Details about Patric H. Hendershott

Phone:	520-777-7970; 218-96
Workplace:	Department of Finance, Graduate School of Business, DePaul University, (more information at EDIRC)

Access statistics for papers by Patric H. Hendershott.

Last updated 2024-07-04. Update your information in the RePEc Author Service.

Short-id: phe429

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Working Papers

2019

1. Temporal and Spatial Variations in the Dynamics of US Metropolitan Office Markets
   ERES, European Real Estate Society (ERES)

2018

2. Regulation, Tax, and Interest Rate Implications for Commercial Real Estate Valuations: Lessons from the Past Half Century
   ERES, European Real Estate Society (ERES)

2017

3. How Taxes and Required Returns Drove Commercial Real Estate Valuations over the Past Four Decades
   Working Papers, Federal Reserve Bank of Dallas View citations (2)
   See also Journal Article How Taxes and Required Returns Drove Commercial Real Estate Valuations over the Past Four Decades, National Tax Journal, National Tax Association (2017) View citations (2) (2017)

2012

4. Modelling office market dynamics: panel estimation and comparison of US metropolitan areas
   ERES, European Real Estate Society (ERES)
5. Mortgage Interest Deductions and Homeownership: An International Survey
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute View citations (2)
   See also Journal Article Mortgage Interest Deductions and Homeownership: An International Survey, Journal of Real Estate Literature, Taylor & Francis Journals (2013) (2013)

2011

6. Comprehensive model of household tenure choice
   Swiss Finance Institute Research Paper Series, Swiss Finance Institute

2009

7. Asymmetric Space Market Adjustment in the London Office Market
   Real Estate & Planning Working Papers, Henley Business School, University of Reading View citations (2)
   Also in Real Estate & Planning Working Papers, Henley Business School, University of Reading (2008) View citations (1)

2008

8. ANOTHER LOOK AT THE LONDON OFFICE MARKET
   ERES, European Real Estate Society (ERES)

2005

9. Adjustment in Property Space Markets: Estimates from the Stockholm Office Market
   ERES, European Real Estate Society (ERES) View citations (1)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2005) View citations (1)
10. Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique, Journal of Real Estate Literature, Taylor & Francis Journals (2006) (2006)
11. The Sensitivity of Homeowner Leverage to the Deductibility of Home Mortgage Interest
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article The sensitivity of homeowner leverage to the deductibility of home mortgage interest, Journal of Urban Economics, Elsevier (2006) View citations (18) (2006)

2004

12. Fractional Logit Estimation of the LTV Decision
    ERES, European Real Estate Society (ERES)

2003

13. Determinants of Cross-Sectional Variation in Discount Rates, Growth Rates, and Exit Cap Rates
    FAME Research Paper Series, International Center for Financial Asset Management and Engineering
    See also Journal Article Determinants of Cross‐Sectional Variation in Discount Rates, Growth Rates and Exit Cap Rates, Real Estate Economics, American Real Estate and Urban Economics Association (2004) View citations (4) (2004)
14. Homeownership and Unemployment: The Roles of Leverage and Public Housing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (43)
15. Investor Rationality: Evidence from UK Property Capitalization Rates
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
16. Modelling UK Office and Retail Capitalisation Rates: Evidence of Investor Rationality
    ERES, European Real Estate Society (ERES)

2002

17. Determinants of Real House Price Dynamics
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (133)
18. Estimating the Price Elasticity of Demand in the UK: Incorporating the Impact of Mortgage Interest Tax Relief and Credit Rationing Sample Selection Effects
    ERES, European Real Estate Society (ERES) View citations (1)
19. Household Leverage and the Deductibility of Home Mortgage Interest: Evidence from UK House Purchasers
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
20. Modelling Real Esate Capitalisation Rates Using an Error Correction Model
    ERES, European Real Estate Society (ERES) View citations (1)
21. The Determinants of House Price Dynamics
    ERES, European Real Estate Society (ERES) View citations (98)
22. Valuing and Pricing Retail Leases with Renewal and Overage Options
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article Valuing and Pricing Retail Leases with Renewal and Overage Options, The Journal of Real Estate Finance and Economics, Springer (2003) View citations (5) (2003)

2001

23. Estimation of the Rental Adjustment Process
    ERES, European Real Estate Society (ERES) View citations (1)
    See also Journal Article Estimation of the Rental Adjustment Process, Real Estate Economics, American Real Estate and Urban Economics Association (2002) View citations (31) (2002)

2000

24. EXPLAINING COMMERCIAL RENTS USING AN ERROR CORRECTION MODEL WITH PANEL DATA
    ERES, European Real Estate Society (ERES) View citations (1)
25. Estimating the Rental Adjustment Process
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
26. Pricing Upward-Only Adjusting Leases
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
    See also Journal Article Pricing Upward-Only Adjusting Leases, The Journal of Real Estate Finance and Economics, Springer (2002) View citations (13) (2002)
27. Taxing and Subsidizing Housing Investment: The Rise and Fall of Housing's Favored Status
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)

1999

28. Home Ownership and Unemployment in the U.S
    Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research View citations (13)
    See also Journal Article Home-ownership and Unemployment in the US, Urban Studies, Urban Studies Journal Limited (2001) View citations (55) (2001)

1998

29. Another Look at the Capitalization of Interest Subsidies: Evidence from Sweden
    NBER Working Papers, National Bureau of Economic Research, Inc

