In positioning the design school versus the business school, the management game as an educational module in the last semester of the architectural bachelor in Delft is illustrative for the possible synthesis between real estate and architecture. The explicit approach of design, as applied in Delft and many other institutes for architecture, and the implementation in a typical real estate proc...

Real estate appraisal is of great importance to several socio-economic stakeholders for different reasons and justifications: local governments and municipalities for taxation purposes; banks for mortgage and other credit applications processing; property valuation companies for marketing activities; and property developers and investors for sound investment decision-making. This paper summariz...

This is an academic dissertation submitted in partial fulfilment of the requirements for the degree of Doctor of Technology. The dissertation consists of a short summary and discussion of seven enclosed essays. All seven papers are devoted to central issues within real estate appraisal and valuation, with emphasis on the market for income property. Essay I analyses the market prices for mixed-u...

The leverage and debt maturity choices of real estate companies are interdependent, and are not made separately as is often assumed in the literature. We use three-stage least squares (3SLS) regression analysis to explore this interdependence for a sample of listed U.S. real estate companies and Real Estate Investment Trusts (REITs) traded between 1973 and 2006.We find substantial differences i...

The theoretical literature suggests a positive relation between financial leverage and asset returns, but the empirical evidence on this effect is mixed. We examine leverage effects in public real estate markets across eight countries with active public real estate markets. Cross-country public real estate markets provide an interesting testing ground given the significant use of leverage in re...

This paper describes a knowledge-based decision support system for measuring the performance of government real estate investment using DEA models. We propose an evaluation framework for real estate investment, including a database, a model base, and a knowledge base, to create a tool that a government can use to deal with decision-making problems via the Internet. This decision support system ...

This study considers real estate appraisal forecasting problem. While there is a great deal of literature about use of artificial intelligence and multiple linear regression for the problem, there has been always controversy about which one performs better. Noting that this controversy is due to difficulty finding proper predictor variables in real estate appraisal, we propose a modified versio...

The low-carbon economy based on "low energy consumption, low pollution, and low-emissions" has become the world's emerging economic development model; the select of "low-carbon lifestyle, low-carbon consumption" has become a fashionable topic of the moment, and looking for low-carbon economic opportunities is becoming new thinking of entrepreneurs, low-carbon property will become the new engine...

Recent studies have found that banks with low capital ratios have significantly decreased their lending to the real estate sector. This correlation between real estate lending and bank capital could be the result of voluntary decisions by banks to-recapitalize, or it could be the result of direct actions taken by bank regulators. We find that banks with low capital ratios reduce their real esta...