," Journal of Real Estate Research, American Real Estate Society, vol. 12(2), pages 229-236.
    10. Stephen Cauley & Andrey Pavlov & Eduardo Schwartz, 2007. "Homeownership as a Constraint on Asset Allocation," The Journal of Real Estate Finance and Economics, Springer, vol. 34(3), pages 283-311, April.
    11. Liwen Vaughan & Debora Shaw, 2008. "A new look at evidence of scholarly citation in citation indexes and from web sources," Scientometrics, Springer;Akadémiai Kiadó, vol. 74(2), pages 317-330, February.
    12. Mike Miles & Rebel Cole & David Guilkey, 1990. "A Different Look at Commercial Real Estate Returns," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(4), pages 403-430, December.
    13. Quan, Daniel C & Quigley, John M, 1991. "Price Formation and the Appraisal Function in Real Estate Markets," The Journal of Real Estate Finance and Economics, Springer, vol. 4(2), pages 127-146, June.
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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