1997

30. Income Taxes and House Prices
    Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research View citations (2)

1996

31. Borrowing Constraints and the Tenure Choice of Young Households
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (42)
32. Expected Home Ownership and Real Wealth Accumulation of Youth
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)
33. House Prices Down Under
    ERES, European Real Estate Society (ERES)
34. Taxes and House Prices
    ERES, European Real Estate Society (ERES) View citations (6)
35. Taxes, Mortgage Borrowing and House Prices
    Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research View citations (17)

1995

36. Age, Housing Demand, and Real House Prices
    Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research View citations (2)
    See also Journal Article Age, housing demand, and real house prices, Regional Science and Urban Economics, Elsevier (1996) View citations (48) (1996)
37. Debt Usage and Mortgage Choice: Sensitivity to Default Insurance Costs
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
38. Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (12)
39. Loan-to-Value Ratios in Sweden - The Impact of Financial Deregulation
    ERES, European Real Estate Society (ERES)
    Also in Working Papers, Uppsala - Working Paper Series (1995)
40. Selling Price and Selling Time: The Impact of Seller Motivation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
41. The Tax Reform and the Housing Market
    Working Papers, Uppsala - Working Paper Series View citations (16)
42. Wealth Accumulation and Housing Choices of Young Households: An Exploratory Investigation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (26)

1994

43. Bubbles in Metropolitan Housing Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (34)
44. Rental Adjustment & Valuation of Real Estate in Overbuilt Markets: Fundamental vs. Reported Office Market Values in Sydney Australia
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
45. Rental adjustment and valuation of real estate in overbuilt markets: fundamental versus reported office market values in Sydney, Australia
    ERES, European Real Estate Society (ERES) View citations (7)

1993

46. Demographic Factors and Real House Prices
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    Also in Wisconsin-Madison CULER working papers, University of Wisconsin Center for Urban Land Economic Research (1992)
    Working Paper, USC Lusk Center for Real Estate (1993) View citations (5)
47. Equity and Nonequity Determinants of FHA Single-Family Mortgage Foreclosures in the 1980s
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    See also Journal Article Equity and Nonequity Determinants of FHA Single‐Family Mortgage Foreclosures in the 1980s, Real Estate Economics, American Real Estate and Urban Economics Association (1993) View citations (7) (1993)
48. Independent Living and Homeownership: An Analysis of Australian Youth
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    See also Journal Article Independent Living and Home Ownership: An Analysis of Australian Youth, Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research (1994) View citations (16) (1994)

1992

49. Office Market Values During the Past Decade: How Distorted Have Appraisals Been?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    See also Journal Article U.S. Office Market Values During the Past Decade: How Distorted Have Appraisals Been?, Real Estate Economics, American Real Estate and Urban Economics Association (1995) View citations (9) (1995)
50. Over Investment in Australian Housing: Implications for Tax Policy
    CEPR Discussion Papers, Centre for Economic Policy Research, Research School of Economics, Australian National University View citations (1)
51. Patterns and Determinants of Metropolitan House Prices, 1977-91
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)

1991

52. An Altered U.S. Housing Finance System: Implications for Housing
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
53. Are Real House Prices Likely to Decline by 47 Percent?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (49)
    See also Journal Article Are real house prices likely to decline by 47 percent?, Regional Science and Urban Economics, Elsevier (1991) View citations (54) (1991)
54. Local House Price Indexes: 1982-1991
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    See also Journal Article Local House Price Indexes: 1982–1991, Real Estate Economics, American Real Estate and Urban Economics Association (1991) View citations (7) (1991)
55. The Changing Fortunes of FHA's Mutual Mortgage Insurance Fund and the Legislative Response
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article The Changing Fortunes of FHA's Mutual Mortgage Insurance Fund and the Legislative Response, The Journal of Real Estate Finance and Economics, Springer (1992) View citations (6) (1992)
56. Treasury bill rates in the 1970s and 1980s
    Working Papers, Federal Reserve Bank of Boston
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (1989) View citations (2)
    See also Journal Article Treasury Bill Rates in the 1970s and 1980s, Journal of Money, Credit and Banking, Blackwell Publishing (1992) View citations (3) (1992)

1990

57. Real Rents and Household Formation: The Effect of the 1986 Tax Reform Act
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
58. Revenue and Welfare Implications for a Capital Gains Tax Cut
    NBER Working Papers, National Bureau of Economic Research, Inc
59. Risk and Return on Real Estate: Evidence from Equity REITs
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (117)
    See also Journal Article Risk and Return on Real Estate: Evidence from Equity REITs, Real Estate Economics, American Real Estate and Urban Economics Association (1990) View citations (125) (1990)
60. Tenure Choice of American Youth
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
61. The Continued Interest Rate Vulnerability of Thrifts
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Chapter The Continued Interest-Rate Vulnerability of Thrifts, NBER Chapters, National Bureau of Economic Research, Inc (1991) View citations (1) (1991)
62. The Market for Home Mortgage Credit: Recent Changes and Future Prospects
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    See also Journal Article The market for home mortgage credit: recent changes and future prospects, Proceedings, Federal Reserve Bank of St. Louis (1992) View citations (6) (1992)

