Electronic Resource
Oxford, UK and Boston, USA
:
Blackwell Publishing, Inc.
Real estate economics
32 (2004), S. 0
ISSN:
1540-6229
Source:
Blackwell Publishing Journal Backfiles 1879-2005
Topics:
Economics
Notes:
The possible existence of investor clientele groups has received little attention in the real estate finance literature. In this paper we develop a clientele model, which in equilibrium produces a clustering of investors by tax characteristics. Low-tax-bracket investors are concentrated in low-value rental housing that attracts rents which are high in relation to property values. On the other hand, only high-tax-bracket investors will be observed in high-value rental housing, and they charge rents that are low in relation to property values. An empirical model is specified and estimated using a cross section of investors in Australian private rental housing markets. Investor clienteles are detected among property investors, though there is a weak diversification effect indicating that clientele effects may be stronger among single property investors.
Type of Medium:
Electronic Resource
URL:
http://dx.doi.org/10.1111/j.1080-8620.2004.00097.x
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