1989

63. Integration of Mortgage and Capital Markets and the Accumulation of Residential Capital
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (19)
    See also Journal Article Integration of mortgage and capital markets and the accumulation of residential capital, Regional Science and Urban Economics, Elsevier (1989) View citations (20) (1989)
64. Interest Rates in the Reagan Years
    NBER Working Papers, National Bureau of Economic Research, Inc
65. Introducing Risky Housing and Endogenous Tenure Choice into Portfolio- Based General Equilibrium Models
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
    See also Journal Article Introducing risky housing and endogenous tenure choice into a portfolio-based general equilibrium model, Journal of Public Economics, Elsevier (1992) View citations (12) (1992)
66. Reforming Conforming Loan Limits: The Impact on Thrift Earnings and Taxpayer Outlays
    NBER Working Papers, National Bureau of Economic Research, Inc
67. The Long-Run Impact on Federal Tax Revenues and Capital Allocation of A Cut in the Capital Gains Tax Rate
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Journal Article The Long-Run Impact on Federal Tax Revenues and Capital Allocation of a Cut in the Capital Gains Tax Rate, Public Finance Review (1991) (1991)

1988

68. On the Determinants of the Value of Call Options on Default-Free Bonds
    NBER Working Papers, National Bureau of Economic Research, Inc
69. The Impact of the Agencies on Conventional Fixed-Rate Mortgage Yields
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    See also Journal Article The Impact of the Agencies on Conventional Fixed-Rate Mortgage Yields, The Journal of Real Estate Finance and Economics, Springer (1989) View citations (35) (1989)
70. The Tax Reform Act Of 1986 And Economic Growth
    NBER Working Papers, National Bureau of Economic Research, Inc

1987

71. Home Ownership and Real House Prices: Sources of Change, 1965-85
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
72. Homeownership Rates of Married Couples: An Econometric Investigation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
73. Household Formation and Home Ownership: The Impacts of Demographics andTaxes
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
74. Pricing Mortgages: An Interpretation of the Models and Results
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (47)
75. Private Saving in the United States: 1950-85
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
    Also in Boston College Working Papers in Economics, Boston College Department of Economics (1987) View citations (6)
76. Understanding the Real Estate Provisions of Tax Reform: Motivation and Impact
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)

1986

77. Mortgage Pricing: What Have We Learned So Far?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
78. Real Estate and the Tax Reform Act of 1986
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
79. Tax Changes and Capital Allocation in the 1980s
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Chapter Tax Changes and Capital Allocation in the 1980s, NBER Chapters, National Bureau of Economic Research, Inc (1987) View citations (5) (1987)
80. Tax Policy and Stock Prices
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
81. Tax Reform and the Slope of the Playing Field
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Chapter Tax Reform and the Slope of the Playing Field, NBER Chapters, National Bureau of Economic Research, Inc (1987) View citations (1) (1987)

1985

82. Affordability and the Value of Seller Financing
    NBER Working Papers, National Bureau of Economic Research, Inc
83. Pricing Adjustable Rate Mortgages
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (13)
84. Tax Reform and Financial Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
    See also Journal Article Tax reform and financial markets, Conference Series ; [Proceedings], Federal Reserve Bank of Boston (1985) View citations (2) (1985)
85. Tax Reform, Interest Rates and Capital Allocation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)
86. The Administration Tax Reform Proposal and Housing
    NBER Working Papers, National Bureau of Economic Research, Inc

1984

87. Debt and Equity Returns Revisited
    NBER Working Papers, National Bureau of Economic Research, Inc
    See also Chapter Debt and Equity Returns Revisited, NBER Chapters, National Bureau of Economic Research, Inc (1986) View citations (5) (1986)
88. Expectations, Surprises and Treasury Bill Rates: 1960-82
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
    See also Journal Article Expectations, Surprises and Treasury Bill Rates: 1960-82, Journal of Finance, American Finance Association (1984) View citations (1) (1984)
89. Household Formations
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
90. Household Saving: An Econometric Investigation
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
91. Pricing FHA Mortgage Default Insurance
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (36)
92. Pricing Rate Caps on Default-Free Adjustable-Rate Mortgages
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (9)
93. Prospective Changes in Tax Law and the Value of Depreciable Real Estate
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (14)
    See also Journal Article Prospective Changes in Tax Law and the Value of Depreciable Real Estate, Real Estate Economics, American Real Estate and Urban Economics Association (1984) View citations (13) (1984)
94. Relative Factor Price Changes and Equity Prices
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
95. Tax Reform and Housing
    NBER Working Papers, National Bureau of Economic Research, Inc
96. The Pricing of Default-Free Mortgages
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (20)
97. Trading and the Tax Shelter Value of Depreciable Real Estate
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (15)

1983

98. Debt and Equity Yields: 1926-80
    NBER Working Papers, National Bureau of Economic Research, Inc

1982

99. Government Policies and the Allocation of Capital Between Residential and Industrial Uses
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (7)
100. Taxes and the User Cost of Capital for Owner-Occupied Housing
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (18)
     See also Journal Article Taxes and the User Cost of Capital for Owner‐Occupied Housing, Real Estate Economics, American Real Estate and Urban Economics Association (1982) View citations (50) (1982)
101. The Economics of Mortgage Terminations: Implications for Mortgage Lenders and Mortgage Terms
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)

1981

102. Accelerating Inflation, Nonassumable Fixed-Rate Mortgages, and Consumer Choice and Welfare
     NBER Working Papers, National Bureau of Economic Research, Inc
103. Housing Finance in the United States in the Year 2001
     NBER Working Papers, National Bureau of Economic Research, Inc
104. Inflation, Resource Utilization, and Debt and Equity Returns
     NBER Working Papers, National Bureau of Economic Research, Inc
     See also Chapter Inflation, Resource Utilization, and Debt and Equity Returns, NBER Chapters, National Bureau of Economic Research, Inc (1982) (1982)
105. Savings and Loan Usage of the Authority to Invest in Corporate Debt
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (2)
106. The Allocation of Capital Between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (6)
     See also Journal Article The Allocation of Capital between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints, Journal of Finance, American Finance Association (1983) View citations (16) (1983)
107. The Impacts on Capital Allocation of Some Aspects of the Economic Recovery Tax Act of 1981
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)
108. The Terminations Premium in Mortgage Coupon Rates: Evidence on the Integration of Mortgage and Bond Markets
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (4)

1980

109. Mortgage Revenue Bonds: Tax Exemption with a Vengeance
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)
110. The Economics of Tenure Choice: 1955-79
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (1)

1979

111. Inflation and the Benefits from Owner-Occupied Housing
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (11)
112. The Decline in Aggregate Share Values: Inflation, Taxation, Risk and Profitability
     NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

1977

113. The risk-free U.S. bond rate: errors in construction and use in econometric work
     Working Paper, Federal Reserve Bank of Richmond

1966

114. The demand for money: speed of adjustment, interest rates, and wealth: a sequel
     Staff Studies, Board of Governors of the Federal Reserve System (U.S.)

Undated

115. Systematic Valuation Errors and Property Cycles: A Clinical Study of the Sydney Office Market
     Research in Financial Economics, Ohio State University View citations (1)
116. Uses of Equilibrium Models in Real Estate Research
     Research in Financial Economics, Ohio State University
     See also Journal Article Uses of equilibrium models in real estate research, Journal of Property Research, Taylor & Francis Journals (1997) View citations (2) (1997)

Journal Articles

2022

1. Adjustments in the Labor and Real Estate Markets: Estimates of the Time Series Variation in the Natural Vacancy Rate
   Journal of Real Estate Literature, 2022, 29, (2), 83-108
2. Homeownership and taxes: How the TCJA altered the tax code's treatment of housing
   Real Estate Economics, 2022, 50, (5), 1167-1200 View citations (2)

2021

3. Announcement Effects: Taxation of Housing Capital Gains in Seoul
   The Journal of Real Estate Finance and Economics, 2021, 62, (3), 319-341

2017

4. How Taxes and Required Returns Drove Commercial Real Estate Valuations over the Past Four Decades
   National Tax Journal, 2017, 70, (3), 549-584 View citations (2)
   See also Working Paper How Taxes and Required Returns Drove Commercial Real Estate Valuations over the Past Four Decades, Working Papers (2017) View citations (2) (2017)

2015

5. Determinants of the Homeownership Rate: An International Perspective
   Journal of Housing Research, 2015, 24, (2), 193-210
6. The 2005 – 2011 Housing Boom and Bust: Impacts on Housing Turn over and Implications for the Recovery
   Journal of Real Estate Research, 2015, 37, (4), 471-498
7. The 2005-11 Housing Boom and Bust: Impacts on Housing Turnover and Implications for the Recovery
   Journal of Real Estate Research, 2015, 37, (4), 471-498

2013

8. Modeling Space Market Dynamics: An Illustration Using Panel Data for US Retail
   The Journal of Real Estate Finance and Economics, 2013, 47, (4), 659-687 View citations (5)
9. Mortgage Interest Deductions and Homeownership: An International Survey
   Journal of Real Estate Literature, 2013, 21, (2), 181-203
   See also Working Paper Mortgage Interest Deductions and Homeownership: An International Survey, Swiss Finance Institute Research Paper Series (2012) View citations (2) (2012)

2012

10. The Politically Incorrect View of What Made the Financial Crisis Systemic: Government Housing Policy
    Journal of Housing Research, 2012, 21, (1), 15-48

2010

11. Asymmetric Adjustment in the City of London Office Market
    The Journal of Real Estate Finance and Economics, 2010, 41, (1), 80-101 View citations (21)
12. The Mortgage Finance Bubble: Causes and Corrections
    Journal of Housing Research, 2010, 19, (1), 1-16

2009

13. Evolution of the American Real Estate and Urban Economics Association1
    Real Estate Economics, 2009, 37, (4), 559-598
14. Marital history and home ownership: Evidence from Australia
    Journal of Housing Economics, 2009, 18, (1), 13-24 View citations (17)

2008

15. Adjustment in Property Space Markets: Taking Long‐Term Leases and Transaction Costs Seriously
    Real Estate Economics, 2008, 36, (1), 81-109 View citations (19)

2006

16. Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique
    Journal of Real Estate Literature, 2006, 14, (2), 147-172
    See also Working Paper Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique, NBER Working Papers (2005) View citations (3) (2005)
17. The sensitivity of homeowner leverage to the deductibility of home mortgage interest
    Journal of Urban Economics, 2006, 60, (1), 50-68 View citations (18)
    See also Working Paper The Sensitivity of Homeowner Leverage to the Deductibility of Home Mortgage Interest, NBER Working Papers (2005) View citations (1) (2005)

2005

18. Investor Rationality: An Analysis of NCREIF Commercial Property Data
    Journal of Real Estate Research, 2005, 27, (4), 445-475 View citations (7)
    Also in Journal of Real Estate Research, 2005, 27, (4), 445-476 (2005)

2004

19. An Anatomy of Price Dynamics in Illiquid Markets: Analysis and Evidence from Local Housing Markets
    Real Estate Economics, 2004, 32, (1), 1-32 View citations (146)
20. Determinants of Cross‐Sectional Variation in Discount Rates, Growth Rates and Exit Cap Rates
    Real Estate Economics, 2004, 32, (2), 217-237 View citations (4)
    See also Working Paper Determinants of Cross-Sectional Variation in Discount Rates, Growth Rates, and Exit Cap Rates, FAME Research Paper Series (2003) (2003)
21. Fund Flows and Commercial Real Estate Investment: Evidence from the Commercial Mortgage Market
    Journal of Real Estate Research, 2004, 26, (4), 417-442
    Also in Journal of Real Estate Research, 2004, 26, (4), 417-442 (2004)
22. Introduction
    Real Estate Economics, 2004, 32, (2), 181-182 View citations (2)

2003

23. Corporate Equity and Commercial Property Market 'Bubbles'
    Urban Studies, 2003, 40, (5-6), 993-1009 View citations (4)
24. Valuing and Pricing Retail Leases with Renewal and Overage Options
    The Journal of Real Estate Finance and Economics, 2003, 26, (2-3), 223-40 View citations (5)
    See also Working Paper Valuing and Pricing Retail Leases with Renewal and Overage Options, NBER Working Papers (2002) View citations (3) (2002)

2002

25. A comparison of upward‐only and turnover leases
    Journal of Property Investment & Finance, 2002, 20, (6), 513-524
26. Estimation of the Rental Adjustment Process
    Real Estate Economics, 2002, 30, (2), 165-183 View citations (31)
    See also Working Paper Estimation of the Rental Adjustment Process, ERES (2001) View citations (1) (2001)
27. Explaining Real Commercial Rents Using an Error Correction Model with Panel Data
    The Journal of Real Estate Finance and Economics, 2002, 24, (1-2), 59-87 View citations (19)
28. Forecasting Housing Markets: Lessons Learned
    Real Estate Economics, 2002, 30, (1), 1-11 View citations (6)
29. Pricing Upward-Only Adjusting Leases
    The Journal of Real Estate Finance and Economics, 2002, 25, (1), 33-49 View citations (13)
    See also Working Paper Pricing Upward-Only Adjusting Leases, NBER Working Papers (2000) View citations (3) (2000)

2001

30. Further evidence on the existence of housing market bubbles
    Journal of Property Research, 2001, 18, (1), 1-19 View citations (27)
31. Home-ownership and Unemployment in the US
    Urban Studies, 2001, 38, (9), 1509-1520 View citations (55)
    See also Working Paper Home Ownership and Unemployment in the U.S, Wisconsin-Madison CULER working papers (1999) View citations (13) (1999)

2000

32. Mortgage Refinancing, Adverse Selection, and FHA's Streamline Program
    The Journal of Real Estate Finance and Economics, 2000, 21, (2), 153-74
33. Property Asset Bubbles: Evidence from the Sydney Office Market
    The Journal of Real Estate Finance and Economics, 2000, 20, (1), 67-81 View citations (13)

1999

34. Estimating constant-quality capitalization rates and capitalization effects of below market financing
    Journal of Property Research, 1999, 16, (2), 109-122 View citations (6)
35. The Workings of the London Office Market
    Real Estate Economics, 1999, 27, (2), 365-387 View citations (51)

1998

36. Equilibrium Models in Real Estate Research: A Survey*
    Journal of Real Estate Literature, 1998, 6, (1), 13-25
37. Selling Time and Selling Price: The Influence of Seller Motivation
    Real Estate Economics, 1998, 26, (4), 719-740 View citations (90)

1997

38. Debt Usage and Mortgage Choice: The FHA-Conventional Decision
    Journal of Urban Economics, 1997, 41, (2), 202-217 View citations (25)
39. Uses of equilibrium models in real estate research
    Journal of Property Research, 1997, 14, (1), 1-13 View citations (2)
    See also Working Paper Uses of Equilibrium Models in Real Estate Research, Research in Financial Economics

1996

40. Age, housing demand, and real house prices
    Regional Science and Urban Economics, 1996, 26, (5), 465-480 View citations (48)
    See also Working Paper Age, Housing Demand, and Real House Prices, Wisconsin-Madison CULER working papers (1995) View citations (2) (1995)
41. Introduction and overview
    Regional Science and Urban Economics, 1996, 26, (3-4), 227-234
42. Rental Adjustment and Valuation in Overbuilt Markets: Evidence from the Sydney Office Market
    Journal of Urban Economics, 1996, 39, (1), 51-67 View citations (35)

1995

43. Australian Capital City Real House Prices, 1979–1993
    Australian Economic Review, 1995, 28, (3), 16-26 View citations (25)
44. Rapid Housing Privatization in Reforming Economies: Pay the Special Dividend Now
    The Journal of Real Estate Finance and Economics, 1995, 10, (1), 63-80 View citations (6)
45. U.S. Office Market Values During the Past Decade: How Distorted Have Appraisals Been?
    Real Estate Economics, 1995, 23, (2), 101-116 View citations (9)
    See also Working Paper Office Market Values During the Past Decade: How Distorted Have Appraisals Been?, NBER Working Papers (1992) View citations (6) (1992)

1994

46. Housing Decisions of American Youth
    Journal of Urban Economics, 1994, 35, (1), 28-45 View citations (52)
47. Independent Living and Home Ownership: An Analysis of Australian Youth
    Australian Economic Review, 1994, 27, (3), 29-44 View citations (16)
    See also Working Paper Independent Living and Homeownership: An Analysis of Australian Youth, NBER Working Papers (1993) View citations (6) (1993)

1993

48. Equity and Nonequity Determinants of FHA Single‐Family Mortgage Foreclosures in the 1980s
    Real Estate Economics, 1993, 21, (4), 405-430 View citations (7)
    See also Working Paper Equity and Nonequity Determinants of FHA Single-Family Mortgage Foreclosures in the 1980s, NBER Working Papers (1993) View citations (7) (1993)
49. The Impact of Real Rents and Wages on Household Formation
    The Review of Economics and Statistics, 1993, 75, (2), 284-93 View citations (64)

1992

50. CAUSES AND CONSEQUENCES OF THE 1980s COMMERCIAL CONSTRUCTION BOOM
    Journal of Applied Corporate Finance, 1992, 5, (1), 61-70 View citations (13)
51. Changes in the relative incentives to invest in housing: Australia, Sweden, and the United States
    Journal of Housing Economics, 1992, 2, (1), 60-83 View citations (5)
52. Introducing risky housing and endogenous tenure choice into a portfolio-based general equilibrium model
    Journal of Public Economics, 1992, 48, (3), 293-316 View citations (12)
    See also Working Paper Introducing Risky Housing and Endogenous Tenure Choice into Portfolio- Based General Equilibrium Models, NBER Working Papers (1989) View citations (6) (1989)
53. Patterns and determinants of metropolitan house prices, 1977 to 1991
    Conference Series ; [Proceedings], 1992, 36, 18-56 View citations (10)
54. Real Estate Markets Since 1980: What Role Have Tax Changes Played?
    National Tax Journal, 1992, 45, (3), 253-66 View citations (3)
55. The Changing Fortunes of FHA's Mutual Mortgage Insurance Fund and the Legislative Response
    The Journal of Real Estate Finance and Economics, 1992, 5, (2), 119-32 View citations (6)
    See also Working Paper The Changing Fortunes of FHA's Mutual Mortgage Insurance Fund and the Legislative Response, NBER Working Papers (1991) (1991)
56. The market for home mortgage credit: recent changes and future prospects
    Proceedings, 1992, 99-127 View citations (6)
    See also Working Paper The Market for Home Mortgage Credit: Recent Changes and Future Prospects, NBER Working Papers (1990) View citations (5) (1990)
57. Treasury Bill Rates in the 1970s and 1980s
    Journal of Money, Credit and Banking, 1992, 24, (2), 195-214 View citations (3)
    See also Working Paper Treasury bill rates in the 1970s and 1980s, Working Papers (1991) (1991)

1991

58. Are real house prices likely to decline by 47 percent?
    Regional Science and Urban Economics, 1991, 21, (4), 553-563 View citations (54)
    See also Working Paper Are Real House Prices Likely to Decline by 47 Percent?, NBER Working Papers (1991) View citations (49) (1991)
59. Effects of Capital Gains Taxes on Revenue and Economic Efficiency
    National Tax Journal, 1991, 44, (1), 21-40 View citations (6)
60. House Price Indexes: Issues and Results
    Real Estate Economics, 1991, 19, (3), 259-269 View citations (34)
61. Local House Price Indexes: 1982–1991
    Real Estate Economics, 1991, 19, (3), 451-472 View citations (7)
    See also Working Paper Local House Price Indexes: 1982-1991, NBER Working Papers (1991) View citations (7) (1991)
62. The Long-Run Impact on Federal Tax Revenues and Capital Allocation of a Cut in the Capital Gains Tax Rate
    Public Finance Review, 1991, 19, (1), 3-21
    See also Working Paper The Long-Run Impact on Federal Tax Revenues and Capital Allocation of A Cut in the Capital Gains Tax Rate, NBER Working Papers (1989) (1989)

1990

63. Determinants of the Value of Call Options of Default-Free Bonds
    The Journal of Business, 1990, 63, (1), S33-50 View citations (7)
64. Research on Real Estate Investment
    Real Estate Economics, 1990, 18, (4), 369-375 View citations (3)
65. Risk and Return on Real Estate: Evidence from Equity REITs
    Real Estate Economics, 1990, 18, (4), 431-452 View citations (125)
    See also Working Paper Risk and Return on Real Estate: Evidence from Equity REITs, NBER Working Papers (1990) View citations (117) (1990)
66. The Relationship between Median and Constant Quality House Prices: Implications for Setting FHA Loan Limits
    Real Estate Economics, 1990, 18, (3), 323-334 View citations (20)

1989

67. Household Saving in the United States: Measurement and Behavior
    Journal of Business & Economic Statistics, 1989, 7, (1), 11-19 View citations (3)
68. Integration of mortgage and capital markets and the accumulation of residential capital
    Regional Science and Urban Economics, 1989, 19, (2), 189-210 View citations (20)
    See also Working Paper Integration of Mortgage and Capital Markets and the Accumulation of Residential Capital, NBER Working Papers (1989) View citations (19) (1989)
69. Social Returns to Housing and Other Fixed Capital
    Real Estate Economics, 1989, 17, (2), 212-217 View citations (2)
70. The Impact of the Agencies on Conventional Fixed-Rate Mortgage Yields
    The Journal of Real Estate Finance and Economics, 1989, 2, (2), 101-15 View citations (35)
    See also Working Paper The Impact of the Agencies on Conventional Fixed-Rate Mortgage Yields, NBER Working Papers (1988) View citations (17) (1988)

1988

71. Adjustments in the Real Estate Market
    Real Estate Economics, 1988, 16, (4), 343-353 View citations (4)
72. Housing Inventory Change and the Role of Existing Structures, 1961–1985
    Real Estate Economics, 1988, 16, (4), 364-378 View citations (1)
73. The Determinants of REALTOR Income
    Journal of Real Estate Research, 1988, 3, (2), 53-68 View citations (22)

1986

74. Mortgage Pricing: What Have We Learned So Far?†
    Real Estate Economics, 1986, 14, (4), 497-509 View citations (2)

1985

75. Pricing Life‐of‐Loan Rate Caps on Default‐Free Adjustable‐Rate Mortgages
    Real Estate Economics, 1985, 13, (3), 248-260 View citations (11)
76. Tax reform and financial markets
    Conference Series ; [Proceedings], 1985, 29, 153-186 View citations (2)
    See also Working Paper Tax Reform and Financial Markets, NBER Working Papers (1985) View citations (2) (1985)
77. Valuing ARM Rate Caps: Implications of 1970–84 Interest Rate Behavior
    Real Estate Economics, 1985, 13, (3), 317-332 View citations (3)

1984

78. Expectations, Surprises and Treasury Bill Rates: 1960-82
    Journal of Finance, 1984, 39, (3), 685-96 View citations (1)
    See also Working Paper Expectations, Surprises and Treasury Bill Rates: 1960-82, NBER Working Papers (1984) View citations (1) (1984)
79. Prospective Changes in Tax Law and the Value of Depreciable Real Estate
    Real Estate Economics, 1984, 12, (3), 297-317 View citations (13)
    See also Working Paper Prospective Changes in Tax Law and the Value of Depreciable Real Estate, NBER Working Papers (1984) View citations (14) (1984)

1983

80. Measurement of the Spreads Between Yields on Various Mortgage Contracts and Treasury Securities
    Real Estate Economics, 1983, 11, (4), 476-490 View citations (7)
81. The Allocation of Capital between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints
    Journal of Finance, 1983, 38, (3), 795-812 View citations (16)
    See also Working Paper The Allocation of Capital Between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints, NBER Working Papers (1981) View citations (6) (1981)

1982

82. Accelerating Inflation and Nonassumable Fixed-Rate Mortgages: Effects On Consumer Choice and Welfare
    Public Finance Review, 1982, 10, (2), 158-184 View citations (10)
83. Capital Allocation and the Economic Recovery Tax Act of 1981
    Public Finance Review, 1982, 10, (2), 242-273 View citations (12)
84. Overview
    Public Finance Review, 1982, 10, (2), 131-133
85. Taxes and the User Cost of Capital for Owner‐Occupied Housing
    Real Estate Economics, 1982, 10, (4), 375-393 View citations (50)
    See also Working Paper Taxes and the User Cost of Capital for Owner-Occupied Housing, NBER Working Papers (1982) View citations (18) (1982)

1981

86. Inflation and extraordinary returns on owner-occupied housing: Some implications for capital allocation and productivity growth
    Journal of Macroeconomics, 1981, 3, (2), 177-203 View citations (31)
87. The Decline in Aggregate Share Values: Taxation, Valuation Errors, Risk and Profitability
    American Economic Review, 1981, 71, (5), 909-22 View citations (14)

1980

88. Analysis of the Impact of Capital-Specific Policies or Legislation: Application to Reforms of the Tax-Exempt Market
    Journal of Money, Credit and Banking, 1980, 12, (2), 377-99
89. INFLATION AND THE GROWTH IN HOME MORTGAGE DEBT, 1964–78
    Journal of Financial Research, 1980, 3, (2), 189-202
90. Real User Costs and the Demand for Single-Family Housing
    Brookings Papers on Economic Activity, 1980, 11, (2), 401-452 View citations (29)
91. Residential Mortgage Markets and the Cost of Mortgage Funds
    Real Estate Economics, 1980, 8, (1), 50-76 View citations (12)
92. The Demand for Tax-Exempt Securities by Financial Institutions
    Journal of Finance, 1980, 35, (3), 717-27 View citations (7)

1979

93. Commercial bank asset portfolio behavior in the United States: Evidence of a change in structure
    Journal of Banking & Finance, 1979, 3, (2), 113-131
94. The Likely Impact of Increases in Deposit Rate Ceilings on Thrift Earnings and Housing Construction*
    Real Estate Economics, 1979, 7, (2), 177-189

1978

95. Dynamics of forecasting financial cycles: Lacy H. Hunt, (JAI Press, Greenwich, Connecticut, 1976) pp. xxiv + 296
    Journal of Banking & Finance, 1978, 2, (2), 183-188
96. The Impact of Relative Security Supplies: A Test with Data from a Regional Tax-Exempt Bond Market
    Journal of Money, Credit and Banking, 1978, 10, (3), 337-47 View citations (16)
97. The Impact of Taxes, Risk and Relative Security Supplies on Interest Rate Differentials
    Journal of Finance, 1978, 33, (4), 1173-86 View citations (20)

1977

98. Model simulations of the impact of selective credit policies and financial reforms: The appropriate monetary-policy assumption
    Journal of Banking & Finance, 1977, 1, (2), 173-184
99. The GNP gap: An indicator of monetary policy?
    Journal of Monetary Economics, 1977, 3, (3), 383-386

1976

100. A Tax Cut in a Multiple Security Model: Crowding Out, Pulling In and the Term Structure of Interest Rates
     Journal of Finance, 1976, 31, (4), 1185-99 View citations (1)
101. Policy and Statistical Exogeneity: Reply
     Journal of Finance, 1976, 31, (5), 1514-15
102. The Interest-Rate Behavior of Flow-of-Funds and Bank-Reserves Financial Models
     Journal of Money, Credit and Banking, 1976, 8, (4), 497-512 View citations (2)

1975

103. Recognizing the Impact of Inflation: Discussion
     Journal of Finance, 1975, 30, (2), 504-07
104. The Financial Behavior of Households: Some Empirical Estimates
     Journal of Finance, 1975, 30, (3), 733-59 View citations (2)

1973

105. Expected Inflation Implied by Capital Market Rates
     Journal of Finance, 1973, 28, (2), 301-14 View citations (3)
106. Financial Disintermediation in a Macroeconomic Framework: Reply
     Journal of Finance, 1973, 28, (4), 1033-34
107. Interest Rates and Prices in the Long Run: A Study of the Gibson Paradox: Comment
     Journal of Money, Credit and Banking, 1973, 5, (1), 454-59
108. Monetary and Fiscal Influences on U.S. Money Income, 1891-1970: Comment
     Journal of Money, Credit and Banking, 1973, 5, (1), 311-12

1971

109. A Flow-of-Funds Model: Estimates for the Nonbank Finance Sector
     Journal of Money, Credit and Banking, 1971, 3, (4), 815-32 View citations (4)
110. Financial Disintermediation in a Macroeconomic Framework
     Journal of Finance, 1971, 26, (4), 843-56 View citations (1)
111. The Full-Employment Interest Rate and the Neutralized Money Stock: Comment
     Journal of Finance, 1971, 26, (1), 127-36

1970

112. Free Reserves, Interest Rates, and Deposits: A Synthesis
     Journal of Finance, 1970, 25, (3), 599-13 View citations (2)
113. Neutralization of the money stock
     Review, 1970, 52, (May), 12-14

1968

114. RECENT DEVELOPMENT OF THE FINANCIAL SECTOR OF ECONOMETRIC MODELS
     Journal of Finance, 1968, 23, (1), 41-66 View citations (2)

1967

115. THE STRUCTURE OF INTERNATIONAL INTEREST RATES: THE U.S. TREASURY BILL RATE AND THE EURODOLLAR DEPOSIT RATE
     Journal of Finance, 1967, 22, (3), 455-465 View citations (27)

1966

116. The Inside Lag in Monetary Policy: A Comment
     Journal of Political Economy, 1966, 74, (5), 519

Books

1996

1. Public Policy and the Housing Market
   NBER Books, National Bureau of Economic Research, Inc

1978

2. Regulation and Reform of the Housing Finance System
   Books, American Enterprise Institute View citations (1)

Chapters

1994

1. Housing Finance in the United States
   A chapter in Housing Markets in the United States and Japan, 1994, pp 65-86 View citations (1)

1991

2. The Continued Interest-Rate Vulnerability of Thrifts
   A chapter in Financial Markets and Financial Crises, 1991, pp 259-282 View citations (1)
   See also Working Paper The Continued Interest Rate Vulnerability of Thrifts, National Bureau of Economic Research, Inc (1990) View citations (1) (1990)

1989

3. Aggregate U.S. Private Saving: Conceptual Measures
   A chapter in The Measurement of Saving, Investment, and Wealth, 1989, pp 185-226 View citations (4)

1987

4. Tax Changes and Capital Allocation in the 1980s
   A chapter in The Effects of Taxation on Capital Accumulation, 1987, pp 259-294 View citations (5)
   See also Working Paper Tax Changes and Capital Allocation in the 1980s, National Bureau of Economic Research, Inc (1986) (1986)
5. Tax Reform and the Slope of the Playing Field
   A chapter in Taxes and Capital Formation, 1987, pp 51-62 View citations (1)
   See also Working Paper Tax Reform and the Slope of the Playing Field, National Bureau of Economic Research, Inc (1986) View citations (1) (1986)

1986

6. Debt and Equity Returns Revisited
   A chapter in Financing Corporate Capital Formation, 1986, pp 35-50 View citations (5)
   See also Working Paper Debt and Equity Returns Revisited, National Bureau of Economic Research, Inc (1984) (1984)

1985

7. Debt and Equity Yields, 1926-1980
   A chapter in Corporate Capital Structures in the United States, 1985, pp 117-166

1982

8. Inflation, Resource Utilization, and Debt and Equity Returns
   A chapter in The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, 1982, pp 15-26
   See also Working Paper Inflation, Resource Utilization, and Debt and Equity Returns, National Bureau of Economic Research, Inc (1981) (1981)

1972

9. Empirical Analysis of Capital Flows: Some Consequences of Alternative Specifications
   A chapter in International Mobility and Movement of Capital, 1972, pp 207-252 View citations (